TCRLA_Public/170727.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 27, 2017, Vol. 18, No. 148


                            Headlines



B R A Z I L

CYRELA COMMERCIAL: Moody's Assigns Ba3 CFR, Outlook Stable


C A Y M A N  I S L A N D S

CALEDONIAN BANK: Fourth Creditors' Meeting Set for Aug. 4
DRILL RIGS: Creditors' Meeting Set for Aug. 11
DRILLSHIPS FINANCING: Creditors' Meeting Set for Aug. 11
DRILLSHIPS OCEAN: Creditors' Meeting Set for Aug. 11
OCEAN RIG: Creditors' Meeting Set for Aug. 11


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Medina Pledges Help for San Pedro Beekeepers
DOMINICAN REPUBLIC: Don't Get Too Cozy With China, Taiwan Warns


J A M A I C A

JAMAICA: BOJ Rolls Out New Foreign Exchange Platform


M E X I C O

CEMEX SAB: Profit Rises Amid Lower Expenses


P E R U

ANDINO INVESTMENT: Fitch Lowers Long-Term IDR to 'CCC'


P U E R T O    R I C O

BAILEY'S EXPRESS: Has OK to Use Bankwell Cash Until Aug. 12
HUSKY INC: Unsecured Creditors to be Paid 3% in 7 Years
KAMA MANAGEMENT: Requests 90-Day Extension to Confirm Plan


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Foreign Exchange Sales up 41% for 1st 5Mos


                            - - - - -


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


CYRELA COMMERCIAL: Moody's Assigns Ba3 CFR, Outlook Stable
----------------------------------------------------------
Moody's America Latina has assigned a Ba3 (global scale)/A1.br
(national scale) corporate family rating to Cyrela Commercial
Properties S.A ("CCP") with a stable rating outlook. Concurrently,
Moody has assigned a Ba3 (global scale)/A2.br (national scale)
senior unsecured rating to two of CCP's locally issued, unsecured
debentures, totaling R$ 400 million. The company initially issued
the debentures in 2013 and 2014, respectively. This is the first
time Moody's has assigned a rating to CCP.

The following rating was assigned:

  Cyrela Commercial Properties S.A. -- Ba3 / A1.br corporate
  family rating

  Fifth Series of Local Debentures R$ 200 million due 2019 -- Ba3
  / A2.br senior unsecured

  Eighth Series of Local Debentures R$ 200 million due 2020 -- Ba3
  / A2.br senior unsecured

RATINGS RATIONALE

Cyrela Commercial Properties S.A [BMF&BOVESPA: CCPR3] is one the
largest, publicly listed commercial real estate companies in
Brazil, dedicated to the ownership, development, acquisition and
management of high quality corporate office towers, shopping malls
and distribution centers. The Ba3 / A1.br corporate family rating
reflects CCP's leadership position, its expertise in commercial
development as well as the size and quality of its investment
portfolio.

As of 1Q17, CCP's Total Debt to Gross Assets and Net Debt to
EBITDA were approximately 49% and 8.5x, respectively. On July 4,
2017, the company announced the execution of two transactions to
exchange property ownerships interests and to sell assets to
Canada Pension Plan Investment Board (CPPIB) and Prologis L.P.,
(MDY's A3 senior unsecured rating) for approximately R$ 1.13
billion. Upon regulatory approval and closure, CCP will deploy
approximately R$1.0 billion of expected proceeds for debt
amortization, working capital and cash reserves in 2017. This
significant reduction in leverage will result in Debt to Gross
Assets and Net Debt to EBITDA improving to below 40% and 5.0x,
respectively, on pro forma basis. Furthermore, CCP's unencumbered
asset base support its financial flexibility. This transaction
provides critical support to the assigned ratings.

CCP's strengths are partially offset by the current macro-economic
and political challenges in Brazil, weak cash flow generation,
near-term lease rollover risk and third year rent market
realignment exposure as well a low fixed charge coverage.

The stable rating outlook reflects Moody's expectations that CCP
will operate under a more conservative leverage profile, following
the significant debt amortization in 2017. The outlook also
entails that the company will continue to focus on its internal
cash flow generation by improving the portfolio's operational
performance with higher occupancy levels and rental rates.

