TCRLA_Public/160916.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


            Friday, September 16, 2016, Vol. 17, No. 184


                            Headlines



A R G E N T I N A

ARGENTINA: To Work With UK Toward Removing Shipping Restrictions
CORDOBA MUNICIPALITY: Moody's Assigns B3 Issuer Rating


B R A Z I L

BRAZIL: Real Hedging Cost Jumps as Latin American Currencies Sink
RIO DE JANEIRO: S&P Puts 'CCC-' GS Rating on CreditWatch Negative


C A Y M A N  I S L A N D S

CHINA SENIOR: Shareholder to Hear Wind-Up Report on Sept. 21
FPP BALKAN: Shareholders' Final Meeting Set for Sept. 29
GB VOYAGER: Shareholders' Final Meeting Set for Sept. 22
ILF G.P.: Shareholders' Final Meeting Set for Sept. 23
ITPU HOLDINGS: Shareholders' Final Meeting Set for Oct. 12

RACOON CAYCO I: Shareholders' Final Meeting Set for Oct. 12
RACOON CAYCO II: Shareholders' Final Meeting Set for Oct. 12
SCT GLOBAL: Shareholders' Final Meeting Set for Sept. 23
SSF III: Shareholder to Hear Wind-Up Report on Sept. 20
TPIF GP: Shareholders' Final Meeting Set for Sept. 23

TRIANGULAR FQ: Shareholders' Final Meeting Set for Sept. 22
TRIANGULAR LYX: Shareholders' Final Meeting Set for Sept. 22
TRIANGULAR WNT: Shareholders' Final Meeting Set for Sept. 22


M E X I C O

CULIACAN MUNICIPALITY: Moody's Lowers Issuer Ratings to B3/B1.mx
IXTAPALUCA MUNICIPALITY: Moody's Affirms B1 Rating; Outlook Neg.
OAXACA STATE: Moody's Lowers Issuer Rating to Ba3; Outlook Neg.


P U E R T O    R I C O

AEROPOSTALE INC: Wins Approval of $243-Mil. Sale to Mall Group
DESARROLLADORA LCP: Unsecureds to Recover 10% Under Plan
LUVIS AMBULANCE: Taps Manuel Feliciano Rios as Fin'l Consultant


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Groups Slam Gov't., Opposition on FATCA


                            - - - - -


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


ARGENTINA: To Work With UK Toward Removing Shipping Restrictions
----------------------------------------------------------------
BBC News reports that Argentina and the UK have agreed to work
toward removing measures restricting the oil and gas industry,
shipping and fishing around the disputed Falkland Islands.

They also pledged to work together more closely on a range of
bilateral issues including trade and security, according to BBC
News.

The islands, which Buenos Aires calls Las Malvinas, may also
schedule more direct flights to Argentina, says BBC News.

The agreements would not affect the Falklands' sovereignty, the UK
said, the report notes.

This is the most positive development in relations between
Argentina and Britain for more than 15 years, says the BBC's
diplomatic correspondent Paul Adams, says the report.

Both Argentina and the UK claim the islands in the South
Atlantic -- with about 3,000 inhabitants -- as their own, having
fought a war over them in 1982, the report relays.

                           'Open for Business'

The joint statement was agreed following a series of high-level
meetings in Buenos Aires between Argentinian President Mauricio
Macri and other senior officials, and UK Foreign Office minister
Sir Alan Duncan, the report relays.

Sir Alan said the Falkland Islands would be "free" to start more
flights with layovers in Argentina, the report notes.  At present,
there are occasional flights to Chile that stop in Argentina but
this gives the green light to flights to other Latin American
countries, the report discloses.

They also said they would support a project to try to identify the
remains of unknown Argentines soldiers who died during the war and
were buried on the islands, the report notes.

The Foreign Office said it was the first positive statement the
two sides had agreed on since 1999, the report relays.
The UK's Sir Alan Duncan said: "It's clear to me that Argentina is
open for business.  The measures agreed demonstrate we can make
progress through dialogue," the report relays.

                      'New Relationship'

Argentina's former president Cristina Fernandez de Kirchner
pursued a claim of sovereignty over the islands and tried to put
pressure on British and US companies not to drill for oil in the
waters around them, the report relays.

Ms. Fernandez de Kirchner required all vessels travelling between
Argentina and the islands and those that wanted to cross Argentine
territorial waters en route to the Falklands, to seek prior
permission, the report notes.

But her successor Mr. Macri, who has been the president since
December 2015, promised a "new kind of relationship" with the UK.
The Falklands are a UK overseas territory located about 530km (330
miles) off Argentina's coast, the report relays.

In 2013, the islanders voted overwhelmingly to remain a UK
territory, the report adds.

                             *     *     *

On April 19, 2016, the Troubled Company Reporter-Latin America
reported that Moody's Investors Service upgraded on April 15,
2016, Argentina's government bond rating to B3 from Caa1, with the
outlook changed to stable from positive.  The key drivers for the
upgrade are (i) Moody's expectation that Argentina will settle
holdout creditor claims which will result in a lifting of court
injunctions and clear the way for Argentina to access
international capital markets, as well as the likelihood that
Argentina will make payments to restructured bondholders increased
significantly following an April 13, US circuit court ruling in
favor of Argentina, and (ii) the economic policy improvements
since Mauricio Macri's administration took office last December.
The new government lifted capital controls and allowed the peso to
float more freely, reduced energy and transportation subsidies and
has begun to address longstanding macroeconomic imbalances.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.

