TCRLA_Public/160919.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 19, 2016, Vol. 17, No. 185


                            Headlines



A R G E N T I N A

ARGENTINA: Proposes 203% Hike in Natural Gas Prices at Hearing


B R A Z I L

BANSRISUL: Moody's Cuts LT Global Scale LC Deposit Rating to Ba3
OURO VERDE: S&P Assigns Preliminary 'BB-' CCR; Outlook Stable
USINAS SIDERURGICAS: S&P Raises CCR to 'CCC+'; Outlook Negative
USINAS SIDERURGICAS: Fitch Lowers IDR to 'RD'

* Tauil & Chequer Advogados Opens New Office in Brasilia


C A Y M A N  I S L A N D S

BOW TK1: Shareholders' Final Meeting Set for Sept. 20
BOW TK2: Shareholders' Final Meeting Set for Sept. 20
BOW TK3: Shareholders' Final Meeting Set for Sept. 20
GOTTEX HORIZON: Shareholders' Final Meeting Set for Sept. 20
HAMAYA SUPER: Shareholders' Final Meeting Set for Sept. 20

INFINITI PREMIUM: Shareholders' Final Meeting Set for Sept. 20
MS CAYMAN: Shareholders' Final Meeting Set for Sept. 20
MSREF VII: Shareholders' Final Meeting Set for Sept. 20
NEW RUSSIA: Shareholders' Final Meeting Set for Sept. 21
PHF HOLDINGS: Shareholders' Final Meeting Set for Oct. 17

POLYMATHY ADVANTAGE: Member to Hear Wind-Up Report on Sept. 20
POLYMATHY ADVANTAGE FUND: Liquidators' Wind-Up Report Due Sept. 20
XIAN FINANCE: Shareholders' Final Meeting Set for Sept. 20


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Business Have 90 Days to Pull Dollar-Only Cashiers
DOMINICAN REPUBLIC: Contractions Galore Over Dom-Haiti Trade Ban


M E X I C O

MUNICIPALITY OF NOGALES: Moody's Cuts Issuer Ratings to Caa1/B2.mx


P U E R T O    R I C O

DESARROLLADORA LCP: Disclosure Statement Hearing on Oct. 12
MANUEL BABILONIA: To Use Income to Pay Unsecured Creditors
PUERTO RICO: Rescue Law to Face First Court Test From Creditors
SOCIEDAD EL PARAISO: Hearing on Plan Disclosures Set For Oct. 12


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Central Bank Says Econ. Activity Weak in 1Q2016


X X X X X X X X X

* BOND PRICING: For the Week From Sept. 12 to Sept. 16, 2016


                            - - - - -



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


ARGENTINA: Proposes 203% Hike in Natural Gas Prices at Hearing
--------------------------------------------------------------
EFE News reports that Argentina's government said in a public
hearing that it planned to raise natural gas prices by 203 percent
and slash energy subsidies that have contributed to a large budget
deficit.

"On average, residential consumers will pay 203 percent more than
what they were paying on March 31 of this year," Energy Minister
Juan Jose Aranguren said at the start of the session in Buenos
Aires, according to EFE News.

The government announced earlier this year that long-frozen
residential gas prices would climb by up to 800 percent starting
April 1, although after a public backlash it said the hike would
not exceed 400 percent, the report notes.

The public hearing was held after Argentina's Supreme Court
temporarily blocked the price increases, ruling last month that
the government must first consult the public in a non-binding
hearing first, the report relays.

A total of 330 people, including government, business and consumer
protection representatives, registered to speak at the hearing
that was expected to conclude on Sunday, Sept. 18, the report
relays.

Mr. Aranguren said Argentina's natural gas supply system was
"distorted, unequal, unfair and archai," the report relays.

Mr. Aranguren pointed out that 60 percent of Argentine households
have access to the natural gas grid, while the rest of the
population depends on substitute fuels such as liquefied petroleum
gas that they pay up to four times more to consume, the report
notes.

In the winter months, Argentina is forced to import nearly one-
third of its natural gas consumption, the minister said, adding
that the lack of transport capacity sometimes makes it difficult
to meet all the demand and forces cutbacks to Argentine
industries, the report discloses.

The government currently subsidizes 80 percent of residential gas
consumption, and "what's worse is that it also subsidizes 40
percent of Argentines who don't have access to the natural gas
grid," the report says.

"We want to move toward a system in which supplies are sustainable
over time. We want to promote local production, try to reduce
imports to a minimum, subsidize only those who need it and use
natural gas responsibly," the report quoted Mr. Aranguren as
saying.

