TCRLA_Public/170306.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

               Monday, March 6, 2017, Vol. 18, No. 46


                            Headlines



A R G E N T I N A

ARGENTINA: Petition for Rehearing en Banc Pending
ARGENTINA: Economy Grows in December


B A R B A D O S

RUBIS CARIBBEAN: Ready for Battle over Oil Terminal Sale


C A Y M A N  I S L A N D S

AQR GLOBAL: Shareholder Receives Wind-Up Report
CAP GP: Shareholders Receive Wind-Up Report
CBD HOLDINGS: Shareholders Receive Wind-Up Report
EMERGING MARKETS: Members Receive Wind-Up Report
EMREAL CORPORATION: Shareholder Receives Wind-Up Report

GLG ATLAS: Members Receive Wind-Up Report
GLG EMERGING: Members Receive Wind-Up Report
GLG GLOBAL: Members Receive Wind-Up Report
GLG GLOBAL MASTER: Members Receive Wind-Up Report
GLG MMI: Members Receive Wind-Up Report


M E X I C O

DESARROLLADORA HOMEX: Settles US Accounting Probe
GRUPO TELEVISA: Mexican Regulators Find Firm Dominant in Pay TV


P U E R T O    R I C O

DACCO TRANSMISSION: Unsecureds to Get Pro Rata Share of $500,000
RESOURCE CAPITAL: Mark McKinney Sues Directors for Refusing Probe


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: OJTs Firing, Sign of Things to Come, Karim Says


X X X X X X X X X

* BOND PRICING: For the Week From Feb. 27 to March 3, 2017


                            - - - - -



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


ARGENTINA: Petition for Rehearing en Banc Pending
-------------------------------------------------
A Plaintiff's petition for rehearing en banc remains pending,
according to the Republic of Argentina's January 13, 2017, Form
18-K/A filing with the U.S. Securities and Exchange Commission for
the end of last fiscal year of December 31, 2015.

                      Pari passu litigation

On December 22, 2016, in a case involving certain creditors that
had not responded to the February 2016 settlement proposal and
alleged a continued violation of the pari passu clause, the
District Court found that no continued pari passu violation
existed although the plaintiffs' bonds remained unpaid while
Argentina was paying its consenting creditors as well as the newly
issued bonds. In its ruling, the District Court also found that
under New York law claims relating to Untendered Debt governed by
New York law become time-barred after six years.

                         The Settlement

Between the time the Republic published the Settlement Proposal
and the first payment to settling bondholders on April 22, 2016,
it executed numerous settlement agreements involving Untendered
Debt in an aggregate principal amount of approximately U.S.$4.2
billion. As of the date of this Amendment, payments of these
settlement agreements had resulted in the dismissal of claims in
approximately 100 cases with claims for an aggregate principal
amount of approximately U.S.$3 billion, plus interest, and
judgments in the amount of approximately U.S.$5 billion. The
Republic is currently in the process of paying additional
settlement agreements, and processing additional settlement
options, which will result in the dismissal of additional cases in
an amount yet to be determined. Creditors who settled their claims
have agreed, upon payment, to dismiss with prejudice all
litigation against the Republic, including all enforcement
proceedings.

One pending class action, where no agreement in principle has been
reached, sought to enjoin the Republic from communicating and
settling with holders of the bond series at issue. On April 21,
2016 the District Court denied that plaintiff's motion. Plaintiff
appealed and on December 22, 2016 the Court of Appeals dismissed
the appeal.

On January 5, 2017, plaintiff filed a petition for rehearing en
banc, which remains pending.

                         *     *    *

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.


ARGENTINA: Economy Grows in December
------------------------------------
Taos Turner at The Wall Street Journal reports that Argentina's
economy showed signs of making a long-awaited comeback in
December, expanding 1.6% from the previous month, the national
statistics agency said.

The month-on-month growth in gross domestic product is welcome
news for Argentine President Mauricio Macri, who promised that his
market-friendly policies would rescue the country from recession
and create jobs, according to The Wall Street Journal.  Mr. Macri
took office just over a year ago and immediately began overhauling
the economy by slashing taxes and fixing a broken exchange-rate
system, the report notes.

But the moves didn't pay off immediately, says The Journal.

Argentina's economy shrank 2.3% in 2016 from the previous year,
the statistics agency said, the report recalls.  Output was
virtually unchanged on the year in December, the report notes.
Moving forward, though, economists expect economic data to be
positive as double-digit inflation and interest rates decline, the
report discloses.

