TCRLA_Public/160509.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, May 9, 2016, Vol. 17, No. 90



PETROBRAS ARGENTINA: S&P Affirms 'B-' Rating; Outlook Stable


BOLIVIA: Natural Gas Exports Fall Sharply in 1Q to $594.4MM


BRAZIL: Real Advances as BNP Paribas Turns Positive on Economy
BRAZIL: Fitch Lowers IDR to 'BB'; Outlook Remains Negative
GOL LINHAS: S&P Lowers GS Rating to 'CC', Puts on CreditWatch Neg.
GOL LINHAS: Moody's Downgrades Corporate Family Rating to Caa3

C A Y M A N  I S L A N D S

CAPITAL MANAGEMENT: Shareholders' Final Meeting Set for June 8
CLOUD GATE: Shareholder to Hear Wind-Up Report on June 3
CREP CAYMAN: Shareholders' Final Meeting Set for May 27
CREP INVESTMENT: Shareholders' Final Meeting Set for May 27
FINISTERRE SOVEREIGN: Shareholders' Final Meeting Set for May 13

GLOBAL PHILANTHROPIC: Shareholders' Final Meeting Set for May 25
LUTETIUM PORTFOLIO: Shareholders' Final Meeting Set for May 16
MBB HOLDINGS: Shareholders' Final Meeting Set for May 17
MERIDIAN LLC: Shareholders' Final Meeting Set for May 19
MERMOZ AVIATION: Shareholders' Final Meeting Set for May 19

OPPORTUNITY FUND: Shareholders' Final Meeting Set for May 17
THL CREDIT: Shareholders' Final Meeting Set for May 19
WEST BAY: Shareholders' Final Meeting Set for May 17

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: No End in Sight for Deficit of 2.1MM Homes

E L   S A L V A D O R

EL SALVADOR: IMF Says GDP Growth Averaged 2% Over 2000-2014


PARAGUAY: IMF Says Economy Remains Relatively Resilient

P U E R T O    R I C O

AEROPOSTALE INC: Files Voluntary Chapter 11 Bankruptcy Petition
GOODMAN AND DOMINGUEZ: Court Extends Plan Exclusivity to Aug. 1


LATAM: Moody' Says Fiscal Space to Constrain Policy Response
* BOND PRICING: For the Week From May 2 to May 6, 2016

                            - - - - -


PETROBRAS ARGENTINA: S&P Affirms 'B-' Rating; Outlook Stable
S&P Global Ratings affirmed its 'B-' foreign currency global scale
corporate rating on Petrobras Argentina S.A. (PESA).  The outlook
remains stable.

The rating affirmation follows the announcement that Petrobras
(global scale: B+/Negative/--; national scale; brBBB-/Negative/--)
concluded the negotiations with Argentina-based energy group Pampa
Energia (not rated) for the sale of Petrobras' 67.19% stake in
PESA for $892 million.  The completion of the transaction is still
subject to internal approvals at Petrobras and the appropriate
regulatory agencies.

S&P's foreign currency rating on PESA doesn't incorporate any
potential support from Petrobras because S&P considers PESA as a
nonstrategic subsidiary, given the parent's strategy to focus on
its Brazilian operations.  In this sense, there's no immediate
rating following the sale announcement.

Once and if the transaction is approved, S&P will monitor Pampa's
strategy towards PESA, including its updated financial policy,
corporate governance, and relationship with Pampa's other assets.
Even though the financing strategy for the acquisition is unknown,
it is likely that Pampa would partially finance it through the use
of debt, increasing, in the future, the incentives to upstream
more cash from PESA.  Even assuming that Pampa's creditworthiness
might be weaker than that of PESA on a stand-alone basis, S&P
believes that any intervention from the new shareholder wouldn't
prompt S&P to lower its SACP on PESA below 'b-' from the current
level of 'b+'.  This is mostly due to the company's current
relatively low leverage.

The stable outlook incorporates S&P's belief that, at this point,
a potential intervention by Pampa in PESA will not be harmful
enough to materially affect PESA's current financial profile and
overall credit quality.  The stable outlook also mirrors the one
on Argentina's sovereign local currency rating.

If the transaction is approved, S&P may downgrade PESA to the
'CCC' category if S&P perceives a more aggressive financial policy
under the new controlling company, which may result in
unsustainable long-term commitments or substantially weaker
liquidity.  This more aggressive policy could come from a material
increase in the company's leverage with debt to EBITDA exceeding
5.0x or material liquidity pressures coming from the need to repay
short-term financing associated with the acquisition.

A downward change in S&P's transfer and convertibility (T&C)
assessment for Argentina would most likely result in PESA's
downgrade as well, because S&P believes that the domestic
corporate sector's ability to honor its foreign currency
obligations is related to this assessment.  In such scenario, S&P
would analyze PESA's ability to cope with the sovereign prevention
from accessing and transferring foreign currency abroad.

Rating upside is constrained, at this point, by S&P's current
assessment of Argentina's T&C and therefore an upgrade would most
likely depend on the latter being positively revised.


BOLIVIA: Natural Gas Exports Fall Sharply in 1Q to $594.4MM
EFE News reports that Bolivia's natural gas exports to Argentina
and Brazil in the first quarter totaled $594.4 million, down 48.4
percent from the same period of 2015, the National Statistics
Institute, or INE, said in a report.

Natural gas exports, which amounted to $1.2 billion in January-
March 2015, are Bolivia's No. 1 source of hard currency, according
to EFE News.

EFE News relates that the report also noted that exports of that
fossil fuel in the first quarter of last year accounted for 49.4
percent of Bolivia's total sales abroad, while in January-March
2016 they represented 36.7 percent.

Bolivia's total exports, which include natural gas, minerals,
manufactured goods and farm and ranching products, amounted to
$1.6 billion in the first three months, down 30.6 percent from the
first quarter of 2015, when they totaled $2.3 billion, EFE News

President Evo Morales has repeatedly expressed concern over the
decrease in the price of natural gas, but he says that due to the
priority his government has placed on public investment spending
there is no risk of a crisis, EFE News adds.


BRAZIL: Real Advances as BNP Paribas Turns Positive on Economy
Paula Sambo at Bloomberg News reports that Brazil's real gained as
a potential change in government bolsters investor confidence in
Latin America's biggest economy, winning over even long-time

After being "consistently downbeat" on the country for the past
few years, BNP Paribas said in a note to clients that it's now
"time to turn positive on Brazil's outlook," according to
Bloomberg News.

Bloomberg News says the bank joins a chorus of analysts and
investors who have turned Brazil's real into the best performing
major currency this year and fueled a rally in stocks on the view
that President Dilma Rousseff will be impeached and a new
administration will be better positioned to pull Brazil out of its
worst recession in a century.  Vice President Michel Temer -- who
would succeed Rousseff should she be removed -- has pledged to put
the economy back on track, Bloomberg News relates.  Gross domestic
product is forecast to shrink for a second year in 2016,
unemployment is rising and consumer confidence is at a record low,
Bloomberg News says.

"A new administration under Michel Temer has a golden opportunity
to engineer a turnaround in the Brazilian economy if -- as we
expect -- he manages to put in place a solid economic team and
build sufficient support in Congress to implement unpopular, but
much needed measures," BNP economists lead by Marcelo Carvalho
wrote, Bloomberg News notes.

The real has surged 12 percent this year, notes Bloomberg News.
Beginning March 21, policy makers re-introduced a program created
in 2005 to prevent the real's appreciation from curtailing exports
and have since sold $38.4 billion of reverse swap contracts, which
are the equivalent of buying dollars in the futures market,
including $2.5 billion, Bloomberg News says.

The real advanced 0.4 percent to 3.5346 per dollar on Thursday,
May 5 the best performance among 16 major currencies as the
central bank refrained from intervening to slow gains as higher
commodity prices lifted assets in developing nations, Bloomberg
News notes.

"In Brazil, the central bank on the sidelines helps the real,"
said Mauricio Oreng, a senior strategist at Rabobank in Sao Paulo,
Bloomberg News relays.

One-month implied volatility in the real advanced 0.2 percentage
point to 18.4 percent, after declining to the lowest since July 22
earlier. Implied volatility is the second-highest among major
currencies tracked by Bloomberg after it fell below the South
African rand on for the first time since March, Bloomberg News

Swap rates on the contract maturing in January 2017, a gauge of
expectations for interest rates, rose 0.015 percentage point to
13.68 percent, Bloomberg News relays.

