TCRLA_Public/160718.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, July 18, 2016, Vol. 17, No. 140


                            Headlines



B O L I V I A

BOLIVIA: Fitch Lowers IDR to 'BB-', Outlook Stable


B R A Z I L

BRAZIL: Ceara State to Boost its Health Program
OI SA: Aims to Triple Customers in Key Category Amid Bankruptcy


C A Y M A N  I S L A N D S

36KR INC: Shareholders' Final Meeting Set for Aug. 8
EAST PARK: Shareholders' Final Meeting Set for July 28
EJF GREATER: Shareholders' Final Meeting Set for July 29
KING INVESTMENTS: Shareholders' Final Meeting Set for Aug. 5
LP GLOBAL: Shareholder to Hear Wind-Up Report on Aug. 2
MONEDA ABSOLUTE: Member to Hear Wind-Up Report on July 28

OHA AVAERO: Shareholders' Final Meeting Set for July 29
PIONERO CHILE: Member to Hear Wind-Up Report on July 28
PIONERO CHILE MASTER: Member to Hear Wind-Up Report on July 28
SJK CAPITAL: Shareholder to Hear Wind-Up Report on July 28
SJK CAPITAL MASTER: Shareholder to Hear Wind-Up Report on July 28
STAR HOLDINGS: Shareholders' Final Meeting Set for Aug. 5

STRAKE INVESTMENTS: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Haiti Adds Red Tape to Import Food Staples
DOMINICAN REPUBLIC: Bank Dollar 'Injection' Calms the Market


E L  S A L V A D O R

AES EL SALVADOR II: Fitch Affirms 'B+' IDR, Outlook Stable


P A N A M A

ENA NORTE: Fitch Lowers Rating on Trust to 'BB+'


P E R U

PESQUERA EXALMAR: S&P Affirms 'B' CCR & Maintains on Watch Neg.


P U E R T O    R I C O

ANTILLES CARPET: Disclosure Statement Hearing on August 24
STAR BODY EXPERT: Plan Outline Okayed, Plan Hearing on Aug. 10
GUSTAVO ARANGO: Hires BDO Puerto Rico PSC as Accountant
GUSTAVO ARANGO: Hires C. Conde & Associates as Attorney


X X X X X X X X X

* BOND PRICING: For the Week From July 11 to July 15, 2016


                            - - - - -


=============
B O L I V I A
=============


BOLIVIA: Fitch Lowers IDR to 'BB-', Outlook Stable
--------------------------------------------------
Fitch Ratings has downgraded Bolivia's Long-Term Foreign and Local
Currency Issuer Default Ratings to 'BB-' from 'BB'.  The Rating
Outlook is Stable.  The issue ratings on Bolivia's senior
unsecured Foreign and Local Currency bonds have also been
downgraded to 'BB-' from 'BB'.  The Country Ceiling has been
downgraded to 'BB-' from 'BB' and the Short-Term Foreign Currency
IDR is affirmed at 'B'.

                        KEY RATING DRIVERS

The downgrade of Bolivia's IDRs reflects these key rating drivers:

  The weaker gas price outlook and the government's policy
  response have resulted in large "twin deficits" in Bolivia.
  Sizeable fiscal and external buffers offer policy flexibility to
  accommodate the external shock, but they are likely to continue
  to decline at a rapid pace, as an ambitious state-led
  development plan focusing on sustaining growth and diversifying
  the economy unveiled this year envisions fiscal and external
  deficits rising further.

  Public finances face a revenue shock as gas prices have fallen
  below levels expected a year ago.  The non-financial public
  sector deficit jumped to 6.9% of GDP in 2015 from 3.4% in 2014,
  above the official mid-year forecast of 4.1%.  The general
  government deficit rose to 4.5% of GDP in 2015, above Fitch's
  previous estimates. Current spending also increased (driven by
  salaries) but was partly offset by lower capital spending.  In
  line with official projections, Fitch expects the general
  government deficit will rise further to an average 6% of GDP in
  2016-2018, significantly above the 'BB' median of 3.8%, as
  capital spending on development projects ramps up and current
  spending pressures persist.

Fitch expects deficits will be financed in part by drawdown of
sizeable deposit holdings, as observed in 2015, but projects
higher borrowing needs will lift general government debt from 35%
of GDP in 2015 to 46% of GDP by 2018, converging with the 'BB'
median and around 10pp higher than forecast last year.  These
projections include government guarantees on loans to state-owned
companies, which totaled 4.7% of GDP at end-2015.

The current account balance swung sharply negative in 2015 (6.6%
of GDP) after 12 years of surpluses.  Fitch projects the CAD will
average 7.5% of GDP in 2016-2018, well above the 'BB' median of
1.6%, partly reflecting higher capital imports related to public
development projects.  Foreign direct investment flows have fallen
to relatively low levels as weaker profits among energy companies
have cut into reinvested earnings.  The authorities have remained
committed to the stable XR regime as an anchor for containing
inflation and advancing de-dollarization.  The boliviano is
estimated to be materially stronger than its 10-year average in
real effective terms, posing a challenge to competitiveness and
external adjustment.

Reserve levels remain the highest in the 'BB' category at 33% of
GDP (USD11.6 billion) as of mid-2016, but are declining at a rapid
pace on reduced FX inflows and expansive fiscal policy.  Reserves
fell by USD2 billion in 2015 and by nearly USD1.5 billion in the
first half of 2016.  The sovereign's strong net external creditor
position (73% of CXR in 2015) is expected to deteriorate in the
forecast period as reserves fall and external indebtedness rises.

The state-led growth model sustained firm growth of 4.8% in 2015,
above regional and 'BB' peers, but has not prompted crowding-in of
private investment, which fell in nominal terms in 2015.
Expansive policies (fiscal, monetary and quasi-fiscal central bank
lending to SOEs) and the stable exchange-rate regime could become
more difficult to sustain given the current pace of erosion of
buffers. In Fitch's view, it is likely that a second referendum to
allow President Evo Morales to seek re-election for a fourth term
may be introduced after such a referendum failed in February,
which could increase political incentives to use buffers in
support of growth.

