TCRLA_Public/170404.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, April 4, 2017, Vol. 18, No. 67


                            Headlines



A R G E N T I N A

TARJETA NARANJA: Fitch to Rate Senior Unsec. Notes 'B(EXP)
TARJETA NARANJA: Moody's Assigns B3 Global LC Sr. Debt Rating


B R A Z I L

BR PROPERTIES: Moody's Rates BRL520MM Senior Secured Debt Ba2
BRAZIL: Moody's Revises Banking System's Rating Outlook to Stable
BRAZIL: Racing to Convince Skittish Markets Meat is Safe
OI SA: Shares Jump On Debt Plan; Capital Questions Remain


C A Y M A N  I S L A N D S

AMC II A: Shareholders Receive Wind-Up Report
CGFSP MARGIN: Shareholders Receive Wind-Up Report
CMDA HARD: Shareholders Receive Wind-Up Report
DROMEUS GREEK: Shareholders Receive Wind-Up Report
ENSURE INVESTMENT: Shareholders Receive Wind-Up Report

FLEXION MONEY: Shareholders Receive Wind-Up Report
HYPERION MANAGERS: Shareholders Receive Wind-Up Report
KEYWISE ZOOX: Shareholder Receives Wind-Up Report
OCEAN RIG: Liquidators Seek US Recognition of Cayman Proceeding
OKURA LIMITED: Shareholders Receive Wind-Up Report

ROPPONGI SKYTOWER: Shareholders Receive Wind-Up Report
SYMBOLTECH HOLDINGS: Shareholders' Final Meeting Set for April 3
TRACTON CAPITAL: Shareholders Receive Wind-Up Report
TRANSPACIFIC INSURANCE: Creditors' Proofs of Debt Due May 1
WESVAALSO LTD: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Pact With Haiti Aims to Halt Smugglers
DOMINICAN REP: IMF Says Economic Activity in 2016 Remains Weak


H A I T I

* HAITI: Fire Strikes Popular Market


                            - - - - -


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A R G E N T I N A
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TARJETA NARANJA: Fitch to Rate Senior Unsec. Notes 'B(EXP)
----------------------------------------------------------
Fitch Ratings expects to assign ratings of 'B(EXP)/RR4' to Tarjeta
Naranja S.A.'s (TN) upcoming issuance of senior unsecured notes.
The assignment of the final rating is contingent on the receipt of
final documents conforming to the information received to date.

The upcoming issuance will be for an amount up to the equivalent
of USD250 million-USD300 million, to be converted to ARS at an
initial exchange rate. Interest on the notes will be calculated on
the ARS equivalent principal amount. All obligations on the notes
will be payable in USD according to the exchange rate applicable
on each payment date due to clearing house rules. The final
maturity and interest rate are as yet undefined.

KEY RATING DRIVERS
SENIOR DEBT

The ratings assigned to TN's upcoming senior debt issuance are at
the same level as the entity's Long-Term Local Currency Issuer
Default Rating (IDR) of 'B' as the notes will rank pari passu with
all other existing and future senior unsecured debt.

TN's IDRs are driven by the still adverse operating environment,
notwithstanding recent improvements to Argentina's policy
framework and access to financing which could benefit the
company's performance. The ratings also consider TN's robust
franchise, its record of recurring operating performance, stable
asset quality and resilient funding profile.

TN is Argentina's largest credit card issuer in terms of number of
credit cards with approximately 9 million cards as of December
2016, with a rapidly growing franchise. Its direct parent company,
Tarjetas Regionales (TR) is one of the top credit card companies
in the region.

RATING SENSITIVITIES
SENIOR DEBT

TN's senior debt ratings are sensitive to a change in TN's Local
Currency IDR. Given their low level, TN's ratings would likely
move in line with a downgrade of Argentina's sovereign rating.
Fitch considers it unlikely that an Argentine financial
institution could be rated above the sovereign, making any upside
potential in TN's ratings contingent on positive developments in
the sovereign rating. In addition, TN's ratings could be affected
in the event of a material deterioration in asset quality,
earnings, and/or loss absorption capacity.

Fitch has assigned the following rating:

-- Senior unsecured debt 'B(EXP)/RR4'.

Fitch currently rates TN as follows:

-- Foreign Currency Long-Term IDR 'B'; Outlook Stable;
-- Foreign Currency Short-Term IDR 'B';
-- Local Currency Long-Term IDR 'B'; Outlook Stable;
-- Local Currency Short-Term IDR 'B'.


TARJETA NARANJA: Moody's Assigns B3 Global LC Sr. Debt Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a B3 global local currency
senior unsecured debt rating to Tarjeta Naranja's expected XXXVII
Peso Linked Notes issuance. Moody's also assigned a B3 corporate
family rating (CFR) to Naranja. The notes will be issued in an
amount of up to $300 million under New York law and will due in 5
years.

The outlook on the ratings is positive, in line with the positive
outlook on Argentina's B3 sovereign bond rating, which constrains
the Naranja's ratings.

The following ratings were assigned to Tarjeta Naranja S.A.:

Global Corporate Family Rating: B3 with positive outlook.

XXXVII Peso Linked Note up to $300 million:

Global Senior Unsecured Local Currency Debt Rating: B3 with
positive outlook

RATINGS RATIONALE

Naranja's ratings are constrained by Argentina's operating
environment, which remains challenging despite various market-
friendly policy reforms implemented by the new administration that
are expected to result in a return to economic growth and a
continued decline in inflation this year. Together with the
inherent riskiness of the company's monoline focus on consumer
lending, these environmental challenges outweigh the company's
well established business model and sound financial fundamentals,
including the entity's strong positioning in the credit card
market and large number of merchant relationships, its good
profitability metrics, manageable asset risk, strong
capitalization, and reasonably diversified funding structure.

