TCRLA_Public/171109.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Thursday, November 9, 2017, Vol. 18, No. 223


                            Headlines



B R A Z I L

OI SA: Anatel Demands Review of Restructuring Proposal
TAKATA CORP: Proofs of Claim Due Nov. 27; PPIC Claims Due Dec. 27


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Official Denies 'Unsustainable' Debt


M E X I C O

GST AUTOLEATHER: Committee Taps Berkeley as Financial Advisor
GST AUTOLEATHER: Committee Taps Whiteford as Co-Counsel
GST AUTOLEATHER: Committee Taps Configure as Investment Banker
GST AUTOLEATHER: Committee Taps Foley & Lardner as Legal Counsel


P U E R T O    R I C O

L&R DEVELOPMENT: Court Junks NRR, et al.'s Bid to Dismiss Lawsuit
PANADERIA Y REPOSTERIA: Plan Confirmation Hearing Set for Nov. 30


V E N E Z U E L A

CORPORACION ELECTRICA: S&P Lowers CCR to 'CC', On Watch Negative
VENEZUELA: Makes Crucial Bond Repayment in Late October
VENEZUELA: Food Protests & Looting as Default Looms


                            - - - - -


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B R A Z I L
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OI SA: Anatel Demands Review of Restructuring Proposal
------------------------------------------------------
Gram Slattery and Leonardo Goy at Reuters report that the head of
Brazil's telecommunications watchdog, Anatel, demanded that debt-
laden carrier Oi SA submit its latest restructuring proposal to
the regulator before officially filing it with a bankruptcy court.

Anatel head Juarez Quadros told reporters in Brasilia that the
regulator, an Oi creditor due to billions of dollars in unpaid
regulatory fines, would wait for the country's solicitor-general
to give an opinion on the company's proposal before deciding
whether or not to vote for it, according to Reuters.

Oi unveiled through a securities filing a restructuring proposal
that includes a provision requiring the company to pay bondholders
significant annual fees in exchange for capital they would inject
into the carrier, the report notes.

The company said its plan would involve a minimum capital increase
of BRL7.1 billion (US$2.16 billion), of which BRL3.5 billion would
come from a cash injection and BRL3.6 billion from a debt-for-
equity swap, the report relays.

The report notes that Mr. Quadros said the new plan could create
"operational risks" for the company, which filed for Latin
America's largest bankruptcy proceeding ever last year, since it
creates additional financial obligations.

In a statement released after Mr. Quadros' comments, Anatel said
Oi has 24 hours to present the restructuring plan to the
regulator, the report says.  It added that Anatel will have a
representative present at all Oi management meetings, the report
notes.

Bondholders that inject capital into the company would receive an
upfront fee of 6 percent on their contribution plus annual fees of
8 percent under the company's plan, the report discloses.  So-
called "break-up fees," resulting from contract breaches by Oi,
would be around 10 percent to 13 percent, the company said in the
filing, the report relays.

Oi said the new proposal would be filed shortly with the court in
Rio de Janeiro that oversees Oi's proceedings to restructure BRL65
billion in debt, the report notes.

Societe Mondiale, a fund that manages influential shareholder
Nelson Tanure's stake in Oi, said in a statement that it was
"satisfied" with the regulator's demand the report relays.

Negotiations around Oi have taken a number of dramatic turns just
days before a Nov. 10 creditor vote on a company plan to take the
carrier out of bankruptcy protection the report says.  The
company, the only fixed-line carrier in a third of Brazil's 5,500
municipalities, filed for bankruptcy protection in July 2016, the
report notes.

On one side, the company -- led by Tanure -- has been negotiating
with a number of distressed-debt and special-situation firms to
push through a plan that would result in a huge haircut for many
bondholders, the report notes.

Opposing the company is the Ad Hoc Group of Oi Bondholders, the
International Bondholders Committee, and a group of export credit
agencies, which together hold about BRL23 billion in debt, the
report relays.

Mr. Quadros told reporters that multiple plans could potentially
be put on the table for creditors to vote on the report notes.

Oi's board, over which Tanure holds sway, appointed two new
members to management, ensuring the company plan could formally be
presented to creditors despite some internal opposition, the
report says.

In the filing, Oi said its plan had several dozen "initial
approved assignees," including Bank of America Merrill Lynch, the
investment banking unit of Bank of America, Goldman Sachs & Co,
Morgan Stanley (MS.N) and distressed-asset and special-situations
investors such as Aurelius Capital Management, Citadel Investment
Group LLC, Solus Alternative Asset Management, KKR and Silver
Point, the report notes.

