TCRLA_Public/170718.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, July 18, 2017, Vol. 18, No. 141



ARGENTINA: Partners With Argentina to Link Mercosur With EU
BUENOS AIRES: Moody's Rates New EUR500MM Sr. Unsec. Notes B3


BRAZIL: Conviction Damages Lula's Reputation
RIO PARANAPANEMA: Moody's Gives Ba2 Rating to New BRL420MM Notes


CAMPOSOL HOLDING: Moody's Hikes CFR to B3, Outlook Stable

P U E R T O    R I C O

KAMA MANAGEMENT: Secured Creditor Objects to Confirmation of Plan
PUERTO RICO: Board Oks Liquidation of Government Development Bank
SHORT BARK: July 18 Meeting Set to Form Creditors' Panel
TRAILER VAN: Crim to Recover 100% Under Plan

T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Works With CEMEX on Certain Admixture Products


BANCO HIPOTECARIO: Moody's Affirms b1 Baseline Credit Assessment


VENEZUELA: Crisis Drains its Foreign Reserves


LATAM: Cigarette Black Market Costing Billions in Losses

                            - - - - -


ARGENTINA: Partners With Argentina to Link Mercosur With EU
EFE News reports that the foreign ministers of Brazil and
Argentina agreed on the need to eliminate trade barriers within
Mercosur and forge an accord between the South American bloc and
the European Union.

"We have to show the European Union the great commitment that
exists in Mercosur to make that accord a reality," Argentina's
Jorge Faurie said during his first visit to Brazil since becoming
foreign minister, according to EFE News.

Mercosur, whose other members are Paraguay and Uruguay, has been
in talks with the EU on a trade pact for more than a decade, the
report notes.

Concluding a deal with the EU is even more important at a time
when some countries are again erecting barriers to imports, Mr.
Faurie said, while Brazilian counterpart Aloysio Nunes said that
Mercosur must take steps to become a "true free-trade zone," the
report relays.

Brazil, which will assume the rotating presidency of Mercosur, is
determined "to reach a good understanding with the European
Union," the report quoted Mr. Nunes as saying.

In the bilateral sphere, the two men said they discussed issues of
border security and evaluated progress on measures the two
governments adopted in February with the intent of promoting
greater economic integration, the report relays.

Before the talks with Mr. Nunes, Mr. Faurie met briefly with
Brazilian President Michel Temer, who faces the possibility of
being suspended from office should lawmakers vote to allow the
Supreme Court to try the head of state on corruption charges, the
report adds.

                       *     *    *

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.

BUENOS AIRES: Moody's Rates New EUR500MM Sr. Unsec. Notes B3
Moody's Investors Service has assigned a B3 (Global Scale Foreign
Currency) rating to new Senior Unsecured Notes to be issued by the
Province of Buenos Aires for EUR500 million due in 2023. The
ratings are in line with the province's long term foreign currency
issuer rating, which carry a positive outlook.


The issuance of these new bonds due in 2023 has been authorized by
the Provincial Law Nß14.879 (Provincial's budget for 2017) and
Governor's Decree Nß74 of 2017 and by a specific Resolution of the
provincial Ministry of Economy which set the specific conditions
of the Notes. The Province of Buenos Aires will use the net
proceeds of these Notes to fund social, infrastructure and public
investment projects as well as to improve its debt maturity
profile and make debt service payments.

The rated bonds constitute direct, general, unconditional and
unsubordinated obligations of the province. The new Notes due in
2023 will be denominated and payable in Euros and will be subject
to the State of New York Law. According to the above mentioned
resolution, these Notes present bullet amortization in January of
2023 and will pay 5.375% fixed interest rate on an annual basis.

Following the issuance of these new Notes coupled with the
expected debt amortization of other debts within the current
fiscal year and the effect of the exchange evolution over the
provincial's foreign currency debt; Moody's anticipates that the
ratio of total debt to total revenues of the Province of Buenos
Aires will increase to 52%-approximately-by the end of 2017 from
the 50% level reported at the end of 2016.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
nor anticipates changes in the main conditions that the Notes will
carry. Should issuance conditions and/or final documentation of
these Notes deviate from the original ones submitted and reviewed
by the rating agency, Moody's will assess the impact that these
differences may have on the ratings and act accordingly.


Given the strong macroeconomic and financial linkages between the
Government of Argentina's and the province's economic and
financial profile, an upgrade of Argentina's sovereign bonds
ratings and/or the improvement of the country' operating
environment could lead to an upgrade of the Province of Buenos
Aires. Conversely, a downgrade in Argentina's bond ratings and/or
the continuation of current operating deficits coupled with a debt
to total revenues ratio rising above 55% could exert downward
pressure on the ratings assigned.

