TCRLA_Public/160613.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, June 13, 2016, Vol. 17, No. 115


                            Headlines



B R A Z I L

BRAZIL: Fiscal Accounts Were a Nasty Surprise to Temer's Team
COMPANHIA DE GAS: Fitch Affirms 'BB+' IDR; Outlook Negative
COSAN S.A.: Moody's Assigns Ba3 Rating to US500M Proposed Notes
TUPY SA: Fitch Affirms 'BB' IDR; Outlook Stable


C A Y M A N  I S L A N D S

AGCF OS SLP: Shareholders' Final Meeting Set for June 27
AGOF OS: Shareholders' Final Meeting Set for June 27
CARNAVAL FDC: Shareholder to Hear Wind-Up Report on June 27
HAVERFORD CAPITAL: Shareholders' Final Meeting Set for June 30
JUESHENG EDUCATION: Shareholders' Final Meeting Set for June 22

KJH INC: Shareholder to Hear Wind-Up Report on June 27
RCM ARIES: Shareholders' Final Meeting Set for June 17
RITCHIE RML: Shareholders' Final Meeting Set for June 17
RITCHIE RSS: Shareholders' Final Meeting Set for June 17
RITCHIE VC: Shareholders' Final Meeting Set for June 17

SGLP HOLDING: Shareholders' Final Meeting Set for June 17
SGLP VENTURES: Shareholders' Final Meeting Set for June 17
WEIBOYI: Shareholders' Final Meeting Set for June 22


C H I L E

LATAM AIR: Plans Cuts to A350/787 Orders as Brazil Traffic Slumps


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Industries Clash Over Economy Time Bomb Claim
DOMINICAN REPUBLIC: May Prices Climb 0.25%, Paced By Transport


M E X I C O

OAXACA: Moody's Cuts Issuer Ratings to B1/Baa3.mx


P U E R T O    R I C O

GENERAL MOTRIZ: Seeks to Hire Carrasquillo as Accountant


V E N E Z U E L A

VENEZUELA: Needs Help to Overcome Crisis, Economist Says


X X X X X X X X X

* BOND PRICING: For the Week From June 6 to June 10, 2016


                            - - - - -


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B R A Z I L
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BRAZIL: Fiscal Accounts Were a Nasty Surprise to Temer's Team
--------------------------------------------------------------
Mario Sergio Lima at Bloomberg News reports that Brazil's fiscal
accounts were in worse shape than initially thought after the
suspension of Dilma Rousseff, underscoring the challenge facing
the country's new economic team, acting President Michel Temer
said.

"It was surprising, in a negative way, what we encountered," Mr.
Temer told the Folha de S. Paulo newspaper in an interview
published on its website, according to Bloomberg News.  "The
fiscal accounts were worse than we imagined, Petrobras was broken,
the Postal Office broken, Eletrobras broken, and I still have
faced an aggressive campaign against me," he added.

Bloomberg News notes that the forecast for this year's budget gap,
revised by Finance Minister Henrique Meirelles to a record BRL170
billion ($49.7 billion), forced Temer's team to propose a cap on
the increase in spending for next year to control Brazil's growing
debt.  The spending bill is expected to be presented at Congress
next week. The size of the deficit was the worst surprise Temer
found when he took over, he told Folha, Bloomberg News says.

The interview marked Temer's first month in office, a period he
said "has been a war," albeit one successful in restoring
relationships with Congress and re-establishing investors'
confidence in Latin America's largest economy, Bloomberg News
discloses.  His first days in charge were also marked by crisis as
two ministers left their posts after allegations that they planned
to thwart Brazil's long-running Carwash corruption probe, which
has implicated state-run oil company Petrobras, large construction
companies and politicians in kickbacks, Bloomberg News notes.

Bloomberg New recalls that President Rousseff was suspended on May
12 and faces an impeachment trial in the Senate.  To be fully
removed, Brazil's first woman president must have at least 54 of
81 senators vote against her when the final impeachment ruling is
set, Bloomberg News notes.  The vote is expected to happen by mid-
August. If less than 54 senators vote for her removal, Rousseff
could be returned to office, Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on
March 29, 2016, severe contraction that was preceded by several
years of below-trend growth has impaired Brazil's (Ba2 negative)
underlying economic strength, despite the country's large and
diversified economy, says Moody's Investors Service.  The
country's credit rating is also coming under pressure from the
government's high level of mandatory spending.


COMPANHIA DE GAS: Fitch Affirms 'BB+' IDR; Outlook Negative
-----------------------------------------------------------
Fitch Ratings has affirmed Companhia de Gas de Sao Paulo's Foreign
Currency Long-Term Issuer Default Rating (FC IDR) at 'BB+', Local
Currency IDR (LC IDR) at 'BBB-' and National Scale Long-Term
Rating at 'AAA(bra)'.  The Rating Outlook is Negative for the FC
IDR and Stable for the LC IDR and National Scale Rating.

