TCRLA_Public/170705.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Wednesday, July 5, 2017, Vol. 18, No. 132


                            Headlines



A R G E N T I N A

ADCAP GLOBAL: Moody's Assigns B-Bf Global Scale Bond Fund Rating
ELECTROINGENIERIA: Reliance on Projects Keeps Cash Flow Volatile
FBA HORIZONTE: Moody's Assigns B-Bf Global Scale Bond Fund Rating
LOMBARD RENTA: Moody's Assigns B-bf Global Scale Bond Fund Rating


B A R B A D O S

BARBADOS: Ex-Central Bank Boss Says Taxation Overextends Citizens


B O L I V I A

SEGUROS ILLIMANI: Moody's Puts Caa2 Rating on Review for Downgrade


B R A Z I L

TELEFONICA BRASIL: Acquires Terra Unit for Nearly $76 Million


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Senator Says US$250MM Loan for Dam Advances


J A M A I C A

JAMAICA: Chamber Says Toll Hikes Could Hurt Economic Growth


M E X I C O

* MEXICO: End Restrictions on Flights, Sign Drone Deal With Canada


P E R U

CORPORACION AZUCARERA: S&P Affirms BB- Corporate Credit Rating


P U E R T O    R I C O

EURO BOUTIQUE: Plan Confirmation Hearing on Aug. 30
PUERTO RICO: PREPA Title III Violates PROMESA, Says MBIA Unit
PUERTO RICO: MBIA Unit Says Lifeline Extended to PREPA Rejected
PUERTO RICO: Ad Hoc Bondholders Group Files Statement
RISE ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors


                            - - - - -



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A R G E N T I N A
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ADCAP GLOBAL: Moody's Assigns B-Bf Global Scale Bond Fund Rating
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo, has
assigned a B-bf global scale bond fund rating and a Baa-bf.ar
national scale bond fund rating to AdCap Global (the Fund), a new
short-term bond fund that will be launched in July 2017. The Fund
is domiciled in Argentina and managed by Convexity SASGFCI.

RATINGS RATIONALE

The B-bf global scale bond fund rating reflects the fund's single
B weighted average maturity-adjusted credit quality. The Fund will
largely invest in local treasury bills (LETEs), sub-sovereigns and
sovereign bonds denominated in US Dollars rated at B3. "Based on
the Fund's pro-forma portfolio, the Fund's credit quality profile
is comparable to those of similarly rated peers", said Moody's
lead analyst Carlos de Nevares.

Moody's noted that AdCap Global FCI has no track record but it is
managed by an experienced asset manager. Moody's analysis was
performed on a model portfolio provided by the fund sponsor. The
rating agency expects the Fund to be managed in line with the
model portfolio. If the invested portfolio deviates materially
from the model portfolio, Moody's would expects to revisit the
positioning of the fund's global scale rating.

The Baa-bf.ar national scale ratings reflects that the Fund's low
single B credit profile maps to a Baa-bf.ar national scale rating.

Convexity S.A.S.G.F.C.I, is a mid-size asset manager in the
Argentina with 0.5% Assets under Management (AUM) market share of
the local mutual industry. As of May 2017, Convexity S.A.SGFCI,
managed approximately AR$2,373 billion ($148.3 million) in AUM.

The principal methodology used in this rating was Moody's Bond
Fund Rating Methodology published in May 2013.

The ratings assigned are:

- Global scale bond fund rating: B-bf

- National scale bond fund rating: Baa-bf.ar

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings". While NSRs have no inherent absolute meaning in terms of
default risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time. For information on
the historical default rates associated with different global
scale rating categories over different investment horizons.


ELECTROINGENIERIA: Reliance on Projects Keeps Cash Flow Volatile
----------------------------------------------------------------
Electroingenieria S.A.'s (EISA) (Caa2 negative) high reliance on a
small number of infrastructure projects for revenue will ensure
that its cash flow and earnings margins remain volatile through
2018, says Moody's Investors Service in a new report.

