TCRLA_Public/170720.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

               Thursday, July 20, 2017, Vol. 18, No. 143


                            Headlines



A R G E N T I N A

YPF SA: S&P Rates New $750MM 10-Year Senior Unsecured Notes 'B'


B R A Z I L

JBS SA: Misrepresents Business Operations, GWI Enterprise Alleges


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Industries Want Anti-Money Laundering Law W/ Teeth


G U Y A N A

DIGICEL GROUP: Prepares to Cut Staff in Guyana


H O N D U R A S

HONDURAS: S&P Raises Long-Term Sovereign Credit Ratings to 'BB-'


P A R A G U A Y

BANCO CONTINENTAL: S&P Affirms & Withdraws BB Issuer Credit Rating


P U E R T O    R I C O

PUERTO RICO: Govt. Development Bank Set for Title VI Liquidation
PUERTO RICO: UPR Mayaguez Teachers Sue Over $47M Budget Cut
PUERTO RICO: Hedge Funds Disclose GO Bonds Owned
RISE ENTERPRISES: Taps Gandia-Fabian Law Office as Legal Counsel
SRC LIQUIDATION: IIMAK's Administrative Expense Claim Disallowed

SRC LIQUIDATION: Trust Resolves $10M Dispute With Liberty Mutual


T R I N I D A D  &  T O B A G O

CL FIN'L: Public Hopes Government's Action is Correct


V E N E Z U E L A

VENEZUELA: Faces Possible U.S. Sanction Including Oil Import Ban


                            - - - - -



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


YPF SA: S&P Rates New $750MM 10-Year Senior Unsecured Notes 'B'
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating to YPF
S.A.'s (B/Stable/--) proposed $750 million 10-year senior
unsecured notes. S&P said, "The rating on the notes is the same as
the corporate credit rating on YPF, because we don't believe
there's significant structural subordination given that YPF is an
operating holding company, and priority liabilities at the
subsidiaries' level represent less than 10% of total adjusted
assets. We expect the company to use the proceeds of the notes to
refinance some maturities and to finance working capital and
capital expenditures which we already incorporate in our base
case."

S&P said, "Our 'B' rating on YPF reflects its leading market
position as the largest Argentine integrated oil and gas company,
offset by exposure to the country's fragile economy and evolving
institutional framework, as well as YPF's limited geographic
diversification.

"Our rating also incorporates our expectation that YPF will
maintain a fairly low leverage for the current rating level. In
line with the company's strategy to focus on financial discipline,
efficiency, and reducing capex, we expect a gradual deleveraging
process to start in 2017 with debt to EBITDA to slip to closer to
2.5x in 2017 from 2.9x in 2016 and the free operating cash flow
shortfall to narrow significantly, although weighing on the
rating.

"Our current ratings on Argentina (B/Stable/B) are below our 'bb-'
stand-alone credit profile assessment for YPF. The sovereign
ratings' constraint on the rating on YPF is based on our belief
that in a hypothetical sovereign default scenario--high inflation,
sharp depreciation, and overall weak macroeconomic conditions--
would undermine YPF's financial flexibility."

RATINGS LIST

  YPF S.A.
    Corporate credit rating            B/Stable/--

  Rating Assigned

  YPF S.A.
    Senior unsecured                   B



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


JBS SA: Misrepresents Business Operations, GWI Enterprise Alleges
-----------------------------------------------------------------
GWI ENTERPRISE LTD., Individually and on Behalf of All Others
Similarly Situated v. JBS S.A., WESLEY MENDONCA BATISTA, GILBERTO
TOMAZONI, and JOESLEY MENDONCA BATISTA, Case No. 1:17-cv-04019
(E.D.N.Y., July 6, 2017), seeks to recover compensable damages
caused by the Defendants' alleged violations of federal securities
laws, and to pursue remedies under the Securities Exchange Act of
1934.

The Plaintiff alleges that the Company made materially false and
misleading statements, misrepresenting its business operations and
legal compliance.  The lawsuit is a federal class action lawsuit
brought on behalf of a class consisting of all persons and
entities, other than the Defendants and their affiliates, who
purchased or otherwise acquired the publicly traded American
Depositary Receipts of JBS from June 2, 2015, through May 19,
2017, both dates inclusive.

JBS, a food company, engages in the processing and trading of
animal protein in Brazil and internationally.  The Company was
formerly known as Friboi Ltda.  JBS was founded in 1953 and is
headquartered in Sao Paulo, Brazil.  The Individual Defendants are
directors and officers of the Company.

The Plaintiff is represented by:

          Adam M. Apton, Esq.
          Nicholas I. Porritt, Esq.
          LEVI & KORSINSKY, LLP
          30 Broad Street, 24th Floor
          New York, NY 10004
          Telephone: (212) 363-7500
          Facsimile: (212) 363-7171
          E-mail: nporritt@zlk.com
                  aapton@zlk.com



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


DOMINICAN REP: Industries Want Anti-Money Laundering Law W/ Teeth
-----------------------------------------------------------------
Dominican Today reports that Herrera and Santo Domingo Industries
Association (AEIH) President Antonio Taveras asked the authorities
to fully enforce the new anti-laundering and terrorism financing
Law 155-17, "with all its consequences."

During a forum on the legislation's impact on the business sector,
Mr. Taveras said the controls on businesses makes it very
important to put a stop to those who use illegal ways to become
rich, according to Dominican Today.

