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

               Friday, May 12, 2017, Vol. 18, No. 93


                            Headlines



B R A Z I L

BRAZIL: Plans Changes to Bankruptcy Law to Bolster Recovery
BRAZIL: Plans Law to Intervene in Troubled Telecoms, Anatel Says
OI SA: Orascom Gives Firm Until June 1 for Reorganization Plan


C A Y M A N  I S L A N D S

CMEH CORP: Creditors' Proofs of Debt Due May 22
CONAIR INTERNATIONAL: Creditors' Proofs of Debt Due May 22
JVK HOLDING: Creditors' Proofs of Debt Due May 15
KAZIMIR RUSSIA: Commences Liquidation Proceedings
L&M INDEMNITY: Commences Liquidation Proceedings

MFA 90: Placed Under Voluntary Wind-Up
POLARCUS 2: Commences Liquidation Proceedings
POLARCUS 6: Commences Liquidation Proceedings
SAN VALLEY: Creditors' Proofs of Debt Due May 22
SMART PRINT: Creditors' Proofs of Debt Due May 11


E L  S A L V A D O R

BANCO AGRICOLA: S&P Affirms 'B-' Issuer Credit Ratings


M E X I C O

CREDIVALORES: S&P Withdraws 'B' Rating on $100MM Sr. Unsec. Notes
GRUPO POSADAS: S&P Affirms 'B+' CCR; Outlook Remains Stable
MEXICO: Domestic Problems Threaten to Undermine NAFTA Talks
METALSA SA: S&P Affirms 'BB+' CCR; Outlook Remains Stable


P A R A G U A Y

BBVA PARAGUAY: S&P Affirms Then Withdraws 'BB-' ICRs


P U E R T O    R I C O

CONDADO RESTAURANT: Disclosure Statement Hearing Moved to June 21
DORADO COMMUNITY: Hires Fuertes & Fuertes as Counsel
INMOBILIARIA HMMA: Hires Cintron Law Offices as Counsel
LEGAL CREDIT: Hires Carrasquillo as Financial Consultant
LUAR CLEANERS: Taps Jacqueline Santiago as Legal Counsel

LUCY LOPEZ ROIG: Plan Confirmation Hearing on June 7
PUERTO RICO: Judge Laura Taylor Swain to Preside Over Bankr. Case
PUERTO RICO: Bond Default Called Over Fiscal Plan's Debt Cuts


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Committee Questions Execs on Free Trips


                            - - - - -


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


BRAZIL: Plans Changes to Bankruptcy Law to Bolster Recovery
-----------------------------------------------------------
Bruno Federowski at Reuters, citing Finance Minister Henrique
Meirelles' statement, reports that the Brazilian government plans
to change the bankruptcy law to help indebted firms emerge faster
from creditor protection.

The changes would reduce the average length of bankruptcy
protection to two years, compared to between seven and eight years
currently, Mr. Meirelles said in an interview published in the O
Estado de S. Paulo newspaper, according to Reuters.

Bankers and lawyers expect bankruptcies to set a record in 2017,
with tight credit and the lingering recession forcing a growing
number of large Brazilian companies to seek protection from
creditors, the report notes.

The bill, which will be submitted to Congress in June, would make
it easier for companies under creditor protection to maintain
operations and borrow funds, according to the newspaper article,
Reuters relays.

It would also grant creditors stronger power in the discussions,
Mr. Meirelles added, without providing further details, Reuters
notes.

Reuters relays that this development is the latest in a wide
series of microeconomic reforms proposed by President Michel
Temer's administration to lift Latin America's largest economy
from its deepest recession in decades and secure steady growth
from then on. Together with ongoing plans to streamline the social
security system, reform labor laws and other efforts, those
changes would allow Brazil's gross domestic product (GDP) to
expand at a 3.5 percent to 4 percent annual pace without
accelerating inflation, Mr. Meirelles said, the report says.

Currently, Mr. Meirelles said, so-called potential growth stands
at between 2 percent and 2.25 percent, Reuters notes.

Major firms, such as wireless carrier Oi SA and homebuilder PDG
Realty SA, have been ensnared in thorny debt renegotiation talks
after filing for protection from creditors as years of robust
economic growth faded away, the report adds.

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


BRAZIL: Plans Law to Intervene in Troubled Telecoms, Anatel Says
----------------------------------------------------------------
Leonardo Goy at Reuters reports that the Brazilian government will
introduce legislation granting it the power to intervene in
telecom operators under bankruptcy protection, telecoms regulator
Anatel President Juarez Quadros said.

