TCRLA_Public/150925.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 25, 2015, Vol. 16, No. 190


                            Headlines



B R A Z I L

BANCO DO ESTADO: S&P Affirms 'BB/B' Ratings; Outlook Negative
BANCO INDUSVAL: Moody's Withdraws B2 LC and FC Deposit Ratings
BRASIL PHARMA: Moody's Cuts Global Scale CFR to Caa1
BRAZIL: Exchange Rate Volatility Temporary, Finance Minister Says
GENERAL SHOPPING: Moody's Lowers CFR to B2; Outlook Negative

HAITONG BANCO: Moody's Affirms 'B2' Sr. Unsecured Debt Rating
PARANAPANEMA S.A: Moody's Cuts Corporate Family Rating to B1
RIO DE JANEIRO: Fitch Lowers IDR to 'BB+'; Outlook Negative


C A Y M A N  I S L A N D S

1OAK INVESTMENT: Shareholders' Final Meeting Set for Sept. 30
CHARTER LIMITED: Members' Final Meeting Set for Sept. 30
GMPIM EQUITY: Shareholder to Hear Wind-Up Report on Oct. 16
ITAU LATINAMERICA: Member to Hear Wind-Up Report on Sept. 28
ITAU LATIN AMERICA: Member to Hear Wind-Up Report on Sept. 28

NESOI LIMITED: Members' Final Meeting Set for Sept. 30
PRUPIM VIETNAM: Shareholders Receive Wind-Up Report
PYRAMIS GLOBAL: Member Receives Wind-Up Report
PYRAMIS GLOBAL MASTER: Member Receives Wind-Up Report
PYRAMIS GLOBAL FUND: Member Receives Wind-Up Report

PYRAMIS GLOBAL HEALTH: Member Receives Wind-Up Report
YSPOLIN GP: Shareholders' Final Meeting Set for Sept. 30


C O L O M B I A

* COLOMBIA: Low Oil Prices Lead to Rising Corp. Taxes, Fitch Says


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Foreign Investment Tops US$7.3BB in 3 Years
* DOMINICAN REPUBLIC: Businesses Waylay 200 Labor Unions


J A M A I C A

DIGICEL GROUP: Expects More Competition
UC RUSAL: Plans to Cut Further Aluminum Production


M E X I C O

MEXICO: Foreign Reserves Fall by $479 Million


P U E R T O    R I C O

CERTENEJAS INCORPORADO: Case Summary & 7 Top Unsecured Creditors
PUERTO RICO ELECTRIC: Reaches Deal w/ Lenders to Restructure Debt
STANDARD REGISTER: Court Approves WilliamsMarston to Provide CRO


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B R A Z I L
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BANCO DO ESTADO: S&P Affirms 'BB/B' Ratings; Outlook Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' global
scale and 'brAA-/brA-1' Brazilian national scale ratings on Banco
do Estado do Para S.A.

The ratings on Banpara reflect its "weak" business position,
"adequate" capital and earnings, "moderate" risk position, "above
average" funding, and "strong" liquidity.


BANCO INDUSVAL: Moody's Withdraws B2 LC and FC Deposit Ratings
--------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings assigned to
Banco Indusval (BI&P), including the long and short-term local and
foreign currency deposit ratings of B2 and Not Prime,
respectively, as well as the Brazilian national scale deposit
ratings of Ba2.br and BR-4, for long and short-term.  Moody's has
also withdrawn its b2 baseline credit assessment and the
counterparty risk assessment of B1(cr) and NP(cr) assigned to
BI&P.  Before the withdrawal, the outlook on all ratings was
negative.

RATINGS RATIONALE

Moody's has withdrawn the ratings for its own business reasons.

Moody's took its last of rating action on BI&P was on 31 August
2015, when Moody's downgraded the bank's long-term global local
and foreign currency deposit ratings to B2 from B1, as well as its
baseline credit assessment to b2 from b1 and its long and short-
term Brazilian national scale deposit ratings, to Ba2.br from
Baa2.br and BR-4 from BR-3, respectively.  At the same time, the
short-term global ratings were affirmed at Not Prime.  At the same
time, Moody's changed the outlook on all ratings to negative from
stable.

Banco Indusval S.A. is headquartered in Sao Paulo, Brazil and had
consolidated assets of BRL4.5 billion (USD1.4 billion) and equity
of BRL538.2 million (USD173.3 million) as of June 30, 2015.


BRASIL PHARMA: Moody's Cuts Global Scale CFR to Caa1
----------------------------------------------------
Moody's America Latina downgraded Brasil Pharma's corporate family
rating to Caa1/B3.br from B3/B1.br. The outlook remains negative.

Ratings downgraded as follows:

Issuer: Brasil Pharma S.A.

Corporate Family Rating: to Caa1 from B3 (global scale); B3.br
from B1.br (national scale)

The outlook for the ratings is negative.

RATINGS RATIONALE

The downgrade of Brasil Pharma's CFR to Caa1/B3.br was prompted by
its currently unsustainable liquidity and capital structure,
coupled with a longer than initially anticipated time horizon for
its operational recovery and the deterioration in the Brazilian
macroeconomic environment.

The Caa1 rating continues to reflect primarily the company's high
liquidity risk and very weak credit metrics resulted from a longer
than expected restructuring process and slow return to
profitability following challenges faced during 2013 and 2014.

On the other hand, the strong support received from its
controlling shareholder Banco BTG Pactual S.A. (Baa3, Negative),
as evidenced by continued capital injections and lending to the
company, is one of the key factors supporting Brasil Pharma's
rating. The lack of financial flexibility is a constraint to the
ratings as it prevents the company to take full advantage of its
geographic footprint, with large presence in the North, Northeast
and Midwest regions of Brazil, curtailing its competitive position
and growth opportunities in the near-term. Over the long term, the
company should continue to benefit from good fundamentals of the
drugstore retail industry in Brazil such as aging of the
population, low penetration of healthcare plan beneficiaries and
increase in the offering of generic drugs.

