TCRLA_Public/161114.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, November 14, 2016, Vol. 17, No. 225


                            Headlines




A N T I G U A  &  B A R B U D A

LIAT: Service Disrupted Due to Unfavorable Weather Conditions

B R A Z I L

PETROLEO BRASILEIRO: Citizens Will Defend Graft Probe, Says AG
PETROLEO BRASILEIRO: Reports Major 3rd-Quarter Loss

C A Y M A N  I S L A N D S

ART PRIVATE: Commences Liquidation Proceedings
GOTTEX HORIZON: Creditors' Proofs of Debt Due Dec. 9
KEMNAY ONE: Creditors' Proofs of Debt Due Dec. 6
LARGO INVESTMENTS: Commences Liquidation Proceedings
LUDA INVESTMENTS: Creditors' Proofs of Debt Due Nov. 21

MAK SEVERIN: Creditors' Proofs of Debt Due Dec. 6
MAK SEVERIN II: Creditors' Proofs of Debt Due Dec. 6
MAK SEVERIN FUND: Creditors' Proofs of Debt Due Dec. 6
MUNDIAL INVESTMENTS: Creditors' Proofs of Debt Due Nov. 21
SILVER STAR: Creditors' Proofs of Debt Due Nov. 28

ZEN ASSET: Commences Liquidation Proceedings
ZEN MACRO: Commences Liquidation Proceedings

J A M A I C A

JAMAICA: IMF Approves US$1.64 Billion Stand By Arrangement

T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Appoints New Board of Director
PETROTRIN: Anticipates Another Loss for 2016

X X X X X X X X X

* BOND PRICING: For the Week From Nov. 6 to Nov. 11, 2016


                            - - - - -


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


LIAT: Service Disrupted Due to Unfavorable Weather Conditions
-------------------------------------------------------------
The Daily Observer reports that the management of regional
airline, LIAT, said it is working to restore normalcy to its
network schedule, which has been impacted by unexpected weather
conditions.

In a release, LIAT said high winds in St. Vincent and the
Grenadines, resulted in aircraft being grounded at the ET Joshua
Airport, according to The Daily Observer.

"This resulted in passengers being unable to leave St. Vincent and
the airline's crews were also out of place which impacted other
flights," the report notes.

According to LIAT, the inclement weather this week, resulted in
flooding as well as the closure of the ET Joshua airport and this
led to the cancellation of some flights, the report relays.

"Given the interconnectivity of our network as well as the need to
ensure a safe operation of our aircraft for crew and passengers,
many of our customers throughout the region have been affected.
LIAT assures passengers that it is working feverishly to ensure
that all those displaced are accommodated by rerouting flights,
providing meals and accommodations or by booking passengers on
alternative airlines where possible," the report airline said, the
report notes

The airline said passengers can expect to experience some further
delays and some disruption is expected for the coming days, the
report relays.

It also said passengers who are booked to travel with LIAT through
to November 14, may change their departure or return dates at no
additional charge, the report adds.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 8, 2015, the Daily Observer reports that LIAT, operating as
Leeward Islands Air Transport, is attempting to lose excess
baggage as part of measures to make the carrier "a smaller airline
in 2015."  In a document, signed by Director of Human Resources
Ilean Ramsey, eligible employees were asked to opt to apply for
voluntary separation or early retirement packages to avoid being
made redundant, according to The Daily Observer.

TCRLA reported on Dec. 2, 2014, citing Caribbean360.com, that
chairman of the shareholder governments of the financially
troubled regional airline LIAT, Dr. Ralph Gonsalves said while he
is unaware of the details regarding any possible retrenchment of
employees, the airline needs to deal with its high cost of
operations.

The TCR-LA on March 10, 2014, citing Caribbean360.com, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of
LIAT -- the Board and the Executive. Following the sudden
resignation of Chief Executive Officer Captain Ian Brunton, David
Evans replaced Mr. Brunton as chief executive officer.


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


PETROLEO BRASILEIRO: Citizens Will Defend Graft Probe, Says AG
--------------------------------------------------------------
Paulo Trevisani at the Wall Street Journal reports that the
Brazilian people and the nation's Supreme Court will prevent the
country's sprawling graft probe from being rolled back despite
recent legislative attempts to weaken it, Brazil's Attorney
General Rodrigo Janot said.

