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

               Tuesday, August 1, 2017, Vol. 18, No. 151



BANCO DE LA PROVINCIA: S&P Affirms 'B' ICRs, Outlook Still Stable
TRANSPORTADORA DE GAS: S&P Affirms 'B' CCRs, Outlook Still Stable


BELIZE: Teams Up With IDB to Ensure Sustainable Development


BRAZIL: Has Emerged From Crisis, President Says
BRAZIL: DBRS Confirms BB LT Foreign Currency Issuer Rating
CBC AMMO: Fitch Assigns 'BB' First-Time IDR; Outlook Stable
USJ ACUCAR: S&P Affirms 'CCC+' CCR & Revises Outlook to Stable

P U E R T O    R I C O

AEROPOSTALE INC: Court Approves Stipulation on $42.7M Claim
COSTA DORADA: Hires MRO Attorneys at Law as Bankruptcy Counsel
HALAIS GROUP: Wants To Obtain $700,000 in Financing
ONCOLOGY INSTITUTE: August 22 Plan and Disclosures Hearing
ONCOLOGY INSTITUTE: Unsecureds to Get $13,749 by 2021

T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Sees Decline in Revenue


VENEZUELA: U.S. Puts More Venezuelan Officials Under Sanctions


LATAM: Spiralling Debt in Barbados and Trinidad Worrying CDB

                            - - - - -


BANCO DE LA PROVINCIA: S&P Affirms 'B' ICRs, Outlook Still Stable
S&P Global Ratings affirmed its 'B' foreign and local currency
issuer credit ratings on Banco de la Provincia de Buenos Aires
(BPBA). The outlook remains stable. The SACP is 'b'.

The ratings on the BPBA reflect the bank's satisfactory business
position assessment, which reflects the bank's solid competitive
position as the second-largest bank in Argentina and its stable
and large customer base partly; its position is moderated by
potentially inherent political influence on the bank which could
negatively affect the banks operation. The ratings are underpinned
by the bank's very weak capital and earnings based on our
forecasted risk-adjusted capital ratio (RAC) of 2.9% for the next
12-18 months. The ratings on BPBA also reflects the bank's
manageable credit losses, which are in line with local peers in
Argentina, in spite of a moderate increase in nonperforming loans
(NPLs), which S&P believes continue to be at adequate levels.

S&P said, "Additionally, we believe the bank has above-average
funding, given BPBA's status as the provincial government's paying
agent, which provides greater stability, and its large deposit
base. It has adequate liquidity with metrics that, though high,
are in line with those of other rated banks in the country,
considering high liquidity levels in the system.

"The stable outlook on BPBA for the next 12 months reflects the
stable outlook on the province of Buenos Aires -- which mirrors
the stable outlook on the sovereign's local currency rating -- and
our view that the bank will maintain its solid competitive
position as the second-largest public lender in Argentina. We
expect the bank to maintain its large and stable customer base,
and asset quality metrics to continue to be manageable, despite an
increase in NPLs."

TRANSPORTADORA DE GAS: S&P Affirms 'B' CCRs, Outlook Still Stable
S&P Global Ratings affirmed its 'B' local and foreign currency
ratings on Transportadora de Gas del Sur S.A. (TGS). The outlook
remains stable.

S&P said, "The ratings on TGS reflect our expectation that despite
its solid current and projected credit metrics and adequate
liquidity position, the 'B' sovereign rating on Argentina limits
TGS's credit quality because the company won't be able to
withstand a sovereign stress scenario. The sovereign stress
scenario includes high inflation, sharp currency depreciation, a
severe decrease in the GDP, and frozen rates for utilities."

Overall, the company's performance for the 12 months ended March
31, 2017, remained in line with S&P's expectations. The
improvement in EBITDA was mainly due to the transportation
segment, which received a 200% rate increase in order to
compensate for the company's frozen rates during the past 15
years. Moreover, a slight improvement in liquid natural gas (NGL)
international prices and low export rights of 1% also contributed
to higher EBITDA. Despite the company's dollar-denominated debt,
its amortizing structure reduces the outstanding debt.

S&P said, "We believe that the Integral Tariff Review (ITR) for
TGS's regulated segment, which the government approved in April
2017, will bolster the company's financial performance. The ITR
contemplates a total increase of 200%, from which the company
already received 58% in April 2017, and will receive the remaining
in two tranches in December 2017 and April 2018. Moreover,
inflation adjustments will be applied every six months starting in
December 2017, covering the second half of that year, until 2021.

"The ITR also authorized an Operating Expenses and Capital
Expenditures plan specific for TGS for the next five years. As a
result, in the next two years and thanks to the improvement in the
regulatory framework, we expect TGS's financial performance to
remain more stable and predictable and less exposed to commodity
prices and volume flows."


BELIZE: Teams Up With IDB to Ensure Sustainable Development
Top executives from the Inter-American Development Bank (IDB)
visited Belize to discuss with key government officials and
representatives of the private sector ways of deepening their
partnership and cooperation to ensure the country's sustainable

IDB Executive Vice President Julie T. Katzman, accompanied by IDB
Country Representative Cassandra T. Rogers and Annette Killmer, a
key advisor in the Bank's Climate Change and Sustainable
Development sector, met with Prime Minister Dean O. Barrow and
members of the Cabinet during a three-day visit July 24-26. Also
present at the meetings were Anneke Jessen, Operations Senior
Advisor for the IDB's Country Department for Central America,
Mexico, Panama and the Dominican Republic; Francisco Mayorga,
Alternate Executive Director for the Central American Chair of the
IDB Board; and Elvira Mendez, Junior Counsellor for Belize.