BRAZIL: Fitch Lowers IDR to 'BB'; Outlook Remains Negative
Fitch Ratings has downgraded Brazil's Long-Term Foreign- and
Local-Currency IDRs to 'BB' from 'BB+'.  The issue ratings on
Brazil's senior unsecured Foreign- and Local-Currency bonds are
also downgraded to 'BB' from 'BB+'.  The Rating Outlook on the
Long-Term IDRs remains Negative.  The Country Ceiling is
downgraded to 'BB+' from 'BBB-' and the Short-Term Foreign-
Currency IDR is affirmed at 'B'.

                         KEY RATING DRIVERS

The downgrade of Brazil's ratings reflects the deeper-than-
anticipated economic contraction, failure of the government to
stabilize the outlook for public finances and the sustained
legislative gridlock and elevated political uncertainty that are
sapping domestic confidence and undermining governability as well
as policy effectiveness.  The maintenance of the Negative Outlook
reflects continued uncertainty surrounding the progress that can
be made to improve the outlook for growth, public finances and the
government debt trajectory.

Near-term growth prospects continued to weaken since Fitch's
downgrade of Brazil to 'BB+' in December 2015.  The agency now
forecasts that growth will reach -3.8% in 2016 and 0.5% in 2017,
down from the December forecast of -2.5% and 1.2%, respectively.
The continuing deep economic contraction reflects the high level
of political uncertainty, depressed confidence, deteriorating
labor markets and strong external headwinds from lower commodity
prices, China's slowdown and tighter external financing
conditions.  Medium-term prospects also appear subdued, as the
country's investment rate has fallen in recent years and
microeconomic reforms to improve competitiveness and the business
environment have not made material progress.

Brazil's public finances remain under pressure and the repeated
changes to fiscal targets have undermined fiscal credibility.  The
public sector primary deficit reached nearly 2% of GDP in 2015 and
the ongoing pressures on revenues, difficulty in reining in
spending, and the growing social security deficit will make
consolidation difficult in 2016.  The government has asked
congress to amend its primary surplus target; by introducing
several escape clauses, the change would effectively give the
government the ability to incur a public sector primary deficit of
around 1.5% of GDP in 2016.  Downside risks to meeting fiscal
targets remain.  If approved by congress, the debt rescheduling by
states with the federal government could lead to a further
deterioration of regional governments' primary balances.  Despite
a cyclical recovery in the future, it is difficult to foresee
significant consolidation without structural measures that reduce
the pace of growth in mandatory spending.

Fitch forecasts the general government deficit to average over 8%
of GDP in 2016-17, down from over 10% in 2015.  On current policy
settings, Fitch forecasts that Brazil will continue to incur
primary deficits during 2016-17.  The general government debt
burden is expected to reach nearly 80% of GDP by 2017 (making
Brazil one of the most indebted sovereigns in the 'BB' category)
and remain on a rising trend unless growth recovers more
materially and fiscal consolidation gains pace.

Brazil continues to confront a very challenging political
environment.  The low popularity of the President, the expanding
reach of the 'Lava Jato' corruption investigations, street
protests, and the run-up to the impeachment of President Rousseff
have all contaminated the political environment.  After a vote in
favor of impeachment was passed in the Lower House, the Senate is
expected to vote on this issue in the coming week.  If the Senate
votes in favor of the impeachment, President Rousseff would need
to temporarily step down and Vice President Michel Temer of the
PMDB party would take over.

While any political transition during the impeachment process
could represent a new opportunity for proceeding in economic
adjustment and reforms, implementation risks will remain.  A deep
and prolonged recession accompanied by a rising unemployment rate
and the uncertainty as to the strength and stability of the
governing coalition (especially for approving reforms) highlight
the challenges that a potential Temer-led government would
confront.  Moreover, the continuing Lava Jato investigations could
also lead to unpredictable political upsets.  Given the magnitude
of the economic and fiscal challenges that Brazil is confronting,
a strong political willingness and capacity to execute measures in
a relatively short period of time will be required in order to
materially improve confidence in the economic adjustment process.

On the positive side, some macroeconomic imbalances have begun to
improve.  Brazil's external accounts adjustment continues to
proceed on the back of a prolonged economic slump and a weaker
BRL.  Fitch forecasts that the current account deficit will
average just over 1% of GDP in 2016-17 compared to the nearly 4%
average in 2014-15, and will be fully financed by foreign direct
investment flows.  The reduction in the current account deficit is
facilitating Brazil's adjustment to tighter external financing
conditions.  Similarly, after peaking at 10.7% in January 2016,
IPCA inflation has begun to decline, a process that should
continue during the year, although inflation will likely remain
above the central bank's target of 4.5%+/-2% by year-end.
Finally, the central bank has also been reducing the net position
of FX swaps in recent weeks, thereby reducing its exposure to
future FX depreciation.

Brazil's 'BB' ratings are supported by its economic diversity and
entrenched civil institutions, with its per capita income and
governance indicators better than the 'BB' median.  The country's
capacity to absorb shocks is bolstered by its flexible exchange
rate, robust international reserves position, a strong net
sovereign external creditor position, deep and developed domestic
government debt securities markets, and an adequately capitalized
banking system.  The average maturity of debt has continued to
increase in recent years and the small share of foreign currency
debt in total general government debt limits vulnerability of debt
dynamics to FX movements.

                      RATING SENSITIVITIES

The main factors that could lead to a downgrade are:

   -- Failure to take policy action to arrest the pace of increase
      in the government debt burden. Crystallization of contingent
      liabilities would be negative.

   -- Policy drift and an inability to implement measures that
      improve the outlook for growth and public finances.

   -- Erosion of international reserves and deterioration in
      government debt composition.

The Rating Outlook is Negative.  Consequently, Fitch's sensitivity
analysis does not currently anticipate developments with a high
likelihood of leading to a positive rating change.  Future
developments that could individually, or collectively, result in a
stabilization of the Outlook include:

   -- An improvement in the political environment that improves
      policy implementation and supports confidence, growth and
      reform prospects.

   -- Fiscal consolidation that leads to greater confidence in the
      capacity of the government to achieve debt stabilization.

   -- Improved investment and growth environment and a reduction
      in macroeconomic imbalances.

                         KEY ASSUMPTIONS

   -- Fitch assumes that China (an important trading partner for
      Brazil) will avoid a hard landing and be able to manage a
      gradual slowdown, offering a limited upside for commodity
      prices.  Argentina's economic performance (key destination
      of manufacturing exports) is likely to improve moderately
      over the forecast period.

   -- Fitch assumes that Brazil maintains international and
      domestic market access even during periods of higher
      international financial volatility and further domestic

   -- Fitch assumes that any political transition to a new
      government during the impeachment process will be smooth and

GOL LINHAS: S&P Lowers GS Rating to 'CC', Puts on CreditWatch Neg.
S&P Global Ratings lowered its global scale ratings on Gol Linhas
Aereas Inteligentes S.A. (GOL) to 'CC' from 'CCC-'.  S&P also
lowered the Brazilian national scale ratings to 'brCC' from
'brCCC-'.  At the same time, S&P lowered the issue-level ratings
assigned to GOL's senior unsecured debt to 'CC' from 'CCC-'.  S&P
has placed all ratings on CreditWatch with negative implications.

The ratings on the term loan with a guarantee by Delta Air Lines
(BB+/Stable) remain unchanged at 'BB'.

The recovery rating on GOL's senior unsecured debt remains '4',
reflecting an average recovery of 30%-50%, in the lower band of
the range.

The downgrade of GOL reflects S&P's view that the exchange offer
is distressed, given the company's current weak liquidity because
of consistent covenant breaches in some of its debts, and the
company's capital structure, which S&P considers unsustainable
under current market conditions, with its debt levels.
Furthermore, under the proposed exchange terms, the company will
pay materially less than the originally promised face value of the
notes, and therefore S&P will consider the exchange of the notes
tantamount to default.

