TCRLA_Public/150810.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

            Monday, August 10, 2015, Vol. 16, No. 156


                            Headlines



B A H A M A S

BAHA MAR: CCA Bahamas Wants Ch. 11 Cases Dismissed
BAHA MAR: China Bank Joins Contractor in Bid to Toss Ch. 11 Case
BAHA MAR: Court to Hear CCA's Ch 11 Suspension Bid on Aug. 17
BAHA MAR: CSCEC Prepared to Invest $100M, CCA Bahamas Says


B R A Z I L

PETROLEO BRASILEIRO: Cheap Crude Helps Fuel Business
PDG REALTY: S&P Lowers CCR to 'B-'; Outlook Negative


C A Y M A N  I S L A N D S

DB GLOBAL MASTERS: Shareholders' Final Meeting Set for Aug. 11
GIRANDOLA INVESTMENT: Shareholders' Final Meeting Set for Aug. 17
GLOBAL CATALYST: Members' Final Meeting Set for Aug. 11
HAPPYMAR CO: Members Receive Wind-Up Report
MALL A321: Shareholders' Final Meeting Set for Aug. 12

NAPRALAT INC: Shareholders' Final Meeting Set for Aug. 17
PULSE LTD: Members' Final Meeting Set for Aug. 11
STEEP ROCK: Shareholders' Final Meeting Set for Aug. 13
TN SHIPS 1: Shareholders' Final Meeting Set for Aug. 12
WIZ INFORMATION: Members' Final Meeting Set for Aug. 12


D O M I N I C A N   R E P U B L I C

DELTA INTUR: Reiterates Compliance With Bondholders


J A M A I C A

JAMAICA: Chance of Default Reduced to Under 5%, BOJ Says


M E X I C O

MEXICO: Consumer Prices Up 0.15% in July


T R I N I D A D  &  T O B A G O

CL FIN'L: No Report on CLICO Firing, Howai Says


V E N E Z U E L A

VENEZUELA: In Risky Financial Acrobatics to Raise Hard Currency


X X X X X X X X X

* BOND PRICING: For the Week From Aug. 3 to Aug. 6, 2015


                            - - - - -


=============
B A H A M A S
=============


BAHA MAR: CCA Bahamas Wants Ch. 11 Cases Dismissed
--------------------------------------------------
CCA Bahamas, Ltd., asks the United States Bankruptcy Court for the
District of Delaware to dismiss with prejudice the Chapter 11
cases of Northshore Mainland Services Inc., Baha Mar Enterprises
Ltd., and their debtor affiliates.

In its Motion, CCA Bahamas asserts that the Debtors' lack of U.S.
connections and property and they have not submitted any actual
evidence showing that they have a place of business or property in
the United States.  CCA Bahamas also points out that the Debtors'
counsel himself admitted in pleadings filed in the Bahamas
proceeding that many of the Debtors "are not subject to the
jurisdiction of the Bankruptcy Court for the District of
Delaware."

In addition, CCA Bahamas further asserts that the Debtors
commenced the bankruptcy cases primarily to obtain a tactical
litigation advantage.  The Debtors' filing of a petition in a
Delaware Bankruptcy Court is impermissible forum shopping, CCA
Bahamas argues.  The totality of the circumstances demonstrates
that the Debtors are attempting to avoid their obligations in the
Bahamas and the Debtors' cases serve no valid bankruptcy purpose,
CCA Bahamas further argues.  The court must dismiss these cases
because the petitioners are not eligible debtors, CCA Bahamas
says.  Dismissal of the Chapter 11 cases should be with prejudice,
CCA Bahamas adds.

CCA Bahamas also asks the Court for an entry of an order deferring
consideration of all pending matters in the Debtors' Chapter 11
cases until the time as the Court has had the opportunity to
consider.  CCA Bahamas asserted that the economy and efficiency of
administration favor deferral pending a ruling on the motion to
dismiss.  Another insolvency proceeding is already taking place in
the Bahamas, CCA Bahamas told the Court.  Consideration of any
additional matters in the Chapter 11 cases is prejudicial to the
Debtors, the people of the Bahamas, and all creditors, and under
similar circumstances, courts have stayed proceedings pending the
disposition of a motion to dismiss, CCA Bahamas says.

The Court sets for hearing on August 17, 2015, at 11:00 a.m., and
the objection deadline is August 3.

CCA Bahamas, Ltd. is represented by:

          Pauline K. Morgan, Esq.
          Kenneth J. Enos, Esq.
          Young Conaway Stargatt & Taylor, LLP
          Rodney Square
          1000 North King Street Wilmington, Delaware 19801
          Tel.: 302 571-6600
          Fax: 302 571-1253
          Email: pmorgan@ycst.com
                 kenos@ycst.com

             -- and --

          William J.F. Roll, III, Esq.
          Douglas P. Bartner, Esq.
          Robert Britton, Esq.
          Shearman & Sterling LLP
          599 Lexington Avenue
          New York, New York 10022-6069
          Tel.: 212 848-4000
          Fax: 212 848-7179
          Email: wroll@shearman.com
                 dbartner@shearman.com
                 robert.britton@shearman.com

             -- and --

          Mark A. Salzberg, Esq.
          T. Michael Guiffre, Esq.
          Squire Pation Boggs (US) LLP
          2550 M Street, NW
          Washington, District of Columbia 20037
          Tel.: 202 457-6000
          Fax: 202 457-6315
          Email: mark.salzberg@squirepb.com
                 michael.guiffre@squirepb.com

             -- and --

          Nava Hazan, Esq.
          Squire Patton Boggs (US) LLP
          30 Rockefeller Plaza
          New York, New York 10112
          Tel.: 212 872-9800
          Fax: 212 872-9815
          Email: nava.hazan@squirepb.com

                       About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The case is assigned to Judge Kevin J. Carey.

The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York.  The Debtors' Delaware counselare Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware.  The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien.  The Debtors' special litigation counsel is
Kobre & Kim LLP.  The Debtors' construction counsel is Glaser Weil
Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk LLC.


