TCRLA_Public/150904.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

            Friday, September 4, 2015, Vol. 16, No. 175


                            Headlines



A R G E N T I N A

PLUSPETROL: Indians Halt Production at 11 Wells on Eve of Strike


B R A Z I L

BRAZIL: President Vows New Measures to Deal With Deficit
BRAZIL: Struggles to Fix Fiscal Crisis
LIGHT S.A.: Moody's Puts Ba2 Rating on Review for Downgrade


C A Y M A N  I S L A N D S

ALESSIA B LTD: Creditors' Proofs of Debt Due Sept. 14
CLARIDEN LEU: Placed Under Voluntary Wind-Up
CQS CREDIT: Commences Liquidation Proceedings
DVAM CORE: Creditors' Proofs of Debt Due Sept. 17
DVAM CORE MASTER: Creditors' Proofs of Debt Due Sept. 17

KRUNCH LIMITED: Creditors' Proofs of Debt Due Sept. 8
LUCENDRO FUND: Commences Liquidation Proceedings
MFTX FUNDING: Creditors' Proofs of Debt Due Sept. 7
PARA INTERNATIONAL: Commences Liquidation Proceedings
PRAX CAPITAL: Commences Liquidation Proceedings

RIVERCREST GLOBAL: Placed Under Voluntary Wind-Up
RIVERCREST GLOBAL MASTER: Placed Under Voluntary Wind-Up
SHEFFIELD FUNDING: Creditors' Proofs of Debt Due Sept. 7


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Refinery Nets US$62MM With 'Sincered' Fuel Prices
DOVEMCO: Townsfolk Protest Closing of Bauxite Mine


J A M A I C A

JAMAICA: Spending Below Budget Allocation


P U E R T O    R I C O

TRUMP INTERNATIONAL: Golf Club $78 Million in Debt


V E N E Z U E L A

VENEZUELA: Secures $5-Billion China Loan


                            - - - - -


=================
A R G E N T I N A
=================


PLUSPETROL: Indians Halt Production at 11 Wells on Eve of Strike
----------------------------------------------------------------
EFE News reports that a group of Peruvian Indians opposed to
private oil production in the northern Amazon region of Loreto
halted output at 11 wells and seized an airport on the eve of a
planned 48-hour regional strike.

The indigenous communities led by the Federation of the Achuar and
Urarina Indigenous Peoples of the Corrientes River occupied
several oil installations at Lot 8, which is located near Lot 192,
the nation's largest oil block and the focus of the protest,
Argentine energy firm Pluspetrol said in a statement, according to
EFE News.

The report notes that Pluspetrol is the operator of Lot 8.

The Indians halted crude output at 11 wells at Pluspetrol's
Pavayacu field and seized control of the Trompeteros airport and
three storage tanks, the company said, the report relays.

The report notes that those protest measures came a day before a
planned regional strike by the broad-based Patriotic Front of
Loreto and the CGTP labor federation to protest the government's
decision to directly award Lot 192 to Canada's Pacific Stratus
Energy, a unit of Toronto-based Pacific Rubiales Energy, for two
years.

The protesters are demanding that that oil block be awarded to
domestic oil company Petroperu, the report relays.

The national government, however, says Petroperu lacks the
technical and economic capacity to operate the field because its
efforts are now focused on expanding and modernizing the Talara
refinery, the report says.

Fernando Chuje, president of an indigenous federation known as
Feconat, said in Iquitos, Loreto's capital, that the Kichwa
community is "very upset about the government's decision" and will
never accept Pacific "because it has a bad track record in
Colombia," the report notes

Lot 192, located near Peru's border with Ecuador, yields around
11,000 barrels of crude per day from around 16 wells and accounts
for 17 percent of the country's total oil production.

The block had been developed since 2001 by Argentine oil company
Pluspetrol, the report recalls.

With that firm's contract expiring in late August and a recent
international bidding process failing to attract interest, the
Peruvian government directly awarded the block to Pacific Stratus
on Aug. 21, the report relays.

Indigenous communities accuse Pluspetrol of polluting the area and
not paying compensation for use of their ancestral lands, the
report adds.