That can be achieved by promoting gradual and predictable price
increases and subsidy reductions that narrow the gap between the
cost of natural gas production and the price paid by consumers, he
added, notes the report.

Average natural gas consumption in Argentina totaled 128 million
cubic meters (4.5 billion cubic feet) per day in 2015, the report
relays.

End consumers paid US$2.50 per million BTUs (British thermal
units) of natural gas last year, although local producers and
foreign suppliers charged an average of US$5.83 per million BTUs
for that fuel, the report notes.

Mr. Aranguren said the difference was the roughly $5.7 billion in
subsidies for natural gas consumption the government was forced to
pay last year, an amount that conservative President Mauricio
Macri's administration, which took office in December 2015, aims
to lower to nearly zero, 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'.


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


BANSRISUL: Moody's Cuts LT Global Scale LC Deposit Rating to Ba3
----------------------------------------------------------------
Moody's Investors Service downgraded Banco do Estado do Rio Grande
Do Sul S.A. (Banrisul's) long-term global and national scale
local-currency deposit ratings to Ba3 and A1.br, from Ba2 and
Aa3.br, respectively. The bank's foreign currency subordinate debt
rating was also downgraded to B1 from Ba3, and its baseline credit
assessment (BCA) and long-term counterparty risk assessment were
lowered to ba3 and Ba2(cr), from ba2 and Ba1(cr), respectively.
The bank's other ratings were not affected by this action.

The outlook on all ratings has been revised to stable, except for
the foreign currency deposit rating which is constrained by
Brazil's foreign currency deposit ceiling of Ba3 and remains on
negative outlook in line with the sovereign rating.

This action concludes the review for downgrade which commenced on
15 July 2016.

RATINGS RATIONALE

The downgrade reflects the deterioration in Banrisul's financial
profile following the bank's BRL 1,251 million acquisition of the
right to provide payroll services for state employees from its
majority shareholder, the State of Rio Grande Do Sul (unrated).
The acquisition has resulted in a significant reduction to the
bank's adjusted capitalization levels, as calculated by Moody's,
and is also expected to put pressure on the bank's profitability.
In addition, asset quality continues to deteriorate due to
Brazil's weak economic environment.

Banrisul's acquisition has created an intangible asset equal to
the purchase price on its balance sheet, which is entirely
deducted from Moody's tangible common equity (TCE) measure of
capitalization because it does not provide loss absorption. As a
result, the banks ratio of TCE to risk weighted assets (RWA) fell
to 7.8% as of June 2016, down over 200 basis points from December
2015 levels.

Moody's notes Banrisul previously held the rights to provide
payroll services to the state's employees at no cost. Hence, the
transaction will not generate any incremental revenues for the
bank. Rather, because Banrisul effectively exchanged interest
bearing assets for an intangible that generates no return (which
it will have to amortize over the next ten years), profitability
will suffer. As a result, Moody's expects that it will take over
two years for the bank's TCE/RWA ratio to be restored to levels
previous to the transaction, assuming only modest growth in RWA.
The transaction also highlights the bank's exposure to the state
government of Rio Grande do Sul, which is under some financial
distress.

In terms of asset quality, Moody's notes that the bank's 90 day
problem loan ratio in the second quarter of 2016 of 4.8% was 107
basis points higher than its level a year before and is
significantly higher than both the system average and peers. While
the problem loan ratio declined slightly in the second quarter,
charge-offs and renegotiations continued to rise, indicating
further deterioration in asset quality. Charge-offs net of
recoveries in the twelve months to June 2016 stood at 3.6% of
loans, up from 2.5% as of December 2015, and the bank's flow of
renegotiated loans in the same period accounted for 2.8% of the
total loan book.

Notwithstanding incipient indications that an economic recovery,
or at least stabilization, is starting to take hold, Banrisul will
continue to face asset quality challenges due to the high levels
of its regional concentration in the state of Rio Grande do Sul,
as well as lagging effects of Brazil's ongoing recession. In
addition, the bank is planning to shift the balance of its loan
portfolio away from large corporate borrowers and focus instead on
consumer and SME lending, sectors that are more susceptible to
rising unemployment and inflation. Moreover, this change in
strategy will also entail a degree of transition risk.

WHAT COULD MAKE THE RATING GO UP

Banrisul's ratings could be upgraded if there is a sustained rise
in its recurring profitability and capitalization, and its asset
quality exhibits significant improvement. However, this is
unlikely to occur until Brazil's operating environment improves
considerably.

