TCRLA_Public/170216.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 16, 2017, Vol. 18, No. 34


                            Headlines



B R A Z I L

AGENCIA DE FOMENTO PARANA: Fitch Affirms IDRs at BB
AGENCIA DE FOMENTO RIO DE JANEIRO: Fitch Affirms IDR at 'C'
AGENCIA DE FOMENTO SAO PAULO: Fitch Affirms IDRs at 'BB'
BANCO REGIONAL: Fitch Affirms LT Issuer Default Rating at 'BB'
BRAZIL: Retail Sales Slid in December

OI BRASIL: Int'l Bondholder Committee Appeals Dutch Rulings


C A Y M A N  I S L A N D S

AEGON INNOVATIVE: Commences Liquidation Proceedings
CALEDONIAN BANK: To Declare Fifth Interim Dividend
CAP GP: Commences Liquidation Proceedings
CBD HOLDINGS: Commences Liquidation Proceedings
EMERGING SOVEREIGN: Placed Under Voluntary Wind-Up

EMERGING SOVEREIGN MASTER: Commences Liquidation Proceedings
EMREAL CORPORATION: Placed Under Voluntary Wind-Up
FRM DYNAMIC: Commences Liquidation Proceedings
GLG ELS: Commences Liquidation Proceedings
GLG INTERNATIONAL: Commences Liquidation Proceedings

GOLDEN SHALE: Placed Under Voluntary Wind-Up
LEAFGREEN INVESTMENTS: Placed Under Voluntary Wind-Up
MAN STRATEGY: Commences Liquidation Proceedings
MAN WINDS: Commences Liquidation Proceedings
PCMC GP: Commences Liquidation Proceedings

PINE RIVER: Commences Liquidation Proceedings
PINE RIVER ULTRA: Commences Liquidation Proceedings
STABLE ALPHA II: Commences Liquidation Proceedings
STABLE ALPHA II MASTER: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: ANJE Demand Zero Tolerance on Corruption
DOMINICAN REPUBLIC: Must Tweak Taxes to Face Risks, IMF Says
DOMINICAN REPUBLIC: Approves Sweeping Transport Law


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Wayne Yip Choy Resigns From Board


V E N E Z U E L A

VENEZUELA: OPEC & Non-OPEC Producers Sticking to Production Cuts


                            - - - - -


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B R A Z I L
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AGENCIA DE FOMENTO PARANA: Fitch Affirms IDRs at BB
---------------------------------------------------
Fitch Ratings has affirmed Agencia de Fomento do Parana's (FP)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB'. The Rating Outlook on the IDRs remains Negative.

KEY RATING DRIVERS

FP's ratings are equal to those of the State of Parana (Parana),
reflecting the expectation of support from its controlling
shareholder. Fitch views FP as an important part in the
implementation of the state government's public policies. FP
belongs to EPR and acts as the state's development bank with a
mission to promote the region's economy. For this purpose, it
manages state development funds, giving support to sectors
considered strategic for the government. The Support Rating '3'
indicates a moderate probability of Parana supporting Fomento, if
necessary.

FP's ratings follow those of Parana which, in turn, follow the
Brazilian Sovereign Rating ('BB'/Outlook Negative). The Negative
Outlook of Brazilian ratings reflect the continuing uncertainties
and the negative risks regarding the unfolding of the country's
economy, fiscal and political situation.

FP's strategy is in line with Parana's economic and development
policies. A large part, 77% of FP's credit portfolio in June 2016,
is related to the public sector due to strong links to Parana's
municipalities. FP counts on strong guarantees from federal and
state transfer flow to these municipalities. The balance of the
portfolio (23%) is allocated for the purpose of financing micro,
small and midsized private companies.

FP's asset quality indicators are commensurate with its ratings.
The impaired loan ratings (D-H) improved to 1.8% of the portfolio
in June 2016. In December 2015, D-H ratings were 3.7%. This
reflects the larger volume of write-offs at 4.5% and 1.0%,
respectively of the loan average. However, the delinquency ratio
should continue to be higher than levels previous to 2014 due to
the local economic environment and maturity of the private sector
portfolio. Loan loss reserves decreased, but were still high at
99% in June 2016.

