TCRLA_Public/180405.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, April 5, 2018, Vol. 19, No. 67


                            Headlines



B R A Z I L

BRAZIL MINERALS: Delays 2017 Form 10-K Filing to Complete Audit
CAIXA ECONOMICA: Faces Lawsuit Over Investment Losses


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Pedernales in Crisis After Firm Closures
DOMINICAN REPUBLIC: More People Leaving Than Coming


J A M A I C A

CABLE  &  WIRELESS: Landline Call Rates Decline
JAMAICA: Gets Grant to Help With Climate Resilience for Fisheries


P U E R T O    R I C O

KAMA MANAGEMENT: Needs More Time to Address Plan Objections
QUE GOLAZO: Hires Gandia-Fabian Law Office as Attorney


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Ex-Minister Push Probe on Cost Ratio
TRINIDAD & TOBAGO: Slow-Pay Gov't Creating Headaches for Banks
TSTT: Conflict Over Software Contract


                            - - - - -


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


BRAZIL MINERALS: Delays 2017 Form 10-K Filing to Complete Audit
---------------------------------------------------------------
Brazil Minerals, Inc., filed a Form 12b-25 with the Securities and
Exchange Commission notifying that it will delayed in filing its
Annual Report on Form 10-K for the year ended Dec. 31, 2017.

"The registrant requires additional time to prepare, substantiate
and verify the accuracy of its financial reports.  The registrant
is in the process of preparing and reviewing its financial
information.  The process of compiling and disseminating the
information required to be included in the Form 10-K for the
fiscal year ended December 31, 2017, as well as the completion of
the required audit of its financial information, could not be
completed within the prescribed time period without incurring
undue hardship and expenses," the Company stated in the SEC
filing.

                     About Brazil Minerals

Based in Pasadena, California, Brazil Minerals, Inc. --
http://www.brazil-minerals.com/-- mines and sells diamonds, gold,
sand and mortar in Brazil.  The Company, through subsidiaries,
outright or jointly owns 10 mining concessions and 28 other
mineral rights in Brazil, for diamonds, gold, sand, and manganese.
The Company, through subsidiaries, owns one large, fixed plant and
one modular, mobile plant for diamond and gold processing and
recovery, a sand processing and mortar plant, trucks and earth-
moving capital equipment used for mining.

Brazil Minerals reported a net loss of $1.73 million on $13,323 of
revenue for the year ended Dec. 31, 2016, compared to a net loss
of $1.87 million on $63,610 of revenue for the year ended Dec. 31,
2015.  As of Sept. 30, 2017, Brazil Minerals had $1.32 million in
total assets, $1.63 million in total liabilities and a total
stockholders' deficit of $314,149.

B F Borgers CPA PC, in Lakewood, CO, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2016, citing that the Company has suffered
recurring losses from operations and has a significant accumulated
deficit.  In addition, the Company continues to experience
negative cash flows from operations.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern.


CAIXA ECONOMICA: Faces Lawsuit Over Investment Losses
-----------------------------------------------------
Reuters reports that Brazilian authorities said they had filed
lawsuits against 17 people and two companies over losses suffered
when the Petrobras employee pension funds and the Caixa Economica
Federal invested in a special fund without due diligence.

The lawsuit is seeking BRL219 million ($65.55 million) in
compensation, which authorities said is three times the losses
caused by the poor investments, according to Reuters.

Petros did not immediately respond to a request for comment on the
lawsuit.  Caixa Economica's pension fund Funcef declined to
comment, notes the report.

The special fund, called FIP was created in 2010 to invest in a
vehicle called CBTD, which in turn was created to acquire
Brazilian consumer electronics maker IGB Eletronica, formerly
Gradiente Eletronica SA, and now under bankruptcy protection, the
report notes.

The fund's purpose was to pay off IGB Eletronica's liabilities,
the report says.

According to federal prosecutors, the Petrobras pension fund
Petros and Funcef made a prior deal with CBTD to invest in it
without performing required due diligence on the investment of
about BRL17 million each, the report notes.