It was not immediately clear which funds would participate in the
capital injection, the report relays.  Many assignees hold
significant portions of Oi's equity and debt.

Corrado Varoli, CEO of G5 Evercore, which is advising the
International Bondholders Committee, said the list of funds
provided by Oi were those that were eligible to participate, the
report notes.  The list of funds that have agreed to Oi's
restructuring plan is much smaller, he said, the report relays.

Reuters reported on Nov. 1 that Tanure, allied with controlling
shareholder Pharol SGPS SA, was counting on a new group of
bondholders known as G6 to gain support for a new restructuring
proposal, the report discloses.

                         About Oi SA

Headquartered in Rio de Janeiro, and operating almost exclusively
within Brazil, the Oi Group provides services like fixed-line data
transmission and network usage for phones, internet, and cable,
Wi-Fi hot-spots in public areas, and mobile phone and data
services, and employs approximately 142,000 direct and indirect
employees.

On June 20, 2016, pursuant to Brazilian Law No. 11.101/05 (the
"Brazilian Bankruptcy Law"), Oi S.A. and certain of its
subsidiaries filed for recuperao judicial (judicial
reorganization) in Brazil.

On June 21, 2016, OI SA and its affiliates Telemar Norte Leste
S.A. and Oi Brasil Holdings Cooperatief U.A. commenced Chapter 15
proceedings (Bankr. S.D.N.Y. Lead Case No. 16-11791).  Ojas N.
Shah, as foreign representative, signed the petitions.

Coop and PTIF are also subject to proceedings in the Netherlands.

The Chapter 15 cases are assigned to Judge Sean H. Lane.

In the Chapter 15 cases, the Debtors are represented by John K.
Cunningham, Esq., and Mark P. Franke, Esq., at White & Case LLP,
in New York; and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq.,
and Laura L. Femino, Esq., at White & Case LLP, in Miami, Florida.

On July 22, 2016, the New York Court recognized the Brazilian
Proceedings as foreign main proceedings with respect to the
Chapter 15 Debtors, and granted certain additional related relief.


TAKATA CORP: Proofs of Claim Due Nov. 27; PPIC Claims Due Dec. 27
-----------------------------------------------------------------
TK Holdings Inc. and its affiliated debtors encourage individuals
who own, or may have owned, vehicles equipped with certain airbag
inflators manufactured by the Debtors or their affiliates that
contain phase-stabilized ammonium nitrate ("PSAN Inflators") to
visit the website tkrestructuring.com/PPIC and carefully review
information about the Chapter 11 Cases and the process for filing
a proof of claim against the Debtors.  Information on this website
is available in 22 languages, and interested individuals may
register their e-mail addresses to receive notifications of
important developments in the Chapter 11 Cases.

The Bankruptcy Court has established the following deadlines for
filing proofs of claim against the Debtors:

(a) For claims against any of the Debtors other than (i) claims of
    Governmental Units and (ii) claims that relate to or arise
    from PSAN Inflators manufactured by the Debtors of their
    affiliates prior to the Petition Date ("PPIC Claims"), the
    deadline to file a proof of claim is November 27, 2017 at 5:00
    p.m. (Eastern Time);

(b) For PPIC Claims, the deadline to file a proof of claim is
    December 27, 2017 at 5:00 p.m. (Eastern Time); and

(c) For claims against any Debtor asserted by a governmental unit
    (as defined in Bankruptcy Code section 101(27)), the deadline
    to file a proof of claim is December 22, 2017 at 5:00 p.m.
    (Eastern Time) (the "Governmental Bar Date").

Individuals should contact their local dealership to determine if
they have a PSAN Inflator.  For more information about recalls of
PSAN Inflators (including information about obtaining a
replacement inflator), visit www.AirbagRecall.com,
https://www.nhtsa.gov/recall-spotlight/takata-air-bags,
http://www.tc.gc.ca/eng/motorvehiclesafety/safevehicles-
defectinvestigations-1433.html,
http://www.mlit.go.jp/en/jidosha/vehicle_recall_17.html,respond
to the recall notice (to the extent you received one), or contact
your local dealership.  The Chapter 11 Cases should not impact the
ability of drivers to get replacements for recalled PSAN Inflators
free of charge.

                       About Takata Corp

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.

Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No.17-11375) on June 25, 2017.  Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets and operations to Key Safety Systems (KSS) for
US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings.  Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata.  Ernst & Young LLP is
tax advisor.  Prime Clerk is the claims and noticing agent.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor.  UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things, a
stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act.  The Canadian
Court appointed FTI Consulting Canada Inc. as information officer.
TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.  The
Committee has also tapped Chuo Sogo Law Office PC as Japan
counsel.

The Official Committee of Tort Claimants selected Pachulski Stang
Ziehl & Jones LLP as counsel.  Gilbert LLP will evaluate of the
insurance policies.  Sakura Kyodo Law Offices will serve as
special counsel.

Roger Frankel, the legal representative for future personal injury
claimants of TK Holdings Inc., et al., tapped Frankel Wyron LLP
and Ashby & Geddes PA to serve as co-counsel.

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan.  The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases.  Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Official Denies 'Unsustainable' Debt
--------------------------------------------------------
Dominican Today reports that Dominican Republic Economy Minister
Isidoro Santana denied that the public debt, which some analysts
estimate at over 50 percent of GDP, is "unsustainable," or that
it's going to place the country at risk of an ensuing economic
crisis.

For the official, the problem of the mounting public debt "is an
issue that worries everyone," both civil society and the
Government, according to Dominican Today.

The report notes that Mr. Santana said to control the public debt
there would have to be a surplus in tax revenue, which means
compliance of one third of the agreements promoted by the
Government in the National Development Strategy 2030, to achieve a
fiscal pact.

"There's no doubt that we cannot continue in debt indefinitely. At
some point you have to control that," the official warned, prior
to a meeting with the bicameral commission in Congress, which
debates the bill for the 2018 Budget, the report adds.

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

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

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



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M E X I C O
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GST AUTOLEATHER: Committee Taps Berkeley as Financial Advisor
-------------------------------------------------------------
The official committee of unsecured creditors of GST AutoLeather,
Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Delaware to hire Berkeley Research Group, LLC as its
financial advisor.

The firm will provide these financial advisory services in
connection with the Chapter 11 cases filed by GST AutoLeather and
its affiliates:

     (a) develop a periodic monitoring report to enable the
         committee to evaluate the Debtors' financial
         performance;

     (b) scrutinize cash disbursements and capital requirements
         on an on-going basis for the period subsequent to the
         filing of the cases;

     (c) review relief requested in cash management motion and
         other use of cash collateral arrangements negotiated;

     (d) analyze both historical and ongoing related party
         transactions or material unusual transactions of the
         Debtors and non-debtor affiliates;

     (e) advise the committee and counsel in evaluating any court
         motions, applications or other forms of relief related
         to vendors, wages and taxes;

     (f) assist the committee in identifying or analyzing any
         preference payments, fraudulent conveyances, and other
         potential causes of action that the Debtors' estates may
         hold against insiders or third parties;

     (g) provide support to the committee and counsel regarding
         potential litigation strategies vis a vis insiders as
         well as third parties;

     (h) evaluate any accommodation agreement developed;

     (i) analyze and evaluate the Chinese supply chain strategy
         for pre-bankruptcy value decrease, avenues for potential
         go-forward savings and non-accommodation value
         enhancement;

     (j) analyze the Debtors' and non-debtor affiliates' assets
         (tangible and intangible) and possible recoveries to
         creditor constituencies under various scenarios and
         develop strategies to maximize recoveries;

     (k) monitor the Debtors' claims management process;

     (l) prepare a working waterfall model that estimates the
         recovery to creditors from interests in unencumbered
         value; and

     (m) attend committee meetings and court hearings as may be
         required.

The firm's standard hourly rates range from $650 to $980 for
managing directors, $480 to $705 for directors, $260 to $475 for
professional staff, and $120 to $425 for support staff.

The professionals expected to provide the services are:

     Christopher Kearns     $980
     Peter Chadwick         $920
     Michelle Tran          $495
     Kevin Beard            $365
     Jay Wu                 $350

Peter Chadwick, managing director of Berkeley, disclosed in a
court filing that the firm is a "disinterested person" as defined
in section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Peter C. Chadwick
     Berkeley Research Group, LLC
     1800 M Street Northwest, 2nd Floor
     Washington, DC 20036
     Phone: 202-480-2700
     Fax: 202-419-1844

                      About GST AutoLeather

Headquartered in Southfield, Michigan, GST AutoLeather, Inc., was
founded in 1933, then known as Garden State Tanning, initially
operated as a tanning company that processed leather for the
upholstery and garment industries.  The Company entered the
automotive industry in 1946.