Days after taking office, Mr. Macri eliminated most taxes on farm
exports, leading to a boom in investment in everything including
pickup trucks, seeds and agrochemicals, The Journal relays.

Farmers are now reaping the benefits.  Earlier, the government
said wheat production is up 62% on the year at a record 18.3
million tons. And wheat exports are up 128% from a year ago, the
report notes.

The report relays that Mr. Macri's policies are finally beginning
to kick in and spur growth, said Gabriel Zelpo, an analyst at
Elypsis, a Buenos Aires economic-research firm.

"What's happening is that the wheat harvest and in part the corn
crop performed great this year thanks to the new government's
policies, so that's giving the numbers a boost and pushing the
economy," the report quoted Mr. Zelpo as saying.

Argentina's budget calls for the economy to grow about 3.5% this
year and 3% in both 2018 and 2019. Elypsis sees 3% growth this
year, the report says.

Argentina's automotive industry is also improving, in part because
of higher demand from Brazil, which traditionally buys two-thirds
or more of Argentina's car exports, the report notes.  In
addition, government spending on infrastructure projects including
roads and public transportation has been spurring growth, adds the
report.

Still, consumer spending remains weak after a currency devaluation
a year ago slashed purchasing power and forced families to cut
costs, according to The Journal. Consumer confidence fell 8.5%
from January and is down 10.8% from a year earlier, according to a
study by Torcuato Di Tella University, the report discloses.

"This year you're going to see wages recover," Mr. Zelpo said,
referring to a series of raises that unions are expected to obtain
for workers this year, notes the report.  "The central bank is
also pursuing a more expansive monetary policy this year and that
will also help turn things around for consumption," he added.

                         *     *    *

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.



===============
B A R B A D O S
===============


RUBIS CARIBBEAN: Ready for Battle over Oil Terminal Sale
--------------------------------------------------------
Caribbean360.com reports that Rubis Caribbean has declared war to
protect its multi-million dollar investment in Barbados as it
anxiously awaits a decision from the Fair Trading Commission (FTC)
on the proposed sale of the Barbados National Terminal Company
Limited (BNTCL) to regional petroleum giant, Sol.

A defiant Rubis Chief Executive Officer Mauricio Nicholls served
notice that it will fight tooth and nail in the law courts against
the deal that it says will destroy its market share, according to
Caribbean360.com.

"We are prepared to fight the battle with all the elements the law
gives us to fight that battle, because we are fighting for our
survival and our future here in this country.  We are prepared to
fight as hard as we can.  We will fight it legally, ethically,
with the right arguments and the right forums, but this is a huge
issue for us," he said, the report notes.

But before the company goes the route of the law courts, it has
proposed an alternative to the Barbados Government, which
confirmed last month that Sol was purchasing the island's lone oil
terminal for US$100 million, the report relays.

The report discloses that Mr. Nicholls has appealed to the
government to consider joint ownership, announcing that Rubis'
Paris-based headquarters was willing to offer US$50 million for a
50 percent stake in the state-owned facility.

"We are ready to review the sale purchase agreement rapidly and we
are ready to sign very shortly after that and we are committed to
doing that so that the transaction, if the Government and the FTC
agree to sell it jointly, will close by March," the report quoted
Mr. Nicholls as saying

Mr. Nicholls stressed that Rubis had invested millions of dollars
in Barbados to remain in the country for the long haul and it was
unfair to now hand Sol a monopoly to the detriment of other
players in the market and the island's reputation as a major
investment hub, the report relays.

"What sort of message are we sending about Barbados that, after
making such a significant investment we turn around and give the
entire power to a competitor? It isn't just about Rubis and Sol;
we are setting precedent and it's a dangerous one," the Rubis CEO
warned, the report notes.

BNTCL, a subsidiary of the Barbados National Oil Company Limited,
manages the importation and supply of gasoline, diesel and fuel
oil, the report relays.  It also provides storage for the local
crude oil to facilitate shipping to Trinidad, the report adds.


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


AQR GLOBAL: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of AQR Global Asset Allocation Offshore Fund (USD)
Ltd., on Jan. 26, 2017, received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          AQR Capital Management, LLC
          c/o Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


CAP GP: Shareholders Receive Wind-Up Report
-------------------------------------------
The shareholders of CAP GP Limited on Jan. 26, 2017, received 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


CBD HOLDINGS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of CBD Holdings on Jan. 27, 2017, received the
liquidator's report on the company's wind-up proceedings and
property disposal.