On March 30, 2016, after more than 12 hours of debate in the
Senate, Argentina's Congress passed a bill that will allow the
government to repay holders of debt that the South American
country defaulted on in 2001, including a group of litigating
hedge funds that won judgments in a New York court. The bill
passed by a vote of 54-16.

On March 24, 2016, Fitch Ratings upgraded Argentina's Long-
term local-currency Issuer Default Rating (LT LC IDR) to 'B' from
'CCC', with a Stable Outlook. Fitch has affirmed Argentina's Long-
term foreign-currency (FC) IDR at 'RD' and the short-term FC IDR
at 'RD'. In addition, Fitch has upgraded the Country Ceiling to
'B' from 'CCC'.


CORDOBA MUNICIPALITY: Moody's Assigns B3 Issuer Rating
------------------------------------------------------
Moody's Investors Service has assigned a B3 (Global Scale) foreign
currency issuer rating to the Municipality of Cordoba.  The
outlook on the issuer rating is stable.  At the same time, Moody's
assigned a B3 rating to the planned USD150 million Amortizing
Notes.

                        RATINGS RATIONALE

The B3 foreign currency issuer rating reflects the same long-term
credit risks and credit quality as the Municipality's domestic
currency issuer rating.  Among the credit strengths supporting the
current B3 rating are Cordoba's relatively strong own-source
revenue base averaging 64% of its total revenues over the last
five fiscal years, its low debt level and the consistent recording
of operating surpluses.  The five-year average of the Municipality
of Cordoba's gross operating balance was 6.5% of its current
revenues, albeit with a high volatility associated with personnel
expenditures rising faster than current revenues in many of these
past five fiscal years.  Furthermore, the Municipality of Cordoba
is one of the least leveraged sub-sovereigns in Argentina rated by
Moody's. Following the planned USD150 million Notes issuance,
Moody's projects that the Municipality's net direct and indirect
debt will measure 27% of total revenues.

Among the Municipality's key credit challenges Moody's cites the
recurrent cash financing deficits, which have averaged 6.3% over
the past five fiscal years, persistent spending pressures and a
tight liquidity position reflected by a negative ratio of net
working capital.  The volatile and weak operating environment of
Argentina is another key credit weakness of this issuer, a factor
also common to other sub-sovereigns in the country.

The planned Notes issuance has been authorized by Local Resolution
N12.517 with the objective to use the net proceeds of the Notes to
pay down some of the Municipality's financial obligations and to
finance some infrastructure projects.

The Notes will constitute direct, general, unconditional,
unsecured and unsubordinated obligations of the Municipality, will
be denominated and payable in US dollars and will be subject to
the law of the State of New York.  The will present a maximum
tenure of eight years and will pay fixed interest rate on a
semiannual basis.

After the issuance of these Notes, Moody's anticipates that the
ratio of total debt to total revenues of the Municipality of
Cordoba will rise to 27% approximately by the end of this year
from the 12% at the end of 2015 fiscal year, which is still
consistent with Cordoba's current issuer ratings.

The assigned B3 rating to the Notes is based on preliminary
documentation received by Moody's as of the rating assignment
date.  Moody's does not expect changes to the documentation
reviewed over this period, nor does it anticipate changes in the
main conditions that the Notes will carry.  Should issuance
conditions and/or final documentation of the Notes deviate from
the original ones submitted and reviewed by the rating agency,
Moody's will assess the impact that these differences may have on
the ratings and act accordingly.

               WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
sovereign and sub-sovereign entities, an upgrade of Argentina's
sovereign bonds ratings coupled with an improving trend in the
Municipality of Cordoba's financial metrics could lead to an
upgrade of its ratings.  Conversely, a downgrade in Argentina's
bond ratings and/or a sharp deterioration in idiosyncratic risk
profiles arising in the Municipality of Cordoba could exert
downward pressure on the ratings.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2013.


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B R A Z I L
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BRAZIL: Real Hedging Cost Jumps as Latin American Currencies Sink
-----------------------------------------------------------------
Paula Sambo and Christine Jenkins at Bloomberg News report that
the cost of hedging against swings in the real rose the most in a
month, Sept. 9 as Brazil's currency joined a rout in Latin America
on speculation central banks may dial back the cheap money that
has been supporting emerging markets.

Of the six worst-performing currencies among developing nations
four of them were from Latin America as a global selloff gathered
steam a day after the European Central Bank questioned the need
for more monetary stimulus, according to Bloomberg News.

Colombia's peso led declines, sinking 2.6 percent, while
currencies in Chile, Mexico and Brazil also fell on Sept. 9.

Developing-nation assets including stocks and bonds fell on
Friday, Sept. 9 after ECB President Mario Draghi said that the
bank's officials hadn't discussed extending asset purchases,
Bloomberg News says.

