TCRLA_Public/170221.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

             Tuesday, February 21, 2017, Vol. 18, No. 37


                            Headlines



A R G E N T I N A

ARGENTINA: Prosecutor Asks to Probe Pres Over Postal Service Deal


C A Y M A N  I S L A N D S

ABRACADABRA INVESTMENTS: Placed Under Voluntary Wind-Up
ABSORBINGLY INC: Commences Liquidation Proceedings
AIS SELECT: Commences Liquidation Proceedings
AIS SELECT MASTER: Commences Liquidation Proceedings
AMERICAN HOME: Placed Under Voluntary Wind-Up

FIRELAKE STRATEGIC: Commences Liquidation Proceedings
FURFIVE (CAYMAN): Commences Liquidation Proceedings
FURFOUR (CAYMAN): Commences Liquidation Proceedings
FURTHREE (CAYMAN): Commences Liquidation Proceedings
GOCM MASTER: Commences Liquidation Proceedings

IRONBRIDGE LIMITED: Placed Under Voluntary Wind-Up
LINKSUS GLOBAL: Commences Liquidation Proceedings
MAGNOLIA FEEDER: Placed Under Voluntary Wind-Up
MAGNOLIA MASTER: Placed Under Voluntary Wind-Up
MENA PORTCO: Commences Liquidation Proceedings

ROSEWOOD INVESTMENTS: Commences Liquidation Proceedings
SSCG AFRICA: Commences Liquidation Proceedings
VELA ENTERPRISES: Commences Liquidation Proceedings
ZICO LIMITED: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Leaders Call Public Debt Unsustainable


E C U A D O R

ECUADOR: Faces New Choices in Presidential Election


J A M A I C A

JAMAICA: Signs Multi-Million Dollar Loan Agreement With China


P U E R T O    R I C O

DORAL FINANCIAL: Wants Ronald Stewart's $12M Claim Capped
PUERTO RICO PUBLIC: Fitch Cuts Rating on Refunding Bonds to 'D'
SPANISH BROADCASTING: Third Avenue Reports 15.35% Stake


V E N E Z U E L A

CNN EN ESPANOL: Venezuela Takes Channel Off the Air


                            - - - - -


=================
A R G E N T I N A
=================


ARGENTINA: Prosecutor Asks to Probe Pres Over Postal Service Deal
-----------------------------------------------------------------
Luc Cohen at Reuters reports that a prosecutor asked to
investigate Argentine President Mauricio Macri over a deal to
resolve debt the country's postal service incurred with the
government when it was owned by President Macri's father.

A judge will decide whether or not to open an investigation, which
could hurt center-right President Macri's party in congressional
elections later this year, according to Reuters.

Cabinet Chief Marcos Pena asked for an independent audit of the
deal to resolve the debt and denied any wrongdoing by President
Macri's government, the report notes.

The deal, reached last year, has prompted conflict-of-interest
allegations after a different prosecutor asked a court to block
the agreement, calling it a "forgiveness of debt" that benefited
the president's family, the report relays.

"We believe this is an extra assurance, because we are absolutely
committed to transparent government," said Mr. Pena, who also said
the federal judiciary should name an independent panel of experts
to recommend a solution, the report relays.

A spokesman for the National Auditor General said it does not
report to the executive branch and only opens investigations when
requested by congress, the report notes.  The auditor's leader is
chosen by the largest opposition bloc in congress, the report
relays.

The case stems back to 1997, when then-President Carlos Menem
privatized the country's postal service, the report notes.
Control of the service went to Grupo Macri, a conglomerate owned
by real estate magnate Franco Macri, the current president's
father and one of Argentina's richest men, the report relays.

Former President Nestor Kirchner, who rose to power after the
country's financial crisis and 2002 debt default that plunged
millions of Argentines into poverty, re-nationalized the postal
service in 2003, the report discloses.  The company had declared
bankruptcy in 2001, and owed ARS296 million to the Argentine
government.

The debt was worth $296 million in 2001, but today is valued at
$19.1 million, the report notes.

Kirchner's successor and wife, former President Cristina
Fernandez, never succeeded in reaching a deal on the debt, the
report relays.  Months after taking office in December 2015,
Macri's administration struck an agreement to allow the company to
repay it over 15 years at 7 percent interest, the report
discloses.

Prosecutor Gabriela Boquin said these terms were overly generous,
given that more than a decade of rampant inflation and devaluation
had eroded the peso's value, resulting in a substantial loss to
the state in real terms, the report notes.