The principal methodology used in this rating was Regional and
Local Governments published in June 2017.


BRAZIL: Conviction Damages Lula's Reputation
Jeffrey T. Lewis at The Wall Street Journal relates that in
Brazil, the life of Luiz Inacio Lula da Silva is that of a
storybook ascent -- the son of farm laborers who went from child
shoeshiner to trade union boss to president of South America's
biggest nation.

Born in 1945, Mr. da Silva worked as a delivery boy as his
struggling family bounced around before finally moving to Sao
Paulo, The Journal relays.  At one point, his whole family lived
in the back of a bar, sharing the bathroom with customers, the
report notes.  Even his first wife, pregnant at that time, died of
hepatitis.  Mr. da Silva spoke of these experiences as he became a
leader in the metalworkers union, the report continues.

Mr. da Silva founded the Workers' Party in 1980 after leading
strikes against the military dictatorship and lost the
presidential race three times.  He finally won the presidency in

The Journal recounts that Mr. da Silva's government implemented
social programs while expanding water and sewage networks.  His
eight years in office coincided with a dramatic rise in commodity
prices that powered Brazil's economy, the report relays.  Mr. da
Silva left office in 2011 with an approval rating of more than
80%, the report notes.

Recently however, Mr. da Silva was accused of being the brains
behind a vast corruption scheme that led to charges against him in
five separate cases -- where one of them resulted in the
announcement that he had been convicted and is being sentenced to
nine-and-a-half years in jail, The Journal relays.  Mr. da Silva
has denied all allegations against him.

The scandal has left Mr. da Silva "a tarnished figure," The
Journal quotes Paulo Sotero, a Brazil scholar at the Woodrow
Wilson Center in Washington, as saying. "It's a sad story. Lula
probably betrayed himself, his own cause. Lula meant well
initially but then lost his way."

As reported in the Troubled Company Reporter-Latin America on
May 24, 2017, S&P Global Ratings placed its 'BB' long-term foreign
and local currency sovereign credit ratings on the Federative
Republic of Brazil on CreditWatch with negative implications.  S&P
also affirmed the short-term foreign and local currency ratings at
'B'. The transfer and convertibility assessment is unchanged at
'BBB-'. In addition, S&P placed the 'brAA-' national scale rating
on CreditWatch with negative implications.

RIO PARANAPANEMA: Moody's Gives Ba2 Rating to New BRL420MM Notes
Moody's America Latina Ltda., assigned a Ba2 rating on the global
scale and on the Brazilian national scale to Rio
Paranapanema Energia S.A. (Rio Paranapanema)'s proposed issuance
of BRL420 million senior unsecured debentures with final maturity
in 2022. Rio Paranapanema's Ba2/ corporate family ratings
remain unchanged. The outlook for the ratings is negative.

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

Ratings Assigned:

- BRL420 million senior unsecured debentures due in 2020 and 2022
   (7th Issuance): Ba2 (global scale); (national scale)

Ratings Unchanged:

- Corporate Family Ratings (CFR): Ba2/

The outlook for the ratings is negative.


The proposed debentures are in two tranches with variable interest
rates that will be defined in book building and paid on a biannual
basis. The first tranche will have a bullet payment in the third
year and it will be pegged to the base rate (CDI), while the
second tranche will have a 5-year tenor with two annual
amortization payments starting on the fourth year after issuance
and it will be adjusted by inflation (IPCA index). The debentures
will have cross-default clauses with other debt at Rio
Paranapanema and will include acceleration clauses for, among
others, the following events: (i) the non-payment of any financial
obligation above BRL32 million, (ii) change of direct control, if
such change results in a two-notch rating downgrade, or early
termination of the concession contract, (iii) if the Net Debt to
EBITDA ratio exceeds 3.2x (0.75x as of March, 31 2017), or if the
EBITDA to Net Financial Results is less than 2.0x (7.6x as of
March 31 2017).

Proceeds from the transaction will be entirely used to refinance
existing debt obligations due in the short term, including
amortizing payments of debentures outstanding and banking credit
note. At the end of March 2017, Rio Paranapanema had BRL448
million in debt maturities through March 2018, compared to a cash
balance of around BRL770 million. The proposed debt issue will
contribute to lengthen Rio Paranapanema's amortization schedule to
an estimated duration of 3.9 years from the current 2.9 years,
thus further improving its liquidity profile.