Profitability over net income (ROAE) is adequate for a development
agency with lower interest rates in loan operations than
traditional banking institutions. The control of delinquency is
key for the maintenance of FP's results, as margin is reduced, due
to low interest rates in the loan portfolio.

Due to low leverage, the indicator of regulatory capital (43.2% in
June 2016) and the Fitch core capital are too high. Even though
Parana provided a financial injection in 2014, it is not formally
obliged to support FP.

FP is basically financed by its own capital and is not allowed to
accept deposits or issue financial and credit bills, according to
local regulation. Although discussions for more flexible sources
of funding are ongoing, development agencies are only allowed to
capture from official programs, funds and other development
agencies or institutions. As of June 2016, FP's liquidity remained
very high, whereby liquid assets (government securities and
investment funds consisting entirely of government securities and
reverse repos) corresponded to 3 times its total liabilities, well
above the minimum limit of 10% of the liabilities required by the
regulator.

RATING SENSITIVITIES

Any changes to Parana's ratings or willingness to provide support
to FP, or in Fitch's evaluation of the agency's strategic
importance to the controlling shareholder, may result in a rating
review. Parana's ratings, in turn, could be affected by changes
regarding the classification of the sovereign.

FULL LIST OF RATING ACTIONS:

Fitch has affirmed Agencia de Fomento do Parana's ratings:

-- Long-Term Foreign and Local Currency IDRs at 'BB'; Outlook
Negative;
-- Short-Term Foreign and Local Currency IDRs at 'B';
-- Support Rating at '3';
-- Long-Term National Rating at 'AA(bra)'; Outlook Stable;
-- Short-Term National Rating at 'F1+ (bra)'.


AGENCIA DE FOMENTO RIO DE JANEIRO: Fitch Affirms IDR at 'C'
-----------------------------------------------------------
Fitch Ratings has affirmed Agencia de Fomento do Estado do Rio de
Janeiro S.A.'s Long-Term Local and Foreign Currency Issuer Default
Ratings (IDRs) at 'C' and Long-Term National Ratings at 'C(bra)'.

KEY RATING DRIVERS - IDRS, NATIONAL RATINGS, SUPPORT RATINGS

AgeRio's IDRs and National Ratings are aligned with those of its
parent, the State of Rio de Janeiro (ERio, Long-Term Local and
Foreign Currency IDRs 'C'). AgeRio's Support Rating (SR) of '5'
reflects the possibility of parental support, although it cannot
be relied on, given ERio's very weak financial ability to do so.
However, AgeRio's small size increases the relative ability of
ERio to provide support in case of need. Fitch does not assign a
Viability Rating to AgeRio, as it is a development agency and
therefore cannot be assessed on a standalone basis.

Fitch believes that ERio's willingness to support AgeRio remains
high, even though its capacity to support has fallen
significantly. AgeRio is strategically important for ERio, as it
acts as the state's development arm and implements its economic
development policies both as a lender and a financial agent. A
track record of frequent capital injections by ERio, most recently
in the second half of 2015, reinforces Fitch's view. Furthermore,
ERio controls 99.99% of AgeRio, and, according to a state law,
ERio's stake in AgeRio's voting shares cannot fall below 51%.

As of June 2016, AgeRio's asset quality indicators deteriorated on
the back of the very weak operating environment, and impaired
loans, classified in the D-H risk category in the central bank's
risk scale, rose significantly, reaching a very high 26% (7% in
2015). Renegotiated loans made up 18% of gross loans in the same
period. Fitch believes that asset quality is likely to remain
under pressure through at least the first half of 2017, given the
expectations for only a very modest economic recovery. AgeRio's
loan book is adequately provisioned, with loan loss reserves
covering 66% of impaired loans and 40% of total reserves being
additional reserves above the minimum requirements.

