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/raid1/www/Hosts/bankrupt/TCRLA_Public/161012.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 Wednesday, October 12, 2016, Vol. 17, No. 202 Headlines B R A Z I L BRAZIL: Inflation Slowed in September ITAU UNIBANCO: S&P Affirms 'BB/B' Global Scale Ratings * Insolvency Outlook Deteriorates in NAFTA and Brazil: Atradius C A Y M A N I S L A N D S AERIS CAPITAL: Members' Final Meeting Set for Oct. 18 CONQUEST MANAGED: Member to Hear Wind-Up Report on Nov. 9 CONQUEST MANAGED MASTER: Member to Hear Wind-Up Report on Nov. 9 DIANDRA CORPORATION: Members' Final Meeting Set for Oct. 18 RED T INVESTMENTS: Members' Final Meeting Set for Oct. 26 TWO SIGMA: Shareholder to Hear Wind-Up Report on Oct. 19 D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Customs' 50% Tax Will Hurt Free Zones E L S A L V A D O R BANCO AGRICOLA: S&P Puts 'B+' LT ICR on CreditWatch Negative H A I T I HAITI: Needs 1.4 Million After Hurricane Matthew J A M A I C A UC RUSAL: Moody's Assigns Ba3 Corporate Family Rating P U E R T O R I C O GAMALIER GONZALEZ: Unsecureds Get $22K Plus 2% Interest Under Plan MAGNO TIRE: Disclosures OK'd; Plan Confirmation Hearing on Nov. 30 PUERTO RICO: Hedge Funds Holding GOs Sue Over Sales-Tax Bonds T R I N I D A D & T O B A G O TRINIDAD & TOBAGO: Massive Job Loss in Public Sector Coming V E N E Z U E L A VENEZUELA: Maduro Wants Deal to Ensure Stable Crude Prices - - - - - =========== B R A Z I L =========== BRAZIL: Inflation Slowed in September ------------------------------------- Rogerio Jelmayer at The Wall Street Journal reports that Brazil's inflation as measured by its consumer-price index eased in September, reinforcing signs that inflationary pressures across Latin America's largest nation are moderating and fueling expectations that the central bank may reduce interest rates soon. The country's IPCA consumer-price index for September rose 0.08%, compared with a 0.44% increase in August, the Brazilian Institute of Geography and Statistics said, according to The Wall Street Journal. The monthly inflation data came below economists' expectations, which called for an increase of 0.10% to 0.23%, according to a survey by local news agency Agencia Estado, the report notes. The report relays that the rolling 12-month index reached 8.48%, lower than the 8.97% increase through August. That was the lowest level since May 2015, when it reached 8.47%. Despite the slowdown, the figure remains well above the 6.5% increase ceiling set by the central bank, says the Journal. The monthly slowdown came mainly as food costs fell in the period, the report, citing IBGE, said. Food costs dropped 0.29% in the period, compared with a rise of 0.30% in the prior month. "The bigger-than-expected drop in Brazilian inflation in September should be enough to seal the deal on an interest-rate cut at this month's (central bank rate committee) meeting," the report quoted Neil Shearing, an economist at Capital Economics, as saying. The central bank's rate committee meeting is set for Oct.18-19. The central bank will then will announce the level of its Selic base rate, currently at 14.25% a year. "We have penciled in a first 25bp (basis points) cut in the Selic rate to 14% at this month's COPOM meeting followed by another 25bp cut to 13.75% in November," said Mr. Shearing, notes the report. WSJ says inflationary pressure is one of the challenges confronting the Brazilian government amid poor economic performance. Gross domestic product is expected to contract 3.15% this year, according to the most recent poll of economists by the central bank. The Brazilian central bank last week, through its quarterly inflation report, reduced its inflation forecast for the next year to 4.4% from 4.7%, according to the Journal. The new forecast is below the central bank's target for inflation at 4.5% and increased chances for the start of a cycle of reducing the Selic base rate. As reported in the Troubled Company Reporter-Latin America on March 29, 2016, severe contraction that was preceded by several years of below-trend growth has impaired Brazil's (Ba2 negative) underlying economic strength, despite the country's large and diversified economy, says Moody's Investors Service. The country's credit rating is also coming under pressure from the government's high level of mandatory spending. ITAU UNIBANCO: S&P Affirms 'BB/B' Global Scale Ratings -------------------------------------------------------- S&P Global Ratings said it affirmed its 'BB/B' global scale and 'brAA-/brA-1' national scale ratings on Itau Unibanco Holding S.A. (Itau) and on its core subsidiary, Itau Unibanco S.A. The outlook on the global and national scale ratings remains