The Stable Outlook on Bolivia's 'BB-' ratings reflects its strong
fiscal and external balance sheets, which are projected to
deteriorate during the forecast period but will likely remain
within the tolerance range of the 'BB-' rating.  Favorable and
stable growth rates also support the current rating.  The ratings
are constrained by Bolivia's low GDP per capita, weak
institutional quality and a poor business environment relative to
'BB'-rated sovereigns.  High export commodity dependence of 70% of
current external receipts is above the 'BB' median of 20%,
exposing credit metrics to terms of trade shocks and gas supply
shortages.

Gas production should remain stable in the coming years as
production at the new Incahuasi field offsets declines at mature
fields, fulfilling local demand and export contracts with Brazil
and Argentina (notwithstanding some supply cuts to the latter
during periods thus far in 2016).  The outlook beyond 2019 is less
clear in the absence of large new discoveries.  To stimulate
exploration and production, the authorities passed a hydrocarbon
incentives law in late-2015 and have outlined a large
USD7.3 billion upstream investment plan for 2016-2020 (21% of
GDP).

Macroeconomic stability has been preserved in the context of
policy stimulus.  Inflation has remained around 3%-5% since early-
2015.  Lending growth has remained high, fuelled by expansive
monetary policies and a 2013 law establishing lending quotas to
certain sectors.  Fitch's Macro-Prudential Indicator of '3' for
Bolivia indicates a potential for financial stress given rapid
credit growth and real exchange rate appreciation, but the agency
notes that indicators of bank solvency, asset quality and
profitability have remained healthy.

     SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Bolivia a score equivalent to a
rating of 'BB' on the Long-Term Foreign Currency IDR scale.

Fitch's sovereign rating committee adjusted the output from the
SRM to arrive at the final Long-Term Foreign Currency IDR by
applying its QO, relative to rated peers, as follows:

   -- Macroeconomic Performance and Policy Management: -1 notch,
      to reflect risks to consistency of expansive policies
      (fiscal, monetary, quasi-fiscal central bank lending) and
      the stabilized exchange rate amid eroding policy buffers.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three year centred
averages, including one year of forecasts, to produce a score
equivalent to a Long-Term Foreign Currency IDR.  Fitch's QO is a
forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating,
reflecting factors within our criteria that are not fully
quantifiable and/or not fully reflected in the SRM.

RATING SENSITIVITIES

These risk factors individually, or collectively, could trigger a
negative rating action:

   -- Greater-than-expected deterioration of fiscal and external
      balance sheets;

   -- Signs of increased macroeconomic instability or stress in
      the financial system;

   -- Evidence of external financing constraints.

These risk factors individually, or collectively, could trigger a
positive rating action:

   -- Sustained fiscal deficit reduction that improves public debt
      dynamics;

   -- Reduction in the current account deficit and improvement in
      external solvency and liquidity metrics;

   -- Evidence of improvement in governance and the business
      climate that supports stronger investment and growth
      prospects.

KEY ASSUMPTIONS

   -- Fitch assumes Bolivia will be able to maintain natural gas
      production around present levels and meet requirements for
      the local market and export contracts with Argentina and
      Brazil in 2016-2018.

   -- Fitch's latest forecasts project Brent oil prices (a
      benchmark for Bolivia's energy contracts) will average
      USD35/barrel in 2016, USD45 in 2017, and USD55 in 2018.



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


BRAZIL: Ceara State to Boost its Health Program
-----------------------------------------------
The Inter-American Development Bank (IDB) has approved a $123
million loan to support investments by the Brazilian state of
Ceara in the second phase of its healthcare program.  Ceara, like
many other areas in the country, is undergoing major demographic
and epidemiological changes, including an increase in chronic
diseases affecting its population.

In line with a series of actions implemented over the past few
years, the loan will help improve service management efficiency,
including full computerization of the hospital information
network, building a healthcare logistics hub, training personnel
and implementing a medical protocol and accreditation system for
some 30 healthcare facilities.

The project also contemplates expanding access to more complex
services in priority regions and integrating them with primary
healthcare services in order to ensure integral health protection.
It will also fund the construction and equipping of the Litoral-
Jaguaribe Regional Hospital, the Metropolitan Hospital and a
polyclinic in Fortaleza.

The $123 million loan, from the Bank's ordinary capital, is for a
25-year term, with a 5.5 year grace period, at a Libor-based
interest rate. The project includes $55.5 million in local
counterpart funding, amounting to a total investment of $178.5
million. The executing agency is the Ceara State government
through the state's Health Secretariat.

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.


OI SA: Aims to Triple Customers in Key Category Amid Bankruptcy
---------------------------------------------------------------
Fabiola Moura at Bloomberg News reports that Oi SA is sticking to
its year-end goals of tripling subscribers who use multiple
services and boosting investments by 25 percent even as the phone
carrier works through Brazil's biggest-ever bankruptcy, Chief
Executive Officer Marco Schroeder said.

The company is current in payments to suppliers and aims to
continue on that front to guarantee service to customers during
the bankruptcy process, Schroeder said in his first-sit down
interview since taking the helm of the Rio de Janeiro-based
operator a month ago, according to Bloomberg News.

In March, Oi offered a package of mobile, landline, broadband and
pay-TV services for customers across the country. Oi Total had
320,000 subscribers as of June and aims to reach 1 million this
year, the company said, Bloomberg News notes.

"We are working for Oi's bankruptcy protection to be a case of
success," Bloomberg News quoted Mr. Schroeder as saying.

"Shareholders, debtholders, Anatel, everybody wants to maintain a
healthy operation," he said, referring to the country's
telecommunications regulator, Bloomberg News relays.

Oi filed for protection in June after failing to reach a
restructuring agreement with creditors covering BRL65.4 billion
($20 billion) of debt, Bloomberg News notes.  As it stops
servicing its debt, Oi will have more cash to invest in its
business, Mr. Schroeder said.  The company plans to spend BRL5
billion this year, compared with BRL4 billion in 2015, Bloomberg
News notes.

"The longer we stay current with our payment, the safer our
suppliers feel that we will continue paying our bills," Schroeder
said, Bloomberg News relays.  The company is moving forward on
discussions with creditors and aims to present a recovery plan to
the court before a 60-business day deadline, he said, Bloomberg
News discloses.