AgeRio's earnings have historically been adequate, broadly stable
and compatible with the agency's strategy, despite a spike in loan
impairment charges in 2015, which was offset by a one-off increase
in fee income. In the first nine months of 2016, loan impairment
charges in proportion to pre-impairment operating profit returned
to roughly historical levels. For 2017, AgeRio's operating results
could be negatively affected if part of the renegotiated loans
fails to perform, which would require additional loan loss
reserves.

As of June 30, 2016, funding consisted of lines from Banco
Nacional de Desenvolvimento Economico Social (BNDES) and FINEP, a
public entity subordinate to the Ministry of Science, Technology
and Innovation, which accounted for 69% and 31% of total funding,
respectively, as of June 30, 2016. In July 2016, BNDES suspended
its funding lines to AgeRio following ERio's nonpayment of its
obligations to the federal government. Existing BNDES operations
were not affected by this suspension, but future new funding from
BNDES will be conditional on ERio honoring its debt to the federal
government.

AgeRio is very highly capitalized and has significant room for
growth. As of June 30, 2016, its total regulatory capital ratio
was approximately 70%. Historically, ERio has reinvested all
dividends back into AgeRio. In the same period, AgeRio's liquidity
also remained very high, whereby liquid assets (government
securities and investment funds consisting entirely of government
securities and reverse repos) corresponded to 3.2 times its total
liabilities, compared to the 10% minimum limit required by the
regulator.

RATING SENSITIVITIES

IDRS, NATIONAL RATINGS, SUPPORT RATINGS
Changes in Parental Support: AgeRio's ratings are linked to those
of ERio. Any further changes in ERio's ratings would lead to a
review of AgeRio's ratings.

Fitch has affirmed the following ratings:

-- Long-Term Foreign and Local Currency IDRs at 'C';
-- Short-Term Foreign and Local Currency IDRs at 'C';
-- Long-term National Rating at 'C(bra)';
-- Short-term National Rating at 'C(bra)';
-- Support Rating at '5'.


AGENCIA DE FOMENTO SAO PAULO: Fitch Affirms IDRs at 'BB'
--------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) of Desenvolve SP - Agencia
de Fomento do Estado de Sao Paulo S.A. at 'BB' and its Long-Term
National Rating at 'AA (bra)'. The Outlook is Negative for the IDR
and Stable for the Long-Term National Rating.

KEY RATING DRIVERS
The affirmation of Desenvolve SP's IDRs reflects the support of
its controller, the State of Sao Paulo (SSP at 'BB'/Outlook
Negative). Desenvolve SP's '3' Support Rating (SR) reflects the
moderate likelihood that SSP will support Desenvolve SP, if
necessary. Fitch did not assign a Viability Rating to Desenvolve
SP, since it is a company with development characteristics.

SSP's IDRs reflect its strong economy, which accounts for
approximately one-third of Brazil's Gross Domestic Product (GDP).
The ratings are based on the state's adequate budget performance,
when compared to its peers in the same rating category, and on
fiscal autonomy that is better than that of other Brazilian
states. The Federal Government is the main creditor of Sao Paulo,
which also supports the ratings.

Fitch views Desenvolve SP as strategically important to the State
of Sao Paulo based on their strong integration. Desenvolve SP
operates primarily as a private sector financing agent for SSP and
its municipalities, always with a development bias. Desenvolve SP
also acts as a service provider / manager of development funds
that are important to State of Sao Paulo. The size of the
institution in relation to SSP's financial capacity reduces the
potential cost of support from the government and increases the
possibility of SSP supporting the agency.

Desenvolve Sp's loan quality ratios have deteriorated following
the challenging Brazilian operating environment. Nevertheless,
these ratios can be considered still adequate. In September 2016,
Impaired Loans ('D-H' loans / total loans) corresponded to 9.7%
(9.7% in 2015, 5.4% in 2014 and 6.8% in 2013), a ratios compatible
with its performance profile. The institution has concentrated its
efforts on control and collection policies and has been more
conservative in granting new loans. The credit concentration was
adequate, with the 20 largest clients accounting for 33% of the
total in September 2016 (32% in 2015).

