TCRLA_Public/161021.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

            Friday, October 21, 2016, Vol. 17, No. 209


                            Headlines



A R G E N T I N A

ARGENTINA: Gets US$100MM IDB Loan for Programs to Stop Deaths


B R A Z I L

OI SA: Case Speeding Up Brazil Rule Changes That Rivals Endorse
PETROLEO BRASILEIRO: Ex House Speaker Arrested in Corruption Probe


C A Y M A N  I S L A N D S

ALGO K CURRENCY: Shareholders' Final Meeting Set for Nov. 9
BATEMAN & COMPANY: Placed Under Voluntary Wind-Up
BLACKSTONE VRF: Shareholders' Final Meeting Set for Nov. 3
CHEYNE ASSET-BACKED: Creditors' Proofs of Debt Due Oct. 31
LIFE PREMIUM: Creditors to Hold Meeting on Oct. 25

MAIN STREET: Placed Under Voluntary Wind-Up
SAB OVERSEAS: Members' Meeting Set for Oct. 31
SENZAR HEALTHCARE: Shareholders' Final Meeting Set for Nov. 15
STABLE ALPHA: Shareholders' Final Meeting Set for Nov. 7
TE&K INTERNATIONAL: Shareholders' Final Meeting Set for Nov. 21

TRIANGULAR QUA: Shareholders' Final Meeting Set for Nov. 3
TROPHY LV: Shareholder Receives Wind-Up Report
TROPHY LV MASTER: Shareholder Receives Wind-Up Report


J A M A I C A

JAMAICA: Finance Ministry Gets Grant from CDB


M E X I C O

ELEMENTIA SAB: S&P Puts 'BB+' CCR on CreditWatch Negative


P U E R T O    R I C O

VACA BRAVA: Plan Confirmation Hearing on Nov. 9


X X X X X X X X X

LATIN AMERICA: IMF Points to Fiscal Risks Associated With NIS


                            - - - - -


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


ARGENTINA: Gets US$100MM IDB Loan for Programs to Stop Deaths
-------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a US$100
million loan to finance a program to help reduce deaths caused by
non-communicable chronic diseases in Argentina, with a special
focus on sectors of the population served only by the public
system.

This is the second operation under a multi-phase program designed
to emphasize primary care level as a gateway to the healthcare
system and boost citizens' access to screening programs in order
to categorize them by health risk level and increase access to
timely treatment to those sectors of the population with moderate
to high health risk.

"Chronic diseases cause the loss of more than three-fourths of the
healthy years of life in Argentina," said Mario S†nchez, IDB
project team leader. "Treating those affected or in risk of being
affected by chronic diseases in a cost-effective fashion requires
a primary care level with a high capacity of consultation
resolution that is also well integrated with higher complexity
levels. This is the challenge that the multiphase program faces."

The program will seek to improve the Primary Healthcare Centers
efficiency, ensuring that these and other primary care service
providers have at their disposal better clinical, computing and
logistics equipment as well as adequate physical infrastructure.

It will also train more than 4,000 members of the primary
healthcare centers health teams; finance a new investments
projects phase in order to provide at least 70 percent of the
population with exclusive public coverage; and fund at least 40
new innovating projects in the competitive funding modality,
making a specific call for proposals in locations with indigenous
population.

In addition, the program will finance the purchase of clinical
diagnostic equipment for more than 1,100 primary healthcare
centers. It will also help equip 1,300 new centers in order to
improve pharmacological management, and 1,500 care facilities,
medical warehouses, and public hospital pharmacies to improve
medicine handling. Furthermore, it will help train more than
15,000 members of the primary care level medical teams in the
rational use and care of medicines.

The funds will also contribute to strengthen cancer care to
support primary healthcare centers in their efforts to lead people
in their areas of influence to conduct timely breast, cervical-
uterine and colorectal cancer screenings. They will additionally
help improve oncological clinical management throughout the entire
care line.

The $100 million IDB loan is for a 25-year term, with 4.5 years of
grace and a LIBOR-based interest rate. It includes an additional
$66 million in local counterpart funds.

As reported in the Troubled Company Reporter-Latin America on Oct.
17, 2016, Fitch Ratings has affirmed Argentina's sovereign ratings
as:

   -- Long-term Foreign and Local Currency Issuer Default Ratings
      (IDRs) at 'B', Outlook Stable;
   -- Senior unsecured Foreign Currency bonds at 'B';
   -- Country Ceiling at 'B';
   -- Short-Term Foreign and Local Currency IDRs at 'B'.



