TCRLA_Public/160728.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, July 28, 2016, Vol. 17, No. 148


                            Headlines



A R G E N T I N A

FIMA RENTA: Moody's Assigns 'B-' Bond Fund Rating


B O L I V I A

BOLIVIA: Scraps Controversial Broadcast-Licensing System


B R A Z I L

JBS SA: Police Raid Brazil Offices
OI SA: Seeks Large Debt Cut, $1 Billion Cash From Creditors


C A Y M A N  I S L A N D S

B-C CIG: Shareholder to Hear Wind-Up Report on Aug. 19
COF SPV 11/11: Shareholders' Final Meeting Set for Aug. 11
EDDINGTON TRIPLE: Shareholders' Final Meeting Set for Aug. 9
ESFU DEAL: Shareholder to Hear Wind-Up Report on Aug. 19
GANYMEDE INTERMEDIATE: Shareholders' Final Meeting Set for Aug. 11

GOLDMAN SACHS ISLAMIC: Members' Final Meeting Set for Aug. 19
GOLUB INT"L: Shareholder to Hear Wind-Up Report on Aug. 19
GS LIQUIDITY: Shareholder to Hear Wind-Up Report on Aug. 19
LECON I: Shareholder to Hear Wind-Up Report on Aug. 19
MUFU DEAL: Shareholder to Hear Wind-Up Report on Aug. 19

PINNACLE MEDICAL: Members' Final Meeting Set for Aug. 10
SUNSHINE SUITES: Shareholders' Final Meeting Set for Aug. 15
VERTICAL NO.1: Shareholder to Hear Wind-Up Report on Aug. 19


P U E R T O    R I C O

AUGUSTO'S CUISINE: Unsecureds to Get 4.9% Recovery Under Plan
BALTAZAR NEGRON: 13% Distribution Expected for Unsecured Claims
ELBARDI INTERNATIONAL PLAZA: Taps Correa as Legal Counsel


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Halliburton Reports $148MM Loss From Ops


X X X X X X X X X

LATAM: IMF Says Argentina, Brazil, Venezuela Holding Back Economy


                            - - - - -


=================
A R G E N T I N A
=================


FIMA RENTA: Moody's Assigns 'B-' Bond Fund Rating
-------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned B-bf/A-bf.ar bond fund ratings to Fima Renta Dolares I
FCI (the Fund), a new medium term bond fund domiciled in Argentina
and managed by Galicia Administradora de Fondos SA (AAPIC FCI).

                        RATINGS RATIONALE

The fund's ratings reflect the quality of the fund's investment
portfolio, which will typically invest 60% in B3 rated sovereign
and sub-sovereign bonds.  The remainder of the fund's asset will
be invested in corporate bonds, mutual funds and REPOs (rated
between B1 and Ba3).  The Fund's average duration is not expected
to exceed 3 years.  Additionally we considered the asset manager's
track record as trend setter and brand recognition in adhering to
the portfolio's average credit quality.

The rating agency noted that Fima Renta Dolares I FCI is a new
fund with no prior track record, but managed by an experienced
investment manager.  Moody's analysis was performed on a model
portfolio provided by the fund sponsor.  The rating agency expects
the Fund to be managed in line with the model portfolio.  However,
Moody's noted that if the Fund's actual portfolio deviates
materially from the model portfolio, the Fund's ratings could
change.

"Based on the Fund's pro-forma portfolio, the Fund's credit
quality profile is consistent with other B-bf/A-bf.ar rated
funds", said Moody's Assistant Vice President Carlos de Nevares.

Galicia Administradora de Fondos SA (AAPIC FCI) is among the
largest asset managers in the Argentinean mutual fund industry
being a subsidiary of Banco Galicia, one of the leading private
banks in Argentina.  As of June 2016, Galicia Administradora de
Fondos SA (AAPIC FCI), among the eldest fund advisors in the local
market, had approximately AR$23.8 billion in Assets under
Management (AUM) or approximately $1.6 billion, which place them
at the second position with a 9.6 % of market share in AUM terms.



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


BOLIVIA: Scraps Controversial Broadcast-Licensing System
--------------------------------------------------------
EFE News reports that the Bolivian government announced that it
will postpone the expiration date of licenses for radio stations
and television channels after media owners warned they could
possibly lose their permits due to a decree that made their
renewal process extremely difficult.