Naranja is Argentina's leading credit card issuer, with a market
share of 16,5% and 207 branches spread across 22 provinces serving
almost 3 million customers. In addition, the company has direct
agreements with 237,000 merchants. With net income of nearly 7% of
averaged managed assets in 2016, the company has remained highly
profitable despite a high level of competition with banks, the
economic recession the country has suffered in recent years, and
high funding costs. Earnings stability is supported by the
company's revenue diversification. Interest income from credit
cards and to a lesser extent personal loans is supplemented by a
substantial amount of fee income from agreements with merchants,
account maintenance and renewals fees, and fees for the management
of a portfolio of co-branded credit cards issued by Banco de
Galicia and Buenos Aires, S.A. (Galicia, B3 positive), the
controlling shareholder of Naranja's inmediate owner, Tarjetas
Regionales.

Asset risk is moderate for a consumer finance company,
particularly in light of Argentina's operating environment. The
company's non-performing loans ratios have ranged between 4% to
4.5% during the last 3 years, in line with the delinquencies
recorded by commercial bank's consumer banking franchises. Asset
risk is also mitigated by decent loan loss reserve coverage, with
reserves equal to 125% of problem loans.

Average funding costs are high even though more than half of
Naranja's total funding derives from accounts payable to merchants
and stores, which accrue no interest. Other funding sources
include short and long-term debt issuances and interbank loans
with various financial institutions. However, the relative
diversification of funding sources helps mitigates risks emanating
from the company's weak liquidity position, common for finance
companies, with liquid assets equal to just 10% of debt maturing
over the next 24 months.

With tangible common equity equal to 18.26% of tangible managed
assets, the company has sufficient capital that to absorb a
substantial increase in losses from loans and support expansion of
the business.

The rating also considers the likelihood that the company will
receive financial support from Galicia in event of stress. As
Naranja's standalone credit profile is already at the same level
as Galicia's deposit rating, however, neither its corporate family
nor debt ratings incorporate any uplift from support.

Notwithstanding Argentina's still challenging operating
environment, Naranja's rating positive outlook reflects the
expected impact of various market-friendly policy reforms
implemented by the new administration, that are expected to result
in a return to economic growth and a continued decline in
inflation this year. In turn, this will create new business
opportunities for the company that will ease its transition into a
more competitive, market-driven operating environment and help
mitigate an expected drop in lending rates and rising credit
costs.

WHAT COULD CHANGE THE RATING UP/DOWN

An upgrade of the Argentine sovereign and a corresponding increase
in Argentina's debt and deposit ceilings would put upward pressure
on the company's ratings, provided it continues to demonstrate
sound operating performance. Conversely, a downgrade of the
Argentine sovereign could put downward pressure on the company's
ratings, but this is unlikely at this time given Argentina's
positive outlook.

The principal methodology used in these ratings was Finance
Companies published in December 2016. Please see the Rating
Methodologies page on www.moodys.com.ar for a copy of this
methodology.


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B R A Z I L
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BR PROPERTIES: Moody's Rates BRL520MM Senior Secured Debt Ba2
-------------------------------------------------------------
Moody's America Latina Ltda. assigned a Ba2 / Aa2.br rating to BR
Properties S.A.'s existing BRL520 million senior secured, local
debentures with a negative outlook.

The following rating was assigned:

Issuer: BR Properties S.A.

Global Scale, Local Currency Senior Secured Debentures at Ba2
(global currency) / Aa2.br (national scale)

RATINGS RATIONALE

The Ba2 senior secured rating for the existing debentures reflect
BR Properties' moderately levered balance sheet, good access to
domestic capital markets, as well as the collateral package of the
offering. The senior secured rating is one notch above the
company's senior unsecured (foreign currency) rating of Ba3. This
is the first time the Moody's rates these debentures.

As background, BR Properties publicly issued BRL 600 million of
common, non-stock convertible, secured debentures in July 2012.
The local issuance was split into two series, collectively
referred to as "2012 Debentures". The first series had an initial
face amount of approximately BRL 369 million due July 2017; the
second series had an initial face amount of approximately BRL 231
million due July 2019. After the issuance, the company's used the
net proceeds for the redemption of BRL 400 million of promissory
notes that the company had issued earlier in 2012 to finance the
acquisition of Ventura Torre Leste ("the collateral") and for
other general corporate purposes.

To guarantee the full and timely payment of the debentures, which
are irrevocable and unconditional, BR Properties and its
subsidiary, Ventura Brasil Empreendimentos Imobil†rios LTDA.,
authorized and granted a fiduciary lien (Alienaáao Fiduci†ria) on
100% of the company's proportional ownership share of the Torre
Leste property, as collateral. Additionally, the company pledged
all current and future rent receivables from the building's
triple-net leases through a fiduciary assignment (Cessao
Fiduci†ria). Torre Leste is one of two, trophy "Class A", LEED
GOLD-certified office towers that form the Ventura Corporate
Complex. Constructed in phases between 2008 and 2010, the complex
is predominantly owned by BR Properties and is located in the
central business district of Rio de Janeiro. Since the issuance,
the company has amortized the debentures down to BRL 520 million
and remains in compliance with the covenants of the debentures,
according to its Auditors.

BR Properties' credit strengths are its size and scale as one of
the largest commercial real estate companies in Brazil, its
moderately levered balance sheet and its ample liquidity position.
As of 4Q16, the company's real estate portfolio was comprised of
44 commercial properties, including five land plots, totaling 654
thousand square meters (m2) of gross leasable area (GLA). For its
rating category, the company has a moderate effective leverage
(Total debt + Preferred stock as a percentage of Gross assets) at
37% of gross assets on a market-value basis, as of YE16. Moreover,
BRPR has ample liquidity, consisting of approximately BRL 966
million of cash and cash equivalents, to meets its near-term
obligations and a manageable debt maturity schedule.

These credit strengths are offset by the company's weak Fixed
Charge Coverage (Adjusted EBTIDA to Interest expenses +
Capitalized interests) ratio and the investment portfolio's low
occupancy rate. At YE16, the coverage ratio declined to 0.7x from
1.1x at YE15, primarily due to the loss of EBITDA from two, large
portfolio sales that were conclude in 2015. However, after
adjusting for noncash items, the Net Cash Interest Expense
coverage was 1.4x for the same period. With regard to the
portfolio's occupancy challenges, the fallout from the country's
worst economic recession in its history and new office supply
brought online in 2015 caused a significant rise in vacancies in
both the Sao Paulo and Rio de Janeiro office property markets. For
BR Properties, the physical vacancy reached a peak of
approximately 23% by 3Q16. Subsequent to quarter, the company
executed several new leases and is in the process of leasing up
its latest acquisition, Edific°o Passe°o Corporate. Positively,
Moody recently noted that the macroeconomic conditions in the
country are slowly stabilizing with the economy showing signs of
recovery, a decrease in inflation and a clearer fiscal outlook. As
the economy continues to improve, Moody's expects that BR
Properties will be able to graully improve and stabilize the
portfolio's occupancy rate.

