TCRLA_Public/160912.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, September 12, 2016, Vol. 17, No. 180


                            Headlines



B R A Z I L

OI SA: Creditors Said to Oppose Proposed Restructuring Plan


C A Y M A N  I S L A N D S

B & C CAPITAL: Creditors to Hold Meeting on Sept. 16
CARENEXT INSURANCE: Creditors to Hold Meeting on Sept. 16
GB VOYAGER: Commences Liquidation Proceedings
GINGER CAPITAL: Placed Under Voluntary Wind-Up
GINGER CAPITAL OFFSHORE: Placed Under Voluntary Wind-Up

MEECH LAKE: Shareholder to Hear Wind-Up Report on Sept. 20
MEECH LAKE MASTER: Shareholder to Hear Wind-Up Report on Sept. 20
PHF HOLDINGS: Creditors' Proofs of Debt Due Sept. 30
POLYMATHY ADVANTAGE: Commences Liquidation Proceedings
POLYMATHY MASTER: Commences Liquidation Proceedings

SCT GLOBAL: Placed Under Voluntary Wind-Up
WELL FORTUNE: Creditors' Proofs of Debt Due Sept. 19


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Main Border Market Abuzz as Haiti Lifts Ban
* DOMINICAN REPUBLIC: Big Firms Weighs in on 'Monopolies' Row


J A M A I C A

CABLE & WIRELESS: Minority Owners Vote Down Resolution in Protest
JAMAICA: Moving to Clear its Customs Agency of Corruption
* JAMAICA: Brewing Tax for Imported Coffee


M E X I C O

GRUPO CEMENTOS: S&P Affirms 'BB-' Rating & Removes from Watch Neg.
* MEXICO: Woos the Greater Caribbean to Talk Business in Cancun


P U E R T O    R I C O

AUGUSTOS CUISINE: Disclosures OK'd; Plan Hearing on Oct. 17
CONDADO RESTAURANT: Wants Sept. 26 Plan Filing Period Extension
EFRON DORADO: Wants Plan Filing Deadline Moved to Nov. 13
FARMACIA BRISAS: Disclosures Has Conditional OK; Nov. 15 Hearing
PUERTO RICO: Moody's Says Banks Can Absorb Additional Stress


X X X X X X X X X

* BOND PRICING: For the Week From Sept. 5 to Sept. 9, 2016


                            - - - - -


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


OI SA: Creditors Said to Oppose Proposed Restructuring Plan
------------------------------------------------------------
Cristiane Lucchesi at Bloomberg News reports that creditors of Oi
SA, the Brazilian phone company that filed for bankruptcy with $20
billion of debt, view the restructuring plan the company presented
on Sept. 5 as unfairly benefiting shareholders, said two people
with direct knowledge of the matter.

The main issue is the right Oi has to redeem bondholders'
convertibles anytime it wants, the people said, asking not to be
named because the position isn't public yet, according to
Bloomberg News.   Creditors argue that the option for early
redemption gives current shareholders power to avoid dilution if
the company manages to stage a turnaround, but leaves bondholders
with a large stake if things go badly, the people said, Bloomberg
News relays.

The Rio de Janeiro-based operator proposed converting up to
BRL32.3 billion ($10.1 billion) of bondholders' debt into
convertible bonds with a face value of BRL10 billion, the report
notes.   Lenders would get 85 percent of the company if Oi doesn't
pay off the debt in three years -- leaving current shareholders in
control of the company for that time span, and potentially
benefiting from any recovery, the people said, Bloomberg News
relays.

The creditors also oppose the 10-year grace period suggested for
bank debt, considered too long, and the option shareholders have
of using proceeds from asset sales to pay bondholders'
convertibles, which could avoid dilution, the people said. The
plan will need to change to be approved by creditors, according to
the people, Bloomberg News discloses.

"The proposal is unattractive to creditors and should be viewed,
we think, as an indication of the company's intention to present a
tough stance in upcoming negotiations with creditors," Francisco
Velasco, an analyst at Exotix Partners, said in a research note,
Bloomberg News says.  Mr. Velasco recommended selling Oi bonds.

A press official for Oi declined to comment on creditors' concerns
about the restructuring plan.

The plan, which also includes new resources and the possibility of
a merger or breakup, was approved by the company's board and filed
with a court in Rio, according to a filing, Bloomberg News says.
Now that the document has been presented, Oi's debtholders and
shareholders have 30 days to negotiate before presenting a revised
plan, Bloomberg News discloses.  Two top shareholders, Pharol SGPS
SA and Nelson Tanure, are already in talks, people familiar with
the matter said, Bloomberg News relays.

                           'Massive Haircuts'

"It's difficult to come to terms with shareholders walking away
with substantial value while bondholders are taking massive
haircuts," said David Tawil, co-founder of New York-based hedge
fund Maglan Capital, Bloomberg News notes.

Oi SA has listed almost 67,000 creditors between bondholders,
banks and small companies, as well as Anatel, the nation's
telecommunications regulator, Bloomberg News says.  According to
Brazilian law, creditors have 30 days to object to the plan before
a general assembly takes place led by the judicial administrator
PricewaterhouseCoopers and law firm Wald, Bloomberg News notes.

Oi SA, which finished the second quarter with total debt of
BRL48.4 billion, filed for protection from creditors in June amid
a looming bond payment and after some board members disagreed with
a debt swap plan proposed by a Moelis & Co.-led group that would
have given bondholders 95 percent of the company, Bloomberg News
notes.

Brazil's fourth-biggest wireless company was built through a
series of mergers and went through a number of leadership
changes -- the company has had six chief executive officers in the
past five years, the report recounts.  It operates part of the
country's landline phone system, which has proven onerous -- Oi SA
has a legal commitment to expand and maintain the obsolete
network, Bloomberg News relays.

Oi bonds due 2020 rose 21 cents to 26.38 cents, recovering some
losses Wednesday, Sept. 7 after plummeting the day before.
Brazil's stock market was closed Wednesday, Sept. 7 for a holiday,
Bloomberg News notes.  The company's shares tumbled 17 percent in
Sao Paulo on Tuesday, Sept. 6, adds the report.