As a development agency, Desenvolve SP has limitations regarding
the diversification of its funding base. The credit portfolio has
been mostly financed by equity or onlendings from official
entities, such as the National Bank for Economic and Social
Development (BNDES) and Finep - Funding Institution for Studies
and Projects. The agency intends to further diversify its funding
through loans / onlendings to local and international development
institutions.

Due to low leverage, the regulatory capital ratio (53% in June
2016) and Tangible Equity /Tangible Asset (71%) were very high,
even without the use of subordinated debt. Although discussions
for more flexible sources of funding are taking place, development
agencies are only allowed to raise it from official programs,
funds and other development agencies or institutions. As of June
2016, Desenvolve SP's liquidity also remained very strong, whereby
liquid assets (government securities and investment funds
consisting entirely of government securities and reverse repos)
corresponded to around 55% of its total liabilities, compared to
the 10% minimum limit required by the regulator.

Due to the characteristics of a development agency, Desenvolve
SP's credit operations charge interest rates that are lower than
those charged by banking institutions. Nonetheless, the
institution has maintained acceptable levels of profitability that
are in line with other development institutions.

RATING SENSITIVITIES
Changes to the State of Sao Paulo's ratings or to its ability or
propensity to support Desenvolve SP may result in a rating review.
Desenvolve SP's IDR follows the SSP's Outlook, which was revised
to Negative following the revision of the Brazilian sovereign
Outlook.

Fitch has affirmed the following ratings:

-- Long-Term Foreign and Local Currency IDRs at 'BB'; Outlook
Negative;
-- Short-Term Foreign and Local Currency IDRs at 'B';
-- Supporting Rating at '3';
-- Long-Term National Rating at 'AA(bra)'; Outlook Stable;
-- Short-Term National Rating at 'F1+(bra)'.


BANCO REGIONAL: Fitch Affirms LT Issuer Default Rating at 'BB'
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings on the following Brazilian
development agencies/banks owned by subnational:

-- Agencia de Fomento do Estado do Rio de Janeiro (Agerio)
-- Desenvolve SP - Agencia de Fomento do Estado de Sao Paulo
(Desenvolve SP)
-- Agencia de Fomento do Parana (Fomento PR)
-- Banco Regional de Desenvolvimento do Extremo Sul (BRDE)

The ratings of all four development agency/banks reflect the
institutional support from their controlling shareholders. In
Fitch's opinion, all of these issuers are strategically important
for the states that control them. The development agencies/banks
act as their controlling states' development arms and implement
their economic development policies. None of these entities have
Viability Ratings.

Fitch has taken actions the following ratings:

Agerio
-- Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) affirmed at 'C';
-- Short-Term Foreign and Local Currency IDRs affirmed at 'C';
-- Long-term National Rating affirmed at 'C(bra)';
-- Short-term National Rating affirmed at 'C(bra)';
-- Support Rating affirmed at '5'.

Desenvolve SP
-- Long-Term Foreign and Local Currency IDRs affirmed at 'BB';
Outlook Negative;
-- Short-Term Foreign and Local Currency IDRs affirmed at 'B';
-- Supporting Rating affirmed at '3';
-- Long-Term National Rating affirmed at 'AA(bra)'; Outlook
Stable;
-- Short-Term National Rating affirmed at 'F1+ (bra)'.

Fomento PR
-- Long-Term Foreign and Local Currency IDRs affirmed at 'BB';
Outlook Negative;
-- Short-Term Foreign and Local Currency IDRs affirmed at 'B';
-- Supporting Rating affirmed at '3';
-- Long-Term National Rating affirmed at 'AA(bra)'; Outlook
Stable;
-- Short-Term National Rating affirmed at 'F1+ (bra)'.

BRDE
-- Long-Term Foreign and Local Currency IDRs affirmed at 'BB';
Outlook Negative;
-- Short-Term Foreign and Local Currency IDRs affirmed at 'B';
-- Long-Term National Rating downgraded to 'AA-(bra)', from
'AA(bra)' ; Outlook Stable;
-- Short-Term National Rating affirmed at 'F1+(bra)';
-- Support Rating affirmed at '3'.