The Ba2 and ratings reflect Rio Paranapanema's predictable
cash flow generation and strong credit metrics, which benefit by
medium-term generation supply contracts in the unregulated market,
where prices are set freely between the energy suppliers and final
consumers. The rating also incorporates Rio Paranapanema's track
record of high dividend distributions and potential cash outflow
from an eventual settlement or reversal of the judicial disputes
over their exposure to the spot market during the hydrological
crisis, which amounted BRL226 million through March 2017. The
rating is further constrained by Brazil's sovereign bond rating
(Ba2 negative) and uncertainties on future capital investments due
to a contractual obligation to expand generation capacity by 15%
in the State of Sao Paulo (Ba2 negative).

Rio Paranapanema's operating cash flow is expected to remain
strong over the next twelve to eighteen months, despite some
exposure to the hydrological conditions in Brazil and volatile
spot prices. As of year-end 2016, Rio Paranapanema had 87% to 85%
of its assured energy contracted for 2017 and 2018, respectively.
The company did not adhere to the law 13,203 that hedges the
hydrological risk for a premium as negotiated with the regulator,
ANEEL. As such, Rio Paranapanema is exposed to revenue volatility
under a prolonged dry season, where the Generation Scaling Factor
declines. Rio Paranapanema will renew or re-price several supply
contracts starting 2019. Moody's conservatively assumes a 3% to 5%
reduction in average prices, as compared to those of 2016. Moody's
also anticipates the company to maintain between 10% to 12%
subcontracted capacity for hedging purposes and portfolio


The negative outlook for Rio Paranapanema is in line with the
negative outlook of Brazil's government rating and it considers
the company's creditworthiness close linkages to the sovereign
credit quality, as their revenues are derived from economic
activity within Brazil and subject to government policies.


In light of the negative outlook Moody's does not expects any
upward rating pressure in the near term. A rating upgrade would be
considered if Brazil's sovereign rating is upgraded. A rating
upgrade or outlook stabilization would also consider the liquidity
position, the business profile and the regulatory environment
where Rio Paranapanema operates.

Downgrade pressure would increase if cash outlays for contingency
payments or dividend distributions are higher than expected.
Quantitatively, a ratings downgrade would be considered if the
company's metrics deteriorate, such that the CFO pre-WC minus the
dividends-to-debt ratio falls below 15% (23% as of March 31, 2017)
or cash interest coverage drops below 3.5x (5.3x as of March 31,
2017) for an extended period. A perception of weakened support of
the legal and regulatory framework could also prompt a downward
rating action.

Rio Paranapanema is an electricity generation company controlled
by China Three Gorges Corporation (A1 stable), which indirectly
holds 99.06% of its voting capital. The company has a long-term
concession to operate eight hydroelectric power plants along the
Paranapanema River with installed capacity of 2,274 MW, which
represents approximately 1.7% of Brazil's current total installed
capacity. In the last twelve months ended March 2017, Rio
Paranapanema reported net sales of BRL1.4 billion and net profit
of BRL418 million.


CAMPOSOL HOLDING: Moody's Hikes CFR to B3, Outlook Stable
Moody's Investors Service has upgraded CAMPOSOL Holding Plc's
corporate family rating to B3 from Caa2. At the same time, Moody's
upgraded Camposol's 10.5% Senior Secured notes due 2021 to B3 from
Caa2. The outlook for the ratings is stable.

The ratings are:

Issuer: CAMPOSOL Holding Plc.

- Corporate Family Rating: B3 (global scale)

Outlook: Stable

Issuer: Camposol S.A.

- USD147.5 million 10.5% BACKED Senior Secured Notes due 2021:
   B3 (foreign currency)

Outlook: Stable


Camposol's rating upgrade to B3 from Caa2 reflects its liquidity
profile improvement following the payment of USD 47 million from
its remaining 9.875% Senior Unsecured Notes due on February 2nd,
2017, which were not exchanged in May 2016 for the new 10.5%
Senior Secured Notes due 2021. As a consequence, the new notes,
amounting to USD 147.5 million, currently represent almost 75% of
the company's debt.

In addition, the upgrade is supported by Camposol's solid
operating performance and adequate cash generation in 2016 due to
improvements in most products prices, such as avocados, and an
increase in blueberries volumes sold in the first quarter 2017.
Adjusted EBITDA jumped to USD 74 million as of last twelve months
ended March 31, 2017 from USD 30 million in FY 2015 with adjusted
operating margins moving up towards 15.0% from 3.2% in the same
period. Finally, leverage metrics have significantly improved as
adjusted Debt to EBITDA reached 2.7 times as of the last twelve
months ended March 2017 from 8.5 times as of December 2015, and
EBITA to Interest Expense reached 1.8 times from 0.2 times for the
same period. Going forward, Moody's expects the blueberry business
will consolidate and continue growing generating about USD 250
million revenues in the next two years, which represents a 25%
increase when compared to 2016.