WHAT COULD MAKE THE RATING GO DOWN

Continued increases in asset risk driven in part by rapid loan
book expansion, greater than expected reductions in profitability,
and further declines in adjusted capitalization would all put
downward pressure on the rating.

Banrisul's foreign currency deposit ceiling would also be
downgraded if the sovereign bond rating is downgraded.

The following ratings for Banco do Estado do Rio Grande Do Sul
S.A. were downgraded:

   -- Long-term global local currency deposit rating to Ba3, from
      Ba2

   -- Subordinate debt rating to B1, from Ba3

   -- Long-term Brazilian national scale deposit rating of to
      A1.br, from Aa3.br

   -- Baseline credit assessment to ba3, from ba2

   -- Adjusted baseline credit assessment to ba3, from ba2

   -- Long-term counterparty risk assessment to Ba2(cr), from
      Ba1(cr)

Outlook Actions:

   -- Outlook, Changed To Stable From Rating Under Review

The principal methodology used in these ratings was Banks
published in January 2016.

Banco do Estado do Rio Grande Do Sul is headquartered in Porto
Alegre, Rio Grande do Sul. The bank reported total assets of BRL68
billion ($21 billion) and equity of BRL6.5 billion ($2.0 billion)
as of 30 June 2016.


OURO VERDE: S&P Assigns Preliminary 'BB-' CCR; Outlook Stable
-------------------------------------------------------------
S&P Global Ratings has assigned its preliminary 'BB-' corporate
credit rating on the global scale and 'brA' on the national scale
to Ouro Verde Locacao e Servicos S.A.  S&P has also assigned a
'BB-' issue-level rating to the company's proposed $300 million
senior unsecured bonds.  The outlook on the corporate credit
ratings is stable.

The issue rating on the proposed bonds reflects the recovery
rating of '4', reflecting an average (30%-50%, in the lower end of
the range) recovery.

The ratings on Ouro Verde reflect its strong position in the light
and heavy equipment leasing segment, with an average contract term
of about five years that, combined with its efficient used asset
resale structure, allows for predictable and resilient cash flows
despite Brazil's weak economy.  S&P expects the sluggish
industrial activity to continue to limit growth for Ouro Verde,
reducing its capex and free cash flow generation, but still result
in small debt reduction in the short term.  However, Ouro Verde is
exposed to high heavy interest burden due to the high base
interest rates in Brazil, which limits the company's profitability
and ability to increase cash generation.  S&P's preliminary
ratings also assumes that Ouro Verde will be successful in the
placement of its senior unsecured bonds, as part of the company's
debt refinancing that would improve considerably its current
capital structure and liquidity, which have high debt maturity
concentration in 12-18 months.

The proposed $300 million senior unsecured bonds will have a five-
year bullet maturity, with a call option after the second year.
S&P expects the company to use the proceeds to repay some of the
debt maturing in 2017, 2018, and 2019, fund capex, and strengthen
its cash position.  Nonetheless, S&P expects interest burden to
remain unchanged because the bonds will be fully hedged and swap
costs will be in line with Ouro Verde's current average debt cost,
which continues to limit the company's financial risk profile.

Ouro Verde is one of the largest light vehicles fleet management
and heavy equipment leasing companies in Brazil, and benefits from
competitive advantages in negotiating higher discounts with light
and heavy equipment manufacturers, which provides it with
competitive prices.  The company's mix of heavy and light
equipment also reflects higher average contract length of the
company's portfolio, because light vehicles usually carry two-
three year contracts, and heavy equipment, three-seven years.
Ouro Verde's ability to anticipate asset residual value and
optimize equipment use rates have also resulted in sound operating
efficiency.


USINAS SIDERURGICAS: S&P Raises CCR to 'CCC+'; Outlook Negative
---------------------------------------------------------------
S&P Global Ratings raised its global scale corporate credit
ratings on Usinas Siderurgicas de Minas Gerais S.A. (Usiminas) to
'CCC+' from 'SD'.  S&P also raised its national scale rating on
the company to 'brCCC+' from 'SD'.  The outlook on both corporate
ratings is negative.

S&P also raised its issue-level rating on the company's
debentures, which after the debt restructuring are now senior
secured debt, to 'brCCC+' from 'brC'.  The rating on the
debentures is at the same level as the corporate rating,
reflecting a recovery rating of '4', with expected average (30%-
50%, in the lower end of the range) recovery.

