TCRLA_Public/170427.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Thursday, April 27, 2017, Vol. 18, No. 83


                            Headlines



A R G E N T I N A

ARGENTINA: Economy Contracted 2.2% on Year in February
METROGAS SA: S&P Raises CCR to 'CCC+' on Likely Higher Cash Flow


B A H A M A S

ULTRAPETROL (BAHAMAS): Seeks to Suspend SEC Reporting Obligations


C A Y M A N  I S L A N D S

CHEROKEE LIMITED: Commences Liquidation Proceedings
FAHOLD LIMITED: Commences Liquidation Proceedings
GINKGO GLOBAL: Creditors' Proofs of Debt Due May 10
GINKGO INTERNATIONAL: Creditors' Proofs of Debt Due May 10
GOLD RAIN: Commences Liquidation Proceedings

GREAT OAK: Commences Liquidation Proceedings
MACAPI INVESTMENTS: Creditors' Proofs of Debt Due May 10
MOON MELLON: Commences Liquidation Proceedings
RADIN GLOBAL: Commences Liquidation Proceedings
SUNNY INTERNATIONAL: Creditors' Proofs of Debt Due May 10


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: 20% Wage Hike is Excessive, AIRD Exec Says


T R I N I D A D  &  T O B A G O

CARONI GREEN: In Financial Trouble, Cuts 77 Jobs
PETROTRIN: S&P Affirms 'BB' CCR; Outlook Remains Stable
TRINIDAD & TOBAGO: Forex Shortage Forcing Prices Higher


                            - - - - -



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A R G E N T I N A
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ARGENTINA: Economy Contracted 2.2% on Year in February
------------------------------------------------------
Taos Turner at The Wall Street Journal reports that Argentina's
economy contracted 2.2% on the year in February, indicating that
the country's widely expected fiscal recovery may end up being
slower than anticipated this year.

The economy also shrank 1.9% from the previous month, the national
statistics agency reported, according to WSJ. The data come after
Argentina's economy grew 1.4% on the year in January, the report
notes.

"The recovery is coming along slower than anticipated," said
Fausto Spotorno, chief economist at Orlando J. Ferreres &
Asociados, an economic research firm, the report relays.

OJF recently lowered its growth forecast for 2017 to 3% from 3.5%,
citing weaker-than-expected industrial output. But Mr. Spotorno
said the economy returned to growth in March and that February's
data doesn't indicate that the economy is heading back into
recession, the report notes.

By OJF's estimate, economic output rose 1.2% on the year in March.
The government will publish its official estimate of March growth
a month from now, the report discloses.

WSJ says that the one reason economic activity suffered in
February was because consumer spending declined sharply, hit by a
government decision to change the way banks and retailers allowed
consumers to finance purchases in multiple installments, Mr.
Spotorno said.  Such payment programs, which allowed customers to
defer payments for many months or even years, had become hugely
popular over the past decade and were key to rising consumption
levels in recent years, the report notes.

In March, the economy began benefiting measurably from increased
investment in three sectors: agriculture, energy and construction.
Government investment in roads, bridges, airports and highways is
ramping up quickly, boosting economic activity across the country,
the report discloses.

In another sign that activity may be picking up, Torcuato Di Tella
University reported that consumer confidence surged 12.8% from a
month ago, the report notes.

Notably, confidence is up the most among lower-income Argentines,
some of whom have been the hardest hit by double-digit inflation
and rising utility rates, the report relays.  Argentines also
reported feeling more confident about their personal economic
situation and that of the country, according to the university,
the report notes.  Additionally, more people also said they plan
to buy durable goods in the months ahead, an indicator that retail
sales could rise, the report relays.

"February was a bad month but we knew it would be bad. Things
rebounded in March and that's what people should be looking at
now," Mr. Spotorno said, the report adds.

As reported in the Troubled Company Reporter-Latin America on
March 8, 2017, Moody's Investors Service has changed the outlook
on the Government of Argentina's rating to positive from stable
and affirmed the issuer rating at B3, senior unsecured ratings at
B3 and Ca, senior unsecured shelf and MTN program at (P)B3 and
(P)Ca, short term ratings at NP and global MTN program at (P)NP.

TCRLA reported 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.

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.


METROGAS SA: S&P Raises CCR to 'CCC+' on Likely Higher Cash Flow
----------------------------------------------------------------
S&P Global Ratings raised its corporate credit and issue-level
ratings on Metrogas S.A. to 'CCC+' from 'CCC'.  The outlook is
positive.