The negative implications of the CreditWatch listing reflect S&P's
view that the exchange, if accepted, is distressed and thus
tantamount to default.  Therefore, S&P would lower the corporate
credit ratings on GOL to 'SD', and cut the issue-level rating on
the unsecured bonds to 'D'.  S&P expects to resolve the
CreditWatch after June 1, 2016 the deadline for the conclusion of
the exchange period.

GOL LINHAS: Moody's Downgrades Corporate Family Rating to Caa3
Moody's Investors Service downgraded the ratings of Gol Linhas
Aereas Inteligentes S.A.'s ("Gol") debt, including Gol Finance's
senior notes due in 2017 to Caa3 from Caa2, the perpetual notes
guaranteed by Gol to C from Caa2, and the corporate family rating
to Caa3 from Caa1. The rating outlooks remain negative. Moody's
also affirmed the foreign currency rating assigned to Gol LuxCo
S.A.'s ("Gol LuxCo") term loan guaranteed by Delta Air Lines, Inc.
("Delta") at Baa3; outlook stable.


-- Issuer: Gol Linhas Aereas Inteligentes S.A.

-- Corporate Family Rating, Downgraded to Caa3 from Caa1

-- Issuer: Gol Finance

-- $US225 Million ($US99.6 Million Outstanding) Guaranteed Senior
    Unsecured Notes due 2017, Downgraded to Caa3 from Caa2

-- $US200 Million Guaranteed Senior Unsecured Perpetual Notes,
    Downgraded to C from Caa2


-- Issuer: Gol LuxCo S.A.

-- $US300 Million Guaranteed Senior Unsecured Term Loan due 2020,
     Affirmed at Baa3

Outlook Actions:

-- Issuer: Gol Linhas Aereas Inteligentes S.A.

-- Outlook, Remains at Negative

-- Issuer: Gol Finance

-- Outlook, Remains at Negative

-- Issuer: Gol LuxCo S.A.

-- Outlook, Remains at Stable


The ratings downgrade follows Gol's announcement that its
subsidiary Gol LuxCo has initiated a private exchange offer for
approximately $US782 million in debt outstanding including the
senior unsecured notes due in 2017, in 2020 and the Perpetual
notes issued by Gol Finance, along with the senior unsecured due
in 2022 and in 2023 issued by LuxCo. Moody's views this
transaction as a distressed exchange given that the new package of
securities and assets offered amount to a materially lower
financial obligation relative to its original promise, with the
effect of allowing the issuer to avoid a Moody's default event.

For those investors that choose to accept the tender, the company
is offering a combination of cash and LuxCo's new secured notes
with final maturity dates ranging from 2018 and 2028 with a coupon
of 8.50% per year, which imply recovery rates in the 30% to 70%
range for the tendered notes. The new notes will be secured by
spare parts providing collateralization for about 90% to the new
debt obligations and it will be 100% guaranteed by the VRG Linhas
AÇreas S.A., Gol's operating subsidiary in Brazil.

"Gol's objective with this transaction is to achieve a more
attainable debt structure in face of a prolonged challenging
operating environment and economic uncertainties in its home
market. During 2015, the company results plumbed to a BRL4.5
billion net loss while its net cash burn reached BRL826 million
leading its gross debt to lease adjusted EBITDA ratio to 9.9x. The
deterioration reflected a sharp contraction of about 3.8% of the
Brazilian GDP, 32% devaluation of the Brazilian real and high
inflationary pressures. In addition, the Brazilian aviation sector
has been affected by a more soft demand growth rate, excess
capacity and lower yields. A situation that we expect to prevail
through 2017."

The downgrade of the corporate family rating to Caa3 reflects
Moody's current view of Gol's consolidated probability of default
and expected loss for its debt holders, considering its current
capital structure that includes approximately 40% of secured debt
and 60% of unsecured notes. The 2017 senior unsecured note is now
rated at the same level, given its expected recovery rate, while
the Perpetual notes is rated C, given its lower expected recovery

The affirmation of Gol LuxCo's $US300 million senior unsecured
term loan at Baa3 reflects Delta guaranty for this term loan.
Moody's views this guarantee as an effective guaranty of payment
of lenders in the entirety of its original promise when due, and
not just a guarantee of collection after an event of default. As
such, the rating on the term loan is at the same level as Delta's
senior unsecured rating of Baa3 and the outlook is stable.

Moody's acknowledges that Gol's management remains fully committed
to finding a solution to its unsustainable capital structure and
is vigorously pursuing options to improve liquidity. In addition
to the exchange offer for the notes, Gol has recently announced
other measures to restructure its balance sheet and improve its
liquidity profile including a 5% to 8% capacity reduction in 2016,
along route network changes. The company is also engaged in
supplier and leasing contract negotiations for right sizing the
fleet to the new market fundamentals. Last February, the company
announced an agreement with Smiles for an advance ticket sale of
up to BRL1 billion.

These efforts, along with a successful execution of the exchange
offers will eventually ensure that Gol emerges from the current
financial crisis in a better competitive position. After the
restructuring is completed, Moody's will revisit the company's
ratings reflecting the composition of the new capital structure as
well as other fundamental credit characteristics.

The negative outlook on Gol and Gol Finance reflects its evolving
capital structure and the uncertainties related to the ongoing
exchange offer amid a prolonged scenario of weaker market
fundamentals, which will keep the company's profitability and cash
flow generation under pressure at least through 2017.

Downward pressure on Gol's ratings or the outlook will occur if
credit metrics continue to deteriorate over the next few quarters
without expectation of recovery. Quantitatively, negative ratings
pressure increases if adjusted gross Debt to EBITDA remains above
8.0x for a prolonged period, or should cash trend towards 15% of
revenues. Moody's perception of a material deterioration in the
company's financial flexibility to meet capital requirements could
also lead to a negative rating action for Gol. Further downward
pressure on the ratings would arise with a default in interest or
debt amortization, payment deferral or a larger than expected loss
for creditors in a debt restructuring.

An upgrade of Gol's ratings is unlikely at this time. Positive
ratings pressure requires sustained adjusted leverage below 6.0
times on a gross basis along with an EBIT interest coverage above
1.0x, and unrestricted cash that represents at least 25% of net

An upgrade or downgrade in the term-loan rating depends on changes
in Delta's creditworthiness.

The principal methodology used in these ratings was Global
Passenger Airlines published in May 2012. Please see the Ratings
Methodologies page on for a copy of this

The cross-sector methodology titled Rating Transactions Based on
the Credit Substitution Approach: Letter of Creditbacked, Insured
and Guaranteed Debts published in December 2015 was also used in
these ratings. Please see the Ratings Methodologies page on for a copy of this methodology.

Gol Linhas Aereas Inteligentes S.A., headquartered in Sao Paulo,
Brazil, is the largest low-cost and best-fare carrier in Latin
America, offering approximately 900 daily passenger flights to
connect Brazil's major cities and various destinations in South
America and the Caribbean, along with cargo and charter flight
services. In the last twelve months ended 30 September 2015, Gol
reported consolidated net revenues of BRL9.9 billion ($US3.3
billion) and lease adjusted EBITDA of BRL1.5 billion ($US500
billion). Gol LuxCo and Gol Finance are wholly-owned subsidiaries
of Gol Linhas Aereas Inteligentes S.A. ("Gol," Caa3 negative).

