TCRLA_Public/170519.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

              Friday, May 19, 2017, Vol. 18, No. 99


                            Headlines



B R A Z I L

ABENGOA SA: Brazil Watchdog Sees Further Delay in Project
CONCESSIONARIA DO SISTEMA: Moody's Rates BRL800MM Unsec. Debt Ba2
ODEBRECHT SA: Brazilian Banks Turn Up Heat on Scandal-Hit Firm


C A Y M A N  I S L A N D S

DUNLOCH INVESTMENTS: Shareholders' Final Meeting Set for May 30
FERLO INVESTMENT: Creditors' Proofs of Debt Due May 24
IOAHC INVESTMENTS: Placed Under Voluntary Wind-Up
LOGAN PROPERTY: Moody's Assigns 'B1' Rating to Proposed USD Bond
MINSTREL LTD: Commences Liquidation Proceedings

ONE EAST: Shareholder Receives Wind-Up Report
PATRONUS INVEST: Creditors' Proofs of Debt Due June 13
STRATHMORE LTD: Placed Under Voluntary Wind-Up
UOB CAYMAN I: Shareholders' Final Meeting Set for May 26


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: Telecoms Reject Bill That Creates Another Tax


J A M A I C A

CABLE & WIRELESS: S&P Assigns 'BB-' Rating to Unit's $1.125MM Loan
JAMAICA: JSE Reports Drop in Income & Profit During First Quarter


P U E R T O    R I C O

GLOBAL COMMODITY: Disclosure Statement Hearing Set for June 21
LA ESTRELLA FAST FOOD: Seeks 90-Day Extension to Confirm Plan
SPANISH BROADCASTING: Delays Form 10-Q for Analysis
SUBLINK SOLUTIONS: Hires Marengo-Rullan CPA as Accountant


T R I N I D A D  &  T O B A G O

PETROTRIN: Oil Production Must Increase, Exec Says


                            - - - - -


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B R A Z I L
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ABENGOA SA: Brazil Watchdog Sees Further Delay in Project
---------------------------------------------------------
Luciano Costa at Reuters reports that Brazil's electricity
watchdog Aneel expects a further delay in the construction of
6,000 kilometers of power lines licensed to Abengoa SA, raising
concern over the reliability of the country's grid as a massive
new dam comes online, according to an internal document.

Abengoa halted construction of the transmission lines in 2015 amid
a financial crisis at its headquarters in Spain which was followed
by a bankruptcy filing at its units operating in Brazil, according
to Reuters.

Aneel has been trying ever since to revoke the licenses granted to
Abengoa and offer the project, which it estimates will require
some BRL8 billion ($2.55 billion) in additional spending, to
another investor, the report notes.  But Abengoa has won court
rulings allowing it to keep the assets and sell them as its
Brazilian unit tries to emerge from bankruptcy protection, the
report relays.

"Aneel does not expect the installations in question to be
operational by 2022.  There is also uncertainty in relation to the
progress of the works beyond that date," the document said, the
report notes.

Abengoa, whose original timeline had called for part of the
transmission lines to already be up and running and the rest to be
completed by 2018, did not immediately return requests for
comment.

The document signals the regulator's concern over the security and
reliability of the national power grid as Brazil's massive Belo
Monte hydroelectric dam, with capacity to generate 11,233 megawatt
of electricity, becomes fully operational by 2019, says the
report.

Even if licenses are sold to a third party during the bankruptcy
proceedings, Aneel does not think construction of the lines can be
completed by 2022, the document dated April 26 said, the report
says.

Abengoa's unfinished lines would serve to distribute Belo Monte
electricity as well as power generated at windpower plants based
in Brazil's Northeast, the report notes.

Bidders including State Grid Corp of China, Transmissora Alianáa
de Energia Eletrica SA and Equatorial Energia SA have publicly
expressed interest in acquiring Abengoa's assets, the report
discloses.

In the Aneel document, the regulator recommends that the
government study operating the nationwide power grid without
Abengoa's lines, which could involve issuance of licenses for new
projects, the report adds.

As reported in the Troubled Company Reporter-Latin America on
March 23, 2017, Moody's Investors Service has withdrawn all the
ratings of Abengoa S.A., including the company's Ca Corporate
Family Rating (CFR), Ca-PD Probability of Default Rating ("PDR"),
and the senior unsecured Ca ratings at Abengoa Finance, S.A.U.,
and Abengoa Greenfield, S.A. At the time of withdrawal, the
ratings carried negative outlooks.


