TCRLA_Public/160128.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, January 28, 2016, Vol. 17, No. 19


                            Headlines



B A H A M A S

ULTRAPETROL (BAHAMAS): Gives Add'l Update on Lender Negotiations


B O L I V I A

YPFB TRANSIERRA: Moody's Assigns Ba3 Rating on USD70MM Sr. Notes


B R A Z I L

JBS SA: Tumbles as Prosecutor Accuses Executives of Fin'l Crime
OAS CONSTRUTORA: Court Orders Firm to Pay $6 million to Contractor


C A Y M A N  I S L A N D S

CONSTELLATION INVESTMENT: Shareholders Receive Wind-Up Report
CREDIT BLUE: Shareholders Receive Wind-Up Report
DARK HORSE: Shareholders Receive Wind-Up Report
GOBAN INVESTMENTS: Members Receive Wind-Up Report
HONEY LIMITED: Members Receive Wind-Up Report

JAPAN REALTY: Members Receive Wind-Up Report
MA ASCEND: Shareholders Receive Wind-Up Report
MEZZREF VII: Members Receive Wind-Up Report
MSR CAPITAL: Members Receive Wind-Up Report
MSREF VII JAPAN: Members Receive Wind-Up Report

ONSLOW MACRO: Members to Hear Wind-Up Report on Feb. 21
SIGNUM RATED IV: Shareholders Receive Wind-Up Report
TOKYO REALTY: Members Receive Wind-Up Report
VANTAGE HORIZON: Members Receive Wind-Up Report
ZAIS ZEPHYR A-5: Shareholders Receive Wind-Up Report


J A M A I C A

JAMAICA: Private Investors Show Confidence in Economy


P E R U

TRANSPORTADORA DE GAS: Begins to Fix Pipeline Leak


P U E R T O    R I C O

BTB CORP: UST Says Disclosures Lack Adequate Information
BTB CORP: Caribbean Sign Supply Working on Deal With Debtor
PUERTO RICO: Revises Plan to Reduce Debt as Optimism Dwindles
USA CAPITAL MANAGEMENT: Raises Going Concern Doubt Amid Net Loss


                            - - - - -


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


ULTRAPETROL (BAHAMAS): Gives Add'l Update on Lender Negotiations
----------------------------------------------------------------
Ultrapetrol (Bahamas) Limited provided an update on its efforts to
improve its capital structure.  In order to preserve liquidity for
the operation of its businesses, the Company decided not to make
the interest payment which was due on December 15, 2015 on the
Company's 8.875% First Preferred Ship Mortgage Notes due 2021.
The 30-day grace period to make such payment expired Jan. 15.  The
Company is engaged in discussions with representatives of a
majority of the Noteholders and is seeking a standstill agreement
through March 31, 2016.

Ultrapetrol further announced that it has signed forbearance
agreements with lenders to certain of Ultrapetrol's subsidiaries
in its offshore business.  The Company has also reached tentative
forbearance agreements with IFC and OFID regarding loan facilities
related to the Company's River Business which are awaiting certain
approvals at IFC and OFID.  Both forbearance agreements expire at
the earlier of March 31, 2016 or the occurrence of certain events
specified in the agreements.  The secured lenders party to these
agreements have agreed, for the duration of the forbearance
agreements, not to accelerate their loans, take any enforcement
actions or exercise any remedies with respect to defaults
resulting from the non-payment by the Company of its interest
payment under the Notes and to work with the Company in
negotiating a sustainable financial structure.  During this time,
the Company believes that it has sufficient liquidity to fully
fund all aspects of its operations and to conduct business as
usual, including making full and timely payments to employees,
vendors, suppliers, and trading counterparties.

As reported in the Troubled Company Reporter-Latin America on Jan.
20, 2016, Standard & Poor's Ratings Services said it lowered its
corporate credit rating on South American shipping company
Ultrapetrol (Bahamas) Ltd. to 'D' from 'CC'.  At the same time,
Standard & Poor's lowered its issue-level rating on the company's
senior secured notes to 'D' from 'CC'.  Standard & Poor's removed
the ratings from CreditWatch, where they were placed Dec. 15,
2015.



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B O L I V I A
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YPFB TRANSIERRA: Moody's Assigns Ba3 Rating on USD70MM Sr. Notes
----------------------------------------------------------------
Moody's Latin America has assigned Ba3/Aa1.bo ratings to YPFB
Transierra S.A.'s proposed USD 70 million senior unsecured local
note offering -- Class 2 Notes.  At the same time Moody's affirmed
Transierra's senior unsecured Class 1 notes and corporate family
ratings of Ba3/Aa1.bo.  The outlook for all the ratings is stable.

Proceeds from the proposed Class 2 notes will be used mostly to
fund Transierra's working capital needs and its investment
program, including the construction of the Parapeti compression
plant.

Assignments:

Issuer: YPFB Transierra S.A.

  Senior Unsecured Regular Bond/Debenture, Assigned Ba3/Aa1.bo

Affirmations:

Issuer: YPFB Transierra S.A.

  Corporate Family Rating, Affirmed Ba3/Aa1.bo

  Senior Unsecured Regular Bond/Debenture, Affirmed Ba3/Aa1.bo

Outlook Actions:

Issuer: YPFB Transierra S.A.

  Outlook, Remains Stable

RATINGS RATIONALE

The Ba3/Aa1.bo ratings are supported by Transierra's regulated
business model and stable cash flows from capacity payments as
well as by sound credit metrics for its rating category.
Transierra's credit metrics are strong and very stable, mapping to
the investment grade level under the Natural Gas Pipelines
methodology and comparing favorably against peers in the region.
For the last twelve months ending September 2015, Transierra's
interest coverage surpassed 8.5 times, while FFO to debt was at
45% with no dividends paid during the year.

