TCRLA_Public/161205.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, December 5, 2016, Vol. 17, No. 240


                            Headlines



A R G E N T I N A

BUENOS AIRES: Moody's Rates ARS8MM 2016 Bonds Program (P)B3


B R A Z I L

BANCO BTG: Moody's Affirms Ba3 LT Global Currency Deposit Rating


C A Y M A N  I S L A N D S

ABENOMICS LONG/SHORT: Creditors' Proofs of Debt Due Dec. 21
BARCY: Creditors' Proofs of Debt Due Dec. 21
BCM SELECT EQUITY: Placed Under Voluntary Wind-Up
BCM SELECT MASTER: Placed Under Voluntary Wind-Up
BCM SELECT ONSHORE: Placed Under Voluntary Wind-Up

BMB COMIT I: Creditors' Proofs of Debt Due Dec. 22
CP MGMT: Commences Liquidation Proceedings
GOTTEX HORIZON: Creditors' Proofs of Debt Due Jan. 20
IONIC SELECT: Commences Liquidation Proceedings
JAZZ ASSURANCE: Commences Liquidation Proceedings

LYNX MULTI-STRATEGY: Creditors' Proofs of Debt Due Dec. 12
OBAIR INVESTMENT: Creditors' Proofs of Debt Due Dec. 21
PLATINUM PARTNERS: Court Enters Wind-Up Order
SHK PRIVATE: Creditors' Proofs of Debt Due Dec. 13


C O S T A   R I C A

BANCO DE COSTA RICA: Fitch Affirms 'BB+' IDR; Outlook Negative


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: To Grow 6.5% Despite Major Flooding Damage
DOMINICAN REPUBLIC: Medina to Declare State of Emergency


M E X I C O

* MEXICO: Open to Amending NAFTA


T R I N I D A D  &  T O B A G O

TRINIDAD GUARDIAN: Sabga Unaware of More Job Cuts at Newspaper


V E N E Z U E L A

VENEZUELA: Removed From South America's Trade Bloc Mercosur


X X X X X X X X X

* BOND PRICING: For the Week From Nov. 28 to Dec. 1, 2016


                            - - - - -


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


BUENOS AIRES: Moody's Rates ARS8MM 2016 Bonds Program (P)B3
-----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
("Moody's") has assigned a (P)B3 (Global Scale local currency) and
Baa3.ar (Argentina National Scale) ratings the Province of Buenos
Aires's 2016 Local Market Bonds Program for up to ARS8.000
million. In the same rating action Moody's assigned B3 -Global
Local currency scale- and Baa3.ar -on Argentina National Scale- to
the first two Classes to be issued under this program. The ratings
are in line with the province's long term local currency issuer
ratings, which carry stable outlook.

RATINGS RATIONALE

The 2016 Local Market Bonds Program has been authorized by the
provincial Decree 104/2016 and by Law 14.807 of the Province of
Buenos Aires (2016 Budget Law). The notes to be issued under the
program constitute direct, general, unconditional, secured and
unsubordinated obligations of the province and the maximum amount
to be issued under the program represents an estimated 2% of total
revenues budgeted for this fiscal year.

The bonds to be issued under the program will be payable in
Argentine pesos and sold in the local capital market. The province
will initially offer one series consisting of two classes, which
will have quarterly interest payments, bullet amortization and
will mature in 18 and in 36 months respectively.

Moody's finally anticipates that with the issuance of full amount
authorized under this Program, the ratio of total debt to total
revenues of the Province of Buenos Aires will reach to an
estimated 50% by the end of 2016 from 44.5% in 2015.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
or anticipates changes in the main conditions that the notes
and/or the Program will carry. Should issuance conditions and/or
final documentation of any of the series under this program
deviate from the original ones submitted and reviewed by the
rating agency, Moody's will assess the impact that these
differences may have on the ratings and act accordingly.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the
Government of Argentina's and Sub-sovereigns economic and
financial profiles and ratings, an upgrade of Argentina's
sovereign bonds ratings and/or the improvement of the country'
operating environment could lead to an upgrade of the Province of
Buenos Aires. Conversely, a downgrade in Argentina's bond ratings
and/or the continuation of current operating deficits coupled with
a debt to total revenues ratio rising above 55% could exert
downward pressure on the ratings assigned.


