TCRLA_Public/160920.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

            Tuesday, September 20, 2016, Vol. 17, No. 186



ARGENTINA: To Get $320MM IDB Loan to Improve Drinking Water
YPF SA: Fitch to Assign 'B(EXP)/RR4' Rating to Sr. Unsec. Bonds


SAGICOR FINANCE: S&P Puts 'B' Rating on $320MM Notes on Watch Pos.


BRADESCO SEGUROS: Fitch Affirms 'BB+' IFS Rating; Outlook Stable
STATE OF RIO DE JANEIRO: Fitch Lowers Issuer Default Rating to 'C'
VIVER INCORPORADORA: Files for Bankruptcy Protection

C A Y M A N  I S L A N D S

FEDERAL EXPRESS: Members' Final Meeting Set for Oct. 4
GAIA GLOBAL: Shareholder to Hear Wind-Up Report on Sept. 26
NEXSTAR DEVELOPING: Shareholder to Hear Wind-Up Report on Sept. 22
NEXSTAR MASTER: Shareholder to Hear Wind-Up Report on Sept. 22
NOTGER CAPITAL: Shareholder to Hear Wind-Up Report on Sept. 30

NUWAVE COMBINED: Shareholder to Hear Wind-Up Report on Sept. 26
ODEBRECHT OFFSHORE: S&P Lowers Rating on Notes to 'CCC'
RIVERSIDE EQUITY: Shareholders' Final Meeting Set for Sept. 22
RIVERSIDE FRONTIER: Shareholders' Final Meeting Set for Sept. 22
SONIC VISION: Shareholders' Final Meeting Set for Sept. 22

THEOREMA EUROPE: Shareholder to Hear Wind-Up Report on Sept. 29
THEOREMA EUROPE FUND: Shareholder to Hear Wind-Up Report Sept. 29
TROIKA DIALOG: Sole Member to Hear Wind-Up Report on Sept. 30


FOMENTO ECONOMICO: Feels the Pain as Mexico Cracks Down on Slim
UNIFIN FINANCIERA: S&P Assigns 'BB' Rating to $500MM Sr. Notes
UNIFIN FINANCIERA: Fitch Rates Proposed Sr. Notes "BB(EXP)"

T R I N I D A D  &  T O B A G O

CL FIN'L: Guyana Signs Deal That Will Benefit CLICO Policy Holders


VENEZUELA: As Caracas Seethes, Citizens Flock to Dominican Rep

                            - - - - -


ARGENTINA: To Get $320MM IDB Loan to Improve Drinking Water
The Inter-American Development Bank (IDB) has approved a $320
million loan to support Argentina's efforts to improve and enhance
drinking water and sanitation services in the metropolitan area
comprising Buenos Aires City and its suburbs, benefiting 11
million people.

This third operation for the metropolitan area -- which includes
the country's capital and 17 adjacent municipalities -- will help
enhance the water portability and distribution system's
reliability, reduce leaks, and expand sewerage services and the
wastewater treatment capacity.

The works, to take place in the area covered by the state-run
company Agua y Saneamientos Argentinos, S.A. (AySA), will include:

   -- Renovating and improving the General San Martin drinking
      water treatment plant in the northern suburbs, which will
      require a US$75 million investment.

   -- Renovating 130 km of water pipes (US$35 million).

   -- Enhancing the Planta Norte wastewater treatment plant (US$99

   -- Expanding the Hurlingham, Moron and Ituzaingo districts'
      sewer network by 170 km ($90 million).

   -- Installing an 80 km sewage pipeline in the north western
      district of Escobar (US$45 million).

The project will provide new or improved drinking water services
to 120,000 homes, whereas the population equivalent of 100,000
households will receive wastewater treatment services.

The program will also include the installation of water meters in
five high population density districts, a move expected to produce
major consumption savings. Metering, combined with water pressure
regulation in the five districts, is expected to cause a 40
percent decline in water loss, resulting in savings to the tune of
5,900 cubic meters a day.

The US$320 million loan, from the Bank's ordinary capital, is for
a 25-year term, with a 4.5-year grace period and Libor-based
interest rate. The Government of Argentina will provide an
additional US$80 million in local counterpart funds.

                         *     *     *

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'.

YPF SA: Fitch to Assign 'B(EXP)/RR4' Rating to Sr. Unsec. Bonds
Fitch Ratings expects to assign a rating of 'B(EXP)/RR4' to YPF
S.A.'s (YPF) proposed senior unsecured bond issuance due 2019. The
proposed issuance will be denominated in Swiss Francs, carry a
fixed interest rate and the proceeds will be used to fund fixed
asset investments in Argentina and working capital requirements.
The notes will rank at least pari passu in priority of payment
with all other YPF senior unsecured debt. The notes would be rated
the same as all of YPF's senior unsecured obligations.


YPF's ratings reflect its strong linkage with the credit quality
of the Republic of Argentina and the company's relatively low
reserve life. YPF's 'B' ratings are linked to the sovereign rating
of Argentina, which has a Long-Term Foreign and Local Currency
Issuer Default Rating (IDR) of 'B'.

Fitch has assigned a country ceiling of 'B' to the Republic of
Argentina, which limits the foreign currency rating of most
Argentine corporates. Country Ceilings are designed to reflect the
risks associated with sovereigns placing restrictions on private
sector corporates, which may prevent them from converting local
currency to any foreign currency (FC) under a stress scenario,
and/or may not allow the transfer of FC abroad to service FC debt
obligations. Since taking power in December 2015, the Mauricio
Macri administration removed FX controls introduced in 2011 and
increased the flexibility of the Argentine peso, which should
contribute to improving the capacity of the economy to absorb
external shocks and relieve pressure on international reserves.