The Argentine company reorganized in 2014 to concentrate less on
other activities like homebuilding and more on engineering and
construction. As a consequence of that move, the Nestor Kirchner
and Jorge Cepernic hydroelectric dams project represented 28% of
EISA's revenues for the fiscal year ending in December 2016. They
also accounted for 74% of the company's order backlog.

"An improvement in revenue diversification, both in terms of
projects and clients, would improve EISA's credit quality," said
Martina Gallardo Barreyro, an Associate Vice President at Moody's.
"In the meantime, EISA's liquidity will remain tight in the coming
quarters as refinancing needs persist, leaving it highly
vulnerable to any business problems."

On paper, EISA's backlog, equivalent to 26.1 times its 2016
revenues, should be enough to support its revenue growth in coming
years. However, the key projects that account for almost all of
the backlog have suffered significant delays.

The hydroelectric dams project, which were awarded in 2013, were
held up during 2016 as the new government reviewed the terms and
conditions of the existing contract. This project will likely
resume works in the last quarter of 2017. The Manuel Belgrano II
thermal power plant, another significant project for EISA, has
been delayed by ongoing negotiations over the implementation of a
bank loan to finance the work.

Despite these issues, EISA has a key opportunity in the Argentine
government's goal of increasing infrastructure investment to drive
economic growth.

Construction activity, including public works projects, is showing
signs of recovery after a weak 2016, and the country's gross
investment will likely increase to 17.8% of GDP by 2018, up from
16.2% in 2016. Argentina's economy will also return to growth,
expanding by roughly 3% this year and next, as consumption and
investment increase, compared to a contraction of 2.3% last year.


FBA HORIZONTE: Moody's Assigns B-Bf Global Scale Bond Fund Rating
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned B-bf global scale bond fund rating and Baa-bf.ar national
scale bond fund rating to FBA Horizonte Plus (the Fund), a new
long-term bond fund. The Fund is domiciled in Argentina and
managed by BBVA Frances Asset Management S.A FGCI (BBVA Frances
AM).

RATINGS RATIONALE

The B-bf global scale bond fund rating reflects Moody's
expectation that the Fund will maintain a single B maturity-
adjusted weighted average credit quality. The Fund's strategy will
be to invest in long-term government bonds denominated in US
Dollars. The Fund's average duration is expected to be above 3
years.

"This is a long term bond fund that will mostly invest in local
sovereign bond which have higher yields and volatility, as opposed
to other short term funds such as FBA Renta Fija Dolar y FBA Renta
Fija Dolar Plus", said Moody's Vice President Carlos de Nevares.
The rating agency expects the FBA Horizonte plus to be managed in
line with the current portfolio provided by the fund manager.
However, the agency noted that if the Fund's invested portfolio
deviates materially from the current portfolio, the Fund's ratings
could be changed.

The Baa-bf.ar national scale ratings reflects that the Fund's low
single B credit quality maps to a Baa-bf.ar national scale rating.

BBVA Frances AM, is one of the leading asset managers in
Argentina. It is a subsidiary of Grupo Financiero BBVA Banco
Frances. As of May 2017, BBVA Frances AM managed approximately ARS
27,273 million (or approximately $1.7 billion) which represents a
6% market share of the Argentine mutual fund industry.

The principal methodology used in this rating was Moody's Bond
Fund Rating Methodology published in May 2013.

The ratings assigned are:

- Global scale bond fund rating: B-bf

- National scale bond fund rating: Baa-bf.ar


LOMBARD RENTA: Moody's Assigns B-bf Global Scale Bond Fund Rating
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a B-bf global scale bond fund rating and a Baa-bf.ar
national scale bond fund rating to Lombard Renta Fija en Dolares
F.C.I. (the Fund), a new short- to medium-term bond fund. The Fund
is domiciled in Argentina and will be managed by Patagonia
Inversora S.A.S.G.F.C.I (Patagonia)

RATINGS RATIONALE

The B-bf global scale bond fund rating is based on Moody's
expectation that the Fund will manage to a single B maturity-
adjusted weighted average credit quality. The Fund's investment
strategy is to invest principally in local treasury bills (called
LETEs) denominated in US Dollars as well as sub sovereign
securities, both rated at B3/Baa.ar.