Since the investigation -- known as Operation Car Wash and
centered on the dealings of state oil company Petroleo Brasileiro
SA, or Petrobras -- began in 2014, it has involved hundreds of
suspects, many of them executives at some of Brazil's largest
corporations and high-profile politicians, according to the Wall
Street Journal.

The probe weakened former President Dilma Rousseff, who was
eventually impeached for unrelated budget crimes, from power and
tarnished her successor, current President Michel Temer. Both Ms.
Rousseff and Mr. Temer have repeatedly denied wrongdoing, the
report notes.

The report relays that the investigation also has drawn in several
members of Mr. Temer's party, the Brazilian Democratic Movement
Party, or PMDB, including Senate leader Renan Calheiros, who is
being investigated for taking millions in bribes. He has
repeatedly denied wrongdoing.

While Mr. Temer, a PMDB member, has expressed support for the
investigation, the nation's Congress is now working on legislation
that would grant broad immunity for defendants and allow them to
sue authorities whom they deem as overzealous, the report notes.
The legislation has caused prosecutors to cry foul over what they
see as an attempt to derail the investigation, the report
discloses.

Mr. Janot, however, expressed confidence that the Brazilian public
-- which overwhelmingly supports the probe -- will keep lawmakers
in check. Voters frustrated by corruption punished a number of
mainstream politicians and parties in recent local elections, the
report says.  Mr. Janot said Brazil's Supreme Court is also likely
to strike down any maneuvers to derail the probe, the report
notes.

"I believe in people's public spirit, in the constitutional
control, in the dialogue," Mr. Janot said, the report relays.

Mr. Janot said the investigation, which has already resulted in
the jailing of some of the country's most prominent businessmen as
well as former House Speaker Eduardo Cunha, who has denied
wrongdoing, has reached a point of no return, the report notes.
Mr. Janot said the boomerang effect of stopping too soon could
prove disastrous, the report discloses.

"It is like we have bent a stick and now if we let it go it will
swing back strongly," Mr. Janot said.  "We need to break that
stick," Mr. Janot added.

But challenges abound for Brazil's overloaded, cumbersome judicial
system, the report relays.  Mr. Janot said his team is
understaffed and even space is an issue, the report notes.

"We are eight or nine people to handle all this mess; we are
getting to the limit of our capacity," he said. "I've even had to
find space in my office to handle interrogations" of Car Wash
suspects and witnesses, he said.  So far, Mr. Janot is handling 81
investigations -- including 364 suspects in connection with Car
Wash -- according to his office, the report relays.

Most of the investigation is handled by a task force centered in
the city of Curitiba, where a money-laundering probe uncovered a
yearslong bid-rigging and bribery scheme at Petrobras, the report
notes.  Prosecutors allege contractors colluded with politicians
to skim billions of reis from the oil firm to line their own
pockets and to fund political campaigns, the report discloses.

Since Brazil's Constitution grants sitting officials the right to
skip lower courts and have their cases heard directly by the
Supreme Court, only Mr. Janot's office can press charges against
Car Wash suspects holding public office, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Oct. 25, 2016, Moody's Investors Service upgraded all ratings of
Petroleo Brasileiro S.A. (Petrobras)'s and ratings based on
Petrobras' guarantee, including the company's senior unsecured
debt and corporate family rating to B2 from B3 given lower
liquidity risk and prospects of better operating performance in
the medium term.  At the same time, Moody's raised the company's
baseline credit assessment (BCA) to b3 from caa2.


PETROLEO BRASILEIRO: Reports Major 3rd-Quarter Loss
----------------------------------------------------
Latin America Herald reports that Brazilian state oil company
Petroleo Brasileiro S.A. reported a third-quarter loss of BRL16.46
billion ($5.05 billion), upending analysts' forecasts that the
South American nation's largest enterprise would show a profit.

Asset write-downs accounted for the lion's share of the red ink.

The write-downs were based on reviews of "projects in the
investment portfolio" and of "the set of premises, such as the
price of Brent (crude) and the long-term exchange rate," Petrobras
said, according to Latin America Herald.

The company also pointed to factors such as a further decline in
global oil prices, the 12 percent rise in the value of the real,
and unexpected costs associated with an employee-buyout
initiative, the report notes.

Petrobras has been struggling for the last two years with the
crash in oil prices and the fallout from a corruption scandal
estimated to have cost the company as much as $2 billion, the
report relays.

"All of the company's operational results, including the
production of oil and derivatives, improved in the year," Chief
Financial Officer Ivan Monteiro said, insisting that the third-
quarter results were due entirely to write-downs, the report
discloses.