In addition, S&P raised its issue-level rating on Usiminas' senior
unsecured notes to 'CCC-' from 'C', two notches below the
corporate credit rating, reflecting a recovery rating of '6', with
negligible (between 0% and 10%) recovery.

The upgrade follows the completion of the company's debt
restructuring, which overhauled about 92% of Usiminas' debt that
will now start to amortize only in 2019.  This, along with the
capital injection of R$1 billion from the company's shareholders,
Nippon and Ternium, and the easing of financial covenants,
improved Usiminas' liquidity position.  Nevertheless, cash
shortfalls will continue pressuring Usiminas' ability to pay
entirely its bond due January 2018.  The ratings also reflect
Usiminas' weak operating efficiency and reduced volume output,
which coupled with soft market demand and high interest burden,
will continue to result in an operating cash flow shortfall and
weak financial metrics.

Usiminas has restructured its operations in recent quarters to
adjust its production and cost structure to current market demand
levels, which included shutting down three out of its five blast
furnaces and focusing on the more efficient assets.  The revamp
has decreased EBITDA due to one-time restructuring costs, such as
layoffs, and shutdown of the primary area of slab production in
the Cubatao plant.  The steel processing nominal capacity remains
at about 9.5 million tons per year, but S&P expects the company to
process 3.7 million tons in 2016, and iron ore mining output
primarily for Usiminas' own consumption needs.  Also, S&P expects
the company to focus its efforts on passing through steel price
increases to distributors and industrial clients, but S&P believes
its ability to do so to the automotive clients remains limited.

The lower production and working capital should improve EBITDA
margins to about 8% by 2017 from negative figures in 2015 and
breakeven numbers in the first half of 2016.  However, the
sluggish demand in Brazil and intense competition in the global
steel markets have exacerbated Usiminas' lack of competitive
advantages against larger players, which led S&P to revise its
business risk profile to vulnerable.  Meanwhile, the low
efficiency of some of the company's assets restrains its
profitability, especially in the Cubatao plant.  Moreover,
logistics challenges will continue to hinder the company's ability
to market its iron ore production at competitive costs.

"Following Usiminas' debt restructuring, liquidity and refinancing
pressures will shrink in the next 12 months.  Also, we expect the
company to use the proceeds from the capital increase and the
expected cash distribution from Mineracao Usiminas to fund
investments and operating cash needs over the next few quarters.
Nonetheless, our base-case scenario assumes the company will
continue to post a free operating cash flow shortfall in the next
several quarters mainly due to still high debt and base interest
rates in Brazil, which impacts a large portion of the company's
floating rate debt.  These factors also support our view that
despite some improvement following the debt restructuring, we
continue to view Usiminas' capital structure as negative.  In this
scenario, we expect Usiminas' leverage metrics to remain weak for
at least the next three years, while higher cash flows remain
dependent on the company's ability to increase prices with main
clients," S&P said.


USINAS SIDERURGICAS: Fitch Lowers IDR to 'RD'
---------------------------------------------
Fitch Ratings has downgraded Usinas Siderurgicas de Minas Gerais
S.A.'s (Usiminas) Long-Term Foreign and Local Currency Issuer
Default Ratings (IDRs) to 'RD' from 'C' and National Scale Rating
to 'RD(bra)' from 'C(bra)'.

                         KEY RATING DRIVERS

The downgrades follow the conclusion of Usiminas' debt
restructuring agreement.  According to Fitch's methodology, a Debt
Distressed Exchange is applicable when the company's restructuring
of its debt imposes a material reduction in terms compared with
the original contractual terms, and the restructuring is conducted
in order to avoid bankruptcy, similar insolvency or intervention
proceedings, or a traditional payment default.

After a short period of time when further information is
available, Fitch expects to re-rate Usimnas' IDRs and debt
issuance ratings and raise them to a performing level, which
usually is still in the low speculative grade.  The restructuring
agreement will result in a significant extension of the maturity
date of 92% of the company's debt.  This debt is expected to be
collateralized by assets consisting of its hot and cold coils
units of the Ipatinga mill within 90 days.

Fitch understands that Usiminas' USD400 million unsecured notes
due in 2018 were not part of the debt restructuring.  The
indenture for these notes includes a limitation on lien clause
that typically requires the unsecured notes to be equally and
ratably secured if relevant secured debt is created, thereby
subordinating unsecured bondholders.  If pari passu status does
not occur, Fitch understands that the bond trustees or bondholders
of at least 25% of the outstanding notes could notify the company
of a default and, if not cured, this would lead to an event of
default.