Despite these improvements, the B3 ratings reflect Camposol's
small operating scale, the high exposure to the "El Ni§o event",
which led to volatile operating results in the last years and
limited historical track record in its current business model. The
B3 rating also reflects the projected increase in CAPEX for the
next years, which could negatively affect the company's liquidity
position and leverage.

Camposol's B3 ratings are supported by the company's position as
the largest fully integrated agribusiness corporation in Peru,
including production, packaging and distribution of agricultural
products. The rating reflects Camposol's large holdings of arable
land as well as its diversified product mix comprised of a varied
range of fruits and vegetables which allows the company to drive
growth through expansion and product mix shifts without
substantial additional capital expenditures needs.

The stable ratings outlook is based on Moody's expectation that
Camposol will sustain the observed operational improvement over
the medium term and will continue to have an adequate liquidity

An upgrade is unlikely in the short term and would require
additional improvements in Camposol's liquidity in order to
protect the company against the inherent volatility of its
operations. Quantitatively, upward momentum could result if
Camposol's total adjusted debt to EBITDA is sustained below 3
times and adjusted EBITA to interest expense is sustained above
2.5 times.

A downgrade of the ratings would result from further deterioration
in the company's credit metrics and liquidity. Quantitatively, a
downgrade could be caused if adjusted debt/EBITDA remains above
4.5x or EBITA to interest expense goes below 1.0 time for an
extended period of time.

CAMPOSOL Holding, Plc. is an agribusiness company located in Peru,
which started operations in 1997 and has been owned and operated
by Generacion del Pacifico Grupo SL, formerly "Dyer Coriat Holding
SL" since 2007. The company has the world's largest Hass avocado
plantation in the world and will soon be the largest blueberry
producer in the world. As a vertically integrated company, it is
involved in the harvest, processing and marketing of high quality
agricultural and marine products such as avocadoes, blueberries,
grapes, mangoes, tangerines, shrimps, scallops, among others;
which are exported to Europe, the United States of America and
Asia. For last twelve months as of March 31, 2017, the company
posted revenues of USD 280 million. Camposol owns 24,268 of arable
agricultural hectares (Ha) across Peru, out of which 5,036 Ha have
been planted. In addition, Camposol owns 1,326 Ha of ponds of
which 50 are intensive and 1,276 semi-intensive.

The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in June 2017.

P U E R T O    R I C O

KAMA MANAGEMENT: Secured Creditor Objects to Confirmation of Plan
Secured creditor Condado 5, LLC, successor-in-interest of Banco de
Desarrollo Economico para Puerto Rico, objects to the confirmation
of the Chapter 11 plan of reorganization of Kama Management, Inc.,
complaining that the Plan does not provide for its secured claim
in full.

Condado 5 filed Proof of Claim No. 5 in the secured amount of
$1,423,989.44.  The Claim has not been objected and thus, is
deemed allowed under 11 U.S.C. Section 502(a).  The Debtor is
proposing to pay Condado 5 the alleged secured amount of

Condado 5 complains that the Plan does not provide for the payment
of its secured claim in full and therefore, does not comply with
the requirements of Section 1129(b)(2)(A) of the Bankruptcy Code.

The secured creditor also complains that the Debtor does not state
or otherwise specify the source of the lump sum payment, with
which the Debtor proposes to pay the vast majority of Condado 5's
claim.  Therefore, the Plan as proposed, is not feasible because
the Plan is devoid of any evidence as to the viability of the lump
sum payment with which the majority of Condado 5's claim will be
paid and thus, does not comply with Section 1129(a)(11), the
secured creditor asserts.

A full-text copy of the Plan Confirmation Objection dated July 12,
2017, is available at:

The secured creditor is represented by Sonia E. Colon, Esq.,
Gustavo A. Chico-Barris, Esq., and Camille N. Somoza, Esq., at
Ferraiuoli LLC, in San Juan, Puerto Rico.

                  About Kama Management Inc.

Kama Management Inc. filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 16-08008), on October 5, 2016.  The Petition was signed
by Alberto Perez Pujals, president.  At the time of filing, the
Debtor had no assets and had total debts of $1.45 million.

The Debtor is represented by Maria Soledad Lozada Figueroa, Esq.,
at Lozada Law & Associates, LLC.