                             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 CAPITAL: Creditors to Hold Meeting on Sept. 16
----------------------------------------------------
The creditors of B & C Capital Ltd will hold their meeting on
Sept. 16, 2016, at 11:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The creditors are required to file their proofs of debt by
Sept. 14, 2016, to be included in the company's dividend
distribution.

The company's liquidator is:

          Graham Robinson
          Chris Johnson Associates Ltd
          Elizabethan Square Shedden Road
          P.O. Box 2499 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 946 0820


CARENEXT INSURANCE: Creditors to Hold Meeting on Sept. 16
---------------------------------------------------------
The creditors of Carenext Insurance (SPC) Limited will hold their
meeting on Sept. 16, 2016, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The creditors are required to file their proofs of debt by
Sept. 14, 2016, to be included in the company's dividend
distribution.

The company's liquidator is:

          Graham Robinson
          Chris Johnson Associates Ltd
          Elizabethan Square Shedden Road
          P.O. Box 2499 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 946 0820
          e-mail: ta@cjacayman.com


GB VOYAGER: Commences Liquidation Proceedings
---------------------------------------------
On Aug. 9, 2016, the sole shareholder of GB Voyager Multi-Strategy
Fund SPC, Ltd. resolved to voluntarily liquidate the company's
business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Jay Min
          Swiss Re Management (US) Corporation
          55 East 52nd Street
          New York
          New York 10055
          United States of America
          Telephone: +1 212 317 5354


GINGER CAPITAL: Placed Under Voluntary Wind-Up
----------------------------------------------
On Aug. 10, 2016, the shareholders of Ginger Capital Multi-
Strategies Fund, Inc. resolved to voluntarily wind up the
company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Michael Wai-Kwong Chan
          c/o Richard Bennett
          Telephone: +852 3656 6069
          Facsimile: +852 3656 6001
          Ogier, Central Tower, 11th Floor
          28 Queen's Road Central
          Central
          Hong Kong


GINGER CAPITAL OFFSHORE: Placed Under Voluntary Wind-Up
-------------------------------------------------------
On Aug. 10, 2016, the shareholders of Ginger Capital Multi-
Strategies Offshore Feeder Fund, Inc. resolved to voluntarily wind
up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Michael Wai-Kwong Chan
          c/o Richard Bennett
          Telephone: +852 3656 6069
          Facsimile: +852 3656 6001
          Ogier, Central Tower, 11th Floor
          28 Queen's Road Central
          Central
          Hong Kong


MEECH LAKE: Shareholder to Hear Wind-Up Report on Sept. 20
----------------------------------------------------------
The shareholder of Meech Lake Offshore Commodity Fund, Ltd. will
hear on Sept. 20, 2016, at 9:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The creditors are required to file their proofs of debt by
Sept. 19, 2016, to be included in the company's dividend
distribution.

The company's liquidator is:

          Stuarts Walker Hersant Humphries
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


MEECH LAKE MASTER: Shareholder to Hear Wind-Up Report on Sept. 20
-----------------------------------------------------------------
The shareholder of Meech Lake Master Fund, SPC will hear on
Sept. 20, 2016, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The creditors are required to file their proofs of debt by
Sept. 19, 2016, to be included in the company's dividend
distribution.

The company's liquidator is:

          Stuarts Walker Hersant Humphries
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


PHF HOLDINGS: Creditors' Proofs of Debt Due Sept. 30
----------------------------------------------------
The creditors of PHF Holdings Ltd. are required to file their
proofs of debt by Sept. 30, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 8, 2016.

The company's liquidators are:

          DMS Corporate Services Ltd.
          c/o Norman Chan
          P.O. Box 1344 George Town KY1-1108
          dms House, 20 Genesis Close
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


POLYMATHY ADVANTAGE: Commences Liquidation Proceedings
------------------------------------------------------
On Aug. 19, 2016, the sole shareholder of Polymathy Advantage Fund
Limited resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Walkers Liquidations Limited
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands


POLYMATHY MASTER: Commences Liquidation Proceedings
---------------------------------------------------
On Aug. 19, 2016, the sole shareholder of Polymathy Advantage
Master Fund Limited resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Walkers Liquidations Limited
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands


SCT GLOBAL: Placed Under Voluntary Wind-Up
------------------------------------------
On Aug. 18, 2016, the shareholders of SCT Global Fund Inc.
resolved to voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Padraig Hoare
          Telephone: +1 (345) 815 1415
          Facsimile: +1 (345) 945-6265
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


WELL FORTUNE: Creditors' Proofs of Debt Due Sept. 19
----------------------------------------------------
The creditors of Well Fortune Investments Limited are required to
file their proofs of debt by Sept. 19, 2016, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 18, 2016.

The company's liquidators are:

          Stephen Liu Yiu Keung
          Koo Chi Sum
          Ernst & Young Transactions Limited
          62nd Floor, One Island East
          18 Westlands Road, Island East
          Hong Kong
          Telephone: +852 2629 3323
          Facsimile: +852 2827 0715


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


DOMINICAN REPUBLIC: Main Border Market Abuzz as Haiti Lifts Ban
---------------------------------------------------------------
Dominican Today reports that hundreds of Haitians and Dominicans
on Sept 9. attended the binational market held Mondays and
Fridays, where Port-au-Prince Customs officials allowed free entry
of 23 products whose overland import had been barred.

Outlet diariolibre.com reports that since before 8:00 a.m.,
Haitian vendors crossed the border bridge over the Masacre river
to sell goods to Dominican customers, joined by hundreds of buyers
from that nation who acquire merchandise in the town, according to
Dominican Today.

Among the products already entering Haiti freely figure eggs,
chicken, cooking oil, vegetables, tubers, pasta, flour, rebar and
cement, the report notes.

There were more troops and police officers inside the biggest
border market and surrounding areas as well, to prevent incidents
between the groups of Haitians and Dominicans, the report says.