The rating action follows the new legal ground for companies in
Argentina's gas sector, which sets a mechanism for predictable
tariffs, a budget for operating expenses, and capital expenditure
(capex) needs for the next five years.  For the upcoming 18
months, S&P believes these measures will stabilize Metrogas' cash-
flow generation without transitory economic assistance from the
government.  Nevertheless, S&P's perception of risk remains high,
considering the lack of predictability and consistency in the
regulatory framework in the past few years that undermined
Metrogas' capital structure and finances.

Given that the distribution margin increase is already approved--
30% in April 2017, 40% in December 2017, and 30% in April 2018--
S&P believes that Metrogas would post an EBITDA generation of
around 4 billion Argentine pesos (ARS) per year in the next two to
three years.  However, in 2017, Metrogas might face capex close to
ARS750 million and significant working capital outflows of
approximately ARS4.5 billion because the company will only start
to collect part of the revenues under the new rate scheme
beginning in 2018.  As a result, 2017 would be a transition year
in which Metrogas' capital structure would remain highly leveraged
and likely unsustainable at least for the next 12 months because
the company will need to recover from an operating slump of the
past few years.  While S&P expects operating cash flow to be
positive in 2018, it still has uncertainties given that the ITR
implementation is still in process.

The positive outlook reflects S&P's view of a more favorable
regulatory scenario for Metrogas for the next 12 months, which
will bolster its liquidity and capital structure, if the
mechanisms for rate-setting proceed as defined in the ITR.

A one-notch upgrade in the next 12 months would most likely be
subject to S&P's assessment of the full ITR implementation on time
and in line its expectations, so that Metrogas's liquidity sources
at least equal uses.

In the next 12 months, S&P could revise the outlook to stable or
lower the ratings if it sees delays in the implementation of the
regulatory framework's revision for Metrogas or if, even when the
ITR is implemented, EBITDA generation does not improve as
expected, which can occur, for instance, if higher operating costs
are not covered by higher tariffs.



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B A H A M A S
=============


ULTRAPETROL (BAHAMAS): Seeks to Suspend SEC Reporting Obligations
-----------------------------------------------------------------
Ultrapetrol (Bahamas) Limited disclosed that it intends to file a
Form 15 with the U.S. Securities and Exchange Commission (the
"SEC") to suspend its reporting obligations under the Securities
Exchange Act of 1934, as amended. The Company is eligible to
suspend its reporting obligations under the Exchange Act because
each class of its securities is held of record by fewer than 300
persons. The Company intends to file the Form 15 on April 11,
2017.

Upon the filing of the Form 15, the Company's obligation to file
periodic reports, such as Annual Reports on Form 20-F and Current
Reports on Form 6-K, will be suspended immediately.

As previously disclosed, the Company successfully completed its
court-approved financial restructuring and has emerged from its
pre-packaged chapter 11 bankruptcy cases.  The conditions to the
effectiveness of the Company's Plan of Reorganization were
satisfied or otherwise waived in accordance with the terms of the
Plan on March 31, 2017.

                          About Ultrapetrol

Ultrapetrol -- http://www.ultrapetrol.net/-- is an industrial
transportation company serving the marine transportation needs of
its clients in the markets on which it focuses.  It serves the
shipping markets for containers, grain and soy bean products,
forest products, minerals, crude oil, petroleum, and refined
petroleum products, as well as the offshore oil platform supply
market with its extensive and diverse fleet of vessels.  These
include river barges and pushboats, platform supply vessels,
tankers and two container feeder vessels.  The Company employs
approximately 813 personnel located principally in Argentina (462)
and Paraguay (351).

As reported in the Troubled Company Reporter-Latin America on
April 6, 2017, Ultrapetrol (Bahamas) Limited, a Bahamas
corporation, on April 4, 2017, disclosed that it has successfully
completed its court-approved financial restructuring and has
emerged from its pre-packaged chapter 11 bankruptcy cases.  All of
the conditions to effectiveness under its Plan of Reorganization,
which was confirmed by the US Bankruptcy Court for the Southern
District of New York on March 17, 2017, have been satisfied or
otherwise waived in accordance with the terms of the Plan.

Ultrapetrol (Bahamas) Limited and 30 affiliated subsidiaries each
filed a voluntary petition under Chapter 11 of the Bankruptcy Code
(Bankr. S.D.N.Y. Lead Case No. 17-22168) Feb. 6, 2017, in order to
implement an agreement reached with their lenders and bondholders
on the terms of a comprehensive debt restructuring.  The Chapter
11 cases are pending before the Hon. Robert D. Drain.