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 MARKETS: Members Receive Wind-Up Report
------------------------------------------------
The members of Emerging Markets Mac Limited, on Jan. 30, 2017,
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ms. 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


EMREAL CORPORATION: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Emreal Corporation, on Jan. 26, 2017, received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Daniel Saccani
          c/o Paul Ebanks
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


GLG ATLAS: Members Receive Wind-Up Report
-----------------------------------------
The members of GLG Atlas Macro Master Fund Ltd., on Jan. 30, 2017,
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ms. 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 EMERGING: Members Receive Wind-Up Report
--------------------------------------------
The members of GLG Emerging Markets Income Portfolio Ltd., on
Jan. 30, 2017, received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ms. 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 GLOBAL: Members Receive Wind-Up Report
------------------------------------------
The members of GLG Global Energy Offshore Fund Ltd., on Jan. 30,
2017, received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ms. 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 GLOBAL MASTER: Members Receive Wind-Up Report
-------------------------------------------------
The members of GLG Global Rates Master Fund, on Jan. 30, 2017,
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ms. 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 MMI: Members Receive Wind-Up Report
---------------------------------------
The members of GLG MMI Diversified Fund, on Jan. 30, 2017,
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ms. 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


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


DESARROLLADORA HOMEX: Settles US Accounting Probe
-------------------------------------------------
Susan Heavey and Alexander Alper at Reuters reports that Mexico-
based homebuilder Desarrolladora Homex SAB de CV has agreed to
settle charges it reported fake sales to boost revenues in what
U.S. authorities said was a US$3.3 billion accounting fraud.

The U.S. Securities and Exchange Commission said in a statement
that it used satellite imagery to show that Homex, one of Mexico's
largest homebuilders at the time, "had not even broken ground on
many of the homes for which it reported revenues" over a three-
year period, according to Reuters.

Homex agreed to the settlement, which must still win court
approval, without admitting or denying the charges, the SEC said,
the report notes.

Representatives for the company could not be immediately reached
for comment.

Shares of Homex have been suspended until March 17, the SEC said
separately, citing "a lack of adequate and accurate information"
in the company's annual reports, the report relays.  On Thursday,
March 2, its shares closed down at less than 1 peso per share.

The settlement follows the SEC probe announced last year against
Homex, which filed for bankruptcy in 2014, the report recalls.

The homebuilder had been saddled with mounting debts and struggled
with a shift in government policy over subsidies, the report
notes.  In 2015, the company emerged from bankruptcy and top
officers were placed on leave, the report relays.

"Homex has since undertaken significant remedial efforts and
cooperated with the SEC's investigation," the agency said, adding
that its settlement reflected the cooperation of the new company
leadership, the report adds.

                           About Homex

Desarrolladora Homex, S.A.B. de C.V. is a vertically integrated
home-development company focused on affordable entry-level and
middle-income housing in Mexico.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 20, 2015, Reuters reported that Desarrolladora Homex, S.A.B.
de C.V., which emerged from bankruptcy proceedings in July 2015,
said that the national securities regulator CNBV has cleared its
shares to trade again.

Homex shares were suspended 2014, when a debt crisis and lack
of demand for its homes prompted the company to file for
bankruptcy.


GRUPO TELEVISA: Mexican Regulators Find Firm Dominant in Pay TV
---------------------------------------------------------------
Anthony Harrup at The Wall Street Journal reports that Mexican
regulators have determined that Grupo Televisa SAB is dominant in
pay television services, opening the door to possible regulatory
measures against the country's biggest cable television operator,
according to a person familiar with the decision.

The Federal Telecommunications Institute voted 6-1 in favor of the
decision, the person said, according to The Wall Street Journal.
The ruling reverses a September 2015 decision in which the
institute voted 5-2 that Televisa didn't have the power to single-
handedly set prices or keep competition out of the pay television
market, the report notes.

The institute known as IFT, which is responsible for antitrust
issues in broadcast and telecommunications, declined to comment on
the matter, as regulators are barred from discussing any
resolutions until parties involved are notified, the report
relays.  That notification hasn't happened since the hearing.