CONCESSIONARIA DO SISTEMA: Moody's Rates BRL800MM Unsec. Debt Ba2
-----------------------------------------------------------------
Moody's America Latina has assigned a Ba2 global scale rating and
a Aa1.br national scale rating to the planned BRL800 million
senior unsecured debentures due in 2022, to be issued by
Concessionaria do Sistema Anhanguera-Bandeirantes S.A.. The
issuance allows for additional and supplementary amounts during
the book building process that could increase total issuance up to
BRL 1.1 billion. Proceeds from this issuance will be used to repay
the current outstanding 4th issuance of commercial notes due in
January 2018. The outlook remains stable.

AutoBan plans to issue the senior unsecured debentures in June
2017. The notes will have a 5-year tenor with a bullet principal
payment at maturity (2022). Interests payments will be semi-annual
starting after one year following issuance. The debentures will
have cross-default clauses with other debt at AutoBAn and will
include acceleration clauses for the following events among
others: (i) the non-payment of any financial obligation above BRL
100 million, (ii) change of control and termination of the
concession contract and (iii) dividend payment above the minimum
required by Brazilian Corporate Law if the Net Debt to EBITDA
ratio exceeds 4.0x, except in the case in which AutoBAn contracts
a letter of credit equivalent to the outstanding debenture amount.

In date, the state of Sao Paulo's toll road regulator, ARTESP
opened a judicial process to challenge a 2006 contract amendment
that extended the company's concession life in order to compensate
additional investments and taxes that were not contemplated in the
original contract. This debenture issuance will benefit from a
conditional corporate guarantee from CCR S.A. (Ba3 stable) that
will cover the early termination of the concession under a
scenario where there is a judicial ruling against the
concessionaire relative to that process.

As other AutoBAn's debentures do not benefit from a similar
guarantee, Moody's notes that the 2022 debenture issuance could
have a higher claim position relative to existing debentures
holders in the event of an adverse outcome of the ARTESP case.
While the occurrence of such event could result in some
differentiation between the ratings of the 2022 issuance and the
ratings of existing debentures in the future, the certainty of
such a development is not sufficient to warrant a ratings
differentiation at this time.

The assigned ratings are based on preliminary documentation.
Moody's does not anticipate changes in the main conditions that
the debentures will carry. Should issuance conditions and/or final
documentation deviate from the original ones submitted and
reviewed by the rating agency, Moody's will assess the impact that
these differences may have on the ratings and act accordingly.

RATINGS RATIONALE

The Ba2/Aa1.br ratings reflect AutoBAn's road system strong asset
features located in a well-developed and economically diversified
region in the State of Sao Paulo (Ba2 stable) as well as its
relative position to local peers. AutoBAn has strong credit
metrics for its rating category driven by relatively stable cash
flows and low CAPEX requirements due to the mature nature of the
concession. The sound access to the local banking and capital
markets together with strong management team further support the
rating. Moody's foresees that AutoBAn will continue to issue debt,
re-leveraging primarily to pay dividends, in an overall prudent
manner to maintain its credit metrics.

On the other hand, AutoBAn's ratings are constrained by (i)
Brazil's sovereign rating (ii) uncertainty on the 2006 contract
amendment and potential negative outcome, (iii) the track record
of high dividend distributions, which Moody's expects will
continue in the foreseeable future. Moreover, the high level of
investment activity of its controlling shareholder, CCR and the
consequent track record of high dividend distributions also weigh
on the rating.

What Could Change the Rating -- Up/ Down

AutoBAn's ratings are constrained by the sovereign, therefore an
upgrade of Brazil's rating could also lead to an upgrade of
AutoBAn's ratings.

Deterioration in the sovereign's credit quality could exert
downward pressure on the ratings. In addition, the ratings could
be downgraded if there is a significant and sustained
deterioration in the company's credit metrics and liquidity. The
deterioration in the credit quality of CCR could also exert
downward pressure for AutoBAn as well as if Moody's perceives
further deterioration in the concession and regulatory framework
in the State of Sao Paulo, or political interference in the normal
course of business. Moody's also assume that neither CCR nor any
of its subsidiaries will incur new debt containing cross default
provisions that could affect AutoBAn's ratings. A negative outcome
of the ongoing judicial dispute with ARTESP could also weigh on
the ratings.

In 1998, AutoBAn was awarded a 20-year concession to expand,
operate and maintain the 317-kilometer Anhanguera-Bandeirantes
road system, which in 2006 was extended for another eight years
and eleven months, until 2027. The road system comprises the
AnhangĂ…era (SP-330), Bandeirantes (SP-348), and Dom Gabriel
Paulino Bueno Couto (SP-300) highways, and the Adalberto Panzan
(SPI-102/330) connector (altogether the "Concession"). AutoBAn's
system connects the Sao Paulo metropolitan area to the wealthy
cities of Campinas, Jundiai and Limeira. This area has been known
as the "Brazilian Silicon Valley" given the concentration of high
tech industries but it is still a leading industrial and
agribusiness region.