PUERTO RICO: Board Oks Liquidation of Government Development Bank
Nick Brown at Reuters reports that Puerto Rico's financial
oversight board approved a plan to wind down the island's
Government Development Bank (GDB), bringing the defunct fiscal
agent a step closer to settling more than $5 billion in debt.

The oversight board, appointed by federal lawmakers to steer
Puerto Rico through a historic crisis, said in a joint statement
with government leaders it endorsed the plan to restructure GDB
debts under Title VI of PROMESA, a federal Puerto Rico rescue law
passed by the U.S. Congress last year, according to Reuters.

GDB officials lauded the deal, which will split GDB's assets among
depositors and lenders in an effort to avoid a protracted
bankruptcy, the report notes.

"Today's development represents an important step forward in the
restructuring of GDB," Christian Sobrino, the bank's president,
said in the joint statement, the report relays.  "It also
represents significant progress in Puerto Rico's economic
recovery," the report notes.

Once the primary fiscal agent for Puerto Rico, in charge of
holding deposits from government agencies and municipalities, GDB
has been a shell entity since the U.S. territory's former governor
declared a state of emergency in April 2016, the report relays.

Its wind-down could mean losses of as much as 45 percent for some
bondholders, the report discloses.

The bank's plight is a microcosm of broader strife on the island,
which in May filed the largest bankruptcy in U.S. municipal
history, the report relays.  It has nearly $72 billion in debt and
a $50 billion pension gap, to go along with a 45 percent poverty
rate and near-insolvent public health systems, the report relays.

GDB's liquidation is not a done deal.  Creditors must now vote on
the plan, though the bank announced in June it had secured support
from a majority of stakeholders, the report notes.

A federal court would then need to approve the deal under PROMESA
and Puerto Rican lawmakers would have to pass legislation
effecting the deal, the report says.

The plan would split the bank's assets between two entities, the
report notes.

The first, holding $5.3 billion in GDB assets, would issue three
tranches of debt with different protections in exchange for
varying principal reductions, the report relays.  Beneficiaries
would include municipal depositors and bondholders like Avenue
Capital Management, Brigade Capital Management, and Fir Tree
Partners, the report notes.

The second entity, funded with public entity loans and $50 million
in cash, would benefit all other depositors, the report adds.

                          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.  On July 2, 2017, a Title III case was commenced for the
Puerto Rico Electric Power Authority ("PREPA").

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:


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

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).


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.

SHORT BARK: July 18 Meeting Set to Form Creditors' Panel
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on July 18, 2017, at 10:00 a.m. in the
bankruptcy case of Short Bark Industries, Inc.

The meeting will be held at:

               Delaware State Bar Association
               405 N. King Street, 2nd Floor
               Wilmington, DE 19801

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors
pursuant to Section 341 of the Bankruptcy Code.  A representative
of the Debtor, however, may attend the Organizational Meeting, and
provide background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States
Trustee appoint a committee of unsecured creditors as soon as
practicable.  The Committee ordinarily consists of the persons,
willing to serve, that hold the seven largest unsecured claims
against the debtor of the kinds represented on the committee.

Section 1103 of the Bankruptcy Code provides that the Committee
may consult with the debtor, investigate the debtor and its
business operations and participate in the formulation of a plan
of reorganization.  The Committee may also perform other services
as are in the interests of the unsecured creditors whom it

                About Short Bark Industries

Short Bark Industries, Inc. --
provides military apparels for the Department of Defense, law
enforcement industry.  The Company's current or previously
manufactured items in the military category include but are not
limited to military MOLLE, medium and large rucksacks, assault
packs, IWCS, ACU, ABU, BDU, helmet covers, FROG, A2CU and more.
The Company offers men and boys suits, over garments, bag, and
coats.  Short Bark Industries holds over 120,000+ square feet of
manufacturing capacity with operations in Florida, Puerto Rico and

The Company and 1 other affiliates sought bankruptcy protection on
July 10, 2017 (Bankr. D. Del., Case No. 17-11501 and Case No.
17-11502).  The petition was signed by Phil Williams, CEO and

The Debtors listed total assets of $10 million to $50 million and
total liabilities of $10 million to $50 million.

Bielli & Klauder, LLC serves as lead bankruptcy counsel to the

TRAILER VAN: Crim to Recover 100% Under Plan
Trailer Van Corp. filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a disclosure statement dated June 30,
2017, referring to the Debtor's plan of reorganization.

Class 1 allowed secured claim consists of Crim's Claim estimated
at $5,860.  The claim will be paid 100% on the effective date of
the Plan or as agreed upon with the creditor.  This class is

Class 3 is comprised of the allowable unsecured creditors of the
Debtor.  The total amount owed under this class amounts to
$349,966.33 although the amount would be substantially less after
the Court rules on some objections to claim to be filed.  This
class is impaired.