Among those named in the lawsuit are former Funcef President
Guilherme Lacerda and Petros Chief Executive Officer Wagner
Pinheiro, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Aug. 9, 2016, S&P Global Ratings affirmed its 'BB/B' foreign
currency and local currency ratings on Caixa Economica Federal.
At the same time, S&P affirmed its 'brAA-/brA-1' national scale
ratings on the bank.  The negative outlook is based on S&P's
outlook on Brazil, and S&P expects the ratings on the bank to move
in tandem with those on the sovereign.  The bank's stand-alone
credit profile (SACP) is 'bb'.


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


DOMINICAN REPUBLIC: Pedernales in Crisis After Firm Closures
------------------------------------------------------------
Dominican Today reports that Pedernales, a municipality on the
southwestern border is experiencing a serious economic crisis
since the free zone recently laid off 607 people, which followed
the closure of the Bi-national Market and the Ideal Dominicana,
Cementos Andino, and Dovemco, a bauxite exporter, two years ago.
These three companies used to employ 3,500 workers.

The dismissal of free zone workers has led to a range of
reactions, including tire burning street protests and
demonstrations outside the homes of Mayor Luis Manuel Matos Feliz,
(Minguito) and free zone manager Oddy Garcia, according to
Dominican Today.

The clothing company disclosed it was closing operations because
there was no market for its products because its main trading
partner was Haiti, but all commercial activities ceased in the
wake of the murder of farmer Julio Reyes Perez and his wife Neida
Urbaez, allegedly by three Haitians who fled the country,
according to Dominican Today.  The Haitian police has detained one
of the suspects, the report notes.

The Bi-national Market was closed on March 12, when local
residents gave Haitians 24 hours to leave the province, the report
relays.

According to statistics, the market generated about three million
pesos a day for traders and hawkers, while the sale of used
clothing to the Haitian market turned over more than ten million
pesos per day, the report notes.

When the bauxite export company was open it indirectly provided
work for 200 truckers who transported the mineral and earned up to
sixty thousand pesos a day, the report discloses.

The only employer in Pedernales since the closure of the Free Zone
is the town hall, the report notes.  "We are the presidential
palace, we are the government now, and we can't take any more,
although we want to help everyone the council can't," said mayor
Matos Feliz, the report says.

The mayor says that he is on the receiving end of a lot of
pressure both from former free zone workers as well as the traders
and other sectors in Pedernales, the report notes.

This, concludes Matos Feliz, has put Pedernales in a very
difficult situation, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2017, Fitch Ratings has affirmed Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


DOMINICAN REPUBLIC: More People Leaving Than Coming
---------------------------------------------------
Dominican Today reports that a statistics report for 2017 released
by the Immigration Agency states that migratory movements through
the airports rose last year, with 6.98 million entries, and 7.3
million departures.

It said along the border there were 236,949 entries and 200,445
departures, mostly at the Jimani (west) border crossing which
reported the highest number, according to Dominican Today.

The report says Punta Cana International Airport handled the
highest number of passengers, followed by Las Americas, Cibao,
Puerto Plata, La Romana, El Catey (Samana), Higuero (Balaguer) and
Barahona, Dominican Today says.

Moreover, the report says there were 1.5 million entries and 1.4
million departures, mostly via the cruise ports of Maimon, (Amber
Cove) Puerto Plata and La Romana, Dominican Today relays.

It adds that from Jan. 1 to Dec. 1, 2017, there were 8,912,728
entries to the country and 9,086,548 departures from the Dominican
Republic, Dominican Today adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2017, Fitch Ratings has affirmed Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


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


CABLE  &  WIRELESS: Landline Call Rates Decline
-----------------------------------------------
RJR News reports that call rates to landlines have declined
between $9.39 and $10.04 per minute.

The lower rates, which took effect on April 1, were revealed by
the Office of Utilities Regulation (OUR), according to RJR News.

The rates were reduced after Cable and Wireless lost an attempt to
delay them by three years, the report relays.

