TCRLA_Public/170509.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, May 9, 2017, Vol. 18, No. 90


                            Headlines



A R G E N T I N A

YPF SA: S&P Assigns 'B' Corp. Credit Rating, Outlook Stable


B R A Z I L

GAFISA SA: Moody's Lowers Global Scale CFR to B3, Outlook Negative
LIGHT SA: Moody's Confirms B1 Global Scale Ratings


C A Y M A N  I S L A N D S

DESPINA INVESTMENTS: Creditors' Proofs of Debt Due May 22
EKRON INTERNATIONAL: Placed Under Voluntary Wind-Up
KVADRAT SPC: Commences Liquidation Proceedings
MARLIN FUND: Creditors' Proofs of Debt Due May 24
MOJAVE INVESTMENTS: Creditors' Proofs of Debt Due May 24

PERRELET INVESTMENTS: Creditors' Proofs of Debt Due May 15
RAMIUS MERGER: Commences Liquidation Proceedings
SUPERFUND DIVERSIFIED: Creditors' Proofs of Debt Due May 28
SWISS CAPITAL: Commences Liquidation Proceedings
WILLIE RESOURCES: Creditors' Proofs of Debt Due May 26


C O L O M B I A

COLOMBIA: Growth Moderated as Investment Declined, IMF Says


J A M A I C A

DIGICEL GROUP: Acquiring IDOM Technologies


M E X I C O

DEUTSCHE BANK MEXICO: Moody's Puts Ba1 Deposit Rating on Review


P A N A M A

PANAMA: IMF Says Economic Growth Moderated to 4.9% in 2016


P U E R T O    R I C O

ADLER GROUP: Seeks to Hire MRO Attorneys as Legal Counsel
ARC MANAGEMENT: Unsecureds to be Paid 50% Under Exit Plan
MINI MASTER: Unsecureds to Recover 1.75% Under Plan
PUERTO RICO: $70-Bil. Case to Test Fairly New Restructuring Law
RFI MANAGEMENT: Swift Capital Consents to Cash Use Until July 20


T R I N I D A D  &  T O B A G O

PETROTRIN: Fire at Pointe-a-Pierre Site Leaves Residents Shaken
TRINIDAD & TOBAGO: Gas Stations Under Pressure


                            - - - - -


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


YPF SA: S&P Assigns 'B' Corp. Credit Rating, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings assigned its 'B' corporate credit rating to YPF
S.A.  S&P also assigned a 'B' issue-level rating to the company's
proposed senior unsecured notes.  The proposed notes will be
denominated in Argentine pesos but payable in dollars, will bear a
fixed rate, and have a bullet five-year maturity.  At the same
time, S&P assigned a 'b+' SACP.  The outlook is stable.  The
issue-level rating is the same as corporate credit rating because
S&P doesn't believe there's significant structural subordination,
because YPF is an operating holding company, and priority
liabilities at the subsidiaries' level represent less than 10% of
total adjusted assets.

The ratings reflect S&P's expectation that YPF would maintain its
competitive position as the leading player in the Argentine
integrated O&G sector, offset by exposure to the country's fragile
economy and evolving institutional framework, as well as YPF's
limited geographic diversification.

In line with the company's strategy to focus on financial
discipline, efficiency, and reducing capex, S&P expects a gradual
deleveraging process to start in 2017.

Due to the government's 51% control of YPF, S&P considers it as a
government-related entity (GRE) with a moderately high likelihood
of extraordinary support in case of financial distress.  Such a
view is supported by S&P's assessment of the very strong role that
company plays in the Argentine energy sector as the largest
integrated player and the limited link with the government.  The
latter factor is mostly based in S&P's view that, despite the
government's recent favorable economic policies, S&P still
considers its capacity to support GREs in the short term to be
limited.

Nevertheless, S&P's current ratings on Argentina (B/Stable/B) are
below S&P's 'b+' stand-alone credit profile assessment for YPF.
The sovereign ratings' constraint on the rating on YPF is based on
S&P's belief that in a hypothetical sovereign default scenario --
high inflation, sharp depreciation, and overall weak macroeconomic
conditions -- would undermine YPF's financial flexibility.

S&P's business risk profile assessment on YPF reflects its
exposure to the risk of doing business in Argentina.
Nevertheless, S&P considers YPF's competitive position to be
adequate.  YPF operates a fully integrated O&G chain with leading
market positions in the domestic upstream and downstream segments.

Following its nationalization in 2012, YPF focused on growth while
increasing its capex.  However, following the change in
administration at the end of 2015, the company revised its
strategy by focusing on increasing productivity and efficiencies
to make itself more resilient to lower crude oil prices, while
cutting its capex.

S&P views YPF's liquidity as adequate based on the company's
amortization schedule, reported cash positon, as well as on S&P's
base-case operational cash generation, planned investments,
improved working capital, and minimal dividend distribution for
the near term.



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B R A Z I L
===========


GAFISA SA: Moody's Lowers Global Scale CFR to B3, Outlook Negative
------------------------------------------------------------------
Moody's America Latina downgraded Gafisa S/A's corporate family
ratings and senior secured ratings to B3 (global scale) and B2.br
(national scale) from B2 (global scale) and Ba2.br (national scale
rating). The outlook for the ratings is negative. This concludes
the review process initiated on December 16, 2016.

Ratings downgraded:

Issuer: Gafisa S/A ("Gafisa")

- Corporate Family Rating: to B3 (global scale) and B2.br
   (national scale) from B2 (global scale) and Ba2.br (national
   scale)

- BRL600 million secured debentures due in 2017 (7th Issuance):
   to B3 (global scale) and B2.br (national scale) from B2 (global
   scale) and Ba2.br (national scale)

- BRL70 million secured debentures due in 2024 (10th Issuance):
   to B3 (global scale) and B2.br (national scale) from B2 (global
   scale) and Ba2.br (national scale)

The outlook for the ratings is negative.