BAHA MAR: China Bank Joins Contractor in Bid to Toss Ch. 11 Case
----------------------------------------------------------------
Stephanie Gleason, writing for The Wall Street Journal, reported
that the Export-Import Bank of China is joining China Construction
America Inc. in seeking a dismissal of Baha Mar's chapter 11 of
case, showing a unified front against the Bahamas resort's
restructuring bid.

According to the report, the Chinese bank, which has lent the
project $2.4 billion, said "[b]ecause this Court lacks the ability
to bind the Bahamian Government and other foreign creditors over
whom this Court has no personal jurisdiction, there is no
possibility of a successful reorganization here."  The Chinese
bank went on to say that a dismissal "will clear the path to an
efficient and fair restructuring of the Bahamian Debtors under
Bahamian law with the full support of the Bahamian Government and
Bahamian courts," the report said, citing court documents.

The Troubled Company Reporter, citing Tribune 242, reported that
CCA's deferral motion to suspend Baha Mar's Chapter 11 proceedings
will be addressed on Aug. 17, 2015.

                         About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The case is assigned to Judge Kevin J. Carey.

The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York.  The Debtors' Delaware counsel are Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware.  The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien.  The Debtors' special litigation counsel is
Kobre & Kim LLP.  The Debtors' construction counsel is Glaser Weil
Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk LLC.


BAHA MAR: Court to Hear CCA's Ch 11 Suspension Bid on Aug. 17
-------------------------------------------------------------
Rashad Rolle at Tribune 242 reports that China Construction
America's deferral motion to suspend Baha Mar Ltd.'s Chapter 11
proceedings will be addressed on Aug. 17, 2015.  Objections to the
motion must be filed by Aug. 10, 2015, the report states.

Tribune 242 relates that the U.S. Bankruptcy Court for the
District of Delaware rejected on July 22, 2015, CCA's request to
have its motion to suspend the Chapter 11 process addressed at an
earlier date than is currently scheduled, until its motion to
dismiss the process altogether is addressed.  According to the
report, CCA had sought to have these dates changed to Aug. 3,
2015, and July 29, 2015, respectively.

The Company, Tribune 242 reports, called CCA's legal action an
attempt to divert attention "from its liability and culpability,"
noting that its alleged "repeated failures to perform as
contractor are the subject of a lawsuit . . . pending in the
United Kingdom."  The report, citing the Company, states that
CCA's attempt to have an earlier date to address its suspension
motion was "reckless," and it threatened to "undermine, disrupt
and divert critical resources from delicate negotiations currently
taking place in Beijing, China aimed at resolving the primary
dispute in these Chapter 11 cases and facilitating the opening of
the resort.  For its own selfish motives and agenda, CCA urgently
requests that the court stay final consideration of normal,
customary, and routine motions necessary to effectuate the
debtors' smooth transition into Chapter 11."

According to Tribune 242, the Company claimed that CCA failed to
"establish any legitimate exigencies justifying the need" to have
its suspension motion heard sooner than scheduled.

Citing Prime Minister Perry Christie, Tribune 242 relates that the
Company and CCA are engaging in talks concerning the resort which,
according to the government, could lead to the Company negotiating
with the  China Export-Import Bank on financial terms for the
deal.

If that is successful, multilateral negotiations will take place
among all three sides, with the government serving as an observer,
the report adds.

Tribune 242 reports that the Court is expected to deal on Aug. 3,
2015, with matters relating to granting the Company further relief
through access to its debtor-in-possession financing, although the
orders would have no effect in the Bahamas.

The Company had waited too late to resolve its dispute with CCA,
as they should have gone to mediation months ago, Natario McKenzie
at Tribune 242 relates, citing Attorney Caryl Lashley, a member of
Alternative Dispute Resolution (ADR) Bahamas.  The report quoted
her as saying, "We are now in July.  They knew in November that
the resorts were not going to open on time.  They had an
opportunity and obligation to look at that then . . . .  Once they
delayed, other things got into the mix.  The right mindset and
good faith, all that needs to be in place.  Good faith is
absolutely essential in ADR."

                         About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The case is assigned to Judge Kevin J. Carey.

The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York.  The Debtors' Delaware counsel are Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware.  The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien.  The Debtors' special litigation counsel is
Kobre & Kim LLP.  The Debtors' construction counsel is Glaser Weil
Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk
LLC.


BAHA MAR: CSCEC Prepared to Invest $100M, CCA Bahamas Says
----------------------------------------------------------
CCA Bahamas Ltd., a wholly owned indirect subsidiary of China
State Construction Engineering Corporation Limited (CSCEC) and the
construction manager/general contractor for the $3.5 billion Baha
Mar resort project, said in a statement on July 27, 2015, that its
parent company is prepared to invest an additional $100 million in
Baha Mar Ltd. and provide a guarantee of $175 million to China
Exim Bank in connection with new loan facility.

CCA Bahamas said that it has "continued to make every effort to
work diligently and constructively with the Bahamian government,
China Exim Bank, and Baha Mar Ltd., to reach a swift resolution
that will enable work to restart on the Baha Mar project."

CCA Bahamas presented these key facts about legacy business
interests in the Baha Mar resort project and its continued
initiatives to reach a successful resolution:

1. CCA Bahamas never had any development responsibilities with
respect to Baha Mar.  CCA Bahamas' role has been -- and will
continue to be -- limited to that of a construction contractor.
In an effort to resurrect Baha Mar, CCA Bahamas went above and
beyond the obligations of a traditional construction contractor
and made a minority equity investment of $150 million (preferred
shares) in Baha Mar Ltd. (BML) which was indispensable to the
funding of the project.

2. CCA Bahamas has a firm, binding contract in place with BML to
serve as the construction manager/general contractor for the Baha
Mar project.  BML has failed to pay CCA Bahamas the normal monthly
construction progress payments of approximately $72 million for
the first five months of 2015 and has not honored CCA Bahamas'
requests for additional payments of approximately $70 million for
outstanding construction change orders.