The media were informed of the decision by Vice President Alvaro
Garcia Linera following a meeting that President Evo Morales held
with representatives of the Asbora broadcasters association and
executives from television networks, according to EFE News.

The report notes that Mr. Linera said that after hearing the
concerns of media owners, it was decided to cancel the new
regulations on license renewals established last month.

"We are extending for three months the valid licenses that
absolutely all the media possess.  The expiration of their
licenses that began this month is suspended," the vice president
said, the report relays.  "They can keep operating and planning
their investments without any problem," he added.

Mr. Linera added that radio and television outlets will be able to
renew their licenses in 2019 for a period of 15 years with no need
for a public bidding process, as long as they comply with the
"content requirement established by law," the report relays.

In March, Asbora representatives warned about the possible closure
of 500 radio stations due to the complications of renewing their
licenses caused by the decree regulating the Telecommunications
Law, the report notes.

Mr. Linera said the government then realized that "this could be
the beginning of a period of job instability" for media workers
and of "economic instability" for media owners, who would not be
able to make investments for the future due to their uncertainty
about being granted the frequencies applied for, the report notes.

The president of Asbora, Alfonso Arevalo, for his part, thanked
the government for hearing the concerns and proposals of the
sector and said "the country has won," since now "there are
sources of jobs and there are radio and television networks that
will remain on the air," the report says.

As reported in the Troubled Company Reporter-Latin America on July
18, 2016, Fitch Ratings 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'.



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


JBS SA: Police Raid Brazil Offices
----------------------------------
meatpoultry.com reports that federal law enforcement officers in
Brazil searched the headquarters of JBS SA as part of a far-
reaching corruption investigation. JBS confirmed the search, but
said neither the company nor JBS executives were the target of the
probe.

In a statement, JBS said "in relation to reports in the press this
morning, neither the company nor any of its executives are the
target of or are related to the Federal Police operation which
occurred this morning in Brazil," according to meatpoultry.com.

JBS and several other Brazilian companies are under scrutiny by
federal prosecutors as part of a corruption probe called Operation
Car Wash, the report notes.  Federal prosecutors are looking into
allegations that offshore companies and real estate transactions
were used as a front for laundering money from bribes, graft,
racketeering and other criminal activities including fraud and
collusion, the report relays.

Joesley Batista, chairman of JBS SA, was indicted earlier this
year for allegedly trying to circumvent Brazilian laws prohibiting
loans from one financial entity to its owners, the report
discloses.  Additionally, JBS categorically denied JBS Chief
Executive Officer Wesley Batista's involvement in the alleged
criminal activities under investigation in Operation Car Wash, the
report notes.  In both cases, JBS categorically denied any
wrongdoing by the Batista brothers, the report relays.

In May, the company announced plans to spin off its international
business to create a new company, JBS Foods International, which
will be listed on the New York Stock Exchange, the report adds.

As reported in the Troubled Company Reporter-Latin America on
May 16, 2016, S&P Global Ratings revised its outlook on JBS S.A.
and JBS USA LLC to negative from stable.  At the same time, S&P
affirmed its 'BB+' global scale and 'brAA+' national scale ratings
on JBS and JBS USA.  In addition, S&P affirmed its 'BB+' issue-
level ratings on both companies.  A recovery rating of '3' for the
senior secured debt -- indicating a recovery expectation of 70%-
90%, in the higher band of the range -- and a '4' recovery rating
for the unsecured debt -- indicating a recovery expectation of
30%-50%, the higher band of the range -- remain unchanged.


OI SA: Seeks Large Debt Cut, $1 Billion Cash From Creditors
-----------------------------------------------------------
Guillermo Parra-Bernal at Reuters reports that Oi SA wants
creditors to cut debt by almost two-thirds and inject $1 billion
in fresh cash to exit bankruptcy protection, O Globo newspaper
relayed, citing a person with direct knowledge of the matter.

Under terms of an accord that is under discussion between Oi
bondholders represented by investment-banking firm Moelis & Co,
and shareholders and management of Brazil's No. 4 wireless
carrier, total debt would be reduced to about BRL25 billion
(US$7.6 billion) from the current BRL65.4 billion, Globo said,
citing the source, according to Reuters.