                        KEY RATING DRIVERS

Comgas' ratings reflect the sound fundamentals of its natural gas
distribution business and track record of robust financial
profile, supported by reduced leverage, adequate financial
flexibility and relevant cash flow from operations (CFFO).
Comgas' growth perspectives are favorable over the medium and long
term supported by the expectation of expansion in its gas
distribution network and above-average demand predictability
compared with other sectors of the economy, without considering
gas supply to thermal plants.

Comgas' credit profile benefits from its long-term concession
contract, which includes pass-through clauses regarding non-
manageable cost variations.  The contract's clauses have enabled
the company to sustain its EBITDA generation at adequate levels.
Comgas operates within an important region in the State of Sao
Paulo with a diversified gas supply infrastructure that reduces
the operating and concentration risks of one single supplier.  In
addition, its more diversified client base within different
segments compared with peers is viewed as positive.

Fitch's assessment considered the fact of Comgas as part of Cosan
group in which the company's main shareholder is Cosan S.A.
Industria e Comercio (Foreign and Local Currency IDRs 'BB+' and
National Scale Long-Term Rating 'AA+(bra)' - Negative Outlook for
the FC IDR and Stable Outlook for the LC IDR and National Scale
Rating.  Despite the existing debt of its main shareholder, the
group's access to Comgas' cash is limited to dividend distribution
given its concession condition.

Robust Cash Generation to Remain

Comgas has been efficient in sustaining favorable net revenue
combined with increasing EBITDA generation.  During the latest 12
months (LTM) ended March 2016, the company's net revenue was
BRL6.1 billion, not including construction revenue, supported
mainly by the positive tariff readjustments, despite the 5%
reduction in volume billed when compared to 2014, excluding thermo
power segment demand.  During 2015 and 2014, the company's net
revenue on the same basis was BRL6.2 billion and BRL5.8 billion,
respectively.  For the LTM, company's robust normalized EBITDA was
BRL1.4 billion.  The normalized EBITDA is adjusted with costs
incurred higher or lower as estimated within the concession
contract which will be later incorporated on the tariff.

Conservative Financial Profile

Fitch's expectation is that Comgas will be able to maintain its
conservative financial profile, with maximum gross leverage of
3.0x and net leverage up to 2.0x, as it develops its operations.
By the end of March 2016, the company's gross and net leverage
were 2.3x and 1.6x, respectively, considering the normalized
EBITDA.  These ratios were 2.3x and 0.9x in 2015, and averaged
2.2x and 1.5x during the 2012-2015 period.  If adjusting the
calculation for net leverage excluding the available cash of
BRL689 million of balance relative to a litigation with
Transpetro, Comgas' net adjusted debt-to-normalized EBITDA would
remain conservative at 2.0x.  Considering IFRS standards, Comgas'
EBITDA was BRL1.8 billion in the LTM ended March 31, 2016, with
gross leverage at 1.8x, while net leverage was 1.2x.

Weak Macroeconomic Scenario Impacts Volume Billed

Fitch estimates Comgas' volume billed to further decrease within
the industrial segment by 5% and by 4% considering all segments
(excluding thermos power segment demand) during 2016.  A gradual
recovery may occur starting in 2017.  Comgas' lower volume billed
during the LTM ended March 2016 has been mainly affected by the
weak macroeconomic environment within industrial clients.  The
company's efforts in increasing its distribution network,
operating margin adjustments and stronger cost and expenses
control have offset the lower volume billed in the period and
sustained its EBITDA generation.

Expected Negative FCF

Fitch estimates Comgas' planned strong capex and dividends
distribution to pressure its free cash flow (FCF) into moderate
negative figures.  The company's dividend payment is to partially
support debt service of its main shareholder Cosan.  During the
LTM March 31, 2016, Comgas' strong cash flow from operations
(CFFO) of BRL1.8 billion resulted in negative FCF of BRL470
million after capex of BRL492 million and robust dividends
distribution of BRL1.8 billion in the period, impacted by the
strong distribution of BRL1.2 billion in the first quarter of 2016
(1Q16).

The agency forecasts dividends of BRL1.4 billion in 2016 and to
range from BRL400 million-BRL550 million until 2020.  In addition,
Fitch will closely monitor the future volumes of dividend
payments, as the amount paid recently was significant.  The
company's CFFO remained strong even when excluding the benefit of
positive working capital of approximately BRL566 million due to
Comgas' unrealized payments between March - September 2015 to
Transpetro due to legal dispute regarding gas supplied pricing
policy.

Adequate Operating Efficiency

Comgas has been efficient in managing its investments and
sustaining the competitiveness of its natural gas price against
alternatives power sources, mainly within the industrial and
commercial segments.  The maintenance of this scenario is a
concern as it also depends on cost variations, such as the gas
purchased price, which the company cannot control.  Fitch
considers Comgas' moderate regulatory risk and its track record of
tariff reviews and adjustments has been satisfactory.  Comgas has
the challenge of expanding its client base, mainly in the
residential segment, so as to mitigate the estimated lower volume
billed in the industrial segment given the unfavorable
macroeconomic environment.