AutoBAn is an operating subsidiary of CCR, one of Brazil's largest
toll-road concession groups, which operates and maintains 3,265
kilometers of toll road concessions. CCR is controlled by the
Andrade Gutierrez Group, the Camargo Correa Group and the Soares
Penido Group with a combined participation of 44.27% while the
remaining 55.23% shares are free float. AutoBAn is CCR's most
important revenue-generating asset accounting for approximately
25% and 28% of CCR's consolidated net operating revenues and
EBITDA, respectively. In the FY2016, CCR reported Moody's-adjusted
consolidated net operating revenues of BRL6.7 billion and EBITDA
of BRL4.5 billion.


ODEBRECHT SA: Brazilian Banks Turn Up Heat on Scandal-Hit Firm
--------------------------------------------------------------
Tatiana Bautzer and Guillermo Parra-Bernal at Reuters report that
banks are raising the heat on Brazilian conglomerate Odebrecht SA
to put its house in order after months of treating the scandal-hit
company with kid gloves because of fears its collapse could hurt
their balance sheets, sources said.

Odebrecht has agreed to accelerate asset sales as part of a deal
with creditor banks to let the heavily indebted company keep $800
million from the divestiture of its water and waste unit announced
last month, enough to fund its cash needs for two years, according
to several executives, bankers and lawyers involved in the talks,
according to Reuters.

The report notes that the conglomerate also agreed to surrender to
creditors all dividends from its crown jewel, petrochemicals unit
Braskem SA, and to place more assets as collateral for loans under
renegotiation, said the people, who asked not to be named because
the terms of the agreement with creditors were not made public.

"All the parties agreed that steps to resolve this drama once and
for all must be taken carefully but quickly," said one of the
people involved, the report relays.

The agreement shows how creditor banks holding a big chunk of
Odebrecht's BRL76 billion ($24.34 billion) in outstanding debt are
growing increasingly assertive, the report notes.

In part, banks' new-found confidence stems from a plea deal struck
by Odebrecht in December with U.S., Brazilian and Swiss
prosecutors, which drew a line under the main legal risks to the
group, the report says.

Odebrecht SA and Braskem admitted to bribing officials in 12
countries, mostly Latin America, and agreed to pay $3.5 billion in
fines in return for freedom from prosecution, the report notes.

Lenders also feel they have given Odebrecht enough time and have
dealt with other headaches in their credit portfolio over the last
year, giving them more room to maneuver, the report discloses.

"Now the leniency deal is a reality, we believe that Odebrecht can
downsize assets and liabilities at a faster pace," one senior
banker said, the report relays.

The tougher stance is evident from how banks are dealing with
Odebrecht's 38 percent stake in Braskem, Latin America's No. 1
petrochemical firm, the report notes.

While Chairman Emilio Odebrecht wants Braskem to lead the group's
recovery, bankers believe they have the right to decide the fate
of the stake -- pledged as collateral for a debt restructuring of
agribusiness unit Odebrecht Agroindustrial SA, the report notes.

"It should be up to us, not Odebrecht, to decide what to do with
Braskem SA," said the chief executive officer of a large Brazilian
lender, the report says.

                    Hit by Scandal, Recession

Once the nation's biggest employer, Odebrecht SA has been floored
by Brazil's "Operation Car Wash" investigation into political
kickbacks on state infrastructure contracts, the report discloses.
Brazil's harshest recession on record has compounded problems for
the family-owned group, the report notes.

Restricted access to capital and a tarnished reputation led
Odebrecht to miss a 12 billion-real asset sale goal for mid-2017.

The target has been extended until next year under the accord
governing April's sale of Odebrecht Ambiental SA, the report
relays.

However, Brazil's government has joined creditors in pushing for
the bulk of the target to be completed this year, officials,
bankers and lawyers familiar with the restructuring told Reuters,
the report notes.

Some banks have balked at how slowly the Odebrecht family, which
retains control over the company it founded in 1944, is selling
shipbuilding, biofuels and oil drilling assets. Others question
whether the family should retain command after its role in the
corruption scandal, the report says.

In a statement to Reuters, Odebrecht SA said it is pursuing the
downsizing, noting that gross revenue fell to around BRL90 billion
($29 billion) last year.  The group declared gross revenues of
BRL132.5 billion in 2015, the report relays.

"After reaching agreements with judicial authorities in Brazil,
U.S., Switzerland and Dominican Republic, the group is working to
sign similar deals with other countries to take the group to a new
standard of ethics, governance and transparency," the report
notes.

Odebrecht named Luciano Guidolin, who played a key role in
negotiating the plea deals, as its new chief executive officer,
the report discloses.

Yet revelations that Odebrecht bribed politicians across Latin
America have complicated efforts to win new contracts, the report
relays.