LINKAGE TO SOVEREIGN: YPF's ratings reflect the close linkage with
the Republic of Argentina resulting from the company's ownership
structure as well as recent government interventions. The Republic
of Argentina controls the company through its 51% participation
after it nationalized the company in April 2012. Since this
action, the company's strategy and business decisions are governed
by the Republic.

LOW HYDROCARBON RESERVE LIFE: The ratings consider the company's
relatively weak, though improving, operating metrics characterized
by a low reserve life. As of year-end 2015, YPF reported proved
reserves of 1,226 million barrels of oil equivalent (boe) and
average production of 577,000 boe per day (52% crude oil). Based
on production trends, the company's reserve life is below-optimal
at approximately six years. This could create significant
operational challenges in the medium- to long-term, and gives the
company limited flexibility to reduce capex investments in order
to increase upstream reserves/production.

STABLE PRODUCTION: As expected by Fitch, the company's production
remained stable with an average production of 577,000 boe in 2015
(up 3% year-over-year). Capex investments for the second quarter
of 2016 (2Q16) were approximately 38% lower in dollar terms
compared with the same period of 2015. Despite the significant
reduction in the company's capital expenditure program during
2016, Fitch expects the company to continue with its initial
ambitious capex program to maintain stable production in 2016 and
increase production in the following years. Production in 2Q16
averaged 582,300 boe per day, which was similar to 1Q15 production
levels and in line with our assumptions.

STRONG BUSINESS POSITION: Fitch expects the company to continue to
solidify its market leadership in Argentina. YPF benefits from a
strong business position supported by its vertically integrated
operations and dominant market presence in the Argentine
hydrocarbons market. Fitch anticipates that YPF will continue to
exercise an active role in domestic fuel and gas supply. In the
downstream segment, where YPF enjoys a 56% market share of
domestic gasoline and diesel sales, the company benefits from
relatively high prices for refined products in Argentina.

credit protection metrics, characterized by moderate leverage and
a manageable debt amortization schedule. For the LTM ended June
2016, net leverage, as measured by net debt-to-EBITDA, reached
2.1x (considering Fitch's calculated EBITDA for YPF in USD), which
is still considered moderate for the assigned rating. YPF's total
debt-to-total proved reserves ratio was USD7.5 per boe (USD 8.37
per boe including the USD750 million issued during 3Q16 and the
proposed CHF300 million bond issuance).

As of June 30, 2016, YPF's total debt was approximately USD9.2
billion, and the company reported EBITDA for the LTM of USD4.67
billion. Fitch's calculated equivalent EBITDA in USD for the LTM
ended June 30, 2016 was approximately USD4.2 billion. Fitch uses a
weighted quarterly average USD/Peso exchange rate to convert YPF's
financial results into U.S. dollar equivalent figures. Differences
between the company's reported numbers and Fitch's figures arise
given the high currency volatility experienced in Argentina over
the past six months and the timing of sales and costs recognition.

Reported EBITDA for the 2Q16 was down 13% compared with 2Q15 as a
result of lower domestic oil prices (10% lower) and significant
currency devaluation. While the upstream segment benefitted from
the devaluation, the downstream business was severely affected by
the devaluation of the Argentine peso.

Fitch assumes production will remain stable during 2016 assuming
flat EBITDA trends in 2016. During recent years, the company's
leverage has been moderately increasing, mostly as a result of
increases in debt to fund the company's ramped-up capital
expenditure program. Fitch believes net leverage will remain close
to 2.0x during 2016-2017 as a result of lower domestic prices,
significant capex needs and pressure from local currency
devaluation. These leverage levels are still considered moderate
for the rating category. Incorporating the proposed bond issuance
of up to CHF250 million and the USD750 million bond issued during
3Q16, the company's total debt-to-EBITDA ratio for the past 12
months would rise to 2.5x on a pro forma basis.


   -- Mid-single-digit production growth annually;

   -- Realized oil prices of USD61/bbl, which could marginally
      decline to mid-USD50/bbl range in the short- to medium-term;

   -- Natural gas prices increasing to the USD4.5/MMcf level over
      the next five years;

   -- Low-single-digit revenue growth in dollar terms over the
      next five years;

   -- Capex of approximately USD4.7 billion for 2016. Fitch
      conservatively assumes capex of USD4.5 billion per year
      during 2017-2019;


Future developments that could, individually or collectively, lead
to negative rating actions in the short term:

   -- Argentina's economic deterioration and the company's
      inability to maintain an adequate liquidity position or
      access to foreign currency;

   -- Any further weakening of Argentina's fiscal accounts could
      have a negative impact on the companies' collections/cash

   -- A significant deterioration of credit metrics;

   -- The adoption of adverse public policies that can affect the
      company's business performance in any of its business

A positive rating action could occur as the result of an upgrade
of the sovereign rating.


Total cash and equivalents amounted to approximately USD1 billion
as of June 30, 2016. The company's liquidity position is further
strengthened by the USD750 million proceeds received from the
bonds issued on July 7, 2016 and the government bonds (BONAR 2020)
related to the 2015 Plan Gas receivables. The company's liquidity
position is considered adequate to cover its short-term debt due
during 2016.

The company has been successful accessing the local and
international markets, and given that the company is controlled by
the Argentine government, Fitch does not anticipate any
difficulties in accessing the debt markets to refinance short-term


Fitch currently rates YPF S.A. as follows:

   -- Long-Term Foreign Currency IDR 'B'; Outlook Stable;

   -- Long-Term Local Currency IDR 'B'; Outlook Stable;

   -- Notes due 2018, 2020, 2021, 2024, 2025, 2028 'B'/'RR4'.