The rating outlook for BR Properties remains negative, despite the
improving economic signs in Brazil, until the company can
strengthen its fixed charge coverage ratio and improve its
occupancy levels.

According to Moody's, a return to a stable outlook would be
predicated upon BR Properties maintaining the high-quality and
size of its portfolio; reducing its Net debt to EBITDA closer to
7.0x; maintaining a Net Cash Interest Expense Coverage (Adjusted
EBITDA / Net Cash Interest Expense) closer to 1.5x on a consistent
basis and increasing and maintaining the portfolio's occupancy
levels above 85%.

Downward rating pressure would likely result from the effective
leverage reaching a level greater than 40% and a Net debt/EBITDA
above 7.0x, both on a consistent basis. Additional factors include
a Net Cash Interest Expense below 1.2x for multiple quarters and
the real estate portfolio physical occupancy levels below 80% on a
sustained basis. Lastly, a decline in unencumbered assets below
its current level of approximately 22% of gross assets would also
cause additional pressure on the ratings.

Moody's last rating action with respect to BR Properties S.A. was
on January 26, 2017 when Moody's newly assigned a Ba2 senior
secured rating and affirmed all other existing ratings.

BR Properties S.A. [BOVESPA: BRPR3], headquartered in Sao Paulo,
Brazil, is an owner, acquirer, manager, and developer of office,
industrial and retail properties in the main economic regions of
Brazil. As of December 31, 2016, the company held a portfolio of
44 properties, totaling 654 thousand square meters of GLA,
including five land plots.


BRAZIL: Moody's Revises Banking System's Rating Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has revised its outlook for the
Brazilian banking system to stable from negative reflecting its
expectation that the nation's economy will stabilize this year
after a deep recession. The change in outlook for the banking
system follows Moody's decision on March 15 to raise the outlook
on Brazil's Ba2 sovereign rating to stable.

"After nearly three years of recession, economic conditions have
become more benign, relieving pressure on both banks and
borrowers," said Ceres Lisboa, a Senior Vice President at Moody's.

Moody's expects Brazil's economy to grow by 0.9% in 2017 and 1.5%
next year, compared with a 3.6% contraction in 2016. In addition,
Moody's expects inflation to slow significantly.

The improving economy will help stabilize asset risk and there are
early signs that problem loan formation is slowing, after two
years of lending contraction and restrictive underwriting policies
adopted by the banks.

Bank profitability will gradually improve as lenders benefit from
falling funding costs and having to provision less for loan
losses. This will mark a turnaround from recent years, which were
characterized by rising credit costs. Although interest rates are
falling, banks' net interest margins could actually rise as
floating rate deposit funding will re-price more quickly than
banks' loan portfolios, which are expected to grow by just 3% in
2017.

"However, while Moody's expects a more favorable operating
environment in 2017, banks will remain risk averse," said Lisboa.
"Brazilian corporates continue to face weak earnings as well as
limited access to refinancing, and unemployment is still high."

Credit demand will rebound only gradually in 2017, and then pick
up further in 2018, as lending rates continue to come down,
stimulating consumption and investment spending. Brazil's
borrowers have delivered in recent years, positioning them to
start taking on more debt once the economy improves further.


BRAZIL: Racing to Convince Skittish Markets Meat is Safe
--------------------------------------------------------
Luciana Magalhaes and Paulo Trevisani at The Wall Street Journal
report that the government raced to protect a key industry, saying
meatpackers accused of paying bribes to meat inspectors in a
corruption scandal did so to get their products out faster, not to
sell rancid meat here and abroad.

Exports fell to $74,000 on March 22, the latest data available,
from $60.5 million the day before as at least 17 import markets
took action against Brazilian meat exports, according to The WSJ.
China, for instance, suspended all meat shipments from Brazil,
while the U.S. will now inspect all Brazilian protein and not only
a sample, Brazil's Agriculture Ministry said, the report relays.

Bribes to sanitary inspectors and other violations happened in 21
plants from several companies, federal police have alleged, adding
that corrupt officials issued false sanitation documents or
permitted the sale of rotten meat, some of which may have gone to
Brazil's lucrative foreign markets, the report discloses.

But in an attempt to limit the damage rippling through the
industry, officials in President Michel Temer's government are now
sharply criticizing the police handling of the case and saying the
corrupt company employees who made payoffs did so to expedite
permits, the report relays.  They claim the companies that have
been accused of wrongdoing didn't sell tainted meat, the report
discloses.

"The police have found nothing against the quality of Brazilian
meat," Luis Rangel, the Agriculture Ministry's head of sanitation
quality, said in an interview.  "What police thought was a problem
is actually legal and safe," he added.

Still, the ministry suspended shipments to overseas from all six
exporting plants among the 21 investigated, "as a sign of respect
to our clients," Mr. Rangel said, the report notes.

The report discloses that Mr. Rangel said he has sent letters to
China, Chile and other countries that had temporarily suspended
Brazilian beef, addressing their concerns about the safety of
animal proteins this country exports.  The government also sent
documentation to the World Trade Organization asserting that
quality-control systems in Brazil's meatpacking plants were sound,
the report relates.

The federal police, which staged a two-year investigation of the
meatpacking industry and targeted more than 100 people, stood by
the account first made public, the report notes.  Thirty-eight
arrest warrants were issued, and 77 people were brought in for
questioning, among them inspectors and employees of the
meatpacking firms, the report relays.  The Ministry of Agriculture
said it had suspended 33 workers.