BRAZIL: Retail Sales Slid in December
-------------------------------------
The Wall Street Journal reports that Brazil's retail sales
contracted sharply in December, as the country's economic
recession damaged the purchasing power among consumers.

Sales fell 2% in December from November in seasonally adjusted
terms, and were down 4.9% from the same month of 2015, the
Brazilian Institute of Geography and Statistics, or IBGE, said,
according to The Wall Street Journal.

The report notes that the for the full year, retail sales dropped
6.2%, following a contraction of 4.3% in 2015.  This marked the
worst annual performance since 2001, when IBGE started to compile
retail performance figures under the current methodology, the
report relays.

All retail categories posted contractions last year, with the main
declines in sales of expensive items like furniture and home
appliances, which plunged 12.6% in the period, the report
discloses.

The retail sector has grown faster than the broader economy over
the past decade as the government bet on tools such as easy credit
to help spur economic growth, the report relays.  Since 2015,
however, the sector suffered a severe contraction, amid a deep and
prolonged economic recession, the report notes.

After contracting 3.8% in 2015, Brazil's economy shrank at a
projected level of 3.5% last year, according to finance ministry,
the report says.

For this year, country's economy is expected to expand around
0.5%, the report notes.

With the combination of weak economic activity and inflation
slowdown, Brazil's central bank is expected to continue aggressive
cuts to its benchmark Selic interest rate in the next months, the
report discloses.

In January, Brazil's central bank lowered its Selic rate to 13%
from 13.75%. Economists expect the Selic rate to end this year at
9.5%, 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'.


OI BRASIL: Int'l Bondholder Committee Appeals Dutch Rulings
-----------------------------------------------------------
The Steering Committee of the International Bondholder Committee
on Feb. 10 disclosed that it has appealed the decision by the
Amsterdam District Court to deny the conversion of the suspension
of payments of Oi Brasil Holdings Cooperatief U.A. ("Coop") into
bankruptcy.  The Steering Committee understands that the
indenture trustee for the bonds of Portugal Telecom International
Finance B.V. ("PTIF") (together with Coop: the "Dutch Companies")
has appealed a similar decision by the Court with respect to
PTIF.  The Dutch Companies have outstanding bonds in the
aggregate face amount of approximately $6.2 billion, which have
been guaranteed by Oi S.A.  Coop is the largest creditor of Oi
S.A. and its subsidiary Oi Movel S.A.

The Dutch Companies remain subject to oversight by court-
appointed administrators and supervisory judges.  Those
administrators, the Steering Committee, PTIF indenture trustee,
and various other creditors had asked the Court to convert those
proceedings to bankruptcies and to appoint independent
fiduciaries to supplant the conflicted directors appointed by Oi
S.A.

The Amsterdam District Court denied the conversion requests as
premature on account of the Oi group having filed only a "draft"
restructuring plan in the Brazilian insolvency proceedings.  The
Court accepted Coop's assurances that its claims against Oi S.A.
and Oi Movel S.A. will not be harmed; and directed the Dutch
Companies to provide the administrators with the separate-company
and other information they require to ensure a fair outcome.  The
Court also ruled that the conduct of a company prior to the start
of its suspension of payments -- no matter how illegal and
prejudicial -- can never provide a basis to convert those
proceedings to bankruptcy.  The appellate court is expected to
rule this spring.

Allan Brilliant, a Partner at Dechert LLP, US counsel to the
International Bondholder Committee, said: "We respectfully
believe the District Court erred by, among other things, ignoring
the gross misconduct that we allege occurred since mid-2015 and
trusting Coop's assurances that claims against its affiliates
will be respected.  We believe that the appeal we have filed is
based on strong legal grounds and that the conversion into
bankruptcy will prevent further actions that are detrimental to
the interests of the Dutch Companies."

Mr. Brilliant further stated that: "The Steering Committee
remains committed to working with management, the Dutch
administrators, Anatel, and all stakeholders to negotiate a
prompt consensual restructuring of the Dutch Companies and the
rest of the Oi group in a manner consistent with the laws of
Brazil, the Netherlands, and the United States."

