TCRLA_Public/170209.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

            Thursday, February 9, 2017, Vol. 18, No. 029


                            Headlines



B R A Z I L

BRAZIL: Credit Suisse Sees Resuming Growth in 2017
CAMARGO CORREA: S&P Affirms Then Withdraws 'BB-' Rating


C A Y M A N  I S L A N D S

ADAR LATAM: Shareholder Receives Wind-Up Report
ANTHRACITE BALANCED: Members Receive Wind-Up Report
BANYAN FUND: Members Receive Wind-Up Report
BOSON GLOBAL: Shareholders Receive Wind-Up Report
BROTHERS HOLDINGS: Shareholders Receive Wind-Up Report

CALABAS CAPITAL: Shareholders Receive Wind-Up Report
COGNIS CREDIT: Shareholder Receives Wind-Up Report
COGNIS CREDIT MASTER: Shareholder Receives Wind-Up Report
CSI CAPITAL: Members Receive Wind-Up Report
DIAPASON RELATIVE: Shareholders Receive Wind-Up Report

DIAPASON COMMODITIES: Shareholders Receive Wind-Up Report
DIAPASON RELATIVE MASTER: Shareholders Receive Wind-Up Report
EASTGATE PHARMACEUTICALS I: Shareholder Receives Wind-Up Report
EASTGATE PHARMACEUTICALS II: Shareholder Receives Wind-Up Report
ESO HOLDINGS: Shareholder Receives Wind-Up Report

FALCON GROUP: S&P Affirms 'BB-/B' Counterparty Credit Ratings
INDUS JAPAN: Shareholder Receives Wind-Up Report
INDUS JAPAN MASTER: Shareholder Receives Wind-Up Report
KARMA OFFSHORE: Shareholders Receive Wind-Up Report
KIDS HOLDINGS: Shareholder Receives Wind-Up Report

MARKA HOLDINGS: Shareholder Receives Wind-Up Report
NIGHTLINE LTD: Shareholders Receive Wind-Up Report
OZER INVEST: Members Receive Wind-Up Report
REDSTREAM FUND: Members Receive Wind-Up Report
TREBLECLEF INVESTMENTS: Members Receive Wind-Up Report


C H I L E

CORPGROUP BANKING: Moody's Lowers Issuer Ratings to B2


E L  S A L V A D O R

ELEVENTH MORTGAGE-BACKED: Fitch Cuts Series A Notes Rating to BB-


J A M A I C A

CABLE & WIRELESS: Gets Approval to Change Accounting Terminal Date
JAMAICA: Fitch Affirms 'B' on LT LC Issuer Default Rating


M E X I C O

MEXICO: Macri, Temer Invoke Trump to Call for Closer Mercosur Ties


P A N A M A

AES TRUST II: Fitch Lowers Long Term Issuer Default Ratings to B


P E R U

PERU: Irrigation Project Sows Dissent


P U E R T O    R I C O

ERGON CARIBBEAN: Hires C. Conde & Associates as Bankr. Attorney
FUSSION RESTAURANT: Hires Bigas Law as Bankruptcy Counsel
HAIRLAND CORP: Taps Davila Rivera Law as Counsel
POWER COOLING: Hires Rafael Fernandez Torres as Accountant


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Has to be More Competitive in Petroleum Scene


                            - - - - -


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B R A Z I L
===========


BRAZIL: Credit Suisse Sees Resuming Growth in 2017
--------------------------------------------------
Luciana Magalhaes at The Wall Street Journal reports that Credit
Suisse Group AG's Brazil unit, one of the largest investment banks
in the country, expects the economy to pick up this year and spur
a rapid increase in the number of initial public offerings, Jose
Olympio Pereira, chief executive of the unit, said in an
interview.

Brazil's economy could be growing at a year-on-year pace of 2% in
the last quarter of 2017, while the number of IPOs this year is
likely to go back to the level of 2013, with about 10 offerings,
Mr. Pereira said, according to The Wall Street Journal.  For the
full year, the executive sees the economy growing up to 0.5%.

Brazil has seen a drought in IPOs in the last two years amid its
deepest recession since the country started keeping records, the
report notes.  In 2016, only one company, medical-diagnostic
services provider Centro de Imagem Diagnosticos SA, known as
Alliar, went through with plans to raise capital through a primary
offering of shares on the Brazilian stock exchange, the report
relays.  The sale, which took place at the end of October, broke a
dry spell, which had lasted from June 2015, the report discloses.

Currently there are at least three companies in the process of
planning a primary offering of shares, including two car-rental
companies and one in medical exams, according to a BM&FBovespa
spokeswoman, the report notes.

The record for IPOs in Brazil was set in 2007, when more than 60
companies went public, the report says.  Brazil is among the 10
largest economies in the world, but fewer than 500 companies are
listed on the local BM&FBovespa exchange.

Mr. Pereira declined to point to specific sectors but said his
bank has a good pipeline of businesses for 2017 and noted that,
despite a recent scarcity of IPOs, money was still flowing into
the country, which saw big merger and acquisitions deals in 2016,
the report relays.

"If even during a difficult time money was still coming to Brazil,
imagine how it will be with a more favorable environment?" he
said.

Mr. Pereira listed some large cross-border deals that took place
in Brazil in 2016, including China's State Grid acquisition of a
majority stake in Brazil's electricity giant CPFL Energia for $4.5
billion, the report discloses.  Brookfield Asset Management Inc.,
Canada's largest alternative asset manager, said in September that
it and its partners would pay $5.2 billion for a 90% stake in a
Brazilian natural gas distribution network, purchasing it from oil
giant Petroleo Brasileiro SA, or Petrobras, the report notes.

Credit Suisse is currently representing clients looking at other
assets belonging to Petrobras, though Mr. Pereira noted that doing
business in Brazil has changed since the start of a sprawling
anticorruption investigation, known as Operation Car Wash, at the
oil firm, the report relays.