Manageable Operating Risks

In Fitch's view, Comgas' operations present manageable operating
risks.  The company is exposed to the risk of a single supplier
under contracts with take-or-pay and ship-or-pay clauses.  Fitch
estimates that the end of one of its supplying contracts with
Petrobras by July 2019, relative to the gas originated in Bolivia,
should be renewed directly or indirectly with the Bolivian
government.  The expectation is also that the supply concentration
of gas from Bolivia should reduce in the next few years as Brazil
increases the gas exploration infrastructure of its own proven
reserves.

                           KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Comgas include:

   -- Decrease in the company's total natural gas volume billed
      (excluding thermo power generation segment) by 4% in 2016
      and moderate growth onwards;

   -- Payout dividend ratio of approximately 209% in 2016 and 84%
      on average between 2017-2020;

   -- Annual average capex of approximately BRL600 million between
      2016-2020.

                        RATING SENSITIVITIES

Future developments which can, individually or collectively, lead
to a negative rating action include:

   -- Expectation of sustainable increase in net leverage to above
      2.5x;

   -- Fitch's perception of regulatory or gas supply risk
      deterioration.

   -- Further downgrade of the sovereign rating would also trigger
      a downgrade on the FC IDR.

Future developments which can, individually or collectively, lead
to a positive rating action include:

   -- Strengthening of the macroeconomic environment;
   -- Perception of lower regulatory risks.

                             LIQUIDITY

Comgas' credit profile benefits from its adequate liquidity and
lengthened debt maturity which supports its comfortable financial
flexibility.  The company's balance of cash and equivalents of
BRL1 billion represented comfortable coverage of its short-term
debt of BRL557 million by 1.8x at March 2016.  Nevertheless,
Comgas' liquidity incorporates BRL689 million of unrealized
payments to its supplier of natural gas (Transpetro), given
litigation on the price of gas supplied between October 2014 and
September 2015.  Excluding this amount from the cash balance, its
cash/short-term debt coverage ratio weakens to 0.6x.  Comgas has
some flexibility regarding its aggressive dividends policy with a
track record of substantial payout ratio during the last four
years.  Fitch believes the company would sustain its adequate
capital structure by adjusting dividends distribution, if
necessary.

FULL LIST OF RATING ACTIONS

Fitch has affirmed these ratings:

Comgas

   -- Long-Term Foreign Currency IDR at 'BB+';
   -- Long-Term Local Currency IDR at 'BBB-';
   -- National Long-Term Rating at 'AAA(bra)'.

The Rating Outlook is Negative for the FC IDR and Stable for the
LC IDR and the National Scale Rating.


COSAN S.A.: Moody's Assigns Ba3 Rating to US500M Proposed Notes
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 foreign currency rating
to Cosan's proposed $US 500 million notes due 2027 to be issued by
Cosan Luxembourg S.A. and irrevocably and unconditionally
guaranteed by Cosan S.A. industria e Comercio ("Cosan"). The deal
is part of Cosan's liability management strategy and net proceeds
will be mainly used to tender part of the company's existing notes
due 2018 and 2023 and for general corporate purposes. The outlook
for the rating is negative.

The rating of the proposed notes assumes that the final
transaction documents will not be materially different from draft
legal documentation reviewed by Moody's to date and assume that
these agreements are legally valid, binding and enforceable.

Ratings assigned:

Issuer: Cosan Luxembourg S.A.:

-- Proposed $US500 million senior unsecured notes due 2027: Ba3
    (foreign currency)

The outlook for the rating is negative.

RATINGS RATIONALE

Moody's said, "Cosan's Ba2 corporate family rating reflects the
group's aggregate credit risk, and is supported by the company's
diversified portfolio of businesses, including the entire sugar-
ethanol chain, fuel and gas distribution, lubes and land
management in Brazil, and its adequate liquidity profile. The
company's diversification, especially towards resilient businesses
such as the fuel and gas distribution, translates into a stable
cash source over the long-term. Moreover, we expect Raizen and
Comgas to distribute a significant amount of dividends over the
next several years, which will be the primarily liquidity source
to service Cosan's obligations.

"Constraining the ratings is Cosan's acquisitive growth history
and likely high dividends upstream to Cosan Limited -- although
the company is expected to generate enough cash to fund those
dividends and reduce leverage. Although this acquisitive history
translated into diversification, it also pressured leverage ratios
over the last several years. Moreover, even though Cosan no longer
proportionally consolidates its stake in Raizen, we continue to
incorporate Raizen's strengths, including its strong cash
generation, and risks, such as the exposure to the underlying
volatility of the sugar-ethanol business, in Cosan's ratings."

The proposed notes were rated Ba3, one notch below Cosan's
corporate family rating to reflect the structural subordination of
Cosan's debt relative to the operating companies, namely Raizen
and Comgas. The deal is part of Cosan's liability management
strategy and proceeds from the transaction will be used to tender
part of the company's outstanding notes due 2018 and 2023, thus
lengthening the company's debt amortization schedule.