3. BML is bankrupt because it repeatedly made mistakes in the
development of Baha Mar.  Their attempts to place blame on CCA
Bahamas are self-serving explanations to deflect attention from
their own negligence and mismanagement of the resort's
development.

However, despite their serial missteps and purposeful avoidance of
its contractual payment obligations, CCA Bahamas are once again
offering to provide financial assistance to help save Baha Mar and
create thousands of jobs for the Bahamian people.

4. Completing Baha Mar is a major priority for CCA Bahamas.  It is
the largest project of its kind in the history of the Caribbean
and a national priority for the people and government of The
Bahamas.

To demonstrate strong confidence in the project and further
reinforce CCA Bahamas' continued commitment to completing Baha
Mar, CCA Bahamas has offered to invest an additional $100 million
in BML and provide a guarantee of $175 million to China Exim Bank
in connection with China Exim Bank's new $200 million loan
facility to BML.

5. To satisfy China Exim Bank's clear requirements for a guarantee
of the new loan facility, CCA Bahamas haS asked BML to provide a
similar guarantee.  Mr. Izmirlian has categorically rejected CCA
Bahamas' reasonable request for a counter guarantee -- one which
would put the Baha Mar resort project back on track for
completion.

6. BML has counterproductively demanded that CCA Bahamas reduce
the value of CCA Bahamas' existing equity investment ($150 million
of preferred shares) in BML, to $75 million -- a 50% write-down
($75 million) of CCA Bahamas' equity investment in BML and has
also requested that the interest rate on CCA Bahamas' investment
in BML be reduced to zero.

CCA Bahamas' expertise and historical oversight of the Baha Mar
project is essential to successfully completing the resort as
quickly as possible, and putting Bahamians back to work.  While
BML continues to be unwilling to reach a mutually beneficial
agreement, CCA Bahamas said that its commitment to supporting the
Bahamian government and the people of the Bahamas has not waned.
"We will continue to work closely with any and all appropriate
parties to reach a viable plan in order to expeditiously open this
landmark resort," CCA Bahamas said.

      About China State Construction Engineering Corporation
                    & CCA Bahamas Ltd.

Established in 1985, China Construction America (CCA) is the North
American and South American subsidiary of CSCEC.  CSCEC is a
public company listed on the Shanghai Stock Exchange with a total
market capitalization of $48 billion as of June 2015.  Ranked 37th
among Fortune Global 500 companies in 2015 and no. 1 on the ENR
Global Contractors list in 2014, CSCEC is unrivaled by any other
construction company in the world.

CCA Bahamas is a wholly owned subsidiary of CCA with founding
principles of integrity and innovation with quality assurance and
value creation.  With revenue of approximately $2 billion in 2014,
CCA is the no. 32 ranked contractor in the US.  In accordance with
its core values, CCA is committed to creating value for all
stakeholders and building a better Bahamas and a better world.

                         About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The case is assigned to Judge Kevin J. Carey.

The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York.  The Debtors' Delaware counsel are Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware.  The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien.  The Debtors' special litigation counsel is
Kobre & Kim LLP.  The Debtors' construction counsel is Glaser Weil
Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk LLC.


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


PETROLEO BRASILEIRO: Cheap Crude Helps Fuel Business
----------------------------------------------------
Sabrina Valle and Peter Millard at Bloomberg News reports that
Petroleo Brasileiro SA, Brazil's embattled state oil company, is
deriving more gains from crude below $65 than at any point of the
last price boom.

A combination of lower international prices and a slumping
domestic economy turned Petroleo Brasileiro's money-losing
refining unit into a profit center, second-quarter earnings show,
according to Bloomberg News.   That's because it was selling
imported fuel at a loss when prices were high and demand was
strong, but not anymore, Bloomberg News notes.

Petrobras Brasileiro has been cutting spending after a debt-driven
exploration campaign failed to deliver on ambitious goals. Plus,
multibillion-dollar writedowns sapped profits last year, so the
fuel unit gains are giving it a reprieve from bad news.

"At certain moments it can even be positive," Luis Gustavo
Pereira, an analyst at brokerage firm Guide Investimentos, said
about the lower oil prices.  "Petrobras now "can make money
selling imported fuel at higher prices," Mr. Gustavo added.

Bloomberg News relates that the state-run producer reported
BRL19.8 billion ($5.6 billion) in second-quarter earnings before
interest, taxes, depreciation, and amortization.  That exceeded
the BRL19.2 billion average of three analysts' estimates compiled
by Bloomberg.

                         Fuel Business

Bloomberg News notes that the fuel division posted consecutive
losses when oil was above $100 a barrel, and then started making
money in the first quarter after oil prices fell -- a display of
how policies can determine its profits instead of markets.  The
government, which controls the company with the majority of voting
shares and names its chairman, has withheld fuel-price increases
to try to keep inflation in check, Bloomberg News relays.

Petrobras, which imports gasoline because it doesn't produce
enough to meet demand in Latin America's biggest economy, was
unable to match international prices during the boom, Bloomberg
News relays.  Profits at the unit surged to BRL5.6 billion in the
quarter, compared with a BRL3.9 billion loss a year earlier.

Exxon Mobil Corp., Royal Dutch Shell Plc. and Chevron Corp. all
posted robust profits from their refining and distribution
businesses during a bull market for crude.

For Petrobras, the price crash has mostly eliminated the money-
losing subsidies. It sold imported diesel at a 17 percent profit
during the quarter, while the discount on gasoline narrowed to 5.3
percent, according to Banco Bradesco SA, Bloomberg News says.

The company isn't planning any fuel price increases and domestic
prices have surpassed international rates, Chief Executive Officer
Aldemir Bendine told reporters in Rio, Bloomberg News discloses.

The Ebitda result, which excludes one-time items, was 22 percent
higher than a year earlier and beat every quarterly result when
oil was trading above $100 a barrel, Bloomberg News adds.