After selling $13.6 billion in assets over the last two years,
Petrobras still seeks to unload an additional $21 billion in
assets in the 2017-2018 period as it struggles to cut its huge
debt load, the report notes.

The Car Wash probe has already ensnared some of the most important
business people in Brazil, along with high-ranking politicians,
and a prosecutor working on the case said recently that he expects
the investigation to continue for at least another two to three
years, the report discloses.

"Car Wash has made us very careful in terms of the people we
associate with . . . .  We need to understand the behavior, or the
level of compliance, of our clients," he said, noting that the
anticorruption efforts will benefit Brazil in the long term,
despite "pains," the report notes.

About U.S. President Donald Trump, Mr. Pereira said the bank
hasn't made any "strategic changes" ahead of the change in
government in the country, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2016, Fitch Ratings has affirmed Brazil's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB'/
Negative Outlook.  Brazil's senior unsecured Foreign- and Local-
Currency bonds are also affirmed at 'BB'. The Country Ceiling is
affirmed at 'BB+' and the Short-Term Foreign and Local-Currency
IDRs at 'B'.


CAMARGO CORREA: S&P Affirms Then Withdraws 'BB-' Rating
-------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' global scale ratings on
Camargo Correa S.A. (CCSA).  S&P also affirmed its 'brA' national
scale issue-level and '3' recovery ratings on its debentures.  S&P
subsequently withdrew all the ratings at the issuer's request.

At the time of the withdrawal, the ratings reflected the group's
robust liquidity after the sale of its stake in CPFL Energia S.A.
(brAA-/Negative/--), which added R$6.122 million to CCSA in
January 2017.  The latter should help the group withstand the
difficult business conditions in Brazil, especially at CCSA's
cement operations, InterCement Brasil S.A. (global scale: BB-
/Stable/--; national scale: brA/Stable/--).  At the same time, S&P
expects the group to post a net leverage at 5.0x-5.5x in the next
two years due to the ongoing weak results at InterCement and a
business model overhaul at CCSA's engineering arm -- Construcoes
and Comercio Camargo Correa S.A. -- stemming from the country's
massive corruption investigation, which should pressure cash flow
generation.  Nevertheless, the sizable cash position and the
availability of R$1.5 billion in committed credit line should
continue helping the group to weather refinancing concerns and
cash flow volatility, in S&P's view.



==========================
C A Y M A N  I S L A N D S
==========================


ADAR LATAM: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Adar Latam High Income Fund Ltd. received on
Jan. 12, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Adar Capital Partners Ltd.
          c/o Paul Ebanks
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


ANTHRACITE BALANCED: Members Receive Wind-Up Report
---------------------------------------------------
The members of Anthracite Balanced Company (R-26) Limited received
on Jan. 11, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Tammy Fu
          AlixPartners, 38 Market Street
          2nd Floor, Canella Court, Camana Bay
          Grand Cayman
          Cayman Islands KY1-9006
          c/o Cassandra Ronaldson
          Telephone: +1 (345) 814 4038


BANYAN FUND: Members Receive Wind-Up Report
-------------------------------------------
The members of Banyan Fund received on Jan. 19, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ouyang Wensheng
          Telephone: + 18621698863
          Suite 2403 199 Urumqi Road Shanghai
          People's Republic of China


BOSON GLOBAL: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Boson Global Funds SPC Ltd. received on
Jan. 13, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Kenneth Stewart
          c/o Apex Fund Services (Cayman) Ltd.
          161a Artillery Court, Shedden Road
          P.O. Box 10085 Grand Cayman KY1 1001,
          Cayman Islands
          Telephone: (345) 747 2739


BROTHERS HOLDINGS: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Brothers Holdings Limited received on Jan. 10,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Eduardo Sonoda
          54-46 rue du Rhone, CH-1204 Geneva
          Switzerland
          Telephone: +41 22 879 6262


CALABAS CAPITAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Calabas Capital Management received on
Jan. 13, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Kenneth Stewart
          c/o Apex Fund Services (Cayman) Ltd.
          161a Artillery Court, Shedden Road
          P.O. Box 10085 Grand Cayman KY1 1001,
          Cayman Islands
          Telephone: (345) 747 2739


COGNIS CREDIT: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Cognis Credit Opportunities Fund Ltd received
on Jan. 13, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Padraig Hoare
          Telephone: +1 (345) 815 1415
          Facsimile: +1 (345) 945-6265


COGNIS CREDIT MASTER: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Cognis Credit Opportunities Master Fund Ltd
received on Jan. 13, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Padraig Hoare
          Telephone: +1 (345) 815 1415
          Facsimile: +1 (345) 945-6265


CSI CAPITAL: Members Receive Wind-Up Report
-------------------------------------------
The members of CSI Capital GP Company, Ltd. received on Jan. 10,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Stephen Liu Yiu Keung
          Ernst & Young
          One Island East, 62nd Floor
          18 Westlands Road, Island East
          Hong Kong


DIAPASON RELATIVE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Diapason Relative Value Petroleum Industry
Fund Ltd. received on Jan. 12, 2017, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 345 949 0100


DIAPASON COMMODITIES: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Diapason Commodities Index Fund received on
Jan. 12, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


DIAPASON RELATIVE MASTER: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Diapason Relative Value Petroleum Industry
Master Fund Ltd. received on Jan. 12, 2017, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 345 949 0100


EASTGATE PHARMACEUTICALS I: Shareholder Receives Wind-Up Report
---------------------------------------------------------------
The shareholder of Eastgate Pharmaceuticals Fund I GP Co Limited
received on Jan. 10, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Mohammed Abdullah A Alali
          Pankaj Gupta
          Walkers (Dubai) LLP
          Precinct Building 5, Level 5
          Dubai International Financial Centre
          P.O. Box 506513 Dubai
          United Arab Emirates
          Telephone: +971 4 363 7999