Mr. Taveras said the legislation should be "universally enforced"
and not only for some as other laws do, the report notes.  "This
Law is very important because it establishes consequences for
those who are illicitly enriched with public funds," he added.

Mr. Taveras said that as a representative of industry, he expects
punishment for politicians and officials who profit from the
people's money and dodge taxes, the report relays.  "We want this
law to have consequences, not only for business leaders," he
added.

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+'.



===========
G U Y A N A
===========


DIGICEL GROUP: Prepares to Cut Staff in Guyana
----------------------------------------------
RJR News, citing Stabroek News, reports that cell phone service
provider Digicel Group is set to cut its workforce in Guyana by
50% by year end with some employees already having accepted
severance packages offered.

One employee told the newspaper that the workers were advised at a
meeting of the global downsizing by Digicel, the report notes.

However, numbers such as 200 jobs to be cut were disputed by
Digicel Regional Chief Executive Officer Gregory Dean, who pointed
out that only about 170 persons are directly employed by the
company in Guyana, the report says.

He did not deny that there were job cuts but said that the company
was restructuring, RJR News relays.

In February of this year, the telecoms company announced that it
would cut over 1,500 jobs globally, the report adds.

As reported in the Troubled Company Reporter-Latin America on
May 26, 2017, Fitch Ratings has affirmed at 'B' the Long-term
Foreign-currency Issuer Default Ratings (IDR) of Digicel Group
Limited (DGL) and its subsidiaries, Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred to as Digicel. The Rating Outlook is Stable. Fitch has
also affirmed all existing issue ratings of Digicel's debt
instruments.



===============
H O N D U R A S
===============


HONDURAS: S&P Raises Long-Term Sovereign Credit Ratings to 'BB-'
----------------------------------------------------------------
S&P Global Ratings, on July 18, 2017, raised its long-term foreign
and local currency sovereign credit ratings on the Republic of
Honduras to 'BB-' from 'B+'. The outlook is stable. S&P said, "At
the same time, we affirmed our 'B' short-term foreign and local
currency sovereign credit ratings. In addition, we raised our
transfer and convertibility (T&C) assessment for Honduras to 'BB'
from 'BB-'."

RATIONALE

The upgrade reflects Honduras' improved fiscal flexibility as a
result of its track record of disciplined public finance policies.
S&P said, "We also expect that the government's commitment to
fiscal responsibility will prevent a ramping up of spending during
the current electoral process and that the government will
continue to adhere to the benchmarks laid out in Honduras' three-
year program with the International Monetary Fund, set to conclude
in December 2017. We expect contained government debt increases
and continuity on the energy sector restructuring. In our view,
the next government's main challenges are maintaining
macroeconomic stability and improving conditions for sustainable
economic growth and poverty reduction."

With almost four months to go until the presidential election,
President Juan Orlando Hernandez is running on a legal framework
for reelection that doesn't regulate term limits. S&P said, "In
our view, an eventual increase in decision-making power poses
risks to evolving political institutions. Honduras' system of
political checks and balances remains weak.

"In our view, regardless of who wins the presidential election,
the next administration will face significant challenges to
continue tackling crime and poverty while consolidating public
finance sustainability.

"We expect that revenue collection efficiency and spending
controls, anchored by the transformation of the tax authority and
the fiscal responsibility law, respectively, along with progress
on energy-sector restructuring, will contain Honduras' general
government deficit (which includes the central government and the
central bank) to around 3.7% of GDP over the next two years."
Based on this, net general government debt (which includes the
central bank's and local government's debt minus general
government liquid financial assets) would stabilize around 36% of
GDP in 2018-2019. Moreover, interest payments on the debt are
projected to remain at a relatively high 14% of general government
revenues. The government has also advanced reforms in the
electricity sector that have reduced the National Electric Energy
Co.'s (ENEE) fiscal cost to the central government budget to 0.3%
of GDP in 2016 (same as in 2015) from 1.3% in 2014.

The decline in imports of goods and a decrease in international
prices of imported commodities, particularly fuels, coupled with
high remittances narrowed Honduras' current account deficit (CAD)
to 3.8% of GDP in 2016 from 5.5% in 2015. S&P said, "We expect the
CAD to stabilize around 5% of GDP in 2018-2020 as prices of
imported commodities are expected to recover. We estimate that the
country's gross external financing needs would average 92% of
current account receipts and usable reserves over the next two
years, same as in 2016. We expect foreign direct investment to
continue funding most of the CAD, thus containing the rise in
external debt."

Honduras' low income per capita, around $2,500 in 2017, continues
to constrain the rating. We expect real GDP growth to remain at
3.6% in 2017, similar to the past two years, based on continued
growth in agricultural, manufacturing, commerce, and tourism. S&P
said, "Despite uncertainty regarding the impact of immigration
policies pursued by the U.S. administration, we expect trend GDP
growth to average 3.8% (and per capita growth around 2%) in the
coming three years." In 2016, remittances reached 18.5% of GDP,
and as of June 2017, remittances increased 3.2% compared with the
same period last year. Over the midterm, Honduras' limited, albeit
expanding, physical infrastructure and its vulnerability to
external shocks could challenge economic growth.