The backlog for civil construction unit Odebrecht Engenharia &
Construcao SA shrank 50 percent over two years to December 2016 to
$17 billion, the lowest since 2008, according to preliminary
financial data seen by Reuters.

Emilio Odebrecht has created stricter compliance structures and
vowed to keep family members out of the group's boardrooms.

A person familiar with Odebrecht SA's finances said management
agreed to book all of December's fine in last year's income
statement, alongside heavy asset writedowns and charges related to
the bribery scheme, the report notes.

That would lead to the group posting a record loss, to be
announced in the coming weeks, the person said, the report says.

The question is whether the company can rebuild its order book
after it was banned from bidding on Brazilian public works
contracts and shown the exit from at least four other Latin
American countries, the report notes.

Several top Brazilian officials are lobbying antitrust and
auditing agencies to avoid additional penalties, the report
relays.

"I've seen many people spreading the word that Odebrecht will not
survive, but that goes against this whole idea of designing
leniency deals," said Carlos Lima, a prosecutor in the Car Wash
taskforce, notes the report.  "We want the company working and we
want it clean."


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


DUNLOCH INVESTMENTS: Shareholders' Final Meeting Set for May 30
---------------------------------------------------------------
The shareholders of Dunloch Investments Ltd. will hold their final
meeting on May 30, 2017, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Alexandria Bancorp Limited
          c/o Dayra Triana-Munroe
          Barbara Conolly
          The Grand Pavilion Commercial Centre
          802 West Bay Road
          P.O. Box 2428 Grand Cayman KY1-1105
          Cayman Islands
          Telephone: (345) 945-1111
          Facsimile: (345) 945-1122


FERLO INVESTMENT: Creditors' Proofs of Debt Due May 24
------------------------------------------------------
The creditors of Ferlo Investment Company 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 11, 2017.

The company's liquidator is:

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


IOAHC INVESTMENTS: Placed Under Voluntary Wind-Up
-------------------------------------------------
The sole shareholder of IOAHC Investments Company, on April 20,
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:

          Rogelio Tirso Navarro
          Blvd. Manuel Avila Camacho 76, 5th floor
          Col. Lomas de Chapultepec
          Del. Miguel Hidalgo
          C.P. 11000, Mexico City
          Mexico


LOGAN PROPERTY: Moody's Assigns 'B1' Rating to Proposed USD Bond
----------------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured
rating to the proposed USD bond to be issued by Logan Property
Holdings Company Limited (Ba3 stable) and guaranteed by some of
its subsidiaries.

The rating outlook is stable.

The proceeds from the proposed USD bond are intended mainly to
refinance Logan Property's existing debt, including the USD250
million senior note due in 2017, and the USD300 million senior
note callable in 2017.

RATINGS RATIONALE

"Logan Property's debt maturity profile will improve upon the
successful issuance of the proposed bond," says Anthony Lee, a
Moody's Analyst and the Lead Analyst for Logan Property.

Moody's does not expect any material negative impact on Logan
Property's financial metrics from the proposed bond, given that
the bond's main purpose is to refinance debt.

Logan Property's debt leverage - as measured by revenue to
adjusted debt - will likely improve to around 70% over the next
12-18 months from 62% at end-2016, based on estimated revenue
growth of 30%-40% and slower debt growth of 10%-15%.

Moody's expects that the company will control its land
acquisitions in 2017. Moody's explains that Logan Property's debt
leverage rose in 2016, mainly due to the material amount of land
acquisitions during the year.

Moody's notes that the company achieved a year-on-year growth of
40% in contracted sales to RMB28.7 billion in 2016. For the first
four months of 2017, its contracted sales increased 57% year-on-
year to RMB11.4 billion. The growing contracted sales support
higher revenue growth in the foreseeable future.

Logan Property's Ba3 corporate family rating reflects its proven
track record of developing mass-market residential properties in
Guangdong, Guangxi, as well as Shenzhen.

The rating also considers Logan's high gross profit margin when
compared to its Ba-rated peers. This situation is supported by its
strong cost management and low cost land bank.

Its reported gross margin improved to 31.9% in 2016 from 30.4% in
2015. Accordingly, its adjusted EBIT interest coverage increased
to 3.8x in 2016 from 3.1x in 2015. Moody's expects that Logan
Property's coverage ratio will remain at a similar level over the
next 12--18 months as it was in 2016; a situation which is in line
with its Ba-rated peers.

On the other hand, the rating is constrained by its geographic
concentration in Southern China and its high debt leverage.

Logan Property's liquidity position is strong. At end-2016, its
cash to short-term debt registered 285%, due to strong cash
inflows from its robust contracted sales in 2016.

The stable outlook on Logan Property's ratings reflects Moody's
expectation that the company will maintain strong contracted sales
growth, a high gross margin, a strong liquidity position, high
revenue growth, and that it will control its land acquisitions.