                        'Beautiful Result'

Sales of BRL79.9 billion matched the average estimate of five
analysts tracked by Bloomberg.  Net income shrank to BRL531
million, from BRL5.3 billion a year earlier, after the company
booked BRL5.2 billion in impairment and tax charges, Bloomberg
News says.

Bloomberg News notes that Petrobras should have booked the tax
charges a long time ago, Mr. Bendine, who took office in February,
said at a press conference in Rio.  The payments weren't an effort
to help the government improve its fiscal accounts, he added.

"It would be a beautiful result" without the charges, Mr. Bendine
said.  "Operationally it was good.  We're very satisfied," Mr.
Bendine added.

Bloomberg News relays that the company cut its five-year
investment plan by 37 percent to $130 billion in June and lowered
its production growth targets in an effort to reduce the
industry's largest debt load.  The company is focusing on
exploration and production, scaling back investment in refineries
that have become the subject of Brazil's biggest corruption
scandal at a time of slumping crude prices and development
bottlenecks, Bloomberg News says.

                   About Petroleo Brasileiro

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and it produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2015, Moody's Investors Service said the corruption
investigation into Petroleo Brasileiro S.A. (Petrobras) will
negatively affect parts of the public and private sectors, but
government support for the company is likely to help contain the
credit-negative impact.

On March 6, 2015, the TCLRA reported that the deepening
investigation into the alleged kickback scheme at Petrobras has
triggered concerns for the Brazilian banks with exposures not only
to the state-controlled oil company, but also to its large base of
suppliers, as well as the broader oil and gas (O&G) and
construction industries, says Moody's Investors Service.

Moody's Investors Service downgraded all ratings for Petrobras,
including a downgrade of the company's senior unsecured debt to
Ba2 from Baa3, and assigned a Ba2 Corporate Family Rating to the
company, the TCRLA reported on Feb. 27, 2015.  Its failure to
estimate its losses from the alleged corruption scheme and produce
audited third-quarter results prompted Moody's to cut its rating
to junk, the report said.

Rival agency Standard & Poor's delivered a further blow on March
23 when it revised its outlook on the company from stable to
negative, the TCRLA reported on March 26, 2015.

On Feb. 10, 2015, TCRLA said Fitch Ratings has downgraded the
foreign and local currency Issuer Default Ratings (IDRs) and
outstanding debt ratings of Petrobras to 'BBB-' from 'BBB'.
Concurrently, Fitch has placed all of Petrobras' international and
national scale ratings on Rating Watch Negative.


PDG REALTY: S&P Lowers CCR to 'B-'; Outlook Negative
----------------------------------------------------
Standard & Poor's Ratings Services said it downgraded the global
scale corporate credit rating on PDG Realty S.A. Empreendimentos E
Participacoes (PDG) to 'B-' from 'B' and lowered the national
scale rating to 'brB-' from 'brBB+'.  At the same time, S&P
downgraded the issue-level rating on PDG's secured debt to 'brB'
from 'brBBB-' and lowered the issue-level rating on its unsecured
debt to 'brB-' from 'brBB+'.  The outlook on all ratings is
negative.

The Brazilian economy has deteriorated during the last 3 quarters,
with an increase in inflation, interest, tax, unemployment, and
household indebtedness rates.  More-restricted credit availability
to homebuyers has, amid the sluggish economy, directly impacted
the domestic homebuilding industry, which showed a significant
decline in demand, an increase in sales cancelations, and a
deceleration in house prices, as indicated by the FIPE/ZAP index.
Consequently, inventory levels in the main Brazilian markets
remain high despite the substantial decrease in new launches,
forcing a large portion of homebuilders to offer discounts,
thereby increasing industry competition and pressuring
profitability.

To strengthen its cash flow generation, PDG has implemented
several initiatives--such as overhauling operations by scaling
back launches and overhead expenses--and focused its efforts on
monetizing its assets.  However, the cash conversion cycle has
taken more time than previously expected, chiefly because of a
high number of sales cancelations, delays in the mortgage transfer
process, and difficulties selling inventory.  The negative outlook
reflects S&P's view that the challenges for the Brazilian
homebuilding industry--lower demand, high interest rates,
increasing unemployment rates, and lower credit supply--will hurt
PDG's cash flow generation during the next few years.  S&P could
lower the ratings if liquidity further deteriorates, which could
happen if commercial banks become reluctant to refinance PDG's
short term loans.

S&P could raise the outlook to stable if the company successfully
refinances its short term debt during the next six months,
resulting in a healthier maturity schedule, and if the company
generates stronger cash flow than expected, allowing it to pay
down more debt.


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


DB GLOBAL MASTERS: Shareholders' Final Meeting Set for Aug. 11
--------------------------------------------------------------
The shareholders of DB Global Masters (Noetic Equity Long/Short)
Fund Ltd will hold their final meeting on Aug. 11, 2015, at 11:00
a.m., to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Delta FS Limited
          Andrew Edgington
          Telephone: (345) 743 6630
          Harbour Place, 5th Floor
          103 South Church Street
          P.O. Box 11820 Grand Cayman KY1-1009
          Cayman Islands


GIRANDOLA INVESTMENT: Shareholders' Final Meeting Set for Aug. 17
-----------------------------------------------------------------
The shareholders of Girandola Investment Ltd. will hold their
final meeting on Aug. 17, 2015, at 12:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949-9808
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands


GLOBAL CATALYST: Members' Final Meeting Set for Aug. 11
-------------------------------------------------------
The members of Global Catalyst Venture Management Asia, Ltd. will
hold their final meeting on Aug. 11, 2015, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


HAPPYMAR CO: Members Receive Wind-Up Report
-------------------------------------------
The members of Happymar Co. Ltd. received on Aug. 7, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Nicholas Quin
          Sarah Turnbull
          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