C A Y M A N  I S L A N D S

CAPITAL MANAGEMENT: Shareholders' Final Meeting Set for June 8
The shareholders of Capital Management SPC will hold their final
meeting on June 8, 2016, at 4:00 p.m., to receive 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

CLOUD GATE: Shareholder to Hear Wind-Up Report on June 3
The shareholder of Cloud Gate Capital Fund Ltd. will hear on
June 3, 2016, at 9:45 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
          c/o Susan Craig
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          Telephone: (345) 943-3100

CREP CAYMAN: Shareholders' Final Meeting Set for May 27
The shareholders of Crep Cayman will hold their final meeting on
May 27, 2016, at 10:30 a.m., to receive 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 Susan Craig/Jennifer Chailler
          Telephone: (345) 943-3100

CREP INVESTMENT: Shareholders' Final Meeting Set for May 27
The shareholders of Crep Investment B Cayman will hold their final
meeting on May 27, 2016, at 10:15 a.m., to receive 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 Susan Craig/Jennifer Chailler
          Telephone: (345) 943-3100

FINISTERRE SOVEREIGN: Shareholders' Final Meeting Set for May 13
The shareholders of Finisterre Sovereign Debt Master Fund will
hold their final meeting on May 13, 2016, 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:

          Jonathan Nicholson
          P.O. Box 1976 Grand Cayman KY1-1104
          Cayman Islands

GLOBAL PHILANTHROPIC: Shareholders' Final Meeting Set for May 25
The shareholders of Global Philanthropic Investments Ltd. will
hold their final meeting on May 25, 2016, 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:

          Matthew Wright
          Omar Grant
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295
          Windward 1, Regatta Office Park
          P.O. Box 897 Grand Cayman KY1-1103
          Cayman Islands

LUTETIUM PORTFOLIO: Shareholders' Final Meeting Set for May 16
The shareholders of Lutetium Portfolio Company, Ltd. will hold
their final meeting on May 16, 2016, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Lutetium Capital, LP
          c/o Paul Greenberg
          30 Owenoke Park
          Connecticut 06880
          United States of America
          Telephone: (203) 717 0321

MBB HOLDINGS: Shareholders' Final Meeting Set for May 17
The shareholders of MBB Holdings Limited will hold their final
meeting on May 17, 2016, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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

MERIDIAN LLC: Shareholders' Final Meeting Set for May 19
The shareholders of Meridian LLC will hold their final meeting on
May 19, 2016, 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:

          Thomas Ackermann
          Alte Tiefenaustrasse 6
          3050 Bern
          Telephone: +41 79 593 9267

MERMOZ AVIATION: Shareholders' Final Meeting Set for May 19
The shareholders of Mermoz Aviation will hold their final meeting
on May 19, 2016, at 10:15 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100

OPPORTUNITY FUND: Shareholders' Final Meeting Set for May 17
The shareholders of Opportunity Fund Segregated Portfolio Company
will hold their final meeting on May 17, 2016, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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

THL CREDIT: Shareholders' Final Meeting Set for May 19
The shareholders of THL Credit Loan Opportunity II Ltd. will hold
their final meeting on May 19, 2016, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100

WEST BAY: Shareholders' Final Meeting Set for May 17
The shareholders of West Bay, LLC will hold their final meeting on
May 17, 2016, at 9:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: No End in Sight for Deficit of 2.1MM Homes
Dominican Today reports that the country has a deficit of 2.1
million homes, of which 1.3 million must be built and 800,000 are
in need of repairs.

However, the Public Sector Multi-Year Plan for 2013-2016 had
projected reconstruction of only around 80,000, although its
current version includes modification on only 24,000, according to
Dominican Today.

The figure is just one fourth of the government's proposal, or 75%
below the 100,000-homes target pledged by President Danilo Medina,
the report notes.

Representatives of the Citizen Forum provided the figures during
an interviewed by the Corripio media group, as part of its
promotion campaign "House Now" which seeks to ensure public access
to decent and adequate housing and basic services, the report

"This campaign is based on the right to adequate housing
established by the Constitution in Article 59 and the state must
ensure this guarantee," said Forum general secretary Alfonsina
Cuesta, quoted by, the report discloses.

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's
long-term foreign and local currency Issuer Default Ratings (IDRs)
at 'B+'.  The Rating Outlooks on the long-term IDRs are revised to
Positive from Stable. The issue ratings on the Dominican
Republic's senior unsecured foreign and local currency bonds are
affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the
short-term foreign currency IDR at 'B'.

E L   S A L V A D O R

EL SALVADOR: IMF Says GDP Growth Averaged 2% Over 2000-2014
The IMF staff team visited San Salvador during April 25-May 6 for
the 2016 Article IV consultation and held fruitful discussions
with the Salvadoran authorities, parliamentarians, business
community, academics, and social partners.

Focus of The Article IV: The Challenges of Insufficient Growth

1. GDP growth has averaged 2 percent over 2000-2014, well below
the Central American regional average of 4.5 percent. While the
underlying causes of the low growth are complex, a key channel
through which they are expressed appears to be low investment,
which has averaged only 15.5 percent of GDP since 2000. Data gaps
preclude strong conclusions, but the available evidence suggests
that the likely culprits include: (a) political polarization; (b)
high crime and outward migration; (c) rising unit labor costs and
high logistics costs; (d) high exposure to natural disasters; (e)
barriers to entry and expansion of business; (f) fiscal
uncertainty; and (g) limited human capital.

2. For many of the candidate explanations El Salvador does not
appear materially worse than its faster-growing neighbors.
However, where El Salvador does stand out is in the inter-related
forces of high levels of outward migration and violent crime. Most
likely, it is the complex interaction of all of these factors that
is at the core of the poor growth performance. Restoring sustained
dynamic growth will therefore require action along multiple

3. The low-growth feeds a number of vicious cycles. It hinders
efforts to reduce the high crime rate and improve educational
attainment, it encourages outward migration and weakens labor
force participation, and it creates fiscal pressures as social
demands continue to increase while tax revenues remain subdued. El
Salvador's competitiveness problem has been exacerbated by the
run-up in the U.S. dollar and the real effective exchange rate is
now judged to be overvalued by around 10 percent.

4. Unfortunately, political gridlock is an obstacle to even
incremental reform. The authorities' 5-year plan appropriately
puts growth as the overriding priority and many measures have been
designed and pursued. There is broad agreement on the need to
increase inclusive growth and public sector efficiency, and to
reduce crime and corruption. However, the main political parties
are far apart on how to achieve these objectives, resulting in a
legislative stalemate which, itself, raises vulnerabilities.

A full text copy of the company's press release is available free



PARAGUAY: IMF Says Economy Remains Relatively Resilient
On April 29, 2016, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation1 with
Paraguay, and considered and endorsed the staff appraisal.
Paraguay's economy remains relatively resilient against the
backdrop of a regional slowdown. Growth is estimated at 3 percent
in 2015, among the strongest in Latin America.

This reflects a milder terms-of-trade shock relative to
comparators; stable growth in investment and consumption; and
modest fiscal stimulus. However, the economy experienced some loss
of momentum over the past year. Growth below potential helps
contain inflation pressures, including from past exchange rate

In the first two months of 2016, headline inflation was
temporarily elevated, mainly due to volatile food prices. Since
then, it has moderated below 5 percent in March and is expected to
decline to the mid-point of the central bank's target range (4.5
percent) over the course of 2016.

The external position deteriorated in 2015, due to a negative
terms-of-trade shock and weakness in major trading partners.
Furthermore, credit growth has moderated from a rapid pace, as
economic activity has slowed and financial conditions have become
less favorable. Credit quality has been deteriorating.

Specifically, banks' non-performing loans have been rising, albeit
from low levels, since mid-2015. Notwithstanding potential
vulnerabilities from past rapid credit expansion, the financial
system appears sound. Most banks posted positive net income in
2015, although profitability measures (returns on assets and
equity) were in most cases below 2014 levels. Relative to the
region, Paraguay's banks compare favorably in terms of their
balance sheets and profits.

Macroeconomic policies remain accommodative in light of subdued
inflation and slower growth. Notwithstanding the BCP's 25 basis
point interest rate hike in January 2016, monetary policy
continues to be somewhat accommodative, following an easing cycle
in mid 2015. Meanwhile, fiscal policy has been supportive of
economic activity. The fiscal deficit at the central government
level is estimated to have reached 1.7 percent of GDP-marginally
above the 1.5 percent ceiling set by the fiscal responsibility law

Paraguay's economy is expected to remain relatively resilient this
year and next despite challenging external conditions. Staff
expects solid growth near 3 percent in 2016 and 3.25 percent in
2017. Given favorable weather and strong yields, the soy harvest-
Paraguay's main agricultural crop-is likely to see strong growth
from last year. Sound macroeconomic fundamentals, favorable
demographics, lower cost of oil imports and a very competitive
electricity sector are additional factors sustaining growth in the
near-term. Lower credit demand from subdued investment plans and
tighter credit conditions will contribute to slower, but still
positive, credit growth in 2016, more in line with economic

Downside risks to growth have risen, mainly from the external
side. A further slowdown in Brazil or deeper decline in
agricultural commodity prices represents the major risks to the
outlook. Domestically, rapid credit expansion in the banking
system in the context of slower economic activity represents a
potential macrofinancial vulnerability that could amplify the
effects of adverse external shocks. Finally, limited capacity for
administering and executing public investments also represents a
downside risk to growth.