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


BANCO BTG: Moody's Affirms Ba3 LT Global Currency Deposit Rating
----------------------------------------------------------------
Moody's Investors Service affirmed Banco BTG Pactual S.A. (BTG)'s
global scale ratings, including its long-term global local
currency deposit rating of Ba3 and its Grand Cayman branch's Ba3
long-term foreign currency senior unsecured debt, and changed the
outlook to stable from negative. At the same time, Moody's
upgraded the bank's long and short-term Brazilian national scale
deposit rating to A2.br and BR-1 respectively, from A3.br and BR-
2. Moody's also affirmed the bank's baseline credit assessment
(BCA) and adjusted BCA of ba3; its short-term global local- and
foreign-currency deposit ratings of Not Prime; BTG's Grand Cayman
Branchs' B1 foreign currency subordinate debt rating; and its
Luxembourg Branch's B3(hyb) preferred stock non-cumulative debt
rating. The outlook of the bank's Ba3 foreign currency deposit
rating, which is constrained by Brazil's foreign currency deposit
ceiling, remains negative, in line with negative outlook on
Brazil's sovereign bond rating.

RATINGS RATIONALE

The change in outlook to stable reflects the success of BTG's
efforts to address the negative pressures facing its franchise and
its financial profile, following a disruption of the bank's
business and funding.

Among the measures taken to stabilize its operation, the bank
substantially reduced its asset base via divestments and loan
sales, prioritized liquidity accumulation, and aligned its
expenses to a new lower earnings level. Most recently, BTG
concluded the sale of BSI Group (BSI, unrated; BSI AG: deposits A3
positive, BCA ba1), a Swiss private bank it had just acquired
about a year before. The bank also spun off its commodities
trading business and fully repaid the credit facility from
Brazil's deposit insurance fund, FGC.

Notwithstanding the repayment of the credit facility, the asset
sales have enlarged the bank's holdings of highly liquid assets to
a level almost equal to the cumulative amount of funding maturing
in the next 12 months. BTG's access to unsecured funding has also
gradually improved, helping to address concerns that had arisen
about the bank's liquidity and its vulnerability to refinancing
risk given its heavy reliance on market funds.

Following the relevant deleveraging of its balance sheet, BTG's
capital ratio improved markedly, with Moody's measure of tangible
common equity to risk weighted assets rising to a moderate 10.7%
in September 2016, up from 7.4% a year earlier. In the fourth
quarter, capital is expected to increase further as the bank
accounts for the benefits of the latest divestments, which did not
take place until the third quarter.

In addition, business generation in confidence-sensitive segments
has stabilized over the past two quarters following a sharp
decline during the prior three quarters, as indicated by the net
new inflows in the asset and wealth management businesses, and the
bank's participation in investment banking deals. While revenues
have declined over the past two quarters, the bank's cost cutting
measures enabled it to maintain high operating efficiency, with a
cost to income ratio in the range of 45%, and supported continued
sound profitability. In addition, the bank is benefiting from
significant interest income on its free cash. However, an
important portion of the bank's earnings come from segments
subject to higher volatility, including sales & trading and
principal investments, which represented 40% of total revenues in
the third quarter of 2016, after excluding BSI and the commodities
trading business.

Notwithstanding the significant steps the bank has already taken
and the resulting improvements to its finances, the transformation
of its business is ongoing, which creates some uncertainty as to
its future business profile. In addition, the bank will be
challenged by the still adverse business environment in Brazil,
which is only expected to recover gradually.

The upgrade of the Brazilian national scale deposit rating to
A2.br, which is the middle alternative corresponding to the Ba3
global scale rating mapping, reflects the stabilization of BTG's
outlook and the improvement in its financial profile.

WHAT COULD MAKE THE RATING GO UP

BTG's BCA and ratings could be upgraded if recent improvements to
profitability capitalization are sustained and liquid resources
are maintained at levels sufficient to offset the bank's intrinsic
reliance on market funds.

WHAT COULD MAKE THE RATING GO DOWN

BTG's outlook could be revised back to negative, or its ratings
could be downgraded, if the recent improvements in liquidity,
profitability and capital are not sustained.

BTG's foreign currency deposit rating, which is constrained by
Brazil's foreign currency deposit ceiling, will likely be
downgraded if Brazil's sovereign rating and ceiling are
downgraded.

