TCRLA_Public/170503.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

               Wednesday, May 3, 2017, Vol. 18, No. 87


                            Headlines



A R G E N T I N A

CAPEX SA: Commences Cash Tender Offer for 10% Notes Due 2018
CAPEX SA: Fitch Gives 'B+(EXP)/RR3 Rating' to New $250MM Bonds
CAPEX SA: S&P Rates Proposed 7-Yr. $250MM Sr. Unsec. Notes 'B'
YPF SA: To Seek Partner for Power-Generation Unit


B R A Z I L

HYPERMARCAS SA: 2017 First-Quarter Profit Falls 81%


C A Y M A N  I S L A N D S

ASHUMHOLD LIMITED: Shareholders' Final Meeting Set for June 8
BENAYAHOLD LIMITED: Shareholders' Final Meeting Set for June 8
FR ALFAJOR: Shareholders' Final Meeting Set for May 2
GOLDMAN SACHS MULTI-U: Shareholders' Final Meeting Set for May 4
KINGSFIELD PROPERTIES: Shareholders' Final Meeting Set for May 8

SAADIYAT BEACH: Shareholders' Final Meeting Set for May 2
SPRINGINVEST LTD: Members' Final Meeting Set for May 12
SULAMERICA EXPERTISE: Shareholders' Final Meeting Set for May 25
TRUE ARROW: Shareholder to Hear Wind-Up Report on May 3
TRUE ARROW MASTER: Shareholder to Hear Wind-Up Report on May 3


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Major Cash Transactions Could Soon be Extinct


M E X I C O

EMPRESAS ICA: Expected to Announce Zero Quarterly Sales


P U E R T O    R I C O

EDUARDO TREJO DERIVET: U.S. Trustee Directed to Appoint PCO
LA HABICHUELA: Hires Gabriel Moreno Santiago as Accountant
LEGAL CREDIT: Hires William Vidal Carvajal Law Office as Attorney
PANADERIA ZULMA: Wants Plan Filing Exclusivity Moved to July 6


                            - - - - -


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A R G E N T I N A
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CAPEX SA: Commences Cash Tender Offer for 10% Notes Due 2018
------------------------------------------------------------
Capex S.A. disclosed the commencement of its offer to purchase for
cash from each registered holder any and all of its outstanding
10.00% Notes due 2018 (the "Notes") it issued under the indenture
dated as of March 10, 2011 (the "Offer").

The Offer is being made by Capex SA, as Purchaser, pursuant to the
offer to purchase dated May 2, 2017 (the "Offer to Purchase") and
the related letter of transmittal (the "Letter of Transmittal")
and notice of guaranteed delivery (the "Notice of Guaranteed
Delivery" and, together with the Offer to Purchase and Letter of
Transmittal, the "Offer Documents"). The Purchaser intends to
finance the purchase of the Notes with the proceeds of a
concurrent issuance of new notes (the "New Notes").

The Offer will expire at 8:00 A.M., New York City time, on May 10,
2017, unless extended or earlier terminated (such date and time,
including as extended or earlier terminated, the "Expiration
Time"). Notes tendered may be validly withdrawn prior to the
Expiration Time, but not thereafter, except as described in the
Offer Documents or as required by applicable law.