But, even inside the ranks of the police, there were discrepancies
over how the information about the arrests of meat inspectors and
some company officials were handled, with some officers disputing
information that had been put out that cardboard had been used as
filler in some processed-meat products, the report says.

Police officials, said the meat companies under investigation
"didn't care about the quality of the meat or food" they sold,
declined to give interviews and said the case is under seal, the
report relates.

But in a joint statement with the Ministry of Agriculture, the
police said "the facts refer to wrongdoing directly related to
some [civil] servants and don't mean the entire sanitary
inspection system is compromised," the report relays.

The judge who oversaw the investigation, Marcos Josegrei da Silva,
said in an interview that only a small portion of the country's
more-than-4,800 meat processors was targeted, the report notes.

"We can't say that all the meat isn't proper for exports or for
the domestic market," said the judge, adding that the
investigation is still open, and, so far, has been limited to a
small part of the country, the report notes.  "This is not what
the investigation shows."

The report discloses that Brazil welcomed the news that South
Korea was reverting its initial suspension of meat imports, and
Mr. Rangel said Chile is moving toward ending its suspension, too,
raising hopes exports could resume soon. Other markets such as the
European Union have limited their suspension to only a few
Brazilian plants, not all animal proteins coming from Brazil, and
no country has issued an outright ban.

The fallout from the investigation has put meat producers on the
defensive, particularly JBS, Brazil's largest, the report relays.
The Sao Paulo-based firm, which exports beef world-wide and owns
protein producers in the U.S., is planning an initial public
offering for its international operations, the report notes.

"We adopt strict standards to ensure the safety and quality of our
products," the firm said, the report relays.  "We have complete
confidence in our approach to food safety and product quality in
Brazil, and in all of our operations around the world," it added.

In a bid to demonstrate what they called the safety of Brazilian
beef, poultry and pork, Agriculture Minister Blairo Maggi arrived
in Lapa in the far south, 34 journalists in tow, to visit a JBS
plant that sold 61,000 tons of poultry to China last year and is
one of the 21 suspected of corruption, the report relays.  The
plant was slaughtering, deboning and packing chicken.

Work was disturbed several times as Mr. Maggi, himself a major
landowner known for his production of soybeans, stopped along the
production line to talk up Brazil's meat-producing prowess and
criticize the version the police gave out, the report notes.

"I regret that those who carried out the investigation weren't
careful enough," he said to reporters who, like him, wore white
aprons, boots and head covers to avoid contamination.  "It was
communicated in a way that created panic," he added.

As reported in the Troubled Company Reporter-Latin America on
Mar 17, 2017, Moody's Investors Service has changed the outlook on
Brazil's rating to stable from negative and affirmed its issuer
rating, senior unsecured at Ba2 and shelf ratings at (P) Ba2.

Moody's decision to change Brazil's outlook to stable was driven
by (i) Moody's expectation that the downside risks reflected in
the negative outlook are abating and macroeconomic conditions
stabilizing, with the economy showing signs of recovery, inflation
falling and the fiscal outlook clearer, (ii) indications that the
functioning of Brazil's policy framework is improving and the
strength of its institutions recovering, supporting planned
implementation of structural fiscal reforms, and (iii) risk of
contingent liabilities from government-related entities, captured
in the negative outlook, has been significantly reduced.


OI SA: Shares Jump On Debt Plan; Capital Questions Remain
---------------------------------------------------------
Ana Mano at Reuters reports that a new reorganization plan from
Brazil's debt-laden phone carrier Oi SA boosted shares on March
23, but analysts continued to focus on the need for fresh capital
after a heavy fourth-quarter loss.

Changes to the plan revealed would offer Oi SA's financial
creditors 25 percent of its equity or convertible bonds to be
called in three years, at which point they could own up to 38
percent of the company's shares, according to Reuters.

The report notes that the updated plan would more than halve Oi
SA's total financial debt to about BRL21 billion from BRL48
billion, analysts at Credit Suisse said.  If approved, Oi's plan
would impose an 86 percent writeoff on bondholders owed about
BRL31 billion of claims, according to Itau BBA analysts, the
report notes.

Oi SA's common shares rose nearly 16 percent to BRL4.81 on March
23, on track for their biggest one-day gain in nearly three weeks,
the report relays.

Itau analysts said Oi is offering better restructuring terms, but
they underscored a need for a capital injection to ensure Oi
maintains investment capacity, the report notes.

Oi SA's Chief Executive Marco Schroeder told Reuters that the
company generates enough cash to meet financial obligations and
make necessary investments after the restructuring.

"A capital injection could be important, but we would only accept
one if we receive a balanced proposal that takes into account the
interests of all stakeholders," he said in an interview, the
report discloses.

Talks with potential investors including Cerberus Capital
Management and Paul Singer's Elliott Management Corp have not
produced concrete results, he added, notes the report.

In December, Oi SA received a binding proposal from a group of
bondholders supported by Orascom TMT Holdings SAE to inject up to
$1.25 billion into the carrier in exchange for a 95 percent stake,
the report recalls.

The report notes that Mr. Schroeder said Orascom's plan would be
hard to implement as it offers unequal treatment to distinct
bondholder groups.  Also, this plan gives creditors too large a
stake, the executive said, the report relays.

Oi SA's updated plan should be submitted to the court in its
current form, but technically it can be changed until the moment
creditors formally vote on it in court, Mr. Schroeder said, the
report discloses.

Mr. Schroeder said Oi included an immediate debt-for-equity swap,
which he expects will face a creditor vote by June, to accommodate
feedback from creditors, the report notes.

Oi SA also reported losing BRL3.3 billion in the final quarter of
2016, a narrower loss from the comparable quarter in 2015 due to
cost cutting and lower financial expenses, the report adds.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 24, 2017, S&P Global Ratings affirmed its 'D' corporate
credit and issue-level global and national scale ratings on Oi
S.A.  At the same time, S&P withdrew the recovery ratings on the
company's rated debt, until it has an updated capital structure
once Oi emerges from judicial reorganization.