The association which groups producers and vendors asked Dajabon's
authorities to guarantee security in the market, where officials
report increased income since the ban on Dominican products was
lifted, 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: Big Firms Weighs in on 'Monopolies' Row
------------------------------------------------------------
Dominican Today reports that the National Council Business (CONEP)
said it opposes the publication of several studies on practices
and conditions of competition in some Dominican Republic markets,
conducted by the National Competition Protection Commission (Pro
Competencia).

In a letter to Pro Competencia president Michel Cohen and other
members of its Board of, the CONEP states its "concern" over the
disclosure of "sensitive information that could adversely affect"
the image and competitiveness, according to Dominican Today.  It
also questions the legality of the regulator's "latest actions,"
noting that they would be unlawful, the report notes.

It notes that according to Pro Competencia's bylaws "studies,
papers and other research and dissemination, in order to induce a
culture of competition among operators in the country," is a
function of its Executive Board, a position that is still vacant,
the report discloses.

"We believe and defend competitiveness," the CONEP says, noting
that has been one of the main standard bearers for the
Competitiveness Protection Law 42-08 to take effect, for which,
"the appointment of the Board and the Executive director is
required," the report relays.

"Any execution in relation to this exclusive attribution of the
Executive Board is invalid and its exercise is contrary" to
several articles of the Constitution, the CONEP says in the letter
dated September 6, signed by its president, Rafael Blanco, the
report relays.

Among the studies recently released Pro Competencia, which
demonstrate the predominance of monopolistic practices and abuse
of a "dominant position" in the Dominican Republic figure the of
beers, pharmaceuticals and insurance market, 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.



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


CABLE & WIRELESS: Minority Owners Vote Down Resolution in Protest
-----------------------------------------------------------------
Caribbean360.com reports that minority share-holders of Cable &
Wireless Jamaica have defied the board of directors and voted
against a resolution to set pay for auditor KPMG.  Their move was
aimed at making a wider point on transparency.

Voting on the resolution was adjourned for 30 days when C&WJ
shareholders can vote via poll on the matter, according to
Caribbean360.com.

The shareholders at the annual general meeting demanded
independent verification of the heavily fluctuating multibillion-
dollar non-cash charges, which lead the company into losses, the
report relays.  While all other resolutions at the meeting were
passed without fanfare, the final one -- for KPMG to continue as
auditors of the company and to fix their fee -- was resisted, the
report notes.

It was a rare display of minority shareholders exercising their
voting power at an AGM, the report relays.

"It's a win for minority shareholders for the moment," minority
shareholder Orette Staple declared to the Financial Gleaner just
after the adjournment of the meeting, the report says.

The auditors received payment of $53 million for the year ending
March 2016, up from $50 million the previous, according to
disclosures in the annual report, the report notes.  But the fee
was not the matter of contention.

The non-cash charges booked by C&WJ relate to impairment and
depreciation at the company, which operates in a heavily capital-
intensive telecom industry, the report says.  Essentially, the
shareholders want the auditors or some other independent body to
verify these non-cash expense charges, which fluctuate
significantly on an annual basis, the report discloses.

Some shareholders questioned whether the auditors rigorously test
the impairment and depreciation charges, or whether the charges
are estimates that increasingly reflect opinion rather than fact,
the report relays.

"We have not heard, to my knowledge, a frank and credible reason
for changing the auditors other than you are vexed with the
numbers. That's not good enough," said C&WJ Managing Director
Garfield Sinclair at the meeting, the report relays.

That led to a chorus of "transparency" from the shareholders, says
Caribbean360.com.

In response to the vote against the motion, board member and
attorney Rochelle Cameron said C&WJ would invoke Article 66 of the
company's articles of incorporation, which allows a vote by poll
in 30 days, the report notes.

"This is well within the rules of articles of incorporation. The
chairman has in fact called for a poll but the reason it would not
be done now is that it has to be done on paper. So those
arrangements will be done for this particular resolution," the
report quoted Ms. Staple as saying.

As to possibility of changing auditors, Kerr-Jarrett pointed out
that KPMG audits the group financials as well as other C&WJ
subsidiaries, which streamlines the consolidated accounts, and it
would cost the company more to have a separate company conducting
the audits, the report adds.

As reported in the Troubled Company Reporter-Latin America on Feb
16, 2015, RJR News reports that restructuring and legal costs
during the October to December quarter resulted in Cable &
Wireless Jamaica racking up a huge financial loss.

The company incurred J$1.5 billion in operating exceptional items
during the three months, according to RJR News.  As a result, it
ended the period with a J$1.89 billion loss, the report relates.
Revenues increased by 14 per cent to J$5.6 billion.


JAMAICA: Moving to Clear its Customs Agency of Corruption
---------------------------------------------------------
Caribbean360.com reports that Jamaica's Minister of Finance,
Audley Shaw, has warned that the Government is leaving no stone
unturned in its effort to weed out corruption within the Jamaica
Customs Agency.

Mr. Shaw pointed to a number of breaches within the JCA, including
goods at the transhipment point -- meant for overseas
destinations -- remaining here in Jamaica, and the importation of
illicit cigarettes, alcohol and pharmaceuticals, according to
Caribbean360.com.

"Let me make it absolutely and abundantly clear that in moving
from direct to indirect taxation, we are going to create more
equity.  More individuals will be contributing to the tax system
and if we cut out the corruption of imports we can lower our taxes
as well; more compliance and everybody will have a more ordered
civilized and decent society.  That is the mission of this
administration," the report quoted Mr. Shaw as saying.  "A lot of
you have had a good run bringing in illegal goods into the country
-- some of which are dangerous to our health. A lot of people in a
lot of places -- and they know when they hear my voice on
television or radio, they know who they are . . . . You've had a
good run, but we are going to leave no stone unturned to clean up
the system, create better equity for all Jamaicans and at the end
of the day have a cleaner quality of life with better economic
growth."

Mr. Shaw, who was speaking at the American Chamber of Commerce of
Jamaica (Amcham) President's Breakfast on data and document
security, noted that corruption is becoming a nationwide crisis,
the report relays.