"Based on the Fund's portfolio, the Fund's credit quality profile
is comparable to B-bf rated peers", said Moody's lead analyst
Carlos de Nevares. The Fund's objective is to serve as a dollar
denominated investment vehicle to protect investors from
Argentinean peso devaluation risks.

The Baa-bf.ar rating reflects that the Fund's low single B credit
quality maps to a Baa-bf.ar national scale rating.

Patagonia Inversora S.A.S.G.F.C.I, is a mid-size asset manager in
the Argentinean mutual fund Industry with 3.3% market share. As of
May 2017, Patagonia managed approximately AR$15,909.6 billion in
Assets under Management (AUM).

The principal methodology used in this rating was Moody's Bond
Fund Rating Methodology published in May 2013.

The ratings assigned are:

- Global scale bond fund rating: B-bf

- National scale bond fund rating: Baa-bf.ar



===============
B A R B A D O S
===============


BARBADOS: Ex-Central Bank Boss Says Taxation Overextends Citizens
-----------------------------------------------------------------
RJR News reports that former Governor of the Central Bank of
Barbados Dr. Delisle Worrell says the government is costing
Barbadians too much.

However, he remains hopeful about the economy, despite what he
describes as the current administration's "inefficiency and
ineffectiveness" in addressing the issues affecting the country,
according to RJR News.

Dr. Worrell noted that the administration's increased taxation is
overextending Barbadians, the report relays.

Dr. Worrell said 30 cents of every dollar the Barbadian earns goes
in taxes to Government, with only leaves 70 cents for the
taxpayer, the report notes.

The former central banker argues that those 30 cents still cannot
make the Government run as the administration has to borrow on top
of that, the report adds.

As reported in the Troubled Company Reporter-Latin America on
March 7, 2017, S&P Global Ratings lowered its long-term foreign
and local currency sovereign ratings on Barbados to 'CCC+' from
'B-'.  The outlook is negative.  S&P also lowered the short-term
ratings to 'C' from 'B.'  At the same time, S&P lowered its
transfer and convertibility assessment for Barbados to 'CCC+' from
'B-'.


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B O L I V I A
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SEGUROS ILLIMANI: Moody's Puts Caa2 Rating on Review for Downgrade
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
placed Seguros Illimani S.A.'s Caa2 global local-currency (GLC)
insurance financial strength (IFS) rating and its B3.bo Bolivian
national scale (NS) IFS rating on review for downgrade.

RATINGS RATIONALE

The rating agency said that the review process on Seguros
Illimani's ratings will focus on the potential adverse business
and financial consequences for Seguros Illimani of a recent
Resolution (#550/2017) issued by the Bolivian insurance regulator
(APS, for its Spanish acronym) alleging a BOB 10 million (USD 1.4
million) net loss reserve deficiency (amounting to approximately
43% of the insurer's shareholders' equity as of March 31, 2017),
and restricting the insurer from selling any of its financial
assets without regulatory approval. Given that the APS is still
conducting a permanent audit on Seguros Illimani, the final impact
of this event is still uncertain. Should Seguros Illimani book
this indicated accounting shortfall, its capitalization metrics
would deteriorate significantly with gross underwriting leverage
increasing to about 4.9x, from 2.3x based on equity capital as
reported at March 31, 2017. Moody's considers that APS' resolution
would imply weaknesses about the company's reserving and corporate
governance practices, which already weighs on the insurers'
ratings and credit profile. Moody's went on to say that the review
process for downgrade on the company's ratings will also focus on
the impact that the indicated accounting deficiency has on the
company's financial profile, capitalization, and ultimately, its
viability, as well as Seguros Illimani's shareholders' ability and
willingness to inject capital if needed.