Mr. Pena said Mauricio Macri had not been involved in the debt
deal, the report adds.  Prosecutor Juan Pedro Zoni asked to open
an investigation into the president and his communications
minister.

As reported in the Troubled Company Reporter-Latin America on
Jan. 30, 2017, Moody's Investors Service has assigned a B3 rating
to the Government of Argentina's US$3.25 billion bond due 2022 and
the US$3.75 billion bond due 2027. The outlook on the Government
of Argentina's rating is stable.

On Oct. 17, 2016, the Troubled Company Reporter-Latin America
reported that Fitch Ratings has affirmed Argentina's sovereign
ratings as:

   -- Long-term Foreign and Local Currency Issuer Default Ratings
      (IDRs) at 'B', Outlook Stable;

   -- Senior unsecured Foreign Currency bonds at 'B';

   -- Country Ceiling at 'B';

   -- Short-Term Foreign and Local Currency IDRs at 'B'.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.

On March 30, 2016, after more than 12 hours of debate in the
Senate, Argentina's Congress passed a bill that will allow the
government to repay holders of debt that the South American
country defaulted on in 2001, including a group of litigating
hedge funds that won judgments in a New York court. The bill
passed by a vote of 54-16.


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


ABRACADABRA INVESTMENTS: Placed Under Voluntary Wind-Up
-------------------------------------------------------
The sole shareholder of Abracadabra Investments, Ltd., on Dec. 12,
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:

          Christopher Bentham Ruffle
          1601 Citigroup Tower
          33 Huayuan Shi Qiao Rd.
          Pudong
          Shanghai 200120
          China
          Telephone: (345)9496258
          Facsimile: (345)9452877


ABSORBINGLY INC: Commences Liquidation Proceedings
--------------------------------------------------
The shareholders of Absorbingly Inc., on Dec. 21, 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:

          Xuefei Chen
          No. 1804 Unit 1, Building 2, No 138 Dongli
          Street, Chenghua District, Chengdu City,
          Sichuan Province
          PRC
          Telephone: (345) 943 7700


AIS SELECT: Commences Liquidation Proceedings
---------------------------------------------
The shareholders of AIS Select - Commodities Limited, 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. 23, 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


AIS SELECT MASTER: Commences Liquidation Proceedings
----------------------------------------------------
The shareholders of AIS Select - Commodities Master Limited, 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. 23, 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


AMERICAN HOME: Placed Under Voluntary Wind-Up
---------------------------------------------
The sole shareholder of The American Home Investors Fund Ltd., 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:

          Aaron Edelheit
          c/o Sophia Leavett
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


FIRELAKE STRATEGIC: Commences Liquidation Proceedings
-----------------------------------------------------
The sole shareholder of Firelake Strategic Technology Fund, Ltd.,
on Dec. 9, 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:

          Lisa Lee
          575 High Street, Suite 330
          Palo Alto, CA 94301
          United States of America


FURFIVE (CAYMAN): Commences Liquidation Proceedings
---------------------------------------------------
The shareholders of Furfive (Cayman) Limited, 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:

          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


FURFOUR (CAYMAN): Commences Liquidation Proceedings
---------------------------------------------------
The shareholders of Furfour (Cayman) Limited, 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:

          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


FURTHREE (CAYMAN): Commences Liquidation Proceedings
----------------------------------------------------
The shareholders of Furthree (Cayman) Limited, 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:

          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


GOCM MASTER: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Dec. 15, 2016, the members of
GOCM Master Fund, L.P. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 25, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Norman Chan
          dms House 20 Genesis Close
          George Town
          PO Box 1344 KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


IRONBRIDGE LIMITED: Placed Under Voluntary Wind-Up
--------------------------------------------------
The sole shareholder of Ironbridge Limited, 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:

          Ironbridge Capital Management Pty Ltd
          c/o Tim Cone
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


LINKSUS GLOBAL: Commences Liquidation Proceedings
-------------------------------------------------
The shareholders of Linksus Global Group Ltd., on Dec. 21, 2016,
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 23, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ding Lei
          RM 502 Unit 2
          Building 36
          Meiliyuan Xiaoqu
          Haidian
          Beijing
          China
          Telephone: 8610-83798686
          Facsimile: 8610-85171378


MAGNOLIA FEEDER: Placed Under Voluntary Wind-Up
-----------------------------------------------
The sole shareholder of The Magnolia Feeder Fund I, 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. 25, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Xinliang Zhang
          The Center, Unit 4701, 47th Floor
          99 Queen's Road
          Central, Hong Kong
          Telephone: +852 3758 2975
          Facsimile: +852 3758 2970