EASTGATE PHARMACEUTICALS II: Shareholder Receives Wind-Up Report
----------------------------------------------------------------
The shareholder of Eastgate Pharmaceuticals Fund II GP Co Limited
received on Jan. 10, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Mohammed Abdullah A Alali
          Pankaj Gupta
          Walkers (Dubai) LLP
          Precinct Building 5, Level 5
          Dubai International Financial Centre
          P.O. Box 506513 Dubai
          United Arab Emirates
          Telephone: +971 4 363 7999


ESO HOLDINGS: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of ESO Holdings received on Jan. 11, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Eduardo Sonoda
          54-46 rue du Rhone, CH-1204 Geneva
          Switzerland
          Telephone: +41 22 879 6262


FALCON GROUP: S&P Affirms 'BB-/B' Counterparty Credit Ratings
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' long- and short-term
counterparty credit ratings on trade finance provider Falcon Group
Holdings (Cayman) Ltd.  The outlook is stable.

S&P considers it likely that Falcon's business volumes and
operating margins will have weakened in its recent financial year,
which ended on Jan. 31, 2017, on the back of a slowdown in global
trade and weaker economic growth in some of the GCC countries,
which are core markets for the company.  S&P's revised base-case
assumption is that Falcon's EBITDA will have broadly halved in its
2016 financial year compared to 2015.  S&P expects Falcon to
recover some of its activity levels in 2017-2018, as the GCC
countries benefit from more stable oil prices and Falcon's recent
investments in geographical and product expansion start to bear
fruit.  At the same time, S&P still expects revenue to be below
record levels of 2014-2015.

Falcon currently has no debt.  However, S&P's base case notably
continues to assume that Falcon will complete a $150 million
three-year debt issue in the next 12 months to expand and
diversify its funding sources, support international growth, and
broaden the client and product base.

S&P has affirmed the ratings on Falcon despite S&P's revised
financial projections.  This is because S&P thinks that the
company will remain solidly profitable, maintaining its low risk
appetite and following strict underwriting and hedging policies,
resulting in low credit losses.  S&P expects Falcon to continue
expanding its geographical presence and product range with new
operations starting to contribute meaningfully to Falcon's bottom-
line results.

Under S&P's revised forecasts for financial years 2017-2018, it
projects gross debt of 3x-4x of adjusted EBITDA (up from S&P's
previous assumption of 2x-3x), with FFO in the middle of 20%-30%
range of gross debt (down from 30%-45%).  These credit measures
are commensurate with S&P's significant financial risk profile
assessment.  At the same time, S&P has removed a negative
adjustment it previously made under its comparable ratings
analysis.  This follows comparisons with similarly rated financial
services companies and reflects S&P's view that Falcon's credit
metrics are in line with S&P's 'BB-' rating.  S&P do not expect
Falcon's debt coverage metrics to worsen beyond the levels it
assumes in S&P's revised forecast.  If the macro environment
proves to be weaker than S&P anticipates, Falcon is less likely to
take on the substantial net debt that S&P assumes in its base
case, in its view.

S&P's stable outlook on Falcon reflects S&P's expectation that the
company will successfully operate in the currently difficult
global environment and will expand organically by broadening the
range of its trade finance services and widen its geographical
spread.  If Falcon revises its established financing strategy, S&P
expects the company to maintain leverage and debt-servicing
metrics consistent with the current ratings, for example, with the
debt-to-EBITDA ratio staying below 4x.

S&P could lower the ratings if Falcon introduces a more aggressive
financial policy, such as materially raising more debt than S&P
assumes, with no mitigating factors.  S&P could also take a
negative rating action if it considered that Falcon had materially
increased its risk appetite, particularly if it weakened its
underwriting criteria or expanded in noncore riskier business
areas in an uncontrolled manner.  S&P could also consider a
downgrade if it saw low activity levels for trade finance for a
sustained period of time -- weighing on Falcon's margins--and the
company did not adjust its cost base accordingly.

A positive rating action is unlikely in the next 12 months.  In
the longer term, S&P could raise the ratings if Falcon executes
its growth and financing strategy successfully, bolstering its
franchise, revenue base, and financial metrics.  In addition, S&P
would consider whether Falcon will continue to enhance its
corporate governance and internal controls as it grows.


INDUS JAPAN: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Indus Japan Market Neutral Fund, Ltd. received
on Jan. 10, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Joanne Huckle
          Ogier, Attorneys
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


INDUS JAPAN MASTER: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Indus Japan Market Neutral Master Fund, Ltd.
received on Jan. 10, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Joanne Huckle
          Ogier, Attorneys
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


KARMA OFFSHORE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Karma Offshore Fund, Ltd. received on Jan. 13,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Kenneth Stewart
          c/o Apex Fund Services (Cayman) Ltd.
          161a Artillery Court, Shedden Road
          P.O. Box 10085 Grand Cayman KY1 1001,
          Cayman Islands
          Telephone: (345) 747 2739


KIDS HOLDINGS: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Kids Holdings SA received on Jan. 11, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Luis Filipe Magalhaes Da Conceicao Freire
          Ch. Frank-Thomas 42
          1208 Geneva
          Switzerland
          Telephone: +971 55 415 5960


MARKA HOLDINGS: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Marka Holdings received on Jan. 11, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Marc Kattan
          R Bahia 753 AP 111
          CEP: 01244-001
          Sao Paolo - SP
          Brazil
          Telephone: +55 11 99194 4499
          e-mail: mkattan@kondorinvest.com.br


NIGHTLINE LTD: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Nightline Ltd. received on Jan. 19, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          One Capital Place, 4th Floor
          P.O. Box 847, George Town,
          Grand Cayman, KY1-1103
          Cayman Islands
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881