Honduras has a crawling peg exchange rate regime and a small
domestic capital market, which limit the effectiveness of monetary
policy. Honduras has heavily managed its exchange rate within a
narrow band since 2011. Based on the Central Bank Monetary Program
for 2017-2018, S&P expects around 4% nominal depreciation this
year, with inflation staying within the target of 4.5% (plus or
minus 1%), somewhat above the 3.3% in 2016. Dollar-denominated
assets and liabilities in the banking system account for about
one-third of commercial bank claims and deposit liabilities, which
could create a vulnerability to sharp movements in the exchange
rate.

The T&C assessment is 'BB', one notch higher than the long-term
foreign currency sovereign rating. This reflects our opinion that
the likelihood of the sovereign restricting access to foreign
exchange needed for nonsovereign debt service is only slightly
lower than the likelihood of the sovereign defaulting on its
foreign currency obligations.

OUTLOOK

S&P said, "The stable outlook is based on our expectation of broad
continuity in economic policies and general political stability.
We expect only moderate annual increases in government debt. We
also expect the government to continue tackling crime and poverty,
though progress in these areas is expected to be very gradual.

"We could raise the ratings in the next two years should faster-
than-expected and effective implementation of energy reform
strengthen Honduras' economic growth and fiscal flexibility above
our expectations.

"Conversely, we could lower the ratings during the same period if
unexpected political or external developments raise doubts about
the continuity of economic policies. Similarly, we could lower the
ratings if fiscal policy loosens, potentially raising the interest
burden above 15% of general government revenues, or if
deterioration in fiscal performance undermines investor confidence
and growth prospects."

RATINGS LIST

  Upgraded; Ratings Affirmed
                                 To              From
Honduras (Republic of)
  Sovereign Credit Rating         BB-/Stable/B    B+/Positive/B

Upgraded
                                 To              From
Honduras (Republic of)
  Senior Unsecured                BB-             B+
  Transfer & Convertibility       BB              BB-
    Assessment





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


BANCO CONTINENTAL: S&P Affirms & Withdraws BB Issuer Credit Rating
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit
ratings on Paraguay-based bank Banco Continental SAECA. S&P said,
"We subsequently withdrew the ratings at the issuer's request. The
outlook was negative at the time of the withdrawal.

"At the time of the withdrawal, our ratings on Banco Continental
reflect its prominent business position as one of the largest
banks operating in Paraguay, its loyal customer base, and its
diversified business activity, all of which confer significant
business stability. The ratings also reflect that its forecasted
risk-adjusted capital (RAC) ratio should be at moderate levels in
the next 12-18 months, and that its asset quality metrics are
still slightly better than the banking system's average, although
they've weakened due to a slowing economy and punctual cases among
the bank's agribusiness and industry loans. The ratings also
incorporate our view that the bank's funding structure benefits
from a healthy deposit base, in line with that of the banking
system, and that its liquidity position provides adequate cushion
to cope with unexpected cash outflows in the next 12 months.

"Our negative rating outlook at the time of the withdrawal
incorporates our view of the negative economic risk trend in our
Banking Industry Country Risk Assessment (BICRA) on Paraguay, and
the potential for a downgrade if we revise the BICRA to a weaker
category."



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


PUERTO RICO: Govt. Development Bank Set for Title VI Liquidation
----------------------------------------------------------------
The Financial Oversight and Management Board for Puerto Rico
created by Congress under the bipartisan Puerto Rico Oversight,
Management and Economic Stability Act on July 14, 2017, authorized
the Government Development Bank for Puerto Rico ("GDB") to pursue
the restructuring of its debts under Title VI of PROMESA and
conditionally certified GDB's Restructuring Support Agreement
("RSA") under the relevant provisions of Title VI.

The Oversight Board's decision was in response to a Fiscal Agency
and Financial Advisory Authority ("FAFAA") request, dated June 30,
2017, in which the agency noted that the proposed restructuring,
along with certain related settlements contemplated by the RSA,
will result in an efficient wind down of GDB's operations and a
comprehensive financial restructuring of GDB's obligations.  FAFAA
noted further that by proceeding under Title VI of PROMESA with
the requisite creditor support, GDB believes that it will realize
its objective of maximizing value for its stakeholders, while
avoiding the delay, expense and uncertainty associated with
litigation.

The RSA provides for the organized and consensual restructuring of
a substantial portion of GDB's liabilities, including GDB public
bonds, deposit claims by municipalities and certain non-public
entities and claims under certain GDB-issued letters of credit and
PO Box 192018 San Juan, PR 00919-2018; www.oversightboard.pr.gov;
comments@oversightboard.pr.gov guarantees ("Participating Bond
Claims"). In exchange for releasing GDB from liability relating to
these claims, the claim-holders will receive new bonds to be
issued by a new entity (the "Issuer").

To secure and service the new bonds, GDB will transfer to the
Issuer its entire municipal loan portfolio, certain real estate
assets available for sale, proceeds of certain public entity loans
and a certain amount of cash.

The new bonds will consist of three tranches (or series), A, B or
C, each with different terms -- including different coupon rates
and upfront exchange ratios -- from which the claimants can
choose.

In general, the higher the exchange ratio between the value of the
current claim and the value of the new bonds, the lower the coupon
rate.