                  Executive Board Assessment

Executive Directors commended the Paraguayan authorities for
maintaining solid macroeconomic fundamentals, including low
inflation, sustained growth and sound public finances.

Nevertheless, Directors noted that downside risks to growth have
risen, mainly from the external side. They emphasized the need to
maintain macroeconomic stability and to strengthen implementation
capacity and policy frameworks, address structural weaknesses,
increase productivity, reduce poverty and promote inclusive

Directors welcomed the authorities' commitment to sound fiscal
policy. They emphasized the need for continued efforts to mobilize
revenue and contain current expenditure while making space for
capital spending, especially on infrastructure.

In this context, they welcomed the signs of increased
effectiveness of the fiscal responsibility law, but noted the
importance of fully internalizing it in the budget process to help
establish a track record and bolster the credibility of the fiscal
anchor. Directors stressed that if amendments to the law are
sought, changes to grant flexibility should be balanced by
safeguards which enhance its credibility and are communicated

Directors concurred that the moderately accommodative monetary
policy stance remains appropriate given the uncertain
international context and contained inflationary pressures.
Monetary policy, coupled with a flexible exchange rate, should be
the principal tool if growth were to weaken further, within the
limits of meeting the central bank's price stability objective.

Limiting discretionary foreign exchange market interventions to
exceptional circumstances of disorderly market conditions would
reinforce the inflation targeting regime and reassure markets.
Reforms to deepen interbank markets and improve liquidity
management could help strengthen monetary policy transmission.
Directors considered the exchange rate and external position to be
broadly in line with fundamentals.

They noted that the ample international reserve cover is
appropriate considering Paraguay's openness, the level of
dollarization, and vulnerability to shocks.

Directors agreed that the financial system appears to be sound,
despite weaker economic growth and recent bank performance. In
light of past rapid credit growth, vigilance over potential
vulnerabilities remained critical to contain financial sector
risks. Efforts to bolster the financial sector should include
closely scrutinizing banks' loan classification practices and
strengthening supervision of the cooperative sector. Directors
welcomed progress towards introducing risk-based supervision and
encouraged the authorities to continue upgrading monitoring and
analytical capacity and strengthen institutional arrangements to
carry out these functions.

Directors commended the authorities for progress on implementing
their structural reform agenda covered in the National Development
Plan. Directors stressed that infrastructure remains a key
priority, especially improving electricity distribution and
transportation. They welcomed steps that have been taken to
strengthen government transparency, including implementation of
the Law of Free Access to Public Information.

Directors commended the authorities for their efforts to continue
to strengthen anti-corruption and AML/CFT measures to improve the
business climate. They welcomed recent passage of the law on asset

P U E R T O    R I C O

AEROPOSTALE INC: Files Voluntary Chapter 11 Bankruptcy Petition
Aeropostale, Inc., on May 4 took the next steps in its ongoing
business transformation by filing voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code in the United States
Bankruptcy Court for the Southern District of New York.  The
Company expects to use the Chapter 11 process to optimize its
store footprint, access additional tools to shed or renegotiate
burdensome contracts, resolve its ongoing disputes with Sycamore
Partners and achieve long-term financial stability.

The Company intends to emerge from the Chapter 11 process within
the next six months as a standalone enterprise with a smaller
store base, increased operating efficiencies and reduced SG&A
expenses.  The Company is also continuing its previously announced
sale process to confirm that it is maximizing the value of its
assets and achieving the best possible outcome for stakeholders.
Any potential sale would be expected to be completed within the
next six months.

As part of this effort to position the Company for long-term
success, Aeropostale is reviewing its leases and other contracts
to ensure they are competitive with current market dynamics.  The
Company announced an initial store closure list of 113 U.S.
locations, as well as all 41 stores in Canada.  Store closing
sales are scheduled to begin in the United States during the
weekend of May 7-8, 2016, and in Canada during the week of May 9,

"While initiatives such as the implementation of our two-chain
Factory and Mall strategy and our merchandise repositioning have
started to gain traction, the ripple effects of an ongoing dispute
with our second-largest supplier put substantial strain on our
liquidity while also preventing us from realizing the full
benefits of our turnaround plans.  As a result, we have chosen to
take more decisive and aggressive action to create a leaner, more
efficient business that is well-positioned to compete and succeed
in today's retail environment," said Julian Geiger, Chief
Executive Officer.  "We appreciate the loyalty and support of our
customers, employees and business partners as we complete this

In conjunction with the Chapter 11 filings, Aeropostale secured a
commitment for $160 million in debtor-in-possession ("DIP")
financing provided by Crystal Financial LLC, which, combined with
operating cash flow, will allow Aeropostale to meet its go-forward
financial commitments.

The Company has also filed a series of motions that, pending Court
approval, will allow it to pay employee wages and benefits without
interruption, honor all gift cards in full, uphold the terms of
its international licensing agreements, and pay suppliers in the
normal course of business.  These motions are typical in the
Chapter 11 process and are generally heard in the first days of
the case.  The Company separately expects to use provisions in the
Bankruptcy Code that require suppliers to meet the terms of their
pre-existing contracts.

Aeropostale is advised in this transaction by Weil, Gotshal &
Manges LLP, Stifel Financial Corp. and FTI Consulting.

                     About Aeropostale, Inc.

Aeropostale, Inc. is a specialty retailer of casual apparel and
accessories, principally serving young women and men through its
Aeropostale(R) and Aeropostale Factory(TM) stores and website and
4 to 12 year-olds through its P.S. from Aeropostale stores and
website.  The Company provides customers with a focused selection
of high quality fashion and fashion basic merchandise at
compelling values in an exciting and customer friendly store
environment.  Aeropostale maintains control over its proprietary
brands by designing, sourcing, marketing and selling all of its
own merchandise.  As of May 1, 2016 the Company operated 739
Aeropostale(R) stores in 50 states and Puerto Rico, 41 Aeropostale
stores in Canada and 25 P.S. from Aeropostale(R) stores in 12
states.  In addition, pursuant to various licensing agreements,
the Company's licensees currently operate 322 Aeropostale(R) and
P.S. from Aeropostale(R) locations in the Middle East, Asia,
Europe, and Latin America.  Since November 2012, Aeropostale, Inc.
has operated, an online women's fashion footwear and
apparel retailer.

GOODMAN AND DOMINGUEZ: Court Extends Plan Exclusivity to Aug. 1
At the behest of Goodman and Dominguez, Inc. d/b/a Traffic;
Traffic, Inc.; Traffic Las Plazas, Inc.; and Traffic Plaza Del
Norte, Inc., Judge Robert A. Mark of the U.S. Bankruptcy Court for
the Southern District of Florida extended the Debtors' exclusive
period within which only they may:

     -- file a plan of reorganization through and including August
1, 2016; and

     -- solicit acceptances of a plan through and including
September 29, 2016.

The Debtors have indicated in their Motion to Extend Exclusivity
that the Official Committee of Unsecured Creditors supports the
requested extensions.

In their Motion, the Debtors explained that pursuant to the
"Notice of Chapter 11 Bankruptcy Case, Meeting of Creditors &
Deadlines" dated January 7, 2016, the general bar date for
entities to file proofs of claim is May 5, 2016.  The General Bar
Date falls less than one week after the current deadline of May 3,
2016 for the Debtors to file a proposed plan.

In addition, the Bar Date Notice set a deadline of July 5, 2016
for governmental units to file proofs of claim.  The Governmental
Bar Date falls almost two months after the current May 3 deadline
for the Debtors to file a proposed plan.

Further, the deadline for creditors to file any section 503(b)(9)
claims is June 6, 2016.

As of April 15, 2016, 44 proofs of claim have been filed.

The Debtors contend that, in order for them to provide adequate
information regarding expected distributions to creditors in the
disclosure statement, it is necessary to extend the Exclusivity
Period and Acceptance Period until after the passage of the Bar
Dates to provide the Debtors sufficient time to review and analyze
the claims that are filed to determine the proper amounts of the
claims for inclusion in the disclosure statement.