Contemporaneously with the petitions, the Debtors filed with the
court their Second Amended Joint Prepackaged Plan of
Reorganization dated Feb. 6, 2017.  The Company and its
subsidiaries negotiated and received affirmative votes from all
voting lenders and from 99.9% of the Company's note claims voting
to accept the Prepackaged Plan.

The Debtors have hired Zirinsky Law Partners PLLC as lead
attorneys, Hughes Hubbard & Reed LLP as legal counsel, Seward &
Kissel LLP as special corporate counsel, Miller Buckfire & Co. LLC
as financial advisor, Pistrelli, Henry Martin Y Asociados S.R.L.
as independent auditor, Ernst & Young Paraguay as the Debtors'
Paraguayan subsidiaries' independent auditor, AlixPartners
International, LLC as financial advisor and Prime Clerk LLC as
claims, noticing and solicitation agent.



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


CHEROKEE LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
The shareholders of Cherokee Limited, on March 23, 2017, passed a
resolution to liquidate the company's business.

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

The company's liquidator is:

          Neil Montgomery
          c/o Genesis Trust & Corporate Services Ltd.
          Elgin Court, Elgin Avenue, George Town
          P.O. Box 448 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 815 8512
          Facsimile: (345) 945 3470


FAHOLD LIMITED: Commences Liquidation Proceedings
-------------------------------------------------
The shareholders of Fahold Limited, on March 23, 2017, passed a
resolution to liquidate the company's business.

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

The company's liquidator is:

          Neil Montgomery
          c/o Genesis Trust & Corporate Services Ltd.
          Elgin Court, Elgin Avenue, George Town
          P.O. Box 448 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 815 8512
          Facsimile: (345) 945 3470


GINKGO GLOBAL: Creditors' Proofs of Debt Due May 10
---------------------------------------------------
The creditors of Ginkgo Global Master Fund are required to file
their proofs of debt by May 10, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 28, 2017.

The company's liquidator is:

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


GINKGO INTERNATIONAL: Creditors' Proofs of Debt Due May 10
----------------------------------------------------------
The creditors of Ginkgo International Feeder Fund are required to
file their proofs of debt by May 10, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 28, 2017.

The company's liquidator is:

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


GOLD RAIN: Commences Liquidation Proceedings
--------------------------------------------
The shareholders of Gold Rain Limited, on March 23, 2017, passed a
resolution to liquidate the company's business.

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

The company's liquidator is:

          Neil Montgomery
          c/o Genesis Trust & Corporate Services Ltd.
          Elgin Court, Elgin Avenue, George Town
          P.O. Box 448 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 815 8512
          Facsimile: (345) 945 3470


GREAT OAK: Commences Liquidation Proceedings
--------------------------------------------
The shareholders of Great Oak Ltd., on March 23, 2017, passed a
resolution to liquidate the company's business.

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

The company's liquidator is:

          Neil Montgomery
          c/o Genesis Trust & Corporate Services Ltd.
          Elgin Court, Elgin Avenue, George Town
          P.O. Box 448 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 815 8512
          Facsimile: (345) 945 3470


MACAPI INVESTMENTS: Creditors' Proofs of Debt Due May 10
--------------------------------------------------------
The creditors of Macapi Investments are required to file their
proofs of debt by May 10, 2017, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 28, 2017.

The company's liquidator is:

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


MOON MELLON: Commences Liquidation Proceedings
----------------------------------------------
The shareholders of Moon Mellon Limited, on March 23, 2017, passed
a resolution to liquidate the company's business.

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

The company's liquidator is:

          Neil Montgomery
          c/o Genesis Trust & Corporate Services Ltd.
          Elgin Court, Elgin Avenue, George Town
          P.O. Box 448 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 815 8512
          Facsimile: (345) 945 3470


RADIN GLOBAL: Commences Liquidation Proceedings
-----------------------------------------------
The sole shareholder of Radin Global Opportunities General Partner
Ltd., on March 24, 2017, passed a resolution to liquidate the
company's business.

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

The company's liquidator is:

          Tian Peralto
          Harneys Liquidation Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands
          Telephone: (345) 949 - 8599


SUNNY INTERNATIONAL: Creditors' Proofs of Debt Due May 10
---------------------------------------------------------
The creditors of Sunny International Investment Company are
required to file their proofs of debt by May 10, 2017, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 28, 2017.

The company's liquidator is:

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



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


DOMINICAN REPUBLIC: 20% Wage Hike is Excessive, AIRD Exec Says
--------------------------------------------------------------
Dominican Today reports that Dominican Republic Industries
Association (AIRD) Executive Vice President Circe Almanzar called
the 20% salary hike on the minimum wage ordered by the National
Wage Committee, excessive, and will lead to layoffs.