Upward ratings pressure could emerge if the company: (1)
establishes a track record of stable contracted sales growth,
while maintaining its strong liquidity position and profit
margins; (2) grows in scale and improves its geographic
diversification; and (3) improves its debt leverage.

Credit metrics indicative of upward ratings pressure include a
homebuilding EBIT/interest coverage in excess of 3.5x, and
revenue/adjusted debt in excess of 85%-90%.

On the other hand, downward ratings pressure could emerge if Logan
Property shows: (1) a weak contracted sales growth, aggressive
land acquisitions, a weakening liquidity position, or declining
profit margins; or (2) a weakening in its credit metrics.

Credit metrics that Moody's would consider for a downgrade
include: (1) cash/short-term debt below 100%-125%; (2) a
homebuilding EBIT/interest coverage below 2.5x; or (3)
revenue/adjusted debt below 70%-75% on a sustained basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in April 2015.

Logan Property Holdings Company Limited - incorporated in the
Cayman Islands - was founded in 1996 in Shantou by Mr. Kei Hoi
Pang, the current chairman and one of the controlling shareholders
of the company.

The group engages in property development, with a focus on low- to
mid-market residential projects in Shenzhen and other cities in
the Pearl River Delta, Shantou in Guangdong, and Nanning in
Guangxi.

The Shenzhen-based company listed on the Hong Kong Stock Exchange
in December 2013. It is 77%-owned by the Kei family trust and Ms.
Kei Perenna Hoi Ting. Ms. Kei is a non-executive director of the
company and the daughter of Mr. Kei.


MINSTREL LTD: Commences Liquidation Proceedings
-----------------------------------------------
The sole shareholder of Minstrel 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:

          John Donnelly
          Office 1503, Level15
          AI Moosa Tower 1
          Sheikh Zayed Road
          Dubai
          United Arab Emirates
          Telephone: 971 50 372 1726
          Facsimile: 971 4 401 9666


ONE EAST: Shareholder Receives Wind-Up Report
---------------------------------------------
The shareholder of One East Ironshore, Ltd. received on May 8,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          One East Capital Advisors, L.P.
          c/o Sophia Leavett
          Ogier, Attorneys
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


PATRONUS INVEST: Creditors' Proofs of Debt Due June 13
------------------------------------------------------
The creditors of Patronus Invest SPC are required to file their
proofs of debt by June 13, 2017, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 12, 2017.

The company's liquidator is:

          Trinity Fund Administration (Cayman) Ltd
          c/o Angela Nightingale
          Citrus Grove, 3rd Floor, 106 Goring Ave
          P.O. Box 10364, Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 743 6620
          Facsimile: (345) 743 6720


STRATHMORE LTD: Placed Under Voluntary Wind-Up
----------------------------------------------
The sole shareholder of Strathmore Ltd., on March 31, 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:

          Freemere Limited
          c/o Lisa Thoppil
          Trident Liquidators (Cayman) Ltd.
          Trident Chambers
          P.O. Box 146 Road Town
          Tortola
          British Virgin Islands
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881


UOB CAYMAN I: Shareholders' Final Meeting Set for May 26
--------------------------------------------------------
The shareholders of UOB Cayman I Limited will hold their final
meeting on May 26, 2017, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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D O M I N I C A N   R E P U B L I C
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* DOMINICAN REP: Telecoms Reject Bill That Creates Another Tax
--------------------------------------------------------------
Dominican Today reports that the telecoms stated their rejection
to the bill for the National Emergency Assistance and Security
System 9-1-1, recently submitted to the Chamber of Deputies,
because it creates another tax.

Claro, Tricom, Orange, Viva and Wind Telecom object a fee on
international telephone traffic as a financing source because it
violates international agreements and entails new investments and
expenses by a sector that's "currently overburdened with high
taxes," according to Dominican Today.

The proposed legislation aims to charge US$0.02 per minute of
incoming international voice traffic and US$0.0025 per incoming
international minutes, the report notes.

In a statement, the telecoms say they weren't included in the
talks over the aspects directly related to telecom services, the
report relays.

In a document delivered to the Chamber of Deputies, the telephone
service providers expressed their concern on lawmakers, and also
submitted it to its Interior and Police Commission, the report
adds.

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


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


CABLE & WIRELESS: S&P Assigns 'BB-' Rating to Unit's $1.125MM Loan
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating on Coral-
US Co-Borrower LLC's new $1.125 million secured term loan due
2025. Coral-US Co-Borrower is a subsidiary Cable & Wireless
Communications Limited (CWC; BB-/Negative/B).

S&P views the transaction to be debt neutral because CWC will use
proceeds to repay the existing secured term loan for $1.1 million
and pay any fees in connection with the new loan.  The new loan
will have several incurrence covenants calculated under a
proportionate basis: net leverage ratio of maximum of 5.0x and
senior secured net leverage ratio maximum of 4.0x.