RATINGS RATIONALE

The downgrade follows the conclusion of the sale of 50% of
Construtora Tenda S.A. ("Tenda", unrated) for BRL 320 million and
of the spin-off of the remaining 50% to Gafisa's shareholders.
With the sale, Gafisa's geographic footprint and product offering
will be concentrated in the Sao Paulo and Rio de Janeiro
metropolitan areas and in the commercial properties and middle and
high income residential segments, which weakens the company's
business profile and growth potential in the medium term.
Accordingly, Gafisa's future operating performance and cash flow
generation will depend on the pick-up of sales in these segments
and regions, which in turn depends on the continued improvement of
Brazil's macroeconomic conditions, including declining interest
rates and inflation, and a recovery of unemployment, household
debt level and credit concession.

In addition, the deconsolidation of Tenda increased Gafisa's
adjusted leverage (measured by total debt to book capitalization)
to 49% at the end of 2016 from 47% at the end of 3Q16 and lowered
its cash position to BRL 253 million from BRL 610 million, forcing
the company to obtain a waiver on existing financial covenants. To
date, Gafisa received approximately BRL 220 million from the sale
and announced that it will direct proceeds at debt reduction. Pro
forma for the use of proceeds to debt reduction, Gafisa's adjusted
leverage declines to 44%, but its overall liquidity profile is
affected by a weaker cash position and cash flow generation
potential, while its pro forma debt maturities amount to BRL 1.3
billion until the end of 2018, including both corporate and
project related debt.

Even though Gafisa's debt structure is mainly comprised of more
flexible project-related loans, which Moody's expects the company
to continue to have access to, there remain challenges related to
the monetization of inventories and receivables to address debt
maturities and invest in the growth of the business. An additional
BRL100 million in proceeds from the sale will be received in two
equal installments of BRL50 million up to December 2018 and 2019,
with possibility of anticipation as of December 2017, depending on
Tenda's performance, and Moody's expects the company to direct it
to further debt reduction and liquidity improvement.

While Moody's does not not anticipate additional deterioration in
the homebuilding industry in Brazil, it also does not expect a
full turn-around until mid-2018, which will limit Gafisa's free
cash flow generation in the near term that could otherwise be
directed at debt amortization. The still challenging industry
environment will also prevent a sharp recovery in profitability,
as Gafisa will continue to pursue the monetization of inventories
that have lower margin than those of new launches. Finally,
Gafisa's inventories of finished units are mainly comprised of
commercial properties (56% of total), which will continue to have
a weak performance based on high vacancy rates and oversupply in
Gafisa's main markets.

Gafisa's B3/B2.br secured ratings nevertheless continue to
incorporate the company's strong market share position and brand
name in its main markets, namely Sao Paulo and Rio de Janeiro,
along with its long track record of operations.

The B3/B2.br ratings assigned to Gafisa's 7th and 10th senior
secured debentures issuances stand at the same level as the
corporate family rating reflecting the company's current debt
profile, which is predominantly composed of secured debt
issuances. Secured debt represents 90% of Gafisa's consolidated
debt profile, since the company has been prioritizing more
flexible secured construction loans in its capital structure. The
debentures security packages include a first priority perfected
security interest under Brazilian law ("alienacao fiduciaria") for
real estate assets, which is similar to the collateral structure
of the existing secured construction loans.

The negative outlook incorporates the challenges ahead of Gafisa's
management to improve profitability, generate free cash flow and
address debt maturities in a timely fashion in the next 12 -18
months.

The ratings are unlikely to be upgraded in the short term, but the
outlook could be stabilized if the conditions in the Brazilian
homebuilding industry improve supporting Gafisa's growth strategy.
Qualitatively, the ratings could be upgraded if the company's
leverage as measured by its adjusted gross debt to total
capitalization ratio remains below 50% and its free cash flow
positive on a sustainable basis, along with an improved liquidity
profile.

The ratings would be further downgraded if Gafisa's liquidity
profile deteriorates over the next few quarters, as indicated per
an unrestricted cash to corporate short term debt below 1.0x.
Quantitatively, the ratings could be also downgraded if gross debt
to total capitalization increases above 60% or EBIT interest
coverage remains below 1.0x for a prolonged period.

Headquartered in Sao Paulo, Brazil and founded in 1954, Gafisa
S.A. (Gafisa) is a major fully integrated homebuilder in Brazil,
with operations concentrated in Sao Paulo and Rio de Janeiro and
in the commercial properties and middle and high income
residential segments. The company also has a 30% interest in the
capital of Alphaville, a major residential lots developer in
Brazil. In 2016, Gafisa generated net revenues of BRL915 million
(USD263 million).


LIGHT SA: Moody's Confirms B1 Global Scale Ratings
--------------------------------------------------
Moody's America Latina Ltda. confirmed the B1 global scale
Corporate Family Rating (CFR) of Light S.A. ("Light" or "the
company") and the B1 global scale issuer ratings of its operating
subsidiaries Light Servicos de Eletricidade S.A. ("Light SESA")
and Light Energia S.A ("Light Energia"). At the same time, Moody's
upgraded the national scale ratings of Light and Light SESA to
Baa1.br from Baa3.br, and of Light Energia to Baa1.br from
Baa2.br. The outlook is positive for all ratings.

RATINGS RATIONALE

The upgrade of the national scale ratings for Light and its
wholly-owned subsidiaries Light SESA and Light Energia to Baa1.br,
and the positive outlook reflects Moody's expectation that Light
SESA's fourth tariff review and concession contract amendments
will result in an improved liquidity profile for the company
leading to a sustainable headroom under financial covenants in the
coming quarters. The rating action also reflects the agency's
expectation that Light's credit metrics will progressively
strengthen as a result of the stronger Cash Flow from Operations
before working capital change (CFO pre WC) that will result from
the tariff review and improved consumption trends.

The B1/Baa1.br also reflects : (i) the positive trends that the
company has shown in reducing non-technical losses as illustrated
by an additional 937 GWh energy recovered in the five quarters to
Q1 2017 compared to only 288 GWh in the previous five quarters;
and (ii) the relatively stable cash flow profile in Light's
hydropower generation business, which in 2016 accounted for 31% of
the company's consolidated EBITDA.

On the other hand, the B1/Baa1.br incorporates : (i) the still
high energy loss rates in the distribution segment which at 40%
for low voltage non-technical losses compares poorly to rated
peers; (ii) more stringent regulatory requirements of the amended
distribution concession contract which will absorb a significant
portion of Light's operating and capital expenditures in the
coming years; (iii) the company's relatively high leverage
evidenced by a consolidated Net Debt/EBITDA ratio of 3.7x as of
December 2016; and (iv) debt maturity profile relatively
concentrated on the short term.