As of Oct. 3, 2017, the Company employs approximately 5,600 people
worldwide, including the United States, Mexico, Japan, China,
Korea, Germany, Hungary, South Africa, and Argentina.  The Company
supplies leather to virtually every major OEM in the automotive
industry, including Audi, BMW/Mini, Daimler, Fiat Chrysler, Ford,
General Motors, Hyundai, Honda, Porsche, PSA, Nissan, Kia, Toyota
and Volkswagen.

GST AutoLeather, Inc., and five of its affiliates filed voluntary
petitions for relief under chapter 11 of the United States
Bankruptcy Code (Bankr. D. Del. Lead Case No. 17-12100) on Oct. 3,
2017.  The Hon. Laurie Selber Silverstein is the case judge.

The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Pachulski Stang Ziehl & Jones LLP as local bankruptcy
counsel; Lazard Middle Market, LLC as financial advisor; Alvarez &
Marsal North America, LLC as restructuring advisor; and Epiq
Bankruptcy Solutions, LLC as claims and noticing agent.

On October 13, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.  The committee has
retained Foley & Lardner LLP as its legal counsel, and Whiteford,
Taylor & Preston LLC, as co-counsel.


GST AUTOLEATHER: Committee Taps Whiteford as Co-Counsel
-------------------------------------------------------
The official committee of unsecured creditors of GST AutoLeather,
Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Delaware to hire Whiteford, Taylor & Preston LLC.

The firm will serve as co-counsel with Foley & Lardner LLP, the
firm tapped by the committee to be its bankruptcy counsel in the
Chapter 11 cases of GST and its affiliates.

The attorneys expected to represent the committee and their
standard hourly rates are:

     Christopher Jones     Partner       $575
     Christopher Samis     Partner       $550
     L. Katherine Good     Partner       $525
     David Gaffey          Associate     $375
     Aaron Stulman         Associate     $375
     Jennifer Wuebker      Associate     $330
     Kevin Shaw            Associate     $300
     Christopher Lano      Paralegal     $255

Christopher Samis, Esq., disclosed in a court filing that his firm
is a "disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Mr.
Samis disclosed that his firm has not agreed to any variations
from, or alternatives to, its standard or customary billing
arrangements, and that no professional at the firm has varied his
rate based on the geographic location of the Debtors' bankruptcy
cases.

Mr. Samis also disclosed that his firm has not represented the
committee during the 12-month period before the petition date.

The committee has already approved Whiteford's proposed hourly
billing rates and that the firm expects to develop a prospective
budget and staffing plan, Mr. Samis further disclosed.

Whiteford can be reached through:

     Christopher M. Samis, Esq.
     Whiteford, Taylor & Preston LLC
     The Renaissance Centre, Suite 500
     405 North King Street
     Wilmington, DE 19801-3700
     Phone: 302-357-3282
     Fax: 410-223-4178

                      About GST AutoLeather

Headquartered in Southfield, Michigan, GST AutoLeather, Inc., was
founded in 1933, then known as Garden State Tanning, initially
operated as a tanning company that processed leather for the
upholstery and garment industries.  The Company entered the
automotive industry in 1946.

As of Oct. 3, 2017, the Company employs approximately 5,600 people
worldwide, including the United States, Mexico, Japan, China,
Korea, Germany, Hungary, South Africa, and Argentina.  The Company
supplies leather to virtually every major OEM in the automotive
industry, including Audi, BMW/Mini, Daimler, Fiat Chrysler, Ford,
General Motors, Hyundai, Honda, Porsche, PSA, Nissan, Kia, Toyota
and Volkswagen.

GST AutoLeather, Inc., and five of its affiliates filed voluntary
petitions for relief under chapter 11 of the United States
Bankruptcy Code (Bankr. D. Del. Lead Case No. 17-12100) on Oct. 3,
2017.  The Hon. Laurie Selber Silverstein is the case judge.

The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Pachulski Stang Ziehl & Jones LLP as local bankruptcy
counsel; Lazard Middle Market, LLC as financial advisor; Alvarez &
Marsal North America, LLC as restructuring advisor; and Epiq
Bankruptcy Solutions, LLC as claims and noticing agent.

On October 13, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.


GST AUTOLEATHER: Committee Taps Configure as Investment Banker
--------------------------------------------------------------
The official committee of unsecured creditors of GST AutoLeather,
Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Delaware to hire an investment banker.