Reuters notes that the accord would allow Oi to obtain $1 billion
in cash from creditors that would be used for capital spending,
the newspaper added.  That amount is equivalent to the investments
that Oi, which filed for a court-led reorganization in June, made
last year, the paper said, Reuters relays.

Rio de Janeiro-based Oi, the byproduct of a government-sponsored
merger at the end of last decade, succumbed to a heavy debt burden
and mounting competition after years of shareholder disputes,
Reuters discloses.  The disputes led to the collapse of
negotiations with the Moelis-led group after largest single
shareholder Pharol SGPS SA balked at the prospect of being heavily
diluted in a debt restructuring deal, Reuters 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
==========================


B-C CIG: Shareholder to Hear Wind-Up Report on Aug. 19
------------------------------------------------------
The shareholder of B-C CIG Holdings Ltd. will hear on Aug. 19,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


COF SPV 11/11: Shareholders' Final Meeting Set for Aug. 11
----------------------------------------------------------
The shareholders of COF SPV 11/11, Ltd. will hold their final
meeting on Aug. 11, 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:

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


EDDINGTON TRIPLE: Shareholders' Final Meeting Set for Aug. 9
------------------------------------------------------------
The shareholders of Eddington Triple Alpha Funds Ltd. will hold
their final meeting on Aug. 9, 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:

          Doran & Associates
          59/60 O' Connell Street
          Limerick
          Ireland
          Telephone: 00353 61 430000
          Facsimile: 00353 61 408613


ESFU DEAL: Shareholder to Hear Wind-Up Report on Aug. 19
--------------------------------------------------------
The shareholder of Esfu Deal Limited will hear on Aug. 19, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GANYMEDE INTERMEDIATE: Shareholders' Final Meeting Set for Aug. 11
------------------------------------------------------------------
The shareholders of Ganymede Intermediate Limited will hold their
final meeting on Aug. 11, 2016, at 10:10 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


GOLDMAN SACHS ISLAMIC: Members' Final Meeting Set for Aug. 19
-------------------------------------------------------------
The members of Goldman Sachs Islamic Products Limited will hold
their final meeting on Aug. 19, 2016, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


GOLUB INT"L: Shareholder to Hear Wind-Up Report on Aug. 19
----------------------------------------------------------
The shareholder of Golub International Loan Ltd I will hear on
Aug. 19, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GS LIQUIDITY: Shareholder to Hear Wind-Up Report on Aug. 19
-----------------------------------------------------------
The shareholder of GS Liquidity Products Limited will hear on
Aug. 19, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


LECON I: Shareholder to Hear Wind-Up Report on Aug. 19
------------------------------------------------------
The shareholder of LECON I SPC will hear on Aug. 19, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MUFU DEAL: Shareholder to Hear Wind-Up Report on Aug. 19
--------------------------------------------------------
The shareholder of Mufu Deal Limited will hear on Aug. 19, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PINNACLE MEDICAL: Members' Final Meeting Set for Aug. 10
--------------------------------------------------------
The members of Pinnacle Medical Protective SPC will hold their
final meeting on Aug. 10, 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:

          Graham Robinson
          c/o Tanya Armstrong
          P.O. Box 2499, George Town
          Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864


SUNSHINE SUITES: Shareholders' Final Meeting Set for Aug. 15
------------------------------------------------------------
The shareholders of Sunshine Suites Ltd. will hold their final
meeting on Aug. 15, 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:

          Gregory H. Wray
          Robert E.Clements
          c/o Floor 4, Willow House, Cricket Square
          P.O. Box 884 Grand Cayman KY1-1103
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


VERTICAL NO.1: Shareholder to Hear Wind-Up Report on Aug. 19
------------------------------------------------------------
The shareholder of Vertical No.1 Limited will hear on Aug. 19,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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



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


AUGUSTO'S CUISINE: Unsecureds to Get 4.9% Recovery Under Plan
-------------------------------------------------------------
Augusto's Cuisine Corporation filed its First Amended Disclosure
Statement dated July 8, 2016.

General unsecured creditors are classified in Class 3, and will
receive a distribution of 4.9% of their allowed claims, to be
distributed in 60 monthly payments after the Effective Date of the
Plan.