While Light's operating performance in the distribution segment
(under Light SESA) weakened further in 2016, driven by a 2.3% year
on year decline in energy consumption and leading to a reduction
in CFO pre WC to Debt to 8.2% in 2016, from 8.9% in 2015, and in
CFO pre WC interest coverage to 1.8x in 2016 compared to 1.9x in
2015, Moody's anticipates a progressive improvement in Light's
credit metrics on the back of the new tariff structure and early
progress in loss reduction strategy in the context of a more
supportive macroeconomic environment.

Moody's regards Light's liquidity profile as modest but
manageable. As of December 31, 2016, the company had a
consolidated cash position of BRL682 million (including BRL13
million of marketable securities), and around BRL1.9 billion of
financial debt maturing in the next 12 months. While in the four
months to April 30, Light was able to roll-over a significant
portion of its 2017 debt maturities, the company's debt maturity
profile remains relatively concentrated in the short term, with
47% of outstanding debt due in 2019.

In anticipation that Light's free cash flow generation will remain
moderate in 2017 Moody's expects that the company will continue to
partly rely on debt refinancing to cover its upcoming debt
maturities, in line with the track record of successful debt
refinancing that Light and its subsidiaries have completed over
the recent years. The maintenance of debt at the level of Light's
subsidiaries is subject to the company's ability to comply with a
net debt/EBITDA ratio of 3.75x tested on a quarterly basis. In
December 2016 the company reported a ratio of 3.72x, very close to
the required covenant levels. However Moody's anticipates that the
EBITDA impact of the tariff review will create a more comfortable
headroom under financial covenants in the coming quarters.

WHAT COULD CHANGE THE RATING UP/DOWN

A rating upgrade could be considered should the company
successfully extend the average tenor of its debt maturity profile
while demonstrating its ability to meet the qualitative indicators
and loss rates target requirements imposed by the new concession
contract and tariff cycle. Sustained improvements in operating
performance and reduction in leverage resulting in visible
improvements in credit metrics such that CFO pre WC / Debt exceeds
15% and CFO pre WC Interest coverage reaches 3.0x would also exert
upward rating pressure.

In light of the positive outlook a rating downgrade is unlikely in
the near term. A rating stabilization could result from a
weakening of the company's metrics such that CFO pre WC interest
coverage remains sustainably below 2.5x and/or CFO pre-WC to Debt
remains below 14% on a sustainable basis.

Headquartered in Rio de Janeiro - Brazil, Light S.A is an
integrated utility company with activities in generation,
distribution and commercialization of electricity. In 2016, Light
SA reported BRL8.8 billion in net revenues (excluding construction
revenues) and close to BRL1.4 billion in EBITDA respectively.

Light S.A is ultimately controlled by Companhia Energetica de
Minas Gerais ("CEMIG", rated B1/Baa1.br, negative), the company's
major shareholder with a direct and indirect stake of 43.4% in
Light S.A.



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


DESPINA INVESTMENTS: Creditors' Proofs of Debt Due May 22
---------------------------------------------------------
The creditors of Despina Investments Ltd. are required to file
their proofs of debt by May 22, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 4, 2017.

The company's liquidator is:

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


EKRON INTERNATIONAL: Placed Under Voluntary Wind-Up
---------------------------------------------------
The shareholders of Ekron International Ltd., on April 6, 2017,
passed a resolution to voluntarily wind up the company's
operations.

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

The company's liquidator is:

           Lily Lee
           Campbells Directors Limited
           Willow House, Floor 4, Cricket Square
           Grand Cayman KY1-9010
           Cayman Islands
           Telephone: +1 (345) 949 2648
           Facsimile: +1 (345) 949 8613


KVADRAT SPC: Commences Liquidation Proceedings
----------------------------------------------
The shareholder of Kvadrat SPC, on April 4, 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:

          Roman Vishnevskiy
          Telephone: +79057883866
          Apt 5, Sudakova Str., Moscow
          Russian Federation


MARLIN FUND: Creditors' Proofs of Debt Due May 24
-------------------------------------------------
The creditors of Marlin Fund Offshore, LDC are required to file
their proofs of debt by May 24, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 31, 3017.

The company's liquidator is:

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


MOJAVE INVESTMENTS: Creditors' Proofs of Debt Due May 24
--------------------------------------------------------
The creditors of Mojave Investments Ltd. are required to file
their proofs of debt by May 24, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 3, 2017.

The company's liquidator is:

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


PERRELET INVESTMENTS: Creditors' Proofs of Debt Due May 15
----------------------------------------------------------
The creditors of Perrelet Investments Limited are required to file
their proofs of debt by May 15, 2017, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 21, 2016.

The company's liquidator is:

          Citron 2004 Limited
          c/o Jane Freer
          Simon Voisin
          23-25 Broad Street
          St. Helier, Jersey JE4 8ND
          Telephone: + 44 1534 282276
          Facsimile: + 44 1534 282400


RAMIUS MERGER: Commences Liquidation Proceedings
------------------------------------------------
The shareholder of Ramius Merger Arbitrage Master Fund Ltd., on
April 3, 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:

          Ramius LLC
          c/o Michael Benwitt
          599 Lexington Avenue, 19th Floor
          New York NY 10022
          USA
          Telephone: (212) 823 0226


SUPERFUND DIVERSIFIED: Creditors' Proofs of Debt Due May 28
-----------------------------------------------------------
The creditors of Superfund Diversified Notes SPC are required to
file their proofs of debt by May 28, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 3, 2017.

The company's liquidator is:

          Russell Smith
          c/o Antoine Powell
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2 - Building 3,
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman, KY1 1205
          Cayman Islands
          Telephone: (345) 815 4558


SWISS CAPITAL: Commences Liquidation Proceedings
------------------------------------------------
The shareholder of Swiss Capital Alternative Investments GP
Limited, on April 6, 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:

          Stephen Penney
          Landmark Square
          West Bay Road
          P.O. Box 775 Grand Cayman KY1-9006
          e-mail: christine.holland@dilloneustace.ie


WILLIE RESOURCES: Creditors' Proofs of Debt Due May 26
------------------------------------------------------
The creditors of Willie Resources Incorporated are required to
file their proofs of debt by May 26, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 31, 2016.