He declined to comment on a group of creditors, advised by New
York-based investment bank Houlihan Lokey Inc., that is said to
have formed to oppose the reorganization plans on the table,
Bloomberg News relays.

Oi SA's management is also facing criticism from one of its
biggest investors over the company's board makeup, Bloomberg News
notes.   It has until July 15 to answer a request from Nelson
Tanure's Bridge Administradora de Recursos Ltda. for a
shareholders' meeting at which it would seek to oust directors who
represent Pharol SGPS SA, the Portuguese holding company that is
Oi's largest shareholder, according to Oi's website, Bloomberg
News discloses.

Oi's timetable to present a recovery plan may be extended because
of the Olympic Games, scheduled for August in Rio, Bloomberg News
says.  If the state courts decide not to work during the games,
the period could reach into October. Bloomberg News adds.

                             About Oi SA

Headquartered in Rio de Janeiro, and operating almost exclusively
within Brazil, the Oi Group provides services like fixed-line data
transmission and network usage for phones, internet, and cable,
Wi-Fi hot-spots in public areas, and mobile phone and data
services, and employs approximately 142,000 direct and indirect
employees.

Ojas N. Shah filed a Chapter 15 petition for Oi S.A. (Bankr.
S.D.N.Y. Case No. 16-11791), Oi Movel S.A. (Bankr. S.D.N.Y. Case
No. 16-11792), Telemar Norte Leste S.A. (Bankr. S.D.N.Y. Case No.
16-11793), and Oi Brasil Holdings Cooperatief U.A. (Bankr.
S.D.N.Y. Case No. 16-11794) on June 21, 2016.  The case is
assigned to Judge Sean H. Lane.

The Chapter 15 Petitioner is represented by John K. Cunningham,
Esq., and Mark P. Franke, Esq., at White & Case LLP, in New York;
and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and Laura L.
Femino, Esq., at White & Case LLP, in Miami, Florida.



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


36KR INC: Shareholders' Final Meeting Set for Aug. 8
----------------------------------------------------
The shareholders of 36KR Inc. will hold their final meeting on
Aug. 8, 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:

          Maricorp Services Ltd.
          c/o Roger L. Nelson
          P.O. Box 2075 Grand Cayman KY1-1105
          Cayman Islands
          Telephone: 345-949-9710


EAST PARK: Shareholders' Final Meeting Set for July 28
------------------------------------------------------
The shareholders of East Park Global Opportunities Fund will hold
their final meeting on July 28, 2016, at 8:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Gonzalo Jalles
          Telephone: (345) 949-8599
          Facsimile: (345) 949-4451
          Harneys Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


EJF GREATER: Shareholders' Final Meeting Set for July 29
--------------------------------------------------------
The shareholders of EJF Greater China Fund, Ltd. will hold their
final meeting on July 29, 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:

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


KING INVESTMENTS: Shareholders' Final Meeting Set for Aug. 5
------------------------------------------------------------
The shareholders of King Investments GP, Inc will hold their final
meeting on Aug. 5, 2016, at 9:15 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
          Telephone: (345) 943-3100


LP GLOBAL: Shareholder to Hear Wind-Up Report on Aug. 2
-------------------------------------------------------
The shareholder of LP Global Holdings Co. will hear on Aug. 2,
2016, at 10:15 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Palmer Law Firm, Chtd
          c/o Daniella Skotnicki
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


MONEDA ABSOLUTE: Member to Hear Wind-Up Report on July 28
---------------------------------------------------------
The member of Moneda Absolute Return Master Fund, Ltd. will hear
on July 28, 2016, at 10:20 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Padraig Hoare
          Telephone: +1 (345) 815 1415
          Facsimile: +1 (345) 945-6265


OHA AVAERO: Shareholders' Final Meeting Set for July 29
-------------------------------------------------------
The shareholders of Oha Avaero Holdings, Ltd. will hold their
final meeting on July 29, 2016, at 10:50 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


PIONERO CHILE: Member to Hear Wind-Up Report on July 28
-------------------------------------------------------
The member of Pionero Chile Small Cap Fund will hear on
July 28, 2016, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Padraig Hoare
          Telephone: +1 (345) 815 1415
          Facsimile: +1 (345) 945-6265


PIONERO CHILE MASTER: Member to Hear Wind-Up Report on July 28
--------------------------------------------------------------
The member of Pionero Chile Small Cap Master Fund will hear on
July 28, 2016, at 10:10 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Padraig Hoare
          Telephone: +1 (345) 815 1415
          Facsimile: +1 (345) 945-6265


SJK CAPITAL: Shareholder to Hear Wind-Up Report on July 28
----------------------------------------------------------
The shareholder of SJK Capital Offshore Fund Ltd will hear on
July 28, 2016, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          SJK Capital Management LLC
          c/o Madeleine Welham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


SJK CAPITAL MASTER: Shareholder to Hear Wind-Up Report on July 28
-----------------------------------------------------------------
The shareholder of SJK Capital Master Fund Ltd will hear on
July 28, 2016, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          SJK Capital Management LLC
          c/o Madeleine Welham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


STAR HOLDINGS: Shareholders' Final Meeting Set for Aug. 5
---------------------------------------------------------
The shareholders of Star Holdings Ltd. will hold their final
meeting on Aug. 5, 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:

          SCL Limited
          Smeets Law (Cayman
          Reference: JAPF
          Telephone: (+1) 345 815 2800
          Facsimile: (+1) 345 947 4728
          Suite 2206, Cassia Court
          72 Market Street Camana Bay
          P.O. Box 32302 Grand Cayman, KY1-1209
          Cayman Islands


STRAKE INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Strake Investments Ltd. received on July 11,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          TC Directors (Channel Islands) Limited
          Lefevbre Court, Lefevbre Street
          St. Peter Port
          Guernsey Channel Islands



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


DOMINICAN REPUBLIC: Haiti Adds Red Tape to Import Food Staples
--------------------------------------------------------------
Dominican Today reports that Haiti's Government has placed new
requirements in place for imports into that country on food
staples such as flour, bouillon cubes and other forms of soups and
broths.