The ratings are also supported by the strategic importance of the
pipeline to export Bolivian gas to Brazil, under the Bolivian-
Brazilian bilateral gas supply agreement (GSA).  Gas exports to
Brazil which are among Bolivia's main exports as well as a primary
source of foreign currency are supported by the current
substantial gas reserves in the country, expected sustained gas
demand from Brazil in spite of declining economic growth in the
country and increasing internal gas demand in Bolivia.  There are
only two gas pipelines running from the gas fields in southern
Bolivia to the connecting pipeline that transports gas to Brazil.
As a result, there is limited competition for Transierra, which
currently operates at full capacity.

The new compression plant at Parapeti will increase Transierra's
transportation capacity from 17,5 million cubic meters per day to
20,6 million.  An addenda to the original supply agreement
incorporates the new capacity in the same way as the original
(firm capacity payments, through 2022).  Therefore, after the
project is completed at the end of 2016), the expansion will
generate additional annual revenues of around USD 10 million.

The Ba3/Aa1.bo ratings are tempered by the evolving regulations
for the hydrocarbon industry in Bolivia, which has been subject to
significant changes in recent years.  One item to note is the lack
of a formal tariff review for Transierra's current regulated
tariff although a tariff review mechanism was included in the 2001
concession contract.  To date, no review has been applied.  The
ratings are also constrained by Transierra's exposure to only one
client, YPFB, the Bolivian state-owned oil and gas company.
Consequently, the ratings are closely tied to Bolivia's government
bond rating (Ba3 stable).

                              Liquidity

Transierra's liquidity is strong with average FFO to debt
considerably above 25%.  On the other hand, Transierra has a very
comfortable debt maturity profile, given the amortization schedule
of its outstanding debt (Class 1 notes) and the expected grace
period of its proposed Class 2 notes that will also have an
amortizing schedule.  Proposed bond issuance (Bonos Clase 2)
begins payment of principal in Q3 2018, after the investment in
the new compression plant is finished and generating revenue.
First payments under the notes overlap with payments from the
Class 1 notes; however, internal cash generation is more than
sufficient to make payments under both notes.

                          RATING OUTLOOK

The stable outlook anticipates continued stable cash flows and
profits with moderate leverage.  Moody's expects Funds From
Operations to Debt (FFO /Debt) to be sustained above the 25-30%
level while Debt to Ebitda continues to stay below 3 times.  Also,
given Transierra's prudent dividend policy, average Retained Cash
Flow to debt (FFO less dividends to debt) will be above 10%, with
higher distributions expected following completion of the new
compression plant at Parapeti.  The stable outlook also considers
that regulations and gas demand from Brazil and Bolivia will
continue supporting Transierra's solid and stable business model.

WHAT COULD CHANGE THE RATING - UP

Given the close relationship among Transierra's operations, the
regulatory regime in Bolivia, and the government's control of the
hydrocarbon industry and exports, prospects for the rating to be
upgraded is strongly tied to but capped by the sovereign rating,
which is currently Ba3 with a stable outlook.

WHAT COULD CHANGE THE RATING - DOWN

Negative pressure on the rating or outlook could develop if the
company losses the stability of its business model, which is
mainly derived from the regulatory regime, or if the company
adopts a more aggressive financial policy.

Quantitatively, a ratio of FFO to Debt below 15%, interest
coverage lower than 3.0 times or a ratio of RCF to Debt lower than
10% could lead to a downgrade.  A downgrade on the sovereign
rating could also prompt a downgrade on Transierra's ratings.

Negative pressure could also develop if economic conditions in
Brazil continue deteriorating causing the GSA to be questioned or
unexpectedly and unfavorably modified in a way that also
negatively affects the supply agreement between YPFB and
Transierra.

YPFB Transierra is a regulated natural gas pipeline that
transports gas from the Bolivian gas fields located in the south
of the country to the city of Rio Grande, in the Santa Cruz de la
Sierra department.  In December 2001, through resolution 656/2001,
Transierra was granted the concession to build and operate the
GASYRC pipeline, under a 40-year concession.  In April 2003, the
ANH (Agencia Nacional de Hidrocarburos) granted the company the
license to begin the pipeline's operations.

Transierra's current ownership correspond to YPFB (Bolivian state-
owned oil company, 55.5%) and to YPFB Andina (Repsol, 44.5%).
YPFB Andina is in turn 51% owned by YPFB and 49% by Repsol;
therefore YPFB indirectly controls 78% of Transierra.  This
ownership structure is the result of the acquisition made in
August 2014 by the Bolivian government through YPFB of
Transierra's majority interest previously held by Petrobras and
Total so as to be in line with the government's policy towards
more control over hydrocarbons and related industries within
Bolivia.



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B R A Z I L
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JBS SA: Tumbles as Prosecutor Accuses Executives of Fin'l Crime
---------------------------------------------------------------
Filipe Pacheco at Bloomberg News reports that shares of JBS SA
plunged to a 15-month low after Brazil's public prosecutor accused
executives including Chairman Joesley Batista of financial crimes
involving a series of loans made to related companies.

Nine people connected either to the conglomerate that includes JBS
or Banco Rural SA were charged with wrongdoing, according to a
statement from federal prosecutors in the state of Sao Paulo,
according to Bloomberg News.  It alleges that in 2011, companies
in the JBS business group received BRL80 million ($20 million) of
loans from Banco Rural, and then the group's banking unit lent 80
million to a company that is part of the business group that
includes Banco Rural, Bloomberg News notes.  The investigations
are under court secrecy, meaning details are private, Bloomberg
News relays.