In addition, Sable International Finance Ltd. and Coral-US Co-
Borrower are extending the term of their unrated revolving credit
facility for $625 million to 2023.  S&P believes this facility and
the new term loan will improve CWC's maturity debt profile and
will align its covenants across the main tranches of its
institutional debt.

The rating on CWC reflects its leading position as a wireline and
wireless telecommunications and cable TV provider in most of the
markets in which it operates.  The group also enjoys solid
profitability and good geographic, product, and customer
diversification.  S&P expects stiff competition in most of the
group's markets and overall fairly high country risk to temper
CWC's strengths.  The rating also reflects S&P's concerns
regarding the macroeconomic and competitive conditions in the
Caribbean and Latin America that could continue reducing ARPUs and
increase churn, hampering the company's future growth and
preventing it from meeting a proportionate adjusted debt-to-EBITDA
ratio below 5.0x for the next few years.

RATINGS LIST

Cable & Wireless Communications Limited
  Corporate credit rating                     BB-/Negative/B

Rating Assigned

Coral-US Co-Borrower LLC
  $1.125M secured term loan due 2025          BB-


JAMAICA: JSE Reports Drop in Income & Profit During First Quarter
-----------------------------------------------------------------
RJR News reports that there was a decline in income and profit at
the Jamaica Stock Exchange (JSE), during the January to March
quarter.

Total income was down 26% at J$241 million while net profit fell
55% to $56 million, according to RJR News.

The Stock Exchange explained that last year's results for the
January to March quarter included an increase in cess revenue due
to a large transaction, the report relays.

Meanwhile, the Jamaica Stock Exchange is forecasting a further
increase in the number of listed companies, the report notes.

In its financial results for the January to March quarter, the JSE
said it is expected that in coming quarters there will be more
companies listing their securities which will increase its fee
income, the report says.

It has based this on the expected increase in trustee services,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 9, 2017, Fitch Ratings affirmed Jamaica's Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'B' with a
Stable Outlook. The issue ratings on Jamaica's senior unsecured
Foreign and Local Currency bonds are also affirmed at 'B'. The
Outlooks on the Long-Term IDRs are Stable. The Country Ceiling is
affirmed at 'B' and the Short-Term Foreign Currency and Local
Currency IDRs at 'B'.


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


GLOBAL COMMODITY: Disclosure Statement Hearing Set for June 21
--------------------------------------------------------------
The U.S. Bankruptcy Court in Puerto Rico is set to hold a hearing
on June 21 to consider approval of the disclosure statement, which
explains the proposed Chapter 11 plan for Global Commodity Group
Inc.

The hearing will be held at 2:00 p.m., at the Jose V. Toledo
Federal Building and U.S. Courthouse, Courtroom No. 1, Second
Floor, 300 Recinto, Sur, Old San Juan, Puerto Rico.

The company proposes a plan of reorganization that will be funded
from the sale of its remaining real property.

Global Commodity, which is subject to a foreclosure action by CRIM
for property taxes, sees the sale as the only feasible alternative
for funding its plan in order to pay its debt to CRIM.

CRIM, the company's only creditor, holds an unsecured priority
claim, which will be paid within one month once its committee
accepts the company's settlement offer.

Under the proposed plan, Class 1, which consists of general
administrative expenses, will be paid full in cash.
Administrative expenses will be paid from the proceeds of the
account receivables.

Global Commodity estimates the liability in Class 1 will not
exceed $5,000.

Meanwhile, Class 2 equity security interest holders will not
receive any cash dividend throughout the plan.  However, they will
retain their interest in the reorganized company by receiving a
distribution of common stock from that company, according to the
company's disclosure statement.

A copy of the disclosure statement is available for free at
https://is.gd/DuNU1I

               About Global Commodity Group Inc.

Global Commodity Group Inc. was established for real estate
administration.  The Debtor's only property is located at Arecibo,
Puerto Rico.

Headquartered in Manati, the Debtor filed for Chapter 11
protection (Bankr. D. P.R. Case No. 17-01589) on March 8, 2017.
The petition was signed by Ramon Nunez Freytes, president. The
Debtor estimated its assets and liabilities at $1 million to $10
million.

Judge Brian K. Tester presides over the case.

Maria Soledad Lozada Figueroa, Esq., at MS Lozada Law Office
serves as the Debtor's bankruptcy counsel.


LA ESTRELLA FAST FOOD: Seeks 90-Day Extension to Confirm Plan
-------------------------------------------------------------
La Estrella Fast Food, Inc., requests the U.S. Bankruptcy Court
for the District of Puerto Rico to extend the Debtor's time to
confirm its amended plan of reorganization for additional 90 days.

