TCRLA_Public/170523.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Tuesday, May 23, 2017, Vol. 18, No. 101


                            Headlines



A R G E N T I N A

ARGENTINA: Joins in SIAL Fair Hoping to Boost Exports to China


B R A Z I L

BRAZIL: Bribery Escalate Clash Between Gov't., Businesses
BRAZIL: Fitch Affirms 'BB' Long-Term Issuer Default Ratings
VALID SOLUCOES: Fitch Affirms BB- Long-Term Issuer Default Ratings


C A Y M A N  I S L A N D S

ALKEON GLOBAL: Creditors' Proofs of Debt Due June 7
ESTLANDER & PARTNERS: Creditors' Proofs of Debt Due May 29
FETAWA INTERNATIONAL: Shareholder to Hear Wind-Up Report on June 7
KALIS CAPITAL: Stower and Blake Appointed as Liquidators
LIANGA INVESTMENTS: Creditors' Proofs of Debt Due May 29

METISQ LIBRA: Commences Liquidation Proceedings
PAWNEESE LIMITED: Creditors' Proofs of Debt Due May 29
Q DENMARK: Commences Liquidation Proceedings
XENIA PROPERTIES: Commences Liquidation Proceedings
ZAI LABORATORY: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Industries, US Supermarkets Pact to Boost Exports


J A M A I C A

JAMAICA: Urged to Analyze Over-Performance of Tax Revenue Inflows


P U E R T O    R I C O

ASCENA RETAIL: 2017 Earnings Guidance No Impact on Moody's Ratings
BERRIOS AUTO: Taps C. Conde & Assoc. as Legal Counsel
CHRISTIAN ELDERLY: Hires Carrasquillo as Accountant
PUERTO RICO: Gov't Bank Reaches Accord With Some Creditors


                            - - - - -


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


ARGENTINA: Joins in SIAL Fair Hoping to Boost Exports to China
--------------------------------------------------------------
EFE News reports that the president of Argentina visited the
Global Food Marketplace (SIAL) in Shanghai, with the aim of
boosting his country's exports to China and ensuring a more
favorable bilateral trade balance.

70 companies from Argentina, the guest country for this year's
fair, sent delegations to one of the world's most important
gastronomical events in the hopes of securing a market share in
the world's second largest economy, according to EFE News.

After a four-day visit to Beijing, Macri visited SIAL and spoke
with some of the exhibitors trying to step up exports from
Argentina to China, the report notes.

Despite China being one of Argentina's largest trading partners,
the trade balance between the two countries is still significantly
balanced in China's favor, the report relays.

In 2016, exports to China were valued at $4.425 billion, while
imports from China stood at $10.451 billion, according to the data
of Argentina's National Institute of Statistics and Censuses, the
report recalls.

Food and beverages constitute the vast majority of Argentina's
total exports to China (90 percent), with soybeans accounting for
63 percent, the report says.

                         *     *    *

As reported in the Troubled Company Reporter-Latin America on
May 10, 2017, Fitch Ratings affirmed Argentina's Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'B' with a
Stable Outlook. The issue ratings on Argentina's senior unsecured
Foreign and Local Currency bonds are also affirmed at 'B'. The
Country Ceiling is affirmed at 'B' and the Short-Term Foreign and
Local Currency IDRs at 'B'.

On Jan. 30, 2017, the Troubled Company Reporter-Latin America
reported that Moody's Investors Service has assigned a B3 rating
to the Government of Argentina's US$3.25 billion bond due 2022 and
the US$3.75 billion bond due 2027. The outlook on the Government
of Argentina's rating is stable.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.

On March 30, 2016, after more than 12 hours of debate in the
Senate, Argentina's Congress passed a bill that will allow the
government to repay holders of debt that the South American
country defaulted on in 2001, including a group of litigating
hedge funds that won judgments in a New York court. The bill
passed by a vote of 54-16.



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


BRAZIL: Bribery Escalate Clash Between Gov't., Businesses
---------------------------------------------------------
Samantha Pearson and Luciana Magalhaes at The Wall Street Journal
report that allegations by executives at meat processor JBS SA
that they paid bribes to the president and his two predecessors
mark an escalation of the clash between Brazil's political
establishment and its business magnates, putting the company and
the government at further risk.

JBS SA's allegations, leaked by Brazil's O Globo newspaper and
released by the Supreme Court, come a month after the court
ordered investigations into one-third of sitting ministers
following disclosures by construction giant Odebrecht SA,
according to WSJ.