SAGICOR FINANCE: S&P Puts 'B' Rating on $320MM Notes on Watch Pos.
S&P Global Ratings placed its 'B' issue-level rating on Sagicor
Finance (2015) Ltd.'s (SFL) $320 million seven-year senior
unsecured notes on CreditWatch positive following Sagicor
Financial Corporation Ltd.'s (SFC) re-domiciliation to Bermuda
from Barbados and restructuring of Sagicor Life Inc. (SLI).  S&P
also placed its 'BB-' issuer credit and financial strength ratings
on SLI on CreditWatch developing.

S&P's rating action on SFL follows the announcement to shift SFC's
domicile to Bermuda from Barbados and the changes in the SFC
corporate structure.  In S&P's view, both factors could reduce
SFC's exposure to Barbados' potential default, because the company
is no longer based in that country, and cash flows from each
operating subsidiary could flow directly to SFC.

S&P is currently analyzing credit, regulatory, and legal
implications of the announced changes, and S&P will resolve its
CreditWatch listings on SLI and SFL once S&P determines which
sovereign is relevant for SFC, and if its ratings are subject to a
cap, given its considerable exposures in the 'B' rated countries
(Jamaica and Barbados).

The sovereign rating on Barbados (B/Negative/--) would no longer
impose a limit on Sagicor Finance's issue-level rating.  However,
it will continue to be considered on Sagicor Life Inc. (SLI)
because the latter remains domiciled in Barbados.

SFL's issue-level rating is currently two notches below that of
the group's main operating subsidiary, SLI, reflecting SFL's
debt's structural subordination to the group's insurance
operations.  SLI's rating is currently capped at two notches above
Barbados' 'B' rating, although the company's group credit profile
(GCP) is 'bb+'.  A life insurer rating is capped at two notches
above the sovereign rating of its country of domicile because of
S&P's view that these entities have a high sensitivity to country
risk and the critical role of regulations for these entities.
Since the holding company will no longer be based in Barbados',
its ratings might no longer acts as rating cap.  Therefore, S&P's
current 'B' debt rating on SFL could rise to 'BB-', which would be
two notches below the potential 'bb+' GCP and reflecting
structural subordination of the debt issue to policyholder

The CreditWatch developing status on SLI, which is still based in
Barbados, reflects S&P's view that the number of notches that the
company's rating could receive above the sovereign rating could
vary depending on the resulting corporate structure and S&P's view
of the group's potential support to SLI during Barbados' potential
default.  In this sense, if S&P believes that the SFC, which is no
longer based in Barbados, will support the newly restructured SLI
under almost any circumstances associated with a sovereign stress
scenario, the ratings on the company could be up to three notches
above Barbados' or one notch higher than SLI's current 'BB-'
ratings.  On the other hand, if such level of support is unlikely,
the ratings on SLI could drop to the sovereign level if the
company fails to pass our sovereign stress test, which is likely
to happen, in S&P's view, if the corporate overhaul leaves SLI
with only its Barbadian insurance operations.


BRADESCO SEGUROS: Fitch Affirms 'BB+' IFS Rating; Outlook Stable
Fitch Ratings has affirmed Bradesco Seguros S.A.'s Insurer
Financial Strength (IFS) rating at 'BB+'/Negative Outlook and
National Insurer Financial Strength at 'AAA(bra)'/Stable Outlook.

                          KEY RATING DRIVERS

Bradesco Seguros' ratings are aligned with those of its parent,
Banco Bradesco S.A. (Bradesco, Long-Term Local Currency Issuer
Default Rating [IDR] 'BB+'/Outlook Negative).  The Negative
Outlook for Bradesco Seguros' IFS rating mirrors that of its
parent's Long-Term Local Currency IDR, which is constrained by
Brazil's sovereign rating (Long-Term Local Currency IDR 'BB'/
Outlook Negative).

Fitch views Bradesco Seguros as a 'core subsidiary' of Bradesco,
and therefore its ratings are equalized to those of its parent.
This is based on the strategic importance of its insurance
operations, which are a key and integral part of the group's
business, common branding, and high contribution of Bradesco
Seguros to group profits (average 30% from 2011 through June

The ratings also reflect the company's leading position in the
Brazilian insurance market, consistent performance through the
cycle, diversified revenue base, strong distribution capacity
underpinned by Bradesco's wide agency network and comfortable
liquidity and capitalization ratios.

As of June 2016, Bradesco Seguros maintained its leading position
and overall market share of approximately 25%, despite a marked
slowdown in premium growth to 7% on a year-on-year (y-o-y) basis
(15% in 2015).  The deceleration was mainly driven by the pension
segment, which grew only 1% y-o-y (20% in 2015).  Other segments
also posted slightly lower growth (health: 17% vs 20%, life: 12%
vs 10%, auto and Property/Casualty (P/C): 1% vs -2%, saving bonds:
3% in both periods, respectively).  At year-end 2015, life and
pension segments remained the largest contributors to net earnings
(57%), followed by health (13%), saving bonds (10%) and auto and
P/C (20%).

In August 2016, Bradesco's acquisition of HSBC Bank Brasil S.A.
(HSBC Brasil) was concluded and Bradesco Seguros incorporated its
three insurance subsidiaries, which operate in life, pension and
saving bonds segments.  As of June 2016, the three companies'
premiums were equivalent to 4% of Bradesco Seguros' total
premiums.  Fitch expects the incorporation to further strengthen
Bradesco Seguros' growth and market position.