That goal will require all parties to make compromises, but the
Steering Committee will be guided by the following principles:

   -- The Oi group should be dramatically de-leveraged to enable
it to make any necessary investments and position itself for
sustainable, profitable growth over the long-term.

   -- Distributions should fairly take into account the
creditors' respective rights and the separateness of entities,
including intercompany claims.

   -- The restructuring should treat similarly situated creditors
equally.

  -- If there is a proven need to raise new capital, all
creditors should be afforded the opportunity to provide it on a
fair and equitable basis.

The International Bondholder Committee holds more than $2 billion
of bonds issued by the Dutch Companies and other members of the
Oi group.  Bondholders interested in joining the Committee should
contact Allan Brilliant at allan.brilliant@dechert.com or Corrado
Varoli at cvaroli@g5evercore.com.  The Committee does not assume
any fiduciary or other duties.

                           About Oi SA

Headquartered in Rio de Janeiro, and operating almost exclusively
within Brazil, the Oi Group provides services like fixed-line
data transmission and network usage for phones, internet, and
cable, Wi-Fi hot-spots in public areas, and mobile phone and data
services, and employs approximately 142,000 direct and indirect
employees.

Ojas N. Shah filed a Chapter 15 petition for Oi S.A. (Bankr.
S.D.N.Y. Case No. 16-11791), Oi Movel S.A. (Bankr. S.D.N.Y. Case
No. 16-11792), Telemar Norte Leste S.A. (Bankr. S.D.N.Y. Case No.
16-11793), and Oi Brasil Holdings Cooperatief U.A. (Bankr.
S.D.N.Y. Case No. 16-11794) on June 21, 2016.  The case is
assigned to Judge Sean H. Lane.

The Chapter 15 Petitioner is represented by John K. Cunningham,
Esq., and Mark P. Franke, Esq., at White & Case LLP, in New York;
and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and Laura L.
Femino, Esq., at White & Case LLP, in Miami, Florida.


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


AEGON INNOVATIVE: Commences Liquidation Proceedings
---------------------------------------------------
The sole shareholder of Aegon Innovative Strategies EUR (Master)
Limited, on Dec. 20, 2016, resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 20, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Claire Loebell
          c/o Steve Bull
          Telephone: (345) 814 9060
          Ernst & Young Ltd
          62 Forum Lane Camana Bay
          P.O. Box 510, Grand Cayman, KY1-1106
          Cayman Islands


CALEDONIAN BANK: To Declare Fifth Interim Dividend
--------------------------------------------------
Caledonian Bank Limited, which is in official liquidation, will
declare its fifth interim dividend.

Only creditors who were able to file their proofs of debt by
Feb. 3, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman, KY1 -1106
          Cayman Islands


CAP GP: Commences Liquidation Proceedings
-----------------------------------------
The sole shareholder of Cap GP Limited, on Dec. 16, 2016, resolved
to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

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


CBD HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------
The shareholder of CBD Holdings, on Dec. 15, 2016, resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue
          George Town Grand Cayman, KY1-9005
          Cayman Islands
          c/o Susan Craig/Jennifer Chailler
          Telephone: (345) 943-3100


EMERGING SOVEREIGN: Placed Under Voluntary Wind-Up
--------------------------------------------------
The sole shareholder of Emerging Sovereign Offshore Fund, Ltd., on
Dec. 20, 2016, resolved to voluntarily wind up the company's
operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Emerging Sovereign Group LLC
          c/o Joanne Huckle
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


EMERGING SOVEREIGN MASTER: Commences Liquidation Proceedings
------------------------------------------------------------
The sole shareholder of Emerging Sovereign Master Fund, Ltd., on
Dec. 20, 2016, resolved to voluntarily liquidate the company's
business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Emerging Sovereign Group LLC
          c/o Joanne Huckle
          Ogier
          89 Nexus Way
          Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


EMREAL CORPORATION: Placed Under Voluntary Wind-Up
--------------------------------------------------
The sole shareholder of Emreal Corporation, on Dec. 21, 2016,
resolved to voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Daniel Saccani
          c/o Paul Ebanks
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