OZER INVEST: Members Receive Wind-Up Report
-------------------------------------------
The members of Ozer Invest Limited received on Jan. 19, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Zedra Directors (Cayman) Limited
          c/o Enola Reid
          Telephone: +1 (345) 914-5413
          136 Shedden Road
          One Capital Place, 3rd Floor
          P.O. Box 487 George Town, Grand Cayman
          Cayman Islands KY1-1106


REDSTREAM FUND: Members Receive Wind-Up Report
----------------------------------------------
The members of Redstream Fund Limited received on Jan. 12, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


TREBLECLEF INVESTMENTS: Members Receive Wind-Up Report
------------------------------------------------------
The members of Trebleclef Investments Limited Company received on
Jan. 19, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Zedra Directors (Cayman) Limited
          c/o Enola Reid
          Telephone: +1 (345) 914-5413
          136 Shedden Road
          One Capital Place, 3rd Floor
          P.O. Box 487 George Town, Grand Cayman
          Cayman Islands KY1-1106



=========
C H I L E
=========


CORPGROUP BANKING: Moody's Lowers Issuer Ratings to B2
------------------------------------------------------
Moody's Investors Service downgraded to B2, from B1, CorpGroup
Banking S.A.'s long-term global local and foreign currency issuer
ratings and the foreign currency debt rating of the holding
company's USD500 million global senior notes due 15 March 2023.
The outlook on the ratings was changed to negative, from stable.

The following ratings were downgraded and outlooks changed to
negative:

-- Long-term global local currency issuer rating to B2 negative,
    from B1 stable

-- Long-term foreign currency issuer rating to B2 negative, from
    B1 stable

-- Long-term foreign currency debt rating to B2 negative, from B1
    stable

RATINGS RATIONALE

The downgrade of CorpGroup Banking's ratings incorporates the
uncertainties associated with the constrained liquidity and high
indebtedness at the debt issuer that may lead to increasing
reliance on external support for the payment of its debt.
CorpGroup Banking owns 26.92% of Ita£ CorpBanca (deposits A3
stable, baseline credit assessment baa3), with no operations of
its own; therefore it services its debt almost entirely through
dividends from Itau CorpBanca.

While the bank's ratings are unaffected, Itau CorpBanca's ability
to pay common stock dividends, the source of funding to debt
holders, is likely to be constrained, according to recent
unaudited regulatory filings that report negative income at the
bank. These preliminary results may indicate that liquidity at
CorpGroup Banking is constrained, and it leads to the risk of
relying on weaker entities in the family to service its debt until
profits, and dividend payouts from Itau CorpBanca, are restored.

The shareholder agreement between the group of holding companies
that represent the interests of the Saieh Guzman Family,
controllers of CorpGroup Banking, and Itau Unibanco (deposits Ba2
negative, baseline credit assessment ba2) -controlling shareholder
of Itau CorpBanca- stipulates a minimum annual dividend payout of
USD120 million. However, this payment is contingent on Itau
CorpBanca's ability to maintain regulatory capital ratios that are
in line with the higher of the average of the three largest
commercial banks in Chile and 1.2-times the bank's capitalization
requirements by the Chilean regulators.

Moody's had expected Itau CorpBanca to adopt a more conservative
dividend policy to help ensure that the bank's capital levels
improve over time, with resulting lower cash flows being up
streamed to CorpGroup Banking. Subject to the bank's performance
and its capital targets, dividend payouts may be increasingly
restricted in the future, creating uncertainty on the ability of
CorpGroup Banking to service debt with its own liquidity. A coupon
of about $17 million is due March 2017.

While dividend income from Itau CorpBanca will generally be
sufficient to service CorpGroup Banking's debt obligations in
Moody's central scenario, debt service coverage (dividends
received from Itau CorpBanca/Interest Expense) will be lower than
it has been historically, at just above 1-times dividend income
from Itau CorpBanca, and net financial debt will remain high at
about 7-times dividend income from Itau CorpBanca, according to
Moody's estimates.

In a more stressed scenario, however, dividend payouts would be
insufficient to service CorpGroup Banking's debt, which would have
to rely on extraordinary sources of income, including divestments
by the Saieh family. The absence of meaningful restrictions on
dividends and on the use of proceeds of asset sales to reduce
CorpGroup Banking's debt burden, however, increases uncertainty in
such a scenario.

The single family ownership and control of CorpGroup Banking also
continues to expose it to potential risks related to corporate
governance. The Saieh family has the ability to elect a majority
of directors and executive officers, set management policies and
determine the outcome of most or all actions requiring shareholder
approval at CorpGroup Banking.

The rating agency nevertheless expects CorpGroup Banking to meet
its upcoming payments on 15 March and 15 September through
necessary funds transfers from the group of operating and holding
companies related to the Saieh family.

Moody's changed the outlook to negative on the holding company's
ratings to incorporate the continued uncertainties regarding its
standalone earnings generation, and continued high debt levels.

WHAT COULD CHANGE THE RATINGS UP OR DOWN

Further downward ratings pressure on CorpGroup Banking's ratings
will accumulate if the holding company were to rely on support
from the Saieh family to make timely payments to its bondholders.

Upward ratings pressure is limited at this juncture, but Moody's
could stabilize the outlook of CorpGroup Banking's ratings if the
indebtedness of the holding company is reduced or if dividends
from Itau CorpBanca significantly exceed Moody's expectations.

The principal methodology used in these ratings was Banks
published in January 2016.



====================
E L  S A L V A D O R
====================


ELEVENTH MORTGAGE-BACKED: Fitch Cuts Series A Notes Rating to BB-
------------------------------------------------------------------
Fitch Ratings has downgraded the following Structured Finance
notes:

Eleventh Mortgage-Backed Notes Trust

-- $37.8 million series A senior notes to 'BB-sf' from 'BBsf';
    Outlook revised to Negative from Stable.