In terms of liquidity, Brasil Pharma has been completely dependent
on the support provided by BTG Pactual. The bank acquired BRL 214
mm in debentures issued by the company during 2015 and has an
active role in the relationship with creditor banks. As of June
2015, Brasil Pharma's cash position of BRL 51 million would
compare modestly with short-term debt levels of BRL 841 million
(including the totality of the debentures raised with BTG and
accounts payable related to acquisitions). Following the last
rating action, in January 2015, the company has been able to
renegotiate its short term, but no individual line for a term
longer than 180 days. Additionally, no definite solution for its
inadequate liquidity and capital structure has been presented. All
these developments contrast with a deterioration of the Brazilian
political and macroeconomic scenarios, which created a more
restrictive credit environment and will hurt retail sales in the
short-term.

Despite the improvements in operational trends observed in the
2Q15 results, credit metrics are still very weak. Accordingly, we
view adequate capital structure and debt amortization profile as
key conditions for a sustainable turnaround into more adequate
metrics, which is likely to take a number of quarters. In 2015 the
company announced a new CEO and hired consulting firm En‚as
Pestana & Associados to initiate the second phase of its
operational restructuring. Future actions include the integration
of Big Benn -- one of the acquired chains -- and transfer of best
practices among business platforms. The company expects to have a
new business plan with detailed actions to improve its capital
structure, including the likelihood of a new capital increase by
BTG Pactual. Nevertheless, the uncertainty related to the timing
and adequacy of the proposed plan, as well as its execution risk,
weight negatively on the rating.

The negative outlook reflects Brasil Pharma's operational
challenges and the risks associated with the company's
unsustainable capital structure. The outlook also incorporates the
lack of an adequate solution to improve liquidity and reduce the
amount of short-term debt.

The ratings could be downgraded if the perceived support from BTG
Pactual diminishes or if there is no adequate solution presented
for the company's weak capital structure (such as a capital
injection or sale of assets) in the near-term.

The ratings could experience upward pressure in case of a
substantial improvement in liquidity, operating performance,
capital structure and overall credit metrics.

Founded in 2009 and headquartered in the state of Sao Paulo,
Brasil Pharma S.A. has the BTG Pactual bank as its main
shareholder. The company is among the three largest drugstore
chains in the country in terms of sales and had 695 owned stores
in the south, northeast, north and central-west regions of the
country as of June 30th, 2015. Brasil Pharma also runs a franchise
business under the "Farmais" brand, with 484 stores. Net revenues
for the LTM period ended June 30th 2015 amounted to BRL 3.5
billion (approximately USD 1.3 Billion converted by the average
exchange rate for the period), with adjusted EBITDA margin of -
3.6% (including the capitalization of operating leases).


BRAZIL: Exchange Rate Volatility Temporary, Finance Minister Says
-----------------------------------------------------------------
EFE News reports that Brazilian Finance Minister Joaquim Levy said
that the marked volatility the country's currency is experiencing
is temporary, despite the fact that the real continues to decline
and touched the historic low of 4.13 to the U.S. dollar.

"I think we're going to have greater stability of the dollar,"
although "it's difficult, impossible, to pinpoint what the level
will be," said Mr. Levy after participating in an economic seminar
on the precipitous devaluation of the real, which on Sept. 22 fell
1.83 percent against the dollar, closing at BRL4.05, the report
relays.

That was the highest quote for the greenback since Brazil adopted
the real in 1994, and the trend remains in place on Sept. 23 with
the Brazilian currency trading at 4.13 at mid-session, the report
discloses.

The report notes that Mr. Levy told reporters that the exchange
rate turbulence "is not a problem only for Brazil," but he said he
hoped that the fiscal adjustment measures adopted by the
government will help to bring more "tranquility" to the country's
financial markets.

The minister praised the decision by the national Congress to
maintain a series of vetoes by President Dilma Rousseff on several
bills approved by the legislature to increase public spending,
which the government is trying to keep to a minimum, the report
says.

"Elements such as that will allow us to reap the fruits of what's
being done," said the minister, who again expressed his confidence
that the "adopted measures," which run from spending cuts to a
significant tax increase, "will have an effect," the report
relays.

Brazil is facing a delicate situation, one that has led the
government to revise downward its projections for this year, now
calculating that 2015 will close with an economic contraction on
the order of 2.44 percent, although private analysts say it will
be 2.70 percent, the report notes.

In addition, the Rousseff government is going through a delicate
political crisis stemming in part from the corruption scandals in
the state-run Petrobras oil company, all of which Levy admitted is
creating a "certain insecurity" in the markets, the report
discloses.

For these reasons, Standard & Poor's (S&P) reduced Brazil's risk
rating to BB+, which is considered to be "junk bond" status, and
many experts fear that the decision could be followed by similar
moves by other risk rating agencies, the report relates.

Mr. Levy met privately with representatives of the Fitch agency,
which is keeping the country's risk rating at a higher level than
S&P, and he said that the firm has guaranteed him that it will not
revise Brazil's status in the near term, notes the report.

"I'm fully convinced that once the uncertainty is overcome"
regarding Brazil, both in the political and economic areas, "the
recovery will be very rapid," the minister said, the report adds.


GENERAL SHOPPING: Moody's Lowers CFR to B2; Outlook Negative
------------------------------------------------------------
Moody's America Latina Ltda. downgraded the global scale, foreign
currency corporate family rating of General Shopping Brasil S.A.
to B2 from B1 (national scale, local currency corporate family
rating to Ba1.br from Baa2.br).  The rating outlook was revised to
negative from stable.