The report notes that Brazil's business magnates are increasingly
betraying former allies in government in plea deals in a desperate
attempt to keep themselves and their families out of prison.

Executives at JBS -- which is planning a U.S. initial public
offering of its international unit -- told prosecutors they had
paid $4.6 million to President Michel Temer in recent years and
$30 million and $50 million, respectively, into offshore accounts
held by his predecessors, Dilma Rousseff and Luiz Inacio Lula da
Silva, the report relays.  All three have denied receiving illicit
payments in exchange for state-backed funding and other favors,
the report says.

In a defiant televised address, Mr. Temer vowed he was innocent,
alleging JBS doctored evidence and made money from the latest
scandal by buying $1 billion in dollar contracts and selling the
company's shares before leaking the allegations to the press, the
report notes.  He accused the company's billionaire chairman of
insider trading, the report relays.

"JBS made millions and millions of dollars in less than 24 hours .
. . . It was the perfect crime," Mr. Temer said, the report
relays.  JBS denies illegal trades.

If Brazilian market regulator CVM finds JBS guilty of insider
trading, prosecutors may ask for even more than the $3.4 billion
they currently demand as part of a promised leniency deal with
JBS, a person close to the negotiations said.

Luis Octavio da Motta Veiga, CVM's former head, said even if JBS
is cleared, he believes the group will struggle to find new
business and launch its U.S. IPO, the report notes.

"I think it's unlikely that after corrupting more than 1,800
politicians they will be received with open arms in Western
financial markets," he said, referring to testimony cited by local
media in which JBS said it paid bribes to 1,829 politicians, the
report notes.

Part of the latest allegations are based on a recording that
Joesley Batista, JBS chairman and part of the family that controls
the beef-and-chicken empire, secretly made of a conversation he
had with Mr. Temer at the president's home, the report relays.

"You can count on me!" Mr. Batista can be heard saying, cozying up
to the president, the report relays.

Mr. Temer accused JBS of doctoring the recording and asked the
Supreme Court to suspend the corruption probe of the president,
which began on Thursday, May 18, until the audio file could be
verified.

"Ever since Brazil's dictatorship ended [in 1985], certain sectors
of the economy and politicians have been bound together -- they
became one," said Rafael Alcadipani, an academic at Brazil's
Getulio Vargas Foundation, the report relays.

But the country's three-year Car Wash corruption investigation,
which began as a probe into money laundering at a gas station and
has drawn in some of the country's major industries, is forcing
the country to revise its version of crony capitalism, he said,
the report discloses.

"It's like a particularly litigious divorce -- the companies and
the government are separating from each other but stabbing each
other in the back as they go," Mr. Alcadipani said, the report
relays.

Like Odebrecht, JBS largely owes its rapid growth over the past
decade to the political establishment, the report notes.  Founded
as a small butcher shop's in the western central state of Goias in
1953 by Mr. Batista's father, JBS thrived under the leftist
Workers' Party, the report relays.

Between 2007 and 2010, JBS received BRL8.1 billion ($2.5 billion
at current exchange rates) in investments from BNDES, Brazil's
state development bank, funding its multibillion-dollar deal spree
in the U.S.  In an interview with The Wall Street Journal in 2012,
Mr. Batista said his family's investment holding company, J&F,
which controls other companies such as pulp-and-paper maker
Eldorado Brasil Celulose, planned to be a "Brazilian Berkshire
Hathaway," the report relays.

JBS bought Colorado-based beef processing giant Swift Foods in
2007 for $1.4 billion and a controlling stake in Pilgrim's Pride
Corp. for $800 million two years later, the report notes.  It also
acquired Cargill Inc.'s U.S. pork business for $1.45 billion in
2015, the report discloses.

JBS has said its planned U.S. IPO is part of its global
reorganization plan, the report relays.  This month, it said it is
delaying the listing because of the company's legal troubles, the
report notes.

However, JBS has been increasingly enveloped by scandal, the
report relays.  Aside from allegedly bribing the country's
presidents, a JBS employee was accused of involvement in a scheme
that emerged in march in which health inspectors were allegedly
bribed to allow sales of rotten meat, the report notes.  JBS
itself wasn't accused.

The same month, Brazil's environmental regulator accused JBS of
knowingly buying cattle raised on illegally deforested land in the
Amazon. JBS denied wrongdoing, the report relays.