MAGNOLIA MASTER: Placed Under Voluntary Wind-Up
-----------------------------------------------
The sole shareholder of The Magnolia Master Fund, 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. 25, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Xinliang Zhang
          The Center, Unit 4701, 47th Floor
          99 Queen's Road
          Central, Hong Kong
          Telephone: +852 3758 2975
          Facsimile: +852 3758 2970


MENA PORTCO: Commences Liquidation Proceedings
----------------------------------------------
The shareholders of Mena Portco, on Dec. 15, 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:

          Jeronimo Roura Mas
          Building 4 (West), Level 3
          Gate District, Dubai
          International Financial Centre
          P.O. Box 506553
          Dubai
          United Arab Emirates


ROSEWOOD INVESTMENTS: Commences Liquidation Proceedings
-------------------------------------------------------
The sole shareholder of Rosewood Investments, on Dec. 15, 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:

          Patrick Storchenegger
          P.O. Box 1990 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949-0488
          Facsimile: (345) 949-0364


SSCG AFRICA: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Dec. 15, 2016, the members of
SSCG Africa Opportunities Intermediate Fund LP resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 25, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Norman Chan
          dms House 20 Genesis Close George Town
          P.O. Box 1344 KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


VELA ENTERPRISES: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on Dec. 9, 2016, the members of
Vela Enterprises Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 25, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Norman Chan
          dms House 20 Genesis Close
          George Town
          PO Box 1344 KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


ZICO LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Dec. 20, 2016, the
shareholders of Zico Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Feb. 2, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stuart Sybersma
          c/o Yvonne Lorimer
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue, George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2214
          Facsimile: +1 (345) 949 8258
          e-mail: yvlorimer@deloitte.com


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


DOMINICAN REPUBLIC: Leaders Call Public Debt Unsustainable
----------------------------------------------------------
Dominican Today reports that despite the government's repeated
argument that the public debt, now at 50% of GDP, isn't cause for
concern, economists and business leaders disagree.

For the national young business leaders grouped in ANJE the public
debt has already reached unsustainable levels, according to
Dominican Today.

The Dominican Republic has the need to reach a fiscal pact in a
timely manner in the face of a situation of economic stability
like the current one and not at the edge of a fiscal precipice,
that could trigger one more "paquetazo," the Dominican moniker for
a tax increase, the report notes.

The ANJE said the tax structure should be simplified by
eliminating distortions caused by the multiple tax patches that
generate inequality among taxpayers, the report relays.  "In this
regard, the report published by IMF staff on February 13 has been
stated in its comments, stating that fiscal consolidation should
be based on a tax base that simplifies the tax system and makes it
more equitable," saya ANJE, the report notes.

During an event hosted by ANJE, its president Eugene Rault Grullon
said they expect the country to forge a fiscal pact by yearend
2017, 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'.


=============
E C U A D O R
=============


ECUADOR: Faces New Choices in Presidential Election
---------------------------------------------------
Ryan Dube at The Wall Street Journal reports that voters in
Ecuador went to the polls last Sunday for the first time in a
decade to elect a president other than Rafael Correa, opening a
new chapter for a tiny country that had grown accustomed to the
leader's free-spending, often combative ways.

The front-runner is Mr. Correa's former vice president and favored
candidate, Lenin Moreno, 63, who represents a continuation of the
left-leaning views that have been losing popularity in the region
in recent years, according to The Wall Street Journal.  Mr. Moreno
is expected to get the most votes, but fall short of securing
enough support to avoid an April 2 runoff against one of his seven
opponents, the report relays.

In a second round, Mr. Moreno would likely face one of two market-
friendly candidates: Guillermo Lasso, a former bank executive who
lost the 2013 election to Mr. Correa, or Cynthia Viteri, an ex-
congresswoman, the report discloses.  Both of them say they would
cut taxes and repeal some of Mr. Correa's controversial laws,
including legislation critics say curbs freedom of expression, the
report relays.  Either candidate could compete with Mr. Moreno in
a one-on-one race, as polls suggest the opposition would rally
behind his rival, the report notes.

For all that, however, many Ecuadoreans doubt the 53-year-old Mr.
Correa, who has maintained a tight grip on power since first
elected in 2006, is exiting politics for good, the report relays.