Bradesco Seguros' leverage ratios are well above the average of
Fitch rated insurance entities in Brazil and the region, and have
increased further in 2015, before declining slightly in the first
half of 2016 as a result of slower growth and high retained
earnings.  At June 2016, the company's operating leverage (net
earned premiums/equity) and leverage (net liabilities/equity)
stood at 2.0x and 12.5x, respectively (2.5x and 14.8x, at end-

Bradesco Seguros' dividend payout ratio remains high.  In 2015,
payout ratio reached 113%, up from 73% in 2014 and 53% in 2013.
This is due to the gradual phase-in of the Basel III regulatory
framework, which requires banks to deduct their investments in
insurance companies from their regulatory capital.

Potential risks arising from high leverage are mitigated by the
fact that leverage is largely driven by its significant technical
reserves for the private pension products that do not constitute
reinvestment risk for the company.  The technical reserves all
pension products corresponded to 81% of the total technical
reserves and 77% of liabilities at June 2016.

Fitch believes Bradesco Seguros' profitability will remain solid
despite the continued weaknesses in the operating environment.
Bradesco Seguros has maintained solid profitability through the
cycles, thanks to good technical results and solid financial
income.  The company's return on average assets (ROAA) averaged
2.5% between 2012 through 2015, but fell to 2.0% in the first half
of 2016, mainly as a result of a slight fall in technical results
that in turn was due to an increase in claims in the health
segment and the increase in income tax rate.

In applying Fitch's insurance criteria when regarding the impact
of ownership on Bradesco Seguros' ratings, Fitch considered how
ratings would theoretically be impacted under Fitch's bank support
criteria.  Fitch's insurance criteria is principles-based
regarding ownership, and the referenced bank criteria was used to
help inform Fitch's judgment in applying those principles.

                       RATING SENSITIVITIES

Bradesco Seguros' ratings are linked to that of Bradesco.
Therefore, any change in the bank's ratings would affect the
insurer's ratings, as would a change in its willingness to provide
support, which Fitch considers highly unlikely.

STATE OF RIO DE JANEIRO: Fitch Lowers Issuer Default Rating to 'C'
Fitch Ratings has downgraded the Brazilian state of Rio de
Janeiro's (ERio) Long-Term Issuer Default Rating to 'C' from 'B-'.
The agency has also downgraded the Long-Term National Scale rating
to 'C(bra)' from 'BB-(bra).

                      KEY RATING DRIVERS

The downgrade to 'C' from 'B-' indicates that the state has
entered again into a grace or cure period following the non-
payment of a financial obligation with another multilateral
institution, and Fitch expects this process to be recurrent.  The
'C' rating also reflects exceptionally high levels of credit risk.

Fitch acknowledges that ERio has not performed many financial
obligations in the period between May 2016 and mid-September 2016
with both federative and multilateral institutions amounting over
US160 million.  Fitch does not expect ERio to have the financial
or fiscal capacity nor willingness to honor future debt service
commitments due in the last quarter of 2016, especially to other
multilateral and commercial institutions.

Fitch also recognizes that none of the financial obligations
listed above have experienced a default, because the National
Treasury of Brazil (NTB) has covered ERio's debt service during
the grace period as per each individual guarantee contract.

Following the payment, the NTB enters in a recovery procedure with
ERio.  The Treasury accesses the collateral agreed upon in each
individual guarantee contract with ERio such as the collection of
proprietary taxes such as ICMS or IPI Export among others, and
Constitutional Transfers such as FPE.

The liquidity position of the State of Rio de Janeiro has been
deteriorating very fast in recent months.  Its operating margins
are negative, one reason why the administration had to resort to
nonrecurring revenues to cover operating expenditures.  Recently,
ERio and many other Brazilian subnationals received a bail-out of
the debt service they have with the Federal Government until 2017.

                       RATING SENSITIVITIES

Guaranteed Debt: Fitch does not expect ERio to enter into default,
since virtually all debt is guaranteed by the Federal Government.
The small amount of unsecured debt is against Federal Institutions
and could be renegotiated under more favorable conditions.

Recovery in Financial Performance: Once ERio's fiscal and
financial performance recovers and it is able to honor its
committed financial obligations in due time with no external aid,
the Fitch will revise its ratings.


The ratings are sensitive to:

   -- The high level of sovereign support for ERio, given that the
      state's most relevant creditor is the Federal Government who
      also guarantees all external debt.

Fitch has downgraded these actions:

State of Rio de Janeiro:

   -- Long-Term Foreign Currency IDR to 'C' from 'B-';
   -- Short-Term Foreign Currency IDR to 'C' from 'B';
   -- Long-Term Local Currency IDR to 'C' from 'B-';
   -- Short-Term Local Currency IDR to 'C' from 'B';
   -- Long-Term National to 'C(bra)' from 'BB-(bra)';
   -- Short-Term National rating to 'C(bra)' from 'B(bra)'.

VIVER INCORPORADORA: Files for Bankruptcy Protection
Guillermo Parra-Bernal and Aluisio Alves at Reuters report that
Viver Incorporadora & Construtora SA filed for bankruptcy
protection, becoming the first listed Brazilian homebuilder ever
to seek an in-court reorganization amid a harsh recession, tough
refinancing conditions and slumping home prices.

In a securities filing, Viver said management and advisers, led by
Alvarez & Marsal Holdings LLC, filed the request in a commercial
court in Sao Paulo, according to Reuters.

Reuters notes that Luis de Lucio, managing director of Alvarez &
Marsal Latin America, said about a little more than BRL1 billion
($307 million) of Viver's debt will be included in the filing.

About BRL290 million of an outstanding credit facility will not be
subject to the protection, the report notes.

The decision underscores the woes facing homebuilders, many of
which have been put in line for painful reorganizations in the
wake of record delinquencies, sales cancellations and the highest
borrowing costs in a decade, the report relays.

In February, Viver hired Alvarez & Marsal Holdings LLC to lead a
turnaround effort that has protected cash and averted an
operational halt, the report recalls.