Mr. Temer blamed Mr. Batista for putting Brazil's economic
recovery in jeopardy and forsaking his native country. After
signing a plea deal with prosecutors in early May, Mr. Batista
flew out of Brazil with his wife and young son and hasn't been
back since, the report notes.  Mr. Temer said he is in New York.

"He damaged Brazil, tricked Brazilians and now he's living in the
U.S.," Mr. Temer said, vowing to hold on to power, the report
discloses.

But while the president has branded Mr. Batista as a villain, some
Brazilians call the billionaire a national hero, hoping his
testimony will be enough to topple the president, the report adds.


BRAZIL: Fitch Affirms 'BB' Long-Term Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has affirmed Brazil's Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'BB'. The Rating Outlook
is Negative. The issue ratings on Brazil's senior unsecured
Foreign and Local Currency bonds are also affirmed at 'BB'. The
Country Ceiling is affirmed at 'BB+' and the Short-Term Foreign
Currency and Local Currency IDRs at 'B'.

KEY RATING DRIVERS

Brazil's ratings are constrained by the structural weaknesses in
its public finances, high and rising government debt burden, weak
growth prospects, weaker governance indicators compared with
peers, and repeated episodes of political instability that
undermine policy-making and have negative implications for the
economy. These weaknesses are counter-balanced by its economic
diversity and entrenched civil institutions, with its per capita
income higher than the 'BB' median. The country's capacity to
absorb shocks is bolstered by its flexible exchange rate, robust
international reserves position, a strong net sovereign external
creditor position, and deep and developed domestic government debt
markets.

In addition, the rating affirmation is supported by the recently
improved economic policy environment, the ongoing external
adjustment, declining inflation and better anchoring of inflation
expectations and the passage of some reforms (e.g. the spending
cap) that should facilitate fiscal consolidation.

The Negative Outlook reflects continued uncertainties around the
outlook for Brazil's economic recovery, the prospects for medium-
term public debt stabilization given large fiscal imbalances, and
the progress on the legislative agenda, specifically pertaining to
the social security reform. Despite the spending cap that limits
federal spending growth, a weak economic recovery may dampen
revenue performance and pose risks to medium-term fiscal
consolidation while the pending passage of a social security
reform is a key element in making the spending cap viable and
credible and supporting broader confidence in public debt
sustainability. However, recent political events related to
President Temer have increased uncertainty regarding the reform
process and could hurt broader confidence and economic recovery
prospects.

Brazil's economic recovery prospects remain challenging after two
years of recession, with Fitch forecasting growth of 0.5% in 2017
and 2.5% in 2018, although downside risks remain. A high and
increasing unemployment rate, corporate and household de-
leveraging, and lingering fiscal and political uncertainties have
weighed on economic recovery. Growth could strengthen in 2018 from
the impact of substantial ongoing monetary easing and some
improvement in external conditions. The government is also working
on measures to improve the difficult business climate, although
the impact of these will likely take time to materialize.
Increased international and domestic financial volatility, a
setback in the domestic reform agenda that hurts confidence and a
more muted impact of monetary easing on domestic demand continue
to represent downside risks for the growth outlook.

Brazil's fiscal deficits are expected to remain large and decline
gradually during the forecast period. Fitch forecasts the general
government deficit to average close to 8% of GDP during 2017-2018,
down from close to 9% of GDP in 2016. Brazil's general government
debt burden reached 69.9% of GDP in 2016 compared with around 50%
of GDP for the 'BB' median and Fitch expects it to continue
climbing during the forecast period to nearly 80% of GDP by 2018.

Brazil met its public sector primary deficit target in 2016 and
has announced spending adjustments and withdrawal of selective tax
breaks to meet the 2017 primary deficit target of 2.1% of GDP.
Fitch currently expects the government to meet its target for
2017, although downside risks persist. In light of the shallow
economic recovery and revenue under-performance, the government
has relaxed its medium-term fiscal consolidation goals, with a
primary surplus expected only in 2020. A subdued growth outlook
and the forthcoming 2018 election cycle mean that measures to
accelerate consolidation are unlikely and there is risk of
continued fiscal under-performance.

Certain states are also confronting financial distress. The
government is planning to address this issue by offering such
states debt service relief on their loans from the central
government in exchange for implementing austerity measures.