A ratings upgrade is unlikely in the medium term and it would be
predicated upon the company achieving the following criteria on a
sustained basis: (1) Effective leverage (total debt + preferred
stock) closer to 30% of gross assets; (2) Net Debt to EBITDA below
4.0x; (3) Secured debt below 20% of gross assets; and (4) Fixed
Charge coverage above 2.0x.

Downward rating pressure would result from the following criteria
on a consistent basis: (1) Total debt + preferred stock were to
approach 50% of gross assets; (2) Net Debt to EBITDA were to
approach 6.0x; (3) Fixed Charge coverage and/or Net Cash Interest
Expense below 1.0x; (4) the portfolio's physical occupancy level
below 80%; and (5) a significant reduction of its unencumbered
asset base. Additionally, a downgrade of Brazil's sovereign rating
would place additional downward pressure on CCP's ratings.

The principal methodology used in this rating was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.

Based in Sao Paulo, Brazil, Cyrela Commercial Properties S.A.
[BM&BOVESPA: CCPR3] was spun off in 2007 from Cyrela Brazil
Realty, one of the country's largest commercial/residential
developers. CCP was organized to own, acquire, invest in and
manage trophy office towers, shopping centers and
logistic/distribution centers. As of 1Q17, the REIT reported US
$1.5 billion in gross assets with investments in 31 operating
properties, encompassing 464.2 thousand square meters of owned
leasable area, and one project under construction. The portfolio
is predominately located in or around the city of Sao Paulo,
Brazil.



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


CALEDONIAN BANK: Fourth Creditors' Meeting Set for Aug. 4
---------------------------------------------------------
A fourth creditors meeting of Caledonian Bank Limited will be held
on Aug. 4, 2017, at 10:00 a.m. via phone conference.

The joint liquidator can be reached at:

          Ernst & Young Limited
          62 Forum Lane, Camana Bay
          P.O. Box 510, Grand Cayman
          Cayman Island KY1-1106


DRILL RIGS: Creditors' Meeting Set for Aug. 11
----------------------------------------------
The creditors of Drill Rigs Holdings, Inc. will hold meeting on
Aug. 11, 2017, at 11:30 a.m. to reach a scheme of arrangement
between the creditors and company.

The meeting will be held:

          Offices of Maples and Calder
          Ugland House, South Church Street
          Geroge Town, Cayman Islands


DRILLSHIPS FINANCING: Creditors' Meeting Set for Aug. 11
--------------------------------------------------------
The creditors of Drillships Financing Holdings Inc. will hold
meeting on Aug. 11, 2017, at 10:30 a.m. to reach a scheme of
arrangement between the creditors and company.

The meeting will be held:

          Offices of Maples and Calder
          Ugland House, South Church Street
          Geroge Town, Cayman Islands


DRILLSHIPS OCEAN: Creditors' Meeting Set for Aug. 11
----------------------------------------------------
The creditors of Ocean Ventures, Inc. will hold meeting on Aug.
11, 2017, at 11:00 a.m. to reach a scheme of arrangement between
the creditors and company.

The meeting will be held:

          Offices of Maples and Calder
          Ugland House, South Church Street
          Geroge Town, Cayman Islands


OCEAN RIG: Creditors' Meeting Set for Aug. 11
---------------------------------------------
The creditors of Ocean Rig UDW, Inc. will hold meeting on Aug. 11,
2017, at 10:00 a.m. to reach a scheme of arrangement between the
creditors and company.

The meeting will be held:

          Offices of Maples and Calder
          Ugland House, South Church Street
          Geroge Town, Cayman Islands



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


DOMINICAN REPUBLIC: Medina Pledges Help for San Pedro Beekeepers
----------------------------------------------------------------
Dominican Today reports that Dominican Republic President Danilo
Medina pledged to help honey producers in the province with an
Agricultural Development Fund loan to buy equipment and improve
production.