Draft legal documentation anticipates that if and when a proposed
spin-off of Comgas to a new holding (Comgas Holding) is completed
there will be a substitution of issuer (and guarantor), from Cosan
Luxembourg S.A. (guaranteed by Cosan S.A.) to Comg†s Holding
(guaranteed by Comgas Holdings or Comgas). Upon the conclusion of
a possible spin-off the ratings for the notes would be reassessed
to reflect this new guarantee structure. The substitution might
occur within 36 months from the issue date, otherwise Cosan S.A.
will remain as guarantor of the notes.

The negative outlook on Cosan's ratings mirrors the negative
outlook on its two main subsidiaries, Ra°zen and Comgas.

A downgrade of Cosan's ratings could result from further negative
rating actions on Comgas or Raizen or if liquidity deteriorates.
In addition, the ratings could be downgraded if total adjusted
debt to EBITDA is sustained above 4.0x.

Although unlikely in the near term, Cosan's ratings could be
upgraded if the company is able to reduce leverage to levels below
3.2x while maintaining an adequate liquidity profile. An upgrade
of Raizen or Comgas ratings would put positive pressure on Cosan's
ratings. (All pro-forma ratios including Raizen figures).

Headquartered in Sao Paulo, Cosan S.A. Industria e Comercio has a
50% stake in Raizen (Ba1/Aaa.br negative) and a 61.3% stake in
Comgas (Ba2/Aa1.br negative). With annual revenue of BRL 74.1
billion (approximately $US 21 billion) as of March 2016, Ra°zen is
one of the global leading players in the sugar-ethanol segment
with an installed crushing capacity of 68 million tons and also
the third largest Brazilian fuel distributor, operating 5,809 gas
stations, mainly under the Shell brand name. Comgas, with revenues
of approximately BRL 6.5 billion (approximately $US 1.8 billion)
in the same period, is Brazil's largest gas distributor, providing
natural gas to industrial, residential, commercial, automotive,
thermal-power generation and co-generation consumers. The company
benefits from an attractive concession area strategically located
in one of the most densely populated and economically robust
regions in the country.

Additionally, Cosan produces and distributes automotive lubricants
and base oil under the Mobil brand name and has a 37.7% stake in
Radar, a land management company with interests in agricultural
properties. In the last twelve months ended March 2016 Cosan's net
sales reached BRL 8.5 billion (approximately $US 2.4 billion).


TUPY SA: Fitch Affirms 'BB' IDR; Outlook Stable
-----------------------------------------------
Fitch Ratings has affirmed Tupy S.A.'s Foreign and Local Currency
Long-Term Issuer Default Ratings (IDRs) at 'BB' and Long-Term
National Scale Rating at 'AA(bra)'.  At the same time, Fitch has
affirmed Tupy Overseas S.A.'s USD350 million senior unsecured
notes due 2024 at 'BB'.  The Rating Outlook for the corporate
ratings is Stable.

                        KEY RATING DRIVERS

Tupy's ratings reflect its capacity to continue generating
adequate operational cash flows even during unfavorable
macroeconomic environments, such as the current depressed
automotive market in Brazil.  Tupy has been benefited by
approximately 80% of its revenues from the external market,
resulting in higher stability in revenues and margins, and
historically presented positive free cash flow (FCF).

The ratings also incorporate Tupy's conservative capital structure
and comfortable liquidity, as well as its leading position in the
global engine blocks and cylinder heads manufacturing over the
last years.  High operating flexibility to rapidly adjust to
demand fluctuations allows the company to maintain resilient
operating margins through cycles.

Tupy's ratings are somehow constrained by its relatively low scale
and still limited geographic diversification when compared to
other global auto part companies and by the high cyclicality and
competitive environment of the automotive industry.  The high
concentration in the U.S. market is a concern, as a potential
contraction in this market could negatively impact Tupy's
performance.  Also factored into the ratings is the challenging
scenario in the Brazilian economy and the domestic auto sector,
which are not expected to improve materially in the near term.

Limited Geographic Diversification and High Value-Added Products

Tupy's credit profile benefits from its international footprint
and high value-add of its products.  In a volatile and cyclical
industry as the automotive, these attributes play an important
role to support cash flow generation.  As of the latest 12 months
(LTM) ended March 31, 2016, 82% of BRL3.5 billion in sales (USD976
million) were in hard currency from almost 50 countries.
Nevertheless, the 61% concentrated in the U.S. market in the LTM
ended March 2016 is considered high.

Market share is estimated by the company at 43% in the Americas,
7% in Europe, and 25% in the Western hemisphere.  The company
produces cast iron parts with a positive wide application in the
industry, ranging from light vehicles, trucks, buses, agricultural
and construction machineries as well as hydraulics for industrial
and engineering applications.  Its cast engine blocks and cylinder
heads have high value-add as they involve high technology to
produce and are key to automakers.  Since original equipment
manufactory (OEM) predominantly have only one or two suppliers of
engine blocks and cylinder heads, switching costs are high,
resulting in a mutual reliance between the two.