Brazil is engaged in a reform process, which if implemented, would
help contain medium-term public sector expenditure growth. The
government was successful in passing the spending cap (whereby
federal primary spending will grow by the previous year's
inflation). Despite some dilution, a social security reform that
results in medium-to-long term savings compared to the current no-
reform scenario is in the midst of the approval process in
congress. A social security reform would ease growth in pension
spending and improve the prospects for meeting the spending cap in
the medium term.

The political environment remains challenging although the policy
and reform inertia have eased over the past few months. The
passage of some reforms attests to the stronger coalition base of
the Temer administration. However, broader governability and the
reform process remain vulnerable to the fallout from the widening
scope of the Lava Jato investigations, which is now involving
leading politicians. Brazil's 2018 presidential and congressional
elections could also introduce uncertainty.

On the positive side, some of Brazil's macroeconomic imbalances
are progressively declining. The IPCA inflation rate is expected
to fall slightly below the target of 4.5% in 2017, after exceeding
the target for several years. Moreover, inflation expectations for
2018 are better anchored around the target, reflecting gains in
the central bank's credibility. The faster-than-expected decline
in inflation and inflation expectations has facilitated the
frontloading and acceleration of the monetary easing cycle.


On the external front, the current account deficit fell to 1.3% of
GDP in 2016 from an average of 3.8% during 2014-2015 reflecting
the deep recession and the BRL depreciation. Fitch projects the
current account deficit to widen somewhat but remain relatively
moderate, averaging 1.8% during 2017-2018. More importantly,
foreign direct investment has remained resilient and continues to
amply finance the current account deficit. Moreover, Brazil's
international reserves remain robust and the central bank has
reduced the stock of FX swaps significantly over the past year.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns Brazil a score equivalent to a
rating of 'BBB-' on the Long-Term FC IDR scale.

Fitch's sovereign rating committee adjusted the output from the
SRM to arrive at the final Long-Term FC IDR by applying its QO,
relative to rated peers, as follows:

-- Public Finance: -1 notch, to reflect Brazil's rapidly worsened
general government debt burden which is projected to continue
rising during the forecast period. Moreover, fiscal flexibility is
hampered by the highly rigid spending profile and a heavy tax
burden that makes adjustment to shocks difficult.

-- Structural Features:-1 notch, to reflect Brazil's challenging
political environment and corruption-related issues that have made
it difficult for the country to make timely policy adjustments. In
addition, the Ease of Doing Business indicators are weaker than
the 'BB' median, reflecting structural constraints to growth.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three year centred
averages, including one year of forecasts, to produce a score
equivalent to a Long-Term FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within Fitch
criterias that are not fully quantifiable and/or not fully
reflected in the SRM.

RATING SENSITIVITIES

The main factors that, individually or collectively, could lead to
a downgrade are:

-- Failure to arrest the pace of increase in the government debt
burden. Crystallization of contingent liabilities would be
negative.

-- Re-emergence of political volatility that detracts from
effective policy making and progress on economic reforms needed to
improve the outlook for public finances and growth.

-- Erosion of international reserves and deterioration in
government debt composition.

The Rating Outlook is Negative. Consequently, Fitch's sensitivity
analysis does not currently anticipate developments with a high
likelihood of leading to a positive rating change. Future
developments that could individually, or collectively, result in a
stabilization of the Outlook include:

-- Improvement in policy implementation and reform progress that
supports confidence, investment and growth prospects.

-- Fiscal consolidation that leads to greater confidence in the
capacity of the government to achieve debt stabilization in the
medium term.

-- Maintenance of improved macroeconomic stability.

KEY ASSUMPTIONS

-- Fitch assumes that China (an important trading partner for
Brazil) will be able to manage a gradual slowdown and is
forecasted to grow at 6.3% in 2017 and 5.7% in 2018. Argentina's
economic performance (key destination of manufacturing exports) is
forecasted to improve over the forecast period, with growth
averaging nearly 3% during 2017-2018.

-- Fitch assumes that Brazil maintains international and domestic
market access even if there is return of higher international
financial volatility and further domestic confidence shocks.


VALID SOLUCOES: Fitch Affirms BB- Long-Term Issuer Default Ratings
------------------------------------------------------------------
Fitch Ratings has affirmed Valid Solucoes e Servicos de Seguranca
em Meios de Pagamento e Identificacao S.A.'s (Valid) Foreign and
Local Currency Long-Term Issuer Default Ratings (IDRs) at 'BB-'.
At the same time, Fitch has downgraded Valid's Long-Term National
Scale Rating to 'A+(bra)' from 'AA-(bra)'.