The country produces nearly 260,000 gallons of honey per year,
with 3,500 beekeepers and more than 74,000 hives, each with an
individual average output of 3.5 gallons of honey per year,
according to Dominican Today.

The honey harvest starts in September with a moderate yield, but
peaks in April and May the following year, the report notes.

Honey exports in 2016 were around 557.0 metric tons worth US$1.4
million, the report relays.

The announced project includes acquisition of equipment, queen
bees and hives, as well as the construction of a warehouse and
training center for beekeepers to raise production, the report
adds.

As reported in Troubled Company Reporter-Latin America on July 24,
2017, Moody's Investors Service has upgraded the Dominican
Republic's long term issuer and debt ratings to Ba3 from B1 and
changed the outlook to stable from positive, based on the
following key drivers:

(1) The Dominican Republic's continued robust growth outlook
     compared to rating peers, coupled with a reduction in
     external risks as current account deficits have declined and
     international reserves have increased.

(2) The reduction in fiscal deficits over the last four years and
     Moody's expectation that fiscal deficits will remain shy of
     3% of GDP, supported by fiscal restraint and reduced
     transfers to the electricity sector.


DOMINICAN REPUBLIC: Don't Get Too Cozy With China, Taiwan Warns
----------------------------------------------------------------
Dominican Today reports that Taiwan Foreign Minister David Tawei
Lee, who is on an official visit to the Dominican Republic, on
Monday said he had no doubts of continued Taipei-Santo Domingo
diplomatic ties, based on cooperation and without conditions,
contrary to what would occur with mainland China because Dominican
Republic would have to accept tens of thousands of immigrants from
that country.

Mr. Lee warned that the establishment of diplomatic and trade
relations with mainland China does not coincide with Dominican
Republic's national interest, according to Dominican Today.

"Large countries don't offer aid for cooperation and development
of the people, contrary to the ties of both nations with over 60
years of interaction, proving that we're a very loyal ally," the
report relays.

Dominican Today discloses that the diplomat said he has heard
opinions that mainland China as the world's second-most powerful
economy can offer many basic infrastructure projects, noting
however that in such projects the experience is that mainland
China always brings its own machinery, own materials and workers,
"which will not help Dominicans get jobs."

Mr. Lee cited the case of Costa Rica, where he affirms Beijing
pledged help to install an oil refinery, but has failed to come
through after nine years, the report relays.  Mr. Lee also pledged
to help in the expansion of roads, but it is also in sight, Mr.
Lee notes.

In a press conference, Taiwan's Foreign Minister also noted that
Costa Rica had a US$49 million surplus with China, but suffered a
deficit of US$2.1 billion a year after San Jose established ties,
Mr. Lee says.

Mr. Lee said he has heard comments in the last two days, but
Taiwan and the Dominican Republic are two small island countries
"and we are united in the assistance we can offer in promoting
medium and small business, and in the agricultural and in the
energy sector," the report adds.

As reported in Troubled Company Reporter-Latin America on July 24,
2017, Moody's Investors Service has upgraded the Dominican
Republic's long term issuer and debt ratings to Ba3 from B1 and
changed the outlook to stable from positive, based on the
following key drivers:

(1) The Dominican Republic's continued robust growth outlook
     compared to rating peers, coupled with a reduction in
     external risks as current account deficits have declined and
     international reserves have increased.

(2) The reduction in fiscal deficits over the last four years and
     Moody's expectation that fiscal deficits will remain shy of
     3% of GDP, supported by fiscal restraint and reduced
     transfers to the electricity sector.



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


JAMAICA: BOJ Rolls Out New Foreign Exchange Platform
----------------------------------------------------
RJR News reports that the Bank of Jamaica rolled out on July 26
its new foreign exchange trading platform by making US$10 million
available to eligible cambios and authorized dealers under a
competitive bidding process.

The same sum of money will be made available for the next three
Wednesdays, according to RJR News.

The new auction system will help to determine the exchange rate
and will not affect the availability of currency, the report
notes.

However, the central bank still reserves the right to sell or buy
currency outside of what is announced, the report relays.