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


BRAZIL: President Vows New Measures to Deal With Deficit
--------------------------------------------------------
EFE News reports that President Dilma Rousseff vowed to take new
measures to reduce the deficit her administration is projecting
for 2016, without ruling out more spending cuts and additional
taxes in Brazil.

The 2016 budget unveiled projected Brazil's first-ever primary
fiscal deficit, before payment of interest on the national debt,
sparking controversy, according to EFE News.


BRAZIL: Struggles to Fix Fiscal Crisis
--------------------------------------
globalinsolvency.com, citing the Financial Times, reports that
during a previous stint in government, Brazilian finance minister
Joaquim Levy won the nickname "Edward Scissorhands" after the
1990s film because of his ability to cut public spending.

The Financial Times reported that ever since President Dilma
Rousseff brought him back to Brasilia in January to play the role
of the government's economic bad cop, Mr. Levy has delivered a
blunt warning: either Brazil gets its fiscal house in order or it
will see its debt relegated to junk status, according to
globalinsolvency.com.

"The money is gone," the former banker said in May, referring to
recent years of free-spending, the report notes.  But eight months
into the job, Mr. Levy is struggling to make much headway amid a
slumping economy and a political crisis that has undercut the
government's ability to get anything done in Congress, the report
says.


LIGHT S.A.: Moody's Puts Ba2 Rating on Review for Downgrade
-----------------------------------------------------------
Moody's has placed Light S.A. (Ba2/Aa3.br stable) and its wholly
owned electricity distribution and generation subsidiaries Light
Servicos de Eletricidade S.A. (Light SESA, Ba2/Aa3.br stable) and
Light Energia S.A. (Ba2/Aa3.br, stable) under review for downgrade
given a breach of covenants which was announced by the company on
August 13, immediately after the release of the second quarter
(Q2) 2015 financial results.

RATINGS RATIONALE

On August 13, Light S.A. reported that in the second quarter it
did not meet the financial covenants contained in the indentures
of the outstanding debentures issued by Light Servicos de
Eletricidade S.A. and Light Energia S.A. According to the
indentures, debt acceleration can occur if the financial covenants
are breached in two consecutive quarters, or on a non-consecutive
basis over four quarters.

The financial covenants, which have cross-default provisions,
require that Light on a consolidated basis have total net
debt/EBITDA of less than 3.75x and EBITDA/interest expense of more
than 2.5x. The indentures of Light Energia's second and third
debenture issuances and Light SESA's eighth, ninth and tenth
debenture issuances are subject to these covenants. As of June 30,
the combined outstanding amount of these issuances totaled
BRL3.377 billion, equal to about 49% of Light's total outstanding
net financial debt of BRL6.879 billion, resulting in net
debt/EBITDA of 4.54x and EBITDA/interest expense of 2.37x. Light
is the guarantor of Light Energia's and Light SESA's rated debt.

Breaching the covenants is mainly related to the drought that has
affected southeast Brazil over the past two years, and which has
hurt both the electricity generation and distribution sectors.
Despite the extraordinary tariff adjustment granted to Light SESA
in March 2015, and the implementation of a tariff flag mechanism
in January 2015 by the Agencia Nacional de Energia Eletrica
(ANEEL), Brazil's electricity sector regulator, abnormally higher
electricity acquisition costs in the second quarter caused Light
S.A.'s debt to rise an additional BRL1.507 billion in debt,
BRL1.29 billion of which was raised at Light SESA. This
significantly increased Light S.A.'s consolidated debt by nearly
30% over the June 2014 level.

The review will focus on several factors and information,
including (i) the ability of Light S.A. to obtain in the next few
weeks an advance waiver from creditors to avoid potential debt
acceleration in case there is another breach of covenants in the
Q3 2015; (ii) Light SESA's operating performance and its ability
to pass-through the higher electricity acquisition costs on a
timely basis; (iii) Light Energia's energy balance, CAPEX
investment plan, and the impact of the deteriorating hydrology
conditions on the company's metrics; (iv) the evolving legal and
regulatory environment; (v) the process of Light S.A.'s sale of a
15.87% stake in Renova Energia; (vi) Light S.A.'s earnings
guidance released on August 24; and (vii) the audited financial
statements of Q3 2015, that are expected to be released in
November.

