TCRLA_Public/170808.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Tuesday, August 8, 2017, Vol. 18, No. 156



ENTAL SA: Moody's Alters Outlook to Stable & Affirms 'Ba3' CFR


BAHAMAS: Poses 'Challenge' for IDB


BRAZIL: Thousands of Soldiers Enter Rio Slums to Curb Violence
CONCESSIONARIA RODOVIAS: Moody's Cuts CFR to Caa2, Outlook Neg.
JBS SA: Divests Interest in Dairy Business
PDG REALTY: Reaches Non-Binding Agreement With Banks
SHREE RENUKA: COFCO Eyes Bid for Renuka Sugar Mill


SEADRILL LIMITED: New Rig Set to Start Exploring for Natgas

P U E R T O    R I C O

EMPRESAS ALVARO: Court Approves Disclosures, Confirms Bankr. Plan
MBTI OF PUERTO RICO: Selling San Juan Six Properties for $2MM
SHORT BARK: Sept. 18 Auction of All Assets Set

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Continues to Face Economic Challenges
TRINIDAD & TOBAGO: 4,000 Retrenched Since September


PDVSA: Asks Bondholders to Waive Financial Reporting Requirements
VENEZUELA: New Assembly Fires Attorney General

                            - - - - -


ENTAL SA: Moody's Alters Outlook to Stable & Affirms 'Ba3' CFR
Moody's Latin America Agente de Calificacion de Riesgo SA, changed
the outlook on Empresa Nacional de Telecomunicaciones S.A. (ENTEL
S.A.) to stable from negative and affirmed the global and national
scale corporate family ratings of Ba3 and, respectively.
The rating action follows Moody's Investors Service's decision on
August 1 to change the outlook on Bolivia's Ba3 government bond
rating to stable from negative.


The stable outlook on ENTEL S.A.'s ratings reflects the stable
outlook on the ratings of the Government of Bolivia (Ba3 stable),
which owns 97.5% of ENTEL S.A.'s shares through the Ministry of
Public Works, Utilities and Housing. The change of the sovereign
outlook to stable incorporates Bolivia's stabilizing fiscal and
current account deficits which suggest that the impact of lower
hydrocarbon prices on the sovereign's credit profile has been
contained, and Moody's expectation that Bolivia's growth, fiscal
and external metrics, although weakened, are likely to remain
consistent with its Ba3 rating.

The affirmation of ENTEL S.A.'s global and national scale
corporate family ratings of Ba3/ considers the company's
operating strength among peers and strong liquidity. ENTEL S.A.'s
ratings are furthermore supported by its leading market position
in the mobile business and steady cash generation. Despite
operating in a capital intensive industry, ENTEL S.A. has only
minimal debt-like obligations while maintaining sufficient cash on
hand. ENTEL S.A.'s rating is restrained by its modest scale when
compared to global peers, a product portfolio largely limited to
the prepaid mobile business, and revenue growth pressured by
Bolivia's highly competitive operating environment as well as
macroeconomic limitations. Through at least the end of 2017, ENTEL
S.A. will continue to carry out significant capital investments
which will generate sustained negative free cash flow.

ENTEL S.A.'s ratings also reflect the application of Moody's joint
default rating methodology for government-related issuers (GRIs).
ENTEL S.A.'s rating combines: (i) ENTEL S.A.'s underlying baseline
credit assessment (BCA) of ba3, and (ii) the willingness and
ability of the government of Bolivia to provide credit support to
ENTEL S.A. in a distress scenario. The Bolivian government's
ability to provide support to ENTEL S.A. is measured by its Ba3
rating and stable outlook, weakened somewhat by the moderate
dependence of the government and the company on credit factors
that could cause stress on both simultaneously. Moody's considers
the government's willingness to support the company in the event
of financial distress as high.

The ratings or outlook could be downgraded if the Government of
Bolivia's rating or outlook are downgraded. ENTEL S.A.'s ratings
could also experience downward pressure if overall credit metrics
significantly deteriorate, such that adjusted debt/EBITDA is
sustained above 2.3 times or adjusted EBITDA margin falls below
35% on a sustained basis. In addition, ENTEL S.A.'s ratings or
outlook could fall under pressure in case of negative regulatory
developments, or a loss of government support. A large debt-funded
acquisition would also put negative pressure on the rating.

Given the majority participation of the Government of Bolivia in
ENTEL S.A., a rating upgrade would be dependent on a positive
rating action on the sovereign rating.

ENTEL S.A. is Bolivia's incumbent telecommunications service
provider. Initially, the company was a public entity under the
Ministry of Civil Transportation, Communications and Aeronautics
until it became a subsidiary of Telecom Italia S.p.A. (Ba1 stable)
in 1995. In 2008, the Government of Bolivia (Ba3 stable) carried
out the nationalization of ENTEL S.A. and now holds 97.5% of the
company's shares through the Ministry of Public Works, Utilities
and Housing. The remaining 2.5% is held by a group of minority
shareholders. The company derives over 80% of its revenue from the
mobile voice and internet segment, where it has approximately 47%
of market share with full national coverage through 2G and 4G
networks. In addition, the company offers fixed landline and
broadband, wireless data, corporate and satellite television
services. During the last twelve months as of March 31, 2017,
ENTEL S.A. reported revenues totaling close to USD 638 million.