JBS parent company, J&F Investimentos said in an e-mailed
statement that the company executives "feel confident and prepared
to present their defense, which will prove regularity of financial
operations," Bloomberg News notes.

JBS's shares slumped 7.3 percent in Sao Paulo trading to BRL9.86
on Jan. 26, the lowest since October 2014.  The stock has declined
11 percent in the past year, compared with a 23 percent drop for
the country's benchmark equity gauge, Bloomberg News notes.

                            Currency Boost

JBS's bonds had plunged to a record low in December after Brazil's
federal audit court said it found evidence the company received
"special treatment" in capital injections from state-run
development bank BNDES, Bloomberg News relays.  At the time, JBS's
press office said transactions with BNDES were conducted in a
clear and transparent way and that bond declines had been in line
with other high-yield securities in the U.S. and Latin America,
Bloomberg News notes.

Mr. Batista is one of five Batista siblings, all of whom have an
equal interest in J&F through which they and other family members
control JBS, as well as investments in banking, pulp, cattle,
cleaning products and construction, Bloomberg News discloses.

Analysts surveyed by Bloomberg estimate that JBS's profit soared
to a record last year as a slump in Brazil's currency boosted
exports.  Adjusted net income jumped to BRL5.5 billion last year,
more than doubling 2014's total, according to the average
forecast, Bloomberg News says.

The investigation into JBS comes amid widening concern about
corruption in Brazil, where some of the country's biggest
companies and most important politicians have been swept up in
allegations that they participated in, or may have turned a blind
eye to, a bribery scheme known as Carwash, Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on Nov.
2, 2015, Standard & Poor's Ratings Services affirmed its 'BB+'
global scale and 'brAA+' national scale ratings on JBS S.A. and
its subsidiary, JBS USA LLC.  In addition, S&P affirmed its 'BB+'
issue-level ratings on both companies, with a recovery expectation
of '3' for the senior secured debts -- indicating a meaningful
recovery expectation of 70%-90%, in the higher band of the range-
and '4' for the unsecured debts -- indicating an average recovery
expectation of 30%-50%, the higher band of the range.


OAS CONSTRUTORA: Court Orders Firm to Pay $6 million to Contractor
------------------------------------------------------------------
Trinidad and Tobago Guardian reports that Brazilian construction
firm OAS Construtora S.A. has been ordered to pay over TT$6
million to a sub-contractor for the Point Fortin Highway.

KJS Enterprise Company Limited, of Small Trace, Siparia, obtained
a default judgment against the firm after it had failed to file a
defense against the company's lawsuit seeking to recover
outstanding fees for services it rendered in the construction of
the La Brea segment of the over TT$7 billion project, which is
still incomplete, according to Trinidad and Tobago Guardian.

According to the court order, a copy of which has been obtained by
the T&T Guardian, OAS is required to make the payment forthwith or
risk the company commencing proceedings to seize its assets to
recoup the funds, the report notes.

"Warning -- If you ignore this order your goods may be removed and
sold or other enforcement proceedings may be taken against you. If
this happens further costs may be added," the order stated, the
report relays.

The company filed the lawsuit in October last year after it had
not been paid since completed its services in two months earlier.
Under the contract between the two parties, OAS had agreed to make
payments within 30 days of the company completing the excavation
works, the report notes.

OAS's woes may be compounded in the next couple of weeks as the
T&T Guardian understands that another local sub-contractor
Caribbean Welding Supplies Limited has also threatened legal
action for a little over TT$5 million, which it is owed for the
rental of equipment to the Brazilian firm, the report says.

That company served OAS with its precaution protocol letter on
December 17, last year, however, it has agreed to delay filing its
case giving OAS an extended deadline to respond, the report notes.

Both companies are being represented by attorneys Abdel and
Shabaana Mohammed, while Steven Singh is representing OAS.

The report discloses that OAS is no stranger to controversy as in
late 2014, several executives the construction giant were indicted
by Brazilian law enforcement agencies for of making bribe payments
to politicians and committing administrative irregularities in
several Latin American countries.

Several calls were made to OAS's local offices at Newtown Centre,
Maraval Road, Port-of-Spain, for a response to the default
judgment.  However, there was no response.

The highway project is a reportedly only a little over 50 per cent
complete and has been marred with controversy since it commenced
in 2011, the report relays.  Construction had to be delayed on
several occasions due to protest action at various sites taken by
the Highway Reroute Movement, who opposed it based on
environmental concerns and issues with the displacement of
residents, whose land had to acquire by the Government for
construction, the report notes.

HRM has initiated a constitutional motion challenging Government's
decision to construct the highway, which is currently before High
Court Judge James Aboud and is yet to go on trial, the report
relays.

Shortly after assuming office last year, Finance Minister Colm
Imbert revealed that the project was in jeopardy his predecessor
Larry Howai made no financial arrangements were made for works to
continue beyond October, the report discloses.  Mr. Imbert told
Parliament at Government was seeking ways of finding funding to
complete the project but gave no assurances as to when it will be
done, the report adds.

Construtora OAS S.A., together with its subsidiaries, provides
heavy-duty civil engineering and construction services to the
private and public sectors in Brazil and internationally.  The
company undertakes various oil and gas projects, including
refineries, petrochemical projects, logistic terminals, LPG ducts,
and gas pipelines in the on-shore area, as well as drillship
production platforms in the off-shore area.  It also builds
hydroelectric and thermal power plants in the energy sector; and
various infrastructure projects, such as highways, subways, dams,
water mains, tunnels, bridges, ports, airports, sporting
complexes, and general buildings.