The Debtor will effect payment of allowed claims, with the
available funds originating from their operations and the
collection of their accounts receivable.  In addition, the
Debtor will sell, during the life of the Plan, real property in
order to comply with the payments required under the Plan.

A copy of the Disclosure Statement is available at:

Headquartered in Carolina, Puerto Rico, Trailer Van Corp. filed
for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 16-
07655) on Sept. 27, 2016, estimating its assets at up to $50,000
and its liabilities at between $100,001 and $500,000.  Fausto
David Godreau Zayas, Esq., at Godreau & Gonzalez Law serves as the
Debtor's bankruptcy counsel.

In June 1979, Frank Sanfilippo Sr. and his partner Peter
Uscinowicz founded Trailer Van Corp., under the concept of
bringing into the Island of Puerto Rico a mean of storage and
mobile office trailer.

T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Works With CEMEX on Certain Admixture Products
Trinidad and Tobago Newsday reports that Trinidad Cement Limited
is working with majority owner, CEMEX, to introduce local
engineers and contractors to its innovative products developed
through experimentation with a range of cements to deal with
unconventional situations.

At a workshop at the Trinidad Hilton, Dr. Davide Zampini, Managing
Director CEMEX International Holding, Global R&D and Intellectual
Property Head and Development Group, spoke about research and
development the company is undertaking using its special
admixtures, according to Trinidad and Tobago Newsday.

Dr. Zampini said that among the special products the company is
looking at is what he described as pervious concrete which allows
water to pass through, the report relays.

Dr. Zampini said this is useful in situations where a surface is
required to drain water from the paved surface using as an example
the tiles around a swimming pool, the report says.

Dr. Zampini said CEMEX is the first company to produce a pervious
concrete that can drain water and can reach the same flexile
strength as standard concrete, which he said is a big
breakthrough, the report discloses.

Dr. Zampini said that typically such materials have only been able
to carry low loads and its use has been limited to parking lots
where cars are travelling at very low speeds and the sides of
roads and highways where it is used to collect and dispose of
runoff, the report relays.

However, he said that CEMEX' innovation, using the right
admixture, has allowed the company to develop this type of
pervious cement, which can be used on highways and carry heavier
loads, the first company to do this, though selecting the right
materials and putting them together in the right way is the secret
to developing the new pervious materials, the report notes.

Dr. Zampini said the company has been able to develop porous
cement and control the porousity, the report relays.

Dr. Zampini said the company is also working on concrete using
different types of materials to achieve different levels of
permeability, porousity and strength, the report notes.  Dr.
Zampini said it is important for contractors, engineers and
designers to understand the conditions on the ground and CEMEX has
been able to do this so that it has not only designed the top part
of the pavement which is porous but has been able to design the
entire pavement so that it is able to drain the water completely
even at maximum rainfall, the report relays.

Dr. Zampini added that in this type of concrete, the top part of
the material and the subsurface are able to drain the water
completely away immediately from the subsoil and the surrounding
area, the report notes.

According to Dr. Zampini, using pervious concrete can allow water
to flow and alleviate flooding problems in trouble-prone areas,
adding that this technology can be brought to solve the flooding
problems in Trinidad and Tobago, the report discloses.

Dr. Zampini said his department is also experimenting with an
architect who is designing a net zero energy building in Mexico
and wants to apply CEMEX's specialty cement to the facade of the
building to cool the building, the report relays.

Dr. Zampini said the company has designed a fibre-reinforced
concrete material which is bonded to the pervious concrete which
will be applied vertically to the building and achieve significant
cooling of the temperature in the building, the report relays.

Dr. Zampini said it was interesting because the concrete was not
just being used horizontally but vertically as well or as
envelopes for the building, the report notes.

Dr. Zampini also spoke about chemical contamination on the coastal
areas of countries and coastlines, which lack oxygen in the water
and said the problem is how to oxygenate the water, the report

As reported in the Troubled Company Reporter-Latin America on
May 18, 2017, S&P Global Ratings affirmed its 'B' long-term
corporate credit rating on Trinidad & Tobago-based cement producer
Trinidad Cement Limited (TCL).  S&P subsequently withdrew the
rating at the company's request.  At the time of the withdrawal,
the outlook was stable.  Following the announcement of the
company's redemption of its 2015 syndicated credit agreement in
April 26, 2017, S&P no longer rate any of TCL's debt.