The Debtor claims that it needs an extension of time to finish all
the issues pending, including the adversary proceeding, that will
favorably conclude in the plan being confirmed, considering that
it have come to an agreement with Caribbean Restaurants, LLC as to
the rent owed which only relates to the electrical substation
charge.  This adversary proceeding has a scheduled trial date at
the end of May 2017.

The Debtor relates that it has sought relief under chapter 11
because of the possible cancellation of lease contract and
imminent eviction by Caribbean Restaurant, which asserts that the
Debtor has been in arrears with its lease agreement.  The Debtor
adds that the truth of the matter is that the contested issue is
the validity of an electrical substation in the amount of $60,000
that is not contemplated in the original remodeling contract in
the amount of $308,000.

The Debtor says it has filed its proposed plan of reorganization
on August 14, 2015, and an Amended Plan on August 31, 2015.
Consequently, the Court entered an order to schedule the
confirmation hearing for October 7, 2015.  However, Caribbean
Restaurants filed an Objection to the confirmation of the Debtor's
Amended Plan.

In addition, the Debtor relates that Caribbean Restaurants filed a
motion to lift the automatic stay for the Debtor's failure to cure
prepetition arrears with their lease agreement.  The Debtor,
however, provided evidence of being current because of an excess
payment it has made over the last two years of CAM charges.

                    About La Estrella Fast Food

La Estrella Fast Food, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 15-02687) on April 10, 2015.
The Debtor is represented by Mar Soledad Lozada Figueroa at Lozada
Law & Associates of San Juan, P.R.


SPANISH BROADCASTING: Delays Form 10-Q for Analysis
---------------------------------------------------
Spanish Broadcasting System, Inc., filed a Form 12b-25 with the
Securities and Exchange Commission stating that additional time is
needed for the Company to complete its quarterly report on Form
10-Q for the quarterly period ended March 31, 2017, which was due
on May 15, 2017.

The Company was unable to file its Form 10-Q prior to the filing
deadline without unreasonable effort or expense due to its needing
more time to analyze and complete the disclosures relating to the
consequences of its failure to repay its Senior Secured Notes
facility, which matured on April 15, 2017, and other related
matters.  The Company expects to file the Form 10-Q no later than
the fifth calendar day (or since the fifth calendar day falls on a
Saturday, the next business day after the fifth calendar day)
following the required filing date, as permitted by Rule 12b-25.

                    About Spanish Broadcasting

Spanish Broadcasting System, Inc. (OTCMKTS:SBSAA) --
http://www.spanishbroadcasting.com/-- is one of the largest
owners and operators of radio stations in the United States.  SBS
owns and operates 17 radio stations located in the top U.S.
Hispanic markets of New York, Los Angeles, Miami, Chicago, San
Francisco and Puerto Rico, airing the Spanish Tropical, Regional
Mexican, Spanish Adult Contemporary, Top 40 and Latin Rhythmic
format genres.  SBS also operates AIRE Radio Networks, a national
radio platform which creates, distributes and markets leading
Spanish-language radio programming to over 250 affiliated stations
reaching 93% of the U.S. Hispanic audience.  SBS also owns MegaTV,
a television operation with over-the-air, cable and satellite
distribution and affiliates throughout the U.S. and Puerto Rico.
SBS also produces live concerts and events and owns multiple
bilingual websites, including http://www.LaMusica.com/, an online
destination and mobile app providing content related to Latin
music, entertainment, news and culture.

Spanish Broadcasting reported a net loss of $16.34 million for the
year ended Dec. 31, 2016, compared with a net loss of $26.95
million for the year ended Dec. 31, 2015.

As of Dec. 31, 2016, Spanish Broadcasting had $450.9 million in
total assets, $565 million in total liabilities, and a total
stockholders' deficit of $114.11 million.

Crowe Horwath LLP, in Fort Lauderdale, Florida, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2016, citing that the 12.5% Senior
Secured Notes had a maturity date of April 15, 2017.  Cash from
operations or the sale of assets was not sufficient to repay the
notes and other short term obligations when they became due, which
resulted in significant liquidity requirements on the Company that
raise substantial doubt about its ability to continue as a going
concern.

                       *     *     *

In April 2017, S&P Global Ratings said that it lowered its
corporate credit rating on Spanish Broadcasting to 'D' (default)
from 'CCC-' and Moody's Investors Service downgraded the Company's
Corporate Family Rating to 'Ca' from 'Caa2'.

"The rating actions follow SBS' announcement that it did not repay
its $275 million 12.5% senior secured notes that were due April
15, 2017," said S&P Global Ratings' credit analyst Scott Zari.

Moody's said SBS's 'Ca' corporate family rating reflects an
elevated expected loss rate following the recently announced
default under the 12.5% notes.