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


CONSTELLATION INVESTMENT: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Constellation Investment Ltd. received on
Jan. 8, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


CREDIT BLUE: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Credit Blue Ltd. received on Dec. 30, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Summit Management Limited
          c/o David Egglishaw
          Telephone: (345) 945 7676
          Governors Square, Suite # 4-210
          P.O. Box 32311 Grand Cayman KY1-1209
          Cayman Islands


DARK HORSE: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Dark Horse International Limited received on
Dec. 16, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o Steven J. Barrie
          P.O. Box 2075 Grand Cayman KY1-1105
          Cayman Islands
          Telephone: (345) 949 9710


GOBAN INVESTMENTS: Members Receive Wind-Up Report
-------------------------------------------------
The members of Goban Investments Ltd received on Dec. 29, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stephen Nelson
          Collas Crill & CARD
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands
          Telephone: 949-4544
          Facsimile: 949-7073


HONEY LIMITED: Members Receive Wind-Up Report
---------------------------------------------
The members of Honey Limited received on Jan. 8, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


JAPAN REALTY: Members Receive Wind-Up Report
--------------------------------------------
The members of Japan Realty Investment Company VI received on
Dec. 29, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Collas Crill & CARD
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands
          Telephone: 949-4544
          Facsimile: 949-7073


MA ASCEND: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of MA Ascend Limited received on Jan. 8, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


MEZZREF VII: Members Receive Wind-Up Report
-------------------------------------------
The members of MEZZREF VII Double Investors-LP Ltd received on
Dec. 29, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Collas Crill & CARD
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands
          Telephone: 949-4544
          Facsimile: 949-7073


MSR CAPITAL: Members Receive Wind-Up Report
-------------------------------------------
The members of MSR Capital Three Ltd received on Dec. 29, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stephen Nelson
          Collas Crill & CARD
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands
          Telephone: 949-4544
          Facsimile: 949-7073


MSREF VII JAPAN: Members Receive Wind-Up Report
-----------------------------------------------
The members of MSREF VII Japan Asset II GP Ltd received on
Dec. 29, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Collas Crill & CARD
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands
          Telephone: 949-4544
          Facsimile: 949-7073


ONSLOW MACRO: Members to Hear Wind-Up Report on Feb. 21
-------------------------------------------------------
The members of Onslow Macro Fund GP Limited will hear on Feb. 21,
2016, at 4:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


SIGNUM RATED IV: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Signum Rated IV Limited received on Jan. 8,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


TOKYO REALTY: Members Receive Wind-Up Report
--------------------------------------------
The members of Tokyo Realty Investment Company V received on
Dec. 29, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Collas Crill & CARD
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands
          Telephone: 949-4544
          Facsimile: 949-7073


VANTAGE HORIZON: Members Receive Wind-Up Report
-----------------------------------------------
The members of Vantage Horizon Fund received on Dec. 24, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Russell Smith
          c/o Antoine Powell
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2-Building 3
          23 Lime Tree Bay Avenue
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 815-4558


ZAIS ZEPHYR A-5: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Zais Zephyr A-5, Ltd received on Jan. 8, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands



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


JAMAICA: Private Investors Show Confidence in Economy
-----------------------------------------------------
Caribbean360.com reports that co-Chair of the Economic Program
Oversight Committee (EPOC), Richard Byles, said there are
indications that private investors are buying into the local
economy, as the country continues to reflect economic
improvements.

"If you speak to manufacturers, they will tell you that they are
investing.  Confidence has come back pretty strongly in recent
times," Caribbean360.com quoted Mr. Byles as saying.

The report notes that Mr. Byles was responding to questions on the
Jamaica Information Service (JIS) television program, 'Issues &
Answers'.

Mr. Byles also encouraged more Jamaican business owners and
corporate entities to invest, particularly in the tourism sector,
adding that there is opportunity for the Jamaican government to
drive further investment in this area, the report notes.

"We need more and I think that the Government can do more to
introduce and usher Jamaican business people into that area," Mr.
Byles said, the report relays.

Meanwhile, the EPOC Co-Chair, pointed out that all the macro-
economic indicators continue to be positive, the report discloses.

"The debt to Gross Domestic Product (GDP) is better, the current
account is better, inflation is lower, and employment is better.
Everything that you can factually assess the economy on, is
better," Mr. Byles noted, the report relays.

Mr. Byles said he believes the Jamaican public, especially those
on the North Coast and in the western parishes, are beginning to
experience the benefits of the economic improvements achieved
through the Government's Economic Reform Program (ERP), the report
discloses.

Mr. Byles said this is evident in the 80 per cent occupancy of
hotels in those areas, as well as in the fact that some 18,000
persons have been hired in the Business Process Outsourcing (BPO)
sector, the report relays.  Some 2,000 hotel rooms have also been
refurbished and added to the tourism product, and others are under
construction, the report notes.

"People can see that something is happening . . . .I think that
even in the Kingston area, people are beginning to see some small
green shoots that the economic program that we are on is producing
some results," Mr. Byles said, the report adds.

At an EPOC press briefing on January 15, it was revealed that
measured against the Government's budget, the country produced a
Primary Surplus of J$55.8 billion (US$465.3 million), compared to
a budget of J$50.5 billion (US$421.1 million) for the fiscal year
to November, the report relays.

The Net International Reserve as at the end of December, stood at
US$2.44 billion, which is US$800 million in excess of the
International Monetary Fund (IMF) target of US$1.64 billion for
the end of December, the report adds.

                             *     *     *

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.


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P E R U
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TRANSPORTADORA DE GAS: Begins to Fix Pipeline Leak
--------------------------------------------------
FE News reports that the operator of the natural gas liquids
pipeline running from the massive Camisea gas field in the
southern Peruvian region of Cuzco said it had begun fixing a leak
that forced the conduit to be shut down.