Headquartered in Rio de Janeiro - Brazil, Light S.A. is an
integrated utility company with activities in generation,
distribution and commercialization of electricity. Light's
generation subsidiary, Light Energia operates 5 hydroelectric
power plants (HPPs) with 855 MW of combined installed capacity
pursuant to a 30-year concession, which ends in June 2026. The
Company has also direct (full) or shared control of several other
entities dedicated to renewable energy production, such as Renova
Energia S.A. (with a 15.9% stake), Guanhaes Energia S.A. (51%
stake), Sao Judas Tadeu as well as Fontainha wind parks and Lajes
Energia S.A. (with 100% ownership in each). Companhia Energetica
de Minas Gerais ("CEMIG"), rated Ba1/Aa2.br with negative outlook,
is a major shareholder, holding directly and indirectly, a 26.1%
and 32.5% stake, respectively, in Light S.A.

Light S.A.'s electricity distribution subsidiary, Light SESA,
holds a thirty-year concession, which was granted by the Brazilian
Federal Government on June 4, 1996, expiring in July 2026. LIGHT
SESA's concession covers thirty one (31) municipalities in the
State of Rio de Janeiro (not rated), including the municipality of
Rio de Janeiro serving a population of approximately ten (10)
million. LIGHT SESA distributes 70% of the electricity consumed in
the State of Rio de Janeiro, which is the second wealthiest in
Brazil.

Light SESA accounts for about 86% of Light S.A.'s consolidated
operating revenues, while Light Energia accounts for about 5%.
Light SESA contributed 65% of Light's consolidated EBITDA, while
Light Energia contributed 35%. According to Moody's standard
adjustments, in the last twelve months (LTM) ended on June 30
2015, Light S.A. had consolidated operating revenues of BRL9.8
billion, EBITDA of BRL2.1 billion and net income of BRL460
million, as compared to BRL8.3 billion, BRL2.2 billion and BRL605
million, respectively, in the 2014.


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


ALESSIA B LTD: Creditors' Proofs of Debt Due Sept. 14
-------------------------------------------------------
The creditors of Alessia B. Ltd. are required to file their proofs
of debt by Sept. 14, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 31, 2015.

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


CLARIDEN LEU: Placed Under Voluntary Wind-Up
--------------------------------------------
On April 24, 2015, the sole shareholder of Clariden Leu Trust
(Cayman) Limited resolved to voluntarily wind up the company's
operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


CQS CREDIT: Commences Liquidation Proceedings
---------------------------------------------
On July 28, 2015, the members of CQS Credit Long Short Feeder Fund
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Aug. 24, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


DVAM CORE: Creditors' Proofs of Debt Due Sept. 17
-------------------------------------------------
The creditors of DVAM Core Fund Ltd. are required to file their
proofs of debt by Sept. 17, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 28, 2015.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


DVAM CORE MASTER: Creditors' Proofs of Debt Due Sept. 17
--------------------------------------------------------
The creditors of DVAM Core Master Fund Ltd. are required to file
their proofs of debt by Sept. 17, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 28, 2015.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


KRUNCH LIMITED: Creditors' Proofs of Debt Due Sept. 8
-----------------------------------------------------
The creditors of Krunch Limited are required to file their proofs
of debt by Sept. 8, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on July 15, 2015.

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


LUCENDRO FUND: Commences Liquidation Proceedings
------------------------------------------------
On July 29, 2015, the sole shareholder of Lucendro Fund SPC passed
a resolution to liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Mrs. Nicola Smith
          Telephone: +350 200 52545
          Facsimile: +350 200 52546
          Suite 209 Neptune House
          Marina Bay
          Gibraltar


MFTX FUNDING: Creditors' Proofs of Debt Due Sept. 7
---------------------------------------------------
The creditors of MFTX Funding Limited are required to file their
proofs of debt by Sept. 7, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 27, 2015.