RATINGS RATIONALE

The downgrade reflects General Shopping's strained liquidity
position in light of its recently announced capital structure
management strategy, which includes, but is not limited to: a) a
deferral of interest payments on the 12% subordinated, US dollar
denominated perpetual bonds; b) a tender offer for a portion of
its 10% senior unsecured, US dollar denominated perpetual bonds to
investors outside of Brazil; c) a common equity issuance to
investors in Brazil and d) potential asset sales in the future.
General Shopping's credit metrics have weakened due to a heavy
debt load and higher financing expenses.  Additionally, there is
uncertainty regarding the company's future financial flexibility
and earnings power to address the accrual of deferred interest.
The negative outlook reflects Moody's expectation that the
company's liquidity position and credit metrics will remain under
pressure in the short-term as it opportunistically implements its
strategic initiatives, exacerbated by both the current political
and macroeconomic challenges in Brazil and a weakening retail
sector.

The B2 rating reflects the company's current credit metrics and
portfolio quality.  As of 2Q15, Debt + Preferred Equity as a
percentage of Gross Assets, and its Net debt/EBITDA were 54% and
8.5X, respectively.  Fixed charge coverage, has weakened to 1.0X
or below for several consecutive quarters, eroding any cushion
against unexpected EBITDA declines or increases in interest
expenses.  Positively, General Shopping owns and operates a good
quality and resilient portfolio that has consistently maintained
high occupancy and has generated solid EBITDA margins.  The
company has a proven track record as an owner, developer and
operator of shopping centers with a strong presence in the state
of Sao Paolo.

Although an upward rating movement is unlikely in the near term,
it would be predicated upon General Shopping maintaining a fixed
charge coverage closer to 1.5X, effective leverage below 50%
(excluding the effect of foreign exchange fluctuations); Net debt
to EBITDA below 7.0X, and secured debt levels below 20% (as a
percentage of gross assets) on a consistent basis.  A
stabilization of the rating outlook would also require more
clarity on the company's liquidity position to address the accrual
of deferred interest as well as the outcome of the tender offer
and equity issuance.

Downward rating movement would likely result from a fixed charge
coverage consistently below 1.0X; effective leverage above 55%
(excluding the effect of foreign exchange fluctuations) and/or Net
debt to EBITDA consistently above 8.0X.  Any difficulty or failure
in the company's execution of its capital structure plan and/or
any other strategic initiatives would place additional downward
pressure on the ratings.  Additionally, a meaningful increase in
the proportion of the secured debt or a decreased in the amount of
unencumbered assets that could be used for debt repayment would
also result in a downgrade of General Shopping's unsecured
ratings.

This rating was downgraded with a negative outlook:

General Shopping Brasil S.A. -- global scale, foreign currency
corporate family rating to B2 from B1 (national scale, local
currency corporate family rating to Baa1.br from Baa2.br)

The last rating action with respect to General Shopping Brasil
S.A. was on May 9, 2014, when Moody's downgraded the corporate
family rating to B1 from Ba3 (global scale, local currency) and to
Baa2 from A3.br (national scale, local) with a stable outlook.

General Shopping Brasil S.A. [BOVESPA: GSHP3] is headquartered in
Sao Paulo, Brazil.  The company owns interests in 16 shopping
centers in which it has a proportional interest of approximately
75%.  These shopping centers have an aggregate of 342,524 square
meters (m2) of gross leasable area (GLA) and focuses on serving
the class B and C consumer.  At June 30, 2015, General Shopping
reported total assets of approximately R$3.4 billion.


HAITONG BANCO: Moody's Affirms 'B2' Sr. Unsecured Debt Rating
--------------------------------------------------------------
Moody's America Latina Ltda. upgraded Haitong Banco de
Investimento do Brasil S.A. (Haitong Brazil)'s long-term Brazilian
national scale senior unsecured debt rating to Baa3.br from
Ba2.br. At the same time, Moody's affirmed Haitong Brazil's long-
term global scale senior unsecured debt rating of B2 and revised
its outlook to positive from developing.

This rating action follows the 7 September 2015 announcement of
the conclusion of the sale of Banco Espirito Santo de
Investimentos S.A. (unrated), which owns an 80%-stake on Haitong
Brazil, to Haitong Securities Company Limited (unrated). Haitong
Brazil was previously known as BES Investimento do Brasil S.A..

The following ratings assigned to Haitong Banco de Investimento do
Brasil S.A. were upgraded:

Long-term national scale senior unsecured debt rating to Baa3.br
from Ba2.br

The following rating was affirmed:

Long-term local currency senior unsecured debt rating of B2;
positive outlook

RATINGS RATIONALE

The upgrade of Haitong Brazil's national scale debt rating and the
positive outlook of the global scale debt rating reflect the
elimination of funding risk resulting from the intervention of its
former parent. In the last 18 months the bank's management was
almost entirely dedicated to defensive liquidity management. The
conclusion of the ownership change will enable the bank to re-
direct its focus towards new business generation. Please refer to
the 23 September 2015 rating action press release, "Moody's
upgrades Haitong Brazil's national scale rating to Baa3.br;
revises outlook to positive", at

https://www.moodys.com/research/Moodys-upgrades-Haitong-Brazils-
national-scale-rating-to-Baa3br-revises--PR_334421

The positive outlook also acknowledges that the business
opportunities that Haitong Brazil's investment banking business
will derive from its relationship with its parent, Haitong
Securities Company Limited (unrated), one of China's largest
securities firms. This transaction represents an important step in
Haitong Securities' pursuit of an enhanced global footprint.
Haitong Brazil hopes to be able to leverage its parent's business
relationships with Chinese corporations doing business in Brazil.
It faces little direct competition in this regard, as other
Chinese banks operating in the country do not engage in investment
banking activities. Nevertheless, the bank faces significant
execution risks with its new business strategy, and it remains to
be seen how substantial the opportunities it is targeting really
are.