Among the factors that could result in a rating downgrade for
Seguros Illimani, Moody's mentioned the company's failure to
comply with minimum regulatory solvency margins and/or reserves'
coverage, a regulatory intervention of the company or an
impairment in the company's reported capitalization metrics or a
disclosure of further accounting deficiencies. Given that the
company's ratings are currently under review for downgrade, a
rating upgrade is unlikely. However, Seguros Illimani's ratings
could be confirmed in the event of a capital injection offsetting
the impact of the company's accounting deficiency found by APS or
if the final outcome of the APS audit would have a substantially
smaller impact than what has been disclosed so far.

Based in La Paz, Bolivia, Seguros Illimani reported a net profit
of BOB 0.1 million, and gross premiums written of BOB 1.7 million
at the three-month period ending at March 31, 2017. As of that
date, total assets were BOB 65 million and shareholders' equity
was BOB 23 million.

The principal methodology used in these ratings was Global
Property and Casualty Insurers published in May 2017.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings". While NSRs have no inherent absolute meaning in terms of
default risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time. For information on
the historical default rates associated with different global
scale rating categories over different investment horizons.


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


TELEFONICA BRASIL: Acquires Terra Unit for Nearly $76 Million
-------------------------------------------------------------
EFE News reports that Telefonica Brasil said that its Telefonica
Data (TData) unit acquired Terra Networks Brasil, which owns the
Terra portal, for BRL250 million ($75.5 million) from SP
Telecomunicacoes Participacoes (SPTelecom).

"The purpose of the Transaction is to expand and integrate the
commercial offer of digital services that can add immediate value
to the customer base of TData and of the Company; as well as
generating TData's service offers to Terra Networks' customer base
and subscribers and, thanks to the national presence of Terra
Networks' operation and expertise, generate leverage for TData's
advertising business," Telefonica Brasil said in a statement
obtained by EFE News.

As reported in the Troubled Company Reporter-Latin America on
June 2, 2017, Moody's America Latina Ltda. affirmed Telefonica
Brasil S.A. corporate family rating and senior unsecured
debentures rating at Ba1 in the global scale and Aaa.br in the
national scale. The outlook was changed to negative from stable.



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


DOMINICAN REPUBLIC: Senator Says US$250MM Loan for Dam Advances
---------------------------------------------------------------
Dominican Today reports that Dominican Republic Senator Eddy Mateo
Vasquez affirmed advances in the US$250.0 million loan requested
from the Central American Economic Integration Bank to build a dam
in Monte Grande (southwest).

Senator Mateo said a Senate commission recently met with Dams and
Canals agency (Indrhi) director Olgo Fernandez, to provide details
about the new loan, according to Dominican Today.  Mr. Fernandez
said the country expects a new loan from the Central American Bank
to finance Monte Grande, the report notes.

The lawmaker, speaking after a Conference at Barahona's Catholic
and Technological University (Ucateba), called the new financing
more advantageous than the loan initially approved by the
Brazilian National Economic and Social Development Bank (BNDES),
and expects it to soon reach Congress for approval, the report
relays.

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
=============


JAMAICA: Chamber Says Toll Hikes Could Hurt Economic Growth
-----------------------------------------------------------
RJR News reports that the Sunshine City Chamber of Commerce has
come out against the recent toll hike for the Portmore Causeway.

The Chamber, which represents business interests in Portmore, said
the toll hikes have been too sharp and poses a challenge for
economic growth in the city, according to RJR News.

The Chamber argued that Portmore's financial eco-system is largely
driven by micro, small and medium enterprises and these
enterprises are very sensitive to shifts in prices, the report
notes.

It also noted that it puts consumers under pressure because their
disposable income keeps getting squeezed, the report relays.

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'.


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


* MEXICO: End Restrictions on Flights, Sign Drone Deal With Canada
------------------------------------------------------------------
EFE News reports that Mexico and Canada signed two agreements --
the first to eliminate restrictions on flights between the two
nations and the second to strengthen safety regarding drones --
the Mexican Communications and Transportation Secretariat (SCT)
reported.

SCT Secretary Gerardo Ruiz Esparza and Canadian Transportation
Minister Marc Garneau signed the bilateral flight agreement saying
that "any Canadian or Mexican airline may operate between any pair
of cities in both nations," thus eliminating restrictions on the
frequency, number of passengers and number of airlines affected by
it, according to EFE News.