Ms. Almanzar noted however that in an April 25 meeting that the
Committee's three sectors stated more flexible positions,
regarding the reclassification of businesses that could lead to
break the current deadlock, according to Dominican Today.

Ms. Almanzar said the AIRD has been demanding an industrial
reclassification since 2004, to establish a salary according to a
company's sales volume and number of workers, the report notes.

Interviewed on El Dia, Telesistema, Ms. Almanzar said the minimum
wage should be established according to the inflation level, which
is around 4.5%, the report relays.  She said that the increase
should be 60 percent above the inflation level, the report notes.

The business leader stressed that the AIRD's position isn't
exclusively related to large companies, which she affirms have
minimum wage of around RD$22,000 per month, and instead the small
and medium businesses, where a wage increase has a stronger
impact, due to the other "labor costs" they have to face, the
report discloses.

Ms. Almanzar added that enforcing the business reclassification
law would avert the distortions, which she affirms jeopardize the
SMEs, the report adds.

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

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

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

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

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

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



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


CARONI GREEN: In Financial Trouble, Cuts 77 Jobs
------------------------------------------------
Trinidad Express reports that the termination of 77 employees of
Caroni Green Ltd signaled the end of another agricultural
enterprise into which the Trinidad & Tobago Government ploughed
substantial cash and other resources, and which, if the incumbent
administration is to be believed, was a colossal financial
failure.

The project, then named Caroni Green Initiative, was launched in
June 2013 with ambitious goals: to cultivate 5,800 acres of mostly
unutilized two-acre plots leased to severed sugar workers with
vegetables, root and other crops, according to Trinidad Express.
Its broader aim was to reduce the country's food import bill,
estimated at close to US$1 billion a year, and to decrease food
inflation, the report notes.

Government is believed to have injected $22 million into CGL,
which is listed as a State enterprise, the report relays.

In what was clearly a top-heavy operation that never got past
cultivating a few hundred acres of land at two locations (Mon
Jaloux and Union), an audit conducted one year into the program
found serious accountability issues, improper records, spoilage of
produce, abandonment of fields (by farmers), inadequate storage
facilities and other costly deficiencies, Trinidad Express relays.


PETROTRIN: S&P Affirms 'BB' CCR; Outlook Remains Stable
-------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term corporate credit
and senior unsecured debt ratings on Petroleum Co. of Trinidad &
Tobago Ltd (Petrotrin).  The outlook on the corporate credit
rating remains stable.

The ratings on Petrotrin continue to reflect S&P's opinion that
there's a very high likelihood that its owner, the Republic of
Trinidad and Tobago (T&T; BBB+/Stable/A-2) would provide timely
and sufficient extraordinary support to the company in the event
of financial distress.

S&P's assessment of a very high likelihood of extraordinary
government support is based on S&P's view of Petrotrin's very
important role as the country's sole producer of refined oil and
gas and as a key supplier to Trinidad and Tobago National
Petroleum Marketing Co. Ltd., the country's major retail gas
station network.  The company also has a very strong link with the
government, particularly regarding debt authorization, budget
approval, and tax payments.  The government owns 100% of Petrotrin
and is actively involved in the day-to-day operations and key
decisions.  In addition, the government has a long track record of
providing support to the company, for instance, through the
granting of guarantees for several loans totaling $230 million
from financial institutions.

The 'b-' SACP assessment incorporates the inherent volatility and
cyclicality in international refining margins and Petrotrin's
small scale and operation of one refinery that has a total
capacity of 168,000 barrels per day.  In addition, the company's
leverage is very high, as seen in a projected debt to EBITDA of
more than 8x.  These factors are offset by Petrotrin's dominant
position as T&T's only oil refiner and its enhanced financial
flexibility and market access due to its government ownership.


TRINIDAD & TOBAGO: Forex Shortage Forcing Prices Higher
-------------------------------------------------------
Sandhya Santoo at Trinidad Express reports that prices of
supermarket goods in Trinidad & Tobago have been slowly but
steadily increasing.

President of the Supermarkets Association of Trinidad and Tobago
Dr. Yunus Ibrahim however said it is not unusual for one company
to raise prices as the cost of retail items has been going up for
the last two years, according to Trinidad Express.

Dr. Ibrahim added that the shortage of foreign exchange has placed
a burden on many suppliers and they are faced with spending more
for the same product, Trinidad Express notes.

Dr. Ibrahim said the shortage meant that a company would have to
purchase other currencies, either euro or pounds, then find a
market to have those currencies traded for US dollars in order to
fill their needs, the report adds.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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