Mr. Quadros said the decision was meant to avoid any judicial
questioning of future interventions, but did not say when the
government planned to submit the legislation, according to
Reuters.

Since March, the government has promised to enact a decree to
allow authorities to intervene in debt-laden OI SA, Reuters notes.
The phone carrier sought court protection from creditors last June
on about BRL65 billion (US$21 billion) in Brazil's biggest-ever
bankruptcy filing, the report relays.

The legislation would allow for government intervention in
telecoms for over a year that could be extended for another year,
Mr. Quadros said, the report discloses.

The government is also preparing a decree to facilitate the
recovery of state credit granted to financially weak operators,
Mr. Quadros said, the report notes.  The decree would allow
carriers to substitute fines for new investment and pay fines in
installments, the report adds.

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


OI SA: Orascom Gives Firm Until June 1 for Reorganization Plan
--------------------------------------------------------------
Alberto Alerig at Reuters reports that Brazilian phone company Oi
SA said Orascom TMT Holdings SAE, controlled by Egyptian
billionaire Naguib Sawiris, and a group of bondholder have given
the carrier until June 1 to put together a restructuring plan to
help it exit bankruptcy protection.

This is the fourth extension granted to Oi by Orascom, which
offered in December an exchange of debt for shares and a capital
injection of as much as $1.25 billion in the phone company,
according to Reuters.

Oi SA filed for bankruptcy protection in June last year under the
burden of debts totaling BRL65 billion (US$20.6 billion), the
report notes.

Reuters relays that the reorganization process has been marked by
disputes between creditors and shareholders over the fate of
Brazil's No. 4 wireless carrier.  The Brazilian government has
threatened to intervene should Oi stakeholders fail to reach an
agreement, the report says.

The reorganization plan was due in late April but the ad hoc group
of bondholders allied to Mr. Sawiris said it was revising the
plan, the report relays. "A number of recent developments have led
to the need to revise the plan presented by our group," said
Otavio Guazzelli, of Moelis & Company, financial advisor to the
group, the report notes.

One development has been a government plan to allow telecom
operators to exchange debt with the state for investments in the
public sector, Reuters relays.  According to regulator Anatel, Oi
owes the government close to BRL15 billion in fines, the report
adds.

                           About Oi SA

Headquartered in Rio de Janeiro, and operating almost exclusively
within Brazil, the Oi Group provides services like fixed-line data
transmission and network usage for phones, internet, and cable,
Wi-Fi hot-spots in public areas, and mobile phone and data
services, and employs approximately 142,000 direct and indirect
employees.

Ojas N. Shah filed a Chapter 15 petition for Oi S.A. (Bankr.
S.D.N.Y. Case No. 16-11791), Oi Movel S.A. (Bankr. S.D.N.Y. Case
No. 16-11792), Telemar Norte Leste S.A. (Bankr. S.D.N.Y. Case No.
16-11793), and Oi Brasil Holdings Cooperatief U.A. (Bankr.
S.D.N.Y. Case No. 16-11794) on June 21, 2016.  The case is
assigned to Judge Sean H. Lane.

The Chapter 15 Petitioner is represented by John K. Cunningham,
Esq., and Mark P. Franke, Esq., at White & Case LLP, in New York;
and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and Laura L.
Femino, Esq., at White & Case LLP, in Miami, Florida.

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



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


CMEH CORP: Creditors' Proofs of Debt Due May 22
-----------------------------------------------
The creditors of CMEH Corp. 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 12, 2017.


CONAIR INTERNATIONAL: Creditors' Proofs of Debt Due May 22
----------------------------------------------------------
The creditors of Conair International Holdings 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 12, 2017.


JVK HOLDING: Creditors' Proofs of Debt Due May 15
-------------------------------------------------
The creditors of JVK Holding Ltd. are required to file their
proofs of debt by May 15, 2017, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 7, 2017.

The company's liquidator is:

          Westport Services Ltd.
          c/o Avril G. Brophy
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


KAZIMIR RUSSIA: Commences Liquidation Proceedings
-------------------------------------------------
The sole shareholder of Kazimir Russia Offshore Fund Ltd., on
April 12, 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:

         Frances Holliday
         c/o Jasmine Amaria
         Walkers
         6 Gracechurch Street
         London EC3V 0AT
         United Kingdom
         Telephone: +44 207 220 4970


L&M INDEMNITY: Commences Liquidation Proceedings
------------------------------------------------
The sole shareholder of L&M Indemnity Company, 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:

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


MFA 90: Placed Under Voluntary Wind-Up
--------------------------------------
The shareholder of MFA 90 Company Limited, on April 3, 2017,
passed 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:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


POLARCUS 2: Commences Liquidation Proceedings
---------------------------------------------
The sole shareholder of Polarcus 2 Ltd., on April 11, 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands


POLARCUS 6: Commences Liquidation Proceedings
---------------------------------------------
The sole shareholder of Polarcus 2 Ltd., on April 11, 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands


SAN VALLEY: Creditors' Proofs of Debt Due May 22
------------------------------------------------
The creditors of San Valley Biotechnology, Inc. 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 10, 2017.