The methodologies used in these ratings were Telecommunications
Service Providers published in January 2017, and Government-
Related Issuers published in October 2014.


BAHAMAS: Poses 'Challenge' for IDB
RJR News reports that a multilateral lender says the Bahamas poses
a unique challenge for it, with surface-level wealth asking
significant income inequality where almost half of those living in
poverty are the working poor.

The Inter-American Development Bank, in a June 2017 report,
reveals just how this nation has stagnated from a social, economic
and equality perspective since the 21st century began, according
to RJR News.

Kick-starting a review of its Bahamas country program for the past
seven-and-a-half years, the IDB said household income distribution
had undergone "a significant deterioration" since 1999, with the
poverty rate jumping from 9.3 per cent in 2001 to 12.8 per cent in
2013, the report notes.

As reported in the Troubled Company Reporter-Latin America on
July 31, 2017, reports that Bahamian Prime
Minister Dr. Hubert Minnis has disclosed harsh cuts in the Bahamas
Government spending as he embarks on a strategy to remedy the
country's fiscal deficit, which is projected to reach $500 million
this year.


BRAZIL: Thousands of Soldiers Enter Rio Slums to Curb Violence
Associated Press reports that more than 3,500 Brazilian soldiers
are occupying slum communities in northern Rio de Janeiro as part
of efforts to combat a spike in violence.

The troops moved into the Complexo do Lins communities and
neighboring Camarista Meier, according to Associated Press.
Defense Minister Raul Jungmann told Globo TV that the troops would
stay there as long as necessary, the report notes.

About 8,500 soldiers were deployed in Rio to fight organized crime
gangs, which control many of the city's slums, the report relays.

Brazilian television showed soldiers armed with automatic rifles
sitting atop tanks as they patrolled the communities, the report
notes.  Mounting violence has led authorities to acknowledge in
recent weeks that much of the city is out of their control, the
report discloses.

In late June, authorities arrested nearly 100 police officers in
Rio de Janeiro suspected of allowing gangs to traffic drugs in the
city's slums in exchange for bribes, the report adds.

As reported in the Troubled Company Reporter-Latin America on May
30, 2017, Moody's Investors Service has changed the outlook on
Brazil's issuer rating to negative from stable and affirmed its
issuer, senior unsecured and shelf ratings at Ba2 and (P)Ba2

CONCESSIONARIA RODOVIAS: Moody's Cuts CFR to Caa2, Outlook Neg.
Moody's America Latina has downgraded Concessionaria Rodovias do
Tiete S.A.'s corporate family and senior secured ratings to
Caa2/ from Caa1/ on the global and the Brazilian
national scales (NSR) respectively. The outlook remains negative.


The downgrade reflects Moody's expectations that the company's
initial debt restructuring proposal would imply a 10% to 20% loss
to the existing debenture holders if approved. Moody's also
perceives much weaker support from Rodovias do Tiete's main
shareholders which, in Moody's views, materially limits the
company's ability to address the problems related to its capital
structure in a way that doesn't impact debenture holders. A
demanding capital investment program (BRL 400-500 million within
the next three years) required under the concession with very
limited flexibility further adds pressure to the credit profile of
Rodovias do Tiete.

What Could Change the Rating - Up /Down

In light of the latest rating action and the negative outlook, an
upgrade of the ratings is unlikely in the near term. While
unexpected, a debt restructuring result with lower loses to
creditors could prompt Moody's to review the ratings as would a
significant improvement in the company's liquidity and leverage

Further deterioration of the company's liquidity position would
negatively affect the ratings as would a debt restructuring that
infers higher than expected loses to creditors. Deterioration of
key credit metrics such as the FFO to Debt ratio staying below 5%
on a sustainable basis or DSCR below 1x would also prompt a
downgrade. Failure to comply with all obligations under the
concession on a timely manner would add negative pressure on the

Rodovias do Tiete holds a 30-year toll road concession granted by
ARTESP in April 2009 to expand, operate and maintain a 415 km toll
road system composed by five roads located in the State of Sao
Paulo: SP-101 (Rodovia Jornalista Francisco Aguirra Proenáa), SP-
113 (Rodovia Dr. Joao Jose Rodrigues), SP-308 (Rodovia Comendador
M†rio Dedini), SP-300 (Rodovia Marechal Rondon) e SP-209 (Rodovia
Prof. Joao Hipolito Martins). The service area includes 25
municipalities, where the largest cities are Bauru, Campinas, and
Piracicaba, with a diversified traffic profile, mainly composed by
agricultural, industries and commuters. Heavy traffic accounts for
55% of total equivalent vehicles (VEQ) with light vehicles
representing the remaining 45%.