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


OI SA: Case Speeding Up Brazil Rule Changes That Rivals Endorse
---------------------------------------------------------------
Ana Mano at Reuters reports that Oi SA's decision to request
bankruptcy protection in June helped accelerate the Brazilian
government's planned revamp of telecommunications licensing
regulations, an official said, a move that may unlock investments
and improve the outlook for rivals.

For years, carriers unsuccessfully tried to convince the
government to allow them to own fixed-line assets when their
license ended. Oi's bankruptcy filing, the largest in Brazil's
history, added a sense of urgency to fixing the framework, in
which assets go back to the state when the license ends, said Igor
de Freitas, a board member at industry watchdog Anatel, according
to Reuters.

Current licenses expire in 2025 and carriers are urging President
Michel Temer's administration to decide on the matter so they can
unlock billions of reais in 4G capacity and digital services
expansion, the report notes.

Executives at TIM Participacoes SA and Telefonica Brasil SA have
listed regulatory overhaul as a key condition for them to invest
more in Latin America's largest telecoms market, the report
discloses.

According to other government officials, a draft bill should be
ready before year-end and then sent to Congress for approval.
Outdated rules and their impact on capital spending have reduced
the weight of Brazil's telecommunications industry on gross
domestic product by 1 percentage point to around 4 percent of GDP
this decade, the report relays.

"No doubt, the Oi situation creates a sense of urgency to review
the model for the entire industry," Mr. Freitas said on the
sidelines of an industry event in Sao Paulo, the report discloses.
"It's important that we try to end insecurity related to asset
ownership," Mr. Freitas added.

Mr. Freitas said the impetus for the proposals came more from the
inadequacy of the existing licensing-based model in the context of
evolving technologies and competition among players, rather than
Oi's problems, the report notes.

At stake is the ability of carriers to raise additional cash by
selling assets unrelated to their licenses, which would in turn
lure back investment after Brazil's harshest recession in eight
decades harmed revenues and spurred disconnections, the report
relays.

Timely changes, which could ease the burden of mandatory
investments on carriers, would also relieve the government from
carrying out potential seizures or bailouts in the future,
officials and executives said at the event, called Futurecom, the
report says.

                               Oi Problems

The byproduct of a government-sponsored merger at the end of last
decade, Oi succumbed to a heavy debt burden, onerous government-
mandated investments in money-losing activities and years of
shareholder disputes, the report discloses.

Government officials, industry leaders and analysts have said
that, at some point, only three out of Brazil's four carriers will
survive, the report notes.

In June, Rio de Janeiro-based Oi filed for bankruptcy to
restructure BRL65.4 billion ($21 billion) in liabilities, the
report relays.

A series of shareholder disputes and protracted negotiations with
creditors have delayed discussions about Oi's recovery plan, which
was presented on Sept. 5, the report relays.

Oi has discharged PJT Partners Inc from the role of financial
adviser on the debt restructuring plan, and is already looking for
a replacement, Oi Chief Executive Marco Schroeder said at the same
event, the report notes.

America Movil SAB, the Mexican phone carrier controlled by
billionaire Carlos Slim, wants to increase capital spending in
Brazil regardless of the regulatory changes, said JosÇ FÇlix, the
company's head of Brazilian operations.

Any changes require further analysis, he added.

                               About Oi SA

Headquartered in Rio de Janeiro, and operating almost exclusively
within Brazil, the Oi Group provides services like fixed-line data
transmission and network usage for phones, internet, and cable,
Wi-Fi hot-spots in public areas, and mobile phone and data
services, and employs approximately 142,000 direct and indirect
employees.

Ojas N. Shah filed a Chapter 15 petition for Oi S.A. (Bankr.
S.D.N.Y. Case No. 16-11791), Oi Movel S.A. (Bankr. S.D.N.Y. Case
No. 16-11792), Telemar Norte Leste S.A. (Bankr. S.D.N.Y. Case No.
16-11793), and Oi Brasil Holdings Cooperatief U.A. (Bankr.
S.D.N.Y. Case No. 16-11794) on June 21, 2016.  The case is
assigned to Judge Sean H. Lane.

The Chapter 15 Petitioner is represented by John K. Cunningham,
Esq., and Mark P. Franke, Esq., at White & Case LLP, in New York;
and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and Laura L.
Femino, Esq., at White & Case LLP, in Miami, Florida.