The IDB executives and specialists also participated in a high-
level panel discussion, "Partners in Sustainable Development
Forum" co-organized by the Bank and the Belizean government as
part of a year-long celebration of the country's 25th anniversary
of IDB membership.

In her closing remarks at the Forum, which was attended by more
than 70 representatives of Belize's public and private sectors as
well as civil society, Ms. Katzman emphasized the need for
careful, long-term planning to ensure that the country takes full
advantage of its unique reserve of natural resources, biodiversity
and cultural heritage while protecting them from over-exploitation
and natural disasters.

"Sustainable development is without a doubt at the core of the
future of Belize, of the economy and of people's quality of life
and it is essential that everybody get this right going forward,"
said Ms. Katzman. "We are focused on building lasting solutions to
difficult problems that have been bottlenecks for the country.
Being able to solve [those challenges] in an inclusive way that
creates new entrepreneurial opportunities for people who are
economically disadvantaged is the kind of solution that we are
looking at to really get to the heart of what we mean as

It is essential, she emphasized, to work together on a
comprehensive plan to reduce Belize's vulnerability to climate
change, storms and flooding, noting that for each dollar spent on
risk reduction investments, it is possible to reduce up to four
dollars in future losses caused by disasters.

Ms. Killmer, of the Bank's Climate Change and Sustainable
Development Sector, said that 29% of the IDB's $9.3 billion in
approvals for sovereign-guaranteed lending in Latin America and
the Caribbean in 2016 was dedicated to projects focusing on
climate change and environmental sustainability. "In Belize, where
natural capital is at the core of economic and social development,
mainstreaming biodiversity and integrating it in key economic
sectors with measures to strengthen resilience to climate change
is paramount for sustainable development," she said during the
Forum. Preservation of natural capital is vital in a country like
Belize, where the tourism sector supports one in every six jobs,
she noted.

The IDB strongly supports the Government's Growth and Sustainable
Development Strategy, its Coastal Zone Management Plan, and its
Sustainable Tourism program, the second phase of which the Bank is
currently financing. The IDB also is closely collaborating on the
new master transport plan, which will increase regional
competitiveness and expand the number of communities able to
capitalize on the country's tourism potential.

During their mission in Belize, the IDB delegation, accompanied by
officials of relevant ministries, visited sites associated with
the Sustainable Tourism Program II, financed by the IDB, including
the international water taxi terminal in San Pedro, the Mountain
Pine Ridge Forest Reserve, as well as the Caracol archeological
site. In addition to their meeting with the Prime Minister, Joseph
Waight, Financial Secretary of the Ministry of Finance and Natural
Resources, and Yvonne Hyde, CEO of the Ministry of Economic
Development, Petroleum, Investment, Trade and Commerce, they also
met with Arlene Young, director of the Coastal Zone Management
Authority and Institute (CZMAI).

At the "Partners in Sustainable Development Forum", Minister Hyde
gave opening remarks and the panel discussion, moderated by Dr.
Elma Kay, Administrative and Science Director of the University of
Belize's Environmental Research Institute, included Dr. Lennox
Gladden , policy coordinator for the Fisheries, Forestry,
Sustainable Development, the Environment, Climate Change and Solid
Waste Management Authority; Mr. Yashin Dujon, Chief Executive
Officer, Ministry of Tourism and Civil Aviation; Mrs. Carolyn
Trench-Sandiford, President and Executive Director, Belize
Association of Planners/Caribbean Planners Association; Ms. Kay
Menzies, Co-Chair, Economic Development Council-Department of
Public-Private Dialogue; and Mrs. Natalie Goff, General Manager,
Development Finance Corporation.


BRAZIL: Has Emerged From Crisis, President Says
EFE News reports that Brazil's president said that the South
American country was no longer in an economic crisis and had
regained the confidence of foreign investors.

"Brazil once again is becoming a country in which everyone wants
to invest," Michel Temer said prior to a signing ceremony in
Brasilia for concessions to operate airports in the cities of
Florianopolis, Fortaleza, Porto Alegre and Salvador, according to
EFE News.

The rights to operate airports in Porto Alegre and Fortaleza were
awarded in March to Germany's Fraport (Frankfurt Airport
Services), while France's Vinci and Switzerland's Zurich
International Airport won concessions for airports in Salvador and
Florianopolis, respectively, the report notes.

The three groups, the lone participants in the auction, paid a
total of BRL3.72 billion (some US$1.18 billion) for the rights to
operate the airports, or 23.42 percent more than the minimum
required by the government, the report relays.

They also pledged to invest a total of BRL6.61 billion to
modernize and expand the airports, the report relays.

In his speech, Mr. Temer expressed concern about the high number
of unemployed people (nearly 14 million) in Brazil, which has been
in recession since 2015, but he said the economy was showing clear
signs of recovery and hailed the recent drop in the unemployment
rate, the report relays notes.

He also said the fact that German, French and Swiss companies had
decided to invest in Brazil showed that confidence was returning,
the report relays.

The report notes that Mr. Temer, who since taking office last year
has carried out an austerity drive aimed at getting Brazil's
financial house in order, including successfully pushing for a
spending cap that limits public spending to inflation for the next
20 years, credited his administration's "responsible" fiscal
policy for the increase in investor confidence.