In the last twelve months ended March 2017, the company registered
Moody's- adjusted BRL 202 million Net Sales and EBITDA of BRL 182
million (including insurance indemnification) with total debt of
BRL1.45 billion. Rodovias do Tiete is owned by a joint venture of
Atlantia Bertin Concessoes S.A. (50%) and the Portuguese ASCENDI
International Holdings B.V. (50%). Atlantia-Bertin Concessoes is a
joint venture between Italian toll-road operator Atlantia S.p.A
(Baa2, negative) and Brazil's Grupo Bertin (not rated).

The principal methodology used in these ratings was Privately
Managed Toll Roads published in May 2014.

JBS SA: Divests Interest in Dairy Business
------------------------------------------ reports that JBS SA officials disclosed on Aug. 3
the sale of its 19 percent interest in Vigor Alimentos SA, a large
dairy business based in Mexico, to Grupo Lala S.A.B de C.V. for
BRL1.12 billion (US$361 million).  JBS will receive approximately
BRL780 million (US$250.18 million) in equity value according to a
statement, according to

"JBS intends to use a portion of the proceeds from this
transaction to further reduce debt in connection with its
Stabilization Agreement," the company said, referencing its July
25 announcement regarding company debt, the report notes.  The
deal was approved by the JBS board of directors and is subject to
regulatory approvals, the report relays.

Publicly traded on the Mexican Stock Exchange, Grupo LALA has a
60-year history and maintains operations in the US, Central
America and Mexico with reported annual net sales of $2.9 billion
for the 12-month period ending June 30, 2017, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 31, 2017, S&P Global Ratings affirmed its 'B+' global scale
corporate credit ratings on JBS S.A. and JBS USA and its 'brBBB-'
national scale rating on JBS. S&P also affirmed the 'B+' senior
unsecured debt ratings on JBS and JBS USA and the 'BB' senior
secured debt ratings on JBS USA. At the same time, S&P removed all
ratings from CreditWatch. The outlook is negative.

PDG REALTY: Reaches Non-Binding Agreement With Banks
Reuters reports that PDG Realty SA, the largest Brazilian
homebuilder to have filed for bankruptcy protection, reached a
non-binding agreement with bank creditors as part of restructuring
talks, the company said in a filing.

PDG filed for bankruptcy protection in February after citing a
severe cash crunch and onerous debt of BRL7.3 billion (US$2.33
billion), according to Reuters.  It presented an in-court
reorganization plan on June 7, the report notes.

Banks Caixa Economica Federal, Banco do Brasil SA and Itau
Unibanco Holding SA and the company agreed to leave segregated
assets outside the in-court reorganization, the filing said, the
report relays.

PDG has struggled with cost overruns since it purchased smaller
rival Agre Participacoes SA in May 2010, while also dealing with
Brazil's deep recession over the last two years, the report says.

As reported in the Troubled Company Reporter-Latin America on
March 13, 2017, Moody's America Latina Ltda. has withdrawn all of
PDG Realty S.A Empreendimentos e Participacoes ratings following
the company's announcement on Feb. 22, 2017 that it filed for
bankruptcy protection under the Brazilian law 11.101/05 (recovery
and bankruptcy law) which was approved by the Brazilian court on
March 2, 2017.

SHREE RENUKA: COFCO Eyes Bid for Renuka Sugar Mill
Jose Roberto Gomes at Reuters reports that Chinese commodities
trader COFCO has asked to participate in an auction in Brazil
where a sugar mill owned by India's Shree Renuka Sugars Ltd will
be sold as part of an in-court debt restructuring, according to
court documents.

COFCO already owns four sugar and ethanol plants in Brazil capable
of processing a combined 15 million tons of cane per year,
according to Reuters.  The company looked at other potential
targets last year, but said prices were too high, the report

Renuka, which is under bankruptcy protection, will sell its Revati
mill in the municipality of Brejo Alegre in Sao Paulo state, the
report says.  The plant, which is near COFCO's Sao Paulo
operations, has capacity to process 4 million tons of cane per
year, the report says.  The auction is scheduled for Sept. 4.

If successful, it would be the third sale of sugar and ethanol
plants in Brazil through judicial auctions in less than a year, as
players with stronger capital structure snap up the assets of
heavily indebted rivals, the report notes.

Glencore Plc bought the Guararapes mill in November from
distressed sugar group Unialco, the report relays.  Ra°zen Energia
SA, a 50-50 joint venture between Cosan SA Industria e Comercio
and Royal Dutch Shell Plc, acquired two mills from Tonon
Bioenergia SA in June, the report notes.

According to the court documents seen by Reuters, Brazilian sugar
firm Companhia Mineira de Acucar e Alcool (CMAA), which owns two
mills in Minas Gerais state, has also asked to take part in the
auction, the report discloses.  Last year, CMAA acquired the Vale
do Pontal mill from U.S.-based Archer Daniels Midland, the report


SEADRILL LIMITED: New Rig Set to Start Exploring for Natgas
Workers are putting the finishing touches on the state-of-the-art
West Freedom rig, which is scheduled to sail into the waters of
Colombia's La Guajira province to start exploring for natural gas,
officials at the port of Cartagena told EFE News.

The rig, which is owned by Bermuda-based deep-water drilling
contractor Seadrill, arrived from Mexico and will begin exploring
for natural gas in the Molusco-1 well, according to EFE News.