Before the latest reduction, call rates to landlines in Jamaica
ranged from $25 to $77 per minute, the report adds.

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, Japan, the Cayman Islands and the Middle East.

                        *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                          Projected
                        Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%

GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%


JAMAICA: Gets Grant to Help With Climate Resilience for Fisheries
-----------------------------------------------------------------
RJR News reports that almost US$5 million in grant funding is
being provided to assist fish farming communities in Jamaica to
adopt climate resilience practices.

An agreement was signed between the Agriculture and Fisheries
Ministry and the World Bank at the Ministry of Finance, according
to RJR News.

Providing a breakdown, Finance Minister Dr. Nigel Clarke said
US$570,000 will be used to strengthen the Fisheries policy, the
report notes.

He said another US$2.68 million will support diversification and
alternative livelihoods for fisher folks, the report relays.

An additional US$970,000 will go towards funding capacity
building, behavioral changing and raising awareness, while
US$655,000 is earmarked for project management, monitoring and
evaluation, the report says.

It is estimated that about 40,000 Jamaicans are engaged in fishing
activities, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2018, Fitch Ratings has affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and has
revised the Rating Outlook to Positive from Stable.


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


KAMA MANAGEMENT: Needs More Time to Address Plan Objections
-----------------------------------------------------------
Kama Management, Inc., asks the U.S. Bankruptcy Court for the
District of Puerto Rico to extend its time to obtain confirmation
of its plan of reorganization by 90 days.

The Debtor's exclusivity period to obtain plan confirmation ended
on March 28, 2018.

On June 15, 2017, the Debtor filed its proposed plan of
reorganization.  The Court scheduled the confirmation hearing last
March 28, 2018, at 9:00 a.m.

The Debtor requests a rescheduling of the confirmation hearing to
the Amended Plan as approved by secured creditor Condado LLC, and
to address the other objection raised by other creditors and time
to confirm the amend plan.

The most important thing is that Debtor's property, although
located in front of the beach, did not suffer damage because of
Hurricane Maria and its insurance policy is up to date.

The Debtor's monthly operating reports demonstrate that the Debtor
has been able to reorganize its business and pay its postpetition
obligations.  The record also shows that the Debtor has entered
into a preliminary agreement with secured creditor and therefore,
has averted filing the sister company in bankruptcy.  Therefore,
the Debtor will be able to confirm its plan within a reasonable
time because of the Joint Stipulation filed.  The Plan will
address some other objections by creditors but is confirmable
because it will have the necessary base and votes to be confirmed.

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

        http://bankrupt.com/misc/prb16-08008-131.pdf

                     About Kama Management

Kama Management Inc., a "small business debtor", filed a Chapter
11 petition (Bankr. D.P.R. Case No. 16-08008) on Oct. 5, 2016.
Alberto Perez Pujals, president, signed the petition.  At the time
of filing, the Debtor disclosed total liabilities of $1.45
million.  Maria Soledad Lozada Figueroa, Esq., at Lozada Law &
Associates, LLC, is the Debtor's counsel.


QUE GOLAZO: Hires Gandia-Fabian Law Office as Attorney
------------------------------------------------------
Que Golazo, Inc., seeks authority from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire Mary Ann Gandia-Fabian,
Esq. of Gandia-Fabian Law Office as the Debtor's attorney.

Professional services required of the firm are:

     a. advise the Debtor with respect to its duties, powers and
responsibilities in this case under the laws of the United States
and Puerto Rico in which the Debtor in possession conducts its
operations, do business, or is involved in litigation;

     b. advise the Debtor in connection with a determination
whether a reorganization is feasible and, if not helping debtor in
the orderly liquidation of its assets;

     c. assist the Debtor with respect to negotiations with
creditors for the purpose of arranging the orderly liquidation of
assets and/or for proposing a viable plan of reorganization.

     d. prepare on behalf of the Debtor the necessary complaints,
answers, orders, reports, memoranda of law and/or any other legal
papers or documents;

     e. appear before the bankruptcy court, or any court in which
the Debtor asserts a claim interest or defense directly or
indirectly related to this bankruptcy case;

     f. perform such other legal services for the Debtors as may
be required in these proceedings or in connection with the
operation of/and involvement with the Debtor's business ,
including but not limited to notarial services;

     g. employ other professional services, if necessary.