The bank's businesses were significantly impacted during the
ownership transition period, as evidenced by the 27% shrinkage of
total assets in the twelve months ended in June 2015. The
resulting lower business volumes and focus on preserving liquidity
meaningfully reduced Haitong Brazil's profitability, as shown by
its return on assets close to zero. In the short-term, we expect
profitability will remain very limited, and the bank may generate
net losses. As the bank recovers its ability to generate
businesses, its revenue stream should improve, but progress will
be gradual given the weak economic environment and time needed for
synergies with its new parent to materialize.

Haitong Brazil's b2 BCA is positively influenced by its high
capitalization, with a 16% tangible common equity to risk-weighted
assets ratio.

The long-term local currency senior unsecured debt rating of B2
derive from Haitong Brazil's BCA of b2, and do not incorporate any
affiliate support uplift from Haitong Securities, nor do they
incorporate government support uplift given the bank's modest
market share of domestic deposits.

LAST RATING ACTIONS

The last rating action on Haitong Brazil was on 19 December 2014,
when Moody's confirmed its senior unsecured local currency debt
rating of B2 and its National Scale debt rating of Ba2.br. Moody's
has also changed the outlook to developing from review for
downgrade.

The principal methodology used in these ratings was Banks
published in March 2015. Please see the Credit Policy page on
www.moodys.com.br for a copy of this methodology.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".

Haitong Banco de Investimento do Brasil S.A. is headquartered in
Sao Paulo, Brazil and had total consolidated assets of BRL5.4
billion (USD1.7 billion) and shareholders' equity of BRL655
million (USD211 million), as of June 30, 2015.


PARANAPANEMA S.A: Moody's Cuts Corporate Family Rating to B1
------------------------------------------------------------
Moody's Investors Service downgraded Paranapanema S.A.

Ratings downgraded:

Paranapanema S.A.

Corporate Family Rating: to B1 from Ba3

The outlook for the ratings is negative

RATINGS RATIONALE

The downgrade of Paranapanema's CFR to B1 reflects the prolonged
period of weak market fundamentals in Brazil and the observed
increase in the company debt levels (in BRL) over the last few
quarters, which may constrain its credit profile. With the sharp
slowdown in Brazil's economy, key consuming industries for copper
and copper products - energy, construction, refrigeration,
industrial machinery, automotive - will continue to be challenged
through at least 2016. Besides, the current (at the end of 2Q2015)
debt structure poses an additional risk to the company in an
environment of tighter liquidity in Brazil's financial system.

Paranapanema's B1 rating reflects the company's leading position
in the Brazilian copper market, as well as its large scale and
partially-integrated operations that include access to high-grade
copper, its efficient logistics, and its long-term relationship
with copper suppliers and clients. The rating also reflects
Paranapanema's exposure to the cyclicality of global copper
markets and foreign exchange, which has historically resulted into
margins and cash flows volatility, although we recognize that the
company has been revisiting its hedging policy in order to
mitigate future price and FX volatility. The ratings incorporate
our expectations that challenging fundamentals in the copper
industry may pressure smelters' premiums and Paranapanema's credit
metrics.

Also constraining the ratings is the negative perspective for
Brazil's economic growth and industrial activity, which should
impact Paranapanema's domestic sales. Imports remain a threat, but
the devaluation of the local currency (BRL) should continue to
help hinder imported copper products. Exposure to premiums on
copper and copper products and foreign exchange volatility also
constrain the ratings. Besides, the high concentration of debt in
the short term (65% of total reported debt at the end of 2Q2015)
poses an additional risk to Paranapanema's credit profile,
although we acknowledge the export financing nature of the
majority of these lines and the company's strategy of extending
debt maturities.

Despite the deterioration in the domestic market fundamentals in
the 1H2015, total sales volumes have not been strongly affected as
exports (especially of primary copper) have offset the decline in
sales of copper products in the domestic market. Besides,
Paranapanema's working capital management resulted in a stronger
cash balance of near BRL1.2 billion at the end of June 2015. Going
forward challenges remain on export markets, with slowdown in
economic growth in Latin America and the competitive nature of
these markets, and more prolonged negative effects of China's
economic deceleration on commodity prices.

The ratings could be upgraded if Paranapanema is able to improve
operating performance such that adjusted EBITA to interest expense
is sustained above 2.5x and EBITA margin above 5% on a sustained
basis. An improved liquidity profile and a lower concentration of
debt in the short term could support positive rating actions. All
ratios incorporate Moody's standard adjustments.

On the other hand, the ratings could be downgraded if
Paranapanema's liquidity profile deteriorates or if its capital
structure weakens, with adjusted Total Debt to Ebitda above 5.5x
for a continued period. Performance falling below our
expectations, indicated by free cash flow to debt below 3%, could
also lead to negative rating actions.

Paranapanema S.A. ("Paranapanema") is the sole refined copper
producer in Brazil, with an annual smelting production capacity of
280,000 tons. The company is also a leading producer of semi-
finished copper products, including wires, tubes, rolling, rods
and bars. In the last twelve months ended June 2015, Paranapanema
reported consolidated revenues of BRL 4.9 billion (USD 1.7 billion
converted by the average foreign exchange rate for the period).
The company has three industrial facilities in Brazil -- one in
the state of Bahia, one in Espirito Santo and one in the state of
Sao Paulo.