The committee proposes to employ Configure Partners, LLC to
provide these services in connection with the Chapter 11 cases
filed by GST AutoLeather and its affiliates:

     (a) review the Debtors' results of operations, financial
         condition and business plan;

     (b) assist the committee in reviewing, analyzing, structuring
         and negotiating a potential restructuring;

     (c) assist the committee in reviewing, analyzing, structuring
         and negotiating a potential "M&A" transaction;

     (d) analyze the Debtors' business, operations, properties,
         financial condition, financial projections and prospects
         in connection with any transaction;

     (e) in connection with any transaction, advise the committee
         on the current state of the market;

     (f) in connection with any transaction, assist the committee
         in evaluating and analyzing the proposed implementation
         of any transaction;

     (g) assist the committee in evaluating and analyzing a
         transaction, including their potential debt capacity in
         light of their projected cash flows, capital structure,
         the value of the securities or debt instruments, if any,
         that may be issued in any such transaction, and the range
         of values for the Debtors on a going-concern basis;

     (h) attend meetings of the committee in connection with any
         transaction;

     (i) review any alternatives to a restructuring proposed by
         the Debtors, its creditors or any other party;

     (j) meet with the Debtors' management, board and other
         creditor groups, equity holders and other party to
         discuss any restructuring; and

     (k) participate in hearings before the bankruptcy court and
         provide testimony on matters mutually agreed upon.

Configure Partners will be paid a non-refundable monthly fee of
$100,000.  Promptly upon the consummation of a restructuring, the
firm will be paid a non-refundable cash fee equal to $750,000 plus
3% of the aggregate recoveries to unsecured creditors under any
Chapter 11 plan confirmed by the court.

The firm does not hold or represent any interest adverse to the
Debtors' estates, according to court filings.

Configure Partners can be reached through:

     Jay C. Jacquin
     Configure Partners, LLC
     450 Lexington Avenue
     New York, NY 10017

                      About GST AutoLeather

Headquartered in Southfield, Michigan, GST AutoLeather, Inc., was
founded in 1933, then known as Garden State Tanning, initially
operated as a tanning company that processed leather for the
upholstery and garment industries.  The Company entered the
automotive industry in 1946.

As of Oct. 3, 2017, the Company employs approximately 5,600 people
worldwide, including the United States, Mexico, Japan, China,
Korea, Germany, Hungary, South Africa, and Argentina.  The Company
supplies leather to virtually every major OEM in the automotive
industry, including Audi, BMW/Mini, Daimler, Fiat Chrysler, Ford,
General Motors, Hyundai, Honda, Porsche, PSA, Nissan, Kia, Toyota
and Volkswagen.

GST AutoLeather, Inc., and five of its affiliates filed voluntary
petitions for relief under chapter 11 of the United States
Bankruptcy Code (Bankr. D. Del. Lead Case No. 17-12100) on Oct. 3,
2017.  The Hon. Laurie Selber Silverstein is the case judge.

The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Pachulski Stang Ziehl & Jones LLP as local bankruptcy
counsel; Lazard Middle Market, LLC as financial advisor; Alvarez &
Marsal North America, LLC as restructuring advisor; and Epiq
Bankruptcy Solutions, LLC as claims and noticing agent.

On October 13, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.  The committee has
retained Foley & Lardner LLP as its legal counsel, and Whiteford,
Taylor & Preston LLC, as co-counsel.


GST AUTOLEATHER: Committee Taps Foley & Lardner as Legal Counsel
----------------------------------------------------------------
The official committee of unsecured creditors of GST AutoLeather,
Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Delaware to hire Foley & Lardner LLP as its legal
counsel.

The firm will advise the committee regarding its duties under the
Bankruptcy Code; assist in its consultations with GST and its
affiliates; negotiate with creditors; give advice on the
contemplated sale of the Debtors' assets and the terms of any
proposed bankruptcy plan; and provide other legal services related
to the Debtors' Chapter 11 cases.

The attorneys expected to represent the committee and their
standard hourly rates are:

     Erika Morabito         Partner            $940
     Richard Bernard        Partner            $845
     John Simon             Partner            $735
     Leah Eisenberg         Of Counsel         $775
     Brittany Nelson        Senior Counsel     $685
     Katherine Catanese     Senior Counsel     $665
     Tamar Dolcourt         Associate          $590
     Carly Krupnick         Associate          $335

Erika Morabito, Esq., disclosed in a court filing that her firm is
a "disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Ms.
Morabito disclosed that her firm has not agreed to any variations
from, or alternatives to, its standard or customary billing
arrangements, and that no professional at the firm has varied his
rate based on the geographic location of the Debtors' bankruptcy
cases.