Viver, which was founded in 1992 as Inpar SA and operates in 14
Brazilian states, declined to comment, notes the report. Viver was
listed in 2007, during a boom of Brazilian real estate listings.

Bank loans make up for most of Viver's liabilities in the plan, de
Mr. Lucio said, without elaborating, the report adds.

Viver was been informed of a court decision allowing unnamed
creditors to seize a property worth BRL15 million -- the second
such event in a week, the report relays.

Still, the Brazilian Corporate Recovery Institute, a group that
studies bankruptcy proceedings in Brazil, estimates that
turnaround efforts will fail for half of the 1,287 firms that
requested court protection last year, the report notes.

C A Y M A N  I S L A N D S

FEDERAL EXPRESS: Members' Final Meeting Set for Oct. 4
The members of The Federal Express Holdings, S.A. Caribbean
Retirement Savings Plan Limited will hold their final meeting on
Oct. 4, 2016, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands

GAIA GLOBAL: Shareholder to Hear Wind-Up Report on Sept. 26
The shareholder of Gaia Global Select Fund Limited will hear on
Sept. 26, 2016, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Gaia Global Holding Limited
          c/o Willow House, Floor 4, Cricket Square
          P.O. Box 268 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 949-2648
          Facsimile: +1 (345) 949-8613

NEXSTAR DEVELOPING: Shareholder to Hear Wind-Up Report on Sept. 22
The shareholder of Nexstar Developing Opportunities Offshore Fund,
Ltd will hear on Sept. 22, 2016, at 10:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Peter W. Getsinger
          c/o Sophia Leavett
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877

NEXSTAR MASTER: Shareholder to Hear Wind-Up Report on Sept. 22
The shareholder of Nexstar Developing Opportunities Master Fund,
Ltd will hear on Sept. 22, 2016, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Peter W. Getsinger
          c/o Sophia Leavett
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877

NOTGER CAPITAL: Shareholder to Hear Wind-Up Report on Sept. 30
The shareholder of Notger Capital Ltd. will hear on Sept. 30,
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:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman, KY1-9005
          Cayman Islands
          c/o Kim Charaman
          Telephone: (345) 943-3100

NUWAVE COMBINED: Shareholder to Hear Wind-Up Report on Sept. 26
The shareholder of Nuwave Combined Futures Portfolio Ltd. will
hear on Sept. 26, 2016, at 10:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Troy W. Buckner
          35 Waterview Boulevard
          Parsippany, NJ 07054
          Telephone: (973) 888-6810
          Facsimile: (973) 888-6810

ODEBRECHT OFFSHORE: S&P Lowers Rating on Notes to 'CCC'
S&P Global Ratings lowered its rating on Odebrecht Offshore
Drilling Finance Limited's (OODFL's) notes to 'CCC' from 'CCC+'.
At the same time, S&P maintained the rating on CreditWatch with
negative implications.

The downgrade reflects S&P's belief that OODFL's financial
flexibility has weakened and will likely further deteriorate as a
result of lower CFADS in the upcoming 12-month period due to the
termination of the charter and service contract for ODN Tay and
the waiver the project obtained on the provisions governing the
service agreement that capped operating expenses and capital
expenses.  The project has also obtained an additional waiver to
use resources from reserve accounts to partly fund the Sept. 1,
2016, debt service payment.

S&P don't envision an imminent risk of default because cash flows
from the three contracted assets and the reserve accounts should
enable the project to keep operating for at least the next 6-12
months.  However, the CreditWatch listing reflects the short-term
risk of default on the potential acceleration of the bonds.

RIVERSIDE EQUITY: Shareholders' Final Meeting Set for Sept. 22
The shareholders of Riverside Equity Strategies Fund SPC will hold
their final meeting on Sept. 22, 2016, at 11:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Morna Chisholm
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands

RIVERSIDE FRONTIER: Shareholders' Final Meeting Set for Sept. 22
The shareholders of Riverside Frontier Opportunities Fund 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:

          Morna Chisholm
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands

SONIC VISION: Shareholders' Final Meeting Set for Sept. 22
The shareholders of Sonic Vision Investments I Limited will hold
their final meeting on Sept. 22, 2016, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Morna Chisholm
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands

THEOREMA EUROPE: Shareholder to Hear Wind-Up Report on Sept. 29
The shareholder of Theorema Europe Fund + Ltd. will hear on
Sept. 29, 2016, at 10:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Keith Blake
          c/o Giji Alex
          Century Yard, 2nd Floor
          Cricket Square, Elgin Avenue
          Grand Cayman, Cayman Islands
          Telephone: (345) 914-4350/ (345) 949-4800
          Facsimile: (345) 949-7164

THEOREMA EUROPE FUND: Shareholder to Hear Wind-Up Report Sept. 29
The shareholder of Theorema Europe Fund Ltd. will hear on
Sept. 29, 2016, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Keith Blake
          c/o Giji Alex
          Century Yard, 2nd Floor
          Cricket Square, Elgin Avenue
          Grand Cayman, Cayman Islands
          Telephone: (345) 914-4350/ (345) 949-4800
          Facsimile: (345) 949-7164

TROIKA DIALOG: Sole Member to Hear Wind-Up Report on Sept. 30
The sole member of Troika Dialog Group Limited will hear on
Sept. 30, 2016, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Cayman Law Group Ltd
          Ground Floor, DMS House
          20 Genesis Close
          P.O. Box 1103, George Town, Grand Cayman
          Cayman Islands, KY1-1103
          Telephone: +1 (345) 949-8572


FOMENTO ECONOMICO: Feels the Pain as Mexico Cracks Down on Slim
Andrea Navarro at Bloomberg News report that Fomento Economico
Mexicano SAB is best known for controlling Latin America's biggest
Coca-Cola bottler and operating the region's largest convenience-
store chain.  Yet it's getting hurt by an overhaul of Mexico's
telecommunications industry, according to Bloomberg News.