Conservative Capital Structure

Fitch expects Tupy to maintain an adequate capital structure over
the next few years, with net leverage below 2.0x.  As of the LTM
ended March 31, 2016, the company reported a gross leverage of
3.9x, which favorably compares to 4.2x reported in both 2015 and
2014.  Net leverage reached 1.3x in the same period, improving
from the 1.6x registered in both 2015 and 2014 as Tupy was able to
use its positive FCF to reduce overall debt while keeping EBITDA
stable.

Positive FCF to Continue

Fitch forecasts Tupy will continue to generate positive FCF over
the next three years.  The agency estimates that the slowdown in
domestic sales will be offset by the growth in exports, while
maintain capex at historical lows and dividends at 50% pay out
rate.  As of the LTM ended March 31, 2016, the company reported
funds from operations (FFO) of BRL318 million, which unfavorably
compares to the BRL400 million-BRL500 million presented in 2013-
2015 period.  Lower volumes and the learning curve of transferred
assembly lines, as well as some severance payments were the main
reasons for the FFO decline.

However, the BRL200 million working capital inflow led cash flow
from operations (CFFO) to BRL519 million, which was enough to
cover capex of BRL145 million and dividends of BRL107 million,
resulting in a positive FCF of BRL266 million.

Tupy has been efficient in supporting its operating margins at
adequate levels.  In March 2016 (LTM), EBITDA of BRL590 million
represented an EBITDA margin of 16.9%, in line with previous years
despite the adverse domestic environment.  Fitch expects EBITDA
margin to range 14%-19% in the coming years.

Potential Threat from Aluminum

Fitch believes Tupy will continue to experience competition from
aluminum engine blocks in the light vehicle segment.  Fitch
forecasts that Tupy will lose approximately 2%-3% of revenues over
the next four to five years due to aluminum shifts from customers.
Overall, the agency estimates that 4%-5% of revenues are somehow
threatened by aluminum.  On the other hand, its cast iron and
compact graphite iron (CGI) parts will continue to prevail in the
light to heavy commercial vehicles, which represent 80% of the
company's revenues as of the LTM ended March 31, 2016.  All in
all, Fitch believes the two metals will co-exist for a long period
of time and that changes favoring one or the other in the small-
engine segment will be gradual given the long term contracts.

                          KEY ASSUMPTIONS

   -- Domestic market revenues dropping 14% and 8% in 2016 and
      2017;
   -- External revenues growing 2% in 2016 and relatively flat in
      2017;
   -- EBITDA margin of 14% and 17% in 2016 and 2017;
   -- Capital expenditures of BRL300 million in 2016 and 2017
      combined;
   -- Dividends payout rate of 50%; and
   -- No major acquisitions in the near term.

                       RATING SENSITIVITIES

Future developments that may individually or collectively lead to
a negative rating action include:

   -- Severe decline in the American auto production that reduces
      demand for Tupy's products;
   -- Net leverage consistently above 2.0x;
   -- FCF turning negative, eroding company's liquidity;
   -- Advance of aluminum leading Tupy to lose contracts.

Positive rating actions are unlikely in the medium term due to
Tupy's cyclical and volatile industry characteristics, still
moderate scale compared to large players and geographic
diversification, and depressed automotive market in Brazil.

                             LIQUIDITY

Fitch expects Tupy to keep robust liquidity in the next three
years as part of its conservative financial policy.  On March 31,
2016, company's cash position of BRL1.5 billion covered 3.4x the
short-term debt of BRL443 million.  Tupy's short-term debt
coverage jumps to 4.6x when CFFO is added to cash.  Short-term
debt is mostly related to trade finance, funding company's
exports.  Following the successful bond issuance in July 2014,
Tupy substantially improved its debt amortization schedule.  The
current cash position is enough to cover total debt maturities
until 2023.

FULL LIST OF RATING ACTIONS

Fitch has affirmed these ratings:

Tupy S.A.

   -- Long-Term Foreign Currency Issuer Default Ratings (IDRs) at
      'BB';
   -- Long-Term Local currency IDRs at 'BB';
   -- Long-term national scale rating at 'AA(bra)';

Tupy Overseas S.A.

   -- USD350 million senior notes, guaranteed by Tupy, due in
      2024, at 'BB'.

The Rating Outlook for the corporate ratings is Stable.