La Hipotecaria Thirteenth Mortgage-Backed Notes Trust

-- $39.6 million series A senior notes to 'BB-sf' from 'BBsf';
    Outlook revised to Negative from Stable.

KEY RATING DRIVERS

The rating action reflects the recent downgrades of El Salvador's
foreign currency Issuer Default Rating (FC IDR) to 'B' with a
Negative Outlook and country ceiling to 'BB-' from 'BB'.

According to Fitch's 'Criteria for Country Risk in Global
Structured Finance and Covered Bonds' (September 2016), the
ratings of Structured Finance notes cannot exceed the country
ceiling of the country of the assets, unless the transfer and
convertibility risk is mitigated. While the transaction has
sufficient credit enhancement to be rated above the country's FC
IDR, the rating remains constrained by the country ceiling and
ultimately linked to the ratings of El Salvador.

The transactions contain some liquidity to mitigate potential
transfer risk, but these levels are not sufficient to provide
significant rating benefit to breach the country ceiling.
Additionally, Fitch believes the macroeconomic environment to be
more volatile as the sovereign rating levels are decreased. When
rating a transaction above the IDR of a country the transaction
must have sufficient credit enhancement to withstand an increase
in risk within the macroeconomic environment.

Notwithstanding the above, delinquencies within the underlying
portfolio have performed better than Fitch's expectations. The
transactions were stressed using higher than 5.5x historical
default rate which is sufficient to go up to the country ceiling
or two notches above the foreign currency IDR.

The Outlook revision on the transaction reflects the Negative
Outlook on El Salvador's foreign currency IDR, which indicates
Fitch's assessment that downside risks to the rating are currently
in place.

RATING SENSITIVITIES

The ratings of the series A notes for both transactions are
sensitive to changes in the credit quality of El Salvador. A
further downgrade of El Salvador's ratings, specifically its
country ceiling ('BB-'), could lead to a downgrade on the notes.
In addition, special considerations would be considered for
countries rated 'CCC' or below, because country risk might vary
significantly and would be based on specifics of the case at hand.

Finally, severe increases in foreclosure frequency and prepayments
as well as reductions in recovery rates could lead to a downgrade
of the notes.



=============
J A M A I C A
=============


CABLE & WIRELESS: Gets Approval to Change Accounting Terminal Date
------------------------------------------------------------------
RJR News reports that Cable & Wireless Jamaica has received
approval from Tax Administration of Jamaica (TAJ) for their
accounting terminal date to be changed to December 31 with effect
from Year of Assessment 2016.

For subsequent Years of Assessment, the C&W accounting period for
income tax purposes shall be the twelve (12) month period, January
1 to December 31 and the corresponding return will be due on March
15 in the following year, according to RJR News.

As reported in the Troubled Company Reporter-Latin America on
Sept. 12, 2016, Caribbean360.com reports that minority share-
holders of Cable & Wireless Jamaica have defied the board of
directors and voted against a resolution to set pay for auditor
KPMG.  Their move was aimed at making a wider point on
transparency.   Voting on the resolution was adjourned for 30 days
when C&WJ shareholders can vote via poll on the matter, according
to Caribbean360.com.

On Feb. 16, 2015, TCRLA, citing RJR News, reported that
restructuring and legal costs during the October to December
quarter resulted in Cable & Wireless Jamaica racking up a huge
financial loss.

The company incurred J$1.5 billion in operating exceptional items
during the three months, according to RJR News.  As a result, it
ended the period with a J$1.89 billion loss, the report relates.
Revenues increased by 14 per cent to J$5.6 billion.


JAMAICA: Fitch Affirms 'B' on LT LC Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed Jamaica's Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'B' with a Stable
Outlook. The issue ratings on Jamaica's senior unsecured Foreign
and Local Currency bonds are also affirmed at 'B'. The Outlooks on
the Long-Term IDRs are Stable. The Country Ceiling is affirmed at
'B' and the Short-Term Foreign Currency and Local Currency IDRs at
'B'.

Jamaica's 'B' IDRs reflect the following key rating drivers:

At over 120% of GDP, Jamaica's public debt burden is one of the
highest among rated sovereigns, and interest payments consume over
one quarter of the budget. A heavy reliance on foreign borrowing,
which accounts for three-fifths of the total, increases exchange
rate risks. However, the government debt ratio has been on a
downward path and Fitch expects this to resume in fiscal year 2017
([FY17] the year to March 2018). The government tapped the
Eurobond market in August 2016 to partially refinance 2017-2019
external maturities. It has also reopened the domestic debt
market, borrowing 1.6% of GDP to date in FY16 to refinance
domestic debt maturities in FY17.

The government is on course to record a fourth successive primary
surplus of around 7% of GDP in FY16, with the overall budget close
to balance. The FY17 budget to be presented in February will be
guided by a fiscal responsibility framework that targets a
reduction in debt/GDP to 96% by 2020. A tax reform is rebalancing
the tax burden towards consumption, and administration is
improving. A public sector pension reform will be tabled in 2017,
promising medium-term savings.

The JLP government led by Prime Minister Andrew Holness, which
took office in March 2016, entered a Stand-By Arrangement with the
IMF in November 2016, replacing the expiring Extended Fund
Facility (EFF). Under it, the authorities committed to maintain a
7% of GDP primary surplus, respect a floor on international
reserves and to carry out a range of reforms. The most challenging
element of the programme is a public sector reform that implies
job losses. The government has given itself another two years
(FY18, the year ending March 2019) to reduce the public sector
wage bill below 9% of GDP, an unmet target under the EFF, from an
estimated 10.4% of GDP in FY16.