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C A Y M A N  I S L A N D S
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AMC II A: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of AMC II A Limited received on March 21, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


CGFSP MARGIN: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of CGFSP Margin Loan GP, Ltd. received on
March 23, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CMDA HARD: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of CMDA Hard Tech Ltd received on March 27,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Razorfish Limited
          Campbells Corporate Services (BVI) Limited
          P.O. Box 4541, Floor 2, Romasco Place
          Road Town, Tortola, VG1110
          British Virgin Islands
          Telephone: +1 (284) 494 2423
          Facsimile: +1 (284) 494 2475


DROMEUS GREEK: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Dromeus Greek Advantage (Cayman) Fund received
on March 29, 2017, 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 Jennifer Stein
          Telephone: (345) 943-3100


ENSURE INVESTMENT: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Ensure Investment Fund received on March 27,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Razorfish Limited
          Campbells Corporate Services (BVI) Limited
          P.O. Box 4541, Floor 2, Romasco Place
          Road Town, Tortola, VG1110
          British Virgin Islands
          Telephone: +1 (284) 494 2423
          Facsimile: +1 (284) 494 2475


FLEXION MONEY: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Flexion Money Market Fund received on March
27, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Razorfish Limited
          Campbells Corporate Services (BVI) Limited
          Romasco Place, Floor 2
          Road Town, Tortola, VG1110
          P.O. Box 4541, British Virgin Islands
          Telephone: +1 (284) 494 2423
          Facsimile: +1 (284) 494 2475


HYPERION MANAGERS: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Hyperion Managers received on March 27, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Razorfish Limited
          Campbells Corporate Services (BVI) Limited
          P.O. Box 4541, Floor 2, Romasco Place
          Road Town, Tortola, VG1110
          British Virgin Islands
          Telephone: +1 (284) 494 2423
          Facsimile: +1 (284) 494 2475


KEYWISE ZOOX: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Keywise Zoox received on March 21, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


OCEAN RIG: Liquidators Seek US Recognition of Cayman Proceeding
---------------------------------------------------------------
Simon Appell and Eleanor Fisher of AlixPartners, LLP, in their
capacities as joint provisional liquidators and authorized foreign
representatives of Cyprus-based Ocean Rig UDW Inc., Drill Rigs
Holdings Inc., Drillships Financing Holding Inc. and Drillships
Ocean Ventures Inc., filed for Chapter 15 protection with the U.S.
Bankruptcy Court for the Southern District of New York, lead case
17-10736.

The JPLs seek to obtain immediate stays and protections for the
Debtors in the United States in order to effectuate a financial
restructuring.  The JPLs also seek recognition in the United
States of a provisional liquidation proceedings under Part V of
the Cayman Islands Companies Law (2016 Revision) pending before
the Grand Court of the Cayman Islands, Financial Services
Division, as foreign main proceedings or, in the alternative, as
foreign nonmain proceedings under Section 1517 of the Bankruptcy
Code.

The Group, an internal provider of deepwater drilling services for
the offshore oil and gas industry, has entered into a
restructuring support agreement with creditors representing over
73% of Group's outstanding consolidated indebtedness.  The RSA
contemplates that the restructuring of the Group will be
implemented through four separate Cayman Schemes, one for each
Debtor.  The Cayman Schemes are all interrelated, but only the UDW
scheme, the DOV scheme and the DFH scheme are inter-conditional.

The Cayman Schemes contemplate the exchange of approximately $3.7
billion of existing financial indebtedness of the Group for new
equity in UDW, cash payments of about $288 million and new secured
debt of $450 million.  The JPLs believe that if the contemplated
restructuring is achieved, the Group will be well placed to
continue to operate as the market recovers and to effectively
compete as an industry leader.

On March 24, 2017, the Debtors filed winding up petitions with the
Cayman Court and issued summonses for the appointment of joint
provisional liquidators for the purpose of the Restructuring.  By
orders of the Cayman Court dated March 27, 2017, Simon Appell and
Eleanor Fisher were appointed as the JPLs and duly authorized
foreign representatives, and the Cayman Provisional Liquidation
Proceedings were commenced.

"The oil and gas drilling industry is currently in a down-cycle,
as crude oil prices have fallen during the past several years,"
according to Evan C. Hollander, Esq. at Orrick, Herrington &
Sutcliffe LLP, one of the JPLs' attorneys.  "The significant
decrease in oil prices is expected to continue to reduce customer
demand in the industry during 2017.  In fact, a number of the
Group's customers have revised their budgets to decrease projected
expenditures for offshore drilling on multiple occasions.
Declines in capital spending levels, coupled with an oversupply of
newbuilding, have and are likely to continue to put significant
pressure on "day rates" and utilization."

As a consequence of the filing of winding up petitions and the
commencement of the Cayman Provisional Liquidation Proceedings,
the Debtors have triggered defaults and cross-defaults under their
financial indebtedness and have exposed themselves to any number
of adverse actions in the United States.  The JPLs said that if
provisional relief in the form of a stay is not granted, there is
substantial risk that certain creditors may place the company in
imminent peril in an effort to jeopardize the restructuring.
According to the JPLs, the Debtors are already the target of
aggressive litigation tactics initiated by certain creditors.

The Group does not expect that its inactive rigs will begin work
under new contracts until Jan. 1, 2020, at the earliest.
According to an energy industry expert report commissioned by the
Group, deepwater rig demand is currently at utilization rates of
only approximately 45% of available rigs and is not expected
to begin to improve until 2019 . Even by the first quarter of
2020, utilization rates are expected to remain below 60% of rig
availability.

The Group expects to continue to face significant challenges in
the near and mid-term.  Of the Group's five operational units, two
are under contracts that will expire during the second half of
2017, and two are under contracts that will expire during 2018.
Only one unit, the Ocean Rig Skyros, is under a long term contract
(expiring Sept. 30, 2021).