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


AGCF OS SLP: Shareholders' Final Meeting Set for June 27
--------------------------------------------------------
The shareholders of AGCF OS SLP, Ltd. will hold their final
meeting on June 27, 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:

          Alden Global Capital LLC
          c/o Tim Cone
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


AGOF OS: Shareholders' Final Meeting Set for June 27
----------------------------------------------------
The shareholders of AGOF OS SLP, Ltd. will hold their final
meeting on June 27, 2016, at 10:05 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alden Global Capital LLC
          c/o Tim Cone
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


CARNAVAL FDC: Shareholder to Hear Wind-Up Report on June 27
-----------------------------------------------------------
The shareholder of Carnaval F.D.C. will hear on June 27, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HAVERFORD CAPITAL: Shareholders' Final Meeting Set for June 30
--------------------------------------------------------------
The shareholders of Haverford Capital Partners (Cayman) Limited
will hold their final meeting on June 30, 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:

          Ken Stewart
          c/o Apex Fund Services (Cayman) Limited
          P.O. Box 10085 161a Artillery Court
          Grand Cayman, KY1 1001
          Cayman Islands


JUESHENG EDUCATION: Shareholders' Final Meeting Set for June 22
---------------------------------------------------------------
The shareholders of Juesheng Education Group Ltd. will hold their
final meeting on June 22, 2016, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Zheng Dai
          Building No.106 Lize Xiyuan Yiqu Chaoyang
          District Beijing PRC
          c/o Simon Courtney
          Telephone: + 1 345 943 7700


KJH INC: Shareholder to Hear Wind-Up Report on June 27
------------------------------------------------------
The shareholder of KJH Inc. will hear on June 27, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


RCM ARIES: Shareholders' Final Meeting Set for June 17
------------------------------------------------------
The shareholders of RCM Aries Holdings, Ltd. will hold their final
meeting on June 17, 2016, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


RITCHIE RML: Shareholders' Final Meeting Set for June 17
--------------------------------------------------------
The shareholders of Ritchie RML Capital II, Ltd. will hold their
final meeting on June 17, 2016, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


RITCHIE RSS: Shareholders' Final Meeting Set for June 17
--------------------------------------------------------
The shareholders of Ritchie RSS Ventures, Ltd. will hold their
final meeting on June 17, 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:

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


RITCHIE VC: Shareholders' Final Meeting Set for June 17
-------------------------------------------------------
The shareholders of Ritchie VC, Ltd. will hold their final meeting
on June 17, 2016, at 12:00 noon, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SGLP HOLDING: Shareholders' Final Meeting Set for June 17
---------------------------------------------------------
The shareholders of SGLP Holding, Ltd. will hold their final
meeting on June 17, 2016, at 12:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SGLP VENTURES: Shareholders' Final Meeting Set for June 17
----------------------------------------------------------
The shareholders of SGLP Ventures, Ltd. will hold their final
meeting on June 17, 2016, at 10:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


WEIBOYI: Shareholders' Final Meeting Set for June 22
----------------------------------------------------
The shareholders of Weiboyi will hold their final meeting on
June 22, 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:

          Yang Xu
          Grain Management Building Huanglu Town
          Nanzhao County, Henan Province PRC
          c/o Mr. Simon Courtney
          Telephone: +1 (345) 943 7700






=========
C H I L E
=========

LATAM AIR: Plans Cuts to A350/787 Orders as Brazil Traffic Slumps
-----------------------------------------------------------------
Benjamin D Katz at Bloomberg News reports that Latam Airlines
Group SA, the biggest carrier in South America, said a slump in
Brazilian traffic means it's likely to cancel or delay some of the
53 wide-body jet orders placed by constituent units before a 2012
merger.

Latam is reviewing some of the 27 Airbus Group SE A350s going to
Sao Paulo-based TAM and 26 Boeing Co. 787 Dreamliners for Chilean
arm Lan, which created the group through a takeover of its
Brazilian rival, according to Bloomberg News.  The lease of a
further six 787s from Aercap Holdings NV could also be at risk.

"Tam bought the A350 10 years ago and we bought the 787 seven
years ago," Latam Chief Executive Officer Enrique Cueto said in an
interview, adding that Latam had expected Brazil's economy to grow
about 4 percent a year, when it's actually shrinking by that
degree, Bloomberg News notes.

With approximately 150 aircraft currently deployed in Latin
America's most populous nation, Latam needs to shrink the fleet
there about 10 percent this year to match capacity to demand, with
a 2 percent cut due in 2017, he said, Bloomberg News relays.

The airline's American depositary receipts dropped 3.6 percent to
$6.35 on June 10 at 1:33 p.m. in New York after tumbling as much
as 4 percent for the biggest intraday decline in a month.

                            Gol, Azul Cuts

Bloomberg News says that the company isn't alone in paring its
exposure to Brazil after two years of recession.  The country's
other main carriers, Gol Linhas Aereas Inteligentes SA and Azul
Linhas Aereas Brasileiras SA, are planning to get rid of 53
aircraft this year, Bloomberg News notes.  While most will be
narrow-bodies, that's still more than the total fleet of fourth-
ranked Avianca Brasil, Bloomberg News relays.

Lan has so far taken 10 of 14 ordered 787-8s and five of 12 larger
787-9s, according to Boeing.  TAM received the first of three
delivered A350-900s out of 15 on order in December and is due to
take 12 -1000 variants from 2019, Bloomberg News notes.