The company's liquidator is:

          Man Wai Chuen
          32nd Floor, China United Centre
          28 Marble Road
          North Point
          Hong Kong
          Telephone: (+852)3198-0130



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C O L O M B I A
===============


COLOMBIA: Growth Moderated as Investment Declined, IMF Says
-----------------------------------------------------------
The Executive Board of the International Monetary Fund, on May 1,
2017, concluded the Article IV consultation with Colombia.

In 2016, Colombia continued a remarkably smooth adjustment to a
combination of large external and domestic shocks, with economic
growth outpacing regional peers and achieving further improvements
in poverty and inequality. Growth moderated as investment declined
and exports were constrained by weak demand from neighbor
countries. A further decline in oil prices eroded fiscal revenue
and contributed to peso depreciation. Inflation reached a multi-
year high in July partly due to El Ni┬žo and other supply shocks,
but has moderated since. Despite declining exports, the current
account deficit narrowed faster than expected as imports
contracted, with FDI and portfolio inflows providing ample
financing. The central bank continued to increase rates early in
the year to anchor inflation expectations, but lowered them in
recent months as inflation pressures subsided. The central
government complied with the fiscal rule deficit target through
primary expenditure cuts and some improvements in tax
administration while protecting priority social and infrastructure
spending.

Colombia faces a favorable outlook underpinned by the peace
agreement and the structural tax reform together with the
authorities' infrastructure agenda. Economic activity will rebound
slightly this year as investment will strengthen boosted by
reduced corporate taxation and confidence stemming from the peace
agreement. Non-traditional exports are gaining steam in part due
to ongoing efforts to reduce trade barriers and this will
contribute to bring the current account deficit to its equilibrium
level. Medium-term growth will be driven by economic
diversification away from oil, which will benefit from the
infrastructure agenda and the peace agreement that will improve
competitiveness and regional development. Risks to this outlook
are to the downside with the main near-term risk stemming from the
still large (but moderating) external financing needs.
Domestically, while the banking system appears sound and broadly
resilient to shocks, some pockets of corporate vulnerability have
emerged. On the upside, a faster than expected implementation of
the peace agreement could strengthen medium-term growth even more.

Executive Board Assessment[2]

Executive Directors commended the authorities for their strong
policy framework and timely policy actions, which supported
Colombia's smooth adjustment to a combination of external and
domestic shocks. Despite the growth slowdown, the country achieved
social gains with improvements in poverty and inequality. While
the medium-term outlook is favorable, downside risks remain
including possible financial volatility amid the country's
relatively high gross external financing needs.

Directors noted that Colombia's favorable medium-term outlook will
be helped by the implementation of the peace agreement and the
structural reform agenda. After a decade of favorable demographics
and a commodity-related investment boom, growth prospects will
depend in part on finding new engines of growth. The peace
agreement stands to improve regional development and foster social
inclusion; while the infrastructure agenda will help reduce
important infrastructure gaps and improve productivity. Directors
welcomed ongoing efforts to reduce trade barriers to facilitate
export diversification, and encouraged further measures to improve
the business environment and develop human capital.

Directors welcomed the structural tax reform approved last year,
which will help finance key social and infrastructure programs
while adhering to the fiscal rule. They concurred that reduced
corporate taxation and the overall simplification of the tax
system will improve competitiveness. Directors also noted that
continued efforts on tax administration will be essential to
achieve the target revenue yield. They welcomed the authorities'
efforts to finance the implementation of the peace agreement,
while noting that the mild negative fiscal impulse is appropriate
and will help place the public debt-to-GDP ratio firmly on a
downward path.

Directors welcomed the central bank's focus on guiding inflation
expectations back to the target range while protecting the
external adjustment. Timely policy decisions helped offset
inflationary pressures last year and supported a welcome
moderation in domestic demand. Directors noted that there is scope
to ease the policy stance this year depending on the evolution of
inflation expectations, but emphasized that the path of policy
rate cuts should remain data-dependent. They considered that the
flexible exchange rate regime has served the country well and
should remain the first line of defense against global shocks, and
the Flexible Credit Line with the Fund represents an additional
buffer.

Directors were encouraged by the authorities' plans to further
strengthen financial sector supervision and regulation. While the
strength of the financial system has withstood the economic
slowdown in recent years, some pockets of vulnerabilities have
emerged. In this regard, they called for continued monitoring of
household and corporate balance sheets. Directors also encouraged
the authorities to implement the remaining key recommendations
from the FSAP. They agreed that the adoption of Basel III capital
standards and the approval of the Conglomerates Law will provide
additional tools to manage corporate and overseas risks. Adopting
international standards on loan classification and restructuring
practices will further enhance the resilience of the financial
system.



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


DIGICEL GROUP: Acquiring IDOM Technologies
------------------------------------------
RJR News reports that Digicel Group entered into a sale and
purchase agreement to acquire 100% of IDOM Technologies.

IDOM Technologies provides a wide range of ICT services spanning
connectivity, voice and security services to more than 800
business and public sector customers across a range of industries
including insurance, commerce, financial services, health and
automotive, according to RJR News.

It has operations across the French Overseas Territories in the
West Indies and Indian Ocean, the report notes.

As part of the deal, Digicel will acquire IDOM's 265 kilometers of
fibre optic network enhancing its reach and ability to offer
transformative next generation ICT services to customers across
Martinique, Guadeloupe and French Guiana, the report relays.

The financial terms of the contract are not being disclosed and
the transaction is subject to regulatory approval, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
April 28, 2017, Moody's Investors Service has affirmed the B2
corporate family rating (CFR) and B2-PD probability of default
rating (PDR) of Digicel Group Limited following the issuance of
bank credit facilities by its subsidiary Digicel International
Finance Limited.  Moody's has assigned a Ba2 (LGD-1) rating, to
DIFL's new $635 million term loan B, $100 million revolving credit
facility and $300 million term loan A. The proceeds will be used
to repay an $837 million credit facility at DIFL as well as for
general corporate purposes. Moody's has also affirmed the B1 (LGD-
3) rating on the unsecured notes of Digicel Limited ("DL") and the
Caa1 (LGD-5) rating on the unsecured notes of DGL. The outlook
remains stable.