                               Tranche A    Tranche B   Tranche C
                               ---------    ---------   ---------
Amortization +
   Collateral Priority          First         First      Second
Upfront Exchange Ratio           55%           60%         75%
Coupon (%)                      7.50%         5.50%       3.50%
Maturity                       1-Jul-40      1-Jul-40   1-Jul-40

Tranches A and B will be secured by a first lien on the assets to
be transferred from GDB to the Issuer with respect to principal
payments and will be entitled to amortizing principal payments
from available cash on an equal basis.  Tranche C will be secured
by a second lien on the assets with respect to principal payments
and, unless an event of default occurs, will not be entitled to
any principal payments until Tranches A and B bonds are paid in
full.

Interest will be paid semi-annually on an equal basis on all three
tranches to the extent of available cash from collections.
Interest will be paid "in kind" if cash on the related semiannual
payment date is insufficient.

The RSA already has the support of 51% of the Participating Bond
Claims.  According to FAFAA, as of June 21, 394 individual
parties, holding more than $2.45 billion in claims against GDB,
have signed the RSA, the vast majority of which constitute on-
island creditors.

Indeed, more than 300 on-island bondholders and an additional 50
on-island credit unions have entered into the RSA.  The RSA is
also supported by the Ad Hoc Group of GDB bondholders, which holds
more than $1 billion of GDB public bonds.

Under the RSA, Puerto Rico Municipality Depositors and on-island
GDB bondholders are treated equally with off-island GDB
bondholders, all as general unsecured creditors.

Puerto Rico residents and Puerto Rico institutions who are GDB
creditors comprise 56% of GDB's creditors.

              Frequently Asked Questions on GDB RSA

1. Does the GDB Restructuring Support Agreement ("RSA") have
   support from the GDB's creditors?

   -- Yes, the RSA is a consensual agreement that is supported
      by over 51% of GDB's Participating Bond Claims.

2. How are the claims of local Puerto Rico creditor groups
   treated under the RSA?

   -- The Puerto Rico Municipality Depositors and on-island GDB
      Bondholders are treated equally with off-island GDB
      Bondholders (i.e., all as general unsecured creditors)

   -- Puerto Rico residents and Puerto Rico institutions who are
      GDB creditors comprise 56% of GDB's creditors

3. What will happen to GDB as a result of the transactions
   described in the RSA?

   -- All existing financial liabilities of GDB will be
      extinguished (except for certain guarantee claims that are
      not subject to the Qualifying Modification and which will
      remain at GDB)

   -- GDB to be wound down in an orderly fashion consistent with
      the Amended Fiscal Plan

4. Who will manage the collateral securing the New Bonds provided
   to GDB's existing creditors?

   -- Initially, GDB, with a qualified and independent Asset
      Manager taking over management within 12 months of closing

   -- The eventual use of a third party to manage the loan
      collateral was requested by the Participating Bond Claims
      holders during negotiations and is expected to ensure the
      quality of the management of the loan collateral in the
      long-term as GDB winds down its operations

   -- A "Collateral Monitor" will be engaged to monitor the
      condition and performance of the New Bond Collateral and
      provide periodic certification reports.

Contact:

         Jose Luis Cedeno
         787-400-9245
         E-mail: jcedeno@forculuspr.com
                 info@forculuspr.com

Board's Contact Information:

         E-mail: comments@oversightboard.pr.gov
         Website: www.oversightboard.pr.gov

                       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
(D. P.R. 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 Hon.
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, 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).

                            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: UPR Mayaguez Teachers Sue Over $47M Budget Cut
-----------------------------------------------------------
An organization of teaching staff at the Mayaguez Campus of the
University of Puerto Rico (RUM) has commenced a lawsuit in
district court in Puerto Rico against the Financial Oversight and
Management Board for Puerto Rico, as representative of the
Commonwealth of Puerto Rico, over a $201 million reduction in the
budget for the University of Puerto Rico, including a $47 million
haircut for the Mayaguez Campus.

The organization, the Asociaciion de Profesoras y Profesores del
Recinto Universitario de Mayaguez, Inc. (APRUM), in an adversary
proceeding filed in Puerto Rico's Title III PROMESA cases on July
9, 2019, said that it is evident that PROMESA requires that
essential government services be protected, that fiscal targets
are achieved, and investments are made to generate economic
growth.

However, APRUM contends that the Commonwealth's fiscal plan dated
March 13, 2017, as implemented through the newly enacted Fiscal
Plan Compliance Law, totally disregards these requisites therefore
constitutes a gross violation of the clear statutory mandates of
PROMESA, rendering the Fiscal Plan illegal.

"The Oversight Board's determinations summarized in the Fiscal
Plan and imposed in the 2017-2018 budget, are arbitrary, lacking a
rational basis and in clear and open violation of the requirements
of Section 201 of PROMESA.  These also make impossible the
confirmation of a plan of adjustments of debts according to
Section 314 of PROMESA, for lack of sustainability of payments.
Thus, the Oversight Board's determinations summarized in the
Fiscal Plan and imposed in the 2017-2018 budget violates the Due
Process of Law enshrined in the Constitution of the United States
of America," says Rolando Emmanuelli Jimenez, Esq., at Bufete
Emmanuelli C.S.P.

APRUM points out that according to a study made by Dr. Edwin
Irizarry Mora and Dr. Jose I. Alameda Lozada, the cuts imposed to
UPR for the 2017-2018 fiscal year budget will have an adverse
impact in Mayaguez Campus of approximately $47 million which
include $9.7 million less in funds available for payroll expenses.
This will result in a reduction of 155 full-time professors and 7
part-time and therefore, a drastic increase in the workload of
each faculty member of the institution.