Holders validly tendering and not withdrawing their Notes at or
before the Expiration Time will be entitled to receive US$1,004.17
per US$1,000 principal amount of the Notes (the "Total
Consideration"), on the Settlement Date. Subject to the terms and
conditions set forth in the Offer Documents, the Purchaser expects
to accept for purchase all of the validly tendered and not validly
withdrawn Notes on the same day of the Expiration Time (the date
of such acceptance, the "Acceptance Date"). With respect to Notes
accepted for purchase on the Acceptance Date, if any, the Holders
thereof will receive payment of the Total Consideration for such
accepted Notes on a date promptly following the Acceptance Date
(which date is expected to occur within three business days
following the Acceptance Date), with the date on which the
Purchaser pays the aggregate Total Consideration for such Notes,
together with an amount equal to Accrued Interest thereon, being
referred to as the "Settlement Date." The Settlement Date in
respect of Notes with respect to which a properly completed and
duly executed Notice of Guaranteed Delivery is delivered at or
prior to the Expiration Time (to the extent that such Notes are
not delivered prior to the Expiration Time) that are accepted by
the Purchaser for purchase in the Offer is expected to be the
third business day following the Acceptance Date (the "Guaranteed
Delivery Settlement Date"). In addition, Holders whose Notes are
purchased in the Offer will receive accrued and unpaid interest in
respect of their purchased Notes from the last interest payment
date to, but excluding, the Settlement Date ("Accrued Interest").
For the avoidance of doubt, accrued interest will cease to accrue
on the Settlement Date for all Notes accepted in the Offer,
including those tendered by the guaranteed delivery procedures set
forth in the Offer to Purchase.

The obligation of the Purchaser to accept for purchase, and to pay
for, Notes validly tendered pursuant to the Offer, or Notes with
respect to which a properly completed and duly executed Notice of
Guaranteed Delivery is delivered at or prior to the Expiration
Date, is subject to, and conditioned upon, the satisfaction or
waiver of certain conditions as set forth in the Offer Documents,
including the issue of the New Notes, in the sole discretion of
the Purchaser.

The Information and Tender Agent for the Offer is Global
Bondholder Services Corporation. To contact the Information and
Tender Agent, banks and brokers may call +1-212-430-3774, and
others may call U.S. toll-free: 866-470-4200.


CAPEX SA: Fitch Gives 'B+(EXP)/RR3 Rating' to New $250MM Bonds
--------------------------------------------------------------
Fitch Ratings has assigned an expected long-term rating of
'B+(EXP)/RR3' to the up to USD250 million senior unsecured bond
issuance due 2024 proposed by Capex S.A. (Capex). Fitch has also
affirmed Capex's Long-Term Foreign Currency (FC) Issuer Default
Rating (IDR) at 'B' and upgraded the company's Local Currency (LC)
IDR to 'BB-'. The Rating Outlook is Stable. Fitch has also
upgraded Capex's senior unsecured notes to 'B+/RR3' from 'B/RR4'.

The proposed bond will be denominated in U.S. dollars and carry a
fixed rate. The proceeds will be used to refinance approximately
USD225 million of outstanding debt and the remaining will be used
for general corporate purposes. The notes will rank at least pari-
passu in priority of payment with all other Capex senior unsecured
debt. The notes would be rated the same as all of Capex's senior
unsecured obligations.

The upgrade of the LC IDR reflects the company's protections
against sovereign turbulence. Capex is an integrated low marginal
cost thermoelectric generation company in Argentina, which
benefits from the recent regulatory changes in the Argentine
Energy sector. Fitch believes these recent regulations such as an
increase in the electricity tariffs for generators operating under
Energia Base and the extension of the stimulus plan for Natural
Gas until 2020 reflect an environment of less government
intervention. Coupled with the country's capital investment needs
in the sector, renewal of Capex's concession in Agua del Cajon and
conservative capital structure, this supports the company's LC
IDR.

Capex's FC rating is constrained by the Republic of Argentina's
'B' country ceiling, which limits the FC rating of most Argentine
corporates. Country ceilings are designed to reflect the risks
associated with sovereigns placing restrictions upon private
sector corporates that may prevent them from converting local
currency to any foreign currency under a stress scenario and/or
may not allow the transfer of foreign currency abroad to service
foreign currency debt obligations.

Capex's 'RR3' Recovery Rating reflects good recovery prospects in
the event of default given the company's solid balance sheet and
cash flow generation. Fitch believes that the company's default,
should it occur, would be most likely driven by transfer and
convertibility restrictions imposed upon the payment of foreign
debt, not a material deterioration of the company's business or
financial profile.