The controversial 2015 decision was challenged in court by
Proyecto 40, a unit of rival broadcaster TV Azteca SAB, the report
notes.  A court specializing in telecommunications ordered a
review of the previous decision, the report relates.

The new decision could open the door to specific regulations on
the company, such as limits on exclusive content, infrastructure
sharing, or even some asset sales, the report discloses.

Televisa, the world's biggest producer of Spanish-language TV
content, has close to 60% of the market in pay TV, adding up its
cable holdings and satellite TV subscribers, the report notes.
But it has been losing some market share to rivals like cable
company Megacable Holdings SAB and satellite TV service Dish
Mexico, a joint-venture between Mexico's MVS Comunicaciones and
EchoStar Corp. of the U.S, the report says.

The latest decision comes as the IFT is also expected to decide
this week whether to increase, reduce or leave unchanged the
regulations imposed in 2014 on Televisa and billionaire Carlos
Slim's America Movil, which were declared dominant in free-to-air
broadcast television and telecommunications, respectively, under a
major overhaul of the country's telecommunications and media laws,
the report relays.

With more than 50% of the broadcast television market, Televisa
was required among other things to offer its main broadcast
channels free to other cable systems and to share broadcast
infrastructure with new network operators, the report notes.

But pay television services were considered under the new law as
part of a broader telecommunications market that included
telephony, the report discloses.  By that measure, Televisa was
far below the 50% threshold, the report notes.

Despite that, the law called for regulators to carry out an
evaluation of whether the pay TV market was competitive and
whether Televisa's market position hurt competition, the report
relays.

The pay television market has been growing rapidly in Mexico, the
report notes.  At the end of September, there were 20.5 million
pay TV subscriptions, up 18% from a year earlier, covering 62% of
households, according to the IFT, the report says.

Televisa reported 4.2 million cable subscribers and around 7.8
million satellite television subscribers in Mexico at the end of
2016, the report adds.


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


DACCO TRANSMISSION: Unsecureds to Get Pro Rata Share of $500,000
----------------------------------------------------------------
DACCO Transmission Parts (NY), Inc., et al., filed with the U.S.
Bankruptcy Court for the Southern District of New York an amended
disclosure statement dated Feb. 21, 2017, referring to the
Debtors' plan of reorganization dated Feb. 21, 2017.

Class 4A Electing Ordinary Course General Unsecured Claim --
estimated at $9,300,000 -- is unimpaired under the Plan.  The
legal, equitable, and contractual rights of holders of Electing
Ordinary Course General Unsecured Claims are unaltered by the Plan

On and after the Effective Date, the Reorganized Debtors will pay
each Electing Allowed Ordinary Course General Unsecured Claim in
the ordinary course of business.

Class 4B Other General Unsecured Claims -- estimated at
$13,400,000

   -- are impaired by the Plan.  Except to the extent that a
      holder of an Other General Unsecured Claim agrees to
      different treatment, on and after the Effective Date, all
      holders of Other General Unsecured.  The claims will receive
      their pro rata share of $500,000.

There can be no assurance that the Reorganized Debtors' business
will generate sufficient cash flow from operations or that future
borrowings will be available in an amount sufficient to enable the
Reorganized Debtors to pay their indebtedness or to fund other
liquidity needs.

As reported by the Troubled Company Reporter on Dec. 6, 2016, the
Speedstar Holding, Transtar Holding, and their affiliated debtors,
filed with the Court a disclosure statement referring to the
Debtors' prepackaged plan.  Under that plan, Class 4 General
Unsecured Claims will receive their pro rata share of $500,000.

A hearing to consider confirmation of the Plan was rescheduled
from its original date of Jan. 24, 2017, to March 8, 2017.  The
Confirmation Hearing is expected to be rescheduled again to March
21, 2017, and a new notice will be provided of this date, the
Debtors said.

              About DACCO Transmission Parts (NY)

Headquartered in Cleveland, Ohio, Transtar Holding
Company manufactures and distributes aftermarket driveline
Replacement parts and components to the transmission repair and
remanufacturing market. It also supplies autobody refinishing
products and manufactures air conditioning, cooling and power
steering assemblies and components.

Founded in 1975, Transtar maintains over 70 local branch
locations, four manufacturing and production facilities (in Alma,
Michigan; Brighton, Michigan; Cookeville, Tennessee; and Ferris,
Texas), and four regional distribution centers throughout the
United States, Canada and Puerto Rico.