According to APRUM, the University of Puerto Rico is the largest
sustained public investment in the history of Puerto Rico.  After
116 years of existence, UPR has evolved from a teachers' college
in Rio Piedras and a faculty of agriculture and mechanical arts in
Mayaguez to become a university system with 11 campuses and an
enrollment of 60,000 students -- 33.4% of all college students in
the country for 2015.

APRUM asks Court to enter a judgment against defendants as
follows:

   a. An order declaring that UPR's services are essential public
services, a capital expenditure and investment necessary to
promote economic growth and indispensable for the achievement of
fiscal targets and responsibility.

   b. An order declaring that the Fiscal Plan violates Section 201
of PROMESA, because it neglects the funding of essential public
services, the achievement of fiscal targets and capital
expenditures and investments necessary to promote economic growth.

   c. An order declaring that the Fiscal Plan should be totally
recast to ensure the funding of essential public services, enable
the achievement of fiscal targets and provide for capital
expenditures and investments necessary to promote economic growth.

   d. An order declaring that the Budget for 2017-2018 should be
totally recast to ensure the funding of essential public services,
enable the achievement of fiscal targets and provide for capital
expenditures and investments necessary to promote economic growth.

   e. An order declaring that the Oversight Board's determinations
summarized in the Illegal Fiscal Plan and imposed in the 2017-2018
budget are arbitrary, lacking a rational basis and in clear and
open violation of the Due Process of Law enshrined in the
Constitution of the United States of America.

   f. An order enjoining and staying defendants from presenting
any plan of adjustment until the Illegal Fiscal Plan is recast to
comply with PROMESA and the United State Constitution.

Attorneys for the Asociaciion de Profesoras y Profesores del
Recinto Universitario de Mayaguez, Inc.:

         Rolando Emmanuelli Jimenez, Esq.
         Yasmin Colon Colon, Esq.
         BUFETE EMMANUELLI C.S.P.
         2803 Calle San Francisco
         Ponce, Puerto Rico 00717
         Tel: (787) 848-0666
         Fax: (787) 841-1435
         E-mail: rolando@bufete-emmanuelli.com
                 yasmin@bufete-emmanuelli.com
                 notificaciones@bufete-emmanuelli.com

A full-text copy of the Complaint:

   http://bankrupt.com/misc/PR_Adv_Pro_17-00197_Complaint.pdf

                       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:

           https://cases.primeclerk.com/puertorico

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).

                            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: Hedge Funds Disclose GO Bonds Owned
------------------------------------------------
One of the Commonwealth Puerto Rico's creditor groups, the Ad Hoc
Group of General Obligation (GO) Bondholders, has disclosed the
amount of commonwealth debt held by each of its seven current
members.

According to a document filed in Puerto Rico's Title III cases, as
of July 12, the Ad Hoc Group collectively held about $2.9 billion
in bonds issued by Puerto Rico and its instrumentalities:

   1. Aurelius Capital Management, LP
      535 Madison Avenue
      New York, NY 10022

      * $466,350,000 in General Obligation Bonds

      * $4,592,000 in General Obligation Bonds (insured by
         monoline insurer)

      * $2,475,000 in bonds issued by the Puerto Rico Highways
        and Transportation Authority (insured by monoline
        insurer)

   2. Autonomy Capital (Jersey) LP
      7-9 Conway Street Conway House, 2nd Floor
      Saint Helier, Jersey JE2 3NT

      * $937,585,000 in General Obligation Bonds

   3. FCO Advisors LP 745 Fifth Avenue
      14th Floor
      New York, NY 10151

      * $419,000,000 in General Obligation Bonds

      * $2,985,000 in General Obligation Bonds (insured by
        monoline insurer)

      * $10,155,000 in subordinate bonds issued by the Puerto
        Rico Sales Tax Financing Corporation

   4. Franklin Mutual Advisers LLC
      101 John F. Kennedy Parkway
      Short Hills, NJ 07078

      * $294,052,000 in General Obligation Bonds

   5. Monarch Alternative Capital LP
      535 Madison Avenue
      26th Floor
      New York, NY 10022

      * $549,200,000 in General Obligation Bonds

      * $35,900,000 in General Obligation Bonds (insured by
        monoline insurer)

      * $21,500,000 in bonds issued by the Puerto Rico Highways
        and Transportation Authority (insured by monoline
        insurer)

   6. Senator Investment Group LP
      510 Madison Avenue
      28th Floor
      New York, NY 10022

      * $254,740,000 in General Obligation Bonds

   7. Stone Lion L.P.
      555 Fifth Avenue
      18th Floor
      New York, NY 10017

      * $307,192,000 in General Obligation Bonds

      * $2,845,000 in General Obligation Bonds (insured by
        monoline insurer)

      * $14,425,000 in bonds issued by the Puerto Rico Highways
        and Transportation Authority

      * $915,000 in bonds issued by the Puerto Rico Highways and
        Transportation Authority (insured by monoline insurer).