                       RATING SENSITIVITIES

A positive rating action may follow after Fitch completes the
assessment of the company's credit profile post-completion of its
new debt profile.


* Tauil & Chequer Advogados Opens New Office in Brasilia
--------------------------------------------------------
Tauil & Chequer Advogados disclosed on Sept. 14 its new office in
Brasilia led by Luis Inacio Adams, the former Minister and
Attorney General of Brazil. Adams will join the team in the
Litigation and Compliance practices, focusing on cases in the
Superior Court of Justice and Supreme Court.

With Adams' arrival and the new office in Brasilia, Tauil &
Chequer expands its operations to the country's capital. Adams'
experience in governmental matters, combined with the global reach
of the firm, will provide clients an exceptional platform of
sophisticated litigation services both nationally and
internationally.

"Luis Adams is a highly distinguished and experienced lawyer, and
his arrival is a significant move for our firm, reflecting our
continued growth in Brazil," stated Alexandre Chequer, the partner
in charge of Tauil & Chequer Advogados. "We are constantly
expanding, and this new addition, together with the opening of our
new office in Brasilia, consolidates our position as one of the
most reputable law firms in Brazil."

Before serving as Minister and Attorney General of Brazil, Adams
served as a National Treasury attorney from 1993 - 2001. In 2001-
2002, he served as the Deputy General Counsel for Litigation in
the Attorney General's office. Adams was also the General Counsel
and later Executive Secretary (Vice-Minister) of the Ministry of
Planning, Budget and Management. In 2006, he was appointed to
serve as the General Counsel of the Ministry of Finance, which is
comparable to the Internal Revenue Service in the United States.
In 2009, he was appointed as Minister and Attorney General of
Brazil.


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


BOW TK1: Shareholders' Final Meeting Set for Sept. 20
-----------------------------------------------------
The shareholders of Bow TK1 Limited will hold their final meeting
on Sept. 20, 2016, at 10:50 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Collas Crill
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949-4544
          Facsimile: 949-7073


BOW TK2: Shareholders' Final Meeting Set for Sept. 20
-----------------------------------------------------
The shareholders of Bow TK2 Limited will hold their final meeting
on Sept. 20, 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:

          Stephen Nelson
          Collas Crill
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949-4544
          Facsimile: 949-7073



BOW TK3: Shareholders' Final Meeting Set for Sept. 20
-----------------------------------------------------
The shareholders of Bow TK3 Limited will hold their final meeting
on Sept. 20, 2016, at 11:10 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Collas Crill
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949-4544
          Facsimile: 949-7073


GOTTEX HORIZON: Shareholders' Final Meeting Set for Sept. 20
------------------------------------------------------------
The shareholders of Gottex Horizon Fund Limited will hold their
final meeting on Sept. 20, 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:

          Margot Macinnis
          c/o Samantha Wood
          Suite 731, 10 Market Street
          Camana Bay
          Grand Cayman KY1 9006
          Cayman Islands
          Telephone: +1 (345) 743 8805


HAMAYA SUPER: Shareholders' Final Meeting Set for Sept. 20
----------------------------------------------------------
The shareholders of Hamaya Super Holding Limited will hold their
final meeting on Sept. 20, 2016, at 10:40 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stephen Nelson
          Collas Crill
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949-4544
          Facsimile: 949-7073


INFINITI PREMIUM: Shareholders' Final Meeting Set for Sept. 20
--------------------------------------------------------------
The shareholders of Infiniti Premium Resources Limited will hold
their final meeting on Sept. 20, 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:

          Margot Macinnis
          c/o Samantha Wood
          Suite 731, 10 Market Street
          Camana Bay
          Grand Cayman KY1 9006
          Cayman Islands
          Telephone: +1 (345) 743 8805


MS CAYMAN: Shareholders' Final Meeting Set for Sept. 20
-------------------------------------------------------
The shareholders of MS Cayman Investors LP will hold their final
meeting on Sept. 20, 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:

          Stephen Nelson
          Collas Crill
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949-4544
          Facsimile: 949-7073


MSREF VII: Shareholders' Final Meeting Set for Sept. 20
-------------------------------------------------------
The shareholders of MSREF VII Japan Asset IV GP Ltd will hold
their final meeting on Sept. 20, 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:

          Stephen Nelson
          Collas Crill
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949-4544
          Facsimile: 949-7073


NEW RUSSIA: Shareholders' Final Meeting Set for Sept. 21
--------------------------------------------------------
The shareholders of The New Russia Growth Fund Ltd. will hold
their final meeting on Sept. 21, 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:

          Pavel Nazariyan
          3 Boulevard du Prince Henri L-1724
          Luxembourg
          Telephone: (352) 2647 0623
          e-mail: pnazariyan@abhh.lu


PHF HOLDINGS: Shareholders' Final Meeting Set for Oct. 17
---------------------------------------------------------
The shareholders of PHF Holdings Ltd will hold their final meeting
on Oct. 17, 2016, at 4:00 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


POLYMATHY ADVANTAGE: Member to Hear Wind-Up Report on Sept. 20
--------------------------------------------------------------
The member of Polymathy Advantage Master Fund Limited 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 company's liquidator is:

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


POLYMATHY ADVANTAGE FUND: Liquidators' Wind-Up Report Due Sept. 20
------------------------------------------------------------------
The member of Polymathy Advantage Fund Limited 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 company's liquidator is:

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


XIAN FINANCE: Shareholders' Final Meeting Set for Sept. 20
----------------------------------------------------------
The shareholders of Xian Finance Company will hold their final
meeting on Sept. 20, 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:

          Stephen Nelson
          Collas Crill
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: 949-4544
          Facsimile: 949-7073


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


DOMINICAN REP: Business Have 90 Days to Pull Dollar-Only Cashiers
-----------------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank
issued a 90-day deadline to remove the sales terminals operating
(cashiers) in businesses across the country which receive payments
only in foreign currency, mostly dollars.

In a Central Bank letter dated August 25 sent to operators of the
businesses, Central Bank manager Erving Nova Bello warns and
clarifies that the Dominican peso is the national currency,
according to Dominican Today.

"We've been following with concern the practice of some
commercial, domestic and legally constituted foreign businesses
which demand payment of their goods or services only in foreign
currency by installing terminals for the sole purpose of selling
points in currencies other than the Dominican peso," the official
said, there report notes.

Mr. Bello said the devices to pay in foreign currencies can only
be installed in businesses located in the country's duty-free
zones, the report relays.

Mr. Bello said however that customers with bank cards issued in
foreign currency can continue to use them normally, the report
discloses.  "The Dominican peso is the official currency of
Dominican Republic . . . to pay debts and obligations as well as
for the acquisition of goods and services, extends without
exception throughout the national territory without prejudice
freedom of reference to other currencies," the report relays.

Various sectors have recently denounced a shortage of dollars,
which they affirm jeopardizes their normal business operations,
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: Contractions Galore Over Dom-Haiti Trade Ban
----------------------------------------------------------------
Dominican Today reports that Dominican and Haitian diplomats don't
seem to agree on whether the ban levied in 2013 on the overland
entry of 23 Dominican products has been lifted.

After a visit by Dominican Foreign minister Miguel Vargas to Haiti
counterpart Pierrot Delienne in Haiti, the Foreign Ministry
announced that Port-au-Prince had agreed to lift the ban,
according to Dominican Today.

But, Haiti Ambassador Idalbert Jean Pierre in a statement
acknowledged that the reports that have emerged are "a bit"
confusing, and need some "corrections," the report notes.

"During the bilateral meeting, no agreement has taken place in
connection with the exercise of the interdiction of the 23
Dominican products. The fact is that these products can enter the
country (Haiti) by sea, respecting the customs norms and security
codes as the Haiti Republic laws stipulate," the diplomat said,
the report says.  "The only prerequisite in normal trade
transactions between the two countries is the due payment of
tariffs governing both international trade and regional."

                               Business View

Also, Dominican mogul Juan Bautista Vicini said Haiti interim
president Jocelerme Privert issued the order to lift the ban and
Customs of both countries should agree to develop a protocol which
leads to control contraband, the report relays.

"It wasn't immediate, but the two authorities will join to define
that," said Mr. Vicini, who formed part of the delegation that
went to Haiti August 30 when the protocol to lift the restriction
was discussed, the report notes.

                          Jut Pay The Tax

Dominican Exporters Association (Adoexpo) President Alvaro Sousa
said some companies have already been exporting to Haiti following
Vargas' announcement, the report notes.  "I can tell you that
people are timidly starting exports.  Today we spoke talked
directly with the Haitian ambassador twice, and both times, he
confirmed us the same to us, that the requirement to cross the
border for all Dominican products is that they must pay their
taxes," he added.

Moreover Dominican ambassador in Haiti, Ruben Silie said:
"There're no impediments to export Dominican products" to Haiti,
the report notes.

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.