The company's liquidator is:

          Westport Services Ltd.
          c/o Gillian Allan
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


PARA INTERNATIONAL: Commences Liquidation Proceedings
-----------------------------------------------------
Para International Ltd. commenced liquidation proceedings.

The company's liquidators are:

          Mark McDonald
          Marcus Wide
          Grant Thornton (British Virgin Islands) Limited
          P.O. Box 4259, 171 Main St
          Road Town, Tortola
          British Virgin Islands


PRAX CAPITAL: Commences Liquidation Proceedings
-----------------------------------------------
On Aug. 7, 2015, the shareholders of Prax Capital China Real
Estate GP I Corp. resolved to voluntarily liquidate the company's
business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Jeff Yao
          c/o Maples and Calder
          Attorneys-at-law Ugland House
          PO Box 309, Grand Cayman KY1-1104
          Cayman Islands


RIVERCREST GLOBAL: Placed Under Voluntary Wind-Up
-------------------------------------------------
On July 31, 2015, the sole shareholder of Rivercrest Global Equity
Fund Limited resolved to voluntarily wind up the company's
operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Avalon Ltd.
          Reference: GL
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands


RIVERCREST GLOBAL MASTER: Placed Under Voluntary Wind-Up
--------------------------------------------------------
On July 31, 2015, the sole shareholder of Rivercrest Global Equity
Master Fund Limited resolved to voluntarily wind up the company's
operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Avalon Ltd.
          Reference: GL
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands


SHEFFIELD FUNDING: Creditors' Proofs of Debt Due Sept. 7
--------------------------------------------------------
The creditors of Sheffield Funding Limited are required to file
their proofs of debt by Sept. 7, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 27, 2015.

The company's liquidator is:

          Westport Services Ltd.
          c/o Gillian Allan
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


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


DOMINICAN REP: Refinery Nets US$62MM With 'Sincered' Fuel Prices
----------------------------------------------------------------
Dominican Today reports that the Chief Executive Officer of
Dominican Republic's State-owned refinery said domestic fuel
prices are "sincered" and called the opposition PRM party's
calculations incorrect.

Felix Jimenez's statement responds to PRM's accusation that the
government charges an illegal tax on fuel, and said state will get
RD$2 billion in earnings in September, from the 2012-2013 period,
adding that last year's profit was US$62 million, according to
Dominican Today.

Mr. Jimenez said the Refinery processes only 30,000 barrels of oil
per day, for which it's forced to buy hundreds of thousands of
finished products, the report notes.

                     Divorce Between Prices

"The world produces more crude than it can refine consequently,
sometimes there is a divorce between the price of oil itself and
the price of refined products," the report quoted Mr. Jimenez as
saying.


DOVEMCO: Townsfolk Protest Closing of Bauxite Mine
--------------------------------------------------
Dominican Today reports that workers, supervisors, drivers and
other people linked to the region's bauxite mine held a
candlelight vigil in the town's main streets on Sept. 1 to demand
that the government extend the deadline issued by the Energy and
Mines Ministry two weeks ago to shutter extractions beyond
October.

Neighborhood boards also joined the protest against the announced
closure of extractions of DOVEMCO's bauxite mine at the village
Las Mercedes, according to Dominican Today.

"If they close the mine where will we go and what will we do? The
tourism announced in Pedernales doesn't have the means, especially
now and by the end of 2015, when families need to produce to
survive the situation," said Mother Federation Centers President
Miladis Altagracia Perez, quoted by listin.com.do, the report
relays.

Some representatives of community and social organizations say the
closure of DOVENCO's operations would jeopardize the families
whose livelihood depends on the bauxite mine, the report adds.


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


JAMAICA: Spending Below Budget Allocation
-----------------------------------------
RJR News reports that it has been revealed that Government of
Jamaica expenditure was J$4.5 billion below budget for the June
quarter this year.

This reflected lower than planned capital spending and interest
payments, and was primarily due to delays in project
implementation and the non-issuance of planned debt instruments on
the domestic market, according to RJR News.

                            *     *     *

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.