The Debtors note that they have made good faith progress towards
their reorganization.  The Debtors are in meaningful discussions
and negotiations with their landlords regarding potential lease
modifications and rent reduction which will greatly enhance the
Debtors reorganization efforts.  The Debtors need additional time
to continue and finalize these negotiations as part of the plan

In addition, the Debtors have been working collaboratively
throughout their chapter 11 cases with the Committee, the
prepetition secured creditor and the Office of the U.S. Trustee on
issues that have arisen in these chapter 11 cases.

Counsel to the Debtors are:

     Peter D. Russin, Esq.
     Joshua W. Dobin, Esq.
     3200 Southeast Financial Center
     200 South Biscayne Boulevard, Ste 3200
     Miami, FL 33131
     Telephone: (305) 358-6363
     Telecopy: (305) 358-1221

Goodman and Dominguez, Inc. -- dba Traffic, Traffic Shoe, Goodman
& Dominguez, Inc., Traffic Shoes, and Traffic Shoe, Inc. -- is a
retailer headquartered in Medley, Florida.  It operates 83 stores
in malls across nine states and Puerto Rico.  It also sells its
teen fashion products at

Goodman and Dominguez, Inc, et al., filed Chapter 11 petitions
(Bankr. S.D. Fla. Case No. 16-10056) on January 4, 2016.  Judge
Robert A Mark presides over the case.  Lawyers at Meland Russin &
Budwick, P.A., represent the Debtors.

In its petition, Goodman and Dominguez estimated $1 million to $10
million in both assets and liabilities.  The petition was signed
by David Goodman, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at


LATAM: Moody' Says Fiscal Space to Constrain Policy Response
Latin American governments will have less flexibility to boost
economic growth through fiscal measures in 2016 as growth remains
lackluster and commodity prices stay low, says Moody's Investors

A government's fiscal space -- its ability to use fiscal policy to
adopt counter-cyclical measures without materially undermining
sovereign creditworthiness -- is strongly influenced by its debt
burden and how affordable that debt is. Overall, Moody's expects
most governments in Latin America to have moderate to low fiscal
space in 2016.

This reduced fiscal space will limit the ability of governments to
manage adverse shocks using fiscal policies to counter slowing
economic growth. This is particularly evident for large economies
like Argentina and Brazil, which are currently experiencing
recessions. The steeper drop in commodity prices since 2014 has
also hurt fuel and metal exporters in the region.

"Several governments in the region will be forced to implement
expenditure cuts at the expense of economic growth, even in the
current low growth environment," said Renzo Merino, an Analyst at

Among Latin American sovereigns, Chile and Paraguay have
maintained their position as the countries with the most fiscal
space in the region, according to the report "Sovereigns -- Latin
America; Evolution of Fiscal Space and Implications for Policy
Response." Peru is identified as a country with high-to-moderate
fiscal space, which has allowed the government to implement a
counter-cyclical response to the growth slowdown -- the only such
case in the region.

Countries with moderate-to-low fiscal space include Argentina and
Venezuela. Brazil has low fiscal space.