In a panel discussion involving members of the banking,
entertainment, pharmaceutical and manufacturing industries, the
group highlighted that fraudulent paperwork has not only cost
local companies millions in technologies to mitigate the
activities, but has also led to the Sagicor Group closing one of
its critical illness plans in light of fraudulent insurance
claims.

Globally, fraud currently accounts for US$400 billion. But by
2020, that number is expected to reach US$1 trillion. One solution
discussed among the members is the implementation of hologram
images on official documents and the public education of these
images, the report says.

"We are doing our best to control this situation because the
corruption is moving somewhere from endemic to epidemic. We can't
sweep it under the carpet and as the minister I'm not going to
tolerate it, and we are going to find a way to solve it," Mr. Shaw
told members of the audience, the report adds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 15, 2016, Fitch Ratings has upgraded Jamaica's Long-term
foreign and local currency IDRs to 'B' from 'B-' and revised the
Rating Outlooks to Stable from Positive.  In addition, Fitch
upgraded Jamaica's senior unsecured Foreign- and Local-Currency
bonds to 'B' from 'B-'.  The Country Ceiling has been affirmed at
'B' and the Short- Term Foreign-Currency IDR affirmed at 'B'.


* JAMAICA: Brewing Tax for Imported Coffee
------------------------------------------
RJR News reports that work is going full steam ahead on
introducing a tax on all coffee imported in Jamaica.

Chief Technical Director in the Ministry of Industry, Commerce,
Agriculture and Fisheries, Dermon Spence, says most of the
legislative work to facilitate the move has already been
completed, according to RJR News.

The move comes, Mr. Spence said, as government seeks to provide
support for the continued growth of the coffee industry, notes the
report.

Last year, coffee recorded a 10.4 per cent growth in production,
making a significant contribution to the US$28.5 million in crop
export, up from US$18.7 million in 2014, the report relays.

That performance, Mr. Spence said, "is a clear indication that in
spite of challenges . . . . there is value and potential in the
industry and rewards can be reaped," the report says.

"We want to grow and export as many bags of coffee beans as
possible, but in addition to that, we also want to place increased
focus on the value-added component of the industry," he noted
further, the report notes.

Two years ago, the president of the Jamaica Agricultural Society
Norman Grant called for the imposition of a cess on imported
coffee, declaring that the industry was in a state of emergency,
the report discloses.

Mr. Spence suggested that the money earned from the tax should be
placed in a special fund to be used to expand the local coffee
industry, the report relays.

Mr. Spence's call came after two years of the coffee leaf rust and
coffee berry borer diseases resulting in US$10 million in losses,
the report adds.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 15, 2016, Fitch Ratings has upgraded Jamaica's Long-term
foreign and local currency IDRs to 'B' from 'B-' and revised the
Rating Outlooks to Stable from Positive.  In addition, Fitch
upgraded Jamaica's senior unsecured Foreign- and Local-Currency
bonds to 'B' from 'B-'.  The Country Ceiling has been affirmed at
'B' and the Short- Term Foreign-Currency IDR affirmed at 'B'.


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


GRUPO CEMENTOS: S&P Affirms 'BB-' Rating & Removes from Watch Neg.
------------------------------------------------------------------
S&P Global Ratings Services affirmed its 'BB-' long-term corporate
and issue-level ratings on Grupo Cementos de Chihuahua S.A.B. de
C.V. (GCC).  S&P also removed them from CreditWatch negative,
where it placed them on May 3, 2016, following the company's
original announcement to acquire several U.S. assets from Cemex
S.A.B. de C.V. (global scale: B+/Positive/--; national scale:
mxBBB/Positive/mxA-2).  The outlook is stable.

The recovery rating on GCC's $260 million senior unsecured notes
due 2020 remains unchanged at '3' and indicates S&P's expectation
of meaningful (50%-70%; higher band of the range) recovery
prospect for the bondholders in the event of a payment default.

GCC recently announced that the acquisition amount, which it
disclosed in May 2016, was reduced to $306 million from
$400 million.  The asset purchase agreement now includes one
cement plant located in Texas; two cement terminals located in
Amarillo and El Paso Texas; and the concrete, aggregates, asphalt
and building materials businesses in El Paso Texas and Las Cruces
New Mexico.  Moreover, the company publicly announced its
intention to fund the purchase with $250 million of additional
debt and with $56 million of cash reserves.

Although, the transaction is still subject to approval from the
U.S. antitrust authority, S&P don't believe that it will hurt
GCC's credit quality because S&P believes that its credit metrics
will remain in line with the current rating level, particularly,
debt to EBITDA below 3.0x. In addition, according to GCC's
disclosure, S&P understands that the proposed new financing will
rank pari passu in right of order and payment in the event of a
payment default, with the existing $260 million senior secured
notes due 2020.  This would mitigate the risk of a potential
structural or contractual subordination for bondholders.


* MEXICO: Woos the Greater Caribbean to Talk Business in Cancun
---------------------------------------------------------------
Caribbean News Now reports that Latin American investors are bent
on boosting business ties in the Greater Caribbean, with companies
in two major business capitals looking to forge new and better,
stronger and deeper ties with their smaller hemispheric neighbors
to the south.

Hot on the heels of the announcement of a visit to Saint Lucia in
November by a Brazilian investment mission interested in doing
business in the Eastern Caribbean, Mexico says it too has plans to
talk and do business with the wider Caribbean in November -- but,
in Mexico, according to Caribbean News Now.

The Brazilian mission, being coordinated by a private Brazilian
entity, Nomad Development, is due in Saint Lucia from November 11
to 17, Caribbean News Now says.  It will bring 15 investors and
parliamentarians to the island to discuss a wide range of business
opportunities, the report notes.

The Embassy of Brazil in Saint Lucia is assisting in the
preparations for the mission and Ambassador Sergio Couri said,
"Investments can be direct or joint, private and/or public," the
report relays.

The Brazilians are interested in projects ranging from tourism and
construction to alternative energy and agriculture.

But while the Brazilians are heading to the Caribbean, the
Mexicans have arranged the opposite: to invite Caribbean investors
to talk and do business in Cancun, the report says.