                      About Seadrill

Seadrill Limited is a deepwater drilling contractor, which
provides drilling services to the oil and gas industry.  It is
incorporated in Bermuda and managed from London.

Seadrill reported a net loss of US$155 million on US$3.17 billion
of total operating revenues for the year ended Dec. 31, 2016,
following a net loss of US$635 million on US$4.33 billion of total
operating revenues for the year ended in 2015.

Seadrill had net income of US$57 million on US$569 million of
operating revenue for the three months ended March 31, 2017,
compared with US$149 million of net income on US$891 million of
operating revenue in the same period in 2016.

"[W]e continue to believe that implementation of a comprehensive
restructuring plan will likely involve chapter 11 proceedings, and
we are preparing accordingly. The extension provides additional
time to finalise negotiations and prepare for the necessary
potential implementation filings," Seadrill said in the July 26

"It is likely that the comprehensive restructuring plan will
require a substantial impairment or conversion of our bonds, as
well as impairment and losses for other stakeholders, including
shipyards.  As a result, the Company currently expects that
shareholders are likely to receive minimal recovery for their
existing shares."

The Company's business operations remain unaffected by these
restructuring efforts and the Company expects to continue to meet
its ongoing customer and business counterparty obligations.

"Over the past year, the Company has been engaged in discussions
with its banks, potential new investors, existing stakeholders and
bondholders in order to restructure its secured credit facilities
and unsecured bonds, and in order to raise new capital.  The
Company expects the implementation of a comprehensive
restructuring plan will likely involve commencing schemes of
arrangement in the United Kingdom or Bermuda or proceedings under
Chapter 11 of the United States Bankruptcy Code," Seadrill said in
May 2017 when it released its first quarter 2017 results.

"Although discussions are well advanced and significant progress
has been made, until such time our restructuring is completed,
uncertainty remains and therefore substantial doubt exists over
the Company's ability to continue as a going concern for twelve
months after the date the financial statements are issued."

Seadrill reported $21.31 billion in assets against $4.732 billion
in current liabilities and $6.473 billion in non-current
liabilities as of March 31, 2017.

P U E R T O    R I C O

EMPRESAS ALVARO: Court Approves Disclosures, Confirms Bankr. Plan
Judge Edward A. Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico approved Empresas Alvaro Torres Corp.'s
disclosure statement and confirmed the Debtor's plan of
reorganization, dated June 22, 2017.

The Troubled Company Reporter previously reported that the
restructuring plan proposes to pay each Class 4 general unsecured
creditor 5% of its allowed claim. General unsecured creditors will
receive monthly payments over five years.

The plan will be funded from cash on hand available on the
effective date of the plan, new professional services contracts
with private and government agencies, and future income.

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


                  About Empresas Alvaro Torres

Empresas Alvaro Torres Corp. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 16-08029) on October
6, 2016.  The petition was signed by Frances J. Alvaro Torres,

At the time of the filing, the Debtor estimated assets and
liabilities of less than $500,000.

Judge Edward A. Godoy presides over the case.  The Law Offices of
Luis D. Flores Gonzalez represents the Debtor as bankruptcy

MBTI OF PUERTO RICO: Selling San Juan Six Properties for $2MM
MBTI of Puerto Rico, Inc., asks the U.S. Bankruptcy Court for the
District of Puerto Rico to authorize the sale of six disabled

  (i) located at #1654 Santa Ana St., Santurce Ward, San
      Juan, Puerto Rico ("Property No. 2,731") to Mena Group, Inc.
      for $60,000;

(ii) located at 610 Ramon Figueroa, Santurce Ward, San Juan,
      Puerto Rico ("Property No. 3,583") to Morgan Reed Group,
      LLC, for $118,000;

(iii) a property in San Juan, Puerto ("Property No. 4,632") to
      Connect Assistance for $1,425,000;

(iv) a parking lot in Fajardo, Puerto Rico ("Property No.
      12,239") to Universidad Interamericana de Puerto Rico for

  (v) a three-story commercial building in Fajardo, Puerto Rico
      ("Property No. 13,947") to Universidad Interamericana de
      Puerto Rico for $250,000; and (vi) a two-story commercial
      building in Fajardo, Puerto Rico ("Property No. 16,947) to
      Universidad Interamericana de Puerto Rico for $115,000.

Property No. 2,731 is recorded at Page 216 of Volume 111 of
Santurce Sur, Registry of Property, First Section of San Juan.
Property No. 3,583 is recorded at Page 86 of Volume 72 of Santurce
Sur, Registry of Property, First Section of San Juan.  Property
No. 4,632 recorded at Page 83 of Volume 134 of Santurce Sur,
Registry of Property, First Section of San Juan.  Property No.
12,239 is recorded at Page 36 of Volume 290 of Fajardo, Registry
of Property, Fajardo Section.  Property No. 13,947 is recorded at
Page 106 of Volume 322 of Fajardo, Registry of Property, Fajardo
Section.  Property No. 16,978 is recorded at Page 8 of Volume 401
de Fajardo, Registry of Property, Fajardo Section.