                      Scheme Indebtedness

Each Debtor has incurred financing as follows:

   a. UDW has issued $500 million of 7.25% Senior Unsecured Notes
      due 2019 pursuant to that certain Indenture, dated as of
      March 26, 2014.  Deutsche Bank Trust Company Americas
      is the Indenture Trustee under the SUN Indenture.  The SUNs
      are not guaranteed by any member of the Group.
      Approximately $131 million of SUNs remain outstanding under
      the SUN Indenture.

   b. DRH has issued $800 million of 6.50% Senior Secured Notes
      due 2017 pursuant to that certain Indenture, dated as of
      Sept. 20, 2012 (as amended by a supplemental indenture
      dated Jan. 23, 2013).  U.S. Bank National Association is
      the Indenture Trustee under the DRH Indenture and Deutsche
      Bank Trust Company Americas is the collateral trustee.  The
      SSNs are guaranteed by UDW and certain of DRH's direct and
      indirect subsidiaries.  UDW has pledged the shares of DRH
      to secure the DRH Indenture Guaranty, and DRH and its
      subsidiary guarantors have pledged their assets (including
      shares of their subsidiaries) to secure their obligations
      in respect of the DRH Indenture.  All pledged shares are
      held by the collateral trustee in the United States.
      Approximately $460 million remains outstanding under the
      DRH Indenture.

   c. DFH is a borrower under a $1.9 billion Credit Agreement
      dated as of July 12, 2013 (as amended and restated from
      time to time, including on Feb. 7, 2014) between, among
      others, DFH and Drillships Projects Inc., as borrowers, and
      Deutsche Bank AG New York Branch, as administrative and
      collateral agent.  The DFH Credit Agreement has been
      guaranteed by UDW and certain of DFH's direct and indirect
      subsidiaries.  UDW has pledged the shares of DFH to secure
      the DFH Credit Agreement Guaranty, and DFH and its
      subsidiary guarantors have pledged their assets (including
      the shares of their subsidiaries) to secure their
      obligations in respect of the DFH Credit Agreement.  All
      pledged shares are held by the collateral agent in the
      United States.  Approximately $1.83 billion remains
      outstanding under the DFH Credit Agreement.

   d. DOV is a borrower under a $1.3 billion Credit Agreement,
      dated as of July 25, 2014, between, among others, DOV and
      Drillships Ventures Projects Inc., as borrowers, and
      Deutsche Bank AG New York Branch, as administrative and
      collateral agent.  The DOV Credit Agreement has been
      guaranteed by UDW and certain of DOV's direct and indirect
      subsidiaries.  UDW has pledged the shares of DOV
      to secure the DOV Credit Agreement Guaranty, and DOV and
      its subsidiary guarantors have pledged their assets
     (including the shares of their subsidiaries) to secure their
      obligations in respect of the DOV Credit Agreement.  All
      pledged shares are held by the collateral agent in the
      United States.  Approximately $1.27 billion remains
      outstanding under the DOV Credit Agreement.

According to the JPLs, the Debtors were facing significant
challenges with respect to their Scheme Indebtedness prior to
commencing the Cayman Provisional Liquidation Proceedings.  DRH
and UDW both have obligations to make sizeable payments on April
3, 2017.  DRH has an interest payment of $14.9 million due in
respect of the SSNs.  DRH had to consider that if it made this
payment its projected cash balances would be depleted to
approximately $4 million by the end of June 2017.  UDW has an
interest payment of $4.7 million due in respect of the SUNs.  UDW
does not have sufficient cash to make this payment without
borrowing funds that it will be unable to repay. Both entities are
insolvent.  The failure to pay these obligations beyond thirty
days after the scheduled payment dates would trigger cross-
defaults under the Credit Agreements.

The Debtors also had to consider that, even if they made the April
3, 2017, payments, the Group would face another critical
inflection point at the Oct. 1, 2017, maturity of the $460 million
SSNs.  Neither DRH nor UDW, as guarantor, will have sufficient
cash or financeable assets to pay the SSNs at maturity.  Failure
to repay the SSNs would trigger cross-defaults under the Credit
Agreements and the SUN Indenture.  Such cross-defaults could cause
an acceleration of approximately $3.7 billion in debt, the loss of
critical customer contracts, and the destruction of a substantial
portion of the value of the Group.  Further, beyond the SSN
maturity date, the Debtors are projected to breach the leverage
covenant in the Credit Agreements at the latest by Dec. 31, 2017.

For these reasons, the Group retained legal and financial advisors
in early 2016 to consider various restructuring alternatives.  The
Group ultimately decided to engage primarily with an ad hoc group
of lenders under the DFH Credit Agreement and the DOV Credit
Agreement, as the units owned by those divisions are among the
most technologically advanced and valuable in the fleet, and
because the members of the Ad Hoc Group were willing to engage
constructively with the Group on a restructuring founded on
realistic valuations of the Group's assets, the benefits of a
significant deleveraging and the prognosis for the industry.  The
negotiations with the Ad Hoc Group have culminated in the signing
of the RSA.

                   Terms of Cayman Schemes

The terms of the contemplated Cayman Schemes are as
follows:

   a. UDW Scheme: The SUNs and the UDW Guarantees will be
      discharged in exchange for New Parent Equity.  This New
      Parent Equity will be valued at the asset value of UDW
      immediately prior to the restructuring of DRH, DFH and
      DOV.  The New Parent Equity will be allocated among the
      holders of the UDW Guarantees and the SUNs pro rata on the
      basis of the notional amount of the claims of those
      holders.

   b. DRH Scheme: The claims of the SSNs will be transferred to
      UDW in exchange for (i) New Parent Equity and (ii) Cash
      Consideration.  The Cash Consideration will be shared pro
      rata with the lenders under the Credit Agreements under the
      DFH and the DOV schemes from a pool of available cash.  The
      value of the New Parent Equity received in exchange for the
      transfer of the SSNs to UDW will equal the going concern
      value of DRH, less the Cash Consideration received by
      holders of the SSNs in the exchange.

   c. DFH and DOV Schemes: In the DOV and DFH schemes, the
      lenders under the Credit Agreements will transfer their
      loans to UDW in exchange for (i) New Parent Equity, (ii)
      New Secured Debt and (iii) Cash Consideration.  The Cash
      Consideration will be shared pro rata among the lenders
      under the Credit Agreements and, if the DRH scheme is also
      sanctioned, the holders of the SSNs.  The New Secured Debt
      will be shared pro rata among the lenders under the Credit
      Agreements.  The value of the New Parent Equity received in
      exchange for the transfer of the loans under the DOV Credit
      Agreement to UDW will equal the going concern value of DOV,
      less the Cash Consideration and New Secured Debt received
      by the lenders under the DOV Credit Agreement in the
      exchange for the transfer of the loans under the DFH Credit
      Agreement to UDW will equal the going concern value of DFH,
      less the Cash Consideration and New Secured Debt received
      by the lenders under the DFH Credit Agreement.