The probability of the U.S. Federal Reserve raising rates at the
September meeting climbed to 32 percent, up 10 percentage points
from Sept. 7, according to fed funds futures. Oil and other
commodities dropped, dimming the outlook for export revenue in
Latin America, Bloomberg News relays.

With the Fed due to announce its decision Sept. 21, "expect more
nervousness and defensiveness, despite fairly low odds of a hike
then," said Win Thin, an emerging-market strategist at Brown
Brothers Harriman & Co. in New York, Bloomberg News notes.

The real is particularly sensitive to global interest rates
because it's one of the most popular currencies for the so-called
carry trade, in which investors borrow in dollars, yen or euros
and buy emerging-market currencies to take advantage of higher
yields, Bloomberg News discloses.

Three-month implied volatility for the real rose 0.91 percentage
point to 16.71 percent and passed the Colombian peso to become the
second highest in the world, Bloomberg News notes.  The Brazilian
currency lost 1.8 percent to 3.2741 per dollar Sept. 9 in Sao
Paulo, leaving it down 0.5 percent for the week, Bloomberg News
notes.

"This fear arising from less stimulus from central banks worldwide
and a possible tightening of the Fed are the main drivers of the
sell-off in Brazilian assets," said Mauricio Oreng, a senior
strategist at Rabobank in Sao Paulo who forecasts the currency
will weaken to 3.4 per dollar by year-end, Bloomberg News relays.
Colombia's peso sank 2.6 percent to 2,919.3 per dollar after
closing at a four-month high on Thursday, Sept. 8, Bloomberg News
notes.  Crude, the country's biggest export, sank 4 percent,
falling for the first time in five days, Bloomberg News discloses.

"What we're seeing today is probably profit taking and also some
nervousness, in that oil is falling and most emerging market
currencies are retreating," said Camilo Perez, an economist at
Banco de Bogota, Bloomberg News relays.

In Chile, the world's largest copper producer, the peso sank 0.9
percent to 670.51 per dollar as the industrial metal retreated 0.5
percent. Mexico's peso fell for a third day, weakening 1.2 percent
to 18.8986 per dollar, Bloomberg News notes.

In Brazil, swap rates on the contract maturing in January 2018, a
gauge of expectations for interest-rate moves, rose 0.12
percentage point to 12.58 percent, Bloomberg News relays.

Policy makers are monitoring investors' perception of risk in
Brazil as one of the conditions for monetary easing, central bank
president Ilan Goldfajn said in an interview, Bloomberg News
notes.  On Aug. 31, the central bank kept the key rate unchanged
at an almost 10-year high of 14.25 percent for the ninth straight
meeting, Bloomberg News discloses.

Asked whether the real, which is the world's best performing
currency this year, is out of line with the economy's
fundamentals, Goldfajn said: "No, because in addition to the fact
that it appreciated there's another, that it depreciated much more
than others last year," Bloomberg News adds.

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


RIO DE JANEIRO: S&P Puts 'CCC-' GS Rating on CreditWatch Negative
-----------------------------------------------------------------
S&P Global Ratings placed its global scale 'CCC-' and national
scale 'brCCC-' ratings on the state of Rio de Janeiro (Rio) on
CreditWatch with negative implications.

RATIONALE

The CreditWatch placement reflects S&P's view that there's at
least a one-in-two likelihood that the rating on the state will
change within 90 days.  Although the state missed a debt service
payment to the Inter-American Development Bank (IADB) on Sept. 9,
2016, S&P considers that there are still institutional mechanisms
that could allow the state or the federal government to pay within
five business days.  Since there is no stated grace period in the
contract, according to S&P's criteria, timely payment means no
later than five business days after the due date for payment.

While S&P expects the sovereign government to honor the guarantee
it provided to the IADB loan within the timing established in the
contract, it still remains unclear if this payment will be made
over the next five business days, which could preclude the default
of the state, according to S&P's criteria.

In addition to the payment due to the IADB, Rio has payments
coming due in September to other multilateral lending agencies
(R$141 million including IADB) and to Credit Suisse
(R$70 million).  S&P believes the uncertainties over Rio's
capacity and willingness to make timely payments have increased
substantially compared to past months.

As of June 2016, Rio owes 67% of its total debt to the federal
government, 19% to public banks, and 12% to multilateral lending
agencies and commercial banks.  The sovereign guarantees the
majority of Rio's debt, and S&P believes the national Treasury
will continue to honor the state's debt service, according to the
terms and conditions of the loan contracts.  However, if either
level of the government fails to pay the obligation within the
stated grace period (or five business days if there's no stated
grace period), S&P would downgrade Rio to selective default 'SD',
according to its General Criteria: Methodology: Timeliness Of
Payments: Grace Periods, Guarantees, And Use Of 'D' And 'SD'
Ratings, Oct. 24, 2013.  This would occur even if the central
government makes the payment under the guarantee mechanism
established in the loan contracts.