The government will treat the IMF lending as precautionary,
reflecting an improvement in external liquidity. Reserves rose
USD378 million in 2016 to USD3.3 billion, or five months of
current account payments (CXP). The main sources of foreign
exchange, tourism and remittances, are growing steadily, while the
current account benefited from a further fall in oil imports in
the first half of 2016 (1H16) owing to lower oil prices and a
reduction in reliance on fuel for power generation. Fitch
estimates the current account deficit (CAD) at 2.7% of GDP in
2016. The fuel import bill fell by USD1.16 billion (8% of GDP)
between 2011 and 2015. Income debits are rising, as a result of
the increase in external market borrowing.

Long-term macroeconomic performance is a weakness relative to 'B'-
rated sovereigns, but growth is improving, reaching 2% annualised
in the third quarter of 2016 (3Q16). Fitch expects growth of 2%
annually in both 2017 and 2018; with upside risks provided the
external backdrop remains supportive. An Economic Growth Council
appointed by the government has recommended a set of policies
designed to achieve higher growth. Foreign direct investment is
increasing across a variety of sectors and the pace of job
creation has picked up. Confidence indicators have improved.

The BoJ is modernising its monetary policy toolkit and moving
towards formal inflation targeting. Inflation will rise from its
40-year low of 1.7% in December 2016 but Fitch expects it to stay
below the 5.5% midpoint of the target range. Deposit dollarisation
is high, and has actually risen in 2016. Redemption of domestic
government debt increased JMD liquidity in 2016 and led to a bout
of JMD weakness, since reversed.

Structural indicators such as governance, human development and
per capita income are better than the 'B' median. The JLP
government has a one-seat majority in parliament, but there is
consensus between the two main parties on economic policy and
active involvement by representatives of the business community.
As a small open, island economy, Jamaica is vulnerable to shocks,
including natural disasters, which have adversely affected growth
and public finances in the past.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Jamaica a score equivalent to a
rating of 'B' on the Long-Term FC IDR scale.

Fitch's sovereign rating committee did not adjust the output from
the SRM to arrive at the final LT FC IDR.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within Fitch
criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

RATING SENSITIVITIES

The following risk factors could individually or collectively lead
to positive rating action:

-- Higher economic growth leading to sustained and rapid
    reduction in government debt/GDP.

-- Further reserve accumulation and strengthening of the balance
    of payments.

The following factors could lead to a negative rating action:

-- Failure to fulfil goals under the IMF programme that curtails
    access to external financing, potentially undermining private
    sector and creditor confidence.

-- A sustained fiscal deterioration that worsens debt dynamics.

-- External or confidence shocks that lead to macroeconomic
    and/or financial sector instability.

KEY ASSUMPTIONS

The U.S. economy, a key source of remittances and tourism demand,
will grow by 2.3% and 2.4% in 2017 and 2018.

Oil prices will average USD45/b in 2017 and USD55/b in 2018.



===========
M E X I C O
===========


MEXICO: Macri, Temer Invoke Trump to Call for Closer Mercosur Ties
------------------------------------------------------------------
EFE News reports that the presidents of Argentina and Brazil,
Mauricio Macri and Michel Temer, respectively, invoked the "Trump
effect" to propose a closer relationship between Mercosur and
Mexico, the latter a country the two leaders agreed "is beginning
to look south with more determination."

Mr. Macri made a state visit to Brazil and, as Mr. Temer did, took
advantage of a joint statement to speak about the need for greater
opening by Mercosur, which the two leaders said should include
Mexico, now having serious problems with the United States, its
main trading partner, according to EFE News.



===========
P A N A M A
===========


AES TRUST II: Fitch Lowers Long Term Issuer Default Ratings to B
----------------------------------------------------------------
Fitch Ratings has downgrade AES El Salvador Trust II's (AES SLV)
Foreign Currency and Local Currency Issuer Default Ratings (IDRs)
to 'B' from 'B+'. In addition, Fitch has also downgraded the
USD310 million notes due 2023 to 'B' from 'B+'. The Rating Outlook
has been revised to Negative from Stable.

KEY RATING DRIVERS

These rating actions follow the downgrade of El Salvador's Long-
Term Foreign and Local Currency IDRs to 'B' from 'B+' and the
revision of the Rating Outlooks to Negative from Stable. The
sovereign rating revisions reflect the country's continuing high
level of political polarization with a prolonged period of
congressional gridlock that has severely limited the government's
financing options and hindered meaningful fiscal measures to
arrest the deterioration of public finances. The Negative Outlook
reflects persistent risks to meeting financing needs for 2017 in
the absence of a political agreement that unlocks additional
external borrowing.

AES SLV's ratings are linked to the sovereign rating of El
Salvador due to the significant operational exposure by way of
regulation and reliance on subsidies. Based on first quarter 2016
(1Q16) invoicing, AES SLV was on track for approximately USD77
million of subsidized revenues for the full year, or approximately
12% of total revenues under Fitch's base case assumptions.
Historically, these subsidies have been supported through revenues
generated by the state-owned hydroelectric company Comision
Ejecutiva Hidroelectrica del Rio Lempa (CEL), but lower energy
prices have put pressure on CEL's profitability. Taken in
conjunction with the country's broader macroeconomic and political
pressures, this creates significant uncertainty with respect to a
material component of AES SLV's cash flow generation.

KEY ASSUMPTIONS

-- Subsidies in 2017 and thereafter are passed through price
    adjustments.
-- Company pays out cash above USD18 million as dividends.
-- Spot energy prices gradually increasing through the medium
    term.
-- Shrinking proportion of spot purchases versus power purchase
    agreements (PPAs).

RATING SENSITIVITIES

AES El Salvador's ratings could be negatively affected by any
combination of the following factors: Failure to resolve the issue
of subsidy funding sources in a timely manner; deterioration of
credit metrics; shortages of electricity supply resulting in lower
consumption and lower cash flow generation; or further political
or regulatory intervention that negatively affects the company's
financial performance.

AES El Salvador's ratings could be positively affected by
consistent leverage reduction; regulatory stability; sustainable
independence from the government funding, and improving
macroeconomic conditions in El Salvador.