His policies have been unpopular though, as reflected in an
approval rating of just 5 percent, the lowest of any Brazilian
president in decades, according to a survey released, the report
relays notes.

The president also is in legal trouble, with lawmakers set to vote
next week on whether to allow him to be tried by the Supreme Court
for allegedly accepting bribes from meatpacking giant JBS, the
report adds.

BRAZIL: DBRS Confirms BB LT Foreign Currency Issuer Rating
DBRS, Inc. has confirmed Brazil's Long-Term Foreign Currency -
Issuer Rating at BB and Long-Term Local Currency - Issuer Rating
at BB (high). The trend on both ratings is Negative. In addition,
DBRS has confirmed Brazil's Short-Term Foreign Currency - Issuer
Rating at R-4 with a Stable trend and Short-Term Local Currency -
Issuer Rating at R-3 with a Negative trend.

The rating confirmation reflects improvements in macroeconomic
policymaking as well as advances in the government's reform
agenda. In the last 12 months, prudent monetary policy
consolidated inflation at low levels and re-anchored inflation
expectations around the target, Congress passed a constitutional
amendment to cap the pace of government spending, and labor
regulation was reformed to improve market flexibility. In
addition, Brazil is exiting a deep recession, though the pace of
recovery will likely be gradual. The economy is expected to grow
0.3% in 2017 and 1.3% in 2018.

The trend remains Negative, however, as recent political
developments put the reform agenda at risk. Failure to pass
pension reform in the near term would likely result in a downgrade
of the ratings. Pension reform is essential to comply with the
constitutional spending cap and stabilize public debt dynamics.
Without pension reform, achieving fiscal consolidation targets
will become increasingly difficult and will likely need to rely on
measures that are less favorable to growth. Consequently, the
outlook for public debt sustainability would likely weaken
relative to our assumptions.

The principal challenge for Brazil's credit profile is the fiscal
deficit. The consolidated primary balance shifted from a surplus
of 2.9% of GDP in 2011 to a deficit of 2.5% in 2016. While
cyclical factors played a role, the deterioration was largely
structural in nature. The Temer administration responded by
implementing a gradual expenditure-based fiscal consolidation
plan. If executed, DBRS estimates that the primary fiscal position
will balance in 2021 and reach a surplus of 2.6% of GDP in 2026.
Pension reform is essential, however, to comply with the
constitutional expenditure ceiling and put fiscal accounts on a
sustainable trajectory.

Given the gradual pace of fiscal consolidation, public debt
dynamics are not expected to stabilize in the near term. Public
debt-to-GDP is expected to increase to 82% in 2017 and 86% in
2018. The upward trajectory then moderates as the fiscal
adjustment proceeds. Based on the projected fiscal consolidation
path, debt ratios will peak at approximately 93% of GDP in 2023.
The high stock of debt leaves little room to maneuver in the event
of adverse shocks.

Recent developments in the Car Wash probe, however, threaten to
derail the reform agenda. Last month, Prosecutor General Rodrigo
Janot charged President Michel Temer with corruption. The Lower
House is set to vote on whether to send the case to the Supreme
Court in early August. While President Temer's congressional
support appears strong enough to fend off criminal prosecution for
now, prospects for pension reform are diminishing. Coalition
lawmakers are starting to position themselves ahead of the 2018
election. DBRS believes that pension reform is still possible
later this year, but as the costs of aligning with an unpopular
president rise, the reform's narrow path to approval becomes even

The ratings reflect DBRS's assessment that Brazil's medium-term
growth prospects are weak. The IMF projects that Brazil will
expand on average 2.0% per year from 2019-2022, below most
emerging market peers. Potential growth is hindered by
interlinking structural constraints of low investment, high
business costs and weak competitive forces. Over the last decade,
investment averaged just 20% of GDP per year despite the rapid
growth of earmarked lending. Underinvestment is especially evident
in Brazil's infrastructure. In particular, bottlenecks in
transport infrastructure limit domestic market integration and
weaken international competitiveness.

Productivity is also held back by the closed nature of the
economy. Due in part to tariff barriers, high compliance costs,
and inward-looking policy, trade penetration in Brazil is among
the lowest in the world. The consequence of limited integration is
that Brazil does not fully benefit from the potential efficiency
gains derived from specialization and trade.

Notwithstanding Brazil's challenges, the ratings are supported by
several fundamental strengths. Brazil is a large and diversified
economy with abundant natural resources. The banking system is
sufficiently capitalized to digest higher credit losses without
posing any systemic concerns. The external accounts are also sound
from both a flow and stock perspective, with a flexible exchange
rate facilitating adjustments to global conditions.

In addition, the government has made progress on the policy front.
The central bank is easing monetary policy amid a substantially
improved inflation outlook. Inflation declined to 3.0% in June
2017 after peaking at 10.7% in January 2016. The disinflation
trend is generalized, with most categories of goods and services
experiencing annual price increases at or below the inflation
target. Inflation expectations have also settled around the
target. Enhanced credibility combined with the tapering of
earmarked lending should strengthen the effectiveness of monetary

The Temer administration is also taking steps to improve the
investment climate. Regulatory changes aim to reinvigorate
infrastructure concessions, on-lending by public banks is being
wound down, and restrictions in the oil and gas sector have been
eased. Nevertheless, given the importance of fiscal consolidation
in the near term, implementation of a broader reform agenda will
likely depend on the next administration.