The Embassy of Mexico to the Eastern Caribbean States (based in
Saint Lucia) has announced that the 2016 Cancun Forum "Creating
Synergies to Strengthen the Competitiveness of the Greater
Caribbean" will be held November 16-18 in Cancun, Mexico, the
report notes.

The embassy said, "This event is regarded in Mexico as the most
important business forum in the Greater Caribbean and is designed
to foster regional economic development and competitiveness by
increasing trade and investment flows," the report discloses.

The report relays that the Cancun forum, it added, "also seeks to
promote Mexican exports and investment, and explore potential
value chains within the Caribbean region."

According to the Mexican embassy, "The central activity of the
Cancun Forum is a business round where Mexican exporters and
buyers from the Greater Caribbean countries have the opportunity
to make contact and start business relationships," the report
says.  The program also includes "business seminars and workshops
on the main challenges and opportunities for the region."

But the Brazilians won't be the only overseas businesses heading
to Saint Lucia in November. The Taiwanese are coming too -- and
yet again, the report notes.

The Taiwan Embassy to Saint Lucia and the island's commerce
ministry have also announced the ninth Annual Saint Lucia-Taiwan
Partnership Trade Show, to be held in Rodney Bay, Gros Islet, from
November 25 to 27, the report discloses.

The embassy said the show "will highlight a wide range of quality
goods and services from Saint Lucia and Taiwan" and will also
"afford businesses from both countries the opportunity to develop
trading and networking alliances," the report notes.

The Taiwanese businesses participating in the trade show will also
be seeking agents for retail of their products in Saint Lucia, the
report adds.


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


AUGUSTOS CUISINE: Disclosures OK'd; Plan Hearing on Oct. 17
----------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico has approved the disclosure
statement filed by Augustos Cuisine Corporation.
A hearing for the consideration of confirmation of the Plan will
be held on Oct. 17, 2016, at 9:30 a.m.

The Debtor filed the Disclosure Statement on July 8, 2016.
Objections to claims must be filed 45 days prior to the hearing on
confirmation. The Debtor will include in its objection to claim a
notice that if no response to the objection is filed within 30
days, the motion will be considered and decided without the actual
hearing.

Acceptances or rejections of the Plan must be filed on or before
14 days prior to the date of the hearing on confirmation of the
Plan.

Any objection to confirmation of the Plan must be filed on or
before 21 days prior to the date of the hearing on confirmation of
the Plan.

The Debtor will file with the Court a statement setting forth
compliance with each requirement in Section 1129, the list of
acceptances and rejections and the computation of the same, within
seven working days before the hearing on confirmation.

Augustos Cuisine Corporation filed for Chapter 11 bankruptcy
protection (Bankr. D. P.R. Case No. 15-09390).


CONDADO RESTAURANT: Wants Sept. 26 Plan Filing Period Extension
---------------------------------------------------------------
Condado Restaurant Group, Inc. and Restaurant Associates of Puerto
Rico, Inc. ask the U.S. Bankruptcy Court for the District of
Puerto Rico to extend their exclusivity period for submitting a
disclosure statement and plan of reorganization to September 26,
2016, and their period for soliciting acceptances to their plan to
November 25, 2016.

The Debtors relate that the Court had previously extended their
exclusivity period to September 6, 2016.

The Debtors tell the Court that they had been working diligently
to prepare their disclosure statement and plan of reorganization.

They further tell the Court that due to some calculations that are
still being worked on by their financial team, including priority
tax claims, and their projections, they will not be able to file
their disclosure statement and plan of reorganization on time.

              About Condado Restaurant Group, Inc.

Condado Restaurant Group, Inc. and Restaurant Associates of Puerto
Rico filed for Chapter 11 bankruptcy protection (Bankr. D. P.R.
Case Nos. 16-01329 and 16-01330) on February 24, 2016.  The
petitions were signed by Dayn Smith, president.  The Debtors cases
were consolidated on May 12, 2016 in lead Case No. 16-01329.

The Debtors are represented by Javier A. Vega Villalba, Esq., at
Weinstein Bacal & Miller, PSC.  The Debtor hired Acosta & Ramirez
as financial consultant.

Condado Restaurant Group, Inc. estimated assets and liabilities at
between $1 million and $10 million.  Restaurant Associates of
Puerto Rico, Inc. estimated assets at $100,000 to $500,000 and
liabilities at $1 million to $10 million.


EFRON DORADO: Wants Plan Filing Deadline Moved to Nov. 13
---------------------------------------------------------
Efron Dorado Se seeks from the U.S. Bankruptcy Court a 60-day
extension of the exclusive periods during which it may file and
solicit acceptances of a plan of reorganization through Nov. 13,
2016 and Feb. 9, 2017, respectively.

The Debtor submits that the Court's resolution of these contested
matters -- which are scheduled to be heard on Oct. 3, 2015 -- is
necessary in order to present a feasible Plan: (a) Puerto Rico
Asset Portfolio 2013-1 International, LLC's proof of claim number
2 and the objection thereto, and (b) the extent of PRAPI's alleged
rights and security interest in the rental income arising from
Debtor's Shopping Center operating under the name of Paseo Del
Plata, at Dorado, Puerto Rico.

Moreover, the Debtor asserts that it is in the process of
evaluating various alternatives for financing, with a bearing on
the nature and feasibility of the Plan.

                     About Efron Dorado Se

Efron Dorado Se, based in San Juan, Puerto Rico, filed for Chapter
11 bankruptcy protection (Bankr. D.P.R. Case No. 16-00283) on Jan.
20, 2016.  The petition was signed by David Efron, partner.

Charles Alfred Cuprill, Esq., at Charles A Cuprill, PSC Law
Office, serves as its bankruptcy counsel.

In its petition, the Debtor listed total assets of $33.2 million
and total debt of $15.2 million.  According to the schedules, the
Debtor owns the shopping mall known as Paseo Del Plata Shopping
Center located in Dorado, Puerto Rico; a parcel of land consisting
of 80 Cuerdas, identified as Quintas De Dorado; and a parcel of
land consisting of 30 Cuerdas known as Hernandez Farm.