Payments will start on Oct. 15, 2016, and will end on Sept. 15,
2021.

Payments and distributions under the Plan will be funded by the
on-going operations of the Debtor, the new value provided by Ariel
Rodriguez and the capital contribution of $45,000 by Mr.
Rodriguez.

A copy of the First Amended Disclosure Statement is available for
free at http://bankrupt.com/misc/prb15-09390-115.pdf

The First Amended Disclosure Statement was filed by the Debtor's
counsel:

     Alexis Fuentes Hernandez, Esq.
     FUENTES LAW OFFICES, LLC
     P.O. Box 9022726
     San Juan, PR 00902-2726
     Tel: (787) 722-5215, 5216
     Fax: (787) 722-5206
     E-mail: alex@fuentes-law.com

Augusto's Cuisine Corporation filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 15-09390) on Nov. 25, 2015.
Alexis Fuentes Hernandez, Esq., at Fuentes Law Offices, LLC,
serves as the Debtor's counsel.


BALTAZAR NEGRON: 13% Distribution Expected for Unsecured Claims
---------------------------------------------------------------
Baltazar Negron Soto filed with the U.S. Bankruptcy Court for the
District of Puerto Rico an Amended Disclosure Statement for Plan
of Reorganization dated July 8, 2016, which anticipates that Class
2 - General Unsecured Claims get a 13% distribution for a total
distribution of $4,500.

Allowed Class 2 Claims are expected to total $34,627.81.  These
claims will be paid via monthly payments in the amount of $187.50;
commencing on the first day of the 37th month following the
Effective Date of the Plan and continue through the last day of
the 60th month following the Effective Date of the Plan.  Payments
will be based on principal only, without any payment of interest.

The Plan establishes that the Plan will be funded from the
Reorganized Debtor's cash flow generated by the Debtor.  It
generally consists of the rental income generated by the
Commercial Property or investment real property located at Calle
601 Bloque 222 Casa 15 Villa Carolina, Carolina, Puerto Rico; the
income generated by the Debtor's employment; and the income
generated by Debtor's employment as a preacher.  The Debtor will
contribute his cash flows to fund the Plan commencing on the
Effective Date of the Plan and continue to contribute said income
through the date that Holders of Allowed Class 1 and 2 Claims
receive the payments specified for in the Plan.

Funds will be distributed on a pro rata basis on the Priority Tax
Claims.  Only one creditor is expected to receive distributions
pursuant to Classes 1 or 2.

The Disclosure Statement was filed by the Debtor's counsel:

          http://bankrupt.com/misc/prb14-08847-150.pdf

The counsel may be reached at:

     Jesus Enrique Batista-Sanchez, Esq.
     The Batista Law Group, PSC
     Cond. Mid-Town Center
     420 Avenue Juan Ponce De Leon, Suite 901
     San Juan, PR 00918
     Tel: (787) 620-2856

Baltazar Negron Soto owns two significant business assets.  The
Debtor filed for Chapter 11 bankruptcy protection (Bankr. D. P.R.
Case No. 14-08847) in 2014.

The Debtor owns a 100% interest in the shares of Funeraria
Ebenezer.  Funeraria, which is managed and operated by the Debtor,
is a corporation dedicated to funeral services.  Funeraria does
not own any real property.  The Debtor also owns an investment
real property located at Calle 601 Bloque 222 Casa 15 Villa
Carolina, Carolina, Puerto Rico.  Additionally, the Debtor also
owns the real property located at Bloque 142 Calle 412 No. 13
Villa Carolina, Carolina, PR, which is Debtor's Primary Residence.
The Primary Residence is owned by the Debtor free and clear of any
liens and encumbrances.


ELBARDI INTERNATIONAL PLAZA: Taps Correa as Legal Counsel
---------------------------------------------------------
Elbardi International Plaza C, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire the Law
Firm of Correa Business Consulting Group, LLC.

The firm will serve as the Debtor's legal counsel in connection
with its Chapter 11 case. The services to be provided by the firm
include:

     (a) advising the Debtor regarding its duties and powers;

     (b) advising the Debtor in determining whether a
         reorganization is feasible or not;

     (c) assisting the Debtor in negotiating with creditors to
         formulate a plan of reorganization or arrange for an
         orderly liquidation of its assets; and

     (d) preparing legal papers and appearing before the
         bankruptcy court.