Failure to pass pension reform in the near term would likely
result in a downgrade of the ratings. On the other hand, the trend
could be changed to Stable if a reform is passed that materially
slows the pace of pension spending and lends credibility to the
fiscal adjustment plan.

CBC AMMO: Fitch Assigns 'BB' First-Time IDR; Outlook Stable
Fitch Ratings has assigned an initial Long-Term Foreign Currency
Issuer Default Rating (IDR) and Long-Term Local Currency IDR of
'BB' to CBC AMMO LLC (CBC) and its senior unsecured notes issued
by CBC AMMO LLC and CBC FInCo Inc. due in 2021. The Rating Outlook
is Stable.

The ratings reflect CBC's steady profitability as a global
manufacturer of small-caliber ammunition with a presence in
Europe, Latin America, and the U.S. The ratings also factor in
CBC's solid capital structure and strong credit metrics. CBS's
ratings are constrained by its modest scale and product


Business Profile: CBC's ratings reflect its well-established
brands (CBC, MEN, Sellier & Bellot, and Magtech), efficient
operation, product concentration and medium scale. The company is
a low-cost manufacturer of small-caliber ammunition with
production facilities in Brazil, Czech Republic, and Germany. CBC
sells ammunition, firearms and related products to more than 100
countries worldwide. CBC is one of the largest suppliers of small-
caliber ammunition to NATO member countries in Europe, the No.1
manufacturer of commercial handgun ammunition in Latin America and
Europe, and the second largest exporter of brass case commercial
ammunition to the U.S.

Regulated Industry: The ammunition industry is heavily regulated.
Regulations increase barriers to entry, especially In Brazil where
CBC is the sole supplier of ammunition, as imports are severely
restricted. The company is exposed to the military (21% of sales)
and law enforcement budgets and discretionary consumer spending.
CBC supplies primarily the commercial segment which represented
about 50% of its sales as of March 31, 2017. Also, CBC maintains a
long-term relationship with its clients, notably in the military
where contracts usually go through a bidding process of from one
to five years.

Geographical Diversification: CBC benefits from its diverse
geographic footprint which enables the company to reach different
markets and respond quickly to shifting trends in the marketplace,
reducing its vulnerability to regulatory risks. Its manufacturing
presence in the Czech Republic and Brazil ensure low production
costs and high margin. The company has five manufacturing
facilities, including three in Brazil, one in Germany and one in
the Czech Republic, as well as two distribution centers for
commercial sales in Brazil and Europe. Magtech USA also maintains
a distribution center in the U.S. CBC's revenues are generated in
the Eurozone (41%), followed by South & Central America (22%) and
North America (19%).

Steady Leverage: The rating is supported by the company's
conservative credit metrics. CBC has shown stable and resilient
profitability, and credit ratios have remained strong. Debt/EBITDA
has remained stable at about 2.3x-2.7x over the last four years.
CBC has grown organically and by acquisitions to increase its
production capacity (1.7 billion units) and expand its geographic

Currency Risk: CBC does not hedge its USD bond maturity payment or
the annual coupon, and swaps its EUR revenues into USD. As of
March 31, 2017, Fitch estimates that 75% of revenues and 72% of
the cost of goods sold (COGS) are in hard currencies (USD and
EUR). Copper is the main raw material cost in the U.S. that is

Forjas Taurus S.A.: CBC owns 66.9% of Forjas Taurus S.A., a listed
company in Brazil with a market cap of BRL111 million. Taurus
produces and distributes firearms (Brazil and U.S.) and helmets.
Taurus recently went through a debt restructuring plan that
resulted in the extension of the debt maturity by its banks. CBC
is not a guarantor of Taurus' debt and vice versa; there are no
cross-default clauses. Therefore, Taurus accounts are not
consolidated in CBC's debt ratios and the company is not part of
CBC's restricted group. However, Fitch expects CBC to continue to
support Taurus if needed. Taurus' net debt amounted to BRL673
million as of March 31, 2017, and the company reported positive
EBITDA of BRL6.1 million in 1Q17.


CBC ratings reflect its modest scale, diversified geographical
footprint and solid financial profile. The company operates in a
highly regulated industry and is subject to change in consumer
demand and defense budgets. It has a unique business model that is
different from other industrial rated companies by Fitch.

CBC's credit metrics are well-positioned relative to other
industrial peers rated by Fitch. CBC's Debt/EBITDA ratio is lower
than the median of the LatAm industrial portfolio. The company
shows more conservative credit metrics than Tupy S.A. ('BB'),
Marfrig S.A. ('BB-'), Sand Miguel Industrias PET SA ('BB+') and
Controladora Mabe S.A. de CV ('BB+') but higher debt/EBITDA ratios
than Nemak S.A. de CV ('BB+'). Constraining factors for the
ratings are related to the product concentration in a niche market
and weak corporate governance because the company is 100%


Fitch's key assumptions within its ratings case for the issuer

- Steady EBITDA margin of about 24% to 25%;
- Capex of about USD50 million in 2017;
- Dividends of about USD50 million in 2017;

Total debt/EBITDA trending toward 2x in 2018.


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

- Debt/EBITDA below 2x;
- Successful turnaround of Forjas Taurus S.A.

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

-- Debt/EBITDA of 4x;
-- EBITDA margin below 15%.