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


TRUMP INTERNATIONAL: Golf Club $78 Million in Debt
--------------------------------------------------
Caribbean360.com reports that Trump International Golf Club Puerto
Rico filed for bankruptcy as Donald Trump, the billionaire real
estate mogul who licensed his name to the property, upped his
campaign for the White House.

The financially troubled golf club listed $9.2 million in assets
against $78 million in debt, according to the petition filed in
San Juan, according to Caribbean360.com.

The report notes that the golf club's ties to Trump, who is
seeking the Republican presidential nomination, nevertheless go no
further than the name, Bloomberg reported.

Donald Trump isn't involved in the operations of the golf course
and a "difficult business climate in Puerto Rico" resulted in the
owner's financial woes, said Eric Trump, the presidential
candidate's son and an executive at the Trump Organization, the
report relays.

"We have zero financial investment in this course," Trump told
Bloomberg, the report discloses.  "This has absolutely nothing to
do with Trump.  This is a separate owner. We purely manage the
golf course," the report adds.

The resort has been in default of its obligations to Trump,
moreover, according to Eric Trump, the report notes.

The Puerto Rico resort, which opened in March 2004 as Coco Beach
Golf, was renamed in 2008 after licensing the use of Trump's name,
the report relays.

Trump, an avid golfer, is affiliated with 17 golf properties
worldwide, according to his website.  The golf division of Trump
Organization Inc. owns and manages most of the courses.

The Puerto Rico property features two 18-hole championship courses
in Rio Grande, which were designed by professional golfer Tom
Kite.  The 1,000-acre property has a 46,000-square-foot clubhouse
and hosted the 2008 Puerto Rico Open, according to the Trump
website.

"Prior to commencing this bankruptcy proceeding, the debtor began
experiencing a substantial diminution in its cash flow due to
Puerto Rico's adverse economic situation, which has impacted the
tourism sector of the island," the company said in court papers,
the report discloses.

The club received $26.4 million in municipal bonds four years ago
to finance the resort's construction, Bloomberg reported, the
report relays.  They were downgraded to CCC- last month by
Standard & Poor's, earning junk bond status where it used to have
investment grade, and mirroring Puerto Rico's debt.

The island of 3.5 million racked up the highest debt per capita in
the US as the commonwealth and its agencies borrowed for years to
fix budget deficits as its economy shrank almost every year since
2006, the report says.  Officials are now seeking to restructure
the island's $72 billion debt load, the report notes.

Meanwhile, since announcing his decision to run for president,
Donald Trump has campaigned on his wealth and success in business,
the report discloses.

Last month, he created a furore by describing immigrants who
illegally cross the border from Mexico as mostly criminals, the
report notes.

And while the Puerto Rico golf resort doesn't affect the company
financially, the Trump Golf business hasn't been completely
untouched by the real estate billionaire's controversial comments
on immigration, the report relates.  Sports network ESPN recently
relocated its Celebrity Golf Classic from a Trump-owned course in
Rancho Palos Verdes to the Pelican Hill Golf Club in Newport
Beach, the report adds.


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


VENEZUELA: Secures $5-Billion China Loan
----------------------------------------
globalinsolvency.com, citing the Financial Times, reports that
China will loan Venezuela $5 billion to boost oil output, the
Venezuelan president said in a televised broadcast from Beijing,
in a show of continued support for the troubled Latin American
economy from one of its main creditors.

The Financial Times reported that China has lent $50 billion to
Venezuela in oil-backed loans secured under former president Hugo
Chavez but has become much less enthusiastic about adding to its
exposure as the Venezuelan economy has worsened, according to
globalinsolvency.com.

The report notes that Venezuela is the eighth-largest oil supplier
to China, primarily of heavy crude that trades at lower than
benchmark prices.  Nicolas Maduro, Venezuelan president, said in a
broadcast aired in his home country that the deal would "increase
oil production in a gradual way in coming months," the report
relates.

The report says that Mr. Maduro is visiting China ahead of a
military parade to celebrate the end of the Second World War in
Asia.  Analysts said Venezuela's economic woes combined with a
global slide in oil prices posed China with a dilemma over its
dealings with the Latin American country, the report adds.


                            ***********


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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