Latam said separately that the remaining 787-8s have been upgraded
to the bigger variant, while the Aercap lease deal covers six 787-
9s, also at Lan, Bloomberg News relays.

It's not clear whether the remaining Airbus planes are more
vulnerable to cancellation, or if surplus A350s could be deployed
away from Brazil and the 787 order cut, Bloomberg News notes.
Boeing and Airbus referred calls regarding the jets to Latam.

                              $3 Billion Target

Bloomberg News says that TAM's passenger tally in the Brazilian
domestic market fell 10.3 percent in the first five months of 2016
to 12.5 million, Latam said, while Lan's total in Chile, Peru,
Argentina, Ecuador and Colombia rose 7 percent to 8.6 million and
international traffic advanced 6.8 percent to 5.8 million.

Latam has said it will trim its aircraft assets by as much as $3
billion by 2018 by renegotiating orders, selling planes and
letting leases lapse, Bloomberg News notes.

Bloomberg News relays that Mr. Cueto, speaking in Dublin, said
planned joint ventures with American Airlines Group Inc. and
British Airways parent IAG SA will help level the playing field
with richer rivals including the three top Persian Gulf carriers.

Gaining approval for the closest possible level of cooperation
between airlines from jurisdictions that cap outside holdings will
take another year, he said.

"When you get British Airways and American Airlines and Iberia you
get the connections that they have and we can offer something to
our passengers that alone would be impossible," the CEO said,
Bloomberg News added.

As reported in the Troubled Company Reporter-Latin America on May
5, 2016, Moody's Investors Service has downgraded the corporate
family rating of LATAM Airlines Group S.A to B1 from Ba2.  At the
same time, Moody's downgraded to B2 from Ba3 the foreign currency
rating assigned to its USD500 million senior unsecured notes due
in 2020.


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


DOMINICAN REPUBLIC: Industries Clash Over Economy Time Bomb Claim
-----------------------------------------------------------------
Dominican Today reports that government spokesman Roberto
Rodriguez Marchena scoffed at a Dominican Industries Association
(AIRD) executive's claim that the country's economy and
macroeconomic stability are on the verge of collapse.

"How can you talk about economic collapse when in the first
quarter this year it grew 7.1 percent, 10.1% in April and have
created 413,000 jobs.  How can you come and say this?" said the
official, according to Dominican Today.

AIRD Executive Vice President Circe Almanzar called the country's
situation a "time bomb" that can lead to a collapse of the economy
and macroeconomic stability, if the conditions aren't created for
the private sector to create jobs and have enough confidence to
make new investments, the report notes.

But Rodriguez said Ms. Almanzar's statement "doesn't represent the
feeling of industries" in the Dominican Republic, the report
relays.

"I believe what this person has said doesn't represent the
feelings of the country's industries, I think Campos de Moya is
the president of the Association of Industries of the Dominican
Republic and I think she is the executive vice president of the
AIRD," the report quoted Mr. Rodriguez as saying.

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'.


DOMINICAN REPUBLIC: May Prices Climb 0.25%, Paced By Transport
--------------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank
said May prices climbed 0.25%, with accumulative inflation of -
0.42% for the first five months this year.

"With this result, the annualized inflation, measured from May
2015 to May 2016 stood at 1.71%, remaining below the lower limit
of the target set by the Monetary Program 4.0% (Ò 1.0%)," the
Central Bank said in an emailed statement, according to Dominican
Today.

It said a higher cost on transport (1.28%) and on housing (0.62%),
had the most influence in May's inflation, the report relays.

It adds however that the price of food and non-alcoholic beverages
fell 0.39% percent, the report adds.

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'.


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


OAXACA: Moody's Cuts Issuer Ratings to B1/Baa3.mx
-------------------------------------------------
Moody's de Mexico downgraded the issuer ratings of the
Municipality of Oaxaca de Juarez to B1/Baa3.mx from Ba3/A3.mx. The
outlook remains negative.

RATINGS RATIONALE

The rating downgrade was mainly prompted by Oaxaca's aggressive
debt profile. The rating action also considers a deterioration of
its operating performance and liquidity metrics.

Moody's said, "during 2014 and 2015, Oaxaca contracted debt and
net direct and indirect increased to 16.9% of operating revenues
at the end of 2015, compared to a low 1.8% registered in 2013.
While debt levels are moderate, maturity is very short as 85% of
total outstanding debt has to be paid in 2016 and the remaining in
2017. As a result, debt service increased to a 13.5% of total
revenues in 2015, compared to a 1.4% in 2014, and we expect debt
service levels to be equivalent to a still very high 11% in 2016."

Moody's will monitor closely debt repayment during 2016 and 2017
given that cash in hand is tight and that a new administration
will take power on January 2017. Furthermore, there is no reserve
fund for paying debt service and most of debt is not backed by
federal transfers. As a result of the aggressive debt profile,
liquidity measured by net working capital to total expenditures
deteriorated to a -1.5%, compared to a high 15.5% in 2014.