KEY RATING DRIVERS

The downgrade of Valid's national scale rating incorporates higher
business volatility than initially expected, which has weaken its
credit profile within the 'BB-' level. The volatility came from
recent challenging macroeconomic conditions in Brazil and market
dynamics that have impaired the demand for the company's services
and products, leading to decreasing trend of EBITDA and cash flow
from operations (CFFO) since 2015.

Valid's IDRs continue to reflect its positive business
diversification in terms of services provided and geography. The
visibility of the Identification segment, which accounts for
around 50% of the company's EBITDA, in the form of long-term
contracts and favorable operating track record is considered as
positive. As a limiting factor for the IDRs, Fitch views new
technologies as a potential threat to Valid's current businesses,
mainly within the segments of Telecommunication and Means of
Payment. The high concentration of clients linked with governments
is a concern, as important contracts may not be renewed in the
future and payments tend to be more erratic.

Valid's credit profile benefits from its sound financial profile.
Fitch expects the company to sustain a net adjusted leverage below
2.5x, keeping a manageable debt maturity profile and robust
liquidity position. In addition, free cash flow (FCF) should
remain in the positive territory in the coming years.

Recovery of EBITDAR Generation is Uncertain
Valid's lower cash generation reflects the company's more
challenging macroeconomic environment faced in Brazil and tighter
market dynamics. During that period, Valid's domestic operations
have been impacted by growing unemployment rates that affected
volumes of driver's licenses. Volumes of SIM cards have also been
affected by the ongoing cut of interconnection rates that reduces
the necessity for multiple SIM cards and the financial stress of
one telecommunication carrier. Abroad, the demand for high-end SIM
cards fell short of expectations, driving both volumes and average
prices down. The international operations have also been impaired
by weak credit card purchases from U.S. banks during 2016.

In the latest 12 months (LTM) ended on March 31, 2017, Valid's
EBITDAR declined to BRL244 million, with an EBITDAR margin of
12.1%, compared to BRL275 million in 2016 and BRL321 million in
2015. The lower demand forced Valid to adjust its installed
capacity by uniting plants and incurring additional capex and
severance payments, resulting in even more pressured results.
Going forward, Fitch expects cleaner results, without as many one-
offs as in 2016 and with some growth in demand picking up on a
more competitive cost structure. EBITDAR margins should range
around 14%-15%.

Diversified Business Model
Fitch believes Valid's diversified business model, as well as its
operations in different countries, as positive, especially as
business segments are not correlated. The company produces
magnetic and chip-based credit cards and prints IDs and drivers'
licenses, as well as other documents. It is the sixth largest
global producer of SIM cards for mobile devices, and provides
digital certification. Valid has plants in seven countries but
serves several nations. Services, such as the credit card
production, tend to suffer on macroeconomic slowdowns. Others like
the SIM card business may suffer from regulatory changes in
specific countries. Brazil represented around 58% of EBITDA in
2016 and clients linked to governments above 27% of revenues,
being the latest concern.

Low to Moderate Leverage
Valid's net adjusted leverage should remain below 2.5x in
accordance with Fitch' base case scenario for the current IDR. The
company may benefit from more efficient cost structure given the
company's efforts to improve operating efficiency and capture
synergy gains after the unification of plants in Brazil and U.S.,
in addition to some recovery in operating volumes and prices.
During the LTM ended on March 31, 2017, the company's net adjusted
leverage reached 2.6x, which unfavorably compares to 2.3x in 2016
and 2.2x in 2015. Leverage has increased due to pressures on
EBITDA.

Positive FCF
Fitch forecasts Valid to report positive FCF of around BRL27
million on average over the next three years. During the LTM ended
on March 31, 2017, Valid reported funds from operations (FFO) of
BRL92 million, which unfavorably compares to BRL137 million in
2016 and BRL184 million in 2015. FFO was affected by pressures on
EBITDA driven by the reduction in volumes and production capacity
adjustments. CFFO reached BRL129 million benefited by working
capital inflow of BRL37 million, and was not enough to cover capex
of BRL79 million and dividends of BRL62 million, leading to a
negative FCF of BRL11 million. With margins recovering and working
capital needs, capex and dividends remaining under control, the
company is prone to report positive FCF going forward.