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


DEUTSCHE BANK MEXICO: Moody's Puts Ba1 Deposit Rating on Review
---------------------------------------------------------------
Moody's de Mexico said the ratings of Deutsche Bank Mexico, S.A.
(Deutsche Bank Mexico) and of Deutsche Securities, S.A. de C.V.,
Casa de Bolsa (Deutsche Securities Mexico, S.A. de C.V.) remain
under review for downgrade pending regulatory approval of the sale
of these entities to Mexico's InvestaBank S.A. (Investabank,
unrated). The review was initiated on November 4, 2016.

The following ratings remain on review for downgrade:

Deutsche Bank Mexico, S.A.:

Baseline credit assessment of ba2

Adjusted baseline credit assessment of ba1

Long-term global local currency deposit rating of Ba1

Long-term global foreign currency deposit rating of Ba1

Long-term Mexican National Scale deposit rating of A1.mx

Short-term Mexican National Scale deposit rating of MX-1

Long and short term Counterparty Risk Assessments of Baa3(cr) and
Prime-3(cr)

Deutsche Securities, S.A. de C.V., Casa de Bolsa:

Long-term global local currency issuer rating of Ba1

Long-term Mexican National Scale issuer rating of A1.mx

Short-term Mexican National Scale issuer rating of MX-1

RATINGS RATIONALE

The ratings of Deutsche Bank Mexico and Deutsche Securities Mexico
were placed under review following the signing of an agreement by
the companies' ultimate parent, Deutsche Bank AG (Deutsche AG, BCA
ba1), to sell these operations to InvestaBank (unrated), as part
of a broader scaling back of its global operations pursuant to its
2020 strategic plan.

Barring a significant deterioration in the entities' standalone
creditworthiness prior to the closing of the sale, the conclusion
of the reviews is dependent upon receipt of regulatory approval of
the deal. Once the transaction closes, Deutsche Bank Mexico and
Deutsche Securities Mexico will no longer benefit from support
from Deutsche AG. Despite the marginal business importance of the
Mexican entities to their parent, Moody's assesses a high
likelihood of parent support given their shared brand name, which
results in one notch of ratings uplift from Deutsche Bank Mexico's
baseline credit assessment.

Until regulatory approval is received, the reviews for downgrade
will also consider the impact on the two entities'
creditworthiness of the progressive decrease in earnings
generation and business diversification that is already occurring
as their balance sheets continue to shrink through the
transaction's closing date. Moody's expects that at the sale's
closing, the business being acquired by InvestaBank will largely
consist of the trustee division of Deutsche Bank Mexico. The
companies have already begun to exit or transfer to their parent
certain operations that will not be sold to InvestaBank.

As of March 2017, the bank's total assets had shrunk 70% vis-a-vis
December 2016 as the entity unwound most of its derivative
positions. While the bank posted net losses before taxes of about
0.5% of total assets, this was due to the reduced business volumes
amid an increase in operating expenses, which was eventually
offset by deferred taxes. As a result, Deutsche Bank Mexico
reported net profits after taxes of around 1% of total assets.

If the sale unexpectedly falls through, Moody's expects an orderly
wind down of the Mexican entities' remaining lines of business,
which are not currently under stress. Should their situation
suddenly deteriorate before the parent can finish winding them
down, however, Moody's expects that Deutsche Bank would provide
the necessary financial support to avoid a failure as the
reputational cost for Deutsche Bank's global business of allowing
these entities to fail would likely outweigh the costs of bailing
them out.

WHAT COULD MOVE THE RATINGS DOWN

The ratings will likely be downgraded when the transaction reaches
financial close. They could be downgraded prior to financial close
if the companies' standalone credit profiles deteriorate
significantly as a result of preparations for their upcoming sale.

The long-term Mexican National Scale ratings of A1.mx indicate
issuers or issues with above-average creditworthiness relative to
other domestic issuers. The short- term Mexican National Scale
ratings of issuers rated MX-1 indicate the strongest ability to
repay short-term senior unsecured debt obligations relative to
other domestic issuers.

The principal methodology used in rating Deutsche Bank Mexico,
S.A. was Banks published in January 2016. The principal
methodology used in rating Deutsche Securities, S.A. de C.V., Casa
de Bolsa was Securities Industry Market Makers published in
February 2017.

The period of time covered in the financial information used to
determine Deutsche Bank Mexico, S.A. and Deutsche Securities, S.A.
de C.V., Casa de Bolsa's rating is between 01/01/2011 and
31/03/2017 (source: Moody's, Deutsche Bank Mexico and Deutsche
Securities Mexico).

The sources and items of information used to determine the rating
include 2017 interim financial statements (source: Moody's,
Deutsche Bank Mexico and Deutsche Securities Mexico); year-end
2014, 2015 and 2016 audited financial statements (source: Moody's,
Deutsche Bank Mexico and Deutsche Securities Mexico).

Deutsche Bank Mexico is headquartered in Mexico City, Mexico. As
of March 31, 2017, it had total assets of Mx$8.8 billion and total
shareholder's equity of Mx$3.9 billion.

Deutsche Securities Mexico is headquartered in Mexico City,
Mexico. As of March 31, 2017 it had total assets of Mx$1.6 billion
and total shareholder's equity of Mx$1.6 billion.



===========
P A N A M A
===========


PANAMA: IMF Says Economic Growth Moderated to 4.9% in 2016
----------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
concluded the Article IV consultation with Panama on May 1, 2017
and considered and endorsed the staff appraisal without a meeting
on a lapse-of-time basis.

Panama's economy has been the fastest growing in Latin America
over the last two decades and is expected to remain among the most
dynamic in the region, with stable and low inflation, sustainable
public debt, a declining current account deficit, and a stable
financial sector. Economic growth moderated to 4.9 percent in 2016
amid external headwinds, and inflation and unemployment remain
subdued, although have risen slightly. Fiscal consolidation
continues in line with the fiscal rule targets and public debt is
sustainable. The current account deficit continued to narrow to
5.6 percent of GDP, primarily due to lower investment-related
imports and weak fuel prices. Credit growth remains strong, though
has begun to slow recently.