CBC's liquidity is adequate due to the company's solid access to
local banks and the company's steady operating cashflow
generation. The company had USD35 million of cash and cash
equivalents and USD47 million of short-term debt (ACC/working
capital and export finance debt) as of March 31.2017. The debt
amortization is manageable as the USD 250 million senior notes are
due in November 2021


-- Long-Term Foreign and Local Currency IDR rated 'BB;
-- Senior Unsecured debt rated 'BB.'

CBC FinCo Inc.
-- Senior Unsecured debt rated 'BB'.

USJ ACUCAR: S&P Affirms 'CCC+' CCR & Revises Outlook to Stable
S&P Global Ratings affirmed its 'CCC+' global scale corporate
credit ratings on USJ Acucar e Alcool S/A (USJ), but revised its
outlook to stable from negative. At the same time, S&P kept its
recovery rating of '6' on USJ's unsecured debt unchanged, and
affirmed the senior unsecured debt rating at 'CCC-'.

The stable outlook reflects S&P's view that, using a combination
of short-term debt refinancing and new issuances, USJ has
addressed most of its liquidity challenges for the next 12-18
months. It also maintained a solid operating performance in fiscal
2017, with the lowest idle capacity level in several harvests and
better sugar and ethanol prices, resulting in higher EBITDA levels
and slightly positive FOCF generation.

P U E R T O    R I C O

AEROPOSTALE INC: Court Approves Stipulation on $42.7M Claim
----------------------------------------------------------- reported that the U.S. Bankruptcy Court
approved Aeropostale's stipulation among the Debtors, Aero
Investors and MGF Sourcing Holdings.  As previously reported, "On
December 13, 2016, the Claimant filed administrative expense Claim
No. 2503 (the 'Administrative Claim') against Debtor ARO
Liquidation for $42,750,000 (the 'Administrative Claim Amount')
for compensation for the diminution in value of its interests in
the collateral that secures the obligations of the Debtors under
the Loan Agreement; and on December 13, 2016, the Claimant also
filed the following 7 claims against the Guarantors for
$42,750,000 each (the 'Guarantor Claims'). The Parties hereto,
subject to the Bankruptcy Court's approval agree that: Each of the
Debtors is jointly and severally liable for the full amount of the
Administrative Claim.  If the Administrative Claim is not
satisfied in full by Debtor ARO Liquidation, Claimant shall retain
the right to collect the full allowed amount of the Administrative
Claim from any and each of the Debtors, provided, for the
avoidance of doubt, that the full allowed amount of the
Administrative Claim shall only be paid once."

                    About Aeropostale, Inc.

Aeropostale, Inc. (OTC Pink: AROPQ) is a specialty retailer of
casual apparel and accessories, principally serving young women
and men through its Aeropostale(R) and Aeropostale Factory(TM)
stores and website and 4 to 12 year-olds through its P.S. From
Aeropostale stores and website.  The Company provides customers
with a focused selection of high quality fashion and fashion basic
merchandise at compelling values in an exciting and customer
friendly store environment.  Aeropostale maintains control over
its proprietary brands by designing, sourcing, marketing and
selling all of its own merchandise.  As of May 1, 2016, the
Company operated 739 Aeropostale(R) stores in 50 states and Puerto
Rico, 41 Aeropostale stores in Canada and 25 P.S. from
Aeropostale(R) stores in 12 states.  In addition, pursuant to
various licensing agreements, the Company's licensees currently
operate 322 Aeropostale(R) and P.S. from Aeropostale(R) locations
in the Middle East, Asia, Europe, and Latin America.  Since
November 2012, Aeropostale, Inc., has operated, an
online women's fashion footwear and apparel retailer.

Aeropostale, Inc., and 10 of its affiliates each filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11275) on May 4, 2016.  The petitions were signed
by Marc G. Schubac, senior vice president, general counsel and

The Debtors disclosed assets of $354.38 million and total debt
of $390.02 million as of Jan. 30, 2016.

The Debtors hired Weil, Gotshal & Manges LLP as counsel; FTI
Consulting, Inc., as restructuring advisor; Stifel, Nicolaus &
Company, Inc., and Miller Buckfire & Company LLC as investment
bankers; RCS Real Estate Advisors as real estate advisors; Prime
Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as
Canadian counsel; and Togut, Segal & Segal LLP as conflicts

Judge Sean H. Lane is assigned to the cases.

The U.S. trustee for Region 2 on May 11, 2016, appointed seven
creditors of Aeropostale Inc. to serve on the official committee
of unsecured creditors.  The Committee retained Pachulski Stang
Ziehl & Jones LLP as counsel.

COSTA DORADA: Hires MRO Attorneys at Law as Bankruptcy Counsel
Costa Dorada Apartments Corp., seeks authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ MRO
Attorneys at Law, LLC as counsel for the Debtor.

On June 12, 2015, the Debtor filed a petition for reorganization
under the provisions of Chapter 11 of the Bankruptcy Code, and as
of that date has been managing his affairs as debtor in
possession, as provided for in the Bankruptcy Code.

The Debtor is not sufficiently familiar with the law to be able to
plan and conduct the proceedings without competent legal counsel.
As such, the Debtor initially engaged the services of brother
counsel Jesus Enrique Batista Sanchez, Esq.  However, through a
motion dated April 27, 2017, brother counsel Batista Sanchez
withdrew as the Debtor's legal representative.

The Debtor requires MRO to:

     a. provide it with legal advise with respect to its powers
        and duties as a debtor-in-possession in the continued
        operation of the Debtor's business; and

     b. perform all legal services for the Debtor as may be
        necessary in the reorganization of the Debtor's business.