Ms. Morabito also disclosed that her firm has not represented the
committee or any of its members during the 12-month period before
the petition date.

The committee has already approved Foley & Lardner's proposed
hourly billing rates and that the firm expects to develop a budget
and staffing plan, Ms. Morabito further disclosed.

Foley & Lardner can be reached through:

     Erika L. Morabito, Esq.
     Foley & Lardner LLP
     3000 K Street, N.W., Suite 600
     Washington, D.C. 20007-5109
     Phone: 202-672-5300
     Fax: 202-672-5399

                      About GST AutoLeather

Headquartered in Southfield, Michigan, GST AutoLeather, Inc., was
founded in 1933, then known as Garden State Tanning, initially
operated as a tanning company that processed leather for the
upholstery and garment industries.  The Company entered the
automotive industry in 1946.

As of Oct. 3, 2017, the Company employs approximately 5,600 people
worldwide, including the United States, Mexico, Japan, China,
Korea, Germany, Hungary, South Africa, and Argentina.  The Company
supplies leather to virtually every major OEM in the automotive
industry, including Audi, BMW/Mini, Daimler, Fiat Chrysler, Ford,
General Motors, Hyundai, Honda, Porsche, PSA, Nissan, Kia, Toyota
and Volkswagen.

GST AutoLeather, Inc., and five of its affiliates filed voluntary
petitions for relief under chapter 11 of the United States
Bankruptcy Code (Bankr. D. Del. Lead Case No. 17-12100) on Oct. 3,
2017.  The Hon. Laurie Selber Silverstein is the case judge.

The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Pachulski Stang Ziehl & Jones LLP as local bankruptcy
counsel; Lazard Middle Market, LLC as financial advisor; Alvarez &
Marsal North America, LLC as restructuring advisor; and Epiq
Bankruptcy Solutions, LLC as claims and noticing agent.

On October 13, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.



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


L&R DEVELOPMENT: Court Junks NRR, et al.'s Bid to Dismiss Lawsuit
-----------------------------------------------------------------
Judge Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico denied the motion to dismiss filed by Co-
Defendants' NRR Enterprises, LLC, Hector Noel Roman Ramos, Myrna
Enid Perez Vega, and their legal conjugal partnership in the
adversary proceeding captioned L&R DEVELOPMENT & INVESTMENT CORP,
Plaintiff, v. CEMEX DE PUERTO RICO; ET AL Defendant(s), Adversary
No. 17-00100 (Bankr. D.P.R.).

In the case at hand, the Co-Defendants' motion to dismiss argues
the dismissal standard of Rule 12(b)(6), made applicable to
bankruptcy proceedings by Fed. R .Bankr. P. 7012, by stating that
the complaint falls short of the standards for stating a claim and
that turnover pursuant to 11 U.S.C. section 542 is inapplicable.
Moreover, the Co-Defendants assert that the monies sought by
Plaintiff are not property of the estate and/or that no fraudulent
transfer ever took place. Co-Defendants buttress their arguments
by providing a recital of facts and cites to the pertinent
sections of the Bankruptcy Code and case law. In short, a full-
throttle defense of Plaintiff's allegations.

The Co-Defendants' arguments however are misplaced at this stage
of the proceedings. In resolving a motion to dismiss the court
must determine whether the factual content allows a reasonable
inference that the defendant is liable for the alleged misconduct.
The complaint must contain sufficient factual matter to state a
plausible claim. The purpose of a motion to dismiss under
Fed.R.Civ.P. 12(b)(6) is to assess the legal feasibility of a
complaint, not to weigh the evidence which the plaintiff offers or
intends to offer.

The Court concludes that the Plaintiff in this case has met this
burden. "The prima facie standard is an evidentiary standard, not
a pleading standard, and there is no need to set forth a detailed
evidentiary proffer in a complaint."

The bankruptcy case is in re: L&R DEVELOPMENT & INVESTMENT CORP,
Chapter 11, Debtor(s), Case No. 16-08792 BKT (Bankr. D.P.R.).

A copy of Judge Tester's Opinion and Order dated Oct. 27, 2017, is
available at https://is.gd/VZXjLN from Leagle.com.