BANCO HIPOTECARIO: Moody's Affirms b1 Baseline Credit Assessment
Moody's Investors Service has affirmed all the deposit ratings as
well as assessments assigned to Banco de la Republica Oriental del
Uruguay, Banco Hipotecario del Uruguay, and Citibank N.A. (Uruguay
Branch) and changed the outlook on their global scale ratings
(GSRs) to stable from negative. The outlook on their national
scale ratings (NSRs) remains stable.

These rating actions follow the change in outlook on Uruguay's
Baa2 government bond rating to stable from negative.

The three banks affected by this rating action were:


Ratings affirmed; outlook changed to stable from negative:

-- Long-term global local currency deposit rating of Baa2,

-- Long-term global foreign currency deposit rating of Baa2

Ratings and assessments affirmed:

-- Short-term global local currency deposit rating of Prime-2

-- Short-term global foreign currency deposit rating of Prime-2

-- Long-term national scale local currency deposit rating of, with stable outlook

-- Long-term national scale foreign currency deposit rating of, with stable outlook

-- Baseline Credit Assessment of baa3

-- Adjusted Baseline Credit Assessment of baa3

-- Long-term counterparty risk assessment of Baa1(cr)

-- Short-term counterparty risk assessment of Prime-2(cr)


Ratings affirmed; outlook changed to stable from negative:

-- Long-term global local currency deposit rating of Baa2,

-- Long-term global foreign currency deposit rating of Baa2

Ratings and assessments affirmed:

-- Short-term global local currency deposit rating of Prime-2

-- Short-term global foreign currency deposit rating of Prime-2

-- Long-term national scale local currency deposit rating of, with stable outlook

-- Long-term national scale foreign currency deposit rating of, with stable outlook

-- Baseline Credit Assessment of b1

-- Adjusted Baseline Credit Assessment of b1

-- Long-term counterparty risk assessment of Baa2(cr)

-- Short-term counterparty risk assessment of Prime-2(cr)


Ratings affirmed; outlook changed to stable from negative:

-- Long-term global local currency deposit rating of A2,

-- Long-term global foreign currency deposit rating of Baa2

Ratings and assessments affirmed:

-- Short-term global local currency deposit rating of Prime-1

-- Short-term global foreign currency deposit rating of Prime-2

-- Long-term national scale local currency deposit rating of, with stable outlook

-- Long-term national scale foreign currency deposit rating of, with stable outlook

-- Long-term counterparty risk assessment of A2(cr)

-- Short-term counterparty risk assessment of Prime-1(cr)


The change to stable of the outlooks of the three banks' global
scale ratings is a direct result of the change in outlook of
Uruguay's government bond rating as the affected banks' global
scale ratings are all constrained by the sovereign or Uruguay's
country ceilings.

The affirmation of BROU's and BHU's ratings considers the
government's full and unconditional guarantee of the obligations
of both banks, which are wholly owned by the Uruguayan government.

BROU's ratings also capture the bank's franchise as the largest
financial institution in Uruguay, its access to low cost, granular
deposits, and substantial liquid assets. However, the ratings also
incorporate the deterioration in asset quality, profitability, and
capitalization metrics that the bank has reported over the past
three years. BROU is headquartered in Montevideo, Uruguay, with
assets of UYU 470.6 billion ($16.4 billion) and equity of UYU 39.6
billion ($1.38 billion) as of March 2017.

BHU's ratings also reflect the bank's narrow focus on mortgage
financing. This lack of business diversification increases the
bank's asset risk and could subject its earnings to greater
volatility, as was seen in 2016 when profits fell sharply before
rebounding strongly in the first quarter of this year. In
addition, the rating considers the bank's relatively narrow
liquidity position. These challenges are nevertheless offset by
the government guarantee, as well as the bank's very strong
capitalization and low and declining delinquency levels. BHU is
headquartered in Montevideo, Uruguay, and it had assets of UYU
53.6 billion ($1.87 billion) and equity of UYU 24.2 billion
($844.8 million) as of March 2017.

BROU's and BHU's NSRs are the highest NSRs corresponding to
their Baa2 GSRs and reflect that their creditworthiness places
them among the very strongest of Uruguayan issuers thanks to their
government guarantees.