In July 2015, certain members of the Ad Hoc Group of General
Obligation Bondholders engaged Paul, Weiss, Rifkind, Wharton &
Garrison LLP and Robbins, Russell, Englert, Orseck, Untereiner &
Sauber LLP to represent their interests as holders of General
Obligation Bonds.  From time to time thereafter, certain
additional holders of General Obligation Bonds have joined the Ad
Hoc Group of General Obligation Bondholders.  In October 2016, the
Ad Hoc Group of General Obligation Bondholders retained Jimenez,
Graffam & Lausell, as its Puerto Rico counsel.

Counsel to the Ad Hoc Group of General Obligation Bondholders:

       Andrew N. Rosenberg, Esq.
       Richard A. Rosen, Esq.
       Walter Rieman, Esq.
       Kyle J. Kimpler, Esq.
       Karen R. Zeituni, Esq.
       PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
       1285 Avenue of the Americas
       New York, NY 10019
       Telephone: (212) 373-3000
       Facsimile: (212) 757-3990
       E-mail: arosenberg@paulweiss.com

               - and -

       Lawrence S. Robbins, Esq.
       Mark T. Stancil, Esq.
       Gary A. Orseck, Esq.
       Kathryn S. Zecca, Esq.
       Ariel N. Lavinbuk, Esq.
       Donald Burke, Esq.
       ROBBINS, RUSSELL, ENGLERT, ORSECK, UNTEREINER & SAUBER LLP
       1801 K Street, NW
       Washington, D.C. 20006
       Telephone: (202) 775-4500
       Facsimile: (202) 775-4510
       E-mail: mstancil@robbinsrussell.com

               - and -

       J. Ramon Rivera Morales, Esq.
       JIMENEZ, GRAFFAM & LAUSELL
       PO Box 366104
       San Juan, PR 00936-6104
       Telephone: (787) 767-1030
       Facsimile: (787) 751-4068
       E-mail: rrivera@jgl.com

                       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:

           https://cases.primeclerk.com/puertorico

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).

                            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: Taps Gandia-Fabian Law Office as Legal Counsel
----------------------------------------------------------------
Rise Enterprises, S.E. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire legal counsel in
connection with its Chapter 11 case.

The Debtor proposes to hire Gandia-Fabian Law Office to, among
other things, give legal advice regarding its duties under the
Bankruptcy Code, and negotiate with creditors for the purpose of
arranging an orderly liquidation of its assets or formulating a
plan of reorganization.

Gandia-Fabian charges an hourly rate of $200 for the services of
its junior attorneys and $290 for senior attorneys, including Mary
Ann Gandia, Esq., the attorney who will be handling the case.
Meanwhile, the firm charges an hourly fee of $125 for legal
assistance.

The firm received a retainer in the sum of $3,000 from the Debtor.

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

The firm can be reached through:

     Mary Ann Gandia, Esq.
     Gandia-Fabian Law Office
     P.O. Box 270251
     San Juan, PR 00927
     Tel: 1-787-390-7111
     Fax: 1-787-729-2203
     Email: gandialaw@gmail.com

                  About Rise Enterprises S.E.

Rise Enterprises, S.E. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case No. 17-04678) on June 30,
2017.  Ismael Falcon Ortega, partner, signed the petition.

At the time of the filing, the Debtor disclosed that it had
estimated assets of less than $1 million and liabilities of $1
million to $10 million.

Judge Mildred Caban Flores presides over the case.


SRC LIQUIDATION: IIMAK's Administrative Expense Claim Disallowed
----------------------------------------------------------------
Standard Register Inc. filed an objection to International Imaging
Materials, Inc.'s section 503(b)(9) claim. The issue is whether
goods were "received by" the Debtor from IIMAK within the meaning
of section 503(b)(9) of the Bankruptcy Code.

Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the
District of Delaware sustained the objection pursuant to 11 U.S.C.
sections 502(b) and 503(b)(9) and hold that IIMAK possesses a
general unsecured non-priority claim in the amount of $46,318.16.

Considering the facts presented, Judge Shannon finds that IIMAK
failed to carry its burden to demonstrate its entitlement to an
administrative priority for the value of the goods identified in
its 503(b)(9) claim. As stipulated by the parties, these goods
were delivered by IIMAK to a common carrier (UPS) for shipping via
the Debtor's account to a third party SRC customer during the
relevant twenty day period. The Debtor never physically possessed
the goods. Only UPS possessed the goods, and as a carrier UPS does
not qualify as an agent. The goods were never received by the
Debtor from IIMAK within the meaning of section 503(b)(9).

For these reasons, Judge Shannon sustains SRI's objection and
disallows IIMAK's administrative expense claim.

An appropriate order follows.

A full-text copy of Judge Shannon's Opinion dated July 13, 2017,
is available at:

     http://bankrupt.com/misc/deb15-10541-2236.pdf

Counsel to Standard Register, Inc. are:

     Matthew P. Austria, Esquire
     Werb & Sullivan
     300 Delaware Avenue, 13th Floor
     Wilmington, DE 19801
     maustria@werbsullivan.com

            -and-

     Phillip Bohl, Esquire
     Gray Plant Mooty Mooty & Bennet, P.A.
     500 IDS Center
     80 South Eighth Street
     Minneapolis, MN 55402
     phillip.bohl@gpmlaw.com

Counsel to International Imaging Materials, Inc.:

     Michael Busenkell, Esquire
     Gellert Scali Busenkell & Brown, LLC
     1201 North Orange Street, Suite 300
     Wilmington, DE 19801
     mbusenkell@gsbblaw.com

            -and-

     Henry P. Baer, Jr., Esquire
     Finn Dixon & Herling LLP
     6 Landmark Square
     Stamford, CT
     hbaer@fdh.com

               About Standard Register

Standard Register provided market-specific insights and a
compelling portfolio of workflow, content and analytics solutions
to address the changing business landscape in healthcare,
financial services, manufacturing and retail markets.  The Company
had operations in all U.S. states and Puerto Rico, and had 3,500
full-time employees.