The measure that took effect June 30 drafted by the economic
ministries restrict the entry of products to the Haitian market
require an import authorization issued upon request" to the
Commerce and Industry Ministry, said the notice to importers,
according to Dominican Today.

It says five duly authenticated documents must accompany the
import request, the first a "favorable opinion" of those agencies,
the report notes.

Prior to import, Port-au-Prince also requires a declaration by the
Societe Generale de Suveillance SA (SGS), a multinational that
provides inspection, verification, testing and certification, the
report relays.

Moreover, the Haitian government demands Dominican phytosanitary
certificates issued by the competent authority for suppliers of
industrial products, in this case, Dominican Republic, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
July 1, 2016, Moody's Investors Service has changed the outlook on
the Dominican Republic's long term issuer and debt ratings to
positive from stable. The ratings have been affirmed at B1.


DOMINICAN REPUBLIC: Bank Dollar 'Injection' Calms the Market
------------------------------------------------------------
Dominican Today reports that Herrera and Santo Domingo Province
Industries Association (AEIH) President Antonio Taveras said the
flow of currency in the Dominican Republic is back to normal,
after the Central Bank injected US$100 million in the market.

Mr. Taveras lauded the Central Bank's intervention, but warned
that the currencies market especially the dollar, has a "profound
character" in the Dominican economy which in his view could be
repeated cyclically, according to Dominican Today.

"The local economy isn't producing enough dollars needed for
imports," the business leader said when asked if there's a lull in
production, the report quoted Mr. Taveras as saying.

"We're still uncompetitive in international markets and have
payments deficit in the balance of trade with many countries, and
we're increasingly importing more and exporting less," Mr. Taveras
added.

Although Central Bank Hector Valdez Albizu last week said the
country has the necessary currency reserves to deal with any
situation with the US currency, Taveras reiterated that the
country's economy needs more dollars every day, "which aren't
being produced," the report discloses.

As reported in the Troubled Company Reporter-Latin America on
July 1, 2016, Moody's Investors Service has changed the outlook on
the Dominican Republic's long term issuer and debt ratings to
positive from stable. The ratings have been affirmed at B1.



====================
E L  S A L V A D O R
====================


AES EL SALVADOR II: Fitch Affirms 'B+' IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed AES El Salvador Trust II's Long-Term
Foreign and Local Currency Issuer Default Ratings at 'B+'.  The
Rating Outlook is Stable.  In addition, Fitch affirms the USD310
million notes due 2023 at 'B+/RR4'.  AES El Salvador Trust II is a
special purpose vehicle created to issue notes guaranteed by four
AES-controlled distribution companies in El Salvador: Compania de
Alumbrado Electrico de San Salvador S. A. de C. V., AES CLESA y
Compania, S. en C. de C.V., Empresa Electrica de Oriente, S.A. de
C.V., and Distribuidora Electrica de Usulutan, S.A. de C.V.

                      KEY RATING DRIVERS

The rating affirmation reflects Fitch's expectations that AES El
Salvador's cash flow generation will be unaffected amidst
increased uncertainty surrounding continuity of existing subsidy
scheme.  Fitch expects AES El Salvador to collect subsidies for
low consumption users from industrial and high consuming
residential users after the recent news that the El Salvador
government and its hydroelectric generation company will not be
able to continue funding such subsidy.  AES El Salvador ratings
also consider the company's exposure to the sustained weakening
macroeconomic conditions in El Salvador, which could affect
electricity demand, collections and non-technical electric losses.

NEW SOURCES FOR SUBSIDY FUNDING UNDER DISCUSSION

There are significant downside risks to wholly defunding subsidies
for Salvadorian user consuming less than 100kWh, which could
affect AES El Salvador's cash flow generation.  Based on first
quarter 2016 (1Q16) invoicing, AES El Salvador is on track for
approximately USD77 million of subsidized revenues for the full
year 2016, or approximately 12% of total revenues under Fitch's
base case assumptions.  This amount compares with approximately
USD80 million of expected EBITDA generation for 2016.  Failure to
find alternate funding sources for these subsidies would have
social and economic consequences for the country, as roughly 60%
of AES El Salvador's users qualify for subsidy support.  If AES El
Salvador's companies were forced to reflect the full energy cost
on low-consumption users' bill, it would likely result in
attrition from the formal distribution system and a higher
incidence of non-technical losses.  Alternately, a poorly
communicated or executed tariff adjustment process could also
precipitate similar responses from non-subsidized residential and
commercial users who feel that cross subsidies would represent an
undue burden.

Reasons to remain sanguine about the likelihood of relatively
painless transition to a cross subsidy scheme that would not
result in a meaningful cash flow impact for AES El Salvador
include: a government commitment to cover subsidies up to June of
2016 and the expectation of a smooth transition into a new cross
subsidy scheme.  The government has already agreed to satisfy all
subsidy-related invoices incurred in the first half of 2016
(1H2016), and has maintained its historically consistent payment
cycle of around 55 days.  Furthermore, the importance of a
smoothly functioning electricity system has been recognized by the
government as recently as 2013, when it revised the country's
tariff structure to provide greater cost flexibility to the
sector.  While public reaction to the cross subsidy proposal has
been largely negative, El Salvador, recently affirmed by Fitch at
'B+', benefits from better social development and governance
indicators, as well as higher per capita income than its rating
category peers.  Finally, with AES El Salvador's broad geographic
coverage, its companies are well positioned to negotiate with
regulators for an effective solution.

The current uncertainty surrounding this issue follows the recent
news that the Salvadorian state-owned hydroelectric company,
Comision Ejecutiva Hidroelectrica del Rio Lempa (CEL), would be
defunding its subsidies for low-consumption residential users.
Consequently, the president and Minister of Economy signed and
published a decree roughly outlining a proposal to modify the
country's electricity tariff structure such that it would
effectively create cross-subsidies within the system, due to begin
July 16, 2016.