The outlook remains favorable, albeit set against the backdrop of
heightened external uncertainty. Growth is projected to pick up
slightly to 5.1 percent in 2017 and about 5.5 percent over the
medium term, supported by the expanded Canal and the wide range of
public and private investment projects. The overall NFPS deficit
is projected to gradually decline to about 1 percent of GDP over
the medium term, and public debt remains sustainable with net debt
projected to remain below the SFRL target of 40 percent of GDP.
Diversification of exports into primary commodities with the
opening of a new mine will help further narrow the current account
deficit to about 3 percent of GDP over the medium term. Key
downside risks relate to progress in strengthening tax
transparency and AML/CFT and a less favorable external
environment, including weaker-than-expected global growth, a shift
toward increasing trade restrictions, a faster-than-expected
tightening of U.S. monetary policy and continued appreciation of
the U.S. dollar.

                    Executive Board Assessment

Economic activity remains among the most vibrant in the region.
Medium-term growth prospects are strong, with sectors such as
logistics and tourism providing potential to further boost
activity. The policy environment should support future growth,
especially with measures to address skill gaps, the quality of
education, and high income inequality. Panama's external position
remains moderately weaker than suggested by fundamentals, but is
on track to return to its norm over the medium-term. The current
account deficit is expected to continue to benefit from stable
financing, predominately from FDI.  Risks relate mainly to
progress with tax transparency and financial integrity and to
heightened uncertainty in the external policy environment,
primarily related to developments in global trade and interest
rates.

Measures to strengthen tax transparency and ensure effective
exchange of tax information must remain at the top of the policy
agenda. Building on considerable progress over the last year,
policy efforts should focus on addressing remaining deficiencies
to preserve Panama's position as a competitive and attractive
destination for international financial and business services. In
particular, it is essential to demonstrate the availability of
ownership information and reliable accounting records for all
relevant entities registered in Panama, and put in place an
effective mechanism for exchange of tax information. Continued
actions to strengthen the tax administration's capacity are
critical.

Enhancing financing integrity through effective implementation of
Panama's AML/CFT framework must remain a strategic priority to
safeguard Panama's role as a regional financial center. The legal
framework needs to be fully aligned with international standards,
including by making tax crimes a predicate offence to money
laundering. The National Commission should continue to play a
central role in coordinating Panama's efforts to combat AML/CFT
risks. Effective implementation of the strengthened AML/CFT
framework will be critical to receiving a positive assessment by
GAFILAT.

Efforts to further strengthen the fiscal framework should
continue. The medium-term consolidation plan implies a downward
trajectory for public debt, which helps build buffers to address
possible fiscal risks. Adhering to this strategy will continue to
demonstrate the authorities' commitment to fiscal discipline and
will strengthen the credibility of the fiscal framework. The
authorities' plan to establish a fiscal council could improve
transparency, promote accountability of the fiscal framework, and
encourage an informed public debate.

Assessment and management of public sector fiscal risks and
contingent liabilities should be improved. A comprehensive
assessment of public sector fiscal risks, such as those related to
unfunded pension liabilities, turnkey projects, and contingent
liabilities of public companies will help gauge the adequacy of
fiscal buffers. With limited fiscal revenues, better management of
these risks is essential to help avoid crowding out strategic
public investment.

Building on recent progress, the tax administration should
continue to be strengthened. Despite recent improvements, Panama's
tax revenues remain among the lowest in the region. Measures to
further enhance tax administration need to be complemented with
policy actions to streamline tax incentives and exemptions.
Publishing estimates of foregone revenue from each of these
incentives can subject them to public scrutiny and build momentum
for reform.

The customs administration needs to address weaknesses in
institutional capacity and governance. Tangible progress is
essential in improving data quality and management, reforming
control processes, enhancing human resources, limiting
discretionary powers, and moving forward with trade facilitation.

Financial sector oversight, macro prudential policy, and crisis
management should be strengthened to build resilience. The steps
being taken to fully align prudential regulations with Basel III
are welcome and will enhance the resiliency of the financial
system. Resiliency will also be strengthened by ongoing efforts to
improve oversight through enhanced coordination of micro
prudential supervision across supervisors and these efforts should
be deepened to include the monitoring of systemic risks. To
complement these efforts, macro prudential policy tools targeted
toward addressing the risks presented by Panama's financial
conglomerates and household debt should be developed to provide
more policy flexibility in managing macro financial risks.
Finally, Panama's crisis management framework should be
strengthened by establishing a temporary liquidity facility for
banks to address systemic shocks, improving the SBP's bank
resolution powers, introducing deposit insurance, and developing a
framework to coordinate the response of supervisory agencies to
risks to financial stability.



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


ADLER GROUP: Seeks to Hire MRO Attorneys as Legal Counsel
---------------------------------------------------------
Adler Group Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Puerto Rico to hire legal counsel.

The Debtor proposes to hire MRO Attorneys at Law, LLC to give
legal advice regarding its duties under the Bankruptcy Code, and
provide other legal services related to its Chapter 11 case.

Myrna Ruiz-Olmo, Esq., the MRO attorney designated to represent
the Debtor, will charge an hourly fee of $200.  MRO received a
retainer fee of $10,000 prior to the Debtor's bankruptcy filing.

Ms. Ruiz-Olmo disclosed in a court filing that her firm is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Myrna L. Ruiz-Olmo, Esq.
     MRO Attorneys at Law
     P.O. Box 367819
     San Juan, PR 00936-7819
     Tel: (787) 237-7440
     Email: mro@prbankruptcy.com

                     About Adler Group Inc.

Adler Group Inc. owns the Caguas Military property located at Carr
189 km 3.1 (interior) Rincon Ward, Gurabo Puerto Rico, which is
valued at $3 million.  It holds inventory and equipment worth
$513,870.  For 2015, the Debtor posted gross revenue of $1.61
million 2015 and gross revenue of $1.91 million for 2014.

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 17-02727) on April 20, 2017.  The
petition was signed by Jose Torres Gonzalez, authorized
representative.