FULL LIST OF RATING ACTIONS

Fitch has downgraded AES El Salvador Trust II (AES SLV) as
follows:

-- Long-Term Foreign Currency IDR to 'B' from 'B+';
-- Long-Term Local Currency IDR to 'B' from 'B+';
-- Senior unsecured debt rating to 'B/RR4' from 'B+/RR4'.

The Rating Outlook has been revised to Negative from Stable.



=======
P E R U
=======


PERU: Irrigation Project Sows Dissent
-------------------------------------
Ryan Dube at The Wall Street Journal reports that the Olmos
irrigation project was hailed upon its completion as the pride of
Peru, fulfilling a century-old dream to transform a swath of
desert into rich farmland.

But three years later, local farmers complain the project mainly
benefits big agribusiness, as their small parcels of land remain
parched despite assurances that they too would receive water,
according to The Wall Street Journal.

The $1.6 billion project diverts water from an Andean mountain
river to irrigate 100,000 acres of land used by large Peruvian and
foreign investors, the report notes.  But long-established farmers
like Ysidro Serrato say they still have to rely on outmoded wells
for irrigation, the report relays.

"I'm not happy," said Mr. Serrato, who grows limes on his 7-acre
terrain.  "The water is only for the companies."

The project was built by the Brazilian firm Odebrecht, which is
under investigation in Peru after having acknowledged paying
bribes to secure contracts for other infrastructure projects, the
report notes.  The state was supposed to have assured that water
be set aside for more than 620 families growing limes, mangos and
other crops on 13,500 acres, according to the Lambayeque state
government and the Agriculture Ministry in President Pedro Pablo
Kuczynski's administration, the report discloses.

But so far, only about 2% of that terrain is irrigated as
officials in Lima and Chiclayo, the state capital, blame each
other for delays in building infrastructure to deliver water, the
report says.  The state's governor, Humberto Acuna, says the
project for small farmers is being held up by officials in Lima,
the report relays.  The Agriculture Ministry says it is waiting
for Mr. Acuna's government to finish a feasibility study before
working with the state to secure financing to expand irrigation,
the report notes.

Those stuck without water include Ismael Maza, the president of a
local farmers association, the report relays.  "In reality, those
of us here feel like we've been wronged," said Mr. Maza, who helps
his father grow maracuya, or passion fruit.

The huge project has clearly changed life in this region, where
blueberries, sugarcane and grapes have replaced shrubs and
cactuses that used to grow in the desert soil on the edge of the
Andes, the report discloses.

Nevertheless some small farmers have benefited, The Wall Street
Journal relays. Pedro Parra, 61, used to grow beans and yucca on
his dusty plot, where a few goats also wander, the report notes.
Now there are long rows of organic bananas, which he exports to
the Netherlands. Business has been so good that his 29-year-old
son, who had left to find a job in the city, now plans to return
to work the family farm, the report discloses.

Nearby in the town of Olmos, business has also picked up as
workers pass through on their way to the irrigation works, about
20 miles away, the report adds.  Restaurant owner Lizbeth Torres
has increased prices and changed her menu to accommodate engineers
and other professionals, the report notes.  Before she prepared
goat and fried chicken. Now, she serves ceviche, pasta and a rice-
and-pork dish, the report says.

Still, there is an undercurrent of resentment among those who feel
forgotten, the report discloses.

Officials in the city of Olmos, for instance, say of millions of
dollars are invested in large-scale farming while the town still
has sporadic running water and lacks a hospital, the report
relays.  They are particularly worried about a new settlement the
government plans to build about 25 miles away to house an expected
influx of new workers, the report notes.

As reported in the Troubled Company Reporter-Latin America on
March 11, 2016 Standard & Poor's Ratings Services assigned its
'B+' issue-level rating and recovery rating of '3H' to CEMEX
S.A.B. de C.V's (global scale: B+/Positive/--; national scale:
mxBBB/Positive/mxA-2) $500 million dollar-denominated senior
secured notes due 2026.  The recovery rating of '3H' indicates
that bondholders can expect a meaningful (50% to 70%; the higher
band of the range) recovery in the event of a payment default.



======================
P U E R T O    R I C O
======================


ERGON CARIBBEAN: Hires C. Conde & Associates as Bankr. Attorney
---------------------------------------------------------------
Ergon Caribbean Corp., seeks authority from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ the Law Offices of
C. Conde & Assoc. as attorney to the Debtor.

Ergon Caribbean requires C. Conde to:

   a. advise the Debtor with respect to its duties, powers and
      responsibilities in the case under the laws of the U.S. and
      Puerto Rico in which the Debtor-in-possession conducts its
      operations, do business, or is involved in litigation;

   b. advise the Debtor in connection with a determination
      whether a reorganization is feasible and, if not, help the
      Debtor in the orderly liquidation of its assets

   c. assist the Debtor with respect to negotiations with
      creditors for the purpose of arranging the orderly
      liquidation of assets and propose a viable plan of
      reorganization;

   d. prepare on behalf of the Debtor the necessary complaints,
      answers, orders, reports, memoranda of law and any other
      legal papers or documents;

   e. appear before the bankruptcy court, or any court in which
      the Debtors assert a claim interest or defense directly or
      indirectly related to the bankruptcy case;

   f. perform such other legal services for the Debtor as may be
      required in the proceedings or in connection with the
      operation of involvement with the Debtor's business,
      including notarial services; and

   g. employ other professional services, if necessary.

C. Conde will be paid at these hourly rates:

     Attorney                     $300
     Associates                   $275
     Junior Attorney              $250
     Paralegal                    $150

The firm will be paid a retainer in the amount of $15,000.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Carmen D. Conde Torres, member of the Law Offices of C. Conde &
Assoc., assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not represent any interest adverse to the
Debtor and its estates.