RIO DE JANEIRO: Fitch Lowers IDR to 'BB+'; Outlook Negative
-----------------------------------------------------------
Fitch Ratings has downgraded the Brazilian state of Rio de
Janeiro's Long-term Issuer Default Rating (IDR) to 'BB+' from
'BBB-'.  Fitch has also downgraded the National long-term rating
to 'A+(bra)' from 'AA-(bra)'.  The Rating Outlook remains
Negative, which reflects the Negative Outlook assigned to Brazil
on April 9, 2015.

KEY RATING DRIVERS

The downgrade reflects Fitch's belief that the State of Rio de
Janeiro (ERio) is no longer able to present operating margins
compatible with historical values since pension payment should
consume an increasing portion of the state's revenues in the
coming years.  Moreover, the state has committed to relevant debt
increases until 2017, undermining its capacity to service the
outstanding debt.  The state has been resorting to non-recurring
revenues to cover for operating expenditures.

ERio posted a thin operating margin of 0.4% in 2014, following the
worse than expected value-added tax-ICMS tax collection growth.
For 2015, operating margins should be distorted by the inclusion
of non-recurring revenues.  As a response, ERio has launched a
refinance agreement with marginal increases in tax collections and
some measures to control expenditures that may not be sufficient
to provide a sustainable fiscal trajectory.

ERio projects that the pace of personnel expenditure growth should
moderate to an annual average of 7% over the next three years,
which is lower than the 9.2% posted in 2014.  This is challenging
considering the political costs involved.  ERio's personnel
expenditures reached BRL34.6 billion in 2014, which corresponds to
a high 51.8% of operating revenues in a growing historical trend.

Given the high demand for investments in urban mobility and
infrastructure associated with the World Cup and the Olympic Games
to be held in 2016, ERio has entered into significant credit
agreements.  The state obtained BRL7.6 billion in 2014, and
another BRL8.6 billion is expected to be added to the state's debt
structure until 2017, according to the latest Fiscal Adjustment
Program signed with the Federal Government in 2014.  ERio's debt
burden increased 5.5% in 2014, reaching BRL83.2 billion,
considered higher when compared to other large states in Brazil.

In 2015, Rioprevidencia should receive some BRL6.2 billion from
the usage of judicial deposits held by the state.  Rioprevidencia
can also enter into additional oil securitization since it holds a
USD5 billion.  In 2014, Rioprevidencia issued the equivalent to
USD3.1 billion, which is considered as 'net indirect debt'.
Although some corrective initiatives were adopted a few years ago
to improve its pension's actuarial deficit, ERio allocates a large
amount of resources to its proprietary pension system.

RATING SENSITIVITIES

Downgrade Factors: Any further negative action affecting the
Brazilian sovereign ratings could have a direct corresponding
effect on the state's ratings.  The ratings could be reviewed
should ERio suffer from any adverse change in its regulatory
environment such as, but not limited to, changes in oil royalty
regulation and dynamics.

Upgrade Factors: Despite unlikely in the short run, the ratings
could benefit from an overall improvement in budgetary performance
coupled with a larger tax-contribution base, despite this being
constrained by the increased debt levels.  A decline in
indebtedness levels could also positively affect the ratings.

Located in the southeastern region of Brazil, Rio de Janeiro is
the second largest state in Brazil in terms of economic stature,
with about average infrastructure level in relation to other
states in Brazil.

KEY ASSUMPTIONS

The ratings and Outlooks are sensitive to these assumptions:

   -- Fitch assumes a strong level of sovereign support for Rio de
      Janeiro given that the state's most relevant creditor is the
      Federal Government.

   -- Global assumptions are consistent with Fitch's published
      'Global Economic Outlook', including the subdued outlook for
      commodity prices.

Fitch has taken these rating actions on ERio:

   -- Foreign and Local Currency Long-Term IDR downgraded to 'BB+'
      from 'BBB-'; Outlook Negative
   -- Foreign and Local Currency Short-Term IDR downgraded to 'B'
      from 'F3';
   -- National Long-term downgraded to 'A+(bra)' from 'AA-(bra)';
      Outlook Negative;
   -- National Short-term rating downgraded to 'F1(bra)' from
     'F1+(bra)'.


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


1OAK INVESTMENT: Shareholders' Final Meeting Set for Sept. 30
-------------------------------------------------------------
The shareholders of 1OAK Investment Strategies Limited will hold
their final meeting on Sept. 30, 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:

          Giovanni Bonaccorso
          51 Hays Mews
          London W1J 5QJ
          UK
          Telephone: +44 2070167979


CHARTER LIMITED: Members' Final Meeting Set for Sept. 30
--------------------------------------------------------
The members of Charter Limited will hold their final meeting on
Sept. 30, 2015, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


GMPIM EQUITY: Shareholder to Hear Wind-Up Report on Oct. 16
-----------------------------------------------------------
The shareholder of GMPIM Equity Opportunities Feeder Fund, Ltd
will hear on Oct. 16, 2015, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue George Town
          Grand Cayman, KY1-9005
          Cayman Islands
          c/o Kim Charaman
          Telephone: (345) 943-3100


ITAU LATINAMERICA: Member to Hear Wind-Up Report on Sept. 28
------------------------------------------------------------
The member of Itau Latin America Long Short Master Fund will hear
on Sept. 28, 2015, at 10:10 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Anna Cummings
          Telephone: +1 (345) 949 9876 or 815 1858
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


ITAU LATIN AMERICA: Member to Hear Wind-Up Report on Sept. 28
-------------------------------------------------------------
The member of Itau Latin America Long Short (Offshore) Fund will
hear on Sept. 28, 2015, at 10:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Anna Cummings
          Telephone: +1 (345) 949 9876 or 815 1858
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