L&R DEVELOPMENT & INVESTMENT CORP, Plaintiff, represented by
CARMEN D. CONDE TORRES -- condecarmen@condelaw.com

CEMEX DE PUERTO RICO, Defendant, represented by ANTHONY L. BINI
DEL VALLE, CENTRO INTERNACIONAL DE MERCADEO.

HECTOR NOEL ROMAN RAMOS, Defendant, represented by UBALDO M.
FERNANDEZ BARRERA -- ubaldo.fernandez@oneillborges.com  -- O'NEILL
& BORGES & GABRIEL L. OLIVERA DUBON --
gabriel.olivera@oneillborges.com -- O'NEILL & BORGES LLC.

                    About L&R Development

L&R Development & Investment Corp. is a real estate development
and investment corporation that was created on May 31, 2002, by
two main partners, Hector Noel Roman and Jose Joaquin Lopez.

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. P.R. Case No. 16-08792) on Nov. 1, 2016.  The
petition was signed by Joaquin Lopez, president.  At the time of
the filing, the Debtor disclosed $3.05 million in assets and $5.56
million in liabilities.  The case is assigned to Judge Brian K.
Tester.

Carmen Conde Torres, Esq., of C. Conde & Assoc. represents the
Debtor.  Inmuebles Bienes Raices, LLC, has been tapped as realtor
to the Debtor.

On March 15, 2017, the Debtor filed a Chapter 11 plan of
reorganization and disclosure statement.


PANADERIA Y REPOSTERIA: Plan Confirmation Hearing Set for Nov. 30
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico is set
to hold a hearing on Nov. 30 to consider approval of the Chapter
11 plan of reorganization for Panaderia Y Reposteria Pontevedra
Inc.

The court will also consider at the hearing final approval of the
company's disclosure statement, which it conditionally approved
last month.

The order, signed by Judge Edward Godoy, required creditors to
file their objections and cast their votes accepting or rejecting
the plan at least 14 days prior to the hearing.

Under the proposed plan, general unsecured creditors will be paid
10.28% of their allowed claims or $15,775.  They will receive a
monthly payment of $263, including 2% interest per annum.

No distribution will be made to Claims No. 3 and 4 held by Popular
Auto, Claim No. 8 of PR Department of Treasury, and Claim No. 13
of Banco Popular.  General unsecured creditors assert a total of
$1,289,576.93.

Payments under the plan will be funded from Panaderia's income
from the operation of its business, according to the company's
disclosure statement.

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

           http://bankrupt.com/misc/prb17-01280-68.pdf

                  About Panaderia Y Reposteria

Panaderia Y Reposteria Pontevedra Inc. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 17-
01280) on February 27, 2017. The petition was signed by Carlos R.
Rodriguez Torres, president.

At the time of the filing, the Debtor estimated assets of less
than $500,000 and liabilities of less than $1 million.

The Debtor hired Modesto Bigas Law Office as counsel.



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


CORPORACION ELECTRICA: S&P Lowers CCR to 'CC', On Watch Negative
----------------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit and
senior unsecured debt ratings on Corporacion Electrica Nacional
S.A. (Corpoelec) to 'CC' from 'CCC-'. S&P also placed the ratings
on Corpoelec on CreditWatch negative.

The downgrade of Corpoelec reflects the similar action on the
sovereign. S&P said, "We downgraded the Bolivarian Republic of
Venezuela given President Nicolas Maduro's announcement of a
government commission to restructure the sovereign and state-owned
Petr¢leos de Venezuela S.A.'s (PDVSA) external debt obligations.
Given the highly constrained external liquidity situation, we
would very likely consider any Venezuelan restructuring to be a
distressed debt exchange and equivalent to default.

"We also lowered Corpoelec's stand-alone credit profile (SACP) to
'cc' from 'ccc-' based on the company's reliance on ongoing
support from the sovereign to meet its financial obligations. We
now believe that the possibility of a default, distressed
exchange, or redemption appears to be inevitable within the next
three months, absent unexpected, significantly favorable changes
in the issuer's circumstances. We expect the company to continue
posting operating losses and highly leveraged credit metrics."


VENEZUELA: Makes Crucial Bond Repayment in Late October
-------------------------------------------------------
Robin Wigglesworth at The Financial Times reports that Venezuela
appeared to have made a crucial bond repayment in late October.