Output rose 2 percent in the third quarter to 2.87 million barrels
of oil equivalent per day, while exports climbed 9 percent to
562,000 bpd, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Oct. 25, 2016, Moody's Investors Service upgraded all ratings of
Petroleo Brasileiro S.A. (Petrobras)'s and ratings based on
Petrobras' guarantee, including the company's senior unsecured
debt and corporate family rating to B2 from B3 given lower
liquidity risk and prospects of better operating performance in
the medium term.  At the same time, Moody's raised the company's
baseline credit assessment (BCA) to b3 from caa2.


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


ART PRIVATE: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 20, 2016, the sole shareholder of Art Private Trust
Company Limited resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Michael Halsey
          c/o Lauretta Bennett
          Sackville Bank and Trust Company Limited
          The Grand Pavilion 802 West Bay Road
          P.O. Box 30444 Grand Cayman, KY1-1202
          Cayman Islands
          Telephone: 749 6110
          Facsimile: 749 6150


GOTTEX HORIZON: Creditors' Proofs of Debt Due Dec. 9
----------------------------------------------------
The creditors of Gottex Horizon Master Fund Limited are required
to file their proofs of debt by Dec. 9, 2016, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 18, 2016.

The company's liquidator is:

           Margot Macinnis
           Telephone: +1 (345) 743 8800
           Facsimile: +1 (345) 743 8801
           Borrelli Walsh (Cayman) Limited
           Harbour Place, Ground Floor
           103 South Church Street
           George Town
           Cayman Islands


KEMNAY ONE: Creditors' Proofs of Debt Due Dec. 6
------------------------------------------------
The creditors of Kemnay One North Limited are required to file
their proofs of debt by Dec. 6, 2016, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 19, 2016.

The company's liquidator is:

          Mahesh Nagendram
          c/o Scotiabank & Trust (Cayman) Ltd.
          6 Cardinall Avenue
          P.O. Box 501 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 815 4333


LARGO INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------
On Oct. 25, 2016, the sole shareholder of Largo Investments
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Cayman Fiduciary Limited
          c/o Robin Garnham
          Landmark Square, Third Floor, 64 Earth Close
          P.O. Box 707CB Grand Cayman KY1-9006
          Cayman Islands
          Telephone: (345) 746 3100


LUDA INVESTMENTS: Creditors' Proofs of Debt Due Nov. 21
-------------------------------------------------------
The creditors of Luda Investments are required to file their
proofs of debt by Nov. 21, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 25, 2016.

The company's liquidator is:

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


MAK SEVERIN: Creditors' Proofs of Debt Due Dec. 6
-------------------------------------------------
The creditors of Mak Severin Fund II LP are required to file their
proofs of debt by Dec. 6, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 26, 2016.

The company's liquidator is:

          Managementplus (Cayman) Limited
          c/o Frank Balderamos
          Buckingham Square, 2nd Floor
          720 West Bay Road
          P.O. Box 11735 Grand Cayman KY1-1009
          Cayman Islands
          Telephone: (345) 946-9861


MAK SEVERIN II: Creditors' Proofs of Debt Due Dec. 6
----------------------------------------------------
The creditors of Mak Severin II (GP) Ltd are required to file
their proofs of debt by Dec. 6, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 26, 2016.

The company's liquidator is:

          Managementplus (Cayman) Limited
          c/o Frank Balderamos
          Buckingham Square, 2nd Floor
          720 West Bay Road
          P.O. Box 11735 Grand Cayman KY1-1009
          Cayman Islands
          Telephone: (345) 946-9861


MAK SEVERIN FUND: Creditors' Proofs of Debt Due Dec. 6
------------------------------------------------------
The creditors of Mak Severin Fund II Ltd are required to file
their proofs of debt by Dec. 6, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 26, 2016.

The company's liquidator is:

          Managementplus (Cayman) Limited
          c/o Frank Balderamos
          Buckingham Square, 2nd Floor
          720 West Bay Road
          P.O. Box 11735 Grand Cayman KY1-1009
          Cayman Islands
          Telephone: (345) 946-9861


MUNDIAL INVESTMENTS: Creditors' Proofs of Debt Due Nov. 21
----------------------------------------------------------
The creditors of Mundial Investments Ltd. are required to file
their proofs of debt by Nov. 21, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 25, 2016.