The company's liquidator is:

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


SMART PRINT: Creditors' Proofs of Debt Due May 11
-------------------------------------------------
The creditors of Smart Print Ltd. are required to file their
proofs of debt by May 11, 2017, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 14, 2017.

The company's liquidator is:

          Amicorp Cayman Fiduciary Limited
          c/o Nicole Ebanks-Sloley
          The Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 10655 Grand Cayman KY1-1006
          Cayman Islands
          Telephone: (345) 943-6055



====================
E L  S A L V A D O R
====================


BANCO AGRICOLA: S&P Affirms 'B-' Issuer Credit Ratings
------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long- and 'B' short-term
issuer credit ratings on Banco Agricola S.A.  The bank's stand-
alone credit profile (SACP) remains at 'bb-'.

S&P revised its BICRA score on El Salvador (CC/Negative/C) to
group '9' from '8' as a result of S&P's revision of the economic
risk score to '10' from '9'.  The latter reflects the increasing
economic imbalances stemming from the weakening external debt
position.  On the other hand, S&P kept its '7' industry risk score
unchanged.  The anchor for banks operating in the country remains
at 'b+' despite the BICRA group and economic risk score revisions.

The weaker economic risk score on El Salvador reflects the
potentially costlier external financing--as a result of the missed
CIPs payments.  This could spill over to the Salvadorian banking
system, hurting its external debt position, underscoring the
system's significant vulnerability.  In S&P's view, El Salvador's
low GDP growth prospects, likely to be around 1.3% for 2017-2020,
limited fiscal flexibility, due to political polarization that
continues to hamper the government's debt management, and absence
of monetary flexibility, stemming from the 2001 switch to dollars,
exacerbate the sovereign's economic risk.  In S&P's opinion, the
country's economic growth remains vulnerable to changes in the
U.S. commercial and immigration policies because 48.4% of El
Salvador's exports are destined for the U.S. and remittances from
the latter represented 16% of the Central American country's GDP
in 2015.  On the other hand, lower foreign direct investment
(FDI), coupled with high fiscal deficits, could increase risks to
the domestic banking system in terms of economic imbalances.  In
this sense, S&P believes that Salvadorian banks' resilience to
adverse economic developments will still be under pressure.

At the same time, S&P revised the trend on our economic risk to
stable from negative given that El Salvador's BICRA economic risk
score currently stands at the highest level and can't deteriorate
further.

S&P observes higher industry risks in El Salvador's banking system
because political polarization keeps weakening the government's
ability to gain access to liquidity.  S&P believes that the
sovereign credit stress has worsened, as seen in Congress' failure
on April 7, 2017, to allocate funds to cover the pension
obligations.  In S&P's opinion, this undermines investor
confidence and represents a disadvantage for Salvadorian banks.
Therefore, S&P views system-wide funding in El Salvador as
extremely high risk.  Risk appetite in the Salvadorian banking
system is currently moderate, reflected in modest share of high-
risk lending and manageable growth of total assets.  In addition,
competitive dynamics benefit from a relatively concentrated
banking system that contributes to industry stability.  The large
presence of foreign-owned banks in the system, whose parent
companies are mostly following international standards, would
enable their Salvadorian subsidiaries to adopt Basel III standards
smoothly, once the country implements these rules.

The trend on industry risk remains negative.  If the industry
risks materializes, S&P could revise the industry risk score to a
weaker category.  Such action could result in a revision of S&P's
BICRA group to the weakest category (group '10'), which could
cause the anchor to drop to 'b' from the current 'b+'.

Despite the changes in BICRA, S&P is affirming its 'B-/B' issuer
credit ratings on Banco Agricola, because S&P don't believe it's
currently vulnerable or dependent upon favorable business,
financial, and economic conditions to meet its financial
commitments during the next 12 months.  The bank's SACP remains
unchanged, given that no changes to the anchor for banks operating
in the country occurred, Banco Agricola's risk-adjusted
capitalization ratio (RAC) remains in the moderate category.  The
latter factor is despite higher charges related to greater
economic risk, riskier BICRA group, and sovereign's rating.