Between 2011 and 2015, the municipality has continuously posted
negative operating balances equivalent to -7.3% of operating
revenues. Nevertheless, gross operating balances deteriorated
further in the last two years (-12% and -9.1% in 2014 and 2015).
The deterioration reflects a higher growth of operating
expenditures compared to the one of operating revenues. The
compound annual growth rate (CAGR) of operating expenditures of
8.9% for such period outpaced the operating revenues' CAGR of
8.2%. Expenditures growth mainly reflects increases in personnel
services and supplies and materials mainly related to public
security.

The negative operating balance registered in 2015 and Oaxaca's
exceptional capital expenditures needs led to unbalanced financial
results in such year. After posting balanced cash financing
results during the 2011-2014 period equivalent to 0.7% of total
revenues, the municipality registered a cash financing deficit of
-6.5% of total revenues in 2015. The municipality plans to cut
capital expenditures significantly in 2016 and reduce operating
expenditure. The success of these measures are key for the
municipality to be able to pay for its short-term financial
obligations.

The negative outlook reflects the risks that the municipality is
facing to honor its short term debt given the weak operating
performance. Moody's will closely monitor Oaxaca's success in
implementing expenditure cuts and making debt service payments on
time as in 2015.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the negative outlook a rating upgrade is unlikely. However,
Oaxaca's outlook could stabilize if the municipality successfully
pays or refinances its current obligations, registering an
improvement of its debt profile and of its liquidity metrics.

Difficulties to pay or refinance debt obligations or a further
deterioration of the gross operating balances beyond current
projections and more reliance on short-term debt will very likely
lead to a ratings downgrade. A downgrade of the sovereign could
also lead to a downgrade of Oaxaca's ratings.

The period of time covered in the financial information used to
determine the Municipality of Oaxaca's rating is between 1/1/2011
and 31/12/2015 (source: issuer).


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


GENERAL MOTRIZ: Seeks to Hire Carrasquillo as Accountant
--------------------------------------------------------
General Motriz, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire Carrasquillo CPA Group,
PSC as its accountant.

The professional services that Carrasquillo will provide include:

     Recurring Services:
      (a) Bookkeeping
      (b) Payroll tax returns
      (c) Bank reconciliations
      (d) Tax services

     Non Recurring Services:
      (a) Assist in the projected financial statements as needed
      (b) Preparation of standard monthly operating reports
      (c) Assist in the preparation of the liquidation analysis
      (d) Third party representation as needed

The proposed arrangement of compensation is an annual rate of
$4,800 for non-recurrent services and $6,000 for recurrent
services.  Any additional service will be charged at $100 per
hour.


Ismael Rivera-Feliciano, an accountant at Carrasquillo, disclosed
in a court filing that he is a "disinterested person" as defined
in section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Ismael Rivera-Feliciano
     Carrasquillo CPA Group, PSC
     Rafael Cordero Avenue
     M-30 Condado Moderno
     Caguas, PR 00726
     Tel: (787)258-7835
     Fax: (939)337-5744
     Email: irivera@carrasquillocpagroup.com

The Debtor can be reached through its counsel:

     Victor Gratacos Diaz, Esq.
     Gratacos Law Firm, P.S.C.
     P.O. Box 7571
     Caguas, Puerto Rico, 00726
     Tel. 787-746-4772
     Fax. 787-746-3633
     Email: bankruptcy@gratacoslaw.com

                      About General Motriz

General Motriz, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 16-02193) on March 21,
2016.  The Debtor is represented by Victor Gratacos Diaz, Esq., at
Gratacos Law Firm, P.S.C.


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


VENEZUELA: Needs Help to Overcome Crisis, Economist Says
--------------------------------------------------------
EFE News reports that Venezuela is mired in the worst crisis since
the 1859-1863 Federal War and needs international assistance to
deal with the situation, Datanalisis polling company director and
economist Luis Vicente Leon said.

"We will not come out of this crisis unharmed, no way," Mr. Leon
told EFE, adding that the South American country never before had
"economic indicators of this magnitude."

By the end of this year, Venezuela will have had 12 consecutive
quarters of negative economic growth, along with "the world's
highest inflation rate," Mr. Leon said, EFE News notes.

Venezuelans, faced with "tremendous scarcity, have lost more than
35 percent of their real income," while prices keep rising "and
have not reached their maximum" level, Mr. Leon said, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
March 8, 2016, Moody's Investors Service has affirmed Venezuela's
Caa3 issuer and government bond ratings and changed the outlook to
negative from stable.  The government's senior secured and senior
unsecured government bond ratings were affirmed at Caa3, as were
the senior unsecured shelf and MTN program ratings at (P)Caa3.



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


* BOND PRICING: For the Week From June 6 to June 10, 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 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 comillionercial use, resale
or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


                   * * * End of Transmission * * *