The purchase price for each Property has been agreed to by Debtor
and the Purchaser and will be paid at closing.

While the Debtor's counsel and its financial consultant have
rendered professional services to Universidad Interamericana de
Puerto Rico in unrelated matters, the Debtor's negotiation
therewith have been conducted at arm's-length with no
participation by its counsel or financial consultant.

A copy of the Purchase Agreements attached to the Motion is
available for free at:

Property No. 2,731 was last appraised on March 7, 2012, by Beverly
& Associates, PSC, with a market value of $180,000.  At that time,
Property No. 2,731 was occupied by Debtor for its operations and
is now vacant and vandalized.

Property No. 3,583 was last appraised on June 30, 2015 by RPA
Appraisal Advisors with a market value of $290,000.  At that time,
the Property No. 3,583 was occupied by Debtor for its operations
and is now vacant and deteriorated.

Property No. 4,632 was last appraised on March 7, 2012 by Beverly
& Associates with a market value of $2,200,000. At that time, the
Property No. 4,632 was occupied by Debtor for its operations and
is now vacant and deteriorated.

Property No. 12,239 was last appraised on June 12, 2017, by ODV
Appraisal Group with a market value of $30,000, equal to the
agreed to purchase price.

Property No. 13,947 was last appraised on June 9, 2017, by ODV
Appraisal Group with a market value of $115,000 equal to the
agreed to purchase price.

Property No. 16,978 was last appraised on June 9, 2017, by ODV
Appraisal Group with a market value of $250,000, equal to the
agreed to purchase price.

The Properties have been vacant since September 2016 when the
Debtor ceased its operations and some have been the object of

Furthermore, the real estate market in Puerto Rico as a result of
Puerto Rico's economic crisis continues to deteriorate.  The
Debtor's management is knowledgeable of the condition of the
Properties and has concluded that the purchase offers referred are
fair and represent the Properties' current market value.

The Debtor has no use for the Properties, which are totally
encumbered in favor of Oriental Bank in excess of $5,900,000, with
no equity, as reflected in the title studies prepared by Estudios
Legales LLC on Nov. 23, 2016 and Title Solutions Corp., on Oct. 20
and 25, 2016.  On Nov. 20, 2016, Oriental filed a motion for
relief from stay as to, inter alia, the Properties in order to
proceed with the foreclosure of its mortgages thereon.  Oriental
and the Debtor have agreed that from the proceeds of the sale of
the Properties, totaling $1,998,000, Oriental is to receive a net
payment of $1,670,000, with the balance of $328,000, to be
retained by the Debtor for the payment of the real estate taxes
due on the Properties ($68,440), Real Estate Broker's commission
($99,900), Notarial fees and Internal Revenue stamps ($15,790),
and administrative expenses as due in the regular course or as
otherwise authorized by the Court, with the balance to be
maintained in the Debtor's DIP operating account.

Otherwise the sale of the Properties is to be free and clear if
any interest thereon.

The Municipal Revenue Collection Center's statements relative
thereto are: (i) Property No. 2,731 - $4,608; (ii)  Property No.
3,583 - $8,173; (iii) Property No. 4,632 - $43,879; (iv) Property
No. 12,239 - $429; (v) Property No. 13,947 - $0; and (vi) Property
No. 16,978 - $11,351. The total is $68,440.

The Debtor asks the Court that after the expiration of the notice
period without an objection, an order be entered authorizing the
sale of the Properties.

The Purchasers can be reached at:

     Attn.: Wally Rodriguez
     Telephone: (787) 390-0122

     Brian Tenenbaum, COO
     5151 Collins Ave.
     Miami Beach, FL 33140

     Attn.: Antonio Ortiz
     701 Ave Ponce De Leon, Suite 305
     San Juan, PR 00907
     Telephone: (787) 379-7435

     Manuel J Fernos, President
     P.O. BOX 363255
     San Juan, PR 00936-3255
     Telephone: (787) 766-1912
     Facsimile: (787) 751-3375

                    About MBTI of Puerto Rico

MBTI of Puerto Rico, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 16-08091) on Oct. 7,
2016.  The petition was signed by Barbara Alozo Vila, president.
At the time of the filing, the Debtor disclosed $12.99 million in
assets and $16.07 million in liabilities.  The case is assigned to
Judge Edward A. Godoy.  Charles A. Cuprill, Esq., at Charles A.
Cuprill, P.S.C., Law Offices, in San Juan, Puerto Rico, serves as

SHORT BARK: Sept. 18 Auction of All Assets Set
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware authorized the bidding procedures of Short Bark
Industries, Inc. and EXO SBI, LLC in connection with their sale of
substantially all assets at auction.