Meanwhile, President of the Jamaica Chamber of Commerce (JCC)
Laurence Watson, says he is satisfied with recent measures to
contain the movement in the Jamaican dollar, the report discloses.

"I think it has been working, the business sector has a more
predictable access to foreign exchange.  There has been more
availability of foreign exchange, we run a free market, so I think
the reevaluation of the dollar is a factor of demand and supply,"
said the JCC President, the report adds.

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



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


CEMEX SAB: Profit Rises Amid Lower Expenses
-------------------------------------------
Anthony Harrup at The Wall Street Journal reports that Mexican
cement and buildings materials company CEMEX, S.A.B. de C.V.
reported a 41% gain in second-quarter profit, benefiting from
lower financial expense while sales were little changed from a
year earlier.

The Monterrey-based company, one of the world's largest cement
makers, made a net profit of $289 million in the April-June
period, compared with $205 million in the second quarter of 2016,
according to The Wall Street Journal.

The report notes that sales slipped 1% from a year before to $3.58
billion, and were 2% higher when adjusted for currency effects and
asset sales, Cemex said.

Operating cash flow measured by earnings before interest, taxes,
depreciation and amortization fell 8% to $696 million, the report
relays.

Revenue and earnings before interest, taxes, depreciation and
amortization, or Ebitda, gains in Mexico, the U.S. and Europe were
partially offset by declines in South and Central America, as well
as in Africa, the Middle East and Asia, the report says.

The median expectations of analysts polled by The Wall Street
Journal called for sales of $3.55 billion, Ebitda of $711 million
and net profit of $244 million, the report notes.

Cement sales by volume were 3% lower at 17.9 million metric tons,
which was compensated by higher prices in markets such as the U.S.
and Mexico, the report discloses.  Cemex sold 38.9 million tons of
aggregates, up 1%, and 13.2 million cubic meters of ready mix
concrete, 2% less than a year before, the report says.

Cemex continued using cash to pay down debt, which it lowered by
$676 million in the quarter to $11.93 billion, the report adds.

As reported in the Troubled Company Reporter-Latin America on
March 15, 2017, Fitch Ratings has affirmed CEMEX, S.A.B. de C.V.'s
Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has also
affirmed the company's National Scale Long-Term Rating at 'A(mex)'
and upgraded the company's National Scale Short-Term rating to
'F1(mex)' from 'F2(mex)'. The Rating Outlook has been revised to
Positive from Stable.



=======
P E R U
=======


ANDINO INVESTMENT: Fitch Lowers Long-Term IDR to 'CCC'
------------------------------------------------------
Fitch Ratings has downgraded Andino Investment Holding S.A.A.'s
(AIH) Foreign Currency (FC) and Local Currency (LC) Issuer Default
Ratings (IDRs) to 'CCC' from 'B-'. Fitch has also downgraded AIH's
senior unsecured notes to 'CCC/RR4' from 'B-/RR4''. The rating
downgrades reflect continued deterioration in AIH's credit profile
due to poor operating results.

AIH's rating of CCC' reflects its volatile operational
performance, high financial leverage, and continued negative free
cash flow (FCF) trend. The ratings also incorporate Fitch's
concerns regarding the company's ability to reverse the negative
trend in its operational performance during the next quarters. The
'CCC/RR4' rating of the company's unsecured public debt reflects
average recovery prospects in the event of a default.

KEY RATING DRIVERS

Weak Operations

The company's operations continue to struggle. During 2016, AIH
revenues fell be 0.6%. A turnaround is not in sight, as revenues
were down quarter over quarter by 6.1% in 4Q16 and 6.3% in 1Q17.
AIH's consolidated EBITDA was PEN33 million as of the last 12
month period ended March 31, 2017 (LTM March 2017), 54% lower than
2015's EBITDA. AIH's EBITDA margin declined to 5.1% as of the LTM
to March 2017 from 10.6% in 2015. The company is attempting to
improve operational margins by reducing costs in its logistics
services business, and by focusing on higher-profit, long-term
contracts at its maritime services subsidiary. Fitch expects the
company's 2017 EBITDA to be around PEN49 million; this figure
implies some improvement over recent LTM March 2017 operational
results but is still below 2014-2015 levels.