Instead, he will likely keep his hand on the political pulse of
the small, Andean nation of 16 million through allies in his
leftist Alianza Pais party, political analysts say, even as the
party faces its first serious electoral challenge from
conservative opponents amid voter concerns about a sputtering
economy and a corruption scandal, the report relays.

"He's going to try to maintain his political influence," says
Simon Pachano, a professor of politics at the Latin American
Faculty of Social Sciences in Quito, the report notes.  "He's one
of those caudillo leaders who can't live without politics," he
added, using the Spanish term for strongman.  "It's like water for
a fish."

The report notes that the election is the latest test for Latin
America's populist left, which has suffered several setbacks since
2015 as a sharp decline in commodity prices hammered economies
across the region.

In Argentina and Brazil, pro-business presidents have replaced
populist leaders who were close allies with Mr. Correa.  Bolivian
President Evo Morales lost a referendum last year that would have
allowed him to run for re-election, although his party is now
looking at alternatives to keep him in office, the report relays.
In October, electoral officials in Venezuela halted a recall
referendum against President Nicolas Maduro, whose popularity has
sunk to 20% as he struggles with a collapsing economy, the report
notes.

Mr. Moreno gets around in a wheelchair, a result of his being left
paralyzed when he was shot in a robbery nearly two decades ago,
and is mild-mannered, the report relays.  Mr. Correa, in contrast,
is openly belligerent on Twitter and in his hours long weekly
television program, in which he excoriates political opponents,
journalists and activists, the report discloses.

Mr. Moreno, a former United Nations special envoy for people with
disabilities, has about 28% to 32% support, according to pollsters
Cedatos-Gallup International and Market, the report notes.  To win
the presidency in the first round, Mr. Moreno would need a
majority or 40% of the votes if he were to secure a 10-point
difference over the nearest rival, the report relays.

"There is an important desire for change," The Journal quoted
Sebastian Hurtado, president of Profitas, a Quito-based political-
risk consulting firm, as saying.  "A second-round victory for the
government is much more difficult," Mr. Hurtado added.

Mr. Correa, a staunch critic of U.S. foreign policy, hasn't been
immune to the ebbing support for the left in Latin America, the
report relays.  After taking office in 2007, he ushered in a
period of political stability, the report notes.  Buoyed by high
oil prices, his government increased public spending on highways
and education as poverty declined, the report relays.

According to the Journal, his popularity has remained high despite
accusations of undermining judicial independence, muzzling the
press and cracking down on critics of mining.  Ecuador's economy
was pushed into recession in 2015 by declining oil prices, the
report says.

More recently, his administration has been tarnished by a
corruption scandal at the state oil company that risks implicating
Vice President Jorge Glas, a close ally and Mr. Moreno's running
mate, the report notes.  Mr. Glas denied the corruption
allegations in a press conference, saying he would take legal
action against his accusers after the election, the report relays.

Mr. Correa, who is legally barred from running this year, has said
he wants to move after the election to Belgium, where his wife is
from, the report notes.  But he has said he could run again in
2021 if his political adversaries "cause a lot of trouble," the
report relays.

                        Moreno Leads Vote

In a separate report, BBC News said partial official results in
Ecuador's presidential election have put governing party candidate
Lenin Moreno in the lead.

With 88% of the votes counted, he has 39.1%, just short of the 40%
needed to win outright in the first round, says BBC.  If he fails
to reach 40%, he will face conservative candidate Guillermo Lasso
in a run-off on 2 April.

Third-placed candidate Cynthia Viteri said she would support Mr.
Lasso in the case of a second round, says the report.

Polls conducted before the election suggested that Mr Lasso could
win a second round if he got the backing of candidates eliminated
in round one, BBC News relays.

According to the report, Mr. Moreno needs to both win 40% of the
vote and have a 10-percentage-point lead over the next candidate
to stave off a second round. He currently has a 10.8-percentage-
point lead but not the 40%.

Final results could take up to three days to be announced, says
BBC.

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2016, Fitch Ratings has assigned a 'B' rating to
Ecuador's $750 million notes maturing 2026.  Proceeds from this
issuance will be used for general budgetary financing purposes.


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


JAMAICA: Signs Multi-Million Dollar Loan Agreement With China
-------------------------------------------------------------
The Daily Observer reports that Jamaica has signed a US$326
million loan with China for the construction of a new Southern
Coastal Highway Improvement project and the extension of the
tolled east-west highway from May Pen, Clarendon to Williamsfield,
Manchester.