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P E R U
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CORPORACION AZUCARERA: S&P Affirms BB- Corporate Credit Rating
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Corporacion Azucarera
del Peru S.A. (Coazucar). S&P also affirmed its 'BB-' corporate
credit and issue-level ratings on the company.

Coazucar's Olmos project finally started full operations in May of
this year, after several months of delays. The complex has
technified irrigation and an energy generation system that will
raise efficiencies and output. Coazucar has also strengthened its
liquidity, not only through capital contributions from
shareholders to complete investments at Olmos, but also through
the refinancing of PEN100 million in short-term debt that the
company had incurred to finance working capital requirements
during the first half of the year.

S&P said, "The outlook revision reflects the stronger liquidity
position and credit metrics, and our view that the company has
greater flexibility to offset potential margin pressures stemming
from declining international reference sugar prices. In addition,
the rating action reflects a higher production capacity that will
likely reduce sugar imports. As a result, we expect Coazucar to
maintain EBITDA margins in excess of 20%."

Cash flow generation prospects for Coazucar are favorable amid
higher production capacity and lower investment spending, given
that the company has completed the first stage of Olmos'
expansion. S&P said, "In accordance, we expect the company to
gradually deleverage its capital structure. However, our financial
risk profile assessment incorporates the potential weakening of
credit metrics from our base case assumptions given the inherent
volatile nature of the business. For the rolling 12 months as of
March 31, 2017, Coazucar's debt to EBITDA and funds from
operations (FFO) to debt improved to 3.6x and 17%, respectively,
from 4.8x and 10.8% at the end of 2015."


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


EURO BOUTIQUE: Plan Confirmation Hearing on Aug. 30
---------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico has conditionally approved Euro Boutique
Auto Group Inc.'s disclosure statement dated June 20, 2017,
referring to the Debtor's plan of reorganization.

A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan will be held
on Aug. 30, 2017, at 9:00 a.m.

Acceptances or rejections of the Plan must be filed in writing by
the holders of all claims on or before 14 days prior to the date
of the hearing on confirmation of the Plan.

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

                      About Euro Boutique

Euro Boutique Auto Group Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-07887) on Sept. 30, 2016,
disclosing under $1 million in both assets and liabilities.  The
Debtor is represented by Luis D. Flores-Gonzalez, Esq., at the Law
Offices of Luis D. Flores Gonzalez.


PUERTO RICO: PREPA Title III Violates PROMESA, Says MBIA Unit
-------------------------------------------------------------
National Public Finance Guarantee Corporation ("National"), an
indirect subsidiary of MBIA Inc. said on June 30, 2017, it
believes the Financial Oversight and Management Board for Puerto
Rico (the "Oversight Board") has violated the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA") by
authorizing a Title III bankruptcy filing by the Puerto Rico
Electric Power Authority ("PREPA").

"We believe the Oversight Board's decision to authorize a Title
III filing for PREPA is ill-advised, improper, and could well have
dire consequences for Puerto Rico," said Bill Fallon, CEO of
National Public Finance Guarantee Corporation.  "The Oversight
Board has violated PROMESA and is now pursuing an agenda that
unnecessarily and inappropriately throws away PREPA's carefully
constructed Restructuring Support Agreement.  That Agreement was
reached after three years of negotiations, has broad creditor
support and has been approved by all required parties, including
two governors and the Puerto Rico legislature.  Creditors, along
with PREPA, completed an immense amount of underlying work to
understand the utility's business and proposed significant
concessions that would lead to a successful solution for PREPA's
debt problems.  A Title III bankruptcy filing could cause lengthy
litigation in which creditors would assert all of their rights to
achieve payment in full and could result in rate increases that
would leave PREPA years away from attracting the private
investment necessary to modernize.  The RSA was the essential
first step to achieve viability for PREPA."

As previously reported, National and other supporting creditors
offered to take action that would have provided additional time
for discussions to avoid a Title III bankruptcy filing by PREPA,
but those actions were rebuffed by Puerto Rico Governor Ricardo
Rossello, PREPA and the Puerto Rico Fiscal Agency & Financial
Advisory Authority.