The salient terms of the Bidding Procedures are:

    a. Minimum Deposit: 5% of the proposed purchase price

    b. Bid Deadline: Sept. 15, 2017 at 5:00 p.m. (PET)

    c. Sale Objection Deadline and Cure/Assignment Objection

    d. Auction: Sept. 18, 2017 at 10:00 a.m. (PET) at the offices
       of Klehr Harrison Harvey Branzburg LLP, I835 Market Street,
       Suite I400, Philadelphia, Pennsylvania.

    e. Starting Qualified Bid: The Debtors, with the consent of
       LSQ will determine which Qualified Bid or combination of
       Qualified Bids that represent the then-highest or otherwise
       best bid for the Assets.

    f. Bidding Increments: The Auction will commence with the
       Starting Qualified Bid and then proceed in minimum
       increments to be announced at the Auction.

    g. Closing with Alternative Backup Bidders:  Prior to the
       entry of the Sale Order, the Debtors will announce the
       identity of the Qualified Bidder or combination of
       Qualified Bidders who submitted the Successful Bid at the

    h. Sale Hearing: Sept. 19, 2017, at 1:30 p.m. (PET)

The Assets will be sold "as is, where is" without representation
and warranties of any kind, and

No later than three business days after entry of the Bidding
Procedures Order, or as soon thereafter as such parties can be
identified, the Debtors will cause the Notice of Auction and Sale
Hearing upon all Notice Parties.

No later than three business days after entry of the Bidding
Procedures Order or three business days after entry of an Order
approving an asset purchase agreement with a Stalking Horse
Bidder, the Debtors will: (i) serve the Notice of Auction and Sale
Hearing on all known creditors of the Debtors; and (ii) subject to
applicable submission deadlines, publish the Notice of Auction and
Sale Hearing once in one or more publications as the Debtors deem

No later than three business days after entry of the Bidding
Procedures Order or three business days after entry of an Order
approving an asset purchase agreement with a Stalking Horse
Bidder, the Debtors will serve the Notice of Assumption and
Assignment identifying the calculation of the cure amounts that
the Debtors believe must be paid to cure all prepetition defaults
under the Assigned Contracts upon all Notice Parties.  The
Sale/Cure/Assignment Objection Deadline is Sept. 12, 2017 at 4:00
p.m. (PET) or seven days after service of the relevant
Supplemental Notice of Assumption and Assignment.

A copy of the Bidding Procedures, Notice of Auction and Sale
Hearing, and Notice of Assumption and Assignment attached to the
Order is available for free at:

The stays provided for in Bankruptcy Rules 6004(h) and 6006(d) are
waived and Bidding Procedures Order will be effective immediately
upon its entry.

                About Short Bark Industries

Short Bark Industries, Inc. --
provides military apparels for the Department of Defense, law
enforcement industry.  The company's manufactured items in the
military category include military MOLLE, medium and large
rucksacks, assault packs, IWCS, ACU, ABU, BDU, helmet covers,
FROG, A2CU and more.  It offers men and boys suits, over garments,
bag, and coats.  The company holds over 120,000+ square feet of
manufacturing capacity with operations in Florida, Puerto Rico and

Short Bark and EXO SBI, LLC, sought bankruptcy protection (Bankr.
D. Del., Lead Case No. 17-11502) on July 10, 2017.  The petitions
Were signed by Phil Williams, CEO and chairman.

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

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

On July 18, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Continues to Face Economic Challenges
An International Monetary Fund staff team led by Mr. Elie Canetti
visited Trinidad and Tobago during July 20 - August 2, 2017 to
conduct the annual Article IV consultation.

At the end of the visit, Mr. Canetti issued the following
statement in Port of Spain:

"Trinidad and Tobago continues to face economic challenges
stemming primarily from the sharp declines in global energy prices
since 2014, combined with a fall in natural gas and oil production
in recent years. These, along with the prolonged economic
stagnation, capital allowances, and challenges with tax
administration have continued to contribute to weak revenue
collections, leading to still significant fiscal deficits and
rising public debt levels.

"Although preliminary data shows that the economy contracted in
the first half of the year on weak energy production and
spillovers to the non-energy sector, the economy may be starting
to turn a corner as a result of a projected recovery in gas
output, though growth may still be flat or somewhat negative for
the year as a whole. The economic improvement that is
now beginning is projected to continue into the medium-term,
notably given a pipeline of projects that will improve the supply
of natural gas to the downstream energy sector. Oil output is
growing due to state-owned Petrotrin's recent exploration efforts
and refinery upgrade. As the energy sector recovers, the non-energy
sector is expected to rebound due to positive energy-related
spillovers, and as implementation of the Public-Sector Investment
Program picks up.

"The team welcomed ongoing fiscal policy adjustments, including
the government's efforts to reform the energy tax regime and to
boost domestic revenues. Nonetheless, it cautioned that
sustainable fiscal adjustment will require additional measures
(including containment of current expenditure) to rebalance the
public finances, especially as one-off, non-debt creating
financing options such as asset sales will diminish over time. The
team urged the authorities to undertake a medium-term, modestly
front-loaded fiscal adjustment to rebalance the public finances
and put debt on a sustainable path. Delaying fiscal adjustments
would only make it harder to arrest rising debt levels and restore
confidence down the road. In addition, the team sees the need for
an increase in capital investment to set the stage for a lasting
recovery in economic growth and for economic diversification. The
authorities and the team held fruitful discussions on a number of
adjustment measures to achieve the necessary fiscal consolidation.