MRO lawyers who will work on the Debtor's case and their hourly
rates are:

     Myrna L. Ruiz-Olmo, Esq.       $250
     Tomas F. Blanco Perez, Esq.    $200

A retainer fee of $10,000 was paid by the Debtor prior to the
filing of the application.

MRO will also be reimbursed for reasonable out-of-pocket expenses

Myrna L. Ruiz-Olmo, Esq., of MRO Attorneys at Law, LLC, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

MRO may be reached at:

     Myrna L. Ruiz-Olmo, Esq.
     MRO Attorneys at Law
     PO Box 367819
     San Juan, P.R. 00936-7819
     Tel: (787) 237-7440

                 About Costa Dorada Apartments

Costa Dorada Apartments Corp. is based in Isabela, Puerto Rico.
Costa Dorada filed a chapter 11 petition (Bankr. D. P.R. Case No.
15-04474) on June 12, 2015, and is represented by Jaime Rodriguez
Rodriquez, Esq., at Rodriguez & Asociados, Abogados, CSP, in Vega
Baja, Puerto Rico.

At the time of the filing, the Debtor estimated assets and debts
to be between $1 million to $10 million.

HALAIS GROUP: Wants To Obtain $700,000 in Financing
Halais Group, Inc., asks the U.S. Bankruptcy Court for the
District of Puerto Rico for authorization to obtain financing.

The amount requested for the loan is $700,000, and the current
estimated potential expenses are near to $676,148.55 (sum of the
amounts to be paid of each claim, and the loan related expenses).
This loan will consolidate all the creditor's secured and priority
claims, that will make the reorganization plan more feasible.

Since filing for bankruptcy, the Debtor has made multiple efforts
to get the necessary funding in order to handle its financial
duties, and at the same time, continue with the business

Recently, Parliament Capital has reviewed the Debtor's application
for financing.  In order to approve the loan, Parliament requested
several conditions.  Some of them states as follows:

     (i) first priority mortgage lien position on property number
         60,075 of Caguas, Puerto Rico, together with all
         improvements, fixtures and equipment thereon;

    (ii) a first priority security interest in and over any and
         all assets and property, including, without limitation,
         equipment, fixtures, inventory, accounts, accounts
         receivables, equipment, contracts and general

   (iii) a first priority lien and collateral assignment and
         security interest over all leases and Rents thereunder,
         and other revenues arising from or relating to the
         property and any leases thereto;

    (iv) a first priority lien over the applicants operational
         depository account; and

     (v) first priority pledge of and security interest over 100%
         of all the issued and outstanding direct and indirect
         ownership interests in the applicant.

The Loan will also be subject to the creation of a lockbox account
whereas all business accounts, rents and any other revenues
arising from or relating to the Property and any leases thereto
will be deposited therein, at the sole discretion of Lender, which
shall be pledged; and assigned to Lender.  For the avoidance of
any doubt, the term rents and other revenues will include, without
limitation, any rental, proceeds, sale, commissions, revenues,
fees, incentives or income produced by any billboards,
telecommunication antenna, and any other advertisements activities
affixed to or being carried out from the Property, as well as all
proceeds and products of the foregoing, less expenses.

The proposed budget for the funds will be as follows:

     Creditor            Description                     Amount
     --------            -----------                     ------
    IRS claim             Claim #2                      $71,202

    Swift Capital         Pay off current               $10,000
                          balance claim #3

    Municipal Revenue     Secured portion of            $54,828
    Collection Center     claim #4

    State Insurance Fund  Priority portion of the        $5,347
    Corporation (Fondo    claim #6
    del Seguro del

    Bautista Cayman       Secured claim #7             $420,000
    Asset Company

    Department of         Priority sales tax claim      $41,879

    Department of Labor   Priority portion of            $1,892
                          claim #11
    TOTAL                                              $605,149

    Loan Related Expenses

     Description                                         Amount
     -----------                                         ------
     4% prepaid interest                                $28,000
     2% interest to be paid at the loan pay off         $14,000
     Application fee                                     $5,000
     2% Broker services charge (to be paid to
      Caribe Capital Advisors, LLC)                     $14,000
     Legal fees retainer                                $10,000
    Total                                               $71,000

The biggest benefit for the bankruptcy estate is that it will be
possible to buy -- at a discounted price -- all the mortgage
promissory notes under Bautista Cayman creditor control, for
$420,000 (claim #7, with a balance at the moment of filing of
$2,158,511.30).  If the loan is approved, the debtor will be in a
better position to fulfill all secured and priority claims.

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

                       About Halais Group

Headquartered in Caguas, Puerto Rico, Halais Group, Inc., d/b/a
Monte Calvario, filed for Chapter 11 bankruptcy protection (Bankr.
D. P.R. Case No. 16-01361) on Feb. 24, 2016, estimating its assets
at between $500,000 and $1 million and its liabilities at between
$1 million and $10 million.  The petition was signed by Raymond
Halais, president, authorized representative of Halais.

Judge Mildred Caban Flores presides over the case.

Carlos A Ruiz Rodriguez, Esq., at Carlos Alberto Ruiz Law Office,
CSP, serves as the Debtor's bankruptcy counsel.