S&P's issuer credit ratings on Banco Agricola still reflect its
strong business position--based on its leading position in El
Salvador's banking industry--adequate risk position, due to its
stable asset quality metrics, and average funding with adequate
liquidity as a result of a stable and fragmented deposit base.
The bank's capital and earnings remains moderate based on a
projected RAC ratio at around 5.7% for the next 12 months.  Banco
Agricola is a core subsidiary of Bancolombia, S. A. y Companias
Subordinadas (BBB-/Negative/A-3).



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


CREDIVALORES: S&P Withdraws 'B' Rating on $100MM Sr. Unsec. Notes
-----------------------------------------------------------------
S&P Global Ratings withdrew its 'B' issue - level rating on
Credivalores - Crediservicios SAS' (Credivalores; B+/Stable/B)
senior unsecured notes for up to $100 million.  The withdrawal is
the result of the issuer's decision for not issuing the notes.

RATINGS LIST

                                        To       From
Credivalores - Crediservicios SAS
Senior Unsecured                       NR       B


GRUPO POSADAS: S&P Affirms 'B+' CCR; Outlook Remains Stable
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B+' corporate credit and issue-
level ratings on Grupo Posadas S.A.B. de C.V.  The recovery rating
on the notes remains at '3', indicating S&P's expectation of a
meaningful (50%-70%) recovery in the higher end of the range, for
unsecured lenders in a hypothetical event of a payment default.
The outlook on the corporate credit rating remains stable.

The rating affirmation follows S&P's view that the terms and
conditions of the settlement that the company reached with the tax
authority won't compromise Posadas' liquidity position, expansion
plans, or credit indicators.  S&P don't believe this settlement
will affect the company's cash flow generation prospects, because
Posadas will net part of the effect of this liability by reducing
future current taxes through the amortization of tax-loss carry-
forwards.  As a result, S&P continues to expect Posadas to fund
its operations and expansion plans with internal cash flow
generation, without requiring incremental debt.  This factor,
coupled with a solid operating performance, should keep the
company's credit metrics in line with S&P's current financial risk
profile assessment and overall rating.

The settlement with the tax authority consisted of these factors:

   -- Posadas acknowledged its obligation to pay MXN2.4 billion
      related to taxes and accrued interests to date.  Of the
      total amount, Posadas has made a MXN610 million payment in
      April 2017, and is expected to pay the remaining portion in
      annual installments of about MXN307 million (increasing in
      line with inflation) in 2018-2023.  A one-time fiscal loss
      to be registered in 2017 of MXN930 million as a result of
      the increase in long-term liabilities related to taxes
      payable.

   -- Ratify Posadas right to amortize pending fiscal losses
      accumulated as of 2013, for an estimated amount of
      MXN7.7 billion.

At this point, Posadas and the fiscal authorities are in talks to
resolve their differences over the application of fiscal criteria
in 2006.  S&P will continue to monitor the resolution process, as
well as any potential effect on the company's credit quality and
liquidity.


MEXICO: Domestic Problems Threaten to Undermine NAFTA Talks
-----------------------------------------------------------
Jude Webber at The Financial Times relays that when President
Enrique Pena Nieto called Donald Trump and persuaded him not to
scrap the North American Free Trade Agreement (NAFTA) on his 100th
day in office, it was a reminder that Mexico has not lost its
touch in managing international crises.

The Financial Times points out that Mexico now faces potentially
the trickiest crisis yet, the NAFTA renegotiation -- an issue that
is political dynamite in the US and affects Mexico's business
model as a country.

Mexico's government can draw comfort from the fact that its
turbulent economic history has schooled a core cadre of officials
with Ivy League pedigrees and expertise in dealing with the US,
Reuters cites.  Luis Videgaray, fired as finance minister after
organising a disastrous visit by Mr. Trump to Mexico City last
August, was named foreign minister in January to lead the NAFTA
charge, the report notes.  He has been seeking advice from
Mexico's top US experts and his strategy of forging ties with
Jared Kushner, Mr. Trump's son-in-law, appears to be paying off,
the report relays.

However, while the country has handled international crises well,
domestic problems are another issue, Reuters cites.

Mr. Pena Nieto faces multiplying problems just as his home State
of Mexico -- a traditional stronghold for the ruling Institutional
Revolutionary party -- goes to the polls in gubernatorial
elections on June 4, Reuters notes.  A poor showing for the PRI
candidate, who is also the president's cousin, could spell doom
for the once mighty party next year, the report says.