KEY RATING DRIVERS

Capex's ratings reflect the improving regulatory risks associated
with operating in the electricity sector in Argentina. During the
last three fiscal years Capex has seen slightly constructive
regulatory moves by the Argentine government in the Gas/Electric
sectors. Recent regulatory changes implemented in the electricity
sector in 2017 will improve the company's financial performance
and mitigate its exposure to FX risk as the electricity tariffs
will be denominated in U.S. dollars but will still remain below
the cost of generation.

IMPROVING REGULATORY ENVIRONMENT

Capex's ratings reflect regulatory risk given strong government
influence in both the Electric/Utilities and Energy sectors. Capex
operates in highly strategic sectors where the government both has
a role as the price/tariff regulator and also controls subsidies
for industry players. Electricity prices remain sub-optimal
compared with other countries in the region.

Fitch believes the recent resolutions implemented by the new
government reflect a trend of less government interference and
discretion in the power generation sector. Capex has benefited
from recent positive regulatory rulings in both the Oil & Gas and
Electricity sectors. In the Gas sector, the company will benefit
from the government stimulus plans to increase natural gas which
will remain until 2020. In the Electricity sector starting in
February 2017, the company will benefit from increased electricity
tariffs, which will be denominated in U.S. Dollars, eliminating
currency exposure. Fitch expects that EBITDA will increase to
approximately USD130 million for fiscal year-end April 2018, the
first full fiscal year of operations under the new resolutions.

ADVANTAGEOUS VERTICAL INTEGRATION

Capex is an integrated thermoelectric generation company whose
vertically integrated business model gives it an advantage over
other Argentine generation companies. Capex benefits from
operating efficiencies as an integrated thermoelectric generating
company in Argentina and the flexibility from having its own
natural gas reserves to supply the plant. This gives the company
an advantage against other players in the industry, especially
given existing gas restrictions in the country. Capex's generating
units are efficient, and the proximity to its natural gas reserves
in the Agua del Cajon field coupled with gas transportation
restrictions from Neuquen basin to the main consumption area in
Buenos Aires reduces the gas supply risk.

CAPEX INVESTMENT NEEDS

Fitch views positively the recent extension of the Agua del Cajon
concession until 2052 and considers the company will be able to
fund its capex investment plan with its own cash flow generation
without incurring in additional indebtedness. Fitch expects the
company's annual capex needs to range between USD45 - USD60
million with the vast majority related to E&P in order to maintain
reserves. The company's capex investment plan remains crucial as
part of the vertical integration strategy of the company.

As of January 2017, the company estimates proven and developed
reserves of 3,023 cubic meters per day (MMm3) of gas and 1,530
Mbbl (243 Mm3), a decrease of approximately 17% compared with the
previous year. Based on production trends, the company's reserve
life is below-optimal at approximately seven years. This could
create significant operational challenges in the medium to long
term and gives the company limited flexibility to reduce capex
investments in order to increase upstream reserves/production.
During 2016, natural gas production remained relatively flat at
1.5 (MMm3), and Fitch expects production to remain stable in the
projected period.

FINANCIAL PERFORMANCE IMPROVEMENT

Fitch expects the company's annual EBITDA generation to increase
to USD130-USD140 million during 2018-2020, with margins of
approximately 61% as a result of the improved tariffs. As of the
LTM ended January 2017, Capex reported EBITDA of USD113 million
and EBITDA margin of 61%, 22% higher than the previous fiscal
year-end April 2016, mainly attributable to a higher volume of
energy sales and higher electricity and natural gas prices as a
result of the recent resolutions. Gross leverage decreased to 2.1x
from 3.3x compared with the previous year. Fitch forecasts gross
leverage will continue declining and remain between 1.5x-2.0x
during the next 5 years. On a pro forma basis, the proposed
issuance of USD250 million, will result in incremental
indebtedness of approximately USD25, which would have a negligible
impact on the company's gross leverage and would be offset by the
expected increase in EBITDA.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Capex include:

-- Electricity prices denominated in USD of 17-18 per MWh in
    2017, 2018 and 2019 respectively, reflecting new tariff
    scheme;

-- Annual electricity production of approximately 3,800GWh-
    4,000GWh on average for 2018-2020;

-- Natural gas production remains stable;

-- Natural gas prices slightly increasing from current
    USD5.5/MMBTU and remaining stable for the next five years;

-- Additional payment for natural gas from non-conventional
    reservoirs under Resolucion 46/2017 of USD1.80 in 2018,
    USD1.30 in 2019 and USD0.80 in 2020;

-- Capex of USD60 million in 2017, decreasing to USD45 million by
    2020.

RATING SENSITIVITIES

Capex's ratings could be negatively affected by a combination of
the following:

-- Argentina's credit quality deterioration;

-- Sustained declines in energy, gas and oil production could
    cause a significant deterioration of credit metrics; and

-- Gas reserves or failure to further develop new fields, which
    could threaten the integrated business model in the long-term
    would be another potential negative factor.

An upgrade to the ratings of Argentina could result in a positive
rating action.

LIQUIDITY

Capex liquidity position is considered robust for the rating
level. As of January 2017, the company reported cash and
equivalents totalling USD 91 million versus short-term debt USD 9
million, covering its short term debt in more than 10.0x. The
proceeds from the issuance of the bond will be used to refinance
most of the company's financial debt, further improving liquidity
and extending the company's maturity profile.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions:

-- LT FC IDR affirmed at 'B';
-- LT LC IDR upgraded to 'BB-' from 'B+';
-- International senior unsecured bond ratings upgraded to
    'B+/RR3' from 'B/RR4'.

The Rating Outlook for the IDRs is Stable.


CAPEX SA: S&P Rates Proposed 7-Yr. $250MM Sr. Unsec. Notes 'B'
--------------------------------------------------------------
S&P Global Ratings raised its foreign- and local-currency ratings
on CAPEX S.A. to 'B' from 'B-'.  At the same time, S&P assigned
its 'B' rating to the company's proposed seven-year senior
unsecured notes for up to $250 million.  The outlook is now
stable.

CAPEX plans to issue seven-year senior unsecured bullet notes for
up to $250 million.  The company will use the proceeds to
repurchase the existing notes for $200 million that mature in
March 2018, as well as to finance capital investments.  After the
proposed transaction, CAPEX's capital structure and liquidity will
improve.  In addition, we expect the company's credit metrics to
strengthen mainly due to the recent gas tariff increases.

The upgrade follows CAPEX's announcement of a seven-year senior
unsecured notes for up to $250 million that the company will use
to refinance existing short-term maturities.  If CAPEX
successfully issues its notes, its capital structure and liquidity
will improve as a result of a debt maturity profile extended to
the long term.  In addition, S&P expects some improvement in
CAPEX's credit metrics as a result of the recent tariff increases
in gas prices that will also translate into a more predictable and
transparent regulatory framework for the company.  This is despite
S&P's view of decreasing domestic oil prices that, in its view,
will converge to international ones in 2018.

CAPEX's business risk profile continues to incorporate the
vulnerable, although improving, business conditions in the
country.  Despite the improvement in macroeconomics variables
including the tariff integral review in the energy sector to
better align tariffs with market prices -- in order to reduce
subsidies and attract foreign investment -- S&P still would a
certain track record in collecting tariffs under the new framework
in order to consider an improvement in the company's risk profile.

S&P still assesses CAPEX's liquidity as less than adequate because
the company currently faces a tight debt maturity schedule with
the bulk of its debt coming due in March 2018.  After the
successful issuance of the proposed notes and payment of existing
notes, the liquidity descriptor will improve to adequate.  The
company's current and proposed notes are not subject to
acceleration covenants.