High Leverage

As of March 31, 2017, AIH had total debt of PEN425 million, EBITDA
of PEN33 million and cash interests paid of PEN55 million,
resulting in AIH's net total debt-to-EBITDA and interest coverage
ratios of 12x and 0.6x, respectively. Fitch views AIH's capacity
to materially reduce its leverage during 2017 as limited. Fitch's
base rating case incorporates the expectation of AIH's net
leverage ratio in the 8x to 9x range by the end of 2017. The
company's USD115 million bond indenture includes a limitation on
additional indebtedness when consolidated net debt to consolidated
EBITDA ratio is greater than 3.5x. The indenture also includes
carve-outs that allow for additional new debt of up to USD35
million. As of March 31, 2017, the company's financial leverage
ratio was above the covenant maximum limit and USD22 million of
the carve-out had been used.

Negative FCF

AIH's capital structure is unsustainable due to excessive
financial leverage. The company's 2017 FCF generation is expected
to remain negative due to high levels of cash interest payments
relative to cash flow generation (EBITDA). Fitch's rating case
assume the company's 2017 FCF will be negative by approximately
PEN20 million driven by expected levels in EBITDA, cash interest
paid, and capex of PEN48 million, PEN52 million, and PEN6 million,
respectively. The company has limited capacity to cover interest
expenses, which will further pressure its liquidity. AIH's cash
position was PEN34 million as of March 2017, while its short-term
debt was PEN41 million.

DERIVATION SUMMARY

AIH's 'CCC' rating reflects its volatile operational performance,
high financial leverage, negative FCF and weak liquidity. Fitch
views AIH's business risk as higher than regional peers such as
JSL S.A. ('BB'/Outlook Stable) and Ouro Verde ('BB-'/Rating Watch
Negative) due to its more concentrated customer base and smaller
operating scale.

AIH's ratings of 'CCC' reflect weakness in several rating
considerations. In terms of net leverage, measured as the net debt
to EBITDA ratio, JLS, Ouro Verde, and AIH had ratios of 4.4x,
2.9x, and 12x, respectively, during the LTM ended March 31, 2017.
In terms of liquidity and capacity to consistently cover interest
expenses paid with recurrent cash flow generation, JLS, Ouro
Verde, and AIH had coverage ratios of 2x, 2.4x, and 0.6x,
respectively, during the LTM.

Further considered is AIH's more volatile operating results and
weak margins. AIH's EBITDA margin declined from an average of
11.25% during 2013-2015 to 5.1% in the LTM. By comparison, JSL
S.A. and Ouro Verde have consistently maintained EBITDA margins
around 16% and 50%, respectively, during 2013-2017.

No country-ceiling, parent/subsidiary or operating environment
aspects impacts AIH's ratings.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Annual revenues growth at -2%, 1%; and 3% in 2017, 2018, and
    2019, respectively;
-- EBITDA margin around 7.5% during 2017-2019;
-- Capex at USD2 million per year during 2017-2019;
-- Non-core fixed assets sales of PEN43 million, already
    executed during the first quarter of 2017;
-- Negative FCF during 2017-2019;
-- Net financial leverage, measured as the net debt to EBITDA
    ratio, in the 8x to 9x range during 2017-2018;
-- Interest coverage, measured as EBITDA to net interest expenses
    ratio, in the 0.8x to 1x during 2017-2018.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

-- Fitch could consider a positive rating action if AIH generates
    operational and FCF margins consistently above than those
    levels incorporated in the ratings, resulting in material
    liquidity improvement and lower financial adjusted gross
    leverage.
-- Financial gross leverage, total debt/EBITDA ratio,
    consistently below 7x.
-- Interest coverage consistently above 1.5x.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

-- Future developments that may, individually or collectively,
    lead to a negative rating action include further deterioration
    of AIH's cash flow generation and liquidity position,
    execution of a distressed debt exchange; and, if the company
    defaults on its scheduled amortization/interest payments
    and/or formally files for bankruptcy protection.