MALL A321: Shareholders' Final Meeting Set for Aug. 12
------------------------------------------------------
The shareholders of Mall A321 Partners, LDC will hold their final
meeting on Aug. 12, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Macquarie Aircraft Leasing Services (US), Inc.
          c/o Barnaby Gowrie
          Suite 200, Two Embarcadero Center
          San Francisco, CA 94111
          USA
          Telephone: +1 (345) 914 6365


NAPRALAT INC: Shareholders' Final Meeting Set for Aug. 17
---------------------------------------------------------
The shareholders of Napralat Inc. will hold their final meeting on
Aug. 17, 2015, at 12:00 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949-9808
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands


PULSE LTD: Members' Final Meeting Set for Aug. 11
-------------------------------------------------
The members of Pulse Ltd. will hold their final meeting on
Aug. 11, 2015, at 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


STEEP ROCK: Shareholders' Final Meeting Set for Aug. 13
-------------------------------------------------------
The shareholders of Steep Rock Russia General Partner, Ltd. will
hold their final meeting on Aug. 13, 2015, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Kevin Hurley
          104/3 Nizhegorodskaya UI
          Moscow 109052
          Russia
          Telephone: +7 495 671 5968


TN SHIPS 1: Shareholders' Final Meeting Set for Aug. 12
-------------------------------------------------------
The shareholders of TN Ships 1 Limited will hold their final
meeting on Aug. 12, 2015, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


WIZ INFORMATION: Members' Final Meeting Set for Aug. 12
-------------------------------------------------------
The members of Wiz Information Technology Capital Corporation will
hold their final meeting on Aug. 12, 2015, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


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


DELTA INTUR: Reiterates Compliance With Bondholders
---------------------------------------------------
Dominican Today reports that the investment firm Delta Intur Corp.
disclosed the final payment on its debenture bond agreed with its
stakeholders, who in turn have withdrawn their respective
challenges.

"We want to state however that Delta Intur failed to meet its
commitments on that due date on the impossibility of turning its
assets into cash," the firm said in an emailed statement, citing
international crisis "and Spain in particular," according to
Dominican Today.

The report notes that it said the balance of bond issue SIVEM-044
and the efforts of Delta Intur's Spain-based parent company "made
possible to confide once again on the country and its
authorities," the statement said, the report relates.  "This, as
all agree, the representatives of Delta Intur bondholders and
their lawyers inform Dominican society in general for its timely
knowledge," the statement added.


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


JAMAICA: Chance of Default Reduced to Under 5%, BOJ Says
--------------------------------------------------------
Steven Jackson at Jamaica Observer reports that Jamaica's chance
of debt default nearly halved over 12 months to just under 5.0 per
cent, according to Bank of Jamaica (BOJ) measurements.

It reflects the increased strength of the country on a path to
economic recovery, according to Jamaica Observer.

"BOJ's estimate of the probability of sovereign debt default
declined over the review period to 4.7 per cent at end-2014
relative to 7.5 per cent end-2013," stated the BOJ in its
Financial Stability Report 2014 released, the report notes.

Further, the exposure of the financial system to sovereign credit
risk, as measured by credit risk exposure (CRE), also declined for
2014, stated the BOJ, the report relates.

"The CRE for commercial banks, FIA licensees, building societies,
securities dealers and life insurance companies declined as a per
cent of capital to 3.4 per cent, 2.4 per cent, 2.4 per cent, 14.6
per cent and 8.0 per cent, respectively, for the review period,"
stated BOJ's report, the report discloses.

The Financial Stability Report provides an assessment of the main
financial developments, trends and vulnerabilities influencing the
stability of Jamaica's financial system during the year, the
report says.

The BOJ also presented a more favorable outlook based on the
expected strengthening of domestic economic recovery and aggregate
demand which should bolster financial institutions' profitability
performance during 2015, the report notes.

"Capital adequacy levels have been above statutory requirements
and institutions are expected to continue to maintain adequate
capital positions during 2015," stated the BOJ, which added that
downside risks include oil price hikes and political risks in
Europe, the report relays.

"As such, the country remains vulnerable to a reversal in oil
prices; in particular this would have negative implications for
inflation performance, the current account as well as foreign
exchange market conditions," stated the BOJ, the report notes.
"In addition, the ongoing retail repo reform is anticipated to
reduce systemic risks within the broker-dealer industry.  However,
continued strong surveillance of the industry is imperative in the
context where the Government domestic bond market remains frozen."

Fitch Ratings assigned a rating of B- to the government's US$2
billion bond offer raised in July.  The government aims to use the
proceeds to finance the buy-back of bilateral sovereign external
debt accumulated under the PetroCaribe concessional financing
program, and for budget financing, the report says.

Fitch indicated that the outlook remains positive, influenced by
the government's continued meeting of fiscal conditionalities as
part of its three-year extended fund facility with the
International Monetary Fund.

As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches.  The first tranche is for up to US$1,350 million due in
2028.  The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.


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


MEXICO: Consumer Prices Up 0.15% in July
-----------------------------------------
EFE News reports that Mexico's consumer price index rose 0.15
percent in July compared to the previous month, bringing trailing
12-month inflation to 2.74 percent, the National Institute of
Statistics and Geography, or INEGI, said.

Core CPI, which excludes items -- such as oil -- with high price
volatility, rose 0.17 percent last month, bringing core inflation
for the 12 months that ended in July to 2.31 percent, the
institution said in a statement, according to EFE News.

The report notes that the biggest price hikes occurred in the
fruits and vegetables sector, which rose 2.15 percent relative to
June, and "other services" such as restaurants, mobile and fixed-
line telephony and tourist packages, up 0.67 percent.

The steepest price declines occurred in the livestock sector, down
0.96 percent, and non-food merchandise, which fell 0.20 percent,
the report relates.

The price of the basket of basic goods, which rose 2.01 percent
for the 12 months that ended in July, fell 0.10 percent last
month, the report says.

The report notes that INEGI also said that the producer price
index rose 0.57 percent last month compared to June and climbed
3.31 percent for the 12 months that ended in July.