Moreover, Reuters cites, the Mexican government appears unable to
tame a spike in violence, including a 30 per cent rise in
homicides and extortion and a 20 per cent increase in kidnappings
in the first quarter against the same period last year.

The discovery of huge mass graves and the still unresolved
disappearance of 43 students at the hands of corrupt local police
and a drugs gang have sickened Mexicans, the report discloses.
Corruption scandals involving former PRI governors have deepened
public disgust, as has the saga of a mansion for Mr. Pena Nieto's
wife paid for by a government contractor, report adds.

The series of crises has fuelled the return of Andres Manuel Lopez
Obrador, a maverick leftist politician who almost won the
presidency in 2006 and is increasingly looking like the man to
beat in 2018, according to Reuters.

Mr. Pena Nieto, in the meantime, appears keen to wrap the NAFTA
talks swiftly, as is the Trump administration, Reuters says. But
if the timetable should slip, Mr. Lopez Obrador has made clear his
own desire to weigh in on the renegotiation, the report discloses.
That might mark the moment when Mexico's sorry history of dealing
with problems at home undermines its accomplished record of
handling international crises, Reuters points out.


METALSA SA: S&P Affirms 'BB+' CCR; Outlook Remains Stable
---------------------------------------------------------
S&P Global Ratings said that it affirmed its 'BB+' long-term
corporate credit rating on Metalsa S.A. de C.V.  S&P also affirmed
its 'BB+' long-term issue-level rating on the company's
$300 million senior unsecured notes due in 2023 with a recovery
rating of '3', indicating S&P's expectation of meaningful (50%-
90%; rounded estimate: 90%) recovery in the event of a payment
default.  The outlook on the corporate credit rating remains
stable.

The affirmation reflects S&P's expectation that Metalsa will
maintain good performance in the next two years, posting key
credit metrics with debt-to-EBITDA ratio below 2x and FFO to debt
above 40% due to continued operating efficiencies, consistent debt
levels, and already-booked business that comprises existing
platforms and recently awarded new and expanded platforms.

In S&P's view, the new awarded platforms reflect the commitment
and confidence OEMs have in Metalsa, as well as in the NAFTA
region industry fundamentals (particularly in light vehicles) amid
uncertainty with the potential renegotiation of the trade
agreement and U.S. import tariffs from Mexico.  S&P believes that
Metalsa will not be affected in the short term by a trade policy
change between Mexico and the U.S. given its healthy financial
metrics, comfortable debt maturity profile, strong liquidity, and
leading market position.

The stable outlook reflects S&P's expectation that Metalsa will
post a debt-to-EBITDA ratio below 2x and FFO to debt above 40% in
the next two years, thanks to still stable industry fundamentals
in North America, already-booked platforms, and recently awarded
and renewals of platforms.  It also reflects Metalsa's leading
market position, long-term relationships with OEMs, prudent
financial policy, and continued operating efficiencies to underpin
margins.  Furthermore, the outlook also reflects S&P's belief that
the company's business and performance is not likely to be
affected in the short to medium term by potential NAFTA
renegotiation or other trade policy changes with the U.S.

S&P could lower its rating if global vehicle demand weakens while
Metalsa can't maintain its operating margins, resulting on a debt-
to-EBITDA ratio above 3x and/or FOCF to debt below 25%, unless
temporarily driven by a down cycle and with a clear path to
recovery.  This could occur from additional capex requirements and
a deterioration of margins.

While unlikely over the coming two years, S&P could upgrade
Metalsa if its geographic, client, and product diversification
significantly improves with, for instance, less than 50% of
revenues from its top three customers while it maintains key
financial metrics consistent with our expectations of debt to
EBITDA below 1.5x and FOCF to debt above 25%.



===============
P A R A G U A Y
===============


BBVA PARAGUAY: S&P Affirms Then Withdraws 'BB-' ICRs
----------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long- and 'B' short-term
issuer credit ratings on Banco Bilbao Vizcaya Argentaria Paraguay
S.A. (BBVA Paraguay).  S&P subsequently withdrew the ratings at
the issuer's request.  The outlook was stable at the time of the
withdrawal.

At the time of withdrawal, the ratings on BBVA Paraguay reflected
its good competitive position in the Paraguayan system, with a
focus on lending to the agribusiness sector, a forecasted risk-
adjusted capital of about 4.8% in the next 12-18 months,
manageable asset quality metrics and the expectation they will
improve in the next few quarters, stable funding structure that
benefits from a healthy deposit base, and its liquidity position
that provides adequate cushion to cover short-term maturities.
The 'BB-' long-term issuer credit rating on BBVA Paraguay
incorporated one notch of group support.  S&P believes that the
bank is a moderately strategic subsidiary for its Spain-based
parent, Banco Bilbao Vizcaya Argentaria S.A. (BBB+/Positive/A-2),
which owns 99.99% of the bank's equity.