Traffic at Femsa's Oxxo convenience stores fell 0.5 percent in the
second quarter, the first drop in almost two years, Bloomberg News
notes.  That's no small matter, since the chain's revenue
accounted for 35 percent of the company's total, Bloomberg News

The trouble is that fewer customers are visiting Oxxo stores to
buy prepaid cards for their mobile phones, Bloomberg News notes.
A law enacted three years ago to chip away at the dominance of
billionaire Carlos Slim's America Movil SAB allowed U.S. giant
AT&T Inc. to enter the market and forced a 17 percent drop in
costs last year, Bloomberg News discloses.  Since it's now less
expensive to make phone calls or even switch to a contract plan,
there's less reason to go to the corner store to add more minutes
to an account, Bloomberg News notes.

"People have changed to postpaid, and those who haven't, now have
more options" to top up their phones, said Jose Antonio Cebeira,
an analyst at Actinver.  Oxxo stores used to be among the few
places to buy prepaid cards, "so that market has been fragmented
for them," Bloomberg News relays.

                             Stock Drop

Femsa through Sept. 6 had declined 2.2 percent since July 26, the
day before it reported the drop in Oxxo's traffic in its second-
quarter earnings report, Bloomberg News relays.  Mexico's
benchmark IPC index meanwhile has advanced 1.5 percent.  Femsa's
shares fell 1 percent to 170.10 pesos at 10:43 a.m. Sept. 7 in
Mexico City, Bloomberg News notes.

While lower phone-service prices led to a decline in Oxxo store
traffic in the second quarter, financial services and other
categories "have made a positive contribution," Femsa said in an
e-mailed response to questions, Bloomberg News discloses.  Oxxo is
teaming up with banks to offer credit-card payments and money
transfers as it looks to provide new services, Bloomberg News

Broad-based gains in Mexican retail sales helped the chain
increase the average purchase per customer visit, fueling a 5.1
percent gain in same-store sales last quarter despite the fall in
traffic, Bloomberg News says.  Femsa, based in Monterrey, Mexico,
has also been buying drug stores and gas stations.

But traffic in Femsa's more than 14,000 Oxxo stores will continue
flagging as more callers take advantage of the clash between
mobile phone companies and ditch prepaid plans, said Alejandra
Marcos, an analyst at Intercam Casa de Bolsa, Bloomberg News

"We're still going to see several quarters affected because the
telecom reform isn't over yet," she said by telephone. "All the
mobile operators in Mexico have continued with aggressive phone
plans. As long as this market 'war' continues, it's unlikely we'll
see a change in Oxxo's traffic numbers," she added.

UNIFIN FINANCIERA: S&P Assigns 'BB' Rating to $500MM Sr. Notes
S&P Global Ratings assigned its 'BB' issue-level rating to Unifin
Financiera SAB de C.V. SOFOM, E.N.R.'s (Unifin; BB/Stable/--)
proposed senior unsecured notes for up to $500 million.  The
tenure of the notes will be seven years and will bear a fixed

"Our 'BB' rating on the proposed debt is at the same level as the
issuer credit rating.  The debt rating reflects the lender's
secured debt that represented less than 15% of adjusted assets as
of June 30, 2016, and its unencumbered assets will completely
cover the unsecured debt.  Furthermore, the rating indicates that
the notes will rank equally in right of payment with all of
Unifin's existing and future senior unsecured notes.  The issuance
will have a full cross currency swap to hedge against currency
exchange fluctuations.  The derivative will cover the complete
notes' amount during the time of the issuance.  We expect the
lender to use the proceeds primarily to refinance its existing
$366 million global issuance (around $210 million prepayment),
repay bank credit facilities, and around 5% of the proceeds to
expand the business.  In our view, the new issuance doesn't
reflect a significant debt increase that could jeopardize Unifin's
financial position," S&P said.

"Unifin's funding assessment remains adequate; however, funding
structure will be more dependent on market debt than on banking
lines, as we've seen in the past.  For year-end, we expect a
funding mix of 40% of total funding in global issuances, 38% in
securitizations, and 22% banking debt.  Unifin's debt will only
increase by around $30 million, which in our view, isn't a
significant factor that will impact our funding assessment.  On
the other hand, our liquidity assessment remains unchanged.  The
lender has sufficient liquidity sources to run its daily
operations, with a cash flow analysis (base-case and stress
scenario) that should remain positive in the next 12 months," S&P

S&P's ratings on Unifin continue to reflect its adequate business
position thanks to stable business operating results, coupled with
a diversified loan portfolio.  S&P's assessment also includes the
lender's forecasted risk-adjusted capital ratio at about 9.7% for
the next 18 months, moderate risk position that incorporates
subpar reserve coverage for nonperforming assets, and adequate
funding and liquidity.  Unifin's stand-alone credit profile
remains at 'bb'.


Unifin Financiera SAB de C.V. SOFOM, E.N.R.
  Issuer credit rating                        BB/Stable/--

Rating Assigned

Unifin Financiera SAB de C.V. SOFOM, E.N.R.
Senior unsecured notes                       BB

UNIFIN FINANCIERA: Fitch Rates Proposed Sr. Notes "BB(EXP)"
Fitch Ratings has assigned an expected long-Term rating of
'BB(EXP)' to Unifin Financiera, S.A.B. de C.V., SOFOM E.N.R.'s
proposed senior notes.  The final rating is contingent upon the
receipt of final documents conforming to the information already

Proposed senior notes, up to USD500 million, will have a maturity
of seven years (due 2023) with semi-annual fixed-rate interest
payments and the principal will be paid on the maturity day.  The
notes will be Unifin's direct, unconditional and unsecured general

                        KEY RATING DRIVERS

The expected rating of 'BB(EXP)' reflects that these are senior
unsecured obligations of Unifin that rank pari passu with other
senior indebtedness, and therefore this rating is aligned with the
company's Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) of 'BB'.