ONCOLOGY INSTITUTE: August 22 Plan and Disclosures Hearing
Judge Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for
the District of Puerto Rico conditionally approved Oncology
Institute of Puerto Rico P.S.C.'s disclosure statement with
respect to a chapter 11 plan filed on July 17, 2017.

August 22, 2017, at 10:00 A.M. is fixed for the hearing on final
approval of the disclosure statement and for the hearing on
confirmation of the plan.

Three days prior to the hearing is fixed as the last day for
filing written acceptances or rejections to the plan.

Three days prior to the hearing is fixed as the last day for
filing and serving written objections to the disclosure statement
and confirmation of the plan.

           About Oncology Institute of Puerto Rico

Oncology Institute of Puerto Rico, P.S.C., a health care business,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. P.R. Case No. 17-00212) on January 18, 2017.  Nilda
Gonzalez-Cordero, Esq., serves as the Debtor's bankruptcy counsel.
At the time of the filing, the Debtor estimated assets and
liabilities of less than $500,000.

ONCOLOGY INSTITUTE: Unsecureds to Get $13,749 by 2021
Oncology Institute of Puerto Rico P.S.C. filed with the U.S.
Bankruptcy Court in Puerto Rico a small business disclosure
statement dated July 17, 2017, referring to the Debtor's plan of

Class 1 General Unsecured Class is impaired by the Plan.  The
Debtor will make 48 monthly payments of $286.44 each until year
2021.  Total payout amount will be $13,749.

Payments and distributions under the Plan will be funded by the
continued operation of the business of the Debtor.

A full-text copy of the Disclosure Statement is available at:

            About Oncology Institute of Puerto Rico

Oncology Institute of Puerto Rico, P.S.C., a health care business,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. P.R. Case No. 17-00212) on January 18, 2017.  Nilda
Gonzalez-Cordero, Esq., serves as the Debtor's bankruptcy counsel.
At the time of the filing, the Debtor estimated assets and
liabilities of less than $500,000.

T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Sees Decline in Revenue
RJR News reports that Caribbean Cement's parent Trinidad Cement
Limited suffered a decline in revenue during the second quarter.

Revenue totaled TT$428 million bringing total revenue for the
first half of the year to $850 million, according to RJR News.

When compared to the corresponding periods last year, this
represents declines of 15 percent over the second quarter and 14
percent over the first half of 2016, the report notes.

The company says this was largely due to reduced cement sales in
Trinidad and Tobago as a result of continued economic slowdown,
RJR News adds.

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


VENEZUELA: U.S. Puts More Venezuelan Officials Under Sanctions
Jose de Cordoba at The Wall Street Journal reports that the U.S.
government leveled sanctions on 13 high-ranking Venezuelan
officials for alleged corruption, human-rights violations and
undermining the country's democracy, days before a scheduled vote
for a constitutional assembly that many believe would deal a death
blow to Venezuela's democracy.

The officials targeted by the U.S. Treasury include Tibisay
Lucena, the head of the country's electoral agency, as well as the
chiefs of the Venezuelan Army, National Guard and National Police,
according to The Wall Street Journal.

The U.S. also blacklisted the finance chief of state oil firm
Petroleos de Venezuela; Elias Jaua, a leading politician close to
President Nicolas Maduro ; and Erick Malpica Flores, a nephew of
Venezuela's powerful first lady, Cilia Flores, the report notes.

Under the sanctions, the officials' U.S. assets are frozen and
their U.S. visas revoked, the report relays.  The measures also
prohibit U.S. citizens and institutions from doing business with
them, the report discloses.

The U.S. government warned that any individuals who become members
of the constituent assembly to be elected risked being added to
the U.S. sanctions list, the report says.

"The United States will not ignore the Maduro regime's ongoing
efforts to undermine democracy, freedom, and the rule of law,"
said U.S. Treasury Secretary Steven Mnuchin, the report relays.

Mr. Maduro responded to the U.S. move with defiance. "We will
never kneel, and our vengeance will be our victory on Sunday July
30," he said in a broadcast to the nation, after which he bestowed
ceremonial swords on Ms. Lucena and other targeted officials, the
report notes.

The WSJ discloses that the newest round of sanctions comes days
after U.S. President Donald Trump called Mr. Maduro a "bad leader
who dreams of becoming a dictator" and threatened that the U.S.
would take "strong and swift economic action" if the Venezuelan
leader followed through with the planned vote for the constituent
assembly, which is to be tasked with rewriting the constitution.

The Trump administration says Mr. Maduro's push to create the
assembly is the final step toward a full dictatorship, the report
notes.  "We see July 30th as a critical line that, if crossed,
could be the end of democracy in Venezuela," a senior Trump
administration official said, the report relays.

The U.S. put eight Venezuelan Supreme Court justices under similar
sanctions in May after the court issued rulings that gutted the
country's opposition-led congress, the report notes. Vice
President Tareck El Aissami was placed on a U.S. Treasury
blacklist in February for allegedly aiding drug traffickers, along
with financier Samark Lopez, the report says.  U.S. authorities
have frozen "hundreds of millions of dollars" in assets linked to
Mr. El Aissami, much more than they had previously estimated, a
senior U.S. official said, the report notes.

Mr. Jaua, the Venezuelan official in charge of creating the
constituent assembly, said he had no assets to lose as a result of
the sanctions, the report relays.  "The Empire's sanctions are an
acknowledgment of my 34 years of struggle for national sovereignty
and for the poor of this Earth. We will overcome!," he wrote on
his Twitter account, the report discloses.