SUBLINK SOLUTIONS: Hires Marengo-Rullan CPA as Accountant
---------------------------------------------------------
Sublink Solutions, Inc. seeks authority from the US Bankruptcy
Court for the District of Puerto Rico to employ CPA Jose E.
Marengo-Rullan as accountant.

Duties and responsibilities of the Accountant are:

     (i) audit the Balance Sheet as of December 31, 2016, and the
related Statements of Earnings, Retained Earnings and Cash Flows
for the year then ended;

     (ii) prepare the Debtor's income tax return for the year
ended on December 31, 2016 to be filed with the Treasury
Department;

     (iii) prepare the Debtor's personal property tax return for
the year ended on December 31, 2016, to be filed with CRIM; and

     (iv) perform any and all other auditing and/or accounting
services that may be required and/or that are incidental to the
firm's services.

The Debtor and the Accountant have agreed that the compensation
for professional services to be rendered are:

     (a) $4,500.00 plus 4% sales tax for the audit with
supplementary information;

     (b) $1,500.00 plus 4% sales tax for the income tax return and
property tax return (CRIM);

     (c) $75.00 plus 4% sales tax for each additional Municipality
on Volume of Business Declaration return;

     (d) expenses, as allowed under Rule 2016 of the Federal Rules
of Bankruptcy Procedure and LBR 2016-1.

CPA Jose E. Marengo-Rullan attests that he is a disinterested
person within the meaning of 11 U.S.C. Sec. 101 (14).

The Accountant can be reached through:

     Jose E. Marengo-Rullan, CPA
     A-5 B St. Ext. La Alameda
     San Juan PR 00926
     Tel. (787) 466-9606
     Email: jose@marengocpa.com

                     About Sublink Solutions

Sublink Solutions, Inc., based in Las Piedras, Puerto Rico, filed
a Chapter 11 petition (Bankr. D.P.R. Case No. 17-00043) on January
5, 2017.  Lucas A. Cordova Ayuso, Esq. at Cordova Ayuso Law Office
LLC, serves as bankruptcy counsel.


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


PETROTRIN: Oil Production Must Increase, Exec Says
--------------------------------------------------
Richardson Dhalai at Trinidad and Tobago Newsday reports that
despite fluctuating oil prices, an aging infrastructure and a debt
burden associated with ongoing upgrades at its refinery, Petrotrin
President Fitzroy Harewood has identified increased local crude
production as the key to the company's success.

Mr. Harewood made the point while addressing a luncheon hosted by
the Energy Chamber at Cara Suites Hotel and Conference Centre,
Claxton Bay, the report notes.  Mr. Harewood's address was titled,
"Update on Petrotrin in the context of the 'lower for longer'
price environment."  "The challenge we face is in a normal
operation, people will be investing in assets that will bring a
rate of return based on increased oil production or de-
bottlenecking.

But we are in a situation where our ageing infrastructure is so
acute have to put aside money just to deal with that to restore
business," he said, the report notes.

"Do we abdicate responsibility to reduce the cost? We cannot! We
can still try to reduce operating cost and we have identified and
listed things that are of concern to us with respect to asset
integrity.

The question is how we fund the changes required. It is a huge
sum. Some of the numbers they have tossed up for tankers and
pipes, if you were to accumulate that over the next four to five
years, you are talking in the order of $16 billion," he added.

Harewood said seven tanks, one of which has been the source of a
recent oil spill, have been identified as being in need of urgent
repair and the company was working on two other tanks when the oil
spill occurred, notes the report.

"That tank was part of the seven we are doing, and this is the
challenge we face and that is while we are dealing with one thing,
something else is going to bite us," he added, the report relays.

Harewood said that refinery margins are an integral part of the
company's success but this is dependent on increased local crude
oil production, says Trinidad and Tobago Newsday.

"If you can keep the cost of the raw material down, and maximize
the cost of the finished product, then you going to make money so
the refinery margins are extremely important and how do we keep
the cost of the input material down, well we need to increase our
local crude production, because whatever is the lifting cost to
bring that crude to the refinery, that represents the cost of
production," he said, adding, "when you are buying crude, you are
exposed to market forces," the report notes.  "For Petrotrin to
succeed we need to increase our local crude production," he said
noting that local crude production had risen from 41,000 barrels
per day in December 2016 to 46,000 barrels per day in April 2017,
the report relays.

And regarding the recent oil spill which has reportedly reached
the North-eastern coast of Venezuela, Harewood said the company's
aging infrastructure was a problem which would require a multi-
billion dollar investment, reports Trinidad and Tobago Newsday.

"I can't give the cost for the recent incident, we are doing
investigations into that but the issues are being dealt with.  It
is a challenge.

We have to reduce our operational expenses and how we treat with
the question of improving the asset integrity at Petrotrin," Mr.
Harewood said, the report adds.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Joseph Cardillo at
856-381-8268.


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