PETROLEO BRASILEIRO: Ex House Speaker Arrested in Corruption Probe
------------------------------------------------------------------
Rogerio Jelmayer and Marla Dickerson at The Wall Street Journal
report that Eduardo Cunha, Brazil's former House speaker who
spearheaded the impeachment proceedings that toppled former
President Dilma Rousseff, was arrested in connection with a
sprawling corruption scandal centered on the nation's state-run
oil company.

Mr. Cunha, 58 years old, was indicted earlier this year on charges
of corruption and money laundering.  Prosecutors alleged that he
pocketed millions in bribes from a company seeking contracts with
oil firm Petroleo Brasileiro SA, or Petrobras, according to The
Wall Street Journal.

Federal police in Bras°lia detained Mr. Cunha afternoon and
quickly transported him to a jail in the southern Brazilian city
of Curitiba, where the so-called Operation Car Wash bid-rigging-
and-bribery probe is based, the report relays.

Prosecutors said in a statement that Mr. Cunha is being held
pending trial because he is a potential flight risk; he possesses
dual Italian and Brazilian citizenship and prosecutors have
alleged that he controls bank accounts abroad, the report notes.

Mr. Cunha's attorney couldn't be immediately reached for comment.

Mr. Cunha in the past has steadfastly denied wrongdoing. A
statement posted on his Twitter account said, "my lawyers will
take the appropriate measures to address this absurd decision,"
the report relays.

Mr. Cunha's imprisonment is a stunning reversal of fortune for one
of the nation's most powerful politicians, who ruled the lower
house through a potent mix of intelligence and cunning, the report
says.  As a member of the ruling Brazilian Democratic Movement
Party, or PMDB, Mr. Cunha opened the impeachment proceedings
against Ms. Rousseff, clearing the path for fellow PMDB member
Michel Temer to ascend to the presidency, the report notes.

But lawmakers may not have heard the last of Mr. Cunha, who could
follow the path of other defendants caught up in the Petrobras
dragnet by cutting a plea deal with prosecutors in exchange for
leniency, the report relays.

Mr. Cunha's wife, Claudia Cruz, has also been charged by
prosecutors with money laundering in connection with the Petrobras
case; prosecutors allege she used money diverted from the company
to finance a lavish lifestyle that included international travel,
luxury shopping sprees and pricey tennis lessons, the report
notes.  Her indictment has raised speculation in Bras°lia that Mr.
Cunha will turn state's evidence and implicate others to protect
his family, the report relays.

Attorneys for Ms. Cruz couldn't be immediately reached for
comment. She has denied wrongdoing in the past.

Mr. Cunha's arrest comes at a delicate time for Mr. Temer, who is
trying to push unpopular austerity legislation through Congress to
get Brazil's troubled economy back on track, the report says.

"Eduardo Cunha is a ghost who may come to haunt the entire
political class," said Carlos Melo, a political-science professor
at Sao Paulo's Insper business school. "This arrest will have a
negative effect on the congressional agenda."

An evangelical Christian whose Twitter account says he is a
defender of life and family, Mr. Cunha was expelled from Congress
last month by colleagues on ethics violations linked to the
Petrobras case. That move stripped him of special legal
protections granted to sitting politicians. He will now be tried
by Judge Sergio Moro, the judge who has sentenced a string of
powerful defendants to long prison terms in the Petrobras affair.

As reported in the Troubled Company Reporter for Latin America on
Aug. 1, 2016, S&P Global Ratings affirmed its 'B+' global scale
ratings on Petroleo Brasileiro S.A. -- Petrobras (Petrobras),
including its corporate credit ratings and the ratings on the
senior unsecured notes issued through Petrobras International
Finance Co. and Petrobras Global Finance B.V.



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


ALGO K CURRENCY: Shareholders' Final Meeting Set for Nov. 9
-----------------------------------------------------------
The shareholders of Algo K Currency Fund SPC will hold their final
meeting on Nov. 9, 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:

          Maitland Administration Limited
          90 Fort Street, George Town
          Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 0704


BATEMAN & COMPANY: Placed Under Voluntary Wind-Up
-------------------------------------------------
The Grand Court of Cayman Islands entered an order to wind up the
operations of Bateman & Company Ltd. on Sept. 29, 2016.