On Dec. 21, 2010, the Company was acquired from Linsalata
Capital Partners by current majority equity holder Friedman
Fleischer & Lowe LLC. The acquisition was financed with $425
million of senior secured credit facilities.

As of the Petition Date, the Company employs approximately
2,000 full-time and 50 part-time employees in the United States,
and approximately 100 full-time employees in Canada and Puerto
Rico.

DACCO Transmission Parts (NY), Inc. and 46 affiliated
debtors, including Transtar Holding Company, filed chapter 11
petitions (Bankr. S.D.N.Y. Case Nos. 16-13245 to 16-13291) on
Nov. 20, 2016.  The petitions were signed by Joseph Santangelo,
authorized signatory. The cases are pending before Judge Mary
Kay Vyskocil, and the Debtors have requested that their cases be
jointly administered under Case No.16-13245.

The Debtors estimated assets and liabilities at $500 million
to $1 billion at the time of the filing.

The Debtors tapped Rachel C. Strickland, Esq., Christopher
S. Koenig, Esq., Debra C. McElligott, Esq., and Jennifer J.
Hardy, Esq., at Willkie Farr & Gallagher LLP as attorneys.
Citing potential conflicts, DACCO Transmission has hired
Jones Day as its new legal counsel to replace Willkie Farr.
The Debtors also have hired FTI Consulting, Inc. as
restructuring and financial advisors, Ducera Partners LLC
as financial advisors and investment banker and Prime
Clerk LLC as claims, noticing and solicitation agent.


RESOURCE CAPITAL: Mark McKinney Sues Directors for Refusing Probe
-----------------------------------------------------------------
Shayna Posses, writing for Bankruptcy Law360, reports that
Resource Capital Corp. shareholder Mark E. McKinney filed a
lawsuit against the Company's directors in New York federal court
accusing them of mishandling a Puerto Rico hotel loan portfolio
that prompted a $41 million write-down in August 2015.

According to Law360, Mr. McKinney said on Feb. 23 that his demand
for the board to conduct a probe was refused.

As reported by the Troubled Company Reporter on Feb. 27, 2017,
Steven Trader, Bankruptcy Law360, reported that shareholder
Patrick Caito sued the Company on Feb. 22, 2017.  The lawsuit
closely matches three prior lawsuits filed in New York state and
federal court derivatively on behalf of the REIT and its
shareholders, who accuse the directors of mismanaging a Puerto
Rico hotel loan portfolio that prompted a $41 million write-down
in August 2015.

Founded in 2005, Resource Capital Corp. (NYSE:RSO) --
http://www.resourcecapitalcorp.com/index.html-- is a New York
City-based specialty finance company focused on real-estate
related assets and, to a lesser extent, higher-yielding commercial
finance assets.  The Company's investment strategy concentrates on
the following asset classes: commercial real estate-related assets
like commercial mortgage-backed securities, B notes and mezzanine
debt, residential real estate-related assets such as residential
mortgage-backed securities and commercial finance assets like
other asset-backed securities, syndicated bank loans, equipment
leases, trust preferred securities and private equity investments
principally issued by financial institutions.  The Company
qualifies to be treated as a REIT for federal income tax purposes.

As a REIT, the Company is not subject to federal income tax if it
distributes at least 90% of its taxable income to its
shareholders.


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


TRINIDAD & TOBAGO: OJTs Firing, Sign of Things to Come, Karim Says
------------------------------------------------------------------
Trinidad and Tobago Newsday reports that former Tertiary Education
and Skills Training Minister Fazal Karim has described the recent
firing of 60 On the Job Training (OJT) Program staff as "just the
beginning" of staff lay-offs and job cuts in the public sector.

In a strongly worded statement, Mr. Karim said, "I have been
advised that staff at the MIC Institute of Technology are being
sent home, according to Trinidad and Tobago Newsday.  Staff at
YTEPP were also being sent home and staff at UTT have already been
sent home, the report notes.  NESC has drastically reduced its
programs" as a gradual slow down seems to have gripped all sectors
of the country, the report relays.

The Chaguanas East MP said the firing of the 60 OJT staff members
was "nothing more than victimization" and not one of
"restructuring" as was being claimed by the ruling PNM
administration, the report discloses.