negative. S&P also affirmed its 'BB' issue-level ratings on the bank's senior unsecured notes maturing on May 26, 2018. "Our negative outlook on the bank reflects that on Brazil," said S&P Global Ratings credit analyst Jose Perez-Gorozpe. "The ratings on the latter constrain those on Itau, given its relevant exposure to sovereign risk. Therefore, we expect the ratings on the bank to move in tandem with the sovereign ratings." The negative outlook on Brazil reflects a greater than one-in- three likelihood that S&P could lower its ratings on the sovereign again. S&P anticipates that within the next year a downgrade could stem, in particular, from potential key policy reversals given Brazil's fluid political dynamics, including lack of cohesion within the cabinet, inconsistent policy initiatives, and uncertainties during or following the impeachment process. A downgrade could also result from greater economic turmoil than S&P currently expects, either due to governability issues or the weakened external environment. S&P could revise its outlook on Brazil, and therefore S&P's outlook on Itau, to stable if political uncertainties and conditions for consistent policy execution improve across branches of government to stanch fiscal deterioration and strengthen GDP growth prospects. S&P expects that these improvements would support a quicker turnaround and could help Brazil exit from the current recession, facilitating improved fiscal performance and providing more room to maneuver in the face of economic shocks. * Insolvency Outlook Deteriorates in NAFTA and Brazil: Atradius --------------------------------------------------------------- The 2016 insolvency outlook for NAFTA and Brazil has deteriorated with increases of 3% and 4% forecast for the US and Canada respectively. This increase is driven by low commodity prices. Low oil prices, slowdown in economic growth in the US and slow productivity growth in Mexico, and the recession in Brazil, are the primary reasons for the forecasts of rising bankruptcies in these countries. This challenging insolvency environment affects the way businesses protect themselves against payment risk by B2B customers. According to the latest edition of the Atradius Payment Practices Barometer survey for the Americas (NAFTA and Brazil), 92% of the businesses surveyed, experienced late payment from B2B customers over the past year. This translated into an average of nearly half of the total value of B2B invoices' being paid late. Due to late payment by customers, 2 in 5 businesses had to delay payments to their own suppliers causing a knock-on effect throughout the entire supply chain. Essentially, a businesses' cash flow slows, restricting their ability to invest and grow. The September 2016 edition of the Atradius Payment Practices Barometer survey sheds light on the payment behavior of domestic and foreign B2B customers in the countries surveyed. It looks at local trends in the use of credit management tools, at the perceived challenges to profitability, at DSO, and at payment practices by industry and business size. Due to the financial distress caused by late payment by B2B customers: * around 30% of businesses had to take specific measures to correct cash flow * around 20% of businesses defaulted on payments to suppliers, and had to pursue additional financing or lost revenues To protect profitability of their business, 40% of the businesses surveyed will request secured forms of payment from their B2B customers and check both the creditworthiness and payment history of their customers more often over the next 12 months. Andreas Tesch, Chief Market Officer of Atradius N.V. comments, "The outlook for insolvencies in the majority of the advanced markets, including the US and Canada, has deteriorated. Regardless of the underlying reasons for this, the challenges posed by a difficult insolvency environment require that businesses resort to sound trade receivables management strategies enabling them to grow safely." David Huey, Regional Director of NAFTA adds, "The upward pressure on insolvencies that the US and Canada are currently experiencing makes their business environment more challenging, emphasizing the importance of due diligence and protection against payment defaults." The complete report highlighting the findings of the September 2016 edition of the Atradius Payment Practices Barometer for the Americas (NAFTA and Brazil) can be found on the atradius.us website. ========================== C A Y M A N I S L A N D S ========================== AERIS CAPITAL: Members' Final Meeting Set for Oct. 18 ----------------------------------------------------- The members of Aeris Capital Sustainable IP will hold their final meeting on Oct. 18, 