The company's liquidator is:

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


SILVER STAR: Creditors' Proofs of Debt Due Nov. 28
--------------------------------------------------
The creditors of Silver Star Business Solutions are required to
file their proofs of debt by Nov. 28, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 25, 2016.

The company's liquidator is:

          Andre Slabbert
          Estera Trust (Cayman) Limited
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +13456400556


ZEN ASSET: Commences Liquidation Proceedings
--------------------------------------------
On Oct. 14, 2016, the sole shareholder of Zen Asset Management
Ltd. resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Cheung Ngai, Jacky
          Government Administration Bldg., 2nd Floor
          Elgin Avenue, George Town
          Grand Cayman
          Cayman Islands


ZEN MACRO: Commences Liquidation Proceedings
--------------------------------------------
On Oct. 14, 2016, the sole shareholder of Zen Macro Dynamic Fund
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Cheung Ngai, Jacky
          Government Administration Bldg., 2nd Floor
          Elgin Avenue, George Town
          Grand Cayman
          Cayman Islands


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


JAMAICA: IMF Approves US$1.64 Billion Stand By Arrangement
----------------------------------------------------------
The Executive Board of the International Monetary Fund approved a
three-year Stand-By Arrangement (SBA) for Jamaica to support the
authorities' continued economic reform agenda. Access under the
SBA arrangement amounts to about US$1.64 billion (SDR 1.195.3
million), the equivalent of 312 percent of Jamaica's quota in the
IMF. The Jamaican authorities have indicated that they will treat
the arrangement as precautionary, and do not intend to draw on the
new SBA unless exogenous shocks generate an actual balance of
payments need. The Executive Board approval will make about US$
411.9 million (SDR 300.1 million) available, and the remainder in
six tranches upon completion of semi-annual program reviews.

Following the Executive Board discussion on Jamaica, Mr. Tao
Zhang, Deputy Managing Director and Acting Chair, said:

"Jamaica has established a commendable track record of program
ownership and implementation under the Extended Fund Facility
(EFF). Macroeconomic stability has been entrenched, evidenced by
low inflation, the build up of foreign currency reserves, and a
decline in the current account deficit. Fiscal discipline and
proactive debt management have helped place public debt on a
downward trajectory. Still, growth is low, poverty and
unemployment are high, and crime and security challenges impose a
serious drag on growth.

"The authorities' request for a Stand-By Arrangement (SBA), which
they intend to treat as precautionary, will provide insurance
against unforeseen adverse external economic shocks, while
focusing reform efforts to deliver better growth and job outcomes,
as well as reduce poverty, while sustaining macroeconomic
stability.

"Fiscal discipline and public debt reduction will continue to
anchor Jamaica's reform program. Public sector transformation,
another key pillar of the program, will seek to re-orient public
resource allocation toward infrastructure, social protection, and
security-related spending, while delivering more efficient public
services. The ongoing growth-friendly shift from direct to
indirect taxes will continue to broaden the tax base and improve
the efficiency of the tax system. The program will continue to
protect social spending, while also instituting reforms to
strengthen the social safety net.

"The Jamaican authorities recognize that enhancing monetary policy
credibility and operations for an eventual move to inflation
targeting is critical. Key reforms include strengthening the
operational autonomy of the Bank of Jamaica, refining the monetary
policy signaling and liquidity provision framework, and improving
macroeconomic modeling and forecasting. Toward this end, the
authorities are committed to maintaining exchange rate flexibility
and continuing to build international reserves through market-
based purchases of foreign exchange. Furthermore, concrete steps
will be taken to further enhance financial sector resilience and
promote greater access to credit and financial inclusion.

"Supply side reforms are critical to unlock Jamaica's growth
potential and create more private sector jobs. In this context,
every effort is needed, in collaboration with development
partners, to execute the structural growth reforms recommended by
the authorities' Economic Growth Council. Resources will have to
be redirected to combat crime and ensure national security. Easing
of growth bottlenecks will facilitate a stronger private sector
job creation, as the government refocuses and streamlines its
role.

"The authorities' commitment and commendable track record,
together with continued broad-based support for the reform agenda,
should help foster its successful implementation."

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+'.


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


CARIBBEAN AIRLINES: Appoints New Board of Director
--------------------------------------------------
Trinidad Express reports that a new board of directors has been
appointed at State-owned air carrier Caribbean Airlines Limited.