Mary Ann Gandia-Fabian assures this court that she is a
disinterested person within the meaning of 11 U.S.C. 101(14).

Fees charged by the Firm are:

          Mary Ann Gandia-Fabian     $290
          Senior Attorney            $290
          Junior Attorney            $200
          Accounting Analyst         $125

The firm can be reached through:

     Mary Ann Gandia-Fabian, Esq.
     Gandia-Fabian Law Office
     P.O. Box 270251
     San Juan, PR 00928
     Tel: 1-787-390-7111
     Fax: 1-787-729-2203
     E-mail: gandialaw@gmail.com

                      About Que Golazo

Based in San Juan Puerto Rico, Que Golazo, Inc., filed a Chapter
11 petition (Bankr D.P.R. Case No. 18-01468) on March 19, 2018,
estimating under $1 million in both assets and liabilities.  Mary
Ann Gandia-Fabian, Esq., at Gandia-Fabian Law Office, is the
Debtor's counsel.


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


CARIBBEAN AIRLINES: Ex-Minister Push Probe on Cost Ratio
--------------------------------------------------------
RJR News reports that Caribbean Airlines Limited is facing more
queries about its financial performance.

Mariano Browne, a former minister in Trinidad and Tobago's
Ministry of Finance, has warned that there are critical management
issues facing the airline, according to RJR News.

He therefore wants an examination of its cost ratio, the report
relays.

Mr. Browne's comments followed revelations before a Joint Select
Committee of Parliament about what are being described as high
salaries being paid to senior managers at Caribbean Airlines, the
report notes.

He contends that the real issue is the route revenue, the report
says.

According to the former minister, the key ratio should be revenue-
per-passenger, or revenue-per-seat, RJR News relays.

On the matter of CAL's cargo manager being paid a monthly salary
of $71,000, which is more than what the Prime Minister earns, Mr.
Browne said the real question is whether the cargo department is
making money, the report says.

According to Mr. Browne, any CEO of a company, whether public or
private, can earn more than the Prime Minister and that should
have no relevance in the discussion of CAL's expenditure, the
report notes.

He also said it would be inaccurate to compare an international
carrier with CAL, arguing that a better comparison would be with
another regional airline in a country of a similar size, paying
particular attention to what the ratios are, the report adds.

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited has quit after
just 17 months on the job. The 48-year-old Canadian national,
citing personal reasons, resigned with immediate effect.  His
resignation was accepted by the airline's board of directors. Mr.
DiLollo was appointed Caribbean Airlines CEO in May 2014,
following the sudden resignation of Robert Corbie in September
2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was


TRINIDAD & TOBAGO: Slow-Pay Gov't Creating Headaches for Banks
--------------------------------------------------------------
Two local commercial banks have noted the connection between
increasing loan delinquencies and the delays in the payment of
bills submitted by contractors and suppliers to the Central
Government and State enterprises.

The question was posed to Republic Bank chief executive Nigel
Baptiste and Scotiabank following persistent complaints by
contractors that the Government owed the construction industry $4
billion.


TSTT: Conflict Over Software Contract
-------------------------------------
Trinidad Express reports that majority state-owned
telecommunications provider, TSTT, is disputing the conclusion
that its "procurement process failures" cost the company $30
million in a deal to acquire Oracle software that turned sour.

Instead, in response to questions from Express Business based on
an investigation by the newspaper, TSTT is arguing that it would
be able to achieve software and other savings totaling $94 million
(US$14 million) as it sees Oracle as an integral to its
transformation into an agile broadband communications company,
according to Trinidad Express.


                            ***********


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

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

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


                            ***********


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

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

Copyright 2018.  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.
.


                   * * * End of Transmission * * *