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: Avalon Ltd. Landmark Square, 1st Floor, 64 Earth Close P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Facsimile: +1 (345) 769-9351 CONQUEST MANAGED: Member to Hear Wind-Up Report on Nov. 9 --------------------------------------------------------- The member of Conquest Managed Futures Select Fund Ltd. will hear on Nov. 9, 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: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman Telephone: (345) 943-3100 CONQUEST MANAGED MASTER: Member to Hear Wind-Up Report on Nov. 9 ---------------------------------------------------------------- The member of Conquest Managed Futures Select Master Fund Ltd. will hear on Nov. 9, 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: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman Telephone: (345) 943-3100 DIANDRA CORPORATION: Members' Final Meeting Set for Oct. 18 ----------------------------------------------------------- The members of Diandra Corporation N.V. will hold their final meeting on Oct. 18, 2016, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Krys Global VL Services Limited KRyS Global, Governors Square Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 31237 Grand Cayman KY1-1205 c/o Rashane Smith Telephone: (345) 947 4700 RED T INVESTMENTS: Members' Final Meeting Set for Oct. 26 --------------------------------------------------------- The members of Red T Investments Limited will hold their final meeting on Oct. 26, 2016, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Zedra Directors (Cayman) Limited c/o Zedra Trust Company (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands TWO SIGMA: Shareholder to Hear Wind-Up Report on Oct. 19 -------------------------------------------------------- The sole shareholder of Two Sigma U.S. Equity Variable Exposure Fund, Ltd. will hear on Oct.19, 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: Two Sigma Advisers, LP c/o Jody Powery-Gilbert Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Customs' 50% Tax Will Hurt Free Zones --------------------------------------------------------- Dominican Today reports that North Region Industrialists Association (AIREN) president Lina Garcia warned that Customs' 50% tax will have a negative impact on Free Zone companies. Ms. Garcia said by enacting Law 253 requiring free zone companies to pay at 50% tax at customs, the Government puts many of those industries "in a tizzy," according to Dominican Today. "The free zones sector is governed under a different scheme in all countries and we are no exception, from now on we must analyze what will happen with the free trade zones, which will have to comply with a new way to pay taxes to the state," the business leader said, the report notes. Free Zone companies are already charged the ITEBI (VAT), but will now have to pay 50% income tax, and operate in countries duty free to create jobs generate hard currency, and attract investors, the report relays. The Internal Taxes Agency (DGII) ordered the collection of income tax to dividends or profits paid by free zone companies to stakeholders as of October 1, 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. ===================== E L S A L V A D O R ===================== BANCO AGRICOLA: S&P Puts 'B+' LT ICR on CreditWatch Negative ------------------------------------------------------------ S&P Global Ratings said it placed its 'B+' long-term and 'B' short-term issuer credit ratings on Banco Agricola on CreditWatch with negative implications. The CreditWatch placement follows S&P's similar rating action on El Salvador. Currently, the issuer credit rating on Banco Agricola is limited by the foreign-currency rating on El Salvador. In this sense, the ratings continue to move in tandem with those of the sovereign. "Our issuer credit ratings on Banco Agricola continue to reflect its strong business position, based on its leading position in El Salvador's banking industry, and its adequate capital and earnings as a result of our forecasted risk-adjusted capital ratio of about 8% for the next two years," said S&P Global Ratings credit analyst Gabriela Langarica. The ratings are also based on S&P's assessment of the bank's adequate risk position, due to its stable asset quality metrics, and on average funding and adequate liquidity as a result of a stable and pulverized deposit base. The bank's stand-alone credit profile remains at 'bb+', reflecting the bank's strength on a stand-alone basis. The entity remains as a core entity to its ultimate parent, Bancolombia S.A. y Companias Subordinadas (BBB- /Neg/A-3). The CreditWatch placement of S&P's ratings on Banco Agricola reflects that of the sovereign. This