FRM DYNAMIC: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of FRM Dynamic Selection (Master) Ltd., on
Dec. 20, 2016, resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 20, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510, Grand Cayman, KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


GLG ELS: Commences Liquidation Proceedings
------------------------------------------
The sole shareholder of GLG ELS Fund SPC, on Dec. 20, 2016,
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 20, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd, 62 Forum Lane, Camana Bay
          P.O. Box 510, Grand Cayman, KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


GLG INTERNATIONAL: Commences Liquidation Proceedings
----------------------------------------------------
The sole shareholder of GLG International Small Cap Fund, on Dec.
20, 2016, resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 20, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd, 62 Forum Lane, Camana Bay
          P.O. Box 510, Grand Cayman, KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


GOLDEN SHALE: Placed Under Voluntary Wind-Up
--------------------------------------------
The members of Golden Shale Resources International, Ltd., on Dec.
20, 2016, resolved to voluntarily wind up the company's
operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Ryann Yap
          c/o Campbells
          Willow House, Floor 4
          Cricket Square
          Grand Cayman KY1-9010
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


LEAFGREEN INVESTMENTS: Placed Under Voluntary Wind-Up
-----------------------------------------------------
The sole member of Leafgreen Investments Limited, on Dec. 21,
2016, resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Richard Fear
          c/o Kevin Butler
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 814 7374
          Facsimile: (345) 945 3902


MAN STRATEGY: Commences Liquidation Proceedings
-----------------------------------------------
The sole shareholder of Man Strategy Selection SPC, on Dec. 20,
2016, resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 20, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd, 62 Forum Lane, Camana Bay
          P.O. Box 510, Grand Cayman, KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


MAN WINDS: Commences Liquidation Proceedings
--------------------------------------------
The sole shareholder of Man Winds of Change (Master) Ltd, on Dec.
20, 2016, resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 20, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd, 62 Forum Lane, Camana Bay
          P.O. Box 510, Grand Cayman, KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060


PCMC GP: Commences Liquidation Proceedings
------------------------------------------
The shareholders of PCMC GP, on Dec. 19, 2016, resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue
          George Town Grand Cayman, KY1-9005
          Cayman Islands
          c/o Susan Craig/Jennifer Chailler
          Telephone: (345) 943-3100


PINE RIVER: Commences Liquidation Proceedings
---------------------------------------------
The shareholders of Pine River Asia Fund Ltd., on Dec. 12, 2016,
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 27, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Regatta Office Park
          Grand Cayman KY1-1103
          P.O. Box 897 Windward 1,
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


PINE RIVER ULTRA: Commences Liquidation Proceedings
---------------------------------------------------
The shareholders of Pine River Ultra Fund Ltd, on Dec. 12, 2016,
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 27, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Regatta Office Park
          Grand Cayman KY1-1103
          P.O. Box 897 Windward 1,
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


STABLE ALPHA II: Commences Liquidation Proceedings
--------------------------------------------------
The shareholders of Stable Alpha II Fund Ltd., on Dec. 13, 2016,
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Regatta Office Park
          Grand Cayman KY1-1103
          P.O. Box 897 Windward 1,
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


STABLE ALPHA II MASTER: Commences Liquidation Proceedings
---------------------------------------------------------
The shareholders of Stable Alpha II Master Fund Ltd., on Dec. 13,
2016, resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Regatta Office Park
          Grand Cayman KY1-1103
          P.O. Box 897 Windward 1,
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


===================================
D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: ANJE Demand Zero Tolerance on Corruption
------------------------------------------------------------
Dominican Today reports that Dominican Republic's young
entrepreneurs grouped in ANJE said it's high time for the State to
"send a clear and forceful signal" of "zero tolerance" on
corruption cases and the full independence of powers, to the
population and to politicians as well.

ANJE's statement comes just two days after prominent attorney and
political leader Marino Vinicio Castillo (Vincho) slammed the
organization for in his view, failing to speak out against the
rampant government corruption, according to Dominican Today.

In a statement, the young entrepreneurs stressed the importance of
the Justice Ministry sending a strong message to the population,
which mitigates the public perception of a questioned independence
of branches of Government, the report notes.