Mexico's inflation rate came in at 4.08 percent in 2014, slightly
above the central bank's tolerance band, the report says.

The Bank of Mexico has established an inflation target of 3
percent for 2015, with a one-percentage-point tolerance band, the
report adds.


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


CL FIN'L: No Report on CLICO Firing, Howai Says
-----------------------------------------------
Ria Taitt at Trinidad Express reports that two months after the
firing of former Colonial Life Insurance Company Ltd. (CLICO)
Chairman Gerald Yetming and former Managing Director Carolyn John,
the Central Bank is still to submit its report on the issue to
Finance Minister Larry Howai.

Speaking at a post-Cabinet news conference at the Diplomatic
Centre in St Ann's, Mr. Howai conceded the Central Bank was taking
a long time to get its report to him, according to Trinidad
Express.

"We have expressed our concern to the Central Bank . . . . We have
been pursuing the Central Bank in respect of that.  They indicated
that they have prepared a report which their attorneys are
currently reviewing . . . . before they submit anything.  So we
have said we expect, if not by the end of this week, early next
week (to receive the report)," Mr. Howai told the media, the
report dated August 6 says.

"I understand that there may be some potential for legal action
arising out of this matter so I myself would also need to consult
with our own attorneys before we make a statement, because I would
not want to make any statement that could potentially prejudice
any action that anyone may be taking arising out of this issue,"
Mr. Howai added.

The minister said the legal action may be coming from "CLICO's
side".

"I haven't seen anything (lawsuit), but that was communicated to
me verbally," Mr. Howai added.

The report recalls that Mr. Yetming and Mr. John were fired on
June 5 and Mr. Howai requested a report from both Central Bank
Governor Jwala Rambarran and Mr. Yetming, in light of the
conflicting positions presented to the public by both sides.

On the issue of the oil price, which is currently at US$44.66, Mr.
Howai said the average price up to the end of June was US$59.64,
which was below the original US$80 price budgeted last September
but was above the US$45 adjusted estimate which was introduced in
January, the report relays.  Mr. Howai said at the end of July,
the average should be in the region of US$54-55.

"We have our own projections.  We have to look at it over the next
few months because we expect that the price may hover between
US$40 and US$45.  There is no need to make an immediate adjustment
because the average (price) will still be above the US$45 average
that we projected at the start of this year," the report quoted
Mr. Howai as saying.

"So in terms of our fiscal position for this year is well within
manageable range, unless it (the price) drops precipitously after
that, which at this stage we are not projecting," Mr. Howai added.

                           *     *     *

                        About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.  Colonial Life Insurance
Company Ltd. (CLICO) is a member of the CL Financial Group.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on Aug.
6, 2015, Trinidad Express reports that the Constitution Reform
Forum (CRF) has called on Finance Minister Larry Howai to refrain
from embarking on an "unnecessary drain on the Treasury" by
appealing the decision of a High Court judge, who ordered that the
Minister fulfil a request by president of the Joint Consultative
Council (JCC) Afra Raymond for financial details relating to the
bailout of CL Financial Limited.  The CRF issued a release stating
that if the decision is appealed, not only will it be a waste of
finance but such a course of action will also demonstrate a "lack
of commitment by the Government to the spirit and intent of the
Freedom of Information Act FOIA", under which the request was
made, according to Trinidad Express.

On July 7, 2014, Trinidad Express said that the Central Bank has
placed the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.

At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd.,
Caribbean360.com related.  Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.

TCRLA reported on Sep 22, 2011, Caribbean News Now, citing
Reuters, reported that the cost of the Trinidad and Tobago
government bailout of CL Financial Limited is likely to rise to
more than TT$3 billion.



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


VENEZUELA: In Risky Financial Acrobatics to Raise Hard Currency
---------------------------------------------------------------
Agence France-Presse reports that the lifeblood of Venezuela's
economy is oil, and the dollars it brings in. So with crude prices
low, the government is taking desperate measures to get
desperately needed hard currency.

And analysts said it is all a recipe for disaster in the country
with the world's largest proven oil reserves, according to Agence
France-Presse.

The report notes that Venezuela's budget deficit has ballooned to
tens of billions of US dollars because it relies entirely on oil
for its hard currency and the price of oil is half what it was not
long ago.

As if that were not challenge enough for its budget, Venezuela
imports about 60 per cent of its food and medicine, the report
relates.

Yet, despite its current and potential oil wealth Venezuela is
finding it increasingly hard to get trade credit with suppliers
because in many cases it owes them millions of dollars, the report
says.

Many economists have called it a de facto selective bankruptcy.

And suppliers, not surprisingly, increasingly don't want to lend
unless they are paid in cash. Venezuela could choose to make major
budget cutbacks but has chosen not to do what would be massively
politically unpopular, Agence France-Presse notes.

So Venezuela is giving indebted oil customers like Jamaica and the
Dominican Republic big discounts in exchange for receiving the
rest of the debt in cash immediately, the report says.

Uruguay, for instance, got a 38 per cent "haircut" to its debt in
exchange for coughing up US$400 million right away, the report
discloses.

In recent months, Venezuela has raised several billion US dollars
by doing this, notes the report.

President Nicolas Maduro's government is also hocking its gold
reserves and selling off assets, Agence France-Presse notes.
Part of the country's gold reserves were swapped with
international banks for US$1.5 billion, for instance.

Agence France-Presse relays that it also issued debt and arranged
loans to the tune of US$2.5 billion through Citgo, the state-run
oil company PDVSA's refining unit located in the United States.

The country is like a runaway train, economist Orlando Ochoa
warned, says the report.

"This really looks like suicide.  The Maduro government is simply
burning up assets to make it to 2016, without an economic reform
plan, and even with murky transactions involving oil assets," the
report quoted Mr. Ochoa as saying.

Legislative elections are scheduled for December of this year, and
polls say that for the first time since 1999, the opposition might
win.