            STRONG MARKET POSITION AND LOW BUSINESS RISK

AES El Salvador's low business risk results from its stable
customer base and predictable cash flows.  Although distribution
service territories are not exclusive and distributors are free to
compete for customers, the risk of new competition is low given
that distribution companies possess significant economies of scale
that make it inefficient for more than one company to operate in
any particular geographic area.  The ratings factor in the strong
market position of AES El Salvador as the largest electric
distribution group in the country.

The group serves approximately 1.3 million customers and covers
80% of El Salvador's electricity distribution area.  The group
supplied 76% of the total energy demand in the country during 2015
(60% in 2014, 63% in 2013).  The company's operations are
considered efficient compared with other distribution companies in
the region.  In 2015, energy losses were 9.52% (2014: 9.32%).  The
tariff allows for recovery of 100% of technical losses recognized
through tariff and 50% of non-technical losses.

  STRENGTHENING CREDIT FUNDAMENTALS SUPPORTED ON TARIFF STRUCTURE

The company's credit profile is supported by its stable and
predictable cash flow generation and strengthening credit metrics
as result of higher EBITDA levels as outcome of the tariff reset
for the 2013-2017 period.  The tariff reset was determined as per
the new methodology that considers real costs of the companies
based on El Salvador distribution grid instead of an optimized
company model as it was considered in the past methodology.  Fitch
considers that although the new methodology is positive for the
issuer, it continues to be exposed to government intervention.
Latest 12 month (LTM) EBITDA for the period ended in March 31,
2016, is USD88 million, and leverage is 3.6x (2015 EBITDA: USD89
million, debt/EBITDA 3.6x).

KEY ASSUMPTIONS

   -- Minor, short-term impact to total demand and non-technical
      losses following the implementation of a cross subsidy
      program.

   -- Six months of subsidies are paid by CEL in 2016; all
      subsidies thereafter are passed through price adjustments.

   -- Company pays out cash above USD18 million as dividends.

   -- Spot energy prices gradually increasing through the medium
      term.

   -- Shrinking proportion of spot purchases versus PPAs.

RATING SENSITIVITIES

AES El Salvador's ratings could be negatively affected by any
combination of the following factors: Failure to resolve the issue
of subsidy funding sources in a timely manner; shortages of
electricity supply resulting in lower consumption and lower cash
flow generation; or further political or regulatory intervention
that negatively affects the company's financial performance,
including sustained deterioration in leverage above 4.5x.

AES El Salvador's ratings could be positively affected by
consistent leverage reduction; regulatory stability; sustainable
independence from the government funding, and improving
macroeconomic conditions in El Salvador.

                            LIQUIDITY

AES El Salvador's liquidity is supported by its cash on hand,
which as of March 2016, was approximately USD55 million (year end
2015: USD45.3 million), and USD43 million of undrawn short-term
bank credit facilities.  Liquidity could be affected in case of
higher energy prices for final users that could lead to higher
aging account receivables.  Should distribution companies be
forced to issue additional debt to fund their working capital
requirements, while they continue distributing dividends, their
credit quality could deteriorate.

In 2015, subsidies received by AES El Salvador totaled
USD89.2 million compared to USD136.1 million in 2014.  This
reflects both a reduction in subsidy-eligible users and lower fuel
and energy prices.  Based on the first three months of 2016, AES
El Salvador is on pace for USD77.7 million of subsidy charges for
the full year 2016 (not including the possible 13% energy
surcharge).

FULL LIST OF RATING ACTIONS

Fitch has affirmed these ratings:

AES El Salvador Trust II

   -- Long-Term Foreign Currency IDR at 'B+';
   -- Long-Term Local Currency IDR at 'B+';
   -- Senior unsecured notes rating at 'B+/RR4'.

The Rating Outlook is Stable.



===========
P A N A M A
===========


ENA NORTE: Fitch Lowers Rating on Trust to 'BB+'
------------------------------------------------
Fitch Ratings has taken rating actions on ENA Sur, ENA Este and
ENA Norte Trusts' notes as:

   -- ENA Sur Trust (ENA Sur) affirmed at 'BBB' and 'AAA(pan)';
      Outlook Negative;
   -- ENA Este Trust (ENA Este) downgraded to 'BB-' from 'BBB-'
      and to 'A(pan)' from 'AA+(pan)'; Outlook Negative;
   -- ENA Norte Trust (ENA Norte) downgraded to 'BB+' from 'BBB'
      and to 'AA-(pan)' from 'AAA(pan)'; Outlook Stable.

ENA Sur's rating affirmation reflects the fact that its robust
debt structure has allowed it to benefit from past positive
performance and to deleverage to a point where nowadays it has no
dependence on future traffic growth.

ENA Sur's recent traffic performance shows decreases of 7.7% in
2015.  Notwithstanding this fact, Fitch's base case long term
expected traffic compound annual growth rate (CAGR) does not
materially differ from ENA's.  Yet, the lack of inflation
adjustments in toll rates since the transactions have been placed
has led to a general deterioration of the three toll roads'
projected metrics.  Fitch will assume henceforth that tolls will
remain unchanged.  As a result, ENA Sur's rating case loan life
coverage ratio (LLCR) is 1.34x (1.43x in past review), on the low
side of its rating category, but the project maintains low
leverage as reflected in its debt to cash flow available for debt
service (CFADS) at 6.8x.

The downgrade of ENA Este's rating to 'BB-', Outlook Negative is
mostly explained by its significant dependence on distributions
from ENA Sur, which are now expected to be considerably lower and
delayed in time.  This, coupled with a one-year delay in its start
of operations and a slower-than-expected traffic ramp-up, has led
to an even lower cash flow generation.  As a consequence, the
likelihood of a default over the longer term will substantially
increase, should government chose not to adjust toll rates in the
coming years and prevent this outcome from happening.

As with ENA Sur and Este, ENA Norte's Fitch base case long term
expected traffic CAGR also does not materially differ from ENA's
original traffic projections.  Thus, despite recent positive
traffic performance, the two notches downgrade of its rating to
'BB+' incorporates the expectation of weakened credit metrics
(rating case LLCR of 1.12x), driven by the prospect of flat toll
rates over an extended period of time.  Differently from ENA Sur,
which debt matures in 2025, ENA Norte's debt service repayment is
dependent upon three more years of revenues, which explains
unchanged tolls' more pronounced effect on the transaction's
metrics.