The Standard Register Company and 10 affiliated debtors sought
Chapter 11 protection in Delaware on March 12, 2015, with plans to
launch a sale process where its largest secured lender would serve
as stalking horse bidder in an auction.

The cases are pending before the Honorable Judge Brendan L.
Shannon and are jointly administered under Case No. 15-10541.

The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young
Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery &
Transformation Services U.S., LLC, as restructuring advisors; and
Prime Clerk LLC as claims agent.

The Official Committee of Unsecured Creditors tapped Lowenstein
Sandler LLP as its counsel and Jefferies LLC as its exclusive
investment banker.

                          *     *     *

Assets of Standard Register and its affiliates were sold to Taylor
Corp., a privately held company.  The sale to Taylor closed on
July 31, 2015.

SRC Liquidation Company, f/k/a The Standard Register Company, and
its affiliated debtors on Nov. 19, 2015, won confirmation of their
Second Amended Chapter 11 Plan of Liquidation.  The Effective Date
of the Plan occurred on Dec. 18, 2015.  The Plan proposes to pay
1% of the allowed claims of general unsecured creditors.


SRC LIQUIDATION: Trust Resolves $10M Dispute With Liberty Mutual
----------------------------------------------------------------
The SRC Secured Creditor Trust asks the U.S. Bankruptcy Court for
the District of Delaware to approve its stipulation with Liberty
Mutual Insurance Company that resolves a $10 million dispute over
workers' compensation insurance.

Liberty Mutual filed in April 2015 a $10.7 million claim in SRC
Liquidation Company's Chapter 11 bankruptcy, which was approved in
November 2015.  However, because Liberty had provisional access to
about a fifth of that money, the Debtor filed a clawback suit.

Pursuant to Section 4.2 of the Plan, from and after the Effective
Date, the Secured Creditor Trust has exclusive authority to
compromise, resolve, and allow any Class I disputed claims.  The
Liberty Claim constitutes a Class I Disputed Claim.

The Policies and any excess Policy Collateral constitute Secured
Creditor Trust Assets, and the settlement set forth in the
Stipulation will monetize these assets for the beneficiaries of
the Secured Creditor Trust in accordance with the Plan,
Confirmation Order, and that certain Secured Creditor Trust
Agreement.  The Stipulation resolves all claims asserted by
Liberty or that could be asserted against the Secured Creditor
Trust and resolves the Liberty Claim asserted against the estates
in these cases.  The Stipulation resolves all of the Disputes in
an efficient manner and provides certainty and a time benefit to
the beneficiaries of the Secured Creditor Trust.

Liberty will pay from the Policy Collateral to the Secured
Creditor Trust the aggregate amount of $924,641 in full and final
settlement of the disputes.

A copy of the Debtor's request is available at:

          http://bankrupt.com/misc/deb15-10541-2209.pdf

                     About Standard Register

Standard Register provided market-specific insights and a
compelling portfolio of workflow, content and analytics solutions
to address the changing business landscape in healthcare,
financial services, manufacturing and retail markets.  The Company
had operations in all U.S. states and Puerto Rico, and had 3,500
full-time employees.

The Standard Register Company and 10 affiliated debtors sought
Chapter 11 protection in Delaware on March 12, 2015, with plans to
launch a sale process where its largest secured lender would serve
as stalking horse bidder in an auction.

The cases are pending before the Honorable Judge Brendan L.
Shannon and are jointly administered under Case No. 15-10541.

The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young
Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery &
Transformation Services U.S., LLC, as restructuring advisors; and
Prime Clerk LLC as claims agent.

The Official Committee of Unsecured Creditors tapped Lowenstein
Sandler LLP as its counsel and Jefferies LLC as its exclusive
investment banker.

                          *     *     *

Assets of Standard Register and its affiliates were sold to Taylor
Corp., a privately held company.  The sale to Taylor closed on
July 31, 2015.

SRC Liquidation Company, f/k/a The Standard Register Company, and
its affiliated debtors on Nov. 19, 2015, won confirmation of their
Second Amended Chapter 11 Plan of Liquidation.  The Effective Date
of the Plan occurred on Dec. 18, 2015.  The Plan proposes to pay
1% of the allowed claims of general unsecured creditors.



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


CL FIN'L: Public Hopes Government's Action is Correct
-----------------------------------------------------
Trinidad Express reports that the public can only hope that the
Trinidad and Tobago Government's application to the High Court to
have CL Financial wound up over its inability to repay its $23
billion-plus debt is the correct course of action.

The report recounts that it has been eight long years since the
Patrick Manning administration intervened, using public funds, to
bail out the biggest conglomerate in the Caribbean.

At the time, the public was told that the bailout would cost
approximately $5 billion, and that it was necessary because a CLF
collapse could have dire consequences on the national economy,
especially the financial services sector, the report notes.