is because S&P rarely rates financial institutions above the sovereign long-term rating because, during sovereign stress, the latter's regulatory and supervisory powers may restrict a bank's or financial system's flexibility, and because banks are affected by many of the same economic factors that cause sovereign stress. El Salvador's failure to agree upon fiscal and other reforms that help stabilize its government's access to liquidity, contain the recent growth in its debt burden, and boost investor confidence could lead to a downgrade. Hence a negative sovereign rating action on El Salvador will cause S&P to downgrade Banco Agricola. Conversely, El Salvador ratings could stabilize if successful negotiations result in stronger fiscal policy, progress toward pension reform, and steps to address concerns about debt management. S&P expects to resolve to resolve the CreditWatch placement before the end of the year. ========= H A I T I ========= HAITI: Needs 1.4 Million After Hurricane Matthew ------------------------------------------------ Aljazeera News reports that Haiti faces a crisis that requires a "massive response" from the international community, the United Nations has said, with at least 1.4 million people needing emergency aid after Hurricane Matthew. The storm killed almost 1,000 people in the impoverished Caribbean nation, with that toll expected to rise as rescue workers reach previously inaccessible areas, according to Aljazeera News. Matthew, the most powerful Atlantic storm since 2007, levelled homes, fouled water sources and killed livestock, leaving victims pleading for help to arrive quickly, the report notes. "Some towns and villages have been almost wiped off the map," UN Secretary-General Ban Ki-moon told reporters, the report relays. The report discloses that the United Nations has launched a $120 million flash appeal to cover Haiti's needs for the next three months. After pummeling Haiti on October 4 as a monster Category 4 storm, packing winds of 230km/hr, Matthew slammed into the southeastern United States, where it killed at least 20 people, the report relays. Hundreds of people were rescued by boat and helicopter as floodwaters inundated towns in the state of North Carolina, and officials warned that life-threatening flooding from swollen rivers would continue for days, the report discloses. Memories of 2010 Quake In Haiti, more than 300 schools have been damaged, while crops and food reserves were destroyed, Ban said, the report notes. UN aid Chief Stephen O'Brien said that the hurricane had triggered the worst humanitarian crisis in the country since the 2010 earthquake, the report says. Nearly 300,000 Haitians are in shelters across the country, and damage to roads and communications has hampered deliveries of supplies, the report discloses. "I understand of course the frustration," Jean-Luc Poncelet, the country representative for the UN's World Health Organization, said after arriving at the airport outside Jeremie, one of the worst-hit cities, the report notes. "When you have no means of communication, no radio, no telephone, no roads and even a helicopter can't land -- this is what explains the massive delay," he told the AFP news agency. The UN's World Food Programme tapped into food stocks previously set aside for schools to feed hundreds of desperate families, spokesman Alexis Masciarelli said, the report discloses. US army helicopters were unloading boxes of supplies from the US Agency for International Development to be stored by the UN in Jeremie before being taken to other parts of the south, notes the report. Honduras, which maintains a force of 60 troops in Haiti as part of a UN peacekeeping mission, was sending a planeload of aid, along with 50 military officers to help the victims, President Juan Orlando Hernandez said, the report relays. But getting aid to Haitians now reduced to drinking unclean water and living in roofless houses will be challenging, the report notes. On a road crossing the mountainous center of the peninsula, some villagers blocked roads in an effort to stop aid convoys from passing through without delivering supplies, the report relays. Cholera Fears The report notes that Haiti is also grappling with a worsening cholera outbreak in the storm-hit areas. Matthew came as Haitians were already struggling with the intestinal disease spread by contaminated food and water, with more than 500 new cases each week, the report relays. UN peacekeepers have been blamed for introducing the disease to Haiti, where it has killed 10,000 people since October 2010, the report notes. While some towns and villages reported an apparent spike in infections since the storm, Poncelet said "the number of cases of cholera that we have confirmed are low," the report notes. He declined to give a number, but said there were "tens" of cases in one area of the peninsula. While evaluation teams were working to get a precise picture of the health situation, medical supplies were being brought in, he said, the report says. Mourad Wahba, the UN humanitarian coordinator in the country, urged aid organisations to focus on delivering supplies to smaller rural communities, where many families survive on subsistence farming and have had all their crops washed away, the report notes. If aid is only delivered to cities such as Jeremie and Les Cayes, villagers will flock there for supplies and never leave, leading to overcrowding, the report says. "We must think about developing a plan, to coordinate support and deliver it where it's most needed and not where it's easiest to access," Mr. Wahba added, says the report. ============= J A M A I C A ============= UC RUSAL: Moody's Assigns Ba3 Corporate Family Rating ----------------------------------------------------- UC RUSAL, a leading global aluminium producer, has been assigned a corporate family rating of Ba3 and probability of default rating of Ba3-PD by Moody's. The outlook on the ratings is stable and is the first RUSAL has been assigned. The Ba3 rating reflects RUSAL's leading position in the global and domestic aluminium markets, geographical diversification of assets and sales, self-sufficiency in raw material supply, low cash costs and energy consumption costs, and large share of value added products in its total output. It also reflects the fair value of RUSAL's investment in Norilsk Nickel. In addition, it notes the Company's fairly conservative financial policy, positive free cash flow and adequate liquidity. Based on analysis of RUSAL's business and its solid positioning in the industry coupled with its global economic outlook, Moody's expects that RUSAL will continue to stick to its financial policy, generate positive cash flow and maintain healthy liquidity. "The assignment of the Ba3 rating by Moody's, one of the most renowned international rating agencies with worldwide recognition, serves as additional testimony to the Company's strong market position, effective management policy and clear strategy. We believe that the assigned rating is a good start for the Company's credit rating story, which will be positively received by the investment community and will support the Company's position on capital markets" commented Oleg Mukhamedshin, UC RUSAL's Deputy CEO, Director for Strategy, Business Development and Financial Markets. ====================== P U E R T O R I C O ====================== GAMALIER GONZALEZ: Unsecureds Get $22K Plus 2% Interest Under Plan ------------------------------------------------------------------ Gamalier Gonzalez Trucking Inc. filed with the U.S. Bankruptcy Court for the District of Puerto Rico a disclosure statement and summary of its proposed plan of reorganization. Class 5 - All Other General Unsecured Claims will consist of the general unsecured claims listed in the schedules and those who filed proof of claims. Once the Oct. 11, 2016 bar date for general unsecured creditors has elapsed if any additional claims are filed, and including accordingly. As of Oct. 3, 2016, there are four general unsecured creditors who filed its respective proof of claimholders: (1) "Centro de Recaudaciones de Ingresos Municipales" (claim 2) with $2,448.92; (2) Banco Popular de Puerto Rico (claim 3) with 836.39; (3) Puerto Rico Treasury Department (Hacienda) (claim 4) with 15,719.66; and (4) Internal Revenue Service (IRS) with $3,398.28. The entire class will receive the amount calculated as liquidation value under a Hypothetical Chapter 7 liquidation analysis for a total amount of $22,026.05, plus 2.0% interest during 60 months counting from the Effective Date. It means that the entire Class 4 will receive a monthly payment in the amount of $386.07 during 60 months counting from the Effective Date. The Debtor will distribute this monthly payment at pro rata of each claimholders claims. Funding the plan will be from the collection of any account receivable and services provided by the Debtor and any other business that Debtor wild be engaged during the life of the Plan. The Disclosure Statement is available at: http://bankrupt.com/misc/prb16-04601-54.pdf About Gamalier Gonzalez Gamalier Gonzalez Trucking Inc. is a corporation created to operate two business simultaneously: (1) to transport and goods delivery in "dry load" trucks, and (2) to provide heavy equiment services like leveling plots and ground movements. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 16-04601) on June 8, 2016. Jaime Rodriguez-Perez, Esq., at Jaime Rodriguez Law Office, PSC, serves as the Debtor's bankruptcy counsel. MAGNO TIRE: Disclosures OK'd; Plan Confirmation Hearing on Nov. 30 ------------------------------------------------------------------ The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the District of Puerto Rico has approved Magno Tire Center, Inc.'s disclosure statement dated Aug. 5, 2016. A hearing to consider confirmation of the Debtor's plan of reorganization will be held on Nov. 30, 2016, at 9:00 a.m. Magno Tire Center, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 16-00074) on Jan. 11, 2016. The case is assigned to Judge Mildred Caban Flores. The Debtor is represented by Eduardo J. Mayoral Garcia, Esq. PUERTO RICO: Hedge Funds Holding GOs Sue Over Sales-Tax Bonds -------------------------------------------------------------- Michelle Kaske, writing for Bloomberg News, reported that hedge funds holding Puerto Rico's general-obligation bonds are asking a court to stop the commonwealth from directing sales-tax revenue to repay other debt backed by that money because it violates the island's constitution. According to Bloomberg, it is the first legal action for the U.S. territory that pits general-obligation bondholders against investors of sales-tax debt. Puerto Rico's constitution states its general obligations must be repaid before other expenses, the report related. A portion of the island's sales-tax revenue is dedicated to repaying bonds, called Cofinas by their Spanish acronym, the report further related. Entities managed by Aurelius Capital Management, Autonomy Capital, Covalent Partners, FCO Advisors, Monarch Alternative Capital and Stone Lion Capital Partners in July sued Governor Alejandro Garcia Padilla in the U.S. District Court in San Juan to stop the administration from transferring funds away from bondholders, the report recalled. The hedge funds say it violates a federal law, called Promesa, which prohibits the island from enacting new legislation to divert revenue or assets that would go against its constitution, the report said. The hedge funds filed an amended complaint on Oct. 7, adding that the Puerto Rico Sales Tax Financing Corp., issuer of the Cofina bonds, as a defendant, the report added. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD & TOBAGO: Massive Job Loss in Public Sector Coming ------------------------------------------------------------ Trinidad Express reports that thousands of public sector workers are going to be put on the breadline over the next year, Couva South MP Rudy Indarsingh predicted. Speaking in the budget debate in the House of Representatives, International Waterfront Centre, Port of Spain, Mr. Indarsingh quoted from the Draft Estimates of Expenditure which showed that The Water and Sewerage Authority's (WASA) allocation had been reduced by $452 million, as compared with last year's allocation, according to Trinidad Express. "That tells me WASA workers are going home," Mr. Indarsingh said. Mr. Indarsingh said the allocation in the Community-based Environmental Protection and Enhancement Programme (CEPEP) had been reduced by over TT$106 million, the report adds. ================= V E N E Z U E L A ================= VENEZUELA: Maduro Wants Deal to Ensure Stable Crude Prices ---------------------------------------------------------- EFE News reports that Venezuelan President Nicolas Maduro said in Istanbul that oil producing countries should be able to establish over the next six months new mechanisms that ensure stable and realistic oil prices and markets for a 10-year period. President Maduro was speaking at the 23rd edition of the World Energy Congress, according to EFE News. "We propose creating new mechanisms for oil market stability to ensure fair and realistic prices for a period of 10 years," he said with reference to an informal meeting of the 14 OPEC members to be held this Wednesday in Istanbul, at which he believes a new agreement will be reached showing that a renewed alliance of oil producing nations is possible, the report notes. "We oil producers should take the lead in establishing market stability, replenishing investment and ensuring a new period of fair, realistic and stable prices," President Maduro added, notes the report. The president also noted that oil prices have recently been at their lowest level in the last 40 years, often below the cost of production and insufficient to encourage investment or expand the sector, the report relays. New mechanisms are therefore needed that are non-speculative and not subject to external fluctuations, 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. 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. * * * End of Transmission * * *