"It is a crying shame that the PNM is hoodwinking the population
into believing that the firing of these OJT staff is linked to the
economy and financial constraints.  Over $580 million has been
allocated to the OJT Program in the last two years.  Where has all
that money gone? What does it cost to retain 60 staff members
relative to $580 million? This is a clear strategy of 'cleaning
house' to rehire party hacks and perpetuate the typical PNM
nepotism, cronyism and discriminatory practices," Mr. Karim said,
the report notes.

"With respect to the OJT staff to be sent home, we are yet to be
told how they were determined.

On what basis those who will remain on their jobs do so? And, who
exactly comprise this transition team," he asked, the report
relays.

"Where will these staff find alternative employment to take care
of themselves and their families? Many have loans to service,
young children to send to school and some have medical bills for
chronic diseases," Mr. Karim said, the report discloses.

The report notes that Mr. Karim said the OJT Program had been
established as a "pre-employment program" for graduates to be
inducted into the world of work as a means of gaining the required
occupational skills.

According to the report, Mr. Karim also noted that the Ministry of
Labour and Small Enterprise Development had not stated how many
workers had been "retrenched, displaced, terminated or contracts
'not renewed' by the Government in the public sector since
September 2015."  "Yet it is the same PNM Government that
impressed upon the business community to 'be responsible' and not
send home employees. Deception and hypocrisy at its best," he
charged, the report adds.


=================
X X X X X X X X X
=================


* BOND PRICING: For the Week From Feb. 27 to March 3, 2017
----------------------------------------------------------


Issuer Name               Cpn     Price   Maturity  Country  Curr
-----------               ---     -----   --------  -------   ---

BA-CA Finance Cayman Lt   0.518    62.07               KY    EUR
CSN Islands XII Corp      7        68                  BR    USD
CSN Islands XII Corp      7        67.75               BR    USD
Decimo Primer Fideicomi   4.54     52.63  10/25/2041   PA    USD
Decimo Primer Fideicomi   6        63.5   10/25/2041   PA    USD
Dolomite Capital Ltd     13.26     67.2   12/20/2019   CN    ZAR
Empresa de Telecomunica   7        73.14   1/17/2023   CO    COP
Empresa de Telecomunica   7        73.14   1/17/2023   CO    COP
ESFG International Ltd    5.75      0.66               KY    EUR
General Shopping Financ  10        72.5                KY    USD
General Shopping Financ  10        71.7                KY    USD
Global A&T Electronics   10        74      2/1/2019    SG    USD
Global A&T Electronics   10        74.5    2/1/2019    SG    USD
Global A&T Electronics   10        65.5    2/1/2019    SG    USD
Global A&T Electronics   10        65      2/1/2019    SG    USD
Gol Finance               8.75     63                  BR    USD
Gol Finance               8.75     63.88               BR    USD
Gol Linhas Aereas SA     10.75     34.63   2/12/2023   BR    USD
Gol Linhas Aereas SA     10.75     34.63   2/12/2023   BR    USD
Inversora Electrica de    6.5      55      9/26/2017   AR    USD
Inversora Electrica de    6.5      55      9/26/2017   AR    USD
MIE Holdings Corp         7.5      75.16   4/25/2019   HK    USD
MIE Holdings Corp         7.5      75.26   4/25/2019   HK    USD
NB Finance Ltd/Cayman I   3.88     58.01   2/7/2035    KY    EUR
Newland International P   9.5      19.88   7/3/2017    PA    USD
Newland International P   9.5      19.88   7/3/2017    PA    USD
Noble Holding Internati   5.25     72.98   3/15/2042   KY    USD
Ocean Rig UDW Inc         7.25     39      4/1/2019    CY    USD
Ocean Rig UDW Inc         7.25     38      4/1/2019    CY    USD
Odebrecht Drilling Norb   6.35     48.5    6/30/2021   KY    USD
Odebrecht Drilling Norb   6.35     47.25   6/30/2021   KY    USD
Odebrecht Finance Ltd     7.5      49                  KY    USD
Odebrecht Finance Ltd     4.3      48.29   4/25/2025   KY    USD
Odebrecht Finance Ltd     7.12     48.2    6/26/2042   KY    USD
Odebrecht Finance Ltd     5.25     46.15   6/27/2029   KY    USD
Odebrecht Finance Ltd     7        57.02   4/21/2020   KY    USD
Odebrecht Finance Ltd     5.12     53.51   6/26/2022   KY    USD
Odebrecht Finance Ltd     8.25     70.88   4/25/2018   KY    BRL
Odebrecht Finance Ltd     6        51.47   4/5/2023    KY    USD
Odebrecht Finance Ltd     5.25     45.92   6/27/2029   KY    USD
Odebrecht Finance Ltd     7.1      47.82   6/26/2042   KY    USD
Odebrecht Finance Ltd     7.5      49.25               KY    USD
Odebrecht Finance Ltd     4.3      48.39   4/25/2025   KY    USD
Odebrecht Finance Ltd     6        51.77   4/5/2023    KY    USD
Odebrecht Finance Ltd     8.2      70.88   4/25/2018   KY    BRL
Odebrecht Finance Ltd     7        56.85   4/21/2020   KY    USD
Odebrecht Finance Ltd     5.1      52.99   6/26/2022   KY    USD
Odebrecht Offshore Dril   6.6      39.64  10/1/2022    KY    USD
Odebrecht Offshore Dril   6.7      36.44  10/1/2022    KY    USD
Odebrecht Offshore Dril   6.6      38.79  10/1/2022    KY    USD