Mr. Fallon continued, "The Oversight Board chairman asserted in
the public hearing that, the Oversight Board offered PREPA's
creditors, including insurers and banks, a similar economic deal
as contained in the RSA, but with additional provisions for Title
III, but that is simply not true.  The proposal had significantly
different terms for the monolines, and we believe it was designed
to fail, given the timing of the proposal being made immediately
before the payment date.  We also strongly take issue with the
Oversight Board's determination that the RSA is not a pre-existing
agreement under PROMESA.  This determination fails to consider the
statute and the facts in order to justify the Board's clear
failure to comply with its obligations under PROMESA."

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA").

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21.

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

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; and Hermann D. Bauer, Esq., at
O'Neill & Borges are onboard as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at:

           https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS and
HTA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                      Bondholders' Attorneys

Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin
Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc.,
Franklin Advisers, Inc., and the First Puerto Rico Family of
Funds, which collectively hold over $3.5 billion in COFINA Bonds
and over $2.9 billion in other bonds issued by Puerto Rico and
other instrumentalities, including over $1.8 billion of Puerto
Rico general obligation bonds ("GO Bonds").

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual
Advisers LLC, Monarch Alternative Capital LP, Senator Investment
Group LP, and Stone Lion Capital Partners L.P.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).

                            Committees

The U.S. Trustee formed a nine-member Official Committee of
Retirees and a seven-member Official Committee of Unsecured
Creditors of the Commonwealth.  The Retiree Committee tapped
Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its
attorneys.   The Creditors Committee tapped Paul Hastings LLP and
O'Neill & Gilmore LLC as counsel.


PUERTO RICO: MBIA Unit Says Lifeline Extended to PREPA Rejected
---------------------------------------------------------------
National Public Finance Guarantee Corporation, an indirect
subsidiary of MBIA Inc. on June 29, 2017, disclosed that it and
the other supporting creditors offered the Puerto Rico Electric
Power Authority ("PREPA") an extension of the Restructuring
Support Agreement ("RSA") until June 30, 2017 that included a re-
lending that would have allowed PREPA to avoid a default on
July 1, 2017.  The offer was delivered to Puerto Rico Governor
Ricardo Rossello, PREPA and the Puerto Rico Fiscal Agency &
Financial Advisory Authority ("AAFAF"), but all have refused to
sign the extension.

National believes this extension and the related funding would
have provided additional time for discussions to avoid a Title III
bankruptcy filing by PREPA, which National also believes is
unnecessary and improper and would put the Commonwealth at risk by
disrupting the provision of electricity on the island.

"PREPA and the Rossello administration have rejected the only
lifeline available on the island," said Bill Fallon, CEO of
National Public Finance Guarantee Corporation.  "They are bending
to the will of the Oversight Board.  The RSA has broad creditor
support and has been approved by all required parties, including
two governors, the Puerto Rico legislature, AAFAF, the Puerto Rico
Energy Commission and the PREPA board. The Governor should stand
by his agreement that we achieved almost two months ago."

National will continue to pursue its lawsuit in the U.S. District
Court for the District of Puerto Rico that seeks to compel the
Oversight Board to comply with its obligations under the Puerto
Rico Oversight, Management, and Economic Stability Act.

National has adequate resources, with claims-paying resources
totaling $4.6 billion at March 31, 2017, to ensure that its
policyholders will receive the full amount of the scheduled
interest and principal payments that come due on their National
insured bonds.

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA").

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21.

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

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; and Hermann D. Bauer, Esq., at
O'Neill & Borges are onboard as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at:

           https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS and
HTA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                      Bondholders' Attorneys

Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin
Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc.,
Franklin Advisers, Inc., and the First Puerto Rico Family of
Funds, which collectively hold over $3.5 billion in COFINA Bonds
and over $2.9 billion in other bonds issued by Puerto Rico and
other instrumentalities, including over $1.8 billion of Puerto
Rico general obligation bonds ("GO Bonds").