YPF SA: To Seek Partner for Power-Generation Unit
-------------------------------------------------
Pablo Rosendo Gonzalez at Bloomberg News, citing two people with
direct knowledge on the matter, reports that YPF SA is looking for
a partner in its electricity-generation unit and plans to appoint
a financial adviser for the process.

The company is seeking between $500 million and $1 billion in new
capital for YPF Energia Electrica SA and wants to retain
operational control, one of the people said, according to
Bloomberg News.  The state-controlled company wants to expand its
electricity-supply business in Argentina, Latin America's third-
largest market, the second person said, Bloomberg News notes.  The
people asked not to be identified because the plans are private,
Bloomberg News relays.

A representative for Buenos Aires-based YPF declined to comment on
the plan, Bloomberg News relays.

The expansion plan follows President Mauricio Macri's decision to
end 14 years of subsidized electricity consumption under his
predecessors during which frozen tariffs and soaring inflation
saddled Argentine electricity companies with losses, Bloomberg
News discloses.  Since taking office in December 2015, Macri has
authorized power rate increases of at least 400 percent, making
clear customers will have to pay the market price for energy,
Bloomberg News relays.

Argentina's production of 37 gigawatts lags behind Brazil's 129
gigawatts and Mexico with 63 gigawatts, Bloomberg News notes.  YPF
contributes about 4 percent of the input to Argentina's power grid
and aims to increase it to 6 percent by 2018 as the company
finishes building one of two plants in the Neuquen province,
another facility in the Tucuman province and a wind park in the
Chubut province, Bloomberg News says.

YPF is already collaborating with other companies on those
projects, Bloomberg News notes.  That includes General Electric
Co., which is installing a 9F turbine in Tucuman and a gas turbine
in Neuquen, according to Scott Strazik, a vice president for GE
Power, Bloomberg News relays.  The projects will add 575 megawatts
to YPF's current production of 1,181 megawatts and they are fully
financed, Bloomberg News notes.

"GE is bringing to YPF's power generation plants a highly reliable
and efficient way to improve the country's infrastructure with
innovative solutions of gas turbines that significantly reduce the
emissions of gases to the environment," he said via email,
Bloomberg News relays.

YPF is a vertically integrated company, engaged in the production,
exploration, refining and marketing of gas and petroleum products,
the report adds, Bloomberg News discloses.  The company currently
carries a Zacks Rank #3 (Hold).

As reported in the Troubled Company Reporter-Latin America on
Jan. 20, 2017, Fitch Ratings affirmed the Foreign and Local
Currency (LC/FC) Issuer Default Ratings of YPF S.A. at 'B'.  The
Rating Outlook is Stable. Also, Fitch has affirmed the company's
long-term international senior unsecured bonds at 'B/RR4'.



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B R A Z I L
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HYPERMARCAS SA: 2017 First-Quarter Profit Falls 81%
---------------------------------------------------
Aluisio Alves at Reuters reports that Brazilian drugmaker
Hypermarcas SA reported a net profit of BRL183.5 million (US$57.8
million), 81 percent below its earnings a year earlier when
proceedings from some divestitures had boosted profits.

Hypermarcas said earnings before interest, tax, depreciation and
amortization reached BRL349 million, growing 12.6 percent over the
first quarter of last year.

Reuters reported that two families holding a combined 34 percent
in Hypermarcas were considering options for their holdings,
including a sale. Hypermarcas denied being in talks for a merger.

As reported in the Troubled Company Reporter-Latin America on May
1, 2017, Fitch Ratings affirmed the Long-Term Foreign Currency
(FC) Issuer Default Rating (IDR) of Hypermarcas S.A. at 'BB+'. The
Rating Outlook remains Negative. Fitch also upgraded the company's
Long-Term Local Currency (LC) IDR to 'BBB-' from 'BB+' and its
National Scale Long-Term rating to 'AAA(bra)' from 'AA+(bra)'.
Both Rating Outlooks were revised to Stable from Positive. At the
same time, Fitch has withdrawn all Hypermarcas' ratings.