S&P's stable rating outlook at the time of withdrawal incorporated
its expectation that in the next 12 months BBVA Paraguay will
gradually improve its asset quality metrics.  The outlook also
incorporated S&P's expectation of the group's continued support to
the bank.



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


CONDADO RESTAURANT: Disclosure Statement Hearing Moved to June 21
-----------------------------------------------------------------
The U.S. Bankruptcy Court in Puerto Rico moved the hearing on the
disclosure statement of Condado Restaurant Group Inc. and
Restaurant Associates of Puerto Rico, Inc., to June 21, at 2:00
p.m.

The hearing will take place at Jose V. Toledo Federal Building and
U.S. Courthouse, Courtroom No. 1, Second Floor, 300 Recinto, Sur,
Old San Juan, Puerto Rico.

The companies' Chapter 11 plan of reorganization proposes to pay
general unsecured creditors 75% of their allowed claims over 72
months.

                     About Condado Restaurant

Condado Restaurant Group, Inc., and Restaurant Associates of
Puerto Rico filed for Chapter 11 bankruptcy protection (Bankr. D.
P.R. Case Nos. 16-01329 and 16-01330) on Feb. 24, 2016.  The
petitions were signed by Dayn Smith, president.  The Debtors'
cases were consolidated on May 12, 2016, in lead Case No. 16-
01329.

The Debtors are represented by Javier A. Vega Villalba, Esq., at
Weinstein Bacal & Miller, PSC.  The Debtor hired Acosta & Ramirez
as financial consultant.

Condado Restaurant Group, Inc., estimated assets and liabilities
at between $1 million and $10 million.  Restaurant Associates of
Puerto Rico, Inc., estimated assets at $100,000 to $500,000 and
liabilities at $1 million to $10 million.


DORADO COMMUNITY: Hires Fuertes & Fuertes as Counsel
----------------------------------------------------
Dorado Community Health, Inc., seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Fuertes
& Fuertes Law Office, as counsel to the Debtor.

Dorado Community requires Fuertes & Fuertes to:

   a. give the Debtor legal advice with respect to its powers and
      duties as debtor in possession in the continued operation
      of its business and management of its property;

   b. prepare on behalf of the Debtor as debtor in possession
      necessary applications, answers, orders, reports and other
      legal papers; and

   c. perform all other legal services for the Debtor as debtor
      in possession which may be necessary, and it is necessary
      for the Debtor to employ an attorney for professional
      services;

Fuertes & Fuertes will be paid based upon its normal and usual
hourly billing rates. The firm will also be reimbursed for
reasonable out-of-pocket expenses incurred.

Alberto R. Fuertes Masarovic, member of Fuertes & Fuertes 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.

Fuertes & Fuertes can be reached at:

     Alberto R. Fuertes Masarovic, Esq.
     FUERTES & FUERTES LAW OFFICE
     PO Box 194000
     San Juan, PR 00919-4000
     Tel: (787) 296-000

                About Dorado Community Health, Inc.

Dorado Community Health Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 17-01565) on March 7, 2017,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by Jaime Rodriguez Perez, Esq. at Hatillo
Law Office.

The Debtor hired Fuertes & Fuertes Law Office, as counsel; and
Julio Borges-Alvarado, as accountant.


INMOBILIARIA HMMA: Hires Cintron Law Offices as Counsel
-------------------------------------------------------
Inmobiliaria HMMA Inc., seeks authority from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ the Law Offices of
Jose R. Cintron, as counsel to the Debtor.

Inmobiliaria HMMA requires Cintron to:

   a. prepare all Court documents;

   b. appear at the 341 meeting of creditors and other Court
      hearings;

   c. provide accounting, tax and financial analyses;

   d. prepare a Plan and Disclosure Statement;

   e. prepare and litigate adversary proceedings, and objections
      to claims.

Cintron will be paid at the hourly rate $150.

Cintron will be paid a retainer in the amount of $5,000.

Cintron will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Jose R. Cintron, member of the Law Offices of Jose R. Cintron,
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.

Cintron can be reached at:

     Jose R. Cintron, Esq.
     LAW OFFICES OF JOSE R. CINTRON
     Calle Condado 605, Suite 602
     Santurce, PR 00907
     Tel: (787) 725-4027
     Fax: (787) 725-1709

                   About Inmobiliaria HMMA Inc.