The new executive comprises of Shameer Ronnie Mohammed --
chairman, Michael Quamina -- vice chairman, Vishnu Dhanpaul --
director, Enid Zephyrine -- director, and Dr Chris S. Maharaj --
director, while the Honourable Dennis Lalor -- designated by the
government of Jamaica -- continues to serve as a director,
according to Trinidad Express.

CAL took the opportunity to welcome the new board, who took over
the reins as of October 14, and paid tribute to outgoing chairman
Phillip Marshall and the members of his executive for their
service, wishing them success in their future endeavors, the
report notes.

                 About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited has quit after
just 17 months on the job. The 48-year-old Canadian national,
citing personal reasons, resigned with immediate effect.  His
resignation was accepted by the airline's board of directors. Mr.
DiLollo was appointed Caribbean Airlines CEO in May 2014,
following the sudden resignation of Robert Corbie in September
2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.


PETROTRIN: Anticipates Another Loss for 2016
--------------------------------------------
Aleem Khan at Sunday Express reports that Petroleum Company of
Trinidad and Tobago (Petrotrin) -- the country's third top
taxpayer after the National Gas Company (NGC) and the BP Group --
anticipates it would have generated another loss in fiscal year
2016, company president Fitzroy Harewood has said.

Mr. Harewood was speaking at an American Chamber of Commerce
(Amcham T&T) event at the Hyatt Regency (Trinidad) in Port of
Spain, according to Sunday Express.

Mr. Harewood said he was not inclined to give specific numbers.

However, a check of Petrotrin's published financials for its year
ended September 30, 2015 showed the $1 billion loss of fiscal 2015
could worsen in 2016, based on the driving factor Harewood cited
to Petrotrin's profitability -- the price of oil, the report
notes.

                      About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on July
23, 2015, Trinidad Express reports that state-owned Petroleum
Company of Trinidad and Tobago (Petrotrin) multiplied its losses
11.2 times to reach US$168 million for the nine months ended June
30 compared to US$15 million loss for the same period last year,
but its earnings before income tax, depreciation and amortisation
(EBITDA) rose 132 per cent between March and June, preliminary
financials show.

TCRLA reported on Dec. 2, 2014, that Trinidad and Tobago Newsday
said that in the face of falling global oil prices, which is
starring to impact on Trinidad and Tobago's earnings from its
petroleum resources, Petroleum Company of Trinidad and Tobago has
rolled out a plan to remain viable and to survive in the harsh
global oil industry.  Petrotrin said in a media release that it is
forging ahead with objective cost management decisions imperative
to secure its viability, according to Trinidad and Tobago Newsday.
The report said Petrotrin's operations have also been severely
impacted due to unfavorable margins.

The TCRLA reported on Jan. 21, 2014 that Trinidad Express, citing
Energy Minister Kevin Ramnarine, said Petrotrin will make a loss
for its 2013 financial year.  According to Mr. Ramnarine,
Petrotrin was scheduled to make the loss even before the series of
oil spills affecting Trinidad's southwestern peninsula since
December, reports Trinidad Express.


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


* BOND PRICING: For the Week From Nov. 6 to Nov. 11, 2016
----------------------------------------------------------