The 'CCC-' global scale ratings on the state continue to reflect
its weak economy with an estimated GDP per capita at around
$12,817 in fiscal 2015, very weak financial management with
uncertainties over its willingness to prioritize debt repayments
and possible material delays in the communication of information,
weak budgetary flexibility, and very weak budgetary performance.
The ratings also reflect the state's very high debt burden and its
weak liquidity because Rio has no free cash.  S&P believes that
the institutional framework in Brazil, though grappling with
rising risks, continues to provide support to Brazilian
subnational governments, including Rio, at the current rating
level.  In addition, the framework's level of predictability,
transparency, and accountability corresponds to our assessment as
evolving and unbalanced.

                            CREDITWATCH

S&P aims to resolve the CreditWatch listing within the next three
months or even in the next few days if an event or additional
information leads S&P to change the current ratings.

S&P could remove the ratings from CreditWatch if either the
federal government or Rio pay IADB within five business days and
S&P has more clarity on the next debt service payments that are
coming due in the next three months.

Absent payment to the IADB within five business days after the due
date payment, S&P would lower its global scale ratings on Rio to
'SD'.

In accordance with our relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

CreditWatch/Outlook Action
                              To                   From
Rio de Janeiro (State of)
Issuer Credit Rating         CCC-/Watch Neg/--    CCC-/Neg./--
Brazil National Scale        brCCC-/Watch Neg/    brCCC-/Neg./--


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


CHINA SENIOR: Shareholder to Hear Wind-Up Report on Sept. 21
------------------------------------------------------------
The shareholder of China Senior Housing Holdco, Ltd. will hear on
Sept. 21, 2016, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


FPP BALKAN: Shareholders' Final Meeting Set for Sept. 29
--------------------------------------------------------
The shareholders of FPP Balkan Limited will hold their final
meeting on Sept. 29, 2016, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Rashane Smith
          Telephone: (345) 947 4700
          e-mail: Rashane.Smith@KRyS-Global.com


GB VOYAGER: Shareholders' Final Meeting Set for Sept. 22
--------------------------------------------------------
The shareholders of GB Voyager Multi-Strategy Fund SPC, Ltd. will
hold their final meeting on Sept. 22, 2016, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

           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


ILF G.P.: Shareholders' Final Meeting Set for Sept. 23
------------------------------------------------------
The shareholders of ILF G.P. Ltd. will hold their final meeting on
Sept. 23, 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


ITPU HOLDINGS: Shareholders' Final Meeting Set for Oct. 12
----------------------------------------------------------
The shareholders of Itpu Holdings Limited will hold their final
meeting on Oct. 12, 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:

          Westport Services Ltd.
          c/o Dominique Massias
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


RACOON CAYCO I: Shareholders' Final Meeting Set for Oct. 12
-----------------------------------------------------------
The shareholders of Racoon Cayco I Limited will hold their final
meeting on Oct. 12, 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:

          Westport Services Ltd.
          c/o Dominique Massias
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


RACOON CAYCO II: Shareholders' Final Meeting Set for Oct. 12
------------------------------------------------------------
The shareholders of Racoon Cayco II Limited will hold their final
meeting on Oct. 12, 2016, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Westport Services Ltd.
          c/o Dominique Massias
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


SCT GLOBAL: Shareholders' Final Meeting Set for Sept. 23
--------------------------------------------------------
The shareholders of SCT Global Fund Inc. will hold their final
meeting on Sept. 23, 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:

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


SSF III: Shareholder to Hear Wind-Up Report on Sept. 20
-------------------------------------------------------
The shareholder of SSF III Forest Holdings Limited will hear on
Sept. 20, 2016, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Morgan Stanley Real Estate Special Situations Fund III
          c/o Ridhiima Kapoor
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


TPIF GP: Shareholders' Final Meeting Set for Sept. 23
-----------------------------------------------------
The shareholders of TPIF GP will hold their final meeting on
Sept. 23, 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


TRIANGULAR FQ: Shareholders' Final Meeting Set for Sept. 22
-----------------------------------------------------------
The shareholders of Triangular FQ Fund Ltd. will hold their final
meeting on Sept. 22, 2016, at 10:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alun Davies
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


TRIANGULAR LYX: Shareholders' Final Meeting Set for Sept. 22
------------------------------------------------------------
The shareholders of Triangular LYX Fund Ltd. will hold their final
meeting on Sept. 22, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alun Davies
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


TRIANGULAR WNT: Shareholders' Final Meeting Set for Sept. 22
------------------------------------------------------------
The shareholders of Triangular WNT Fund Ltd. will hold their final
meeting on Sept. 22, 2016, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alun Davies
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365



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


CULIACAN MUNICIPALITY: Moody's Lowers Issuer Ratings to B3/B1.mx
----------------------------------------------------------------
Moody's de Mexico downgraded the issuer ratings of the
Municipality of Culiacan to B3/B1.mx from B1/Baa3.mx.  The outlook
remains negative.

At the same time, Moody's de Mexico downgraded debt ratings of the
MXN 498 million loan (original face value) with Banorte to
Ba2/A2.mx from Ba1/A1.mx (Global Scale, local currency).

                        RATINGS RATIONALE

The downgrade to B3/B1.mx from B1/Baa3.mx reflects the missed
payment of Culiacan on a unsecured short term loan and a very
sharp deterioration of liquidity.  Moody's confirmed with the
issuer the missed payment of an unsecured short term loan for MXN
62 million with Banregio (approximately 3.6% of Culiacan's
operating revenues).