The Negative Outlook on ENA Sur and ENA Este's ratings reflects
the fact that transactions' respective metrics are consistent with
weaker ratings.  The implementation of sufficient adjustments to
tolls rates coupled with a solid traffic performance in the near
future would likely strengthen credit protection measures to
levels consistent with their rating categories, leading to an
Outlook revision to Stable.

KEY RATING DRIVERS

Limited Volume Risk (Revenue Risk-Volume: Stronger for ENA Sur and
ENA Norte; Midrange for ENA Este): The corridors represent a
critical link for commuters and commercial traffic in the city of
Panama.  Given the recent infrastructure changes in the city, the
assets have limited but increasing competition from free
alternatives and other transportation modes.  While traffic of
corridors Sur and Norte has a long track record, corridor Este has
recently started operations and traffic is currently in the ramp-
up phase.

Fixed Toll Rates (Revenue Risk-Price: Weaker): Although the
concessionaire is entitled to annually adjust toll rates at
inflationary levels, toll rates have not been increased by
inflation and are not expected to be updated in the medium term.
Toll rates are structurally protected with a covenant that
prohibits toll rate reductions if debt service coverage ratio
(DSCR) does not meet a minimum threshold.

Suitable Infrastructure Plan (Infra Development & Renewal:
Midrange): Sound contractual requirements to fund capital
expenditure costs are in place for the three corridors.  The roads
are maintained in adequate conditions, while a moderate and
inclusive maintenance plan is in place to maintain certain
sections of corridor Sur requiring major investment.  The capital
investment program (CIP) is mainly internally funded.  Given that
corridor Este was recently built, it is not expected to require
large major maintenance in the medium term.  Construction works
for a bridge located in corridor Este were reactivated.

Conservative Debt Structure (Debt Structure: Stronger for ENA Sur
and ENA Norte; Midrange for ENA Este): ENA Sur's debt carries
fixed interest rates and a fully amortizing profile.  The Class A
notes have scheduled principal payments while the Class B notes
feature a pass-through amortization scheme (flow zero).  While ENA
Norte Trust's debt structure is flow zero, ENA Este Trust's debt
is structurally subordinated to ENA Sur as debt repayment is
highly dependent on ENA Sur's distributions.  There is a six-month
debt service reserve account for ENA Sur and ENA Norte, while ENA
Este maintains approximately USD30 million as debt reserve.

Metrics
ENA Sur's leverage has decreased over time and is now 6.8x under
Fitch's rating case.  The project generates sufficient revenues to
maintain LLCR at 1.41x and 1.34x under the base and rating cases,
respectively.

ENA Norte's level of indebtedness is significant, reflected by its
debt to CFADS of 10.1x in Fitch's rating case, and requires stable
traffic growth to fully repay debt.  Mandatory interest payments
are vastly covered and Fitch's base case projections show full
debt repayment with a small cushion of one year before maturity,
while rating case shows debt fully paid at maturity.

ENA Este's leverage is significant during the first years and the
transaction requires a robust traffic growth to preserve financial
flexibility.  Rating case LLCR at 0.82x is low for the rating
category.  However, the transaction's debt structure (flow zero)
and the view that the road is a public asset provide a
considerable timeframe for actions to be taken by the Panamanian
government to address economic imbalance.

Peers:
ENA Sur compares well particularly with RCO's 2013 notes, rated
'BBB', Outlook Stable, with Infrastructure Development and Renewal
attribute at similar levels.  ENA Sur has a Price Risk attribute
at weaker, while RCO's is midrange.  RCO's stronger Volume Risk
assessment is partially offset by ENA Sur's Debt Structure
considered as stronger.  RCO's higher LLCR at 1.70x (versus 1.34x)
comes from a longer debt term, which is reflected in ENA Sur's
lower debt to CFADS (6.84x versus 7.58x).

                        RATING SENSITIVITIES

   -- Positive: Positive actions taken by the government to
      support bond holder's interests.
   -- Negative: 2017 traffic below Fitch's expectations,
      insufficient toll rate adjustments, O&M expenses materially
      above expectations that cause financial flexibility to be
      reduced and result in a materially lower LLCR.

This is an additional sensitivity for ENA Este:

   -- Negative: Sustainable lag in amount and timing of ENA Sur
      excess cash flow could pressure financial ratios.

                       SUMMARY OF CREDIT

ENA Sur's traffic levels decreased considerably in 2015, with
tolled traffic decreasing by 7.7% and revenue decreasing 4.7%.
This compares negatively to the traffic decreases of 5% and 7%
expected by Fitch in its base and rating cases, respectively.  The
loss in volume was due to the following factors: i) the recent
opening of the subway's first line, which is now an alternative
form of transportation for the citizens of Panama, ii) the start
of operations of corridor Este, as users in order to get to the
airport of Tocumen are now using corridor Norte and continuing
through corridor Este, instead of taking corridor Sur as they did
in the past, iii) the implementation of the Panapass tolling
system, and iv) the continued improvements of bus transportation
in the city.

As of the first four months of 2016, traffic in ENA Sur shows an
increase of 4.4%, driven by an increase in light vehicles.
However, revenue shows a lower increase at 1.1%, due to the fact
that traffic of trucks has decreased significantly (-27.4%) with
respect to the same period of 2015.  This is due to the fact that
heavy vehicles are using corridor Este.

Following the same trend as in corridor Sur, traffic in corridor
Norte decreased 3.5% in 2015, while revenue declined 1.6%.
Nonetheless, as of May 2016, traffic and revenue show a strong
recovery, growing at 11.5% and 10.2%, respectively when compared
to the same period of last year.

Corridor Este began operations in November 2015, with a delay of
over one year, as initial estimates considered start of operations
in September 2014.  The delay did not only cause foregone revenues
during most of 2015, but has also postponed traffic ramp-up.  The
concessionaire is currently implementing several initiatives in
order to catch-up with projected traffic; however, in Fitch's
opinion, at least a full year of operations will be needed to
assess the extent of its impact on revenues.

As of May 2016, traffic in corridor Este is still well below
expectations for the whole year.