Unifin's ratings reflect its moderately sized franchise in the
financial sector and its sound national market position in
leasing.  It also reflects its business know-how and robust legal
resources for collection purposes which have allowed it to
consistently generate earnings and maintain adequate asset quality
under sustained expansion and ambitious targets.  Unifin's ratings
also consider its enhanced capitalization due to last year's IPO,
although this is gradually decreasing due to accelerated loan
growth.  In addition, Unifin's ratings also factor in its
aggressive growth and high business concentration, as well as the
company's improved but still concentrated securitizations funding

Unifin is the national leader for specialized independent (i.e.
not related to a banking-holding company) leasing in Mexico and
still holds third place within the total leasing sector.  Fitch
believes that Unifin's growth targets are aggressive.  At end of
June 2016, Unifin's loan portfolio has grown more than 195x over
the last 14 years and strong growth is expected to continue for
the next few years.

Unifin's ample expertise drives its strong ability to consistently
generate earnings through economic cycle.  Over the past four
years, operating profit-to-average assets averaged 5.4% and 50% of
average equity (Operating ROE).  As of June 2016, operating
profit-to-average assets and operating ROE were 5% and 31.5%,
respectively.  The entity's good financial results are driven by
controlled operational expenses and its reasonable interest
margins as a result of loan portfolio growth, controlled funding
costs and its business focus on SMEs.  However, Fitch considers
Unifin's profits as somewhat overestimated because of its low
reserve coverage relative to other institutions.

Unifin's asset quality is adequate and has had reasonable non-
performing loans (NPLs) levels, almost no charge-offs and low
levels of foreclosed assets.  However, it still exhibits limited
reserve coverage.  In Fitch's view, Unifin's adherence to its
credit policy, adequate collection practices, ownership of the
leased assets and the solid legal methods to recover them ensure
no material deterioration of its asset quality.  Under Fitch's
metrics, the NPL ratio (NPLs at 90-days overdue plus the remaining
contractual rents) averaged around 3.8% in the past three years
(June 2016: 2.9%) with loan loss reserve coverage of less than 25%
on average.

Concentration per client relative to capital has improved as a
result of last year's IPO.  Recent capital enhancement reduced the
relative importance of the top 20 obligors with respect to equity;
these obligors represented 0.8x Unifin's total equity as of June
2016 (March 2015: 1.8x).  However, concentration by client
continues to be exacerbated by the low loan-loss reserve cushion,
which does not even cover the main debtor.

Unifin's relatively recent IPO strengthened its leverage and
capitalization.  Unifin's leverage indicators (with recourse to
Unifin) measured as debt excluding securitizations-to-tangible
equity reached 3.3x at the same date compared to levels of 8x-10x
in the years pre-IPO.  Total leverage (total debt-to-tangible
equity) was 5.6x.  The recent IPO alleviated some pressures the
company had in terms of capitalization.  Given the expected
aggressive growth of the company and its limited loan loss
reserves, Fitch believes Unifin's challenge is to maintain healthy
levels of capitalization.

Unifin has diversified its funding sources over the past years;
however, in Fitch's view it still holds important concentrations
in market debt issuances.  Unifin is heavily reliant on wholesale
debt through local debt issuances via securitizations and
international bonds (72% of its total interest-bearing
liabilities) and the company has proven stability in the debt
markets since 2006.

In addition, Unifin has access to national and international
development banks and commercial bank facilities.  Fitch believes
Unfin's business model will continue favoring securitization as
the main funding source.  As a result of its latest global debt
issuance Unifin increased the average maturity of its financial
liabilities and improved its liquidity profile, thereby reducing
its tenor mismatches.  Also the currently rated expected issuance
will also be positive for maturity matching.  This partially
mitigates refinancing risk arising from the entity's high reliance
on market securitizations, its aggressive asset growth plans and
the bullet nature of most of its market-driven funding.  The
latter is also partially offset by the flexibility provided by the
current portfolio securitizations.

                        RATING SENSITIVITIES

Given their senior unsecured nature, these notes will typically be
aligned with the company's IDRs, and the rating of the notes will
mirror any potential change to Unifin's IDRs.

Specifically, Unifin's International scale ratings could be
downgraded in the event of a consistent weakening of its leverage
and capitalization.  Specifically, under a scenario of a sustained
total debt-to-tangible equity ratio above 7x and/or a capital-to-
assets ratio adjusted by the unreserved portion of the impaired
portfolio (as calculated by Fitch) below 11.5%.  Downside
potential could also arise from a material deterioration of asset
quality metrics or risk concentrations (top 20 concentrations
above 2.0x equity).

In turn, controlled growth accompanied by risk diversification and
consistent financial performance could benefit Unifin's ratings.
Specifically, the ratings could be upgraded if leverage reaches
and remains at levels consistently below 5x and/or its tangible
equity-to-tangible asset ratios are sustained over 10%.
Additional improvements in Unifin's funding profile (i.e.
diversification, length and staggering of debt maturities), as
well as top 20 concentrations consistently below 1x company's
equity could be positive for the ratings.

T R I N I D A D  &  T O B A G O

CL FIN'L: Guyana Signs Deal That Will Benefit CLICO Policy Holders
Trinidad Express reports that the Guyana government signed a
debenture agreement with the National Insurance Scheme (NIS) for
an aggregated value of GUY$5.6 billion (One Guyana dollar=US$0.004
cents) that will benefit more than 170,000 people affected by the
collapse of Colonial Life Insurance Company (Clico).