Culiacan's liquidity decreased at the end of 2015 and continues to
deteriorate, this has been driven by the receipt of lower than
budgeted federal revenues, both federal participations and special
transfers.  In August 2016, cash and equivalents amounted MXN -
20.8 million, figure that represented -0.03x of current
liabilities compared to 0.20 in June 2016.  Moody's expects tight
liquidity to continue until December 2016.  While the municipality
is controlling operating expenditures, federal transfers, on a
year to year basis as of August 2016 fell by 7.0%.  Moody's
estimates that the municipality will continue to record negative
operating margins of around 6.7% of operating revenues and that
the financial deficit could reach a high 6% of total revenues at
the end of 2016 if this trend is not reversed.  Therefore,
Culiacan will continue to face challenges in repaying the
outstanding short term debt including penalties and interests.

The negative outlook reflects the challenges that Culiacan is
facing to revert the financial deterioration and improve its
liquidity position.  Moody's expects that the payment of the short
term debt could extend to 2017.  As a result Moody's will closely
monitor Culiacan's progress in repaying all of its short-term debt
in the next months.

      RATIONALE FOR THE DOWNGRADE OF THE ENHANCED LOAN RATINGS

The rating downgrade of the MXN 498 million (original face value)
enhanced loan with Banorte reflects the downgrade of Culiacan's
issuer ratings.  According to Moody's projections, the loan
enhancements provide three notches uplift from the global scale
issuer ratings.  Additionally, given the strong positive track
record of the existing enhanced loan, as well as the solid trust
framework in which the loan is embedded, it is Moody's opinion
that this loan has demonstrated increased security to the lender.
As such, Moody's considers that the ratings for the enhanced loans
do not need to move in line with the issuer rating at Culiacan's
current rating level.

In addition the downgrade in the Banorte enhanced loan can trigger
the breach of covenants incorporated in its contracts, that could
lead to an early termination or acceleration event.  Per Moody's
methodology on rating enhanced loans, the loan ratings are still
linked to the credit quality of the issuer, which ensures that
underlying contract enforcement risks, economic risks and credit
culture risks (for which the issuer rating acts as a proxy) are
embedded in the ratings of the enhanced loans.  However the
structure of the enhanced loans provide some insulation from the
deterioration of the issuer's credit worthiness.

               WHAT COULD CHANGE THE RATINGS UP/DOWN

While it is unlikely that the ratings will be upgraded in the
medium term, the ratings of Culiacan's could be stabilized if the
municipality fully pays its outstanding obligation without
inflicting any loss to the lender; financial deterioration is
contained and the liquidity position significantly improves.

Conversely, the ratings could be further downgraded if Culiacan
fails to pay in full its short-term debt obligations in the next
few months.  Also a further deterioration in the liquidity
position and the persistence of negative gross operating balances
and high financial deficits will likely lead to a downgrade on
issuer ratings.

Given the links between the loan and the credit quality of the
obligor an upgrade/downgrade of the issuer ratings could exert
upward/downward pressure on debt ratings for the enhanced loans.
Also, if debt service coverage metrics improve/fall materially
below our expectations, the ratings could face upward/downward
pressure.

The methodologies used in these ratings were Regional and Local
Governments published in January 2013, and Rating Methodology for
Enhanced Municipal and State Loans in Mexico published in June
2014.

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

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa.  While NSRs have
no inherent absolute meaning in terms of default risk or expected
loss, a historical probability of default consistent with a given
NSR can be inferred from the GSR to which it maps back at that
particular point in time.  For information on the historical
default rates associated with different global scale rating
categories over different investment horizons, please see:

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_
189530


IXTAPALUCA MUNICIPALITY: Moody's Affirms B1 Rating; Outlook Neg.
----------------------------------------------------------------
Moody's de Mexico affirmed the Municipality of Ixtapaluca's
B1/Baa3.mx ratings.  The outlook remains negative.

                       RATINGS RATIONALE

RATIONALE FOR THE AFFIRMATION OF THE RATING AT B1/Baa3.mx

Ixtapaluca's credit profile is composed of declining debt levels
that are slightly higher than those of the median of B1-rated
municipalities.  Between 2011 and 2015, Ixtapaluca's debt
decreased from 33% to 27.5% of operating revenues.  The
municipality reported no short-term banking debt in its financial
statements for 2015 and its quarterly financial reports for the
second quarter 2016.  Over the last years, Ixtapaluca's net
working capital (measured as current assets minus current
liabilities) has also been in line with the median of B1-rated
municipalities, averaging -3.4% of total expenditures.  Moreover,
its cash-to-current liabilities ratio of 1.9 times is higher that
the B1 median.

Ixtapaluca's credit strengths are offset by negative gross
operating balances and volatile consolidated financial results.
Between 2011 and 2015, Ixtapaluca's gross operating balance
averaged -12.2% of operating revenues.  Similarly, the
municipality's consolidated results have also been volatile,
averaging -6.5% of total revenues between 2011 and 2015.