Furthermore, the report notes, the public was assured that
whatever money Government injected into CLF would be recoverable
through its extensive assets -- energy plants, insurance
companies, distilleries, real estate, commercial enterprises, etc.

Eight years later, with successive governments refusing to reveal
details of the bailout, and with the economy in a tailspin to the
extent that people are losing their jobs and the population is
being called upon to temper their lifestyles even as former and
current CLF shareholders live high on the hog, citizens are
understandably angry, the report adds.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on Aug.
6, 2015, Trinidad Express related that that the Constitution
Reform Forum (CRF) has called on Finance Minister Larry Howai to
refrain from embarking on an "unnecessary drain on the Treasury"
by appealing the decision of a High Court judge, who ordered that
the Minister fulfil a request by president of the Joint
Consultative Council (JCC) Afra Raymond for financial details
relating to the bailout of CL Financial Limited.  The CRF issued a
release stating that if the decision is appealed, not only will it
be a waste of finance but such a course of action will also
demonstrate a "lack of commitment by the Government to the spirit
and intent of the Freedom of Information Act FOIA", under which
the request was made, according to Trinidad Express.

On July 7, 2014, Trinidad Express said the Central Bank has placed
the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, Caribbean360.com said
the Trinidad and Tobago government has welcomed an Appeal Court
ruling that the Attorney General Anand Ramlogan saved the country
from paying out more than TT$1 billion (TT$1 = US$0.16 cents) to
policyholders of the cash-strapped CLICO.  The Appeal Court
overturned the ruling of a High Court that ruled members of the
United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.

At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd.,
Caribbean360.com related.  Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.

TCRLA reported on Sep 22, 2011, Caribbean News Now, citing
Reuters, said that the cost of the Trinidad and Tobago
government bailout of CL Financial Limited is likely to rise to
more than TT$3 billion.



=================
V E N E Z U E L A
=================


VENEZUELA: Faces Possible U.S. Sanction Including Oil Import Ban
----------------------------------------------------------------
Ian Talley and Kejal Vyas at The Wall Street Journal report that
the Trump administration said it was prepared to impose "strong
and swift" economic sanctions on Venezuela, including banning its
crude-oil exports to the U.S., if its president moves ahead with a
plan to rewrite the country's constitution.

A senior U.S. administration official said that the White House
was considering moving beyond its current strategy of targeting
sanctions against particular individuals and companies to take
punitive action to hit the country where it would hurt the most:
the international crude sales that provide the vast majority of
the funding for the government and the economy, according to The
Wall Street Journal.

President Nicolas Maduro plans to hold a national election on July
30 to pick a new constituent assembly with the power to rewrite
the constitution, bypassing the existing congress under the
opposition's control, the report notes.

"We can promise that whatever actions we choose to take after July
30th will be strong, swift and deliberate," the official said on a
conference call with journalists, the report relays.  "All options
are on the table, all options are being discussed and debated," he
added.

The action includes a potential prohibition on crude and other
petroleum product trade with the country, the official said, The
Journal cites, even if such an action could deal a crushing blow
to the Venezuelan economy and trouble U.S. markets.

Venezuela is the U.S.'s third-largest foreign crude-oil supplier
after Canada and Saudi Arabia, The Journal relays.  The U.S. buys
about half of Venezuela's exports, providing a key source of cash
as shipments to allies like China are largely used to repay
existing loans, the report discloses.

Earlier in Caracas, Venezuela's government issued a firm rebuke of
President Donald Trump after he threatened to put sanctions on the
country unless Mr. Maduro abandoned his plans for a new assembly,
The Journal discloses.  Foreign Minister Samuel Moncada accused
the U.S. of seeking to topple the embattled Maduro regime by
backing the anti-government protests that have rocked the South
American country over the last three months, costing more than 90
lives, the report relays.  He said Venezuela would evaluate its
relations with the U.S., though the countries haven't exchanged
ambassadors since 2010, the report notes.

"This is a dark day for relations, not only between Venezuela and
the U.S., but between Latin America and the U.S.," Mr. Moncada
said. "Unfortunately, in the most powerful country in the world,
we have a president who likes humiliating his neighbors, coercing
them," he said.  "But with Venezuela, he won't be able to," he
added.

Mr. Trump, in a three-paragraph statement, called Mr. Maduro "a
bad leader who dreams of becoming a dictator," the report notes.
He urged the Venezuela government to drop the assembly plans and
allow general elections, the report relays.  If it doesn't, he
said, "the U.S. will take strong and swift economic actions."

Amid a crippling recession and months of deadly protests, more
than 7.5 million Venezuelans voted in an unofficial plebiscite and
overwhelmingly opposed the constituent assembly, The Journal
notes.  Mr. Maduro has dismissed the referendum as a non-binding
internal consultation by the opposition, expressing scorn that
what some observers say could push the country into a new phase of
political crisis, the report says.

U.S. lawmakers are divided over U.S. sanctions against Mr.
Maduro's government, The Journal relays.  But top lawmakers from
both parties on the House Foreign Affairs Committee said the U.S.
should work with other countries and the United Nations to stop
the constituent assembly, the report notes.  They also said the
administration should take "additional meaningful actions" if Mr.
Maduro moves ahead with his plan, the report says.

Some analysts worry, however, that an excessive reaction from
Washington could end up augmenting Mr. Maduro's power just as the
economic crisis his government helped to push him into a political
corner, The Journal relays.

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'."


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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