In accordance with the requirements of the RSA, the Group entered
into a global settlement agreement pursuant to which (i) it
canceled approximately $369 million of SUNs and approximately $340
million of SSNs held by certain subsidiaries of UDW, Alley Finance
Co., and Algarve Finance Limited, and (ii) all intragroup
liabilities among the members of the Group were released.  The
effect of the GSA is that the scheme consideration to be received
by UDW, DOV and DRH scheme creditors will be of a greater value in
any event than if the GSA had not been entered into.  DFH
creditors will receive slightly less, but, as of the Petition
Date, 84.25% of the DFH lenders support the proposed RSA.

The JPLs beleive that if the Cayman Schemes are ultimately
sanctioned by the Cayman Court, the Group will achieve its much
needed deleveraging.

The Schemes will affect only the financial indebtedness of the
Scheme Companies and their guarantor affiliates.  Operations of
the Scheme Companies will continue to be unaffected and trade
creditors/vendors of the Group will continue to be paid in the
ordinary course of business and will not be affected by the
Schemes.

The RSA became effective on March 23, 2017.  It requires the
Scheme Companies to apply to the Grand Court before, or as soon as
practicable after, May 8, 2017, for permission to convene a
meeting of creditors to vote on the Schemes.  Pursuant to the RSA,
the Company will not make any further payments of any kind on or
relating to its existing financial indebtedness.

If all four Schemes are sanctioned and become effective, the
holders of  the SUNs and the beneficiaries of the Company
Guarantees will receive approximately 20.9% of the New Equity
under the Company Scheme, the  holders of the SSNs will receive
approximately 2.9% of the New Equity  under the DRH Scheme, the
DFH Lenders will receive approximately 40.2% of the New Equity
under the DFH Scheme, and the DOV Lenders will  receive
approximately 36% of the New Equity under the DOV Scheme, in each
case subject to dilution in respect of New Equity of 9.5% to be
reserved under a new management equity plan.  If the Schemes are
sanctioned, the existing shareholders of the Company will be
diluted  to  an insignificant amount of the post-restructuring
equity of the Company.

George Economou, Ocean Rig's chairman and chief executive officer,
commented: "Ocean Rig, similar to all rig operators, faces a deep
and prolonged industry downturn.  Given these conditions, Ocean
Rig is taking the appropriate steps to allow us to emerge as a
much stronger company that can take advantage of opportunities as
they emerge.  Our entire team at Ocean Rig is wholly committed to
the success of the company and looks forward to our emergence from
this  financial restructuring that will ultimately enable us to
better  service our customers in the long term."

                        About the Group

Nicosia, Cyprus-based Ocean Rig UDW Inc. is an operator of semi-
submersible oil rigs and UDW drillships based in Athens, Greece.
The company also maintains offices in Luanda, Angola, Jersey, Rio
de Janeiro, Brazil and Stavanger, Norway.

Ocean Rig UDW Inc is the holding company of the Ocean Rig Group
and the direct parent of the Subsidiary Debtors.  The Group is
composed of four separate operating divisions.  Each of the
Subsidiary Debtors is itself a holding company and the parent of
one of three of these operating divisions.  The parent holding
company of the fourth operating division, Drillship Alonissos
Shareholders Inc., is not a debtor herein or a part of the
restructuring.  Each of the operating divisions has secured its
own financing.  The financing obtained by each of the Subsidiary
Debtors has been guaranteed by UDW and UDW has pledged the shares
of the applicable Subsidiary Debtor to secure its respective
guaranty obligations.


OKURA LIMITED: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Okura Limited received on March 23, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Graham Robinson
          c/o Tanya Armstrong
          P.O. Box 2499 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864


ROPPONGI SKYTOWER: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Roppongi Skytower Corporation received on
March 31, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


SYMBOLTECH HOLDINGS: Shareholders' Final Meeting Set for April 3
----------------------------------------------------------------
The shareholders of Symboltech Holdings Inc. will hold their final
meeting on April 3, 2017, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o Steven J. Barrie
          #31 The Strand, 46 Canal Point Drive
          P.O. Box 2075 Grand Cayman KY1-1105
          Cayman Islands
          Telephone: (345) 949-9710


TRACTON CAPITAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Tracton Capital Fund Corporation received on
March 27, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Razorfish Limited
          Campbells Corporate Services (BVI) Limited
          P.O. Box 4541, Floor 2, Romasco Place
          Road Town, Tortola, VG1110
          British Virgin Islands
          Telephone: +1 (284) 494 2423
          Facsimile: +1 (284) 494 2475


TRANSPACIFIC INSURANCE: Creditors' Proofs of Debt Due May 1
-----------------------------------------------------------
The creditors of Transpacific Insurance Corporation are required
to file their proofs of debt by May 1, 2017, to be included in the
company's dividend distribution.

The company's liquidators are:

          Eleanor Fisher
          Brian Raymond Silvia
          c/o James Sekhas
          BRI Ferrier (NSW) Pty Ltd
          Australia Square, Level 30
          264 George Street
          Sydney NSW 200
          Australia
          Telephone: +612 8263 2300
          e-mail: jsekhas@brifnsw.com.au; and

         Iain Gow
         AlixPartners (Cayman) Limited
         P.O. Box 776 Grand Cayman, KY1-9006
         Cayman Islands
         10 Market Street
         Camana Bay
         Telephone: +1 (345) 814 4039
         e-mail: igow@alixpartners.ky


WESVAALSO LTD: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Wesvaalso Ltd. received on March 28,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands



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


DOMINICAN REPUBLIC: Pact With Haiti Aims to Halt Smugglers
----------------------------------------------------------
Dominican Today reports that Dominican Republic Customs Director
Enrique A. Ramirez and Haiti counterpart Victor Hugo Saint Louis
agreed to exchange information to bolster the fight against
smuggling and tax evasion along the nearly 450-kilometer border.