The repair work was focused on a section of the pipeline located
in La Convencion province, where the flow of fuel through the
conduit was halted at 4:40 a.m. Tuesday, Jan. 19, Transportadora
de Gas del Peru said in a statement, according to EFE News.

The report relays that TGP said that it had implemented a safety
and environmental control plan that consisted of demarcating the
area where the incident occurred and setting up an incident
control point.

To comply with the repair operation's technical and work-safety
requirements, machinery and equipment must be brought to the area
by plane, the report notes.

TGP technicians are working at the site of the accident along with
representatives of the Energy and Mining Investment Supervisory
Body, or Osinergmin, and the Environmental Assessment Directorate,
or OEFA, while Peruvian army soldiers are providing security, the
report discloses.

TGP's pipeline transports natural gas liquids that are processed
to produce liquefied petroleum gas, which is used as a cooking
fuel in homes and to power automobiles, the report adds.


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


BTB CORP: UST Says Disclosures Lack Adequate Information
--------------------------------------------------------
Guy G. Gebhardt, the Acting United States Trustee for Region 21,
says the disclosure statement explaining BTB Corporation's Chapter
11 plan does not contain "adequate information" in that:

   * The Plan provides at page 12 that "[t]he Class 3 secured
claim of Banco Santander will be paid in full from the payment of
the accounts receivables that were foreclosed pre-petition and the
sale of the inventory" but goes on to state that
"[n]otwithstanding the aforementioned, Debtor will continue to
make monthly interest payments on the outstanding balance of the
line of credit computed at the contractually agreed rate of 3.75%
over the 30-day LIBOR."

These interest payments do not appear to be included in the
statement of "Projected Yearly Cash Flows" appearing at page 59 of
the Disclosure Statement.

   * The Plan and Disclosure Statement provide that Class 7
Claims, which are described as "Unliquidated and Contingent," are
"Unimpaired" and that holders of such claims consequently are
"Deemed to Accept the Plan." However, because these creditors will
receive no distribution under the Plan, they are deemed to reject
the Plan under 11 U.S.C. Sec. 1126(g).

   * According to the list of "Payments under the Plan of
Reorganization" appearing at pages 63-65 of the Disclosure
Statement, the Class 7 Claims total $17,872,228 and each is
asserted by a proof of claim. Debtor states at page 12 of the Plan
that it "will proceed to file objections to these claims, and if
any of the objections is unsuccessful said claims shall be deemed
as a general unsecured claim and included in Class 5." Since the
Plan provides for Class 5 creditors to the paid in full with
interest, it is not possible to make an informed judgment
regarding its feasibility unless and until the allowed amounts of
the Class 7 Claims have been determined.

   * At page 25, the Disclosure Statement provides that "the
liquidation scenario would produce no distribution to priority and
unsecured claims"; however, it goes on to state that "[a] Chapter
7 liquidation of the Debtor's assets would produce payment in full
to the non contingent unsecured creditors . . ." This
inconsistency should be corrected.

   * Debtor estimates at page 27 of the Disclosure Statement that
"the rejection of this unexpired lease will create a deficiency
claim in the amount of approximately $50,000 under the Plan."
However, the unexpired lease in question is not identified.

   * At page 29, the Disclosure Statement provides that
"[p]ursuant to 11 USC Sec. 1141(d)(3) Debtor will not receive a
discharge of debt in this bankruptcy case"; however, the Plan
states at Sec. 7.1 that "on the Consummation Date, all existing
Claims against the Debtor or Debtor-in-Possession shall be, and
shall be deemed to be, exchanged, satisfied, discharged and
released in full . . ."

   * Neither the Plan nor the Disclosure Statement discloses the
rights and remedies that would be available to Class 5 unsecured
creditors in the event of a default by Debtor in making the
monthly payments due them under the Plan.  In particular, it is
not apparent whether such creditors would be entitled to sue for
the accelerated balance of all remaining amounts due them under
the Plan in the event of such a default, or whether they would
instead be limited to collection of past due payments only.

The U.S. Trustee can be reached at:

          GUY G. GEBHARDT
          Acting United States Trustee for Region 21
          MONSITA LECAROZ ARRIBAS
          Assistant United States Trustee
          OFFICE OF THE U.S. TRUSTEE
          Edificio Ochoa
          500 Tanca Street, Suite 301
          San Juan, Puerto Rico 00901-1922
          Telephone: (787) 729-7444
          Telecopier: (787) 729-7449

                       Bankruptcy Exit Plan

As reported in the Dec. 9, 2015 edition of the TCR, BTB
Corporation has filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a proposed Chapter 11 Plan that offers to
pay non-insider unsecured creditors in full within 5 years.

According to the Disclosure Statement, the Debtor proposes to make
payments to creditors through the Plan primarily consisting of:

   1. Payment of all administrative expenses on the later of the
Effective Date or as soon as feasible after the date any such
claim becomes an allowed Administrative Claim.

   2. Payment of 100% of allowed priority tax claims in the amount
of $2,910 to be on the Effective Date.

   3. Secured creditor Banco Santander will be paid in full from
the payment of the accounts receivables that were foreclosed
prepetition and the sale of the inventory.  The Debtor will
continue to make monthly interest payments on the outstanding
balance of the line of credit computed at the contractually agreed
rate of 3.75% over the 30-day LIBOR.  Also, as part of the
agreement with the bank, Petroleum Products Supply, LLC, will make
payments directly to the bank in order to cover the mortgage
payments over the premises, which are owned by Debtor's subsidiary
and guaranteed by Debtor. Debtor's affiliates will continue to
make payments under their lines of credit to the bank and Debtor
will continue to guarantee these lines of credit.  Lastly, Debtor
will continue to support the bank in the collection of the
receivables that were foreclosed by the bank prepetition.  All of
the aforementioned will be subject of a stipulation and/or a plan
supplement to be executed within the next 30 days.