The Debtor proposes to pay $150 per hour to Luis Correa Gutierrez,
Esq., the lawyer who will be providing the services.

Mr. Gutierrez disclosed in a court filing, that the firm does not
represent or hold any interest adverse to the Debtor or its
estate.

The firm can be reached through:

     Luis E. Correa Gutierrez, Esq.
     Correa Business Consulting Group, LLC
     Ext. Roosevelt, 468 Calle Arrigoit°a
     San Juan, PR 00918
     Tel: 787-373-1185
     Fax: 787-724-0353
     Email: lcorrea@correalawoffice.com

               About Elbardi International Plaza

Elbardi International Plaza C, LLC sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 16-03845) on May
13, 2016.



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


PETROLEOS DE VENEZUELA: Halliburton Reports $148MM Loss From Ops
----------------------------------------------------------------
Trinidad Express reports that Oil services provider Halliburton Co
reported a US$148 million loss as a result of accepting a
promissory note in exchange for unpaid invoices linked to
Venezuela operations.

Venezuelan state oil company Petroleos de Venezuela has built up
more than $19 billion in debts to providers as it struggles with
low oil prices and a decaying socialist economy, leading some
leading service companies to slow operations, according to
Trinidad Express.

As reported in the Troubled Company Reporter-Latin America on
March 10, 2016, Moody's Investors Service changed the outlook on
Petroleos de Venezuela (PDVSA)'s ratings to negative from stable.
Moody's also affirmed PDVSA's Caa3 issuer rating and lowered the
company's baseline credit assessment (BCA) to caa3 from caa1.
These rating actions follow Moody's decision on March 4, 2016, to
change the outlook on the Government of Venezuela's bond ratings
to negative from stable.



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


LATAM: IMF Says Argentina, Brazil, Venezuela Holding Back Economy
-----------------------------------------------------------------
EFE News reports that the International Monetary Fund forecasts
for 2016 a contraction in Latin America's average GDP of 0.4
percent, due mainly to economic problems in Argentina, Brazil and
Venezuela, a senior IMF official said.

The head of the IMF's Western Hemisphere Department, the Mexican
economist Alejandro Werner, took part in a Montevideo conference
on structural reforms, according to EFE News.

"The panorama of Latin America is largely determined by economies
like Venezuela, which faces a considerable projected contraction
(some 10 percent); Brazil, which will experience a decline similar
to last year's; and Argentina, obviously because of the transition
going on there," Mr. Werner told the press, EFE News notes.

As for the latter country, he said the "change in economic policy"
enacted by the new government of President Mauricio Macri "will
control the imbalances of that economy" and reactivate
investments, but in the short term will show "negative growth,"
the report relays.

"The rest of the region's economies show minor growth like we have
seen in the past, but on the positive side," the economist said,
the report notes.

Mr. Werner also noted that opportunities exist in Latin America
for "greater regional integration" in finance and trade, something
that a panorama of "greater international complexity and in which
integrating into the global economy is getting harder," should
provide the leverage for significant growth, the report relays.

Asked whether the IMF has evaluated the impact of establishing a
free trade agreement between the European Union and Mercosur -- a
bloc made up of Argentina, Brazil, Paraguay, Uruguay and Venezuela
-- he said that such a deal "offers very important possibilities
for the region," the report relays.

"We like the looks of it. Mercosur's move to find this integration
and the EU's move to do the same in a situation where there is
clearly less of a trend toward international free trade, we
believe this is a very important initiative," the report quoted
Mr. Werner as saying.

Attending the conference in Montevideo were Uruguayan Economy
Minister Danilo Astori, while taking part in the day's panels were
also the finance ministers of Colombia, Mauricio Cardenas, and of
Paraguay, Santiago Paz, the report says.

Also on hand will be the IMF's chief economist, Maurice Obstfeld,
and the presidents of the central banks of Argentina, Federico
Sturzenegger, and of Uruguay, Mario Bergara, the report adds.

                            ***********


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,
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Information contained herein is obtained from sources believed to
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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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