LIQUIDITY

Tight Liquidity

AIH's capacity to service its debt and interest expenses will
continue to rely on debt refinancing, incremental debt and/or
assets sales. As of March 31, 2017, AIH maintains about USD200
million of unencumbered fixed assets that could support liquidity.
AIH's cash position was PEN33.5 million as of March 2017, while
its short-term debt was PEN41 million. During the LTM, the company
sold approximately USD 30 million of non-core assets.

FULL LIST OF RATING ACTIONS

Fitch has downgraded the following ratings:

Andino Investment Holding S.A.A.

-- Foreign Currency IDR to 'CCC' from 'B-';
-- Local Currency IDR to 'CCC' from 'B-';
-- Senior unsecured notes to 'CCC/RR4' from 'B-/RR4'.



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


BAILEY'S EXPRESS: Has OK to Use Bankwell Cash Until Aug. 12
-----------------------------------------------------------
Judge Ann M. Nevins of the U.S. Bankruptcy Court for the District
of Connecticut entered an interim order authorizing Bailey's
Express, Inc., to use funds that constitute cash collateral of
Bankwell Bank pursuant to certain prepetition financing
arrangements.

The Debtor is authorized to use up to $472,600 in cash solely to
fund the types and corresponding amounts of itemized expenditures
contained in the proposed operating budget covering the period
from July 14 through August 12, 2017.

The Debtor has executed and delivered to Quinnipiac Bank and Trust
Company, as lender, a certain Business Loan Agreement and
Promissory Note in the principal amount of $150,000. The Loan was
guaranteed by the John M. Hall Marital Trust, which guaranty is
secured by an Open-End Mortgage on property located at 15 Rock
Landing Road, Haddam Neck, Connecticut 06424 and an Assignment of
Rents.

Quinnipiac Bank merged with Bankwell on October 2014, and Bankwell
became successor by merger to Quinnipiac Bank. As of the Petition
Date, the Debtor owed Bankwell approximately $11,000 on the Loan.

Bankwell is granted replacement liens to secure an amount of
Bankwell's prepetition claims equal to the amount of cash
collateral actually expended by the Debtor and an amount equaling
the aggregate decline in the value of the Bankwell Prepetition
Collateral.

In addition to the replacement lien, Bankwell will have a priority
claim in an amount equal to the amount of cash collateral actually
expended by Debtor, which claim will have the highest
administrative priority and will have priority over, and be senior
to, all other administrative claims.

The Debtor's Motion cash collateral use is set for a further
hearing on August 7, 2017 at 1:00 p.m., however, if the Parties
agree to the terms of an Agreed Order providing for more extensive
use of cash collateral by such hearing date, then such hearing may
consist of a final hearing on the Debtor's Motion.

A full-text copy of the Interim Order, dated July 20, 2017, is
available at http://tinyurl.com/y7e3ut93

                      About Bailey's Express

Headquartered in Middletown, Connecticut, Bailey's Express --
http://www.baileysxpress.com/-- is a Connecticut-based less than
truckload carrier.  It provides service across the nation and is
dedicated in helping Connecticut, Massachusetts and Rhode Island
companies market their products throughout the U.S. including
Hawaii and Alaska.  The Debtor has distribution points in
Charlotte, Dallas, Denver, Easton, Fontana, Indianapolis,
Jacksonville, Memphis, Neenah, Phoenix, Salt Lake City and Toledo.
It also provides service to Mexico, Puerto Rico & Canada.

Bailey's Express filed for Chapter 11 bankruptcy protection
(Bankr. D. Conn. Case No. 17-31042) on July 13, 2017, estimating
its assets and liabilities at between $1 million and $10 million.
The petition was signed by David Allen, chief financial officer.
Judge Ann M. Nevins presides over the case.

Elizabeth J. Austin, Esq., and Jessica Grossarth Kennedy, Esq., at
Pullman & Comley, LLC, serves as the Debtor's bankruptcy counsel.

No creditors' committee has yet been appointed in the case
pursuant to Section 1102 of the Bankruptcy Code.