FARMACIA BRISAS: Disclosures Has Conditional OK; Nov. 15 Hearing
----------------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico has conditionally approved
Farmacia Brisas Del Mar Inc.'s disclosure statement dated Aug. 15,
2016, with respect to the Debtor's Chapter 11 plan.

The hearing to consider the final approval of the Disclosure
Statement and confirmation of the Plan will be held on Nov. 15,
2016, at 10:00 a.m.

Three days prior to the hearing is fixed as the last day for
filing written acceptances or rejections to the Plan. Three days
prior to the hearing is fixed as the last day for filing and
serving written objections to the disclosure statement and
confirmation of the Plan.

Headquartered in Luquillo, Puerto Rico, Farmacia Brisas Del Mar,
Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. P.R.
Case No. 16-00054) on Jan. 8, 2016, estimating its assets at
between $100,000 and $500,000 and liabilities at between $1
million and $10 million.  The petition was signed by Ana I De La
Cruz Padilla, secretary.

Judge Lamoutte Inclan presides over the case.

Victor Gratacos Diaz, Esq., at Gratacos Law Firm, P.S.C., serves
as the Debtor's bankruptcy counsel.


PUERTO RICO: Moody's Says Banks Can Absorb Additional Stress
------------------------------------------------------------
Owing to the Commonwealth of Puerto Rico's (Caa3 developing)
significant economic and operating challenges, the three rated
banks: Banco Santander Puerto Rico (BSPR, A2/Baa2 stable, ba3),
Banco Popular de Puerto Rico (Popular, Ba2/B2 negative, b1) and
FirstBank (B1/Caa1 negative, b3) will continue to endure high
levels of problem assets and anemic prospects for earnings and
growth in 2017, despite de-risking and cost cutting efforts,
Moody's Investors Service says in a new report.

The economic contraction in Puerto Rico is estimated at -2.4% for
2016 and -0.9% in 2017, continuing a downturn that began in 2004,
which reflects the fragile business and investment sentiment amid
Puerto Rico's uncertain fiscal and debt situation.

"The lesser contraction expected for 2017 reflects our view that
the creation of a control board and legal framework for
restructuring Puerto Rico's debt will increase legal and economic
certainty and help stem investment outflows from the island," said
Jeanne Del Casino, a Moody's Vice President -- Senior Credit
Officer.

Moody's says the banks have reduced their exposures to the Puerto
Rico public sector, although they remain significant, and will
drive nonperforming loans (NPLs) higher since Puerto Rico's weak
finances make a debt restructuring inevitable. Moreover, the newly
enacted oversight board has been explicitly tasked with
restructuring the commonwealth's debt.

The report "Banco Santander Puerto Rico, Popular, Inc. and
FirstBank Puerto Rico: Banks Can Absorb Further Asset Quality
Stress Resulting from Puerto Rico's Unceasing Recession," says
commercial banks' assets and loan books have contracted alongside
the downturn in the economy. This trend is anticipated to persist
amid economic pressures as banks' loan balances decline and
continue to write down assets, hindering earnings growth.

However, the banks can absorb further asset quality and earnings
stresses at their current capitalization levels Moody's stress
tests indicate. In both the baseline and stress scenarios, the
banks' capital levels stay above the minimum regulatory
requirements for CET1 + capital conservation buffer of 7%.

Banco Santander Puerto Rico leads with a much higher post-stress
tangible common equity (TCE) ratio of 24.2% compared to Popular's
11.4% and FirstBank's 11.9%. However, Popular's capital falls the
least, with a decline of 230 basis points in the TCE ratio, versus
410 bps for Banco Santander Puerto Rico and 420 bps for FirstBank.
This reflects Popular's lower beginning NPL levels and better
profitability profile.



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


* BOND PRICING: For the Week From Sept. 5 to Sept. 9, 2016
----------------------------------------------------------