At the time of the filing, the Debtor disclosed $3.52 million in
assets and $4.43 million in liabilities.

The case is assigned to Judge Mildred Caban Flores.


ARC MANAGEMENT: Unsecureds to be Paid 50% Under Exit Plan
---------------------------------------------------------
The U.S. Bankruptcy Court in Puerto Rico is set to hold a hearing
on May 23, at 10:00 a.m., to consider confirmation of the Chapter
11 plan of ARC Management Corp.

Creditors are required to file their objections and cast their
votes accepting or rejecting the plan three days prior to the
hearing.

Under the proposed plan, holders of allowed Class 14 general
unsecured claims will receive a distribution of $105,000 or
approximately 50% of their claims.

The company anticipates that the general unsecured claims allowed
will be in the amount of $210,000.

ARC Management will make 120 payments, each in the amount of $875,
to general unsecured creditors.  Payments will start on the first
day of the 61st month following the effective date of the plan and
will continue through the last day of the 180th month.

The plan will be funded from the cash-flows generated by the
reorganized company and the sale or refinancing of its real
properties.

In addition, ARC Management will pay via balloon payments some of
the secured claims on or before the 72 month following the
effective date.  To the extent necessary, the company will satisfy
these "balloon obligations" by refinancing them, by renewing them
with the secured creditors, and by the sale of its real
properties, according to the company's disclosure statement filed
on April 13.

A copy of the disclosure statement is available for free at:

                     https://is.gd/pq7K5t

                    About ARC Management

ARC Management, Corp., based in Guaynabo, Puerto Rico, filed a
Chapter 11 petition (Bankr. D.P.R. Case No. 16-07238) on September
9, 2016.  The Hon. Enrique S. Lamoutte Inclan presides over the
case.  Jesus Enrique Batista Sanchez, Esq., at The Batista Law
Group, PSC, serves as bankruptcy counsel.

In its petition, the Debtor declared $138 million in total assets
and $1.48 million in total debt.  The petition was signed by Angel
Cintron, president.

On April 13, 2017, the Debtor filed a Chapter 11 plan and
disclosure statement.


MINI MASTER: Unsecureds to Recover 1.75% Under Plan
---------------------------------------------------
Mini Master Concrete Services, Inc., filed with the U.S.
Bankruptcy Court for the District of Puerto Rico a disclosure
statement to accompany its plan of reorganization.

Under the plan, Class 4 Allowed General Unsecured Claimants,
excluding the claim of Mrs. Bess M. Taylor Mitchell, who will not
receive any dividends under the Plan, but including the Claims of
ESSROC San Juan, Inc. and Economic Development Bank of P.R's and
Wells Fargo Financial Leasing's deficiency claims, shall be paid
in full satisfaction of their claims, approximately 1.75%, from a
$50,000 carve out to be reserved from the proceeds of the sale of
Debtor's assets.

The Plan contemplates that substantially all of the Debtor's
assets securing the claims will be sold, excepting the real
properties of both Debtor and those of the estate of VActor S.
Maldonado Davila to be transferred to EDB. With the proceeds of
the sale, the Debtor will be able to make the payments to Holders
of Allowed Administrative Expense Claims, Holders of Allowed
Priority Tax Claims, Holders of Other Priority Tax Claims and to
Classes 1, 2, 3, and 4.

A full-text copy of the Disclosure Statement is available at:

       http://bankrupt.com/misc/prb16-09956-11-54.pdf

           About Mini Master Concrete Services

Mini Master Concrete Services, Inc. filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-09956) on December 22, 2016.
The Hon. Mildred Caban Flores over the case. Charles A. Cuprill,
PCS Law Offices represents the Debtor as counsel.

The Debtor disclosed total assets of $15.78million and total
liabilities of $5.46 million. The petition was signed by Carmen M.
Betancourt, president.


PUERTO RICO: $70-Bil. Case to Test Fairly New Restructuring Law
---------------------------------------------------------------
Matt Chiappardi, writing for Bankruptcy Law360, reports that
experts say Puerto Rico's court-supervised $70 billion debt
restructuring under specially crafted federal legislation plunges
the territory into uncharted waters that may seem to resemble
other big event bankruptcies, but where the U.S. Bankruptcy Code
might not be the final word.

The Commonwealth of Puerto Rico filed a petition for relief under
Title III of the Puerto Rico Oversight, Management, and Economic
Stability Act ("PROMESA") on May 3, 2017.  Under the PROMESA, the
ultimate power rests in the seven-member oversight board appointed
by U.S. Congress and the President of the United States.

Law360 points out that there's also the matter of the presiding
judge, who under PROMESA is mandated to not be a bankruptcy judge,
but rather a jurist from one of the U.S. district courts and
selected personally by the chief justice of the U.S. Supreme
Court.

                      About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States.  The chief of state is the President of the
United States of America.  The head of government is an elected
Governor.  There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.  The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the
son of former governor Pedro Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and
(vii) David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA").  The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578.  A copy of Puerto
Rico's PROMESA petition is posted at

         http://bankrupt.com/misc/17-01578-00001.pdf

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.


RFI MANAGEMENT: Swift Capital Consents to Cash Use Until July 20
----------------------------------------------------------------
Judge Benjamin A. Kahn of the U.S. Bankruptcy Court for the Middle
District of North Carolina entered a second interim consent order,
authorizing RFI Management, Inc., to continue using cash
collateral until July 20, 2017.

The Debtor is allowed to use cash collateral to pay its ordinary,
necessary and reasonable postpetition operating expense and
administrative expenses necessary for the administration of the
estate, including the Debtor's reasonable attorneys' fees as
approved by the Court and quarterly fees, as set forth in the
budget.  The approved Budget provides total of approximately
$228,169 for the month of May 2017, $158,209 for the month of June
2017, and $85,511 for the month of July 2017.

Swift Financial Corporation, doing business as Swift Capital, is
granted a continuing postpetition lien and security interest in
all property and categories of property of the Debtor, in which
and of the same priority as it held a similar, unavoidable
security interest as of the Petition Date, and the proceeds
thereof, whether acquired prepetition or postpetition, but only to
the extent of cash collateral used for purposes other than
adequate protection payments to Swift Capital.