   4. Payment of the non-dischargeable debt owed to the United
States under the same terms and conditions of the settlement
agreement reached with the United States.

   5. Payment of in full, plus an annual interest rate of 4%, of
allowed unsecured claims of more than $3,000 in 60 equal monthly
installments.

   6. Payment in full of allowed unsecured claims of less than
$3,000 on or before the Effective Date.

   7. Unliquidated and contingent claims will not receive any
distribution from Debtor but will retain their rights to continue
their claims against Debtor's insurance company and if any of the
objections to said claims is unsuccessful, said claim shall be
deemed as a general unsecured claim.

   8. All unsecured claims of Debtor's insiders will not receive
any dividend under the Plan but will be considered as new equity
value and will receive common shares of the Debtor in the same
proportion.

   9. All equity interests in the Debtor will be cancelled and
equity holders will receive no distribution.  However, as
aforementioned, new common shares of the Debtor will be issued to
the insiders holding unsecured claims in the same proportion of
their claims.

The Plan is to be funded by the Lease and Sub-Lease agreement
reached with Petroleum Products Supply, LLC, which will produce
$150,000 per month for a period of five years.

According to the Debtor, a Chapter 7 liquidation of the Debtor's
assets would produce 100% distribution to non-contingent unsecured
creditors but without interest and after the successful sale of
all assets.

A copy of the Disclosure Statement filed Nov. 20, 2015, is
available for free at:

           http://bankrupt.com/misc/BTB_Corp_211_DS.pdf

                      About BTB Corporation

BTB Corporation was organized in 2003 to be engaged in bitumen
supply activities and the rendering of any other services which
may be complementary to such activities. Debtor initiated
operations from a leased terminal and storage facility located in
Penuelas, Puerto Rico.

In 2007, BTB acquired 100% of the stock of The Placco Company of
Puerto Rico, Inc., ("PLACCO"), a corporation organized under the
laws of Puerto Rico on May 10, 1988 primarily to manufacture,
produce, process and sell bitumen and other related or similar
products.  PLACCO became a wholly owned subsidiary of BTB, and is
the owner of the bitumen terminal leased by BTB from where BTB
operates its business in Guaynabo, Puerto Rico.

In 2012, the current majority shareholders acquired BTB from IOTC
Asphalt, LLC, retaining Mr. Juan Vazquez as President of the
Company.

BTB Corporation sought Chapter 11 protection (Bankr. D.P.R. Case
No. 15-03681) in Old San Juan, Puerto Rico, on May 17, 2015.
Samuel Lizardi signed the petition as interim president.  The
Debtor disclosed total assets of $16.5 million and total
liabilities of $13.2 million.

BTB said it sought bankruptcy protection as it is unable to meet
obligations as they mature, and creditors are threatening suit and
have threatened to undertake steps to obtain possession of its
assets.

The Debtor tapped Alexis Fuentes Hernandez, Esq., at Fuentes Law
Offices, LLC, as its counsel.


BTB CORP: Caribbean Sign Supply Working on Deal With Debtor
-----------------------------------------------------------
Caribbean Sign Supply objects to the immediate approval of the
disclosure statement explaining BTB Corporation's Chapter 11 plan
because it fails to list CCS's secured claim and incorrectly
classifies the claim as a general claim of more than $3,000 in
Class 5.

Caribbean Sign filed its objection days after the Jan. 6, 2016
deadline to challenge the adequacy of information contained in the
disclosure statement.

During discussions, the Debtor's counsel said that the amount owed
to CSS was consigned at San Juan Superior Court by Ferrovial
Agroman, LLC and Metropistas, LLC, in an interpleader civil case
with number KAC2015-0791.

Metropistas hired Ferrovial as the general contractor to do
pavement and asphalt work for a project called "PR-22 Accelerated
Safety Upgrades and Pavement Rehabilitation".  Later, Ferrovial
hired BTB as a subcontractor to do the whole project.  Thereafter,
BTB hired CSS to supply essential highway safety materials for the
project, but never paid the sum of $42,000 owed for these
materials.  Since CSS has a materials lien under the PR Civil Code
Metropistas did not disburse to Ferrovial the amount owed to CSS
and consigned the funds with the State Court.

CSS said it is working on a stipulation with the Debtor that, if
approved, will allow CSS to claim the consigned funds at the state
court and to file a motion withdrawing its claim filed in the
bankruptcy case.  The possible withdrawal of CSS's claim will
benefit creditors for it will increase the distribution base of
the Plan, CSS said.

Caribbean Sign Supply's counsel:

         JORGE LUIS GERENA MENDEZ, Esq.
         P.O. Box 195542
         San Juan, PR. 00919-5542
         Phone/Fax: (787)766-0780
         E-mail: jlgere@gmail.com

                   Bankruptcy Exit Plan

As reported in the Dec. 9, 2015 edition of the TCR, BTB
Corporation has filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a proposed Chapter 11 Plan that offers to
pay non-insider unsecured creditors in full within 5 years.

According to the Disclosure Statement, the Debtor proposes to make
payments to creditors through the Plan primarily consisting of:

   1. Payment of all administrative expenses on the later of the
Effective Date or as soon as feasible after the date any such
claim becomes an allowed Administrative Claim.