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


MUNICIPALITY OF NOGALES: Moody's Cuts Issuer Ratings to Caa1/B2.mx
------------------------------------------------------------------
Moody's de Mexico (Moody's) downgraded the Municipality of
Nogales's issuer ratings to Caa1/B2.mx. The outlook was changed to
stable from negative.

RATINGS RATIONALE

RATIONALE FOR THE RATING DOWNGRADE TO Caa1/B2.mx

"Despite the current administration's efforts to keep expenditures
constant, the municipality faces structural challenges to improve
revenues and liquidity and we do not expect a material improvement
in Nogales' credit profile. Between 2011 and 2015, its own-source
revenues declined at a compound annual growth rate (CAGR) of 10%,
while its expenditures increased at 6%. Similarly, its debt
increased from 41.2% to 110.2% of operating revenues, the highest
within the Mexican portfolio, while its cash-to-current
liabilities ratio declined from 0.2 to 0.0 times. As a result,
Nogales's credit profile is no longer comparable with Mexican
municipalities rated at the B level." Moody's said.

"We expect Nogales's key credit metrics to remain pressured in the
near term. In particular, we expect its total debt levels to
remain above 100% of operating revenues, its cash-to-current
liabilities ratios to remain between 0.0 and 0.2, and its gross
operating balance to remain between -10% and -15% for the
foreseeable future, all of which would be consistent with a Caa1
rating." Moody's said.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook is based on our expectations that Nogales will
continue registering negative results this year and in 2017.

WHAT COULD CHANGE THE RATING UP/DOWN

Nogales rating could experience upward pressure if it
significantly and consistently improves its gross operating
balance and liquidity levels. Further deterioration in the
municipality's gross operating balance or its liquidity levels, or
higher debt levels could exert downward pressure on the
municipality's ratings.

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 the Municipality of Nogales' rating is between 1/1/2011
and 12/31/2015 (source: financial statements of the Municipality
of Nogales).

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 further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings". 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.


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


DESARROLLADORA LCP: Disclosure Statement Hearing on Oct. 12
-----------------------------------------------------------
Desarrolladora LCP, Corp., filed with the U.S. Bankruptcy Court
for the District of Puerto Rico an amended disclosure statement
describing the Debtor's Chapter 11 plan.

The Hon. Brian K. Tester has set for Oct. 12, 2016, at 9:00 a.m.
the hearing to consider the approval of the Disclosure Statement.

Objections to the form and content of the Disclosure Statement
must be filed not less than 14 days prior to the hearing.

Class 3 General Unsecured Claims estimated at $1,723,373.30 are
impaired.

Holders of these claims in excess of $20,000, excluding those from
the equity holder and Debtor's affiliates and the claim from
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.  The
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 Debtor's guarantee of Debtor's
shareholder of a personal 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 Amended Disclosure Statement is available at:

           http://bankrupt.com/misc/prb15-10349-109.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.,
is a corporation organized under the laws of the Commonwealth of
Puerto Rico in August 2004.  Since that date, and up to Dec. 31,
2007, the Debtor was in its development stage, primarily engaged
in
obtaining financing, constructing a building at Goyco Street,
corners of Munoz Rivera Avenue and Baldorioty Street, Caguas,
Puerto Rico, marketing and entering into lease agreements for
office spaces thereat, and in other administrative functions.

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.


MANUEL BABILONIA: To Use Income to Pay Unsecured Creditors
----------------------------------------------------------
Manuel M. Babilonia-Santiago and Mirta Cortes 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 may receive any
dividends or payment in the Plan from proceeds generated from the
normal course of operation of the Debtor's hostel business, Home
Away income and other income.  The Debtor will dedicate all
available income to pay the unsecured claims after operating
expenses and payment to secured claimants.  Class 3 General
Unsecured claim is impaired under the Plan, thus has a right to
vote in favor or against the Plan.

The funds required to implement the Plan will come from income
derived by Debtor from its continued business operation.

The Disclosure Statement is available at:

           http://bankrupt.com/misc/prb16-01148-70.pdf

The Plan was filed by the Debtor's counsel:

     Isabel M. Fullana, Esq.
     GARCIA-ARREGUI & FULLANA PSC.
     252 Ponce de Leon Avenue
     Citibank Tower, Suite 1101
     Hato Rey, PR 00918
     Tel: (787) 766-2530
     Fax: (787) 756-7800
     E-mail: ifullana@garciaarreguifullanalaw.com
             isabelfullana@gmail.com

Manuel M. Babilonia-Santiago and Mirta Cortes manage a motel
business which is incorporated and doing business as Motel
Tropical Inc., a related entity that filed for relief on Feb. 11,
2016 (Bankr. D.P.R. Case No. 16-00966).  There is also another
related entity which filed for protection B & D Enterprises S.E.
(Bankr. D.P.R. Case No. 16-00978).  Ms. Cortes presently rents out
her home under the Home Away programs.  In it personal capacity
Mr. Babilonia also has a Hostel comprising of six rooms which are
rented on short term basis.