"Although Trinidad and Tobago still holds healthy levels of
international reserves, there has been a sharp drop in foreign
exchange inflows as energy prices and volumes have both fallen.
This, combined with still high demand for foreign exchange, has
created a notable imbalance in the foreign exchange market that
has had a number of adverse consequences. The team continues to
believe that reducing and eventually eliminating the imbalance in
the foreign exchange market is of paramount importance, and
outlined that a range of measures will likely be necessary to do
so. These include fiscal adjustment, structural reforms to enhance
the country's foreign exchange earnings capacity and operating the
foreign exchange market with a greater degree of flexibility.

"Wide-ranging structural reforms will be needed to enhance the
functioning of the government and increase the scope for growth
and diversification. These include carrying through with envisaged
procurement reforms, continuing to ease the costs of doing
business, modernizing financial supervision and continuing to push
through reforms that will enhance, and speed-up the production of,
the country's economic statistics."

TRINIDAD & TOBAGO: 4,000 Retrenched Since September
Verne Burnett at Trinidad and Tobago Newsday reports that from
last September to the present, about 4,000 people have been
retrenched and president of the Banking, Insurance and General
Workers Union (BIGWU) Vincent Cabrera says retrenchment is the
major industrial relations malady facing trade unions.

According to Mr. Cabrera, between 1985 and 1993, 6,698 workers
were retrenched in the public and private sectors, the report
notes.  He said that in 1992, the Minister of Labor reported to
the International Labor Organization (ILO) that 10,000
retrenchments were reported between 1986 and 1990, according to
the report.

Mr. Cabrera added that rising unemployment benefitted no one and
that large scale dismissals lead to an increase in the numbers of
people who participate in the "informal economy," saying there
were increasing numbers of vendors as well as people who go into
criminal activity, Trinidad and Tobago Newsday relays.

Mr. Cabrera said that from September 2016 to now, about 4,000
workers had been retrenched, the report notes.  However, he said
he was sure that the figure was higher because that number was
based on reports to the ministry by employers and they are not
required to report when they retrench fewer than five workers, the
report discloses.

Mr. Cabrera said trickles of workers are being retrenched every
day.  "Every Monday morning some new employer is saying they are
restructuring and once they say that they are restructuring, we
know what coming down after," he said.  Mr. Cabrera gave the
figures at a news conference at the union's Barataria headquarters
at which he accused a little known UK oil services company ASCO
based at New Street in Port of Spain of committing several
industrial relations offences when it retrenched an entire
bargaining unit of 16 people without giving formal notice to the
Ministry of Labor and without consulting with the union, the
report relays.

Mr. Cabrera said in January, the union was granted approval as the
recognised majority union for a bargaining unit comprising
monthly-rated workers at the company.  He said the union received
its recognition certificate on January 11, 2016, the report notes.
The company later said it lost its contract with bp and retrenched
all workers in the bargaining unit, the report says.

Mr. Cabrera said the workers told the union that they had been
told that if they behaved themselves and did not join the union,
the company would place them in jobs with another company which
had got the bp contract.

Mr. Cabrera said something was strange about that because while
the bargaining unit for which the union had been recognized had
been retrenched, another bargaining unit was continuing to work
and the company was continuing its operations, the report relays.
Mr. Cabrera said that last November the union submitted proposals
to the company for negotiations for an industrial agreement and
the company submitted its counter-proposals in March this year,
the report notes.

Mr. Cabrera said that in April, the union had to report to the
Ministry of Labor that there was a trade dispute between the
parties, the report relays.  According to Mr. Cabrera, after
several conciliation meetings at the Ministry of Labor, the
ministry prepared an agreement for both parties to sign but on the
day that they were supposed to sign the agreement the company
representative attended the meeting and said it was not prepared
to sign the agreement and would not continue the negotiations with
the union, the report notes.

Mr. Cabrera said this was gross disrespect and unethical.  He said
the union is now awaiting a statement from the Ministry of Labor
certifying that an unresolved dispute exists and a referral to
take the matter to the Industrial Court, the report relays.

A spokesmn for ASCO said "No comment", to the union's charges.


PDVSA: Asks Bondholders to Waive Financial Reporting Requirements
Katia Porzecanski and Nathan Crooks at Bloomberg News report that
Venezuela's state oil company, ensnared in the political crisis
gripping the country, is asking bond investors for a temporary
waiver from financial reporting requirements because it can't
complete the documents on time.

Bloomberg News notes that Petroleos de Venezuela asked trustee
Mitsubishi UFJ Financial Group Inc. for an extension to Aug. 11,
at which point it expects to make the documents available,
according to a letter dated July 31 that the bank sent to holders
of notes due in 2020.  PDVSA was obligated under the indenture to
provide audited financial reports for last year by the end of
June, and failing to produce them could allow bondholders to
declare the company in default, according to Bloomberg News.

"Given the complexity of PDVSA's consolidated operations, the
completion of the end of the year Financial Statements of PDVSA
has taken significantly longer than in previous years," PDVSA
wrote to the trustee in a letter dated July 21 that the bank
distributed in its missive, Bloomberg News relays.

A representative for PDVSA declined to comment.