   2. Payment of 100% of allowed priority tax claims in the amount
of $2,910 to be on the Effective Date.

   3. Secured creditor Banco Santander will be paid in full from
the payment of the accounts receivables that were foreclosed
prepetition and the sale of the inventory.  The Debtor will
continue to make monthly interest payments on the outstanding
balance of the line of credit computed at the contractually agreed
rate of 3.75% over the 30-day LIBOR.  Also, as part of the
agreement with the bank, Petroleum Products Supply, LLC, will make
payments directly to the bank in order to cover the mortgage
payments over the premises, which are owned by Debtor's subsidiary
and guaranteed by Debtor. Debtor's affiliates will continue to
make payments under their lines of credit to the bank and Debtor
will continue to guarantee these lines of credit.  Lastly, Debtor
will continue to support the bank in the collection of the
receivables that were foreclosed by the bank prepetition.  All of
the aforementioned will be subject of a stipulation and/or a plan
supplement to be executed within the next 30 days.

   4. Payment of the non-dischargeable debt owed to the United
States under the same terms and conditions of the settlement
agreement reached with the United States.

   5. Payment of in full, plus an annual interest rate of 4%, of
allowed unsecured claims of more than $3,000 in 60 equal monthly
installments.

   6. Payment in full of allowed unsecured claims of less than
$3,000 on or before the Effective Date.

   7. Unliquidated and contingent claims will not receive any
distribution from Debtor but will retain their rights to continue
their claims against Debtor's insurance company and if any of the
objections to said claims is unsuccessful, said claim shall be
deemed as a general unsecured claim.

   8. All unsecured claims of Debtor's insiders will not receive
any dividend under the Plan but will be considered as new equity
value and will receive common shares of the Debtor in the same
proportion.

   9. All equity interests in the Debtor will be cancelled and
equity holders will receive no distribution.  However, as
aforementioned, new common shares of the Debtor will be issued to
the insiders holding unsecured claims in the same proportion of
their claims.

The Plan is to be funded by the Lease and Sub-Lease agreement
reached with Petroleum Products Supply, LLC, which will produce
$150,000 per month for a period of five years.

According to the Debtor, a Chapter 7 liquidation of the Debtor's
assets would produce 100% distribution to non-contingent unsecured
creditors but without interest and after the successful sale of
all assets.

A copy of the Disclosure Statement filed Nov. 20, 2015, is
available for free at:

           http://bankrupt.com/misc/BTB_Corp_211_DS.pdf

                      About BTB Corporation

BTB Corporation was organized in 2003 to be engaged in bitumen
supply activities and the rendering of any other services which
may be complementary to such activities. Debtor initiated
operations from a leased terminal and storage facility located in
Penuelas, Puerto Rico.

In 2007, BTB acquired 100% of the stock of The Placco Company of
Puerto Rico, Inc., ("PLACCO"), a corporation organized under the
laws of Puerto Rico on May 10, 1988 primarily to manufacture,
produce, process and sell bitumen and other related or similar
products.  PLACCO became a wholly owned subsidiary of BTB, and is
the owner of the bitumen terminal leased by BTB from where BTB
operates its business in Guaynabo, Puerto Rico.

In 2012, the current majority shareholders acquired BTB from IOTC
Asphalt, LLC, retaining Mr. Juan Vazquez as President of the
Company.

BTB Corporation sought Chapter 11 protection (Bankr. D.P.R. Case
No. 15-03681) in Old San Juan, Puerto Rico, on May 17, 2015.
Samuel Lizardi signed the petition as interim president.  The
Debtor disclosed total assets of $16.5 million and total
liabilities of $13.2 million.

BTB said it sought bankruptcy protection as it is unable to meet
obligations as they mature, and creditors are threatening suit and
have threatened to undertake steps to obtain possession of its
assets.

The Debtor tapped Alexis Fuentes Hernandez, Esq., at Fuentes Law
Offices, LLC, as its counsel.


PUERTO RICO: Revises Plan to Reduce Debt as Optimism Dwindles
-------------------------------------------------------------
Mary Williams Walsh at The New York Times reports that four months
after announcing a grueling five-year plan for reducing the
island's vast debt and reviving economic growth, Puerto Rico's top
economic officials said that they had been too optimistic and
revised the plan for the worse.

When the government first released its five-year plan last
September, it warned creditors that it would need $14 billion of
debt relief over that period, because it did not have enough money
to pay them the total amount due, $28 billion, according to The
New York Times.

In a briefing for journalists, officials said they now expected to
need a $16 billion break from creditors.

The officials said they had run updated forecasts for 10 years as
well, and things did not get much better, the report relays.  Over
the full 10 years, they said, they would need $24 billion worth of
reductions in the total $63 billion in principal and interest that
various branches of government owed creditors, the report
discloses.

And that is if the structural reforms that Puerto Rico is planning
succeed in fostering renewed economic growth, the report notes.
Without such a recovery, the officials said, Puerto Rico would
need $34 billion worth of relief from the $63 billion of scheduled
payments, the report relays.

"We expect to sit with our creditors shortly and put forth a
comprehensive restructuring proposal," said Melba Acosta Febo,
chairwoman of the Government Development Bank, in a statement
issued obtained by the news agency.  Ms. Febo said the proposal
would include responsible steps by Puerto Rico to manage its
economy, "But it also includes a comprehensive adjustment of its
debt, that reflects the commonwealth's actual capacity to pay its
creditors over the long term," she said, the report relays.

Ms. Febo added that solutions that "burden the economy with
unsustainable debt levels, or allocate all of the debt
restructuring burden to one class of credits over another will not
work and instead will merely prolong this crisis," the report
relays.

The officials who briefed the journalists said they recently
realized that they had to revise their economic plan when they saw
that tax revenues were running about $500 million lower than
forecast, the report discloses.  The government has increased
certain taxes and stepped up audits and enforcement, but the
efforts have yet to yield a payoff, says the NY Times.  The
island's brutal 10-year recession has prompted some businesses to
close and many residents to move to the United States mainland,
leaving fewer incomes and transactions for the government here to
tax, the report notes.