The Latin American country and its state oil company PDVSA have
failed to make several debt payments in recent weeks, according to
The Financial Times. But the most important one was an $842
million instalment due Oct. 29 on a PDVSA bond maturing in 2020,
which, unlike most of the other overdue debts, had no "grace
period" that allowed for 30 days to clean up any arrears without
triggering a default, the report notes.

Venezuela's ramshackle economy, its dependency on energy export
revenues that have been crimped by the fall in oil prices, and
sanctions imposed by the US this summer after the country slid
further towards an autocracy have stirred fears that a government
default is almost inevitable, The Financial Times cites.

However Venezuela has thus far managed to stay current on its
bonds, The Financial Times notes, and the state oil company said
it had "begun" transferring the $842 million payment.

As reported in the Troubled Company Reporter-Latin America on Nov.
8, 2017, on Nov. 3, 2017, S&P Global Ratings lowered its long-term
foreign currency sovereign credit rating on the Bolivarian
Republic of Venezuela to 'CC' from 'CCC-'. The long-term local
currency sovereign credit rating remains unchanged at 'CCC-'. The
'C' short-term foreign and local currency sovereign credit ratings
also remain unchanged. S&P placed all ratings on CreditWatch
negative.


VENEZUELA: Food Protests & Looting as Default Looms
---------------------------------------------------
Carlos Camacho at The Latin American Herald reports that a food
line for subsidized, government-provided food bags became an
anti-Maduro protest in Caracas, while food and other goods were
also looted from a shop and a freight truck in El Tigre, Eastern
Venezuela, as the humanitarian crisis in the oil rich country
worsens with a new threat of a foreign debt default becoming clear
and present.

While Venezuela is a notoriously violent country, the events were
the most severe developments since the appointment of the
Constituent Assembly in early August, a supra-Constitutional body
which the opposition, the U.S. and most other countries in the
world say was fraudulently constituted after three months of
deadly anti-Maduro protests which left 163 demonstrators and
security forces dead, according to The Latin American Herald.

And not only does Venezuela have one of the highest murder rates
in the planet, it also has the world's highest inflation rate and
one of the lowest minimum monthly wages at below $11, the report
notes.  That means, the news and analysis website "Aporrea"
reported, that even after five wage hikes this year alone, a
worker that makes the basic wage cannot buy a tin of tuna
everyday, much less feed his family, the report relays.

Matters look to become worse fast, as embattled head of state
Nicolas Maduro said he was seeking to "restructure" Venezuela's
large foreign debt, estimated at between $150 to $200 billion, an
announcement financial markets are interpreting as a default
notice, with some Venezuelan debt bonds now trading at 25 cents on
the U.S. dollar, the report relays.

In El Tigre, a band of 200 looters attacked a truck offloading
rice sacks and made off with 3.6 tons before police could
effectively stop them, national newspaper El Nacional reported,
the report discloses.

Local social-conflict NGO "Observatorio Venezolano de
Conflictividad Social" says looting has become much more common
since Nicolas Maduro was elected President in 2013, the report
relays.

Another NGO, "Paz Activa" reported that looting food trucks has
become a specialized crime in Venezuela, with organized bands that
focus solely and specialize in that particular crime, the report
notes.

Police tried to lock down El Tigre and most commerce closed after
the rice looting, but still the mob spread and the looting spilled
into a shopping district in the Simon Rodriguez municipality,
where police couldn't prevent a store from being ransacked, the
report relays.  No deaths were recorded, even as looters resisted
the police violently, throwing stones before getting away with the
stolen goods, the report says.  Six alleged looters were arrested.

Meanwhile, in Caracas, mere blocks from the Miraflores
Presidential Palace, shoppers for the CLAP box of subsidized
foodstuffs also grew angry and shut down the Fuerzas Armadas
avenue for several hours, wreaking havoc on traffic, the report
relays.  Almost every bodega and supermarket in the area around
Miraflores has been to some extent intervened by "colectivos",
pro-Maduro armed gangs, ranging from simple extortion to downright
expropriations of the venue, the report adds.

As reported in the Troubled Company Reporter-Latin America on Nov.
8, 2017, on Nov. 3, 2017, S&P Global Ratings lowered its long-term
foreign currency sovereign credit rating on the Bolivarian
Republic of Venezuela to 'CC' from 'CCC-'. The long-term local
currency sovereign credit rating remains unchanged at 'CCC-'. The
'C' short-term foreign and local currency sovereign credit ratings
also remain unchanged. S&P placed all ratings on CreditWatch
negative.



                            ***********


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.

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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
856-381-8268.


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