NESOI LIMITED: Members' Final Meeting Set for Sept. 30
------------------------------------------------------
The members of Nesoi Limited will hold their final meeting on
Sept. 30, 2015, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


PRUPIM VIETNAM: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Prupim Vietnam Property Fund Limited received
on Sept. 22, 2015, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Jonathan Culshaw
          Telephone: +852 3195 7200
          Facsimile: +852 3195 7200
          Harneys Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


PYRAMIS GLOBAL: Member Receives Wind-Up Report
----------------------------------------------
The member of Pyramis Global Market Neutral Fund, Ltd. received on
Sept. 24, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Piers Dryden
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


PYRAMIS GLOBAL MASTER: Member Receives Wind-Up Report
-----------------------------------------------------
The member of Pyramis Global Market Neutral Master Fund, Ltd.
received on Sept. 24, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Piers Dryden
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


PYRAMIS GLOBAL FUND: Member Receives Wind-Up Report
---------------------------------------------------
The member of Pyramis Global Health Care Long/Short Fund, Ltd.
received on Sept. 24, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Piers Dryden
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


PYRAMIS GLOBAL HEALTH: Member Receives Wind-Up Report
-----------------------------------------------------
The member of Pyramis Global Health Care Long/Short Master Fund,
Ltd. received on Sept. 24, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Piers Dryden
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


YSPOLIN GP: Shareholders' Final Meeting Set for Sept. 30
--------------------------------------------------------
The shareholders of Yspolin GP Limited will hold their final
meeting on Sept. 30, 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:

          Liliya Vidanova
          Unit No: 30-01-1659 Jewellery & Gemplex 3
          Plot No: DMCC-PH2-J&GPlexS Jewellery & Gemplex
          Dubai
          United Arab Emirates
          Telephone: +971 55 868 06 98


===============
C O L O M B I A
===============


* COLOMBIA: Low Oil Prices Lead to Rising Corp. Taxes, Fitch Says
-----------------------------------------------------------------
Fitch Ratings expects Colombian corporates cash flows to continue
seeing pressure from rising taxes as the Colombian government
seeks to offset declines in tax revenues from the oil sector.

This pressure could be alleviated if the government gains the
ability to expand its tax base.  Consumers' disposable income has
been also hit by higher personal income tax rates and inflation
pressure caused by the sharp currency depreciation. Increasing
corporate exports will not be a short term solution for the woes
faced by issuers.  Corporates will need time to rebuild export
channels following the sharp appreciation of the U.S. dollar
against the Colombian peso during 2015.

Fitch revised its previous expectations of GDP growth down to 3.0%
in 2015 and 3.5% in 2016.  Weakening terms of trade and low oil
prices have hurt the economy.  Economic growth will continue to
depend upon the country's fourth generation infrastructure
projects (4G) and a dynamic construction sector.

The Rating Outlook for Colombian corporates is Stable, despite
challenging economic conditions.  Most corporates continue to
maintain conservative credit profiles despite increasing leverage
trends.  Refinancing risk remains manageable due to robust
liquidity position and access to diverse funding sources.


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


* DOMINICAN REPUBLIC: Foreign Investment Tops US$7.3BB in 3 Years
-----------------------------------------------------------------
Dominican Today reports that Dominican Republic Export and
Investment Center (CEI-RD) director Jean Alain Rodriguez said
direct foreign investment (FDI) in the country topped US$7.3
billion during the last three years, or 37% of the total received
by the Caribbean.

Mr. Rodriguez said most of the FDI flowed to retailers, industry,
mining and real estate, an average of 57% of the country's total
during that period, according to Dominican Today.  "The Dominican
economy is more dynamic and increasingly diversified, increasing
investment in non-traditional economic sectors such as renewable
energy, infrastructure and logistics," the report quoted Mr.
Rodriguez as saying.

Speaking in a working breakfast of the young business leaders
grouped in ANJE, Rodriguez said around US$67.6 million have been
invested in exports, which created 40,000 jobs nationwide, the
report notes.  "And we have a projection of 7,000 jobs this year,"
Mr. Rodriguez added.

The official added that exports grew an average of 5% yearly, from
US$5.9 billion to US$9.9 billion from 2004 to 2014, a jump of 67%,
the report relays.


* DOMINICAN REPUBLIC: Businesses Waylay 200 Labor Unions
--------------------------------------------------------
Dominican Today reports that Dominican Republic's business sector
has eliminated around 200 workers organizations, collective
bargaining committees in the last 10 years, Rafael Pepe Abreu,
president of the labor unions grouped in CNUS revealed.

Mr. Abreu said management has committed the actions via layoffs,
firings, transfers, forced resignations or isolation of workers
who have sought to form a union, according to Dominican Today.

The report notes that Mr. Abreu said the practices are more common
in hotels, free zone companies, manufacturing, suppliers and
retail, among others.

Mr. Abreu said marked interests between capital and labor
jeopardize the unions, which even despite progress around the
world in that aspect, is reflected in the major rift between the
two sectors, the report relates.  "A business leader may be the
most democratic person in the world and even touts it, but if you
tell him to allow their workers to form a union, that's where
democracy ends," Mr. Abreu said, the report discloses.

Nonetheless Mr. Abreu acknowledged having accomplished the
traditional collective agreements, but noted that it's not the
same as a union and cited the cases of food processing companies,
sugar mills, soft drink makers among others, the report relays.


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


DIGICEL GROUP: Expects More Competition
---------------------------------------
RJR News reports that Digicel Group Limited has told its potential
shareholders that it faces the risk of more competition in many of
its markets.