Citibank Uruguay's ratings are assigned based on its status as a
branch of Citibank N.A. and reflect the parent's legal obligation
to ensure payment of the obligations of its branches in a timely
manner. While Citibank, N.A. has an A1 deposit rating, Citibank
Uruguay's GSRs are constrained by Uruguay's local and foreign
currency deposit ceilings of A2 and Baa2 respectively. Citibank
Uruguay focuses its operation on the wholesale segment by
targeting multinational corporations and government's energy and
infrastructure project financing. In addition, the branch benefits
from financial and management support from its head office,
including risk management and infrastructure controls. Citibank
Uruguay is domiciled in Montevideo, Uruguay, and it had assets of
UYU 30.1 billion ($1.0 billion) and equity of UYU 1.87 billion
($65 million) as of March 2017. Citibank Uruguay's local
currency NSR is the only NSR corresponding to its A2 local
currency GSRs, while its foreign currency NSR is the
highest alternative corresponding to its Baa2 foreign currency
GSR, which reflects the constraint created by Uruguay's foreign
currency deposit ceiling.


Though not currently expected given its stable outlook, a change
in the sovereign's rating, whether up or down, would likely result
in a corresponding change to the banks' deposit ratings. While
BROU's baseline credit assessment (BCA) of baa3 may face downward
pressure if its asset quality and profitability continue to
deteriorate, a downgrade of the BCA would not affect its deposit


VENEZUELA: Crisis Drains its Foreign Reserves
Forex Repository reports that Venezuela's foreign reserves have
dropped beneath $10 billion for the primary time in 15 years as
continual mismanagement, corruption and subdued oil costs proceed
to batter what was the wealthiest nation in South America.

The reserves stood at $9.983 billion, based on figures revealed
from the central financial institution, representing a 77 per cent
lower since January 2009 after they hit a peak of $43 billion,
according to Forex Repository.

The fall comes at a time of heightened political stress.
Venezuelans will vote in a referendum on President Nicolas
Maduro's extensively despised plan to create a "constituent
assembly," the report relays.

The vote has been organized by the opposition and is non-binding
however will give some indication of Venezuelans' views, the
report relays.  They will probably be requested in regards to the
meeting, the function of the navy and their ideas on free

According to Datanalisis, the nation's most-respected pollster, 67
per cent of individuals oppose the meeting, which might have
powers to dissolve Congress, re-write the structure and alter
legal guidelines, the report adds.

As reported on Troubled Company Reporter-Latin America on July 13,
2017, S&P Global Ratings lowered its long-term foreign and local
currency sovereign credit ratings on the Bolivarian Republic of
Venezuela to 'CCC-' from 'CCC'. The outlook on the long-term
ratings is negative. S&P said, "We affirmed our 'C' short-term
foreign and local currency sovereign ratings. In addition, we
lowered our transfer and convertibility assessment on the
sovereign to 'CCC-' from 'CCC'."


LATAM: Cigarette Black Market Costing Billions in Losses
Trinidad and Tobago Newsday reports that an estimated 600 billion
cigarettes currently under the contraband scheme represents a loss
of between US$50 billion and $60 billion for governments in tax

This is according to Cesar Agurcia, a senior manager for the
British American Tobacco's interests in the Caribbean and Central
America who told a recent conference on anti-illicit trade in
tobacco conference in Georgetown, Guyana that the illicit economy
affects businesses, governments, civil society and individuals,
the report notes.

The conference held on June 29 was sponsored by British American
Tobacco, West Indian Tobacco Company, Demerara Tobacco Company and
Crime Stoppers International, according to Trinidad and Tobago

Participants which included law-enforcement, industry and customs
officials from Trinidad and Tobago, Guyana, Jamaica, Costa Rica,
and Suriname focused on modern trendsetting tactics and strategies
of illicit traders, and key characteristics and tools used by tax
evaders attempting to smuggle cigarettes into Caribbean countries,
the report relays.

A release from the West Indian Tobacco said there was need to curb
the growing illegal activity, the report notes.

"This is a national security issue, because it has been globally
proven that the profits of illicit trade are going to criminal
organisations around the world," he said, the report relays.

Darrin Carmichael, consultant for Crime Stoppers International,
called on public and private institutions to work together to take
swift action against the illicit trade, the report notes.

The report relays Crime Stoppers International, he said,
"recognizes that illicit trade is a growing problem worldwide, be
it smuggling, counterfeiting, or tax evasion."

While governments are losing billions of dollars in tax revenues,
he said, "Legitimate businesses are being undermined and consumers
in all our communities are exposed to unregulated, poor made and
inferior products," the report relays.

Attendees praised the hosting of the event and expressed the need
for government and industry officials to work together to tackle
the issue, the report notes.

The organizers of the event voiced their hope that greater
relationships would be formed between the customs and law
enforcement officials in attendance and that "formal bilateral and
inter-customs arrangements can be established to collaborate and
share intelligence and track, disrupt, and confiscate the illicit
products across these countries," the report adds.


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

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

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


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, 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

                   * * * End of Transmission * * *