Issuer Name                  Cpn   Price   Maturity  Country  Curr
-----------                  ---   -----   --------  -------   ---
Andino Investment Holding     11   70.85  11/13/2020   PE     USD
Andino Investment Holding     11   68.88  11/13/2020   PE     USD
Anton Oilfield Services G     7.5  69.03   11/6/2018   CN     USD
Anton Oilfield Services G     7.5     66   11/6/2018   CN     USD
BA-CA Finance Cayman 2 Lt   0.719   38.5               KY     EUR
BA-CA Finance Cayman Ltd    0.749  38.93               KY     EUR
Banco do Brasil SA/Cayman    6.25  62.84               KY     USD
Banco do Brasil SA/Cayman    6.25  59.51               KY     USD
BPI Capital Finance Ltd      2.29     40               KY     EUR
CA La Electricidad de Car     8.5  43.75   4/10/2018   VE     USD
Chile Government Internat   3.625   15.7  10/30/2042   CL     USD
CSN Islands XI Corp         6.875  61.25   9/21/2019   KY     USD
CSN Islands XI Corp         6.875  61.13   9/21/2019   KY     USD
CSN Islands XII Corp            7   48.8               BR     USD
CSN Islands XII Corp            7  47.75               BR     USD
Decimo Primer Fideicomiso    4.54  59.75  10/25/2041   PA     USD
Decimo Primer Fideicomiso       6  71.38  10/25/2041   PA     USD
Ecuador Government Domest    8.45   70.8    2/6/2034   EC     USD
Ecuador Government Domest    8.45  69.35   9/10/2034   EC     USD
Ecuador Government Domest    8.45  70.42    4/2/2034   EC     USD
Ecuador Government Domest    8.45  69.72   7/17/2034   EC     USD
Ecuador Government Domest    8.45  69.71   5/30/2034   EC     USD
Ecuador Government Domest    8.45  69.23   9/30/2034   EC     USD
Ecuador Government Domest    8.45  70.52   3/19/2034   EC     USD
Ecuador Government Domest    7.75  74.84  12/19/2028   EC     USD
Ecuador Government Domest    8.45  69.94   6/12/2034   EC     USD
Ecuador Government Domest    8.45  69.95   6/11/2034   EC     USD
Ecuador Government Domest    8.45  69.82    7/1/2034   EC     USD
Ecuador Government Domest     7.7  73.56    7/1/2029   EC     USD
Ecuador Government Domest     7.7  72.94   9/10/2029   EC     USD
Ecuador Government Domest    7.75  74.95   11/8/2028   EC     USD
Ecuador Government Domest     7.7  73.74   6/11/2029   EC     USD
Ecuador Government Domest     7.7  73.73   6/12/2029   EC     USD
Ecuador Government Domest     7.7  72.77   9/30/2029   EC     USD
Empresa de Telecomunicaci       7  71.24   1/17/2023   CO     COP
Empresa de Telecomunicaci       7  71.24   1/17/2023   CO     COP
ESFG International Ltd      5.753  0.883               KY     EUR
General Exploration Partn    11.5  36.75  11/13/2018   CA     USD
General Shopping Finance       10  60.55               KY     USD
General Shopping Finance       10  60.63               KY     USD
Global A&T Electronics Lt      10  70.88    2/1/2019   SG     USD
Global A&T Electronics Lt      10  71.88    2/1/2019   SG     USD
Global A&T Electronics Lt      10   50.5    2/1/2019   SG     USD
Global A&T Electronics Lt      10     54    2/1/2019   SG     USD
Glorious Property Holding   13.25  74.56    3/4/2018   HK     USD
Gol Finance Inc              9.25  47.35   7/20/2020   BR     USD
Gol Finance Inc              8.75  37.75               BR     USD
Gol Finance Inc               7.5     61    4/3/2017   BR     USD
Gol Finance Inc               7.5  59.38    4/3/2017   BR     USD
Gol Finance Inc               7.5  59.38    4/3/2017   BR     USD
Gol Finance Inc              9.25  43.38   7/20/2020   BR     USD
Gol Finance Inc              8.75  36.88               BR     USD
Green Dragon Gas Ltd           10  63.75  11/20/2017   HK     USD
Greenfields Petroleum Cor       9  11.35   5/31/2017   US     CAD
Honghua Group Ltd            7.45  58.25   9/25/2019   CN     USD
Honghua Group Ltd            7.45     58   9/25/2019   CN     USD
Inversora Electrica de Bu     6.5   59.5   9/26/2017   AR     USD
MIE Holdings Corp             7.5  67.25   4/25/2019   HK     USD
MIE Holdings Corp             7.5  68.58   4/25/2019   HK     USD