* BOND PRICING: For the Week From May 2 to May 6, 2016

Issuer Name               Cpn    Price   Maturity   Country  Curr
-----------               ---    -----   --------   -------  ----
Alpha Star Holding II Lt   8.45   66.477  3/19/2034     EC  USD
Andino Investment Holdin   5.36   74.336  11/25/2020    EC  USD
Andino Investment Holdin    8.5     37.1  4/10/2018     VE  USD
Anton Oilfield Services   11.75       41  10/21/2026    VE  USD
Anton Oilfield Services   8.875     19.5  3/29/2017     MN  USD
BA-CA Finance Cayman 2 L      8    6.625  12/31/2018    CL  USD
BA-CA Finance Cayman Ltd   5.75   69.812  12/1/2034     KY  USD
Banco Bilbao Vizcaya Arg  4.375    46.75  4/25/2025     KY  USD
Banco BPI SA/Cayman Isla    7.5    61.25   4/3/2017     BR  USD
Banco do Brasil SA/Cayma    7.5    45.88                KY  USD
Banco do Brasil SA/Cayma    7.5     44.2                KY  USD
Banco do Brasil SA/Cayma     10  128.271  12/31/2020    KY  USD
Banco do Brasil SA/Cayma  4.625   69.075   3/1/2021     KY  USD
Banco Santander Puerto R    7.5       45  4/25/2019     HK  USD
BCP Singapore VI Cayman   8.625     68.5  11/1/2018     AE  USD
BCP Singapore VI Cayman  0.9551    42.75  12/1/2039     KY  USD
CA La Electricidad de Ca   5.93   73.652  11/1/2021     EC  USD
Caixa Geral De Depositos    9.5    29.75  4/23/2019     BR  USD
China Shanshui Cement Gr  7.375   69.875  1/31/2020     PE  USD
China Shanshui Cement Gr    6.5   69.989  12/1/2023     EC  USD
China Shanshui Cement Gr      7    47.25  4/21/2020     KY  USD
CSN Islands XI Corp        5.93   73.051   1/1/2022     EC  USD
CSN Islands XI Corp       10.75   34.639  2/12/2023     BR  USD
CSN Islands XII Corp          7    73.33  1/17/2023     CO  COP
CSN Islands XII Corp       3.95   61.977  3/15/2022     KY  USD
Decimo Primer Fideicomis  6.375   73.875  5/15/2043     CR  USD
Decimo Primer Fideicomis    7.7   68.067   7/1/2029     EC  USD
Delta Investment Horizon   5.36   75.108  12/30/2020    EC  USD
Ecuador Government Domes   7.75   71.389  4/25/2028     EC  USD
Ecuador Government Domes   7.75   71.389  4/25/2028     EC  USD
Ecuador Government Domes    7.5   65.375   4/3/2017     BR  USD
Ecuador Government Domes      6   43.875   4/5/2023     KY  USD
Ecuador Government Domes   6.25   73.089   4/6/2017     VE  USD
Ecuador Government Domes  6.375   73.835  5/15/2043     CR  USD
Ecuador Government Domes      6       31  5/16/2024     VE  USD
Ecuador Government Domes   9.75    36.95  5/17/2035     VE  USD
Ecuador Government Domes  4.625     69.5  5/21/2023     CN  USD
Ecuador Government Domes    8.5    75.01  5/25/2016     CN  USD
Ecuador Government Domes      3   74.109  5/26/2020     ID  USD
Ecuador Government Domes   8.45   65.784  5/30/2034     EC  USD
Ecuador Government Domes   9.25       35   5/7/2028     VE  USD
Ecuador Government Domes  4.875   75.819   6/1/2027     KY  USD
Ecuador Government Domes   5.75   74.625  6/11/2025     DO  USD
Ecuador Government Domes   5.75   74.625  6/11/2025     DO  USD
Ecuador Government Domes    7.7   68.164  6/11/2029     EC  USD
Ecuador Government Domes    7.7   68.201  6/11/2029     EC  USD
Ecuador Government Domes    7.7   68.201  6/11/2029     EC  USD
Ecuador Government Domes   8.45   65.975  6/11/2034     EC  USD
Ecuador Government Domes   8.45   67.415  6/11/2034     EC  USD
Ecuador Government Domes   8.45   67.415  6/11/2034     EC  USD
Ecuador Government Domes    7.7   68.158  6/12/2029     EC  USD
Ecuador Government Domes    7.7   68.195  6/12/2029     EC  USD
Ecuador Government Domes   8.45   67.408  6/12/2034     EC  USD
Ecuador Government Domes   8.45   67.408  6/12/2034     EC  USD
Ecuador Government Domes   7.75   70.121  6/25/2028     EC  USD
Ecuador Government Domes   7.75   71.073  6/25/2028     EC  USD
Ecuador Government Domes   7.75   71.073  6/25/2028     EC  USD
Ecuador Government Domes  5.125    43.35  6/26/2022     KY  USD
Ecuador Government Domes  5.125   44.625  6/26/2022     KY  USD
Ecuador Government Domes  7.125     43.5  6/26/2042     KY  USD
Ecuador Government Domes  7.125       42  6/26/2042     KY  USD
Ecuador Government Domes   5.25       43  6/27/2029     KY  USD
Ecuador Government Domes   6.35    31.25  6/30/2021     KY  USD
Ecuador Government Domes   6.35     31.5  6/30/2021     KY  USD
Ecuador Government Domes    7.7   68.032   7/1/2029     EC  USD
Ecuador Government Domes    7.7   68.067   7/1/2029     EC  USD
Ecuador Government Domes   8.45   67.291   7/1/2034     EC  USD
Ecuador Government Domes   8.45   65.863   7/1/2034     EC  USD
Ecuador Government Domes   8.45   67.291   7/1/2034     EC  USD
Ecuador Government Domes 13.625       62  8/15/2018     VE  USD
Ecuador Government Domes 13.625       45  8/15/2018     VE  USD
Ecuador Government Domes 13.625   49.881  8/15/2018     VE  USD
Empresa de Telecomunicac   5.64   71.931  12/30/2021    EC  USD
Empresa de Telecomunicac   5.42       50  3/28/2019     NO  NOK
Empresa Generadora de El   8.25    45.75  4/25/2018     KY  BRL
Empresa Generadora de El  4.625   72.512  5/21/2023     CN  USD
ESFG International Ltd     5.25       52  4/12/2017     VE  USD
General Exploration Part  5.125    34.75  12/15/2017    BR  EUR
General Shopping Finance   6.21   71.552  11/25/2023    EC  USD
General Shopping Finance  11.75    70.75  4/23/2018     KY  USD
Global A&T Electronics L   7.75   69.333  11/7/2028     EC  USD
Global A&T Electronics L   5.93   73.359  12/1/2021     EC  USD
Global A&T Electronics L     10    62.75   2/1/2019     SG  USD
Global A&T Electronics L   8.45   66.646   2/6/2034     EC  USD
Gol Finance Inc            6.75    23.75  10/1/2022     KY  USD
Gol Finance Inc           8.625    67.75  11/1/2018     AE  USD
Gol Finance Inc            4.15     71.5  11/14/2035    KY  EUR
Gol Finance Inc            5.25    47.25  3/15/2042     KY  USD
Gol Finance Inc           5.375    31.45  4/12/2027     VE  USD
Gol Finance Inc             5.5    32.64  4/12/2037     VE  USD
Gol Finance Inc            8.25    45.75  4/25/2018     KY  BRL
Golden Eagle Retail Grou      6    70.25  10/25/2041    PA  USD
Golden Eagle Retail Grou   6.95       65   4/1/2025     KY  USD
Greenfields Petroleum Co  12.75     42.4  2/17/2022     VE  USD
Honghua Group Ltd           6.5    67.24  11/15/2020    KY  USD
Honghua Group Ltd          8.45   66.414   4/2/2034     EC  USD
Instituto Costarricense    7.75   69.149  11/8/2028     EC  USD
Instituto Costarricense     7.5   51.602  4/15/2031     KY  USD
Inversiones Alsacia SA      7.5   46.274  11/6/2018     CN  USD
Inversiones Alsacia SA       10    62.75   2/1/2019     SG  USD
Inversora Electrica de B    7.5       34  4/25/2019     HK  USD
Kaisa Group Holdings Ltd   5.64   70.192  11/25/2021    EC  USD
Kaisa Group Holdings Ltd   5.61   68.567  12/1/2022     EC  USD
MIE Holdings Corp          7.75   70.495  10/23/2028    EC  USD
MIE Holdings Corp          6.21   71.691  11/1/2022     EC  USD
MIE Holdings Corp             8    57.65  4/15/2021     KY  USD
Mongolian Mining Corp       5.5     36.5  10/23/2020    BR  USD
Mongolian Mining Corp     8.875       16  3/29/2017     MN  USD
NB Finance Ltd/Cayman Is   7.75   69.111  11/8/2028     EC  USD
Newland International Pr  12.75    44.25  2/17/2022     VE  USD
Newland International Pr      7   46.125  4/21/2020     KY  USD
Noble Holding Internatio  6.625       22  10/1/2022     KY  USD
Noble Holding Internatio   5.75    61.11  10/24/2023    BR  USD
Noble Holding Internatio  4.125    61.46  11/1/2022     BR  USD
Noble Holding Internatio      6    30.75  11/15/2026    VE  USD
Noble Holding Internatio   5.93   71.815  11/25/2022    EC  USD
Noble Holding Internatio    7.5     46.5  11/6/2018     CN  USD
Noble Holding Internatio   7.75   69.371  11/7/2028     EC  USD
Noble Holding Internatio  9.875    31.05  11/9/2019     BR  USD
Odebrecht Drilling Norbe   7.25   53.375  1/18/2018     KY  USD
Odebrecht Drilling Norbe   7.75   69.102  12/19/2028    EC  USD
Odebrecht Finance Ltd         7    38.55                BR  USD
Odebrecht Finance Ltd         7     39.5                BR  USD
Odebrecht Finance Ltd     5.753        1                KY  EUR
Odebrecht Finance Ltd      7.75    37.25  10/13/2019    VE  USD
Odebrecht Finance Ltd      8.25    35.75  10/13/2024    VE  USD
Odebrecht Finance Ltd         9    35.75  11/17/2021    VE  USD
Odebrecht Finance Ltd         4   70.666  11/4/2023     AR  USD
Odebrecht Finance Ltd    0.9551    42.75  12/1/2039     KY  USD
Odebrecht Finance Ltd      7.75   69.102  12/19/2028    EC  USD
Odebrecht Finance Ltd         8     74.5  12/20/2049    CN  CNY
Odebrecht Finance Ltd         6    33.25  12/9/2020     VE  USD
Odebrecht Finance Ltd      3.38   63.175   2/7/2035     KY  EUR
Odebrecht Finance Ltd    3.8734       98  3/21/2017     KY  USD
Odebrecht Finance Ltd         7       36  3/31/2038     VE  USD
Odebrecht Finance Ltd      7.45    53.07  4/15/2027     KY  USD
Odebrecht Finance Ltd     6.875   73.411  4/22/2016     CN  CNY