As of the first five months of 2016, all roads remain
predominantly commuting, as cars provide more than 90% of total
traffic, and more than 80% of revenue.

According to the transactions' documents, the issuer is to provide
an updated traffic report by mid-2017.  This will allow Fitch to
better assess future traffic behaviour given the recent
infrastructure changes in the city of Panama.

The concessionaire is working on improving cash flow generation by
optimising the operations of the assets.  Some of these
initiatives include the installation of police stations to
reinforce the order and security of the roads, the implementation
of Optical Character Recognition (OCR) programs in every toll
booth to detect cars that avoid paying tolls and automatically
apply fines to offenders, and the charging of tolls in segments
that were free.  In addition, the concessionaire has reactivated
the construction works of a bridge located in corridor Este, which
is expected to contribute with additional traffic.

Partially offsetting the negative effect on the transactions'
CFADS of assuming flat toll rates in the coming years, Fitch has
adjusted down its assumptions of O&M costs increases to reflect
past performance and management expectation.  Thus, Fitch's base
case for the three issuances assumed operating expenses were
increased yearly at inflation plus 5%, while major maintenance was
increased at inflation plus 5% above its respective maintenance
program.  Tariffs were assumed fixed for the rest of the term.
Inflation was considered at 2.5% for 2016 and then fixed at 3.0%
for the rest of the term.  Traffic CAGR for ENA Sur, Norte and
Este was assumed at 3.7%, 3.5% and 8.3%, respectively.

Fitch's rating case assumed 7.5% real increase to operating
expenses and major maintenance and traffic CAGR of 2.8%, 2.7% and
7.4%, respectively for ENA Sur, Norte and Este.

ENA Sur's base case LLCR was 1.41x with a debt to CFADS ratio at
6.8x, while rating case metrics were 1.34x and 6.8x for LLCR and
debt to CFADS, respectively.

ENA Norte's base case LLCR was 1.19x with a debt to CFADS ratio at
10.0x, while rating case metrics were 1.12x and 10.1x for LLCR and
debt to CFADS, respectively.

ENA Este's base case LLCR was 0.92x with a debt to CFADS ratio at
17.8x and 29% of debt is not paid.  Under the rating case LLCR is
0.82x, debt to CFADS is 17.9x and 44% of debt is not paid.

The macroeconomic health of the country is supported by Fitch's
view of the Panamanian sovereign.  The country's rating was
affirmed at 'BBB' with a Country Ceiling of 'A' in February 2016.

Corridor Sur extends over 19.8 kilometers (approximately 12.3
miles) connecting Panama City's international airport (in the
East) to the CBD (in the West).  ENA Sur operates the toll road
concession of corridor Sur, and has no other significant
commercial activities.  Empresa Nacional de Autopistas holds 100%
of ENA Sur's shares.  The Panama-Madden Segment (corridor Norte)
is a 13.5-kilometer (8.4-mile) toll road that intersects Phase I
on the eastern end and runs northwest, connecting to the
Interstate Colon Highway.  Phase IIB (corridor Este) is an
extension of corridor Norte and is part of Phase II, connecting
the eastern end of Phase IIA with the Pan-American highway in the
Tocumen at the international airport.



=======
P E R U
=======


PESQUERA EXALMAR: S&P Affirms 'B' CCR & Maintains on Watch Neg.
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term corporate credit and
issue-level ratings on Pesquera Exalmar S.A.A. and maintained its
CreditWatch negative listing.

The CreditWatch listing now reflects the potential negative
implications on Exalmar's issue-level rating if the existing notes
due 2020 become structurally subordinated to the secured debt that
would be used to fund the proposed tender offer.  It also
continues to incorporate the downside risks related to the delays
in the announcement of a lower than expected fishing quota for the
first season of 2016, and the potential impact on production
volumes.

On July 12, 2016, Pesquera Exalmar announced a tender for up to
51% of its 7.375% $200 million notes outstanding due 2020, which
the company intends to fund in part with up to $80 million in debt
secured by several operating assets, including its vessels.
Accordingly, if Exalmar receives 51% consent from bondholders and
executes the tender offer, the company's priority liabilities
would exceed 15% of its consolidated total adjusted assets,
resulting in an at least a one-notch downgrade on all senior
unsecured debt, due to structural subordination.

The offer is set to expire on Aug. 5, 2016 and is comprised of two
rounds: (1)An early tender date expiring on July 22, 2016, which
considers an offer price of $810 for 1,000 notes; and (2) a late
exchange commencing after the end of the early tender date and
expiring on Aug. 5, 2016 with an offer price of $765 for 1,000
notes.

S&P will resolve the CreditWatch listing within the next 90 days,
after the tender offer is completed, and once S&P assess the
company's liquidity and cash flow generation prospects upon
confirmation of realized catch during the first season of 2016.



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


ANTILLES CARPET: Disclosure Statement Hearing on August 24
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico is set
to hold a hearing on August 24, at 9:00 a.m., to consider the
disclosure statement detailing Antilles Carpet, Inc.'s Chapter 11
plan.

Objections to the disclosure statement must be filed not less than
14 days prior to the hearing.

Antilles Carpet can be reached through:

     Carmen D. Conde Torres, Esq.
     C. Conde & Assoc.
     254 San Jose Street, 5th Floor
     San Juan, PR 00901-1523
     Tel: 787-729-2900
     Fax: 787-729-2203
     Email: condecarmen@condelaw.com

                        About Antilles Carpet

Antilles Carpet, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case No. 16-01724) on March 3,
2016.  The petition was signed by John Hernandez Vazquez,
vice-president.

The case is assigned to Judge Brian K. Tester.

At the time of the filing, the Debtor disclosed $224,281 in assets
and $3.13 million in liabilities.


STAR BODY EXPERT: Plan Outline Okayed, Plan Hearing on Aug. 10
--------------------------------------------------------------
Star Body Expert, Inc., is now a step closer to emerging from
Chapter 11 protection after a bankruptcy court approved the
outline of its plan of reorganization.

The U.S. Bankruptcy Court in Puerto Rico on July 7 conditionally
approved Star Body Expert's disclosure statement, allowing the
company to begin soliciting votes from creditors for its plan.