Disruptive Technologies Risks
Fitch views new technologies as a potential threat to Valid's
current businesses mainly within the segments of Telecommunication
and Means of Payment. The company's favorable track record in
reshaping its services to clients' demand and in incorporating new
technologies through acquisitions partially mitigates this risk.
Valid's business profile benefited from successful acquisitions
since 2007, which has led to business expansion, increased
geographic footprint, and the addition of services-provision
capacity to its portfolio.

KEY ASSUMPTIONS

-- Revenues' three-year compound annual growth rate (CAGR) of
    2.7;
-- EBITDAR margin in the range of 14%-15%;
-- Capex equivalent to 4.8% of revenues in 2017 and 6% in 2018;
-- Dividend pay-out rates at 60% of net income.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to a negative rating action include:

-- Loss of important contracts, affecting volumes;
-- Disruptive technologies with a faster than anticipated
    adhesion, forcing Valid to discontinue a service, or heavily
    invest in new factories to avoid revenue deterioration;
-- Cash to short-term coverage ratio sustainably below 1.0x;
-- Net adjusted leverage constantly above 3.0x.

Fitch believes upgrades are unlikely due to credit risks of the
sector the company operates.

LIQUIDITY

Fitch believes Valid will maintain a sound liquidity position with
cash-to-short-term debt ratio not lower than 1x over the next
three years. As of March 31, 2017, the company's total adjusted
debt was BRL996 million and the reported cash position of BRL353
million covered the BRL320 million short term debt by 1.1x. Fitch
believes Valid will successfully manage its debt maturity profile
and foreign exchange risk associated with its debt.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions on Valid:

-- Foreign Currency Long-Term IDR affirmed at 'BB-';
-- Local Currency Long-Term IDR affirmed at 'BB-';
-- National Long Term Rating downgraded to 'A+(bra)' from 'AA-
    (bra)';
-- BRL200 million unsecured debenture issuance due in June 2019
    downgraded to 'A+(bra)' from 'AA-(bra)'.

The Rating Outlook for the corporate ratings is Stable.


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


ALKEON GLOBAL: Creditors' Proofs of Debt Due June 7
---------------------------------------------------
The creditors of Alkeon Global Alpha Ltd. are required to file
their proofs of debt by June 7, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 24, 2017.

The company's liquidator is:

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


ESTLANDER & PARTNERS: Creditors' Proofs of Debt Due May 29
----------------------------------------------------------
The creditors of Estlander & Partners Cayman SPC are required to
file their proofs of debt by May 29, 2017, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 20, 2017.

The company's liquidator is:

          Aidan Brophy
          c/o Nikkita Gonzales
          St. Galls House
          Milltown
          Dublin 14
          Ireland
          Telephone: 0035312989333
          Facsimile: 0035312989366


FETAWA INTERNATIONAL: Shareholder to Hear Wind-Up Report on June 7
------------------------------------------------------------------
The shareholder of Fetawa International Limited will hear on
June 7, 2017, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on April 25, 2017.

The company's liquidator is:

          Palladium Trust Services Limited
          28 Bruton Street
          London W1J 6QW


KALIS CAPITAL: Stower and Blake Appointed as Liquidators
--------------------------------------------------------
Jeffrey Stower and Keith Blake, on April 20, 2017, were appointed
as liquidators of Kalis Capital Corporate Fund in place of the
resignation of Marc Randall and Natasha Morgan.

The Liquidators can be reached at:

          Jeffrey Stower
          Keith Blake
          KPMG
          P.O. Box 493, Century Yard, Cricket Square
          Grand Cayman KY1-1106
          Cayman Islands


LIANGA INVESTMENTS: Creditors' Proofs of Debt Due May 29
--------------------------------------------------------
The creditors of Lianga Investments are required to file their
proofs of debt by May 29, 2017, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 26, 2017.

The company's liquidator is:

          Cassava Company Limited
          Lyford Cay House, 3rd Floor
          P.O. Box N-3024 Nassau
          Bahamas
          Telephone: (242) 702-5900
          Facsimile: (242) 702-5970


METISQ LIBRA: Commences Liquidation Proceedings
-----------------------------------------------
The sole shareholder of Metisq Libra Greater China Equity Fund
Ltd, on April 25, 2017, passed a resolution to voluntarily
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
          Telephone: +1 (345) 949 0100


PAWNEESE LIMITED: Creditors' Proofs of Debt Due May 29
------------------------------------------------------
The creditors of Pawneese Limited are required to file their
proofs of debt by May 29, 2017, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 26, 2017.