The Debtors filed for Chapter 11 bankruptcy protection (Bankr.
D.P.R. Case No. 16-01148) on Feb. 18, 2016.


PUERTO RICO: Rescue Law to Face First Court Test From Creditors
---------------------------------------------------------------
Michelle Kaske, writing for Bloomberg News, reported that the new
federal law that shields Puerto Rico from bondholder lawsuits will
have its day in court this week.

According to the report, U.S. District Judge Francisco Besosa has
scheduled a hearing on Sept. 22, 2016, in San Juan on whether
investors should be temporarily blocked from suing over the Puerto
Rico's debt defaults, a protection Congress extended through
legislation enacted in June.  That federal law has given Puerto
Rico time to resolve the crisis brought on by its $70 billion of
debt, the report said.

Hedge funds and insurance companies have filed suits to block
Governor Alejandro Garcia Padilla's ability to skip payments to
investors and use money pledged to bondholders for other purposes,
the report related.  While Besosa placed some of these cases on
hold because of the federal law, he's scheduled a hearing for
creditors and the commonwealth to weigh in, the report further
related.

Puerto Rico began defaulting on debt a year ago and on July 1
missed nearly $1 billion of interest and principal that was due,
marking the largest payment failure in the $3.7 trillion
municipal-bond market, the report said.  Puerto Rico has been in a
recession for the past decade and a record number of islanders
have left to find work on the U.S. mainland, the report added.

Laura Moran, vice president at U.S. Bank Trust National
Association, the bond trustee for University of Puerto Rico debt,
is also set to testify, the report related.  The trustee in August
sued the university for redirecting revenue away from paying debt
and is seeking a reprieve from the stay, the report further
related.

Anticipated witnesses for Puerto Rico include Elizabeth Abrams,
managing director at Millstein & Co., the commonwealth's financial
adviser, the report said.  Abrams is set to testify on
negotiations with creditors and the anticipated debt-restructuring
process, the report added.  Yaime Rullan Cabrera, assistant
secretary of the commonwealth's Treasury Department, may speak on
the island's projected financials, while Andy Dillon, executive
director at Conway MacKenzie, which has analyzed the island's
available cash, is set to give information on the commonwealth's
liquidity and financial status, the report said.


SOCIEDAD EL PARAISO: Hearing on Plan Disclosures Set For Oct. 12
----------------------------------------------------------------
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico has scheduled for Oct. 12, 2016, at 9:00
a.m. the hearing to consider the disclosure statement accompanying
Sociedad El Paraiso Se Conrado Rosa Guzman's plan of
reorganization.

Objections to the form and content of the Disclosure Statement
should be in writing and filed not less than 14 days prior to the
hearing.

Sociedad El Paraiso Se Conrado Rosa Guzman filed for Chapter 11
bankruptcy protection (Bankr. D.P.R. Case No. 14-09700).


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


TRINIDAD & TOBAGO: Central Bank Says Econ. Activity Weak in 1Q2016
------------------------------------------------------------------
Trinidad Express reports that domestic economic activity remained
weak during the first quarter of 2016.

This is how the Central Bank of Trinidad and Tobago (CBTT) began
its chapter on gross domestic product (GDP) in its Economic
Bulletin (EB) released Sept. 15, according to Trinidad Express.

"According to the Central Bank's revised Quarterly Index of Gross
Domestic Product (QGDP), domestic output contracted on a year-on-
year basis by 5.2 per cent during the first quarter of 2016-the
steepest decline since the third quarter of 2009, the report
notes.

The fall-off in output from both the energy and non-energy sectors
contributed to this outturn," the bank said, the report relays.

The energy sector declined sharply, by 9.1 per cent (year-on-
year), in the first quarter of 2016 on account of lower crude oil
and natural gas production, the bulletin said, the report says.
"Crude oil and natural gas production fell by 9.1 per cent and
10.4 per cent, respectively, the report adds.


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


* BOND PRICING: For the Week From Sept. 12 to Sept. 16, 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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