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C A Y M A N  I S L A N D S
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ASHUMHOLD LIMITED: Shareholders' Final Meeting Set for June 8
-------------------------------------------------------------
The shareholders of Ashumhold Limited will hold their final
meeting on June 8, 2017, at 9:15 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Neil Montgomery
          c/o Genesis Trust & Corporate Services Ltd.
          Elgin Court, 2nd Floor
          Elgin Avenue, George Town
          Grand Cayman
          Cayman Islands KY1-1106
          Telephone: (345) 945 3466
          Facsimile: (345) 945 3470


BENAYAHOLD LIMITED: Shareholders' Final Meeting Set for June 8
--------------------------------------------------------------
The shareholders of Benayahold Limited will hold their final
meeting on June 8, 2017, at 8:15 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Neil Montgomery
          c/o Genesis Trust & Corporate Services Ltd.
          Elgin Court, 2nd Floor
          Elgin Avenue, George Town
          Grand Cayman
          Cayman Islands KY1-1106
          Telephone: (345) 945 3466
          Facsimile: (345) 945 3470


FR ALFAJOR: Shareholders' Final Meeting Set for May 2
-----------------------------------------------------
The shareholders of FR Alfajor (Cayman) Holdings Limited will hold
their final meeting on May 2, 2017, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Daren Schneider
          c/o Matt Bernardo
          Telephone: +1 (345) 914 4268


GOLDMAN SACHS MULTI-U: Shareholders' Final Meeting Set for May 4
----------------------------------------------------------------
The shareholders of Goldman Sachs Multi-U Portfolio Ltd. will hold
their final meeting on May 4, 2017, at 10:00 a.m., to receive 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


KINGSFIELD PROPERTIES: Shareholders' Final Meeting Set for May 8
----------------------------------------------------------------
The shareholders of Kingsfield Properties International Limited
will hold their final meeting on May 8, 2017, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SAADIYAT BEACH: Shareholders' Final Meeting Set for May 2
---------------------------------------------------------
The shareholders of Saadiyat Beach Management Limited will hold
their final meeting on May 2, 2017, at 10:00 a.m., to receive 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


SPRINGINVEST LTD: Members' Final Meeting Set for May 12
-------------------------------------------------------
The members of Springinvest Ltd. will hold their final meeting on
May 12, 2017, at 10:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

          Desmond Campbell
          Stuart Brankin
          Circumference FS (Cayman) Ltd.
          P.O. Box 32322 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 814 0711


SULAMERICA EXPERTISE: Shareholders' Final Meeting Set for May 25
----------------------------------------------------------------
The shareholders of Sulamerica Expertise Equities Long Only Fund
Ltd. will hold their final meeting on May 25, 2017, at 4:00 p.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TRUE ARROW: Shareholder to Hear Wind-Up Report on May 3
-------------------------------------------------------
The sole shareholder of True Arrow China Investments, Ltd. will
hear on May 3, 2017, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          True Arrow Capital Management, LLC
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


TRUE ARROW MASTER: Shareholder to Hear Wind-Up Report on May 3
--------------------------------------------------------------
The sole shareholder of True Arrow China Investments Master Fund,
Ltd. will hear on May 3, 2017, at 11:10 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          True Arrow Capital Management, LLC
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Major Cash Transactions Could Soon be Extinct
-----------------------------------------------------------------
Dominican Today reports that cash transactions in the Dominican
Republic to buy or sell homes, apartments, farms, cars and
precious jewels could soon be extinct, at least in transactions of
five figures or higher.

A bill in the Senate from the Executive Branch proposes to ban
purchases of real estate, vehicles and jewelry in sums equal to or
higher than RD$1.0 million, RD$500,000 and RD$450,000
respectively, according to Dominican Today.

The proposed legislation to created the Money Laundering and
Terrorism Financing Law under study by several Senate commissions
also sets rigid restrictions on operations and transactions in
casinos, lotteries and other forms of gambling, the report notes.