Odebrecht Offshore Dril   6.7      38.75  10/1/2022    KY    USD
Petroleos de Venezuela   12.75     67.19   2/17/2022   VE    USD
Petroleos de Venezuela      9      58.28  11/17/2021   VE    USD
Petroleos de Venezuela      6      40.32   5/16/2024   VE    USD
Petroleos de Venezuela    9.75     50.15   5/17/2035   VE    USD
Petroleos de Venezuela    6        38.22  11/15/2026   VE    USD
Petroleos de Venezuela    5.37     37.39   4/12/2027   VE    USD
Petroleos de Venezuela    5.5      37.1    4/12/2037   VE    USD
Petroleos de Venezuela    6        41.25  10/28/2022   VE    USD
Petroleos de Venezuela    6        40.01   5/16/2024   VE    USD
Petroleos de Venezuela    9        58.11  11/17/2021   VE    USD
Petroleos de Venezuela    6        38.13  11/15/2026   VE    USD
Petroleos de Venezuela   12.75     67.2    2/17/2022   VE    USD
Petroleos de Venezuela    9.75     49.94   5/17/2035   VE    USD
Polarcus Ltd              5.6      60      3/30/2022   AE    USD
Siem Offshore Inc         5.8      49.75   1/30/2018   NO    NOK
Siem Offshore Inc         5.59     50.25   3/28/2019   NO    NOK
STB Finance Cayman Ltd    2.04     58.35               KY    JPY
Sylph Ltd                 2.36     50.93   9/25/2036   KY    USD
Uruguay Notas del Tesor   5.25     68.02  12/29/2021   UY    UYU
US Capital Funding IV L   1.25     51.35  12/1/2039    KY    USD
US Capital Funding IV L   1.25     51.35  12/1/2039    KY    USD
USJ Acucar e Alcool SA    9.87     67.5   11/9/2019    BR    USD
USJ Acucar e Alcool SA    9.87     65.75  11/9/2019    BR    USD
Venezuela Government In   9.25     48.75   5/7/2028    VE    USD
Venezuela Government In  13.63     82.58   8/15/2018   VE    USD
Venezuela Government In   9        51.75   5/7/2023    VE    USD
Venezuela Government In   9.37     49      1/13/2034   VE    USD
Venezuela Government In   7        71.88  12/1/2018    VE    USD
Venezuela Government In   9.25     52      9/15/2027   VE    USD
Venezuela Government In   7.65     46.38   4/21/2025   VE    USD
Venezuela Government In  13.63     82.58   8/15/2018   VE    USD
Venezuela Government In   7.75     61.75  10/13/2019   VE    USD
Venezuela Government In  11.95     58.13   8/5/2031    VE    USD
Venezuela Government In   6        53.75  12/9/2020    VE    USD
Venezuela Government In  12.75     67      8/23/2022   VE    USD
Venezuela Government In   7        44      3/31/2038   VE    USD
Venezuela Government In   6.5      36.53  12/29/2036   VE    USD
Venezuela Government In   8.25     47.75  10/13/2024   VE    USD
Venezuela Government In  11.75     57.75  10/21/2026   VE    USD
Venezuela Government TI    5.25    69.59   3/21/2019   VE    USD


                            ***********


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.

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                            ***********


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.


                   * * * End of Transmission * * *