Finance Minister Audley Shaw signed the agreement with the China
ExIM Bank's vice-chairman and president, Liu Liange, according to
a statement, the report notes.

It said the southern coastal highway project is billed at
approximately US$384 million, and will allow for the construction
of a four-lane highway, which is expected to provide opportunities
for employment and economic development for people in and around
St Thomas and St Andrew when it starts, according to The Daily
Observer.

Jamaica will contribute US$57 million to the project, notes the
report.

According to the report, Mr. Shaw, who left Kingston earlier at
the head of a delegation that included the Minister of Transport
and Works Michael Henry, Minister of State in the Ministry of
Economic Growth and Job Creation Daryl Vaz, met with his Chinese
counterpart, Xiao Jie, in Beijing.

A release from the Ministry of Finance said both finance ministers
agreed on the strategic importance of Jamaica in joint ventures
for the development of industrial and agro-parks to service export
markets in the western hemisphere, the report relays.

The ministry said Shaw updated Xiao on the Jamaican economy and
the status of Chinese investment projects in the country's
infrastructure development and briefed him on the increased
activities since he met with his predecessor in China in 2011, the
report discloses.

Mr. Shaw noted that since then, Jamaica had progressed with the
Jamaica Development Infrastructure Program, the Major
Infrastructure Development Program of the last administration and
the completion of the North-South Highway, the report relays.

Mr. Shaw also met the China Vice Minister of Commerce Zhang
Xiangchen and a statement issued afterwards noted that a mutual
agreement was reached to explore the possibility of entering into
a Memorandum of Understanding to put in place mechanisms for the
establishment of logistics, industrial and agro parks in Jamaica,
the report notes.

Meanwhile, the release stated that meetings were also held with
Chairman of the China Development Bank Hu Huaibang on the
financing of the North-South Highway and the financing of future
investment projects, the report relays.

"There were fruitful discussions with Mr. Chen Chunming, head of
Jiquan Iron and Steel (JISCO), on the reopening and development of
ALPART and on the several opportunities that will flow, including
agricultural development opportunities for small farmers in
central Jamaica," the release said, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 9, 2017, 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'.


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


DORAL FINANCIAL: Wants Ronald Stewart's $12M Claim Capped
---------------------------------------------------------
Rick Archer, writing for Bankruptcy Law360, reports that the
trustee of Doral Financial Corp. asked on Feb. 13 the U.S.
Bankruptcy court for the Southern District of New York to cap the
$12 million whistle-blowing claim of Ronald Stewart, a former
senior vice-president for the Puerto Rican bank who claimed he was
fired for expressing concerns about the Bank's financial
reporting, at under $300,000.  That's all he can get by law, the
report states, citing Mr. Stewart.

Law360 relates that Mr. Stewart claimed he was fired for
expressing concerns about the bank's financial reporting.  Mr.
Stewart is seeking past and future lost income plus emotional
distress and punitive damages, Law360 says.

                    About Doral Financial Corp.

Doral Financial Corp. is a holding company whose
primary operating asset was equity in Doral Bank.  DFC maintains
offices in New York City, Coral Gables, Florida and San Juan,
Puerto Rico.  The Company has three wholly-owned subsidiaries:
Doral Properties, Inc., Doral Insurance Agency, LLC, and Doral
Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.  The case is assigned to
Judge Shelley C. Chapman.  It estimated $50 million to $100
million
in assets and $100 million to $500 million in debt as of the
bankruptcy filing.


PUERTO RICO PUBLIC: Fitch Cuts Rating on Refunding Bonds to 'D'
---------------------------------------------------------------
Fitch Ratings has downgraded the rating on the following bonds
issued by the Puerto Rico Public Buildings Authority to 'D' from
'C' to reflect payment default:

-- Government facilities revenue and revenue refunding bonds,
series R, S, T, and U.

The commonwealth's Issuer Default Rating (IDR) remains 'RD',
indicating that the issuer has defaulted on a select class of its
debt. Ratings on securities that have not defaulted remain at
'C'/Rating Watch Negative.

RATING SENSITIVITIES

The ratings on the bonds have reached the lowest level on Fitch's
rating scale. Fitch expects to re-examine the commonwealth's
credit profile once debt restructuring plans become more clear.


SPANISH BROADCASTING: Third Avenue Reports 15.35% Stake
-------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Third Avenue Management LLC, reported that as of Dec.
31, 2016, it beneficially owns 639,603 shares of common stock of
Spanish Broadcasting System, Inc., representing 15.35 percent of
the shares outstanding.