The agreement will allow for the government to replace the
billions of dollars the estimated 180,000 policyholders who
invested in the Colonial Life Insurance Company that went bankrupt
in 2009, according to Trinidad Express.

Finance Minister Winston Jordan said that the signing of the
agreement and handing over of the 20 debentures, which will cover
the period January 1, 2016 to January 1, 2036 are in keeping with
the David Granger's government's commitment that everything should
be done to recover the capital invested, the report notes.

"The present government while in opposition did signal that this
situation could not continue that it was untenable.  A resolution
to this effect that the then government should do what it can to
help NIS get back their money was actually passed in parliament,
but nothing else was done," the report quoted Mr. Jordan as

"I think most of you know the story of NIS. Their deficit and
actually eating into their capital to meet payments, so in keeping
with our promise at the time, the Cabinet met, reviewed some
options that the Minister of Finance presented to them and agreed
to an option for the NIS to get back their money," Mr. Jordan
said, the report notes.

Mr. Jordan said that the money to be paid to the NIS is not a
loan, but rather an effort to strengthen the agency even while
pursuing CLICO for what was lost, the report relays.

"No we are not giving NIS a loan. What we are seeking to do is to
give NIS as close as possible what they invested in CLICO. If by
some miracle we were able to recover anything on behalf of NIS, it
will go directly to the consolidated fund, but this is a final
arrangement to NIS, so for NIS it's a happy day for them," Mr.
Jordan noted, the report says.

While highlighting the social and economic cost of the payment to
the scheme, the Minister urged caution when dealing with the
public's money, the report relays.

"At all times, especially when you are dealing with other people's
money you have to be very cautious . . . .  it's a sad day for the
taxpayers of Guyana because it is the taxpayers who have to bear
these sets of payments over the next 20 years and in excess of
$5.89B will be diverted to meet these payments.

"Just consider what that kind of money could have done for other
areas, be it wages, infrastructure or other running costs of the
government," the minister said, the report relates.

The Bank of Guyana is the agency responsible for managing
repayments to policy holders who suffered when CLICO collapsed and
Governor Dr. Gobind Ganga said as of July 31, 2016, GUY$6.9
billion have been paid to a number of policy holders, related
party and organizations," the report notes.

The minister said said 8882 cheques valuing more than US$6 billion
have been collected, and 2881 cheques valuing almost GUY$133
million remain unprocessed, awaiting the various policy holders,
the report notes.

NIS general manager, Doreen Nelson, praised the government's
efforts, saying "it is certainly good to finally have this matter
out of suspension and a decision made in terms of the guarantee
that was given some years ago, the report relays.

"We find that this is a timely intervention. Our ninth actuarial
review is due sometime next year . . . .  on behalf of the board
management and particularly the pensioners and contributors of
NIS, I certainly want to thank the honorable minister and the
government for this intervention," the report quoted Mr. Nelson as

On February 28, 2009, CLICO's liability to the NIS amounted to
more than five billion dollars for 13 Executive Flexible Premium
Annuity (EFPA) Policies with maturity over the period 2009 to
2012, the report recalls.

                             *     *     *

CL Financial was the largest privately held conglomerate in
Trinidad and Tobago and one of the largest privately held
corporations in the entire Caribbean. Founded as an insurance
company, Colonial Life Insurance Company (CLICO), it was expanded
into a diversified company. CL Financial then became one of the
largest local conglomerates in the region.  However, CL Financial
experienced a liquidity crisis that resulted in a "bail out"
agreement by which the government of Trinidad and Tobago loaned
the company funds ($7.3 billion as of December 2010) to maintain
its ability to operate, and obtained a majority of seats on the
company's board of directors.

As reported in the Troubled Company Reporter-Latin America on Aug.
6, 2015, Trinidad Express reported that the Constitution Reform
Forum (CRF) has called on Finance Minister Larry Howai to refrain
from embarking on an "unnecessary drain on the Treasury" by
appealing the decision of a High Court judge, who ordered that the
Minister fulfil a request by president of the Joint Consultative
Council (JCC) Afra Raymond for financial details relating to the
bailout of CL Financial Limited.  The CRF issued a release stating
that if the decision is appealed, not only will it be a waste of
finance but such a course of action will also demonstrate a "lack
of commitment by the Government to the spirit and intent of the
Freedom of Information Act FOIA", under which the request was
made, according to Trinidad Express.


VENEZUELA: As Caracas Seethes, Citizens Flock to Dominican Rep
Dominican Today reports that the exodus of Venezuelan citizens to
the Dominican Republic has increased considerably in recent months
on the dire economic situation and political unrest in the South
American nation.

Venezuelans need only a tourist card to enter Dominican territory,
despite that Venezuela requires a visa from Dominicans to enter
that nation, according to Dominican Today.

Newspaper Listin Diario reports that several Dominican and other
airline flights arrive daily at Las Americas Airport full of
Venezuelans, the report notes.

Some of the travelers say they intend to settle in the Dominican
Republic and seek opportunities in various fields, while others
said they came as tourists, the report relays.

The Immigration Agency said it monitors the "entry and exit" of
Venezuelans, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2016, Fitch Ratings affirmed Venezuela's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (LT FC/LC IDR)
at 'CCC'. Fitch has also affirmed the sovereign's Short-Term
Foreign Currency (ST FC) IDR at 'C' and country ceiling at 'CCC'.


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

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

Submissions about insolvency-related conferences are encouraged.
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S U B S C R I P T I O N   I N F O R M A T I O N

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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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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