As additional adequate protection, the Debtor is directed, among
other things, to:

    (a) pay as adequate protection to Swift Capital the sum of
        $6,800 to be paid on May 17, 2017, June 17, 2017 and July
        17, 2017;

    (b) maintain Debtor-in-Possession bank accounts into which it
        will deposit all rents and profits of the Property.  The
        Debtor will open and maintain a separate DIP Account for
        each project on which it is serving as a subcontractor,
        and all income and expenses for that project must be paid
        from the project's respective DIP Account;

    (c) provide to the Bankruptcy Administrator and
        representatives and/or employees of Swift Capital all such
        information as they may reasonably request for the purpose
        of appraising or evaluating the cash collateral of the
        Debtor; and

    (d) pay all state, federal and ad valorem taxes as they become
        due and will make all tax deposits and file all state and
        federal returns on a timely basis.

A further hearing will be held on July 20, 2017 at 11:00 a.m., at
which time the Court will further consider the Debtor's Motion for
Authority to Use Cash Collateral.

A full-text copy of the Second Interim Consent Order, dated April
27, 2017, is available at https://is.gd/RIeHmi

                    About RFI Management

RFI Management, Inc., works as a subcontractor installing a full
range of flooring products and wall materials, principally in
Hotel Properties across the United States and in Puerto Rico.

RFI Management filed a Chapter 11 bankruptcy petition (Bankr.
M.D.N.C. Case No. 17-80247) on March 29, 2017.  Edward Rosa,
President, signed the petition.  At the time of filing, the Debtor
estimated assets and liabilities between $100,000 and $500,000.

James C. White, Esq. and Michelle M. Walker, Esq., at Parry
Tyndall White, serve as counsel to the Debtor.  Padgett Business
Services of NC is the Debtor's accountant.

No official committee of unsecured creditors has been appointed in
the Chapter 11 case.



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


PETROTRIN: Fire at Pointe-a-Pierre Site Leaves Residents Shaken
---------------------------------------------------------------
Trinidad and Tobago Newsday reports that fire from a flare stack
at Petrotrin's Pointe-a-Pierre refinery morning sent people living
near to the state-owned oil company into a state of panic.

At 8:00 a.m., fire was seen coming from one of the company's flare
stacks, according to Trinidad and Tobago Newsday.

Residents living along the Guaracara River some 100 yards away
from the refinery's border said they experienced intense levels of
heat and felt the earth vibrate which left cracks on the walls of
some of the houses, the report notes.

Residents, unaware of the cause of the heat and shaking, feared
the worst, the report relays.  Allister Cephus, a Battoo Avenue
resident and representative of the Marabella NGO, criticised
Petrotrin's Health and Safety protocols, saying there was no alarm
to warn residents of the flare and Petrotrin took too long to send
officials to quell their fears, the report discloses.

"HSE needs to do something.  It is 2017.  We looking to go into
first world status but watch the dilapidated state of the
refinery," Cephus said as he pointed to rusted tanks and pipes in
the distance, which he said only heightens the fears of the nearby
residents.

"If that is the way they keeping the refinery, what about our
lives? We need this present government to attend to the people.
Dr. Keith Rowley, we want you to come and attend to the people
please because this thing is getting out of hand."  In a release,
Petrotrin described the incident as an "upset condition at the
Pointe-a-Pierre refinery accompanied by higher than normal
flaring." Flare stacks are used to burn off unusable gases
released by during unplanned over-pressuring of plant equipment,
the report relays.

Petrotrin's communications department explained to Newsday that
the term "upset condition" meant there was an unusually high
amount of excess gas to be burned off, thus resulting in the fear-
inducing flaring, the report notes.

The report discloses Petrotrin said the situation was normalized
and company officials were dispatched to the Marabella community
in its wake.  Asked whether there was the possibility of the flare
occurring again and if there was the possibility of any adverse
effects for nearby communities, Petrotrin said there were inherent
risks associated due to the nature of its business, the report
relays.

But Mr. Cephus said the flare was just the latest in a series of
woes residents are growing tired of enduring, including oil spills
and gas emissions which make some of them sick, the report notes.
He called on the relevant authorities to assist residents in being
relocated, the report adds.


TRINIDAD & TOBAGO: Gas Stations Under Pressure
----------------------------------------------
Gyasi Gonzales at Trinidad Express reports that despite pleas made
last year about low profit margins at the pumps, Narendra Maharaj,
UNIPET Dealer at the N Maharaj Service Station in El Socorro, San
Juan, Trinidad & Tobago, said "very low regulated fuel margins,"
were affecting the ability of station owners to employ full and
competent security systems, "to respond to the increasingly
threatening environment."

"Gas station owners make very low margins so on every one hundred
dollars of super gas sold the service station owner makes a gross
revenue margin of $3.95 which is required to fund wages, bank
charges and security," Mr. Maharaj told the Trinidad Express.

Mr. Maharaj added, the report cites, that the security cost for an
average sized gas station can be an average of TT$50,000 a month.

"Even small stations handle significant amounts of cash per month
and this high cash situation puts added pressure on the need to
have security," Mr. Maharaj said, according to the report.

Mr. Maharaj said that as a result, service station owners have to
organize cash pickup services from security firms to ensure that
these funds are safely deposited while at the same time having to
provide security to protect their employees and customers, the
report relays.

Mr. Maharaj said that added to their bills were the installation
of, "expensive bullet proof enclosures and technical cash transit
systems to protect ourselves," as he explained that gas station
owners were at risk of being kidnapped or being extorted which
requires them to take personal security measures, the report
notes.

                        Stations Being Robbed

The Trinidad Express discloses that Mr. Maharaj said "we have had
many stations [in the past few months] being broken into multiple
times by determined bandits. The very low revenue margins means
that ninety six per cent of the money that the stations are
required to secure are funds that are owed to other parties mainly
Petrotrin and the Government and if a station is robbed then that
owner becomes liable for these huge sums."

Mr. Maharaj said, the report notes, that one robbery can put a
dealer out of business.


                            ***********


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

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

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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.
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Magdadaro, and Peter A. Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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The TCR Latin America subscription rate is US$775 per half-year,
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of the same firm for the term of the initial subscription or
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                   * * * End of Transmission * * *