In 2015, Ixtapaluca's financial results deteriorated well beyond
their historical trends.  The gross operating balance of the
municipality reached -39.5% in 2015, while its consolidated
balance reached -24.8% of total revenues.  These results were
driven by structural factors such as increases in personnel
expenditures in the order of 9% between 2011 and 2015 on a
cumulative annual growth basis.  The municipality received
earmarked transfers from the State of Mexico (Ba1/A1.mx, negative)
that translated in transfer expenditures in the order of MXN 438
million in 2015 up from MXN 189 million in 2014.  Moody's does not
account such transfers as operating revenues.  Moody's notes that,
once the transfer effect is removed, Ixtapaluca's gross operating
balance ranges around 13%.  The deterioration in the consolidated
balance, which takes into account capital expenditures, is due to
an escalation in capital expenditures which increased from MXN 600
million to MXN 1.4 billion between 2014 and 2015.

                RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook is based on Moody's anticipation of the
serious challenges that the municipality faces to redress its
deterioration.

               WHAT COULD CHANGE THE RATING UP/DOWN

Given the negative outlook, a rating upgrade in the medium-term is
unlikely.  However, Ixtapaluca's outlook could be stabilized if
the municipality presents an operating result in line with its
historical trend of -12.5% of operating revenues.  Conversely,
Ixtapaluca's rating could be downgraded if the 2016 financial
results, particularly the gross operating and consolidated
financial results, considerably surpass their historic trends of -
12.5% and -6.5%, respectively.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.

The period of time covered in the financial information used to
determine Ixtapaluca, Municipality of's rating is between
01/01/2011 and 12/31/2015 (source: Financial Statements of the
Municipality of Ixtapaluca).

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa.

While NSRs have no inherent absolute meaning in terms of default
risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time.  For information on
the historical default rates associated with different global
scale rating categories over different investment horizons, please
see:

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_
189530


OAXACA STATE: Moody's Lowers Issuer Rating to Ba3; Outlook Neg.
---------------------------------------------------------------
Moody's de Mexico downgraded the issuer ratings of the State of
Oaxaca to Ba3/A3.mx (Global Scale, local currency/National Scale)
from Ba2/A2.mx. The outlook remains negative.

At the same time, Moody's downgraded debt ratings of the MXN 2.4
billion loan (original face value) with Santander to Baa3/Aa3.mx
from Baa2/Aa2.mx.

                         RATINGS RATIONALE

The downgrade of the State of Oaxaca's issuer ratings reflects the
state's cash financing deficits which have occurred during the
last five years and recurrent use of short-term debt.  The ratings
also takes into account a deterioration of liquidity metrics in
conjunction with weak economic indicators compared to national
peers.

The State of Oaxaca registered cash financing deficits equivalent
to -2.6% of total revenues, on average, during the 2011 -- 2015
period.  These financial results were driven by pressures on the
current expenditure side mainly related to education (primarily
for the payroll of teachers), and state transfer for natural
disasters.  Current expenditures have grown on a compound annual
growth rate (CAGR) of 10% during such period, compared to the 8.8%
CAGR for total revenues.  While in 2015, Oaxaca posted a cash
financing surplus, Moody's expects that if the state fails to
successfully implement expenditure control measures, it will
realize cash financing deficits in 2016 of approximately -1.5% of
total revenues and potentially a higher deficit in 2017 reflecting
our expectations of a slowdown of federal transfers.

The state has financed these cash financing deficits through long
term debt and more recently through the acquisition of short term
debt and payables, adding risk to Oaxaca's credit profile.  Net
direct and indirect debt levels increased to 21.3% of total
revenues at the end of 2015, compared to 12.4% in 2012, with short
term debt representing 12.8% of total debt.  Moreover, liquidity
deteriorated during the last two years.  Measured as net working
capital (current assets less current liabilities), liquidity was
equivalent to 0.8% of total expenditures at the end of 2015,
compared to a 6.6% registered at the end of 2013.  Additionally,
as of December 2015, cash covered only 0.3x current liabilities
compared to 1.3x in 2013.  As of June 2016, this indicator had
weakened further to a low 0.2x as a result of increasing current
liabilities.

Over the last five years, economic growth in the state has lagged
behind Mexico's average, widening the gap between Oaxaca's income
levels and that of most other states, one of the main challenges
of the state.  Oaxaca's Gross Domestic Product (GDP) per capita
was equivalent to 48.3% of the national GDP per capita in 2014,
among the lowest of Mexican states.  As a result, Oaxaca has
registered a low level of own source revenues compared to national
peers (5.2% of total revenues in 2015), adding pressure to its
financial strength.

                RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook mirrors the negative outlook of Mexico's
sovereign bond ratings, incorporating the heightened systemic risk
for sub-sovereign issuers, which have close operating and
financial linkages with the federal government.  A further
weakening of the sovereign fiscal strength could exert pressure on
the state's financial metrics especially as federal transfers
represent 94.8% of Oaxaca's total revenues.

      RATIONALE FOR THE DOWNGRADE OF THE ENHANCED LOAN RATINGS

The rating downgrade of the MXN 2.4 billion (original face value)
enhanced loan with Santander reflects the downgrade of Oaxaca's
issuer ratings.  Per Moody's methodology on rating enhanced loans,
the loan ratings are directly linked to the credit quality of the
issuer, which ensures that underlying contract enforcement risks,
economic risks and credit culture risks (for which the issuer
rating acts as a proxy) are embedded in the ratings of the
enhanced loan.