Inmobiliaria HMMA Inc., based in Bayamon, Puerto Rico, filed a
Chapter 11 petition (Bankr. D.P.R. Case No. 17-03150) on May 3,
2017. The Hon. Enrique S. Lamoutte Inclan presides over the case.
Jose R. Cintron, Esq., at the Law Offices of Jose R. Cintron,
serves as bankruptcy counsel.

In its petition, the Debtor estimated $340,000 in assets and $1.73
million in liabilities. The petition was signed by Manuel
Henriquez Moreno, president.


LEGAL CREDIT: Hires Carrasquillo as Financial Consultant
--------------------------------------------------------
Legal Credit Solutions, Inc., seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ CPA
Luis R. Carrasquillo & Co., P.S.C., as financial consultant to the
Debtor.

On March 23, 2017, the Bankruptcy Court granted the withdrawal of
the Debtor's former financial consultant.

Legal Credit requires Carrasquillo to:

   a. assist in obtaining the necessary data for the preparation
      of the Chapter 11 bankruptcy proceedings;

   b. assist in obtaining the necessary financial information to
      complete the Chapter 11 Schedules and Statement of
      Financial Affairs;

   c. assist in the preparation of all financial data to be
      presented to the U.S. Trustee Office within the first 15
      days after the filing.

   d. prepare the financial projections and cash flows statements
      together with Accountant's Compilation Report therein;

   e. prepare the Liquidation Analysis for the Bankruptcy Court
      along with its related Notes and Accountants Report;

   f. assist the Debtor's counsel in the preparation of the Plan
      of Reorganization, Disclosure Statement, and all the
      related documents for the Bankruptcy Court;

   g. assist the Debtor's counsel in the efforts to restructure
      bank debts, obtain new financing sources, and any Debtor-
      in-Possession or post-petition financing;

   h. assist the Debtor's counsel in any litigation that may
      arise during the course of the reorganization that may
      require financial and accounting testimony and litigation
      support; and

   i. provide special work as accountant and administrator of the
      estates.

Carrasquillo will be paid at these hourly rates:

     Partner                 $175
     Senior CPA              $80-$125
     Staff                   $45

Carrasquillo will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Luis R. Carrasquillo, partner of CPA Luis R. Carrasquillo & Co.,
P.S.C., 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.

Carrasquillo can be reached at:

     Luis R. Carrasquillo
     CPA LUIS R. CARRASQUILLO & CO., P.S.C.
     28th Street, TI-26, Turabo Gardens Avenue
     Caguas, PR 00725
     Tel: (787) 746-4555
     Fax: (787) 746-4564

                About Legal Credit Solutions, Inc.

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.


LUAR CLEANERS: Taps Jacqueline Santiago as Legal Counsel
--------------------------------------------------------
Luar Cleaners Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire legal counsel in
connection with its Chapter 11 case.

The Debtor proposes to hire the law office of Jacqueline Hernandez
Santiago, Esq., to, among other things, give legal advice
regarding its duties under the Bankruptcy Code, negotiate with
creditors, and assist in the preparation of a bankruptcy plan.

The proposed fee arrangement is an agreed hourly rate of $250 for
the attorney, and a retainer of $1,000, plus $1,717 for the filing
fee.

Ms. Santiago disclosed in a court filing that she and all
employees of her firm are "disinterested persons" as defined in
section 101(14) of the Bankruptcy Code.

Ms. Santiago maintains an office at:

     Jacqueline Hernandez Santiago, Esq.
     Calle Mayagez 22, Interior
     Hato Rey, PR 00917
     Phone: (787) 766-0570
     Email: quiebras1@gmail.com

                 About Luar Cleaners Inc.

Luar Cleaners Inc. owns dry-cleaning plants in Guaynabo, Puerto
Rico.

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. P.R. Case No. 17-02840) on April 25, 2017.  The
petition was signed by Paul Palacios Velez, president.

The case is assigned to Judge Brian K. Tester.

At the time of the filing, the Debtor estimated its assets and
debts at $1 million to $10 million.

The Debtor previously filed Chapter 11 petitions (Bankr. D.P.R.
Case No. 12-09294) and (Bankr. D.P.R. Case No. 14-04974).  The
cases were filed on Nov. 25, 2012, and on June 18, 2014.  Judge
Brian K. Tester, who handled the 2014 case, dismissed it on June
29, 2016.