In regulatory filings, the telecoms company said additional
licenses may be awarded to new entrants, especially in markets
with only two providers, according to RJR News.

Digicel did not identify any of the markets in which it could face
increased competition from a new entrant, the report discloses.

The company, which started in Jamaica in 2001, now operates in 31
countries in the Caribbean and the Pacific region.  It has more
than 13 million subscribers in those markets, offering mobile,
business solutions, cable television and broadband services.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 25, 2015, Fitch Ratings has affirmed the ratings of Digicel
Group Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred to as 'Digicel' as follows.

DGL
  -- Long-term Issuer Default Rating (IDR) at 'B' with a Stable
     Outlook;
  -- USD 2.5 billion 8.25% senior subordinated notes due 2020 at
     'B-/RR5';
  -- USD 1 billion 7.125% senior unsecured notes due 2022 at 'B
     -/RR5'.

DL

  -- Long-term IDR at 'B' with a Stable Outlook;
  -- USD 250 million 7% senior notes due 2020 at 'B/RR4';
  -- USD 1.3 billion 6% senior notes due 2021 at 'B/RR4';
  -- USD 925 million 6.75% senior notes due 2023 at 'B/RR4';

DIFL

  -- Long-term IDR at 'B' with a Stable Outlook;
  -- Senior secured credit facility at 'B+/RR3'.


UC RUSAL: Plans to Cut Further Aluminum Production
---------------------------------------------------
RJR News reports that a senior executive at UC Rusal has conceded
that weak aluminum prices are likely to result in production cuts
of as much as a further 3.5 million tons globally by the end of
the year.

UC Rusal, which has mining operations in Jamaica, is assessing the
implications, according to RJR News.

Oleg Mukhamedshin, Rusal's deputy CEO, said there have already
been cuts of around 1.5 million tonnes of capacity this year, to
date, the report notes.

The report relates that the majority of the new cuts will come
from China, where more than 60 per cent of capacity is
unprofitable at current prices.

Rusal expects two-to-three million tonnes of cuts in China.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 24, 2015, RJR News said Jamaica Mining Minister Phillip
Paulwell, who returned to Jamaica from his trip to Russia, has
declared that all is well with the arrangements that have been
made for full restoration of operations at the Alumina Partners of
Jamaica (Alpart) bauxite/alumina plant at Nain in St. Elizabeth.

After being closed for six years, work resumed at the plant
earlier this year, but only in respect of mining of the ore for
shipment to Russia, in the first instance, according to RJR News.
The phased resumption plan should see the resumption of alumina
refining towards the end of 2016, the report said.

TCRLA, citing RJR News, reported on April 30, 2015, that UC Rusal
has re-ignited its war of words with the London Metal Exchange,
saying it has allowed financial speculators to distort prices.
Vladislav Soloviev, Chief Executive Officer of the heavily
indebted Russian group, said the price of aluminum traded on the
LME has been depressed by as much as 30 per cent by the actions of
money-market players, according to RJR News.

UC Rusal has been involved in a bitter legal wrangle with the LME
over plans to reform the exchange's warehousing system and
introduce rules to tackle long queues that built up in the
aftermath of the global financial crisis, the report said.


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


MEXICO: Foreign Reserves Fall by $479 Million
---------------------------------------------
EFE News reports that Mexico's foreign reserves fell by $479
million to $182.99 billion, the Bank of Mexico said.

Gold and foreign currency reserves fell in the week ending Sept.
18 mainly due to the daily auctions of dollars without a minimum
price, the central bank said, according to EFE News.

Foreign reserves have fallen by $10.24 billion since the end of
2014, the Bank of Mexico said in a statement, the report notes.

The M1 money supply, which includes currency, coins and demand
deposits, rose by MXN548 million (about $32.8 million) to MXN1.08
trillion (some $64.55 billion), the central bank said, the report
relays.

The money supply has increased by MXN15.89 billion ($951.5
million) since Jan. 1, the report discloses.


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


CERTENEJAS INCORPORADO: Case Summary & 7 Top Unsecured Creditors
----------------------------------------------------------------
Posted on September 23, 2015 by jhonas_author
Debtor: Certenejas Incorporado
        PO Box 1753
        CIDRA, PR 00739

Case No.: 15-07313

Nature of Business: Short-term guest house

Chapter 11 Petition Date: September 22, 2015

Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)

Debtor's Counsel: Charles Alfred Cuprill, Esq.
                  CHARLES A CUPRILL, PSC LAW OFFICES
                  356 Calle Fortaleza, Second Floor
                  San Juan, PR 00901
                  Tel: 787 977-0515
                  E-mail: cacuprill@cuprill.com

Total Assets: $4.6 million

Total Liabilities: $4.8 million

The petition was signed by Luis J. Meaux Vazquez, president.

A list of the Debtor's seven largest unsecured creditors is
available for free at http://bankrupt.com/misc/prb15-07313.pdf


PUERTO RICO ELECTRIC: Reaches Deal w/ Lenders to Restructure Debt
-----------------------------------------------------------------
Nick Brown, Megan Davies and Jessica DiNapoli at Reuters report
that Puerto Rico's power authority PREPA said it reached a deal
with lenders to restructure $700 million in matured debt, a key
step in turning around the utility after it secured a similar deal
with bondholders earlier in September.

Reducing PREPA's $9 billion in debt has been seen as a critical
test for the U.S. territory as it tries to forge a broader
restructuring of $72 billion in total debt, according to Reuters.

The report notes that the deal means PREPA can turn its full
attention to bond insurers, the only creditor class yet to agree
to restructure.