"It's also time to send a direct message to society as a whole
that there will be no tolerance for cases of corruption, abuse of
power, embezzlement of public funds or any other kind, involving a
lack of transparency in the handling and theft of state funds,"
said ANJE president Eugene Rault Grullon, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B'.


DOMINICAN REPUBLIC: Must Tweak Taxes to Face Risks, IMF Says
------------------------------------------------------------
Dominican Today reports that the Dominican Republic will need an
important fiscal adjustment to guarantee debt sustainability,
given the risks created by policies of partner such as the United
States, rising prices of oil, interest rates and the dollar.

The warning is from the International Monetary Fund (IMF) mission
that was evaluating the Dominican economy during two weeks, which
affirmed that the government has managed to improve its fiscal
position, although high projected deficits for the consolidated
public sector will generate pressures on the debt, as global
financial conditions harden, according to Dominican Today.

"The adoption of a robust fiscal framework for the medium term
will ensure that annual fiscal policies are consistent with
sustainability objectives," the IMF said, the report notes.

It said fiscal consolidation should be based on a comprehensive
reform that broadens the narrow tax base, simplifies the tax
system and makes it more equitable, the report relays.  "This
should be accompanied by reforms to address the fiscal cost of the
electricity sector and increase the efficiency of public
spending," IMF added.

                               Growth

The IMF said the country is in a strong position in the economic
cycle, the report notes.

It adds that the economy has been growing above its potential,
reaching an average expansion of 7% of GDP in the last three
years, while positive shocks on supply have contained inflationary
pressures and strengthened the external position, the report
relays.  "Growth will remain solid," it added.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B'.


DOMINICAN REPUBLIC: Approves Sweeping Transport Law
---------------------------------------------------
Dominican Today reports that the Chamber of Deputies passed
sweeping legislation which mergers the Metropolitan Transit
Authority (AMET) and Santiago counterpart Ametrasan, to create the
Traffic Safety and Land Transport General Directorate (Digesett),
among other measures.

The bill passed by the lower chamber after some modifications by
the Senate fines motorists the equivalent of 20 minimum wages for
moving violations, cancels the driver's license for reckless
driving from one to five years and sets up an accrued points
system for every violation, according to Dominican Today.

The legislation now goes to president Danilo Medina, who's
expected to sign it into law, the report notes.

The initiative was by deputy Tobias Crespo, who denied that there
are privileges in favor of the National Business Council (Conep),
the report relays.

Mr. Crespo said the Senate made some modifications to the bill as
proposed by government agencies and private sector and
organizations, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B'.


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


TRINIDAD CEMENT: Wayne Yip Choy Resigns From Board
--------------------------------------------------
Mr. Wayne Yip Choy has resigned from the Board of Directors of
Trinidad Cement Limited (TCL).

His resignation took effect on February 9.

As reported in the Troubled Company Reporter-Latin America on Feb.
6, 2017, S&P Global Ratings said that it raised its long-term
corporate credit rating on Trinidad Cement Limited Group (TCL) to
'B' from 'B-'.  S&P also raised its issue-level rating on the
company's senior secured term loan to 'B' from 'B-'.


=================
V E N E Z U E L A
=================


VENEZUELA: OPEC & Non-OPEC Producers Sticking to Production Cuts
----------------------------------------------------------------
EFE News reports that the oil producers who signed the Dec. 10
agreement in Vienna covering production cuts have mostly adhered
to the deal's terms, Venezuelan Petroleum and Mining Minister
Nelson Martinez said.

The Organization of Petroleum Exporting Countries (OPEC) and 12
producers that do not belong to the cartel agreed in the Austrian
capital to reduce oil output by 1.8 million barrels per day (bpd),
or nearly 2 percent of the commodity's global supply, according to
EFE News.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2016, Fitch Ratings affirmed Venezuela's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (LT FC/LC IDR)
at 'CCC'. Fitch has also affirmed the sovereign's Short-Term
Foreign Currency (ST FC) IDR at 'C' and country ceiling at 'CCC'.


                            ***********


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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