The following ratings and assessments will be Affirmed:

   Issuer: Banco BTG Pactual S.A.

   -- Long-term global local and foreign currency deposit rating,
      at Ba3

   -- Short-term global local and foreign currency deposit rating,
      at NP

   -- Senior Unsecured MTN Program (foreign currency), at (P)Ba3

   -- Short-term Senior Unsecured MTN Program (foreign currency),
      at (P)NP

   -- Adjusted Baseline Credit Assessment, at ba3

   -- Baseline Credit Assessment, at ba3

   -- Long-term Counterparty Risk Assessment, at Ba2(cr)

   -- Short-term Counterparty Risk Assessment, at NP(cr)

   Issuer: Banco BTG Pactual S.A., Grand Cayman Branch

   -- Senior Unsecured MTN Program(foreign currency), at (P)Ba3

   -- Short-term MTN program (foreign currency), at (P)NP

   -- Long-term foreign currency senior unsecured debt, at Ba3

   -- Subordinate debt (foreign currency), at B1

   -- Long-term Counterparty Risk Assessment, at Ba2(cr)

   -- Short-term Counterparty Risk Assessment, at NP(cr)

   Issuer: Banco BTG Pactual S.A., Luxembourg Branch

   -- Long-term Counterparty Risk Assessment, at Ba2(cr)

   -- Short-term Counterparty Risk Assessment, at NP(cr)

   -- Pref. Stock Non-cumulative debt (foreign currency), at B3
      (hyb)

The following ratings have been upgraded:

   Issuer: Banco BTG Pactual S.A.

   -- Long-term Brazilian national scale Deposit Rating, to A2.br
      from A3.br

   -- Short-term Brazilian national scale Deposit Rating, to BR-1
      from BR-2

Outlook Actions:

   Issuer: Banco BTG Pactual S.A.

   -- Outlook, Changed To Stable(m) From Negative

   Issuer: Banco BTG Pactual S.A., Grand Cayman Branch

   -- Outlook, Changed To Stable From Negative

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

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings". While NSRs have no inherent absolute meaning in terms of
default risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time.

The last rating action on BTG was on 11 May 2016, when Moody's
repositioned the bank's long- and short-term Brazilian national
scale rating to A3.bra and BR-2 respectively, in view of the
recalibration of the national rating scale methodology. All other
ratings remained unchanged.

Banco BTG Pactual S.A. is headquartered in Sao Paulo, Brazil and
had total consolidated assets of BRL119.0 billion ($36.6 billion)
and equity of BRL21.3 billion ($6.6 billion) as of 30 September
2016.


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

ABENOMICS LONG/SHORT: Creditors' Proofs of Debt Due Dec. 21
-----------------------------------------------------------
The creditors of Abenomics Long/Short Fund are required to file
their proofs of debt by Dec. 21, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 4, 2016.

The company's liquidators:

          Desmond Campbell
          Stuart Brankin
          Telephone: (345) 814 0711
          Circumference FS (Cayman) Ltd.
          P.O. Box 32322 Grand Cayman, KY1-1209
          Cayman Islands


BARCY: Creditors' Proofs of Debt Due Dec. 21
--------------------------------------------
The creditors of Barcy are required to file their proofs of debt
by Dec. 21, 2016, to be included in the company's dividend
distribution.

The company's liquidator is:

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


BCM SELECT EQUITY: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 2, 2016, the sole shareholder of BCM Select Equity I
Offshore, Ltd resolved to voluntarily wind up the company's
operations.

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
          89 Nexus Way
          Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


BCM SELECT MASTER: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 2, 2016, the sole shareholder of BCM Select Equity I
Master, Ltd resolved to voluntarily wind up the company's
operations.

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
          89 Nexus Way
          Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


BCM SELECT ONSHORE: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 2, 2016, the sole shareholder of BCM Select Equity I
Onshore, Ltd resolved to voluntarily wind up the company's
operations.

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
          89 Nexus Way
          Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


BMB COMIT I: Creditors' Proofs of Debt Due Dec. 22
--------------------------------------------------
The creditors of BMB Comit I LDC are required to file their proofs
of debt by Dec. 22, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Nov. 7, 2016.

The company's liquidator is:

          Christopher Rowland
          c/o Richard Murphy
          FFP Limited
          Harbour Centre, 2