Issuer Name                  Cpn   Price   Maturity  Country  Curr
-----------                  ---   -----   --------  -------   ---
Andino Investment Holding     11   70.85  11/13/2020   PE     USD
Andino Investment Holding     11   68.88  11/13/2020   PE     USD
Anton Oilfield Services G     7.5  69.03   11/6/2018   CN     USD
Anton Oilfield Services G     7.5     66   11/6/2018   CN     USD
BA-CA Finance Cayman 2 Lt   0.719   38.5               KY     EUR
BA-CA Finance Cayman Ltd    0.749  38.93               KY     EUR
Banco do Brasil SA/Cayman    6.25  62.84               KY     USD
Banco do Brasil SA/Cayman    6.25  59.51               KY     USD
BPI Capital Finance Ltd      2.29     40               KY     EUR
CA La Electricidad de Car     8.5  43.75   4/10/2018   VE     USD
Chile Government Internat   3.625   15.7  10/30/2042   CL     USD
CSN Islands XI Corp         6.875  61.25   9/21/2019   KY     USD
CSN Islands XI Corp         6.875  61.13   9/21/2019   KY     USD
CSN Islands XII Corp            7   48.8               BR     USD
CSN Islands XII Corp            7  47.75               BR     USD
Decimo Primer Fideicomiso    4.54  59.75  10/25/2041   PA     USD
Decimo Primer Fideicomiso       6  71.38  10/25/2041   PA     USD
Ecuador Government Domest    8.45   70.8    2/6/2034   EC     USD
Ecuador Government Domest    8.45  69.35   9/10/2034   EC     USD
Ecuador Government Domest    8.45  70.42    4/2/2034   EC     USD
Ecuador Government Domest    8.45  69.72   7/17/2034   EC     USD
Ecuador Government Domest    8.45  69.71   5/30/2034   EC     USD
Ecuador Government Domest    8.45  69.23   9/30/2034   EC     USD
Ecuador Government Domest    8.45  70.52   3/19/2034   EC     USD
Ecuador Government Domest    7.75  74.84  12/19/2028   EC     USD
Ecuador Government Domest    8.45  69.94   6/12/2034   EC     USD
Ecuador Government Domest    8.45  69.95   6/11/2034   EC     USD
Ecuador Government Domest    8.45  69.82    7/1/2034   EC     USD
Ecuador Government Domest     7.7  73.56    7/1/2029   EC     USD
Ecuador Government Domest     7.7  72.94   9/10/2029   EC     USD
Ecuador Government Domest    7.75  74.95   11/8/2028   EC     USD
Ecuador Government Domest     7.7  73.74   6/11/2029   EC     USD
Ecuador Government Domest     7.7  73.73   6/12/2029   EC     USD
Ecuador Government Domest     7.7  72.77   9/30/2029   EC     USD
Empresa de Telecomunicaci       7  71.24   1/17/2023   CO     COP
Empresa de Telecomunicaci       7  71.24   1/17/2023   CO     COP
ESFG International Ltd      5.753  0.883               KY     EUR
General Exploration Partn    11.5  36.75  11/13/2018   CA     USD
General Shopping Finance       10  60.55               KY     USD
General Shopping Finance       10  60.63               KY     USD
Global A&T Electronics Lt      10  70.88    2/1/2019   SG     USD
Global A&T Electronics Lt      10  71.88    2/1/2019   SG     USD
Global A&T Electronics Lt      10   50.5    2/1/2019   SG     USD
Global A&T Electronics Lt      10     54    2/1/2019   SG     USD
Glorious Property Holding   13.25  74.56    3/4/2018   HK     USD
Gol Finance Inc              9.25  47.35   7/20/2020   BR     USD
Gol Finance Inc              8.75  37.75               BR     USD
Gol Finance Inc               7.5     61    4/3/2017   BR     USD
Gol Finance Inc               7.5  59.38    4/3/2017   BR     USD
Gol Finance Inc               7.5  59.38    4/3/2017   BR     USD
Gol Finance Inc              9.25  43.38   7/20/2020   BR     USD
Gol Finance Inc              8.75  36.88               BR     USD
Green Dragon Gas Ltd           10  63.75  11/20/2017   HK     USD
Greenfields Petroleum Cor       9  11.35   5/31/2017   US     CAD
Honghua Group Ltd            7.45  58.25   9/25/2019   CN     USD
Honghua Group Ltd            7.45     58   9/25/2019   CN     USD
Inversora Electrica de Bu     6.5   59.5   9/26/2017   AR     USD
MIE Holdings Corp             7.5  67.25   4/25/2019   HK     USD
MIE Holdings Corp             7.5  68.58   4/25/2019   HK     USD
NB Finance Ltd/Cayman Isl    3.38  60.22    2/7/2035   KY     EUR
Newland International Pro     9.5  24.13    7/3/2017   PA     USD
Newland International Pro     9.5  25.13    7/3/2017   PA     USD
Noble Holding Internation     6.2  65.42    8/1/2040   KY     USD
Noble Holding Internation    6.05  66.38    3/1/2041   KY     USD
Noble Holding Internation    5.25  64.71   3/15/2042   KY     USD
Ocean Rig UDW Inc            7.25  57.75    4/1/2019   CY     USD
Ocean Rig UDW Inc            7.25     55    4/1/2019   CY     USD
Odebrecht Drilling Norbe     6.35     27   6/30/2021   KY     USD
Odebrecht Drilling Norbe     6.35   28.5   6/30/2021   KY     USD
Odebrecht Finance Ltd         7.5     40               KY     USD
Odebrecht Finance Ltd       4.375  37.23   4/25/2025   KY     USD
Odebrecht Finance Ltd       7.125   33.5   6/26/2042   KY     USD
Odebrecht Finance Ltd        5.25   34.5   6/27/2029   KY     USD
Odebrecht Finance Ltd       5.125     36   6/26/2022   KY     USD
Odebrecht Finance Ltd        8.25     35   4/25/2018   KY     BRL
Odebrecht Finance Ltd           7   53.5   4/21/2020   KY     USD
Odebrecht Finance Ltd           6  41.51    4/5/2023   KY     USD
Odebrecht Finance Ltd        5.25     36   6/27/2029   KY     USD
Odebrecht Finance Ltd       4.375     36   4/25/2025   KY     USD
Odebrecht Finance Ltd       7.125  33.75   6/26/2042   KY     USD
Odebrecht Finance Ltd         7.5   42.5               KY     USD
Odebrecht Finance Ltd        8.25     35   4/25/2018   KY     BRL
Odebrecht Finance Ltd       5.125  35.38   6/26/2022   KY     USD
Odebrecht Finance Ltd           6  38.88    4/5/2023   KY     USD
Odebrecht Finance Ltd           7     44   4/21/2020   KY     USD
Odebrecht Offshore Drilli    6.75     17   10/1/2022   KY     USD
Odebrecht Offshore Drilli   6.625     17   10/1/2022   KY     USD
Odebrecht Offshore Drilli    6.75  17.38   10/1/2022   KY     USD
Odebrecht Offshore Drilli   6.625  17.38   10/1/2022   KY     USD
Petroleos de Venezuela SA    5.25   67.5   4/12/2017   VE     USD
Petroleos de Venezuela SA   12.75   56.1   2/17/2022   VE     USD