HUSKY INC: Unsecured Creditors to be Paid 3% in 7 Years
-------------------------------------------------------
General unsecured creditors will be paid 3% of their claims under
a joint Chapter 11 plan of reorganization proposed by Husky, Inc.,
and Christian Elderly Home Inc.

Under the plan, Class 5 general unsecured claims filed by
governmental entities and Class 6 general unsecured claims filed
by other creditors will be paid in 84 equal monthly
Installments.  These unsecured creditors will recover 3% of their
claims.

Funding of the plan will come from the refinancing or sale of
Husky's real property, the surrendering of Christian Elderly's
real properties to secured creditor Scotiabank, the collection of
accounts receivable, and a contribution to be made by
shareholders, if needed.

If the refinancing or sale of Husky's property does not take place
within 24 months from the effective date, Scotiabank will receive
the collateral itself unless otherwise agreed, according to a
joint disclosure statement filed on July 11 with the U.S.
Bankruptcy Court in Puerto Rico.

A copy of the disclosure statement is available for free at:

                   https://is.gd/Jn6CWU

The hearing to consider approval of the disclosure statement is
scheduled for September 19, at 10:00 a.m.  Objections must be
filed not less than 14 days prior to the hearing.

                         About Husky Inc.

Husky, Inc., based in Gurabo, Puerto Rico, is the 100% owner of
Christian Elderly Home, Inc., having a current value of $1
million. It also owns a 2,320 square-meter lot with concrete
building for storage located at Barrio Rincon and valued at
$300,000.

Husky and Christian Elderly filed separate Chapter 11 petitions
(Bankr. D.P.R. Case Nos. 17-02559 and 17-02561) on April 12, 2017.

Edgardo Garcia Rosario, president, signed the petitions.

In its petition, Husky disclosed $1.32 million in assets and
$7.63 million in liabilities.  Christian Elderly disclosed $1.04
million in assets and $7.5 million in liabilities.

Judge Enrique S. Lamoutte Inclan presides over the cases.  Carmen
D. Conde Torres, Esq., at the Law Offices of C. Conde &
Associates, is the Debtors' bankruptcy counsel.


KAMA MANAGEMENT: Requests 90-Day Extension to Confirm Plan
----------------------------------------------------------
Kama Management, Inc., filed a motion asking the U.S. Bankruptcy
Court for the District of Puerto Rico to extend its time to obtain
confirmation of its amended plan for 90 days.

The Debtor's monthly operating reports demonstrate that debtor has
been able to reorganize his business. The record also shows that
he has entered into a preliminary agreement with secured creditor
and therefore, has averted filing his sister company in
bankruptcy. Therefore, the debtor will be able to confirm its plan
within a reasonable time. The Plan is confirmable because it has
the necessary base to pay all creditors, but needs to address some
other issues raised by creditors.

The Debtor, thus, needs an extension of time to address the
objections filed by creditors, file an amended plan and finish all
the issues pending that will favorably conclude in the plan being
confirmed.

                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.



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


TRINIDAD & TOBAGO: Foreign Exchange Sales up 41% for 1st 5Mos
--------------------------------------------------------------
Aleem Khan at Trinidad Express reports that the foreign exchange
market in Trinidad and Tobago continued to face pressures as the
fall in export earnings as a result of the terms of trade shock
has not been matched by a fall in foreign exchange demand, the
Central Bank of Trinidad and Tobago (CBTT) has said in its latest
Monetary Policy Report (MPR) May 2017 released.

Not only did the demand for foreign exchange (forex) not subside,
but imports rose, driven by Government spending on crude oil
imports to feed the State-owned Petrotrin refinery, as domestic
crude oil production fell, the MPR said, according to Trinidad
Express.

"Imports rose to an estimated $9,421.7 million, surpassing the
2015 level by 9.5 per cent, but this was mainly reflective of
higher energy imports.  Higher refining activity at the Petrotrin
refinery along with lower production of crude oil locally led to
increased crude oil imports for use as feedstock to support
refining activity.  The estimated value of energy imports grew by
44.4 per cent to $3,507.6 million," the MPR said, the report
relays.


                            ***********


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, 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.


                   * * * End of Transmission * * *