               WHAT COULD CHANGE THE RATING UP/DOWN

Given the negative outlook, a rating upgrade in the medium term is
unlikely.  If the state of Oaxaca registers cash financing
deficits in the near term, increasing debt levels higher than
expected and/or deteriorating further its liquidity position, the
ratings could face downward pressure.

Given the links between the loan and the credit quality of the
obligor, a further downgrade of the State of Oaxaca's issuer
ratings or if debt service coverage levels fall materially below
our expectations would likely result in a downgrade of the ratings
on the loan.  Conversely, an upgrade of Oaxaca's issuer ratings or
if Debt Service Coverage of the loans increase substantially,
ratings of the loan could be upgraded.

The methodologies used in these ratings were Rating Methodology
for Enhanced Municipal and State Loans in Mexico published in June
2014, and Regional and Local Governments published in January
2013.

The period of time covered in the financial information used to
determine Oaxaca, State of's rating is between 1/1/2011 and
31/12/2015.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa.

For information on the historical default rates associated with
different global scale rating categories over different investment
horizons, please see:

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_
189530


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


AEROPOSTALE INC: Wins Approval of $243-Mil. Sale to Mall Group
--------------------------------------------------------------
Tiffany Kary, writing for Bloomberg News, reported that teen
clothing retailer Aeropostale Inc. won court permission to sell
its assets to buyers led by Simon Property Group Inc. and General
Growth Properties Inc. after the landlords banded together with
liquidators to save jobs and stores -- a novel approach that
lawyers said could be a model for distressed retailers.

According to the report, the group prevailed at a Sept. 2 auction
with a $243 million bid and a plan to keep open at least 229
stores.  U.S. Bankruptcy Judge Sean Lane approved the sale in
Manhattan court on Sept. 12 after being told by the retailer's
lawyers that the arrangement would save at least 7,000 jobs, the
report said.

"This could be a model for future restructurings in the years
ahead," Ray Schrock, a lawyer for Aeropostale, told Judge Lane,
the report related.

Simon was a landlord at more than 160 Aeropostale stores at the
time of the New York-based chain's bankruptcy in May, the report
noted, citing the court filings.

When no bids to buy the company as a going concern emerged, Simon
and General Growth, also an Aeropostale landlord, started
exploring ways to save a key tenant, the report related, citing a
court filing by Stanley Shashoua, a vice president at Simon.  They
got Authentic Brands Group LLC, Hilco Merchant Resources LLC and
Gordon Brothers Retail Partners LLC to join in a bidding
consortium, the report further cited Mr. Shashoua as saying.

Before that, the retailer only had bids to liquidate its assets,
including an opening offer from a joint venture of Tiger Capital
Group and Great American Group for $184 million, Mr. Schrock told
Judge Lane, the report related.

                       About Aeropostale Inc.

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

Aeropostale, Inc., and 10 of its affiliates each filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11275) on May 4, 2016.  The petitions were signed
by Marc G. Schuback as senior vice president, general counsel and
secretary.

The Debtors listed total assets of $354.38 million and total debts
of $390.02 million as of Jan. 30, 2016.

The Debtors have hired Weil, Gotshal & Manges LLP as counsel; FTI
Consulting, Inc., as restructuring advisor; Stifel, Nicolaus &
Company, Inc., and Miller Buckfire & Company LLC as investment
bankers; RCS Real Estate Advisors as real estate advisors; Prime
Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as
Canadian counsel; and Togut, Segal & Segal LLP as conflicts
counsel.

Judge Sean H. Lane is assigned to the cases.

The U.S. trustee for Region 2 on May 11, 2016, appointed seven
creditors of Aeropostale Inc. to serve on the official committee
of unsecured creditors.  The Committee hired Pachulski Stang Ziehl
& Jones LLP as counsel.


DESARROLLADORA LCP: Unsecureds to Recover 10% Under Plan
--------------------------------------------------------
Desarrolladora LCP, Corp., filed with the U.S. Bankruptcy Court
for the District of Puerto Rico a disclosure statement describing
the Debtor's Chapter 11 plan.

Under the Plan, Class 3 General Unsecured Claims estimated at
$1,723,373.30 are impaired Holders of Allowed General Unsecured
Claims in excess of $20,000, excluding those from the Equity
Holder, the Debtor's affiliates and Oriental Bank, will be paid in
full satisfaction of their claims 10% thereof through 60 equal
consecutive monthly installments of $1,940.14, commencing on the
Effective Date of the Plan and continuing on the 30th day of the
subsequent 59 months.  Holders of Allowed General Unsecured Claims
of $20,000 or less, will receive in full satisfaction of their
claims 10% thereof, on the Effective Date of the Plan.

Oriental Bank's proof of claim number 20 resulting from the
Debtor's guarantee of Debtor's Shareholder's loan, will continue
to be paid by Debtor's Shareholder, without any payments under the
Plan.

Claims will be paid with available funds arising from Debtor's
operations, available cash balance as of the Effective Date of the
Plan, the collections of Debtor's accounts receivable, and
Debtor's continued operations.