Petroleos de Venezuela SA       9  49.38  11/17/2021   VE     USD
Petroleos de Venezuela SA    9.75  44.57   5/17/2035   VE     USD
Petroleos de Venezuela SA       6   38.5   5/16/2024   VE     USD
Petroleos de Venezuela SA       6  36.75  11/15/2026   VE     USD
Petroleos de Venezuela SA   5.375     37   4/12/2027   VE     USD
Petroleos de Venezuela SA     5.5  36.75   4/12/2037   VE     USD
Petroleos de Venezuela SA       6  32.13  10/28/2022   VE     USD
Petroleos de Venezuela SA       6   36.4  11/15/2026   VE     USD
Petroleos de Venezuela SA       6  35.35   5/16/2024   VE     USD
Petroleos de Venezuela SA    9.75   41.7   5/17/2035   VE     USD
Petroleos de Venezuela SA       9  45.25  11/17/2021   VE     USD
Petroleos de Venezuela SA   12.75  46.15   2/17/2022   VE     USD
Polarcus Ltd                  5.6  44.93   3/30/2022   AE     USD
Provincia de Rio Negro     1.6148     62    5/4/2024   AR     ARS
PSOS Finance Ltd            11.75  60.13   4/23/2018   KY     USD
Republic of Ecuador Minis    8.45  69.22   9/30/2034   EC     USD
Republic of Ecuador Minis    7.75  74.88  12/19/2028   EC     USD
Republic of Ecuador Minis     7.7   73.6    7/1/2029   EC     USD
Republic of Ecuador Minis    7.75  74.99   11/8/2028   EC     USD
Republic of Ecuador Minis    8.45  69.22   9/30/2034   EC     USD
Republic of Ecuador Minis     7.7  73.77   6/12/2029   EC     USD
Republic of Ecuador Minis    8.45  69.39   9/10/2034   EC     USD
Republic of Ecuador Minis    8.45  69.75   7/17/2034   EC     USD
Republic of Ecuador Minis    8.45  69.39   9/10/2034   EC     USD
Republic of Ecuador Minis     7.7  72.81   9/30/2029   EC     USD
Republic of Ecuador Minis     7.7  73.78   6/11/2029   EC     USD
Republic of Ecuador Minis     7.7   73.6    7/1/2029   EC     USD
Republic of Ecuador Minis    8.45  69.98   6/11/2034   EC     USD
Republic of Ecuador Minis    8.45  69.98   6/11/2034   EC     USD
Republic of Ecuador Minis     7.7  73.77   6/12/2029   EC     USD
Republic of Ecuador Minis     7.7  72.99   9/10/2029   EC     USD
Republic of Ecuador Minis    8.45  69.97   6/12/2034   EC     USD
Republic of Ecuador Minis    7.75  74.88  12/19/2028   EC     USD
Republic of Ecuador Minis    8.45  70.84    2/6/2034   EC     USD
Republic of Ecuador Minis    8.45  70.55   3/19/2034   EC     USD
Republic of Ecuador Minis    8.45  69.85    7/1/2034   EC     USD
Republic of Ecuador Minis    8.45  70.45    4/2/2034   EC     USD
Republic of Ecuador Minis     7.7  72.81   9/30/2029   EC     USD
Republic of Ecuador Minis    8.45  69.75   7/17/2034   EC     USD
Republic of Ecuador Minis    8.45  69.74   5/30/2034   EC     USD
Republic of Ecuador Minis    8.45  69.97   6/12/2034   EC     USD
Republic of Ecuador Minis    7.75  74.99   11/8/2028   EC     USD
Republic of Ecuador Minis    8.45  69.85    7/1/2034   EC     USD
Republic of Ecuador Minis    8.45  70.45    4/2/2034   EC     USD
Republic of Ecuador Minis    8.45  69.74   5/30/2034   EC     USD
Republic of Ecuador Minis     7.7  73.78   6/11/2029   EC     USD
Republic of Ecuador Minis    8.45  70.84    2/6/2034   EC     USD
Republic of Ecuador Minis     7.7  72.99   9/10/2029   EC     USD
Republic of Ecuador Minis    8.45  70.55   3/19/2034   EC     USD
Samarco Mineracao SA        4.125  37.25   11/1/2022   BR     USD
Samarco Mineracao SA         5.75   36.6  10/24/2023   BR     USD
Samarco Mineracao SA        5.375  35.38   9/26/2024   BR     USD
Samarco Mineracao SA        4.125  37.38   11/1/2022   BR     USD
Samarco Mineracao SA         5.75  39.63  10/24/2023   BR     USD
Samarco Mineracao SA        5.375  37.25   9/26/2024   BR     USD
Siem Offshore Inc            5.69  52.25   1/30/2018   NO     NOK
Siem Offshore Inc            5.49  51.75   3/28/2019   NO     NOK
Transocean Inc               5.05  74.75  10/15/2022   KY     USD
Transocean Inc                6.8  63.66   3/15/2038   KY     USD
Transocean Inc                7.5  65.78   4/15/2031   KY     USD
Transocean Inc                9.1  70.41  12/15/2041   KY     USD
Transocean Inc               7.45   74.9   4/15/2027   KY     USD
Transocean Inc                  8  73.55   4/15/2027   KY     USD
Uruguay Notas del Tesoro     5.25  61.99  12/29/2021   UY     UYU
US Capital Funding IV Ltd 0.99305  43.92   12/1/2039   KY     USD
US Capital Funding IV Ltd 0.99305  43.92   12/1/2039   KY     USD
Venezuela Government Inte    9.25  49.03   9/15/2027   VE     USD
Venezuela Government Inte   11.75   49.5  10/21/2026   VE     USD
Venezuela Government Inte   11.95   49.5    8/5/2031   VE     USD
Venezuela Government Inte    7.75  47.38  10/13/2019   VE     USD
Venezuela Government Inte  13.625  65.25   8/15/2018   VE     USD
Venezuela Government Inte   9.375  45.85   1/13/2034   VE     USD
Venezuela Government Inte       7  52.85   12/1/2018   VE     USD
Venezuela Government Inte       7     42   3/31/2038   VE     USD
Venezuela Government Inte       9   45.5    5/7/2023   VE     USD
Venezuela Government Inte    9.25   45.5    5/7/2028   VE     USD
Venezuela Government Inte    8.25  44.38  10/13/2024   VE     USD
Venezuela Government Inte       6   43.5   12/9/2020   VE     USD
Venezuela Government Inte  13.625   56.5   8/15/2018   VE     USD
Venezuela Government Inte    7.65  43.25   4/21/2025   VE     USD
Venezuela Government Inte  13.625  59.69   8/15/2018   VE     USD
Venezuela Government Inte   12.75   53.5   8/23/2022   VE     USD
Venezuela Government TICC    5.25  53.23   3/21/2019   VE     USD
VRG Linhas Aereas SA        10.75  25.63   2/12/2023   BR     USD
VRG Linhas Aereas SA        10.75  25.63   2/12/2023   BR     USD
XLIT Ltd                      6.5     70               IE     USD


                            ***********


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

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

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


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2016.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

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


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