Other woes abound, too: runaway inflation, shortages of goods as
basic as soap and toilet paper, and the yawning budget deficit,
the report says.

The economy is a mess but the government is shunning reforms that
are needed out of fear it will lose ground in the upcoming
election, analysts and opposition leaders said, the report relays.

There is only so much more the government can sell to raise cash,
Mr. Ochoa said.

Mr. Oncha noted that a refinery PDVSA owned jointly with Exxon
Mobil Corp was sold this year for US$330 million, the report
discloses.

"By 2016, there will not be anything left to sell except Citgo,"
Mr. Ochoa warned, the report relays.

Besides the hurried sales of assets and the debt relief deals, the
government has reduced imports by nearly 50 percent since 2013,
Agence France-Presse relays.

And the country has sovereign debt to pay off.

Some estimates are that by the end of the year, Venezuela faces
US$6 billion in debt principal and interest payments, the report
notes.

With oil going for US$47 a barrel in 2015, Venezuela will have a
hard currency deficit of US$23 billion, said Asdrubal Oliveros of
Ecoanalitica.  A whopping 96 per cent of Venezuela's hard currency
comes from oil sales, Agence France-Presse says.

The government can make up for that deficit by borrowing more
money from China and cutting imports even more, Agence France-
Presse discloses.  But that will worsen the shortages that people
endure and cause inflation to rise, the report notes.

Some estimates are that prices have already risen 108 per cent
from June 2014 to June 2015, Agence France-Presse adds.


=================
X X X X X X X X X
=================


* BOND PRICING: For the Week From Aug. 3 to Aug. 6, 2015
--------------------------------------------------------

Issuer Name     Cpn   Bid Price Maturity Date Country    Curr
-----------     ---   --------- ------------- -------    ----
Anton Oilfield
Services
Group/Hong Kong    7.5     74.65   11/6/2018      CN       USD
Argentina Bocon    2      307       1/3/2016      AR       ARS
Argentina Bocon   20.5     50.3     1/4/2016      AR       ARS
Argentina Bonar
Bonds             23.6              9/10/2015     AR       ARS
Automotores
Gildemeister SA    8.25    49.25    5/24/2021     CL       USD
Automotores
Gildemeister SA    6.75    49       1/15/2023     CL       USD
Automotores
Gildemeister SA    8.25    48.87    5/24/2021     CL       USD
Automotores
Gildemeister SA    6.75    46.12    1/15/2023     CL       USD
BA-CA Finance
Cayman 2 Ltd       0.69    60.5                   KY       EUR
BA-CA Finance
Cayman Ltd         0.60    60                     KY       EUR
Banco do Brasil
SA/Cayman          6.25    65.08                  KY       USD
Banco do Brasil
SA/Cayman          6.25    65.26                  KY       USD