Venezuela and its state oil company are under intense scrutiny
from investors as U.S. sanctions against key government officials
and a power grab by President Nicolas Maduro threaten to disrupt
financial flows, Bloomberg News notes.  Prices for government and
PDVSA bonds have tumbled in recent weeks amid concerns that
Maduro's actions will trigger more severe measures against the
oil-producing nation that may choke off its ability to pay debt,
Bloomberg News says.

In order to provide the waiver, the trustee would need the
permission of holders with at least 50 percent of the principal
amount of bonds outstanding, Bloomberg News discloses.  If no
permission is given, holders of 25 percent of the outstanding debt
can issue a notice of default, which would trigger an event of
default 60 days later if the situation hasn't been remedied,
Bloomberg News relays.

It is unclear if a similar request has been made to holders of
other PDVSA bonds, Bloomberg News relays.  The company's 2020
notes are backed by a first-priority lien on a 50.1 percent stake
in Citgo Holding Inc., PDVSA's U.S. refining arm, Bloomberg News

The notes rose 2.7 cents on the dollar to 67.25 at 12:17 p.m. on
Aug. 3, in New York.  The upfront cost to protect PDVSA debt for
one year with credit-default swaps was 52 percent on Aug. 4,
implying a 73 percent probability of non-payment, according to CMA
intraday data, Bloomberg News says.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Moody's Investors Service assigned a Caa3 rating to
Petroleos de Venezuela, S.A. (PDVSA)'s 8.5% $3.4 billion in senior
secured notes due 2020.  The outlook on the rating is negative.

VENEZUELA: New Assembly Fires Attorney General
Anatoly Kurmanaev and Juan Francisco Alonso at The Wall Street
Journal report that Venezuela's new all-powerful Constituent
Assembly swiftly moved forward with its pledge to stamp out
dissent, removing Attorney General Luisa Ortega from office in its
first session.

Soldiers in riot gear cordoned off the attorney general's office
early Saturday, denying entry to Ms. Ortega, who in recent months
broke with President Nicolas Maduro and launched a series of
investigations into corruption and human-rights abuses, according
to The Wall Street Journal.

Minutes later, government allies in the Supreme Court made public
Friday's ruling to suspend her from office, and the new all-
powerful Constituent Assembly voted unanimously to replace her
with Tarek Saab, a Maduro loyalist sanctioned by the United
States, the report notes.

"Ortega had become a center of impunity," said Diosdado Cabello, a
leading member of the Constituent Assembly, as he announced her
removal, the report notes.  "Here we must have justice, not
revenge," the report quoted Mr. Cabello as saying.

The report relays that Ms. Ortega has said the Supreme Court had
no power to suspend her from office and that she would continue
her investigations.

"Liberty has been lost in this country," Ms. Ortega told reporters
outside her office, adding that soldiers pushed her back from the
entrance with riot shields, the report notes.  "They want to hide
the corruption in Venezuela and the violations of human rights,"
she added.

The report relays that Ms. Ortega was once a fierce Maduro
supporter, playing a crucial role in his consolidation of power.
She rebelled against the president's decision to elect the
Constituent Assembly, which she called illegal, the report notes.
The body, made up of government loyalists including Mr. Maduro's
wife and son, has powers to override other institutions and
rewrite the constitution, the report relays.

The assembly's swift removal of Ms. Ortega comes amid fears from
the opposition that the body will stamp out last vestiges of
democracy, banning free elections and dissolving congress, the
report says.

"The government is using brute force because it has nothing else
left," Julio Borges, president of the opposition-controlled
congress, said outside the attorney general's office, the report
notes.  "We are here to support democracy and rule of law," Mr.
Borges added.

The assembly voted to remain in power for at least two years,
compared with the six months used by the last such body, which
convened in 1999, the report says.

Its members implied that their next target would be the private
sector, whom they blame for hyperinflation, chronic food shortages
and economic collapse, the report notes.

"To live you have to eat, and today eating is very dependent on
big corporations and their distribution networks," said Isaias
Rodriguez, the assembly's vice president.  "We have to make
decisions on that matter," he added.

Thousands of government supporters converged on downtown Caracas
to inaugurate the Constituent Assembly in the Legislative Palace,
which also houses the opposition-controlled congress, the report

The opposition said it would convene for a congressional session
in the building, the report notes.  It is unclear soldiers will
allow them to enter, the report discloses.

The government claims more than eight million Venezuelans voted
for new assembly members in Sunday's election, which was boycotted
by the opposition, the report says.  The company that oversaw the
elections, Smartmatic, said the election was a fraud, the report

The election has drawn global condemnation, with about 40
countries saying they wouldn't recognize the new assembly, the
report says.

The U.S. sanctioned Mr. Maduro and a dozen top officials,
including the new attorney general, in the past month for human-
rights violations, corruption and undermining democracy, the
report discloses.

Regional trading block Mercosur voted to suspend Venezuela for
failing to follow democratic norms, the report relays.

"For the first time the group is making a political statement
about the regime," said Paulo Estivallet de Mesquita, a Brazilian
diplomat at Mercosur, 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'."


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

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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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