LUCY LOPEZ ROIG: Plan Confirmation Hearing on June 7
----------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico has conditionally approved Lucy Lopez Roig
E.A.P., Inc.'s disclosure statement dated April 25, 2017,
referring to the Debtor's plan of reorganization.

A hearing to consider final approval of the Disclosure
Statement and confirmation of the Plan has been set for June 7,
2017, at 9:00 a.m.

Objections to the final approval of the Disclosure Statement and
confirmation of the Plan must be filed on or before 14 days prior
to the plan confirmation hearing.

Acceptances or rejections of the Plan must be filed on or before
14 days prior to the plan confirmation hearing.

                    About Lucy Lopez Roig

Lucy Lopez Roig E.A.P., Inc., San Juan, P.R., filed a Chapter 11
petition (Bankr. D.P.R. Case No. 16-09790) on Dec. 16, 2016.  The
Hon. Mildred Caban Flores presides over the case.  Carmen D. Conde
Torres, Esq., serves as bankruptcy counsel.

In its petition, the Debtor indicated $82,830 in total assets and
$1.17 million in total liabilities.  The petition was signed by
Marion A. Wennerholm, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb16-09790.pdf


PUERTO RICO: Judge Laura Taylor Swain to Preside Over Bankr. Case
-----------------------------------------------------------------
Bankruptcy Law360 reports that U.S. Chief Justice John Roberts
named U.S. District Judge Laura Taylor Swain to preside over
Puerto Rico's bankruptcy case.  Experts say Judge Swain's
judicious temperament and legal acumen make her suited for the
task, Law360 relates.

                      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.


PUERTO RICO: Bond Default Called Over Fiscal Plan's Debt Cuts
-------------------------------------------------------------
Andrew Scurria, writing for The Wall Street Journal Pro
Bankruptcy, reported that Puerto Rico's entry into court
protection is exacerbating tensions between Wall Street firms
holding sales-tax bonds that the territory's federal overseers
want impaired.

According to the report, Bank of New York Mellon Corp., the
trustee for $17 billion in sales-tax bonds known as Cofinas,
notified Puerto Rico in a letter that it believes events of
default have occurred.

The alleged defaults stem from the controversial fiscal plan that
Puerto Rico's oversight board adopted as its framework for
restructuring a $73 billion mountain of public debt, the report
related.  Governor Ricardo Rossello signed a local law to comply
with the fiscal plan that allows him under certain circumstances
to break the lockbox securing the sales tax revenues and move them
into Puerto Rico's grasp, the report further related.

"As a result of these limitations and restrictions on Cofina's
rights and ability to meet its obligations to bondholders, the
commonwealth's enactment of the fiscal plan compliance law
constitutes a default," BNY Mellon said in the letter, the report
added.

                     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 serving as counsel to the Ad Hoc Group of Puerto
Rico General Obligation Bondholders.



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


CARIBBEAN AIRLINES: Committee Questions Execs on Free Trips
-----------------------------------------------------------
RJR News reports that members of a parliamentary committee in
Trinidad & Tobago have asked executives of Caribbean Airlines
(CAL) to explain why a pilot employed to the entity made 100 free
trips in one year on personal business.

The issue was raised earlier by the Joint Select Committee on
State Enterprises when members of Caribbean Airline's executive
appeared before the committee, according to RJR News.

Senator David Small, chairman of the committee, described the
frequent trips as an abuse of privilege, the report relays.

The report notes that Hyacinth Guy, Caribbean Airlines Vice-
President for Human Resources, told the committee that all
employees are entitled to 20 trips per year.

The report relays that Ms. Guy said an analysis showed that, on
average, employees use between six and eight flights adding that
the use of the jump-seat was industry practice and her department
would not have had sight of the frequency of flights used by the
particular pilot.

She told the committee that, in some cases, members of staff work
in Trinidad but live elsewhere and could be utilizing the
privilege so it might not necessarily be an abuse of the system,
the report notes.

In response, Mr. Small said the Joint Select Committee will have
some clear recommendations for the airline although the number of
flights taken by the employee may not have impacted on the revenue
of the airline, the report discloses.

Caribbean Airlines chairman Shameer Mohammed, who was also present
at the sitting of the committee, said he too was concerned about
the frequency with which some employees used the carrier, the
report adds.

                       About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited has quit after
just 17 months on the job. The 48-year-old Canadian national,
citing personal reasons, resigned with immediate effect.  His
resignation was accepted by the airline's board of directors. Mr.
DiLollo was appointed Caribbean Airlines CEO in May 2014,
following the sudden resignation of Robert Corbie in September
2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.


                            ***********


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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