Mr. Maduro's efforts to convene a constituent assembly are being
boycotted by Venezuela's opposition coalition, the report notes.
Once elected, the assembly is set to become the country's supreme
political institution, with power to rewrite the constitution and
dissolve the opposition-dominated congress, the report discloses.

The WSJ relays that the opposition has called a two-day general
strike-its second in as many weeks-starting Wednesday, July 23 in
an last-ditch attempt to stop the constituent assembly. In
Caracas, some government opponents participating in the general
strike supported the sanctions against the government officials,
but were skeptical they would matter, the report notes.

"I don't think it will have an impact on their behavior," said
Henry Oliveros, a 24-year-old telecommunications worker, the
report relays.

Mr. Trump and other world leaders have called on Mr. Maduro to
abandon the vote, which polls show more than 80% of Venezuelans
oppose, the report discloses.  More than 7.5 million Venezuelans
voted in an unofficial referendum whose results showed
overwhelming opposition to creating the new assembly, the report

The WSJ relays that Mr. Maduro dismissed that referendum as a
nonbinding internal consultation by the opposition, but as the
president and his aides move ahead with their plans to hold
Sunday's vote, anxiety about the adverse international reaction
has been high inside the Miraflores Presidential Palace, according
to people close to the ruling Socialist Party.

It isn't clear, however, whether the new sanctions would fracture
Mr. Maduro's backing within the military and government or unify
the regime behind the president, the report notes.

Trump administration officials said expanded sanctions on the
country's vital oil industry, which provides 95% of Venezuela's
foreign exchange, were possible if Mr. Maduro carried out his
plans. "All options are on the table," the senior official said,
the report relays.

Many experts have warned against a broad-based ban on oil exports
from Venezuela, saying it could cause a backlash against the U.S.
and strengthen the Maduro regime while disrupting U.S. energy
markets that rely heavily on Venezuelan crude imports.

U.S. Secretary of State Rex Tillerson's past dealings with Caracas
as the former chief executive of American oil giant Exxon Mobil
may have helped spur the administration to take a more aggressive
sanctions stance with the country, said James Lewis, a former
State Department official responsible for sanctions and currently
a senior vice president at the Center for Strategic and
International Studies, the report notes.

"Tillerson knows the Venezuela story," Mr. Lewis said, the report

The U.S.-based oil company, like several of its peers, was locked
in a bitter legal battle during Mr. Tillerson's tenure there over
Venezuelan assets nationalized by the late President Hugo Chavez,
the report discloses.

The WSJ notes that Venezuela, which boasts bigger oil reserves
than Saudi Arabia, is mired in a deep economic and political
crisis.  More than 100 people have died in the last four months
amid violent street protests held almost daily, the report relays.
Most of them have been killed by government security forces and
paramilitary gangs allied with the government, the report says.

Venezuela's economy has shrunk by nearly a third in the last four
years, the report notes.  The International Monetary Fund
estimates inflation will surpass 700% this year, the report
relates.  Dwindling supplies and access to food means that three
out of four Venezuelans lost an average of 18 pounds last year,
the report adds.

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


LATAM: Spiralling Debt in Barbados and Trinidad Worrying CDB
------------------------------------------------------------ reports that spiraling debt in some regional
economies remains a major worry for the Caribbean Development Bank

The Barbados-based institution has warned that the efforts of some
countries to tackle the problem are off-track and Governments have
to seriously assess their management of the problem, according to

According to Director of Economics at the CDB, Dr. Justin Ram,
Barbados is the most indebted country in the region and there are
strong signs that the Trinidad and Tobago economy is headed for
trouble, the report notes.

"Although Barbados is at the top now, we have other countries
there that are actually on the wrong trajectory.  Trinidad and
Tobago as well, I can say, their debt dynamics is on the wrong
trajectory, and if things do not turn around there quickly then
very soon they will have a debt-to-gross domestic product (GDP)
ratio possibly in excess of 80 per cent of GDP," he told the
annual review seminar of the Central Bank of Barbados, the report

The report says that Ram stressed the problem needed fresh, urgent
action and lamented that regional governments may not be following
the right examples.

Highlighting experiences in Greece, Italy, Japan, Singapore, the
United Kingdom and the United States he suggested the region
should carefully study each case and take only the best practices discloses.

"Greece, yes, [has] a primary balance now that is positive, but
general government debt of 181 per cent, and what about the real
GDP growth? It's actually at zero," Mr. Ram noted, the report

He also cited the experience in Singapore, but maintained it was
not the best model for the region, the report notes.

"When we look at some of the data, is it really what we want to
emulate? A country that has a primary balance that is positive,
yes, but I don't think we really want to go down the route of
having such high levels of debt-to-GDP, and I don't think two per
cent real economic growth would be sufficient for us here in the
Caribbean," the CDB official said, the report relays.

Mr. Ram stressed that some of the best lessons of debt recovery
were in the region, pointing to economic development in Jamaica
and Grenada, the report notes.

"I want to emphasize to you that the lessons learned from Jamaica,
and perhaps Grenada, show us that we can turn things around if we
take the right policy measures and the right policy steps," Mr.
Ram said, the report discloses.

Mr. Ram contended that now was the time for governments to
seriously map out a new direction to take forward their economies,
the report says.

"I would proffer to you that perhaps we want to travel down the
road that is less travelled. We want to have inclusive growth with
low debt and prudent fiscal management," he added.


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.
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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

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