Third Avenue Focused Credit Fund, an investment company registered
under the Investment Company Act of 1940, has the right to receive
dividends from, and the proceeds from the sale of 639,603 of the
shares reported by Third Avenue Management.

A copy of the regulatory filing is available for free at
https://is.gd/ffG05L

                      About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
System, Inc. (OTCQX:SBSAA) -- http://www.spanishbroadcasting.com/
-- owns and operates 21 radio stations targeting the Hispanic
audience.  The Company also owns and operates Mega TV, a
television operation with over-the-air, cable and satellite
distribution and affiliates throughout the U.S. and Puerto Rico.
Its revenue for the twelve months ended Sept. 30, 2010, was
approximately $140 million.

As of Sept. 30, 2016, Spanish Broadcasting had $451.7 million in
total assets, $569.4 million in total liabilities and a total
stockholders' deficit of $117.7 million.

                            *     *     *

As reported by the TCR on Feb. 1, 2016, Moody's Investors Service
downgraded Spanish Broadcasting System's Corporate Family Rating
to 'Caa2' from 'Caa1', Probability of Default Rating to 'Caa3-PD'
from 'Caa1-PD', and lowered its Speculative Grade Liquidity Rating
to SGL-4 from SGL-3.  Spanish Broadcasting's 'Caa2' Corporate
Family Rating and Caa3-PD Probability of Default Rating reflect
very high debt+preferred stock-to-EBITDA of 10.4x estimated for
LTM December 2015 (including Moody's standard adjustments, 6.9x
excluding preferred stock and accrued dividends), the need to
address the Voting Rights Triggering Event, and the heightened
potential of a payment default given the near term maturity of the
12.5% senior secured notes due April 2017.

As reported by the TCR on June 21, 2016, S&P Global Ratings said
it lowered its corporate credit rating on Spanish Broadcasting
System to 'CCC' from 'CCC+'.


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


CNN EN ESPANOL: Venezuela Takes Channel Off the Air
---------------------------------------------------
Anatoly Kurmanaev at The Wall Street Journal reports that the
government took off the air CNN En Espanol, one of the country's
most popular cable channels, following the U.S.-based
broadcaster's report on the alleged sale of fake passports by the
country's top officials.

The channel disappeared from all national cable providers minutes
after the media regulator said it launched disciplinary
proceedings against CNN en Espanol for "direct aggression against
the peace and democratic stability of Venezuelan people,"
according to The Wall Street Journal.

For many Venezuelans, CNN en Espanol had become the last
independent source of news about their country, as the government
steadily bought out, shut down or starved local media of
resources, the report notes.

"CNN stands by our network's reporting and our commitment to truth
and transparency," the broadcaster said in a statement following
the ban, the report relays.  "CNN en Espanol will continue to
fulfil its responsibility to the Venezuelan public by offering our
live signal on YouTube free of charge," the statement added.

Earlier, it was the only Spanish-language TV station in Venezuela
to report on the U.S. sanctions against the country's powerful
vice president, Tareck El Aissami, for alleged drug trafficking,
the report relays.  CNN En Espanol also implicated Mr. El Aissami
last week in the fraudulent sale of passports to Middle Eastern
citizens with links to terrorism, the report notes.

Mr. El Aissami denied all allegations against him.

Venezuela President Nicolas Maduro has gradually tightened control
of the media since coming to power in 2013, as his government
faces a spiraling economic collapse and plummeting popularity, the
report relays.

In the past few months, over a dozen foreign journalists were
deported for not having work permits, which the government stopped
issuing to Western reporters over a year ago, the report notes.
Local reporters covering the country's crippling shortages and
corruption face harassment and arbitrary detentions, according to
human-rights groups, the report relays.

The Information Ministry didn't respond to a request for comment.

Mr. Maduro has also used his control of the courts to strip the
congress of all power and to postpone indefinitely all coming
elections ranging from governor's offices to student unions, the
report notes.  The government has said it needs to stop the
economic crisis before holding elections, the report discloses.

"With these arbitrary actions, the government is giving all
reasons to call it a dictatorship," said Carlos Correa, president
of Venezuela's free speech advocacy group Public Space, the report
relays.

The censorship has forced Venezuelans to increasingly rely on
social media for information, the report notes.  Minutes after CNN
en Espanol disappeared from air, social networks in Venezuela were
filled with links to live streaming of the channel, the report
adds.


                            ***********


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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