An article of the bill bans "any person, whether physical or
corporate, to liquidate or pay, as well as to accept liquidation
or payment of acts or transactions through the use of cash, coins
and banknotes, in national currency or any other, as well as with
precious metals," the report relays.

                 Travelers Must Fill Customs Form

Article 65 obliges the cross-border declaration of money, "any
natural person, national or foreign who enters or leaves the
national territory, by air, sea or land, is obliged to submit, on
the form provided for that purpose by the General Directorate of
Customs, a declaration in which they notify if they carry or does
not carry cash, electronic purses, securities or bearer negotiable
instruments, equal to or greater than 10,000 US dollars or its
equivalent in national or foreign currency," the report notes.

As reported in the Troubled Company Reporter-Latin America on
May 1, 2017, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term sovereign credit ratings on the Dominican Republic.
The outlook remains stable.  The transfer and convertibility (T&C)
assessment is unchanged at 'BB+'.



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M E X I C O
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EMPRESAS ICA: Expected to Announce Zero Quarterly Sales
-------------------------------------------------------
Renee Jackson of The Cerbat Gem, citing a Zacks Investment
Research report, relays that brokerages expect Empresas ICA SAB de
CV to report $0.00 in sales for the current quarter.  Zero
analysts have made estimates for Empresas ICA SAB de CV's
earnings, according to The Cerbat Gem.  The business is scheduled
to issue its next quarterly earnings report on Thursday, May 25,
the report notes.

On average, analysts expect that Empresas ICA SAB de CV will
report full year sales of $0.00 for the current fiscal year,
according to The Cerbat Gem.  For the next financial year,
analysts anticipate that the business will post sales of $0.00 per
share, the news source relays. Zacks Investment Research's sales
averages are a mean average based on a survey of sell-side
analysts that follow Empresas ICA SAB de CV, the report adds.

As reported in the Troubled Company Reporter-Latin America on Feb.
13, 2017, S&P Global Ratings said that it affirmed its 'D' global
scale and national scale corporate credit and senior unsecured
debt ratings on Empresas ICA S.A.B. de C.V. (ICA).  At the same
time, S&P's '5' recovery rating on the company's senior unsecured
debt, indicating a modest recovery prospects (lower band of the
10%-30% range), remains unchanged.



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P U E R T O    R I C O
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EDUARDO TREJO DERIVET: U.S. Trustee Directed to Appoint PCO
-----------------------------------------------------------
Judge Edward A. Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico entered an Order directing the U.S.
Trustee to appoint a Patient Care Ombudsman for Eduardo Trejo
Derivet aka Eduardo Trejo, dba Trejo Family Clinic.

Judge Godoy noted that the appointment of an Ombudsman will
proceed, unless the U.S. Trustee and/or the debtor-in-possession
inform the court in writing, within 21 days from the Order dated
April 25, 2017, why the appointment of an ombudsman is not
necessary for the protection of the patients.

Eduardo Trejo Derivet, MD, filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 17-02782) on April 21, 2017, and is represented by
Gilbert Joseph Lopez Delgado, Esq.


LA HABICHUELA: Hires Gabriel Moreno Santiago as Accountant
----------------------------------------------------------
La Habichuela, Inc. seeks approval from the US Bankruptcy Court
for the District of Puerto Rico to employ Gabriel Moreno Santiago
as the Debtor's bankruptcy accountant.

Professional services Mr. Santiago is to provide are:

         a. liquidation analysis;
         b. analysis of claims; and
         c. preparation of Projected Balance Sheets, Statement of
            Income and Cash Flows.

The terms of the employment and the compensation agreed to by the
Debtor, subject to the approval of the Court, will be based on an
hourly rate of $125, plus out-of-pocket expenses, with no initial
retainer.

Mr. Gabriel Moreno Santiago assures the Court that he and his firm
are disinterested persons pursuant to 11 U.S.C. Sec 101 (14).