The Customs Cooperation Agreement was signed after the first
meeting of the Ad Hoc Committee formed by Dominican and Haitian
customs officials who worked on various aspects already on the
bilateral agenda, according to Dominican Today.

The two agencies will handle the exchange of information, the
frequency, the transfer format, what the information will be, the
evaluation and monitoring period of the protocol, and its links,
the report notes.

The protocol complies with the Memo of Understanding signed by
both Customs directors on October last year, the report relays.

                  Trade with Haiti Exceeds US$1.0B

Trade with Haiti exceeds US$1.0 billion a year, making it
Dominican Republic's second largest trading partner, surpassed
only by the United States, 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 REP: IMF Says Economic Activity in 2016 Remains Weak
--------------------------------------------------------------
An International Monetary Fund staff team, led by Mr. Alejandro
Guerson, visited Dominica from March 7-20 to conduct the 2017
Article IV consultation.  The team met with Prime Minister
Roosevelt Skerrit, senior government officials, labor unions, and
private sector representatives.

Mr. Guerson issued the following statement at the conclusion of
the visit.

"Since tropical storm Erika in August 2015, government efforts
continued to focus on infrastructure rehabilitation and social
relief, while addressing fiscal sustainability. Significant effort
and resources were allocated to the reconstruction of public
infrastructure and support to the affected population, while the
first-generation of fiscal measures committed in the Rapid Credit
Facility disbursement, and some additional measures, have been
passed.

"Economic activity in 2016 remained weak as capacity constraints
and unfavorable weather conditions slowed public investment more
than anticipated. Growth is projected to accelerate to above 3
percent in 2017-18 on the back of a pickup in public investment
and several large-scale projects, and to stabilize at a potential
rate of 1.5 percent over the medium term. The external current
account deficit is projected to widen due to the increase in
imports of goods and services during the execution of
reconstruction investment and the large investment projects. In
the medium term, the external balance is projected to gradually
improve as agriculture, tourism, and manufacturing recover, and
geothermal electricity generation reduces oil imports.

"Despite high Citizenship-By-Investment (CBI) revenues, the fiscal
outlook has deteriorated largely due to lower projected grant
revenues; a downward revision in the projected yields of the
fiscal consolidation measures; the increase in social transfers;
and the reduction of the corporate income tax rate in January
2017. As a result, the use of government deposits to cover
financing needs would be necessary to reach the regional debt
target of 60 percent of GDP by 2030 without increasing the fiscal
consolidation effort above the commitments in the RCF
disbursement.

"The fiscal outlook underscores the importance of a timely
implementation of the fiscal consolidation package. The efforts to
improve tax administration should be maintained to make the gains
in compliance durable. On the expenditure side, the government
should limit the increase in the wage bill and prepare specific
plans for the gradual unwinding of the expenditures related to
recovery and reconstruction in the aftermath of Erika. Fiscal
consolidation should focus on reducing the underlying primary
balance, that is, the primary balance excluding unpredictable
revenues, such as CBI flows, and transitory factors. Given the
risks to the fiscal outlook, the authorities should also explore
contingent fiscal consolidation measures such as developing a
formal tax incentives policy for private investment, preparing a
revenue enhancing tax reform, and improving spending efficiency
through better targeting and means testing of social programs. In
addition, strengthening fiscal management is critical for the
durability of the fiscal consolidation gains, including through
enhancing budget preparation and execution processes, further
improving the integrity of the CBI program, and considering the
adoption of fiscal responsibility legislation.

"Despite ample liquidity, banks' credit to the private sector
remains weak as a result of insufficient bankable projects,
persisting low profitability, and high non-performing loans
(NPLs). The authorities took steps to increase the capital of the
National Bank of Dominica, but persistent actions are needed to
improve the soundness of financial institutions and to reduce
NPLs, including though the operationalization of the Eastern
Caribbean Asset Management Company.

Moreover, the significant government involvement with credit
programs through public financial institutions reduces the scope
for efficient financial intermediation. The credit union sector is
increasing its share in financial intermediation, relieving some
financing constraints, but also adding risk to financial stability
given their high NPLs and low capital buffers. The regulation and
supervision of credit unions should thus be revamped with a
stronger enforcement framework, in coordination with the regional
initiative. The global tightening of the requirements for
correspondent banking relationships (CBRs) confronts Dominica with
important challenges. Significant progress has been made to
strengthen AML/CFT legislation closer to international standards
in recent years, but enforcement remains a challenge given
capacity constraints. Lowering the risk of withdrawal of CBRs
would require improving information sharing agreements between
respondent and correspondent banks, as well as encouraging bank
mergers.

"Improving the conditions for private investment, especially for
export activities, is the key to accelerating growth. Efforts
should therefore focus on the removal of costs and barriers that
affect investment decisions and profitability. Specifically, the
government should enhance labor market legislation and better
target education programs in order to improve labor productivity
and mobility across sectors; reduce the cost of doing business,
especially in terms of resolving insolvency, registering property,
paying taxes, and obtaining construction permits; explore the
potential for expansion and further diversification of tourism
markets; enhance the resilience of public infrastructure to
natural disasters; and advance on the development of geothermal
generation of electricity.

"The IMF will continue to have a close dialogue with the
authorities as they address these challenges. The team would like
to express its gratitude to the authorities, labor unions, and
private sector representatives for the close and constructive
dialogue."

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'.


=========
H A I T I
=========


* HAITI: Fire Strikes Popular Market
------------------------------------
Associated Press reports that a fire engulfed much of a popular
marketplace in Haiti's capital where hundreds of impoverished
vendors sell their wares.

The flames destroyed wooden stalls and a warehouse storing
inventory including fabrics and used clothes, according to
Associated Press.  There were no reports of deaths or injuries,
the report notes.

Despondent vendors at Port-au-Prince's sprawling Croix de
Boussales market picked through the ashes looking for anything to
salvage, the report relays.

The blaze started sweeping through the market.  The cause wasn't
immediately known.


                            ***********


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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