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

The company's liquidator is:

          Graham Robinson
          Chris Johnson Associates Ltd.
          P.O. Box 2499 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 946-0820
          Facsimile: +1 (345) 946-0864
          e-mail: gr@cjacayman.com


BLACKSTONE VRF: Shareholders' Final Meeting Set for Nov. 3
----------------------------------------------------------
The shareholders of Blackstone VRF Intermediate Fund Ltd. will
hold their final meeting on Nov. 3, 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:

          Sean Flynn
          Walkers
          190 Elgin Avenue
          George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


CHEYNE ASSET-BACKED: Creditors' Proofs of Debt Due Oct. 31
----------------------------------------------------------
The creditors of Cheyne Asset-Backed General Partner Inc. are
required to file their proofs of debt by Oct. 31, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 29, 2016.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Corey Stokes
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814-9277
          Facsimile: (345) 949-4647


LIFE PREMIUM: Creditors to Hold Meeting on Oct. 25
--------------------------------------------------
The creditors of Life Premium Fund, SPC will hold their meeting on
Oct. 25, 2016, at 9:00 a.m.

The company's liquidator is:

          Andrew Morrison
          FTI Consulting (Cayman) Limited
          Suite 3212 53 Market Street
          Camana Bay
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 345 743 6830


MAIN STREET: Placed Under Voluntary Wind-Up
-------------------------------------------
The sole shareholder of Main Street, Ltd. resolved to voluntarily
wind up the company's operations on Sept. 29, 2016.

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

The company's liquidator is:

          Basswood Capital Management LLC
          c/o Joanne Huckle
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


SAB OVERSEAS: Members' Meeting Set for Oct. 31
----------------------------------------------
The members of Sab Overseas Holdings V, Limited will hold their
meeting on Oct. 31, 2016, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Gene Dacosta
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902


SENZAR HEALTHCARE: Shareholders' Final Meeting Set for Nov. 15
--------------------------------------------------------------
The shareholders of Senzar Healthcare Master Fund, Ltd. will hold
their final meeting on Nov. 15, 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:

          Jacob Carmona
          Harneys Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands
          Telephone: 646-545-4620
          Facsimile: 646-545-4611


STABLE ALPHA: Shareholders' Final Meeting Set for Nov. 7
--------------------------------------------------------
The shareholders of Stable Alpha (SC) Ltd. will hold their final
meeting on Nov. 7, 2016, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295


TE&K INTERNATIONAL: Shareholders' Final Meeting Set for Nov. 21
---------------------------------------------------------------
The shareholders of TE&K International Trading Ltd. will hold
their final meeting on Nov. 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:

          Joeri Groot
          c/o Avril G. Brophy
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


TRIANGULAR QUA: Shareholders' Final Meeting Set for Nov. 3
----------------------------------------------------------
The shareholders of Triangular Qua Fund Ltd. will hold their final
meeting on Nov. 3, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TROPHY LV: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Trophy LV Fund received on Oct. 17, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Norris Tai
          Suites 3318-3319, Jardine House, 33rd Floor
          1 Connaught Road
          Hong Kong
          Telephone: 011 852 2913 7000
          Facsimile: 011 852 2973 0238


TROPHY LV MASTER: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Trophy LV Master Fund received on Oct. 17,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Norris Tai
          Suites 3318-3319, Jardine House, 33rd Floor
          1 Connaught Road
          Hong Kong
          Telephone: (011)852-2913-7000
          Facsimile: (011)852-2973-0238



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


JAMAICA: Finance Ministry Gets Grant from CDB
---------------------------------------------
RJR News reports that the Caribbean Development Bank (CDB) is
providing Jamaica with a technical assistance grant to strengthen
the capacity of the Ministry of Finance (MOF).

The US$400,000 grant approved by CDB, will help to strengthen the
MOF management team's capabilities to guide the implementation of
critical reforms, as well as support the achievement of key
medium-term macro-economic results, according to RJR News.

Dr. Justin Ram, Director of Economics at CDB, notes that the Bank
attaches particular importance to the transfer of expertise and
knowledge within strategic institutions, such as the Finance
Ministry, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2016, S&P Global Ratings affirmed its 'B' long-term and
short-term foreign and local currency sovereign credit ratings on
Jamaica.  The outlook on the long-term sovereign credit ratings
remains stable.  In addition, S&P affirmed its transfer and
convertibility assessment at 'B+'.