C. Conde can be reached at:

     Carmen D. Conde Torres, Esq.
     LAW OFFICES OF C. CONDE & ASSOC.
     254 San Jose Street, 5th Floor
     Old San Juan, PR 00901
     Tel: (787) 729-2900
     Fax: (787) 729-2203
     E-mail: condecarmen@condelaw.com

                   About Ergon Caribbean Corp.

Ergon Caribbean Corp., filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 17-00366) on January 25, 2017, disclosing
under $1 million in both assets and liabilities. The Debtor is
represented by Carmen D. Conde Torres, Esq. at the Law Offices of
C. Conde & Assoc.


FUSSION RESTAURANT: Hires Bigas Law as Bankruptcy Counsel
---------------------------------------------------------
Fussion Restaurant Group, Inc., seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Juan C.
Bigas Law Office as counsel in its bankruptcy case.

The Firm will be paid at the hourly rate of $250.  It will be paid
a $6,000 retainer.

The Firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Juan C. Bigas Valedon, member of Juan C. Bigas Law Office, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

Bigas can be reached at:

     Juan C. Bigas Valedon, Esq.
     JUAN C. BIGAS LAW OFFICE
     P.O. Box 7011
     Ponce, PR 00732-7011
     Tel: (787) 259-1000
     Fax: (787) 842-4090

              About Fussion Restaurant Group, Inc.

Fussion Restaurant Group Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-09756) on December 16, 2016,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by Juan C. Bigas Valedon, Esq., at Juan C.
Bigas Law Office.


HAIRLAND CORP: Taps Davila Rivera Law as Counsel
------------------------------------------------
Hairland Corporation seeks permission from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ counsel pursuant
to 11 U.S.C. Section 327 and Bankruptcy Rule 2014.

The Debtor wishes to employ Emily Darice Davila Rivera, Esq. as
attorney for the Chapter 11 proceedings at an hourly rate of
$200.00 per hour subject to the approval of this court in
accordance with 11 USC 503 and FRBP 2014; and has paid retainer in
the sum of $10,000.00 in attorney's fees as per Statement
Compensation of Attorney 2030.

Davila Rivera's services include:

     a. Preparing bankruptcy schedules, pleadings, applications
        and conducting examinations incidental to any related
        proceedings or to the administration of this case;

     b. Developing the relationship of the status of the Debtor to
        the claims of creditors in this case;

     c. Advising the Debtor of his rights, duties, and obligations
        as the Debtor operating under Chapter 11 of the Bankruptcy
        Code;

     d. Taking any and all other necessary action incident to the
        proper preservation and administration of this Chapter 11
        case, and

     e. Advising and assisting the Debtor in the formation and
        preservation of a plan pursuant to Chapter 11 of the
        Bankruptcy Code, the Disclosure Statement, and any and all
        related matters.

Emily Darice Davila Rivera, Esq. attests that she does not
represent an interest adverse to this estate and is a
"disinterested" person pursuant to 11 USC 327 (a), sec. 101(14)
and FRBP 2014.

The Counsel can be reached through:

     Emily Darice Davila Rivera, Esq.
     LAW OFFICE EMILY D DAVILA RIVERA
     420 Ponce De Leon Midtown Bldg. Suite 311
     San Juan, PR 00918
     Tel: 787 753-2368
     Fax: 787 759-9620
     Email: davilalawe@prtc.net

                About Hairland Corporation

Headquartered at San Juan, Puerto Rico, Hairland Corporation
manages a barbershop.  The Debtor filed a petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No.
17-00286) on January 23, 2017.  The Debtor is represented by Emily
Darice Davila Rivera, Esq., at the Law Office of Emily D. Davila
Rivera.


POWER COOLING: Hires Rafael Fernandez Torres as Accountant
----------------------------------------------------------
Power Cooling Controls, Inc., seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Rafael
Fernandez Torres as its accountant.

Power Cooling requires Torres to:

   a. prepare its monthly operating reports;

   b. prepare tax returns;

   c. prepare reports and analysis as required in order to offer
      adequate disclosures to its creditors and attain
      confirmation of a Chapter 11 plan of reorganization.

Torres will be paid at the hourly rate of $60.  The Firm will be
paid a retainer in the amount of $3,000.  The Firm will also be
reimbursed for reasonable out-of-pocket expenses incurred.

Rafael Fernandez Torres assured the Court that his Firm is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code and does not represent any interest adverse
to the Debtor and its estates.

Torres can be reached at:

     Rafael Fernandez Torres
     P.O. Box 7004
     Vega Baja, PR 00694-7004
     Tel: (787) 858-4622

                About Power Cooling Controls, Inc.

Power Cooling Controls Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. P.R. Case No. 16-09134) on November
17, 2016, disclosing under $1 million in both assets and
liabilities. The Debtor is represented by Lyssette A. Morales
Vidal, Esq., at L.A. Morales & Associates P.S.C. The Debtor hires
Rafael Fernandez Torres as accountant.



================================
T R I N I D A D  &  T O B A G O
================================


TRINIDAD & TOBAGO: Has to be More Competitive in Petroleum Scene
----------------------------------------------------------------
David Renwick at Daily Express, citing speakers at an annual
petroleum conference and trade show, relates that Trinidad and
Tobago will be obliged to be more competitive fiscally in the
years ahead because rival locations are urgently seeking the
investment that it is trying to attract.

The speakers spoke at the Energy Chamber's annual conference and
trade show at the Hyatt Regency (Trinidad) hotel near the
waterfront in downtown Port of Spain.

With respect to Trinidad and Tobago's petroleum industry, the
speakers focused on the Supplemental Petroleum Tax (SPT), which
kicks-in when the oil price reaches US$50 a barrel.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Ivy B.
Magdadaro, and Peter A. Chapman, Editors.

Copyright 2017.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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