The company's liquidator is:

          Cassava Company Limited
          Lyford Cay House, 3rd Floor
          P.O. Box N-3024 Nassau
          Bahamas
          Telephone: (242) 702-5900
          Facsimile: (242) 702-5970


Q DENMARK: Commences Liquidation Proceedings
--------------------------------------------
The sole shareholder of Q Denmark, on April 23, 2017, passed a
resolution to voluntarily 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


XENIA PROPERTIES: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on April 24, 2017, the
shareholders of Xenia Properties Inc. resolved to voluntarily
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:

          Summit Trust (Cayman) Limited
          c/o Marcus Parker
          Buckingham Square
          720 West Bay Road
          P.O. Box 601 Grand Cayman KYl-9006
          Cayman Islands
          Telephone: (345) 323 8210


ZAI LABORATORY: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary general meeting held on April 28, 2017, the
shareholders of Zai Laboratory Limited resolved to voluntarily
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:

          Ying Du
          1043 Halei Road, Bldg. 8, Suite 502
          Zhangjiang Hi-tech Park, Pudong, New Area
          Shanghai, China 201203


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


DOMINICAN REP: Industries, US Supermarkets Pact to Boost Exports
----------------------------------------------------------------
Dominican Today reports that the Dominican Republic Industries
Association (AIRD) and the New York National Supermarkets
Association (NSA) agreed to strengthen the presence of Dominican
products in the US market.

To bolster the effort, Dominican Agribusiness Board (JAD)
president Osmar Benitez said there will be several workshops to
train New York merchants on export strategies so that Dominican
products are inserted in the US, according to Dominican Today.

The NSA is the US's most important business group, with more than
500 supermarkets, of which around 99% belong to Dominicans,
according to Mr. Benitez, the report relays.

He said US$12 million in local goods are sold in the US each year,
while the Association employs more than 6,000, mostly Dominicans,
the report relays.  From 15 to 20% of Dominican products are
placed in supermarkets in states such as New York, Philadelphia
and New Jersey.

The figures were provided as part of the International
Agroalimentaria Fair, where local and foreign business leaders
seek to increase trade, the report notes.

AIRD president Campos de Moya, and its vice president Circe
Almanzar as well as business leaders and NSA members also
participated in the event, 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+'.


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


JAMAICA: Urged to Analyze Over-Performance of Tax Revenue Inflows
-----------------------------------------------------------------
RJR News reports that Economic Program Oversight Committee (EPOC)
Co-Chairman, Keith Duncan, is proposing that the Government
analyze the over-performance in tax revenue inflows for the
2016/17 fiscal year to determine the factors which led to this
outcome.

Mr. Duncan said this should be done to ensure that this outturn
can be sustained over the long term, according to RJR News.  He
made the suggestion during EPOC's quarterly media briefing, the
report notes.

Tax revenue inflows last year totaled J$458.3 billion to surpass
the $440 billion target, the report relays.

This enabled the administration to generate a primary balance
surplus of $135.9 billion, the report says.

This was $12.9 billion dollars or 7.7 per cent above the minimum
seven percent target of $123 billion for the period, 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
======================


ASCENA RETAIL: 2017 Earnings Guidance No Impact on Moody's Ratings
------------------------------------------------------------------
Moody's Investors Service said that Ascena Retail Group, Inc. (Ba3
stable) downward revision of its Q3 and full fiscal year 2017
sales and earnings guidance is credit negative but has no
immediate impact on its ratings, including the Ba3 Corporate
Family Rating and outlook.

Headquartered in Mahwah, New Jersey, Ascena Retail Group, Inc.
operates approximately 4,900 women's specialty retail stores
throughout the United States, Canada and Puerto Rico under the
brands Justice, Lane Bryant, maurices, dressbarn, Catherines, Ann
Taylor, LOFT and Lou & Grey. Revenue for the twelve months ended
January 28, 2017 was $6.9 billion.


BERRIOS AUTO: Taps C. Conde & Assoc. as Legal Counsel
-----------------------------------------------------
Berrios Auto Gallery 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 C. Conde & Assoc. to, among other
things, give legal advice regarding its duties under the
Bankruptcy Code, and negotiate with creditors regarding a plan of
reorganization or the liquidation of its assets.

The firm charges an hourly fee of $275 for its associates, $250
for junior attorneys, and $150 for accounting analysts and
paralegal or in-house special clerical services.   Carmen Conde
Torres, Esq., the attorney designated to represent the Debtor,
will charge $300 per hour.