The Firm can be reached though:

         Gabriel Moreno Santiago, CPA
         R-7 Colonial, Park Garden,
         San Juan, Puerto Rico 00927
         Tel. (787) 283-8937
         Fax: (787)296-9475
         Mobile: (787) 638-0243
         E-mail: gmoreno@mscopr.com

                     About La Habichuela, Inc

La Habichuela, Inc, based in Carolina, Puerto Rico, filed a
Chapter 11 petition (Bankr. D.P.R. Case No. 15-09171) on November
19, 2015.  Francisco R. Moya Huff, Esq. serves as bankruptcy
counsel.  In its petition, the Debtor estimated $164,372 in assets
and $1.23 million in liabilities. The petition was signed by
Francisco Cabello Dominguez, secretary.


LEGAL CREDIT: Hires William Vidal Carvajal Law Office as Attorney
-----------------------------------------------------------------
Legal Credit Solutions, Inc., seeks authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ William
Vidal Carvajal Law Office as attorney for the Debtor.

The Debtor requires Vidal to assist the Debtor in the matters of
the above case.

Vidal will be paid at these hourly rates:

     William Vidal Carvajal          $300
     Associates                      $175
     Paralegals                      $50

The Debtor paid Vidal $12,500 as retainer.

William Vidal Carvajal, Esq., principal of William Vidal Carvajal
Law Office, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not represent any interest adverse to the
Debtor and its estates.

Vidal may be reached at:

     William Vidal Carvajal, Esq.
     William Vidal Carvajal Law Office
     MCS Plaza, Suite 801
     Ponce de Leon, Avenue
     San Juan, PR 00918
     Tel: 787-764-6867
     Mobile: 787-399-5415
     Fax: 787-764-6496
     E-mail: william.m.vidal@gmail.com

              About Legal Credit Solutions

Headquartered in Guaynabo, Puerto Rico, Legal Credit Solutions,
Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. P.R.
Case No. 16-03685) on May 6, 2016, estimating its assets at up to
$50,000 and its liabilities at between $1 million and $10 million.

The petition was signed by Mrs. Yahairie Tapia, president.

Judge Brian K. Tester presides over the case.

Paul James Hammer, Esq., at Estrella, LLC, serves as the Debtor's
bankruptcy counsel.


PANADERIA ZULMA: Wants Plan Filing Exclusivity Moved to July 6
--------------------------------------------------------------
Panaderia Zulma Inc. asks the U.S. Bankruptcy Court for the
District of Puerto Rico to grant an extension of its exclusivity
period, until July 6, 2017, to submit a bankruptcy plan; and a
corresponding extension of 60 days of its deadline to procure
votes under that plan after the order granting approval of the
Disclosure Statement is entered.

The Debtor's exclusivity period to file its Disclosure Statement
and Plan of Reorganization expired on April 27, 2017.

The Debtor has moved forward in its reorganization process and is
in compliance with all of its duties under the Bankruptcy Code and
the Guidelines of the United States Trustee.  The Debtor attended
the Meeting of Creditors, which was held and closed and appeared
at the status.  However, Debtor is still in the process of
conducting negotiations with key creditors that are necessary in
order to propose the Plan.  The Debtor says that it is
indispensable for the Debtor to be able to reconcile all claims in
order to propose a complete, viable and effective Plan that
account for all claims.

Due to the need of reconciling all timely filed claims and
concluding negotiations with creditors, the Debtor is not in a
position, at this juncture, to file its Disclosure Statement and
Plan of Reorganization.

                     About Panaderia Zulma

Panaderia Zulma Inc., filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 16-07217) on September 11, 2016,
disclosing under $1 million in both assets and liabilities.
The Debtor is represented by Myrna L. Ruiz-Olmo, Esq. of
MRO Attorneys.  Hector A. Morales of Morales Munoz &
Asociados CPA, PSC has been tapped as accountant.


                            ***********


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 Joseph Cardillo at
856-381-8268.


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