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual
Advisers LLC, Monarch Alternative Capital LP, Senator Investment
Group LP, and Stone Lion Capital Partners L.P.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).

                            Committees

The U.S. Trustee formed a nine-member Official Committee of
Retirees and a seven-member Official Committee of Unsecured
Creditors of the Commonwealth.  The Retiree Committee tapped
Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its
attorneys.   The Creditors Committee tapped Paul Hastings  LLP and
O'Neill & Gilmore LLC as counsel.


PUERTO RICO: Ad Hoc Bondholders Group Files Statement
-----------------------------------------------------
BankruptcyData.com reported that the Commonwealth of Puerto Rico's
ad hoc group of general obligation bondholders, Ambac Assurance,
Assured Guaranty, Assured Guaranty Municipal, Mutual Fund Group,
National Public Finance Guarantee and Puerto Rico Funds
(collectively, "Responding Creditors") filed a statement in
response to the Commonwealth's status report regarding (a)
financial disclosures to creditors and (b) status of settlement
discussions. Because the Responding Creditors occupy different
positions in the capital structure of the Commonwealth and its
instrumentalities, their interests are diverse and, in certain
respects, in conflict with one another; however, the statement
notes that all parties are united in their rejection of certain
fundamentally misguided and misleading positions set forth by the
Oversight Board the status report. The statement notes, "The
Oversight Board's Status Report rests on a breathtakingly
overbroad conception of the Oversight Board's authority under the
Puerto Rico Oversight, Management, and Economic Stability Act
('PROMESA'). In the Board's view, PROMESA confers upon the Board a
unilateral -- and unreviewable -- power to dictate the amount of
revenues that will be available to service the debts of the
Commonwealth and its instrumentalities, through the certification
of a Fiscal Plan. All that is left for creditors to do, the
Oversight Board asserts, is 'negotiate to divide up the money
available for debt service under the fiscal plan.'  The Oversight
Board therefore contends that creditors may not even obtain
discovery regarding the analyses, judgments, and projections that
underlie the certified Fiscal Plan.  The Oversight Board's
position fundamentally misunderstands PROMESA. To make matters
worse, Commonwealth officials have been engaging in a mad dash to
pay certain creditors before a restructuring plan is proposed --
trade creditors, tax refund claimants, and others are being paid
in full at a rapid rate, without any regard for lawful liens or
priorities."

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA").

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21.

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

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; and Hermann D. Bauer, Esq., at
O'Neill & Borges are onboard as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at:

           https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS and
HTA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                      Bondholders' Attorneys

Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin
Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc.,
Franklin Advisers, Inc., and the First Puerto Rico Family of
Funds, which collectively hold over $3.5 billion in COFINA Bonds
and over $2.9 billion in other bonds issued by Puerto Rico and
other instrumentalities, including over $1.8 billion of Puerto
Rico general obligation bonds ("GO Bonds").

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual
Advisers LLC, Monarch Alternative Capital LP, Senator Investment
Group LP, and Stone Lion Capital Partners L.P.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).

                            Committees

The U.S. Trustee formed a nine-member Official Committee of
Retirees and a seven-member Official Committee of Unsecured
Creditors of the Commonwealth.  The Retiree Committee tapped
Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its
attorneys.   The Creditors Committee tapped Paul Hastings  LLP and
O'Neill & Gilmore LLC as counsel.


RISE ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Rise Enterprises, S.E.
        PO Box 366397
        San Juan, PR 00936

About the Debtor: The Company's principal place of business is
                  at Triple S Plaza, Suite 6A 1510 F.D. Roosevelt
                  Avenue Guaynabo, PR 00968.

Chapter 11 Petition Date: June 30, 2017

Case No.: 17-04678

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Mildred Caban Flores

Debtor's Counsel: Mary Ann Gandia, Esq.
                  GANDIA-FABIAN LAW OFFICE
                  PO Box 270251
                  San Juan, PR 00927
                  Tel: 7873907111
                  Fax: 787763-8212
                  Email: gandialaw@gmail.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Ismael Falcon Ortega, partner.

The Debtor's list of 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb17-04678.pdf


                            ***********


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
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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,
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