NB Finance Ltd/Cayman Isl    3.38  60.22    2/7/2035   KY     EUR
Newland International Pro     9.5  24.13    7/3/2017   PA     USD
Newland International Pro     9.5  25.13    7/3/2017   PA     USD
Noble Holding Internation     6.2  65.42    8/1/2040   KY     USD
Noble Holding Internation    6.05  66.38    3/1/2041   KY     USD
Noble Holding Internation    5.25  64.71   3/15/2042   KY     USD
Ocean Rig UDW Inc            7.25  57.75    4/1/2019   CY     USD
Ocean Rig UDW Inc            7.25     55    4/1/2019   CY     USD
Odebrecht Drilling Norbe     6.35     27   6/30/2021   KY     USD
Odebrecht Drilling Norbe     6.35   28.5   6/30/2021   KY     USD
Odebrecht Finance Ltd         7.5     40               KY     USD
Odebrecht Finance Ltd       4.375  37.23   4/25/2025   KY     USD
Odebrecht Finance Ltd       7.125   33.5   6/26/2042   KY     USD
Odebrecht Finance Ltd        5.25   34.5   6/27/2029   KY     USD
Odebrecht Finance Ltd       5.125     36   6/26/2022   KY     USD
Odebrecht Finance Ltd        8.25     35   4/25/2018   KY     BRL
Odebrecht Finance Ltd           7   53.5   4/21/2020   KY     USD
Odebrecht Finance Ltd           6  41.51    4/5/2023   KY     USD
Odebrecht Finance Ltd        5.25     36   6/27/2029   KY     USD
Odebrecht Finance Ltd       4.375     36   4/25/2025   KY     USD
Odebrecht Finance Ltd       7.125  33.75   6/26/2042   KY     USD
Odebrecht Finance Ltd         7.5   42.5               KY     USD
Odebrecht Finance Ltd        8.25     35   4/25/2018   KY     BRL
Odebrecht Finance Ltd       5.125  35.38   6/26/2022   KY     USD
Odebrecht Finance Ltd           6  38.88    4/5/2023   KY     USD
Odebrecht Finance Ltd           7     44   4/21/2020   KY     USD
Odebrecht Offshore Drilli    6.75     17   10/1/2022   KY     USD
Odebrecht Offshore Drilli   6.625     17   10/1/2022   KY     USD
Odebrecht Offshore Drilli    6.75  17.38   10/1/2022   KY     USD
Odebrecht Offshore Drilli   6.625  17.38   10/1/2022   KY     USD
Petroleos de Venezuela SA    5.25   67.5   4/12/2017   VE     USD
Petroleos de Venezuela SA   12.75   56.1   2/17/2022   VE     USD
Petroleos de Venezuela SA       9  49.38  11/17/2021   VE     USD
Petroleos de Venezuela SA    9.75  44.57   5/17/2035   VE     USD
Petroleos de Venezuela SA       6   38.5   5/16/2024   VE     USD
Petroleos de Venezuela SA       6  36.75  11/15/2026   VE     USD
Petroleos de Venezuela SA   5.375     37   4/12/2027   VE     USD
Petroleos de Venezuela SA     5.5  36.75   4/12/2037   VE     USD
Petroleos de Venezuela SA       6  32.13  10/28/2022   VE     USD
Petroleos de Venezuela SA       6   36.4  11/15/2026   VE     USD
Petroleos de Venezuela SA       6  35.35   5/16/2024   VE     USD
Petroleos de Venezuela SA    9.75   41.7   5/17/2035   VE     USD
Petroleos de Venezuela SA       9  45.25  11/17/2021   VE     USD
Petroleos de Venezuela SA   12.75  46.15   2/17/2022   VE     USD
Polarcus Ltd                  5.6  44.93   3/30/2022   AE     USD
Provincia de Rio Negro     1.6148     62    5/4/2024   AR     ARS
PSOS Finance Ltd            11.75  60.13   4/23/2018   KY     USD
Republic of Ecuador Minis    8.45  69.22   9/30/2034   EC     USD
Republic of Ecuador Minis    7.75  74.88  12/19/2028   EC     USD
Republic of Ecuador Minis     7.7   73.6    7/1/2029   EC     USD
Republic of Ecuador Minis    7.75  74.99   11/8/2028   EC     USD
Republic of Ecuador Minis    8.45  69.22   9/30/2034   EC     USD
Republic of Ecuador Minis     7.7  73.77   6/12/2029   EC     USD
Republic of Ecuador Minis    8.45  69.39   9/10/2034   EC     USD
Republic of Ecuador Minis    8.45  69.75   7/17/2034   EC     USD
Republic of Ecuador Minis    8.45  69.39   9/10/2034   EC     USD
Republic of Ecuador Minis     7.7  72.81   9/30/2029   EC     USD
Republic of Ecuador Minis     7.7  73.78   6/11/2029   EC     USD
Republic of Ecuador Minis     7.7   73.6    7/1/2029   EC     USD
Republic of Ecuador Minis    8.45  69.98   6/11/2034   EC     USD
Republic of Ecuador Minis    8.45  69.98   6/11/2034   EC     USD