With inadequate revenue and no ability to borrow, Puerto Rico's
cash has been drying up, says the report.  The island was able to
make a number of large, high-priority debt payments due on Jan. 1
only by taking money away from lower-ranking creditors, the report
discloses.  The island's next significant debt payment, of $400
million, is due in May from the Government Development Bank.

The development bank is important because it orchestrates most of
Puerto Rico's complex web of debt, and because it has the
increasingly difficult job of making sure all branches of
government have adequate cash, the report relays.  There are
concerns that if it ran into severe problems, they would spread to
other parts of the government.

And on July 1, so many debt payments are due that the officials
said that without relief, there would be defaults from the top to
the bottom of the hierarchy of creditors, the report relays.  When
questioned further, they said it was still too soon to reveal how
much relief they would seek from each creditor group.

Under the ground rules for the briefing, the officials could not
be identified by name or quoted directly, says the report.

The United States Treasury secretary, Jacob J. Lew, is scheduled
to visit Puerto Rico, the report discloses.  Mr. Lew is expected
to discuss the island's debt crisis with Gov. Alejandro GarcĀ”a
Padilla, senior members of the legislature, and business, labor
and community leaders.

The NY Times say Mr. Lew and other Obama administration officials
have been urging Congress to enact measures they say would help it
restructure its $72 billion of debt in an orderly manner.  In
particular, the administration has argued that Puerto Rico needs
access to a legal framework, like bankruptcy, that would
automatically stay creditor lawsuits and make it possible to force
dissident creditors to accept settlements.  As currently written,
the bankruptcy code bars Puerto Rico's cities or other bodies of
government from using Chapter 9, the provision that insolvent
cities and counties on the mainland have been able to use to shed
debt, the report relays.

Republicans in Congress have held back from agreeing to amend the
bankruptcy code for Puerto Rico, saying they must first have a
better understanding of how the island got into so much trouble,
the report relays.

The officials who briefed journalists said that any restructuring
would be easier if they could do it under the protective shield of
bankruptcy -- but that even without bankruptcy they had to press
forward, the report discloses.  They said debt relief was the only
hope for bringing the government's fiscal affairs into balance
over the long term.

To underscore the point, says the report, they offered new details
about the various vendors and programs that were being
shortchanged, as the government desperately pulled together enough
cash to make its highest-priority debt payments.  In the second
half of 2015, they said, they removed $400 million from social
insurance programs; they delayed $330 million worth of income-tax
refunds due to residents since 2014; they allowed nearly $1.8
billion of unpaid bills to vendors to pile up, the report relays.

They said that some vendors were being stretched to the breaking
point, and that they feared they would stop delivering essential
medical supplies to hospitals, or foodstuffs to prisons, if they
were not paid quickly, the report discloses.

At the end of 2015, the government also announced that it was
exercising a "clawback" provision that allowed it to strip money
away from some bondholders in order to pay it to others, the
report notes.  They said about $163 million had been clawed back
and used to satisfy payments due to general-obligation
bondholders, who have the highest priority under the Puerto Rican
constitution, the report relays.  The clawbacks prompted two
insurers of the affected bonds to sue the government, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2015, Standard & Poor's Ratings Services maintained its
'CC' long-term and underlying ratings (SPURs) on Puerto Rico
Electric Power Authority's (PREPA) electric revenue bonds.
However, the ratings remain on CreditWatch, where they were
originally placed with negative implications on June 18, 2014.

As of June 30, 2015, PREPA had about $8.44 billion of long-term
debt outstanding, and an additional $730 million due to
noteholders.


USA CAPITAL MANAGEMENT: Raises Going Concern Doubt Amid Net Loss
----------------------------------------------------------------
USA Capital Management, Inc. posted a net loss of $28,340 for the
three months ended September 30, 2015 as compared with a net loss
of $712 for the period September 25, 2014 (inception) through
September 30, 2014.

The company has not yet generated any revenue since inception to
date and has sustained operating losses during the period ended
September 30, 2015.  The company had a working capital deficiency
of $15,952 and an accumulated deficit of $33,798 as of September
30, 2015.

"The company's continuation as a going concern is dependent on its
ability to generate sufficient cash flows from operations to meet
its obligations and/or obtaining additional financing from its
members or other sources, as may be required," according to
Richard Meruelo, president and chief financial officer of the
company, in a November 25, 2015 regulatory filing with the U.S.
Securities and Exchange Commission.

"The unaudited condensed financial statements have been prepared
assuming that the company will continue as a going concern;
however, the condition raises substantial doubt about the
company's ability to do so."

Mr. Meruelo continued, "In order to maintain its current level of
operations, the company will require additional working capital
from either cash flow from operations or from the sale of its
equity.  However, the company currently has no commitments from
any third parties for the purchase of its equity.  If the company
is unable to acquire additional working capital, it will be
required to significantly reduce its current level of operations."

At September 30, 2015, the company had total assets of $1,806,206,
total liabilities of $765,951 and total stockholders' equity of
$1,040,255.

A full-text copy of the company's quarterly report is available
for free at: http://tinyurl.com/ho9amdm

San Juan, Puerto Rico-based USA Capital Management, Inc. was
incorporated on September 25, 2014 under the laws of the state of
Delaware.  In May 2015, the company converted from a Delaware to a
Puerto Rico corporation and moved its principal place of business
to San Juan, Puerto Rico.  The company's operations to date have
been limited to issuing shares to its shareholders, the purchase
of a business office, and the acquisition of various properties
for development.  The company intends to provide management
services to limited liability companies that are formed to
promote, invest and operate business opportunities globally.


                            ***********


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 2016.  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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