The bankruptcy court will hold a hearing on August 10, at 9:00
a.m., to consider final approval of the disclosure statement and
confirmation of the plan.

Objections to the restructuring plan and ballots accepting or
rejecting the plan must be filed at least 10 days before the
hearing.

A copy of the court order is available without charge at
https://is.gd/KSaxYo

                     About Star Body Expert

Star Body Expert, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case No. 15-06125) on August 11,
2015.  The petition was signed by Carlos Olivero Pinero,
president.


The case is assigned to Judge Brian K. Tester.  The Debtor is
represented by Gerardo L Santiago Puig, Esq., at Santiago Puig Law
Offices.

At the time of the filing, the Debtor estimated its assets at
$500,000 to $1 million and debts at $1 million to $10 million.


GUSTAVO ARANGO: Hires BDO Puerto Rico PSC as Accountant
-------------------------------------------------------
Gustavo Arango, Inc., seeks authorization from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ BDO Puerto
Rico,PSC as accountant.

The Debtor requires BDO Puerto Rico to:

     a. assist in the preparation of all financial data to be
        presented to the US Trustee's Office within the first 15
        days after the filing. This date will be used for the IDI
        ("Initial Debtor's Interview") and the General Meeting of
        Creditors

     b. prepare financial projections and cash flows together with
        Accountant's Report therein;

     c. prepare Liquidation Analysis for the Bankruptcy Court
        along with its related Notes and Accountant's Report;

     d. assist Debtor's Legal Counseling in the preparation of the
        Plan of Reorganization, Disclosure Statement, and all the
        related documents for the Bankruptcy Court;

     e. prepare a Summary of Claims and Payment Plan Worksheets,
        reconciling the claims presented in the schedules with the
        proof of claims filed, presenting the status of each
        claims;

     f. classify claims and prepare the payment plan suggested for
        each class of claims, individually and in the aggregate;

     g. prepare the Feasibility Analysis and the Accountant's
        Report thereto;

     h. assist the Client in developing internal Plan of
        Reorganization and Cost Containment Program to reduce
        expenses, find revenues increase alternatives, and
        analysis of Debtor's operations;

     i. prepare and/or review of the Monthly Operating Reports for
        the Bankruptcy Court;

     j. assist in any matters related to creditors meetings, such
        as meetings with banks and major creditors, looking
        forward for effective negotiations which mat result in an
        effective reorganization of the client;

     k. assist in the organization of the dockets, proof of
        claims,
and other related documents to reduce electronic filing costs and
have effective access to all documents related to the Bankruptcy
Court;

     l. assist the legal counselor in the efforts to restructure
        bank debts, obtain new financing source, and/or any
         Debtor-in-Possession or post-petition financing;

     m. provide litigation support as specialized financial
        witness; and

     n. assist the Legal Counselors in any litigation that may
        arise in the course of the reorganization that may require
        financial and accounting testimony and litigation support.

BDO Puerto Rico will be paid at these hourly rates:

       Shareholder                     $175
       Senior Manager/Manager          $150
       Senior Associate                $100
       Associate                       $85
       Administrative/Intern           $60

A retainer in the amount of $5,500 plus Sales and Use Tax has been
required un this case and paid by Gustavo Arango.

BDO Puerto Rico will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Aida M. Escribani Ramallo from BDO Puerto Rico, PSC, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

BDO Puerto Rico may be reached at:

     Aida M. Escribani Ramallo
     BDO Puerto Rico, PSC
     PO Box 363436
     1302 Ponce de Leon Avenue, 1st Floor
     San Juan, PR 00907
     Tel: 787-754-3999
     Fax: 787-754-3105
     E-mail: aescribano@bdo.com.pr

Gustavo Arango, Inc., filed a Chapter 11 petition (Bankr. D. P.R.
Case No. 16-05118) on June 28, 2016, and is represented by Carmen
D. Conde Torres, Esq. of C. Conde & Assoc.


GUSTAVO ARANGO: Hires C. Conde & Associates as Attorney
-------------------------------------------------------
Gustavo Arango, Inc., seeks authorization from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ C. Conde & Assoc.,
as Attorney.

The Debtor requires C. Conde & Associates to:

     a. advise the debtor with respect to its duties, powers and
responsibilities in his case under the laws of the United States
and Puerto Rico in which the debtor in possession conducts its
operation, do business, or is involved in litigation;

     b. advise the debtor in connection with a determination
whether a reorganization is feasible and, if not, helping the
debtor in the orderly liquidation of its assets;

     c. assist the debtor with respect to negotiations with
creditors for the purpose of arranging the orderly liquidation of
assets and/or for proposing a viable plan of reorganization;

     d. prepare on behalf of the debtor the necessary complaints,
answers, orders, reports, memoranda of law and/or any other legal
papers or documents;

     e. appear before the bankruptcy court, or any court which
debtors assert a claim interest or defense directly or indirectly
related to this bankruptcy case;

     f. perform other legals services for the debtor as may be
required in these proceedings or in connection with the operation
of/and involvement with the debtor's business, including but not
limited to notarial services;

     g. employ other professional services, if necessary.

C. Conde & Assoc., will be paid at these hourly rates:

       Carmen D. Conde Torres, Esq.             $300
       Associates                               $275
       Junior Attorney                          $250
       Paralegal                                $150

C. Conde & Assoc., received a retainer in the amount of $25,000.

Carmen D. Conde Torres, Esq., senior attorney of C. Conde &
Assoc.,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.

C. Conde & Assoc., may be reached at:

     Carmen D. Conde Torres, Esq.
     254 San Jose Street, 5th Floor
     Old San Juan, PR 00901
     Telephone: 787-729-2900
     Facsimile: 787-729-2203
     E-mail: condecarmen@condelaw.com

Gustavo Arango, Inc., filed a Chapter 11 petition (Bankr. D. P.R.
Case No. 16-05118) on June 28, 2016, and is represented by Carmen
D. Conde Torres, Esq. of C. Conde & Assoc.  The Hon. Brian K.
Tester presides over the case.



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



* BOND PRICING: For the Week From July 11 to July 15, 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.
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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.


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