Republic of Ecuador Minis     7.7  73.77   6/12/2029   EC     USD
Republic of Ecuador Minis     7.7  72.99   9/10/2029   EC     USD
Republic of Ecuador Minis    8.45  69.97   6/12/2034   EC     USD
Republic of Ecuador Minis    7.75  74.88  12/19/2028   EC     USD
Republic of Ecuador Minis    8.45  70.84    2/6/2034   EC     USD
Republic of Ecuador Minis    8.45  70.55   3/19/2034   EC     USD
Republic of Ecuador Minis    8.45  69.85    7/1/2034   EC     USD
Republic of Ecuador Minis    8.45  70.45    4/2/2034   EC     USD
Republic of Ecuador Minis     7.7  72.81   9/30/2029   EC     USD
Republic of Ecuador Minis    8.45  69.75   7/17/2034   EC     USD
Republic of Ecuador Minis    8.45  69.74   5/30/2034   EC     USD
Republic of Ecuador Minis    8.45  69.97   6/12/2034   EC     USD
Republic of Ecuador Minis    7.75  74.99   11/8/2028   EC     USD
Republic of Ecuador Minis    8.45  69.85    7/1/2034   EC     USD
Republic of Ecuador Minis    8.45  70.45    4/2/2034   EC     USD
Republic of Ecuador Minis    8.45  69.74   5/30/2034   EC     USD
Republic of Ecuador Minis     7.7  73.78   6/11/2029   EC     USD
Republic of Ecuador Minis    8.45  70.84    2/6/2034   EC     USD
Republic of Ecuador Minis     7.7  72.99   9/10/2029   EC     USD
Republic of Ecuador Minis    8.45  70.55   3/19/2034   EC     USD
Samarco Mineracao SA        4.125  37.25   11/1/2022   BR     USD
Samarco Mineracao SA         5.75   36.6  10/24/2023   BR     USD
Samarco Mineracao SA        5.375  35.38   9/26/2024   BR     USD
Samarco Mineracao SA        4.125  37.38   11/1/2022   BR     USD
Samarco Mineracao SA         5.75  39.63  10/24/2023   BR     USD
Samarco Mineracao SA        5.375  37.25   9/26/2024   BR     USD
Siem Offshore Inc            5.69  52.25   1/30/2018   NO     NOK
Siem Offshore Inc            5.49  51.75   3/28/2019   NO     NOK
Transocean Inc               5.05  74.75  10/15/2022   KY     USD
Transocean Inc                6.8  63.66   3/15/2038   KY     USD
Transocean Inc                7.5  65.78   4/15/2031   KY     USD
Transocean Inc                9.1  70.41  12/15/2041   KY     USD
Transocean Inc               7.45   74.9   4/15/2027   KY     USD
Transocean Inc                  8  73.55   4/15/2027   KY     USD
Uruguay Notas del Tesoro     5.25  61.99  12/29/2021   UY     UYU
US Capital Funding IV Ltd 0.99305  43.92   12/1/2039   KY     USD
US Capital Funding IV Ltd 0.99305  43.92   12/1/2039   KY     USD
Venezuela Government Inte    9.25  49.03   9/15/2027   VE     USD
Venezuela Government Inte   11.75   49.5  10/21/2026   VE     USD
Venezuela Government Inte   11.95   49.5    8/5/2031   VE     USD
Venezuela Government Inte    7.75  47.38  10/13/2019   VE     USD
Venezuela Government Inte  13.625  65.25   8/15/2018   VE     USD
Venezuela Government Inte   9.375  45.85   1/13/2034   VE     USD
Venezuela Government Inte       7  52.85   12/1/2018   VE     USD
Venezuela Government Inte       7     42   3/31/2038   VE     USD
Venezuela Government Inte       9   45.5    5/7/2023   VE     USD
Venezuela Government Inte    9.25   45.5    5/7/2028   VE     USD
Venezuela Government Inte    8.25  44.38  10/13/2024   VE     USD
Venezuela Government Inte       6   43.5   12/9/2020   VE     USD
Venezuela Government Inte  13.625   56.5   8/15/2018   VE     USD
Venezuela Government Inte    7.65  43.25   4/21/2025   VE     USD
Venezuela Government Inte  13.625  59.69   8/15/2018   VE     USD
Venezuela Government Inte   12.75   53.5   8/23/2022   VE     USD
Venezuela Government TICC    5.25  53.23   3/21/2019   VE     USD
VRG Linhas Aereas SA        10.75  25.63   2/12/2023   BR     USD
VRG Linhas Aereas SA        10.75  25.63   2/12/2023   BR     USD
XLIT Ltd                      6.5     70               IE     USD


                            ***********


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

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

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

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