The Disclosure Statement is available at:

            http://bankrupt.com/misc/prb15-10349-104.pdf

The Plan was filed by the Debtor's counsel:

     Charles A. Cuprill-Hernandez, Esq.
     CHARLES A. CUPRILL, P.S.C., LAW OFFICES
     356 Fortaleza Street
     Second Floor
     San Juan, PR 00901
     Tel: (787) 977-0515
     Fax: (787) 977-0518
     E-mail: ccuprill@cuprill.com

Headquartered in San Juan, Puerto Rico, Desarrolladora LCP, Corp.,
primarily engaged in the construction of a building, named Lincoln
Center Plaza, located at Goyco Street, in Puerto Rico.  On Dec.
14, 2011, the Lincoln Center Plaza was sold by the Debtor to the
Municipality of Caguas under an agreement for its lease and
management with a payment to the Municipality of approximately
$480,000 per year.

The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D.
P.R. Case No. 15-10349) on Dec. 30, 2015, listing $4.55 million in
total assets and $3.79 million in total liabilities.  The petition
was signed by Manuel Morales Lopez, president.  Charles Alfred
Cuprill-Hernandez, Esq., at Charles a Cuprill, PSC Law Office
serves as the Debtor's bankruptcy counsel.


LUVIS AMBULANCE: Taps Manuel Feliciano Rios as Fin'l Consultant
---------------------------------------------------------------
Luvis Ambulance Services, Inc., seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Manuel
E. Feliciano Rios, as the Debtor's financial consultant.

The duties of the CPA will consist of strategic counseling and
advice, proforma modeling preparation, financial/business
assistance, preparation of documentation as requested for and
during the Debtor's Chapter 11, specifically as it is related to
and has an effect on the Debtor, as well as recommendations and
financial/business assessments regarding issues specifically
related to the Debtor.  The Debtor says that it is in need of an
accountant to assist its management in the financial restructuring
of its affairs by providing advice in strategic planning and the
preparation of Debtor's Monthly Operating Reports.

The Debtor has retained Manuel E. Feliciano Rios on the basis of
$1,000 retainers, which has been advanced by the Debtor against
which the Financial Consultant will bill on the basis of $125 per
hour, plus expenses, for work performed or to be performed by
Feliciano Rios, upon applications(s) and the approval of the
Court.

Manuel E. Feliciano Rios, CPA, an accountant and practitioner
fully admitted to the practice of public accounting in the
Commonwealth of Puerto Rico, assures the Court that he is a
disinterested person, as defined in Section 101(14) of the
Bankruptcy Code.

Mr. Feliciano-Rios may be reached at:

          Manuel E. Feliciano-Rios, CPA
          350 Americo Miranda Avenue
          San Juan, PR 00927
          Telephone: (787) 586-0316

Luvis Ambulance Services Inc. filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-06244) on Aug. 5, 2016.  Judge
Enrique S. Lamoutte Inclan presides over the case.


================================
T R I N I D A D  &  T O B A G O
================================


TRINIDAD & TOBAGO: Groups Slam Gov't., Opposition on FATCA
----------------------------------------------------------
Trinidad and Tobago Newsday reports that Trinidad and Tobago
government and opposition came in for strong criticism from
business groups for failing to "put country first" because of
their seeming inability to meet the September 30 deadline to
become compliant with the US Foreign Tax Compliance Act (FATCA).

The American Chamber of Commerce of Trinidad and Tobago said TT
"is on the brink of being demoted to the periphery of the global
financial system, largely due to inaction on the part of
politicians on both sides of the political divide," according to
Trinidad and Tobago Newsday.   "The former Government had ample
opportunity to pass this legislation during its tenure, and the
current Government has also had more than a year to ensure that
this important piece of legislation was properly vetted, reviewed
and passed," the report notes.

While AmCham was mindful of "limited, if any, consultation with
stakeholders", it says there is still enough time to complete
deliberations and ensure passage of the Bill before September 30,
the report relays.

"The foregoing is critical since there has as yet been no
indication that an extension of time is being contemplated by the
US Government," the report says.  AmCham was referring to Finance
Minister Colm Imbert's stated intention to formally request an
extension of the deadline from US authorities, to ensure TT has
enough time to pass and enact the relevant legislation, the report
discloses.

Non-compliance with FATCA has wide-reaching consequences,
including the possible implementation of a 30 percent withholding
tax on business with US banks and the loss of correspondent
banking relationships, the report notes.

AmCham noted that the latter could, in turn, lead to difficulties
in conducting credit card transactions and wire transfers, among
other things, the report relays.  The TT Chamber of Industry and
Commerce (Chamber) also expressed deep concern about the matter,
saying while it appreciates "stringent scrutiny of the Bill" it
was "wholly dissatisfied" that Government now has to seek an
extension, the report notes.

Meanwhile the Bankers Association of TT (BATT) explained that the
Bill provides the framework for financial institutions to comply
with both FATCA and TT law, by reporting to the Board of Inland
Revenue on the personal and financial information of US persons
who are subject to US tax laws, 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 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,
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202-362-8552.


                   * * * End of Transmission * * *