Odebrecht Offshore Drill  9.375    37.75  1/13/2034     VE  USD
Odebrecht Offshore Drill      6   29.125  10/28/2022    VE  USD
Odebrecht Offshore Drill  7.125    65.73  12/15/2021    KY  USD
Odebrecht Offshore Drill   7.75   69.066  12/19/2028    EC  USD
Oi SA                         7    73.33  1/17/2023     CO  COP
Oi SA                         8        6  12/31/2018    CL  USD
Pesquera Exalmar SAA     2.8791   73.715  11/30/2032    CL  USD
Pesquera Exalmar SAA       7.65     35.5  4/21/2025     VE  USD
Petroleos de Venezuela S   6.25    54.25                KY  USD
Petroleos de Venezuela S   8.75    28.25                BR  USD
Petroleos de Venezuela S   0.99   43.333                KY  EUR
Petroleos de Venezuela S   5.95    50.25  1/30/2018     NO  NOK
Petroleos de Venezuela S  7.375     73.5  1/31/2020     PE  USD
Petroleos de Venezuela S   5.93   73.967  10/1/2021     EC  USD
Petroleos de Venezuela S  6.625   22.375  10/1/2022     KY  USD
Petroleos de Venezuela S    5.5    35.59  10/23/2020    BR  USD
Petroleos de Venezuela S  4.125       62  11/1/2022     BR  USD
Petroleos de Venezuela S     11   70.125  11/13/2020    PE  USD
Petroleos de Venezuela S     10    63.75   2/1/2019     SG  USD
Petroleos de Venezuela S  10.75   34.125  2/12/2023     BR  USD
Petroleos de Venezuela S   6.05       49   3/1/2041     KY  USD
Petroleos de Venezuela S    6.8       50  3/15/2038     KY  USD
Petroleos de Venezuela S   7.95    55.25   4/1/2045     KY  USD
Petroleos de Venezuela S      8    66.25  4/15/2021     KY  USD
Polarcus Ltd               7.75   69.371  11/7/2028     EC  USD
Provincia del Chaco           6       45   4/5/2023     KY  USD
PSOS Finance Ltd              7     41.5  12/1/2018     VE  USD
Rabobank Chile             5.25    41.55  6/27/2029     KY  USD
Republic of Ecuador Mini   8.45   65.752  5/30/2034     EC  USD
Republic of Ecuador Mini      9    37.25   5/7/2023     VE  USD
Republic of Ecuador Mini    6.4   72.465  6/12/2024     EC  USD
Republic of Ecuador Mini    6.4   72.563  6/12/2024     EC  USD
Republic of Ecuador Mini    6.4   72.563  6/12/2024     EC  USD
Republic of Ecuador Mini   8.45    65.97  6/12/2034     EC  USD
Republic of Ecuador Mini   8.45   67.196  7/17/2034     EC  USD
Republic of Ecuador Mini   8.45   65.789  7/17/2034     EC  USD
Republic of Ecuador Mini   8.45   67.196  7/17/2034     EC  USD
Republic of Ecuador Mini   9.25     36.1  7/20/2020     BR  USD
Republic of Ecuador Mini   9.25       38  7/20/2020     BR  USD
Republic of Ecuador Mini   7.75   69.949  7/24/2028     EC  USD
Republic of Ecuador Mini   7.75   70.932  7/24/2028     EC  USD
Republic of Ecuador Mini   7.75   70.932  7/24/2028     EC  USD
Republic of Ecuador Mini    9.5   23.375   7/3/2017     PA  USD
Republic of Ecuador Mini    9.5   23.375   7/3/2017     PA  USD
Republic of Ecuador Mini    4.9   73.401   8/1/2020     KY  USD
Republic of Ecuador Mini   7.75   69.885   8/1/2028     EC  USD
Republic of Ecuador Mini   7.75   70.899   8/1/2028     EC  USD
Republic of Ecuador Mini   7.75   70.899   8/1/2028     EC  USD
Republic of Ecuador Mini    6.2   50.923   8/1/2040     KY  USD
Republic of Ecuador Mini  12.75       43  8/23/2022     VE  USD
Republic of Ecuador Mini  11.95     40.5   8/5/2031     VE  USD
Republic of Ecuador Mini    7.7    67.63  9/10/2029     EC  USD
Republic of Ecuador Mini    7.7   67.663  9/10/2029     EC  USD
Republic of Ecuador Mini    7.7   67.663  9/10/2029     EC  USD
Republic of Ecuador Mini   8.45   65.552  9/10/2034     EC  USD
Republic of Ecuador Mini   8.45   66.897  9/10/2034     EC  USD
Republic of Ecuador Mini   8.45   66.897  9/10/2034     EC  USD
Republic of Ecuador Mini   7.75   69.687  9/11/2028     EC  USD
Republic of Ecuador Mini   7.75   70.719  9/11/2028     EC  USD
Republic of Ecuador Mini   7.75   70.719  9/11/2028     EC  USD
Republic of Ecuador Mini  5.625    72.25  9/11/2042     BR  USD
Republic of Ecuador Mini   9.75   33.382  9/15/2016     BR  BRL
Republic of Ecuador Mini   9.75   33.625  9/15/2016     BR  BRL
Republic of Ecuador Mini  9.125   67.887  9/15/2017     VE  USD
Republic of Ecuador Mini   9.25       40  9/15/2027     VE  USD
Republic of Ecuador Mini  6.875    55.25  9/21/2019     KY  USD
Republic of Ecuador Mini  6.875       57  9/21/2019     KY  USD
Republic of Ecuador Mini   7.45   45.015  9/25/2019     CN  USD
Republic of Ecuador Mini   7.45   45.125  9/25/2019     CN  USD
Republic of Ecuador Mini    6.5     58.5  9/26/2017     AR  USD
Republic of Ecuador Mini  5.375    61.25  9/26/2024     BR  USD
Republic of Ecuador Mini  5.375    53.75  9/26/2024     BR  USD
Republic of Ecuador Mini    7.7   67.506  9/30/2029     EC  USD
Republic of Ecuador Mini    7.7   68.779  9/30/2029     EC  USD
Republic of Ecuador Mini    7.7   68.779  9/30/2029     EC  USD
Republic of Ecuador Mini   8.45   65.454  9/30/2034     EC  USD
Republic of Ecuador Mini   8.45   66.784  9/30/2034     EC  USD
Republic of Ecuador Mini   8.45   66.784  9/30/2034     EC  USD
Samarco Mineracao SA      0.719       43                KY  EUR
Samarco Mineracao SA       7.75   69.436  10/23/2028    EC  USD
Samarco Mineracao SA       11.5   35.375  11/13/2018    CA  USD
Samarco Mineracao SA      1.353   73.375  12/17/2017    KY  EUR
Samarco Mineracao SA       6.21   68.503  12/30/2023    EC  USD
Samarco Mineracao SA       8.45   66.646   2/6/2034     EC  USD
Seagate HDD Cayman         7.75   70.495  10/23/2028    EC  USD
Seagate HDD Cayman          6.5   69.477  11/25/2024    EC  USD
Shelf Drilling Holdings   5.125   34.584  12/15/2017    BR  EUR
Shelf Drilling Holdings       8    52.15  4/15/2027     KY  USD
Siem Offshore Inc            10    67.99   2/1/2019     SG  USD
Siem Offshore Inc           7.5     79.5  3/10/2020     CN  USD
Telemar Norte Leste SA        9       68                KY  USD
Telemar Norte Leste SA     6.25    50.25                KY  USD
Telemar Norte Leste SA     5.75    61.25  10/24/2023    BR  USD
Telemar Norte Leste SA     7.75   69.149  11/8/2028     EC  USD
Telemar Norte Leste SA    6.875       49   2/6/2018     HK  USD
Telemar Norte Leste SA     5.25   43.273  3/21/2019     VE  USD
Telemar Norte Leste SA      5.6       45  3/30/2022     AE  USD
Transocean Inc               10       55                KY  USD
Transocean Inc                9    69.75                KY  USD
Transocean Inc             7.25       54  1/18/2018     KY  USD
Transocean Inc             4.54   58.625  10/25/2041    PA  USD
Transocean Inc               11       70  11/13/2020    PE  USD
Transocean Inc             6.75  104.4036 11/5/2021     PY  USD
Transocean Inc              7.5   75.375  12/10/2028    PR  USD
Transocean Inc             8.45   66.618   2/6/2034     EC  USD
US Capital Funding IV Lt   7.75   70.502  4/25/2028     EC  USD
US Capital Funding IV Lt   9.75    37.65  5/17/2035     VE  USD
Usiminas Commercial Ltd      10       55                KY  USD
Usiminas Commercial Ltd    8.45   66.451  3/19/2034     EC  USD
USJ Acucar e Alcool SA      6.5   69.901   1/1/2024     EC  USD
USJ Acucar e Alcool SA     5.93   73.323  12/30/2022    EC  USD
Vale SA                    6.21   71.086   1/1/2023     EC  USD
Vantage Drilling Interna  9.875    33.25  11/9/2019     BR  USD
Venezuela Government Int    6.5   69.654                IE  USD
Venezuela Government Int   8.75   30.125                BR  USD
Venezuela Government Int   6.75    24.01  10/1/2022     KY  USD
Venezuela Government Int    4.3   54.766  10/15/2022    KY  USD
Venezuela Government Int    5.5     35.5  10/23/2020    BR  USD
Venezuela Government Int    6.5   70.288  11/1/2023     EC  USD
Venezuela Government Int      6    31.21  11/15/2026    VE  USD
Venezuela Government Int      9     33.9  11/17/2021    VE  USD
Venezuela Government Int    8.5    53.55  11/2/2017     VE  USD
Venezuela Government Int   8.45   66.477  3/19/2034     EC  USD
Venezuela Government Int    7.5   68.052   4/3/2017     BR  USD
Venezuela Government Int      6    30.25  5/16/2024     VE  USD
Venezuela Government Int    8.5    75.01  5/25/2016     CN  USD
Venezuela Government Int   8.45   65.784  5/30/2034     EC  USD
Venezuela Government Int      9     12.5  5/31/2017     US  CAD
Venezuela Government Int    7.7   68.195  6/12/2029     EC  USD
Venezuela Government TIC   8.45   66.414   4/2/2034     EC  USD
Venezuela Government TIC    9.5    30.05  4/23/2019     BR  USD
Venezuela Government TIC  4.375       41  4/25/2025     KY  USD
VRG Linhas Aereas SA        8.1   53.131  12/15/2041    KY  USD
VRG Linhas Aereas SA       8.45   66.386   4/2/2034     EC  USD
XLIT Ltd                    8.5       53  11/2/2017     VE  USD


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

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

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


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 comillionercial use, resale
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

                   * * * End of Transmission * * *