Banco Mercantil
do Brasil SA       9.62    75.25    7/16/2020     BR       USD
BCP Finance Co     2.05    57.53                  KY       EUR
CA La
Electricidad
de Caracas         8.5     41.2     4/10/2018     VE       USD
China Precious
Metal Resources
Holdings Co Ltd    7.25    44.98    2/4/2018      HK       HKD
Cia Cervecerias
Unidas SA        450.45            12/1/2024      CL       CLP
Cia Sud
Americana
de Vapores SA      6.4     56.36   10/1/2022      CL       CLP
CSN Islands
XI Corp            6.87    72.5     9/21/2019     KY       USD
CSN Islands
XI Corp            6.87    88.75    9/21/2019     KY       USD
CSN Islands
XII Corp           7       59.5                   BR       USD
CSN Islands
XII Corp           7       58.75                  BR       USD
Decimo Primer
Fideicomiso
de Bonos de
Prestamos
Hipoteca           4.54     60      10/25/2041    PA       USD
Empresa de
los Ferrocarriles
del Estado         6.56              1/1/2026     CL       CLP
Empresa
Distribuidora Y
Comercializadora
Norte             10.5      84.75   10/9/2017     AR       USD
ESFG
International
Ltd                5.75      0.41                 KY       EUR
General
Exploration
Partners Inc      11.5       63.62  11/13/2018    CA       USD
General
Shopping
Finance Ltd       10         51                   KY       USD
Glorious
Property
Holdings Ltd      13.25      58.03    3/4/2018    HK       USD
Gol Finance        8.75      65                   BR       USD
Gol Finance        8.75      64.75                BR       USD
Greenfields
Petroleum Corp     9          1.08    5/31/2017   US       CAD
Hidili Industry
Int'l Development
Ltd                8.625     74      11/4/2015    CN       USD
Hidili Industry
Int'l Development
Ltd                8.62      67.375  11/4/2015    CN        USD
Honghua
Group Ltd          7.45      67.2     9/25/2019   CN        USD
Honghua Group
Ltd                7.45      55.87    9/25/2019   CN        USD
Inversora de
Electrica de
Buenos Aires SA    6.5       51       9/26/2017   AR        USD
Kaisa Group
Holdings Ltd      10.25      52       1/8/2020    CN        USD
Kaisa Group
Holdings Ltd       6.87      55.18    4/22/2016   CN        CNY
Kaisa Group
Holdings Ltd       9         55       6/6/2019    CN        USD
Kaisa Group
Holdings Ltd       8         68      12/20/2015   CN        CNY
MIE Holdings
Corp               7.5       69       4/25/2019   HK        USD
MIE Holdings Corp  7.5       71       4/25/2019   HK        USD
Mongolian Mining
Corp               8.87      60.69    3/29/2017   MN        USD
Mongolian Mining
Corp               8.87      58.5     3/29/2017   MN        USD
Newland Int'l
Properties Corp    9.5       38.12    7/3/2017    PA        USD
Newland Int'l
Properties Corp    9.5       38.12    7/3/2017    PA        USD
Noble Holding
Int'l Ltd          5.25      70.84    3/15/2042   KY        USD
NQ Mobile Inc      4         65.12   10/15/2018   CN        USD
Odebrecht
Drilling Norbe
VIII/IX Ltd        6.35      71       6/30/2021   KY        USD
Odebrecht Drilling
Norbe VIII/IX Ltd  6.35      72.87    6/30/2021   KY        USD
Odebrecht
Finance Ltd        7.5       70                   KY        USD
Odebrecht
Finance Ltd        4.37      65.75    4/25/2025   KY        USD
Odebrecht
Finance Ltd        7.12      64.5     6/26/2042   KY        USD
Odebrecht
Finance Ltd        5.25      64.52    6/27/2029   KY        USD
Odebrecht
Finance Ltd        8.25      64.93    4/25/2018   KY        BRL
Odebrecht
Finance Ltd        4.37      65       4/25/2025   KY        USD
Odebrecht
Finance Ltd        7.12      68.25    6/26/2042   KY        USD
Odebrecht
Finance Ltd        5.25      63.5     6/27/2029   KY        USD
Odebrecht
Finance Ltd        7.5       74.25                KY        USD
Odebrecht
Offshore Drilling
Finance Ltd        6.75      60.5     10/1/2022   KY        USD
Odebrecht
Offshore Drilling
Finance Ltd        6.62      60.73    10/1/2022   KY        USD
Odebrecht
Offshore Drilling
Finance Ltd        6.75      64.75    10/1/2022   KY        USD
Odebrecht
Offshore Drilling
Finance Ltd        6.62      62.25    10/1/2022   KY        USD
Odebrecht
Oil & Gas
Finance Ltd        7         46.6                 KY        USD
Odebrecht
Oil & Gas
Finance Ltd        7         54.24                KY        USD
Offshore Group
Investment Ltd     7.5       48.87    11/1/2019   KY        USD
Offshore Group
Investment Ltd     7.12      48.25     4/1/2023   KY        USD
Oi SA              5.75      74.35     2/10/2022  BR        USD
Oi SA              5.75      74.12     2/10/2022  BR        USD
PDVSA              8.5       65.32    11/2/2017   VE        USD
PDVSA             44.62                2/17/2022  VE        USD
PDVSA             44.87                4/12/2017  VE        USD
PDVSA             30                   4/12/2027  VE        USD
PDVSA             37.25               11/17/2021  VE        USD
PDVSA             62.15               10/28/2016  VE        USD
PDVSA             37.75                5/17/2035  VE        USD
PDVSA             32                   5/16/2024  VE        USD
PDVSA             30                   4/12/2037  VE        USD
PDVSA             31.75               11/15/2026  VE        USD
PDVSA             66.37               11/2/2017   VE        USD
PDVSA             33.6                 5/16/2024  VE        USD
PDVSA             31.65               11/15/2026  VE        USD
PDVSA             43.2                 2/17/2022  VE        USD
PDVSA             36.75               11/17/2021  VE        USD
PDVSA             36                   5/17/2035  VE        USD
Polarcus Ltd       5.6      53.331     4/27/2018  AE        USD
Polarcus Ltd      27                   6/7/2018   AE        USD
Polarcus Ltd      27.04                7/8/2019   AE        NOK
Provincia de
Tucuman
Argentina          0.51     42.6       9/5/2015   AR        USD
Provincia del
Chaco              4        64.40     12/4/2026   AR        USD
Ruta del Bosque
Sociedad
Concesionaria SA   6.36                3/15/2021  CL        CLP
Schahin II
Finance Co
SPV Ltd            5.87      34.9      9/25/2022  BR        USD
Schahin II
Finance Co
SPV Ltd            5.87      34.5      9/25/2022  BR        USD
Talca Chillan
Sociedad
Concesionaria SA   2.75               12/15/2019  CL        CLP
Tonon
Bioenergia SA      9.25    34.08      1/24/2020   BR        USD
Tonon
Bioenergia SA      9.25    33.12      1/24/2020   BR        USD
Transocean Inc     6.8     69         3/15/2038   KY        USD
Transocean Inc     4.3     70.71     10/15/2022   KY        USD
Transocean Inc     7.5     73.63      4/15/2031   KY        USD
Transocean Inc     7.85    72.46     12/15/2041   KY        USD
USJ Acucar e
Alcool SA          9.87    48.51     11/9/2019    BR        USD
USJ Acucar e
Alcool SA          9.87    48        11/9/2019    BR        USD
Vantage
Drilling Co        5.5     58.75      7/15/2043   US        USD
Venezuela Int'l
Bond              12.75    44         8/23/2022   VE        USD
Venezuela
Int'l Bond        11.95    38.25      8/5/2031    VE        USD
Venezuela
Int'l Bond        11.75    41        10/21/2026   VE        USD
Venezuela
Int'l Bond         7.75    34.25     10/13/2019   VE        USD
Venezuela
Int'l Bond        13.62    66.75      8/15/2018   VE        USD
Venezuela
Int'l Bond         9.37    34.25      1/13/2034   VE        USD
Venezuela
Int'l Bond        13.625   59.00      8/15/2018   VE        USD
Venezuela
Int'l Bond         9       36.5       5/7/2023    VE        USD
Venezuela
Int'l Bond         8.25    35.75     10/13/2024   VE        USD
Venezuela
Int'l Bond         6       32.5      12/9/2020    VE        USD
Venezuela
Int'l Bond         7.65    32.25      4/21/2025   VE        USD
Venezuela
Int'l Bond         7       34         3/31/2038   VE        USD
Venezuela
Int'l Bond         9.25    36.5       5/7/2028    VE        USD
Venezuela
Int'l Bond        13.62    59.00      8/15/2018   VE        USD
Venezuela
Int'l Bond         9.25    38         9/15/2027   VE        USD
Venezuela
Int'l Bond         7       41.5      12/1/2018    VE        USD
Venezuela
Int'l Bond         5.25    49.274     3/21/2019   VE        USD

                            ***********


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, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2015.  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 Nina Novak at
202-362-8552.


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