In a statement, PREPA said the deal with fuel-line lenders -- a
syndicate of Puerto Rican banks and asset manager Solus -- would
give the lenders the option to convert existing credit either to
term loans or new securitization bonds, the report discloses.  The
banks include Banco Popular, First Bank Puerto Rico and units of
the Bank of Nova Scotia and Oriental Bank, the report relates.

The term loans would carry a fixed interest rate of 5.75 percent
over 6 years, while the new securitization bonds would mean a 15
percent haircut on principal, the report discloses.

The bond option would be on the same terms as the new bonds PREPA
offered its bondholders when they agreed to an exchange earlier
this month, PREPA said, the report says.

Marcelo Gomez-Wiuckstern, a spokesman for Scotiabank, praised the
deal, telling Reuters he was "pleased that the syndicate of fuel
line lenders and PREPA have reached a mutually beneficial
agreement."

A consensual resolution at PREPA would set a positive tone as
Puerto Rico tries to restructure debt from myriad public issuers
throughout the island, the report discloses.  The alternative -- a
default, likely followed by litigation -- could prove costly and
spook investors, the report notes.

Though it now has deals in place with two of three main creditor
bodies, PREPA is not out of the woods, Reuters says. The last
holdouts -- bond insurers including National Public Finance
Guarantee Corp and Assured Guaranty -- recently refused to extend
an expiring forbearance agreement that had barred them from
pursuing legal remedies while the sides hashed out a
restructuring, the report relays.

Since then, NPFG has commissioned the Puerto Rico Energy
Commission to force PREPA to raise its rates to service its debt,
the report says.

A source close to the insurers told Reuters they are set on
avoiding a haircut, and are prepared to "go to the mat," even if
it means litigation or pursuing a receiver to control PREPA's
finances.

                         *     *     *

The Troubled Company Reporter on Feb. 4, 2015 reported that
Standard & Poor's Ratings Services said it maintained its 'CCC'
rating on the Puerto Rico Electric Power Authority's (PREPA) power
revenue bonds on CreditWatch with negative implications.  S&P
originally placed the rating on CreditWatch on June 18, 2014.

On Dec. 15, 2014, TCRLA reported that Fitch is maintaining the
$8.6 billion of Puerto Rico Electric Power Authority (PREPA) power
revenue bonds on Negative Rating Watch.  The bonds are currently
rated 'CC'.

As reported in the Troubled Company Reporter on Sept. 19, 2014,
Moody's Investors Service has downgraded the rating for Puerto
Rico Electric Power Authority's (PREPA) $8.8 billion of Power
Revenue Bonds to Caa3 from Caa2.  This rating action concludes the
rating review that Moody's initiated on July 1, 2014.  PREPA's
rating outlook is negative.


STANDARD REGISTER: Court Approves WilliamsMarston to Provide CRO
----------------------------------------------------------------
SRC Liquidation Company and its debtor-affiliates sought and
obtained permission from the Hon. Brendan L. Shannon of the U.S.
Bankruptcy Court for the District of Delaware to employ
WilliamsMarston LLC to provide interim management services, and
designate Landen C. Williams as replacement Chief Restructuring
Officer and Treasurer to the Debtors, nunc pro tunc to August 26,
2015.

The Debtors anticipate that during these Chapter 11 Cases, in
addition to the ordinary course duties of a chief restructuring
officer that typically arise post-sale in a liquidation context,
Mr. Williams and the WilliamsMarston Staff will perform a broad
range of services, including, without limitation, the following:

(a) maintaining a short-term cash flow forecasting process and
implementing cash management strategies to maintain the
wind-down budget;

(b) supporting the Debtors' counsel with the execution of
strategies and initiatives to wind-down the Debtors'
estates;

(c) participating in stakeholder discussions, negotiations and
diligence meetings along with the Debtors' counsel;

(d) participating in claims processing, estimation, analysis
and reporting to support the pursuit of a plan of
liquidation; and

(e) assisting with all such other liquidation matters and wind-
down activities as may be requested by the Debtors'
counsel.

WilliamsMarston will be paid at these hourly rates:

Landen C. Williams, CRO                 $350
Jonathan T. Marston, Partner            $350
Joseph Furnari, Managing Director       $300
Paul Poirier, Director                  $275
Meg Macumber, Manager                   $250
Euan Milne, Consultant                  $225
Lynette Tsai, Consultant                $225
Partner                                 $350
Managing Director                       $300
Director                                $275
Manager                                 $250
Consultant                              $225

WilliamsMarston will also be reimbursed for reasonable out-of-
pocket expenses incurred.

Landen C. Williams, co-founder and partner of WilliamsMarston,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.

WilliamsMarston can be reached at:

        Landen C. Williams
        WILLIAMSMARSTON LLC
        800 Boylston Street, 16th Floor
        Boston, MA 02199
        Tel: (617) 306 - 0951
        E-mail: landen@williamsmarston.com

                  About Standard Register

Standard Register provides market-specific insights and a
compelling portfolio of workflow, content and analytics solutions
to address the changing business landscape in healthcare,
financial services, manufacturing and retail markets. The Company
has operations in all U.S. states and Puerto Rico, and currently
employs 3,500 full-time employees and 16 part-time employees.

The Standard Register Company and 10 affiliated debtors sought
Chapter 11 protection in Delaware on March 12, 2015, with plans to
launch a sale process where its largest secured lender would serve
as stalking horse bidder in an auction.

The cases are pending before the Honorable Judge Brendan L.
Shannon and are jointly administered under Case No. 15-10541.

The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young
Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery &
Transformation Services U.S., LLC, as restructuring advisors; and
Prime Clerk LLC as claims agent.

The Official Committee of Unsecured Creditors tapped Lowenstein
Sandler LLP as its counsel and Jefferies LLC as its exclusive
investment banker.


                            ***********


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.


                   * * * End of Transmission * * *