A retainer of $25,000 was paid by the Debtor's principal Roberto
Berrios.

Ms. Torres disclosed in a court filing that she is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Carmen D. Conde Torres, Esq.
     C. Conde & Assoc.
     254 San Jose Street, 5th Floor
     San Juan, PR 00901-1523
     Tel: 787-729-2900
     Fax: 787-729-2203
     Email: notices@condelaw.com
     Email: condecarmen@condelaw.com

                About Berrios Auto Gallery Inc.

Berrios Auto Gallery Inc., a dealer of used cars based in Caguas,
Puerto Rico, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. P.R. Case No. 17-03273) on May 9, 2017.  The
petition was signed by Roberto Berrios, president.

At the time of the filing, the Debtor estimated its assets and
debts at $10 million to $50 million.


CHRISTIAN ELDERLY: Hires Carrasquillo as Accountant
---------------------------------------------------
Christian Elderly Home, Inc., seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ
Carrasquillo CPA Group, PSC, as accountant to the Debtor.

Christian Elderly requires Carrasquillo to:

   a. assist the Debtor in gathering and compiling the necessary
      information required to file the Chapter 11 petition and
      court required information and schedules;

   b. provide consulting services and assist the Debtor and her
      attorney in documenting the reorganization plan to be
      filled in the case;

   c. prepare monthly operating reports, financial objections and
      other relevant information as required and necessary;

   d. prepare all necessary tax returns to ascertain the Debtor
      is in full compliance with its fiscal responsibilities; and

   e. assist the Debtor and her attorney in all matters related
      to court instructions, transactions, and or information
      requests of an accounting or financial nature.

Carrasquillo will be paid at these hourly rates:

     CPA                      $100
     Manager                  $80
     Senior Staff             $75
     Office Staff             $35

Carrasquillo will be subject to a cap annual rate of $3,500 for
bankruptcy services, and a cap annual rate of $1,200 for tax &
bookkeeping.

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

Hector L. Carrasquillo, member of Carrasquillo CPA Group, PSC,
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:

     Hector L. Carrasquillo
     CARRASQUILLO CPA GROUP, PSC
     Rafael Avenue M30
     Caguas, PR 00726
     Tel: (787) 744-4996
     Fax: (787) 704-1449

                   About Christian Elderly Home, Inc.

Christian Elderly Home, Inc., based in Gurabo, PR, filed a Chapter
11 petition (Bankr. D.P.R. Case No. 17-02561) on April 12, 2017.
Carmen D. Conde Torres, Esq., at the Law Offices of C. Conde &
Associates, serves as bankruptcy counsel.

In its petition, the Debtor estimated $1.04 million in assets and
$7.50 million in liabilities. The petition was signed by Edgardo
Garcia Rosario, president.


PUERTO RICO: Gov't Bank Reaches Accord With Some Creditors
----------------------------------------------------------
EFE News reports that Puerto Rico's Government Development Bank
(GDB) reached a debt-restructuring agreement with a "significant
group" of creditors, the US commonwealth's governor said.

"This agreement is an example that the government is regaining the
credibility it had lost over the past few years," Gov. Ricardo
Rossello said, according to EFE News.

Creditors involved in the pact will be able to exchange their
existing GDB bonds for any of three different types of new debt
instruments, the report relays.

Some of the participating creditors, who include hedge funds such
as Avenue Capital Management and Fir Tree Partners, will accept
reductions in principal of up to 45 percent, the report notes.

The GDB, which owes creditors $4 billion, is to transfer its
assets to a new entity, the report discloses.

Among those assets are GDF loans to Puerto Rican municipalities,
the report says.

The accord with GDF creditors comes nearly two weeks after Puerto
Rico sought relief under a law enacted to help the commonwealth
restructure its massive debt, paving the way for what could be the
largest-ever bankruptcy case involving a US local government
entity, the report notes.

Puerto Rico, whose government owes more than $70 billion in bond
debt, also has nearly $50 billion in pension liabilities as a
consequence of a more than decade-long recession.

It also has suffered a massive exodus of members of its
economically active population, who as US citizens can freely
relocate to the mainland, the report adds.

                        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 available 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 on board 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.

Marcia Goldstein, Esq., at Weil, Gotshal & Manges, represents
MBIA's National Public Finance Guarantee unit, which insures
nearly $2 billion in combined GO and COFINA debt.


                            ***********


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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