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


ELEMENTIA SAB: S&P Puts 'BB+' CCR on CreditWatch Negative
---------------------------------------------------------
S&P Global Ratings placed its 'BB+' long-term corporate credit and
issue-level ratings on Elementia S.A.B. de C.V. on CreditWatch
negative.

The recovery rating on Elementia's $425 million senior unsecured
notes due 2025 remains unchanged at '4' and indicates S&P's
expectation of average (30%-50%; higher band of the range)
recovery for the bondholders in the event of a payment default.

The CreditWatch listing follows Elementia's announcement that it
signed a letter of intent with Cementos Portland Valderrivas to
acquire 55% of Giant Cement Holding.  The terms and conditions of
the transaction remain uncertain, although the company announced
that the potential acquisition will be likely funded through an
equity injection from existing shareholders.  Moreover, the deal
is still subject to certain conditions precedent, including due
diligences, final binding agreements, and approval from the U.S.
regulatory agencies, among others.

The CreditWatch listing reflects the currently limited information
regarding the details of the transaction.  Therefore, S&P is
currently uncertain about the acquisition's effect on Elementia's
credit protection measures, cash flow, and liquidity following the
purchase.  The CreditWatch listing also reflects the limited
visibility that S&P has on the potential effect on Elementia's
$425 million senior unsecured notes recovery prospects in a
hypothetical event of default if the transaction is completed.

According to the company, the proposed acquisition is valued at
about $220 million and includes a portfolio of three cement
plants, three limestone quarries, two aggregate quarries, six
terminals, four waste handling facilities, all of which will add
2.8 million tons per year of installed cement capacity to
Elementia.  In S&P's view, the transaction is part of the
company's strategy to expand its geographic footprint through
acquisitions in its core business (cement, building systems, and
metals) and to access an attractive market because Giant Cement
Holding is the fourth-largest cement producer on the U.S. East
Coast.



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


VACA BRAVA: Plan Confirmation Hearing on Nov. 9
-----------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico has conditionally approved Vaca Brava Old
San Juan LLC's disclosure statement dated Oct. 4, 2016, describing
the Debtor's plan of reorganization.

A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan will be held
on Nov. 9, 2016, at 1:30 p.m.

Objections to the final approval of the Disclosure Statement and
the confirmation of the Plan must be filed on or before 14 days
prior to the date of the hearing on confirmation of the Plan.

Acceptances or rejections of the Plan must be filed in writing by
the holders of all claims on or before 14 days prior to the date
of the hearing on confirmation of the Plan.

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

Vaca Brava Old San Juan LLC filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 15-09787) on Dec. 10, 2015,
estimating its assets and liabilities at between $100,001 and
$500,000 each.  Javier Vilarino, Esq., at Vilarino & Associates
LLC serves as the Debtor's bankruptcy counsel.



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


LATIN AMERICA: IMF Points to Fiscal Risks Associated With NIS
-------------------------------------------------------------
RJR News reports that Caribbean countries have been warned that
they need to build national awareness of the fiscal risk
associated with National Insurance Schemes and need for reforms.

According to a new study released by the International Monetary
Fund (IMF) the actuarial deficits should be systematically
monitored and reported to the public with more frequency and a
degree of detail to allow proper evaluation of  the fiscal risk,
the report notes

Since their establishment in the 1960s, 1970s and 1980s,
contribution incomes of National Insurance Schemes have exceeded
benefit payments and administrative expenses for most countries
and the systems have accumulated a large fund, according to RJR
News.

The schemes appear relatively sound until about 2017, however, the
study warned that thereafter, the schemes are projected to incur
substantial deficits and eventually run down their assets, raising
the prospects that the government would have to bear a share of
the promised pension benefits, the report relays.

The IMF says phasing in the reforms will prevent a significant
buildup of pressures and avoid the need for drastic measures in
the future, the report discloses.

The study notes that National Insurance Schemes (NIS) in the
Caribbean are weighed down by population aging, slow economic
growth, and high unemployment, the report relays.

Meanwhile, the IMF study notes that for most countries,
implementing reform measures concurrently would suffice to put
pension schemes on a sustainable path.

It said for Jamaica and other countries such as Antigua and
Barbuda, Belize as well as St Vincent and the Grenadines, these
measures would need to be complemented by improvement in the
coverage of the pension schemes.

It said most countries need to undertake the reforms now or risk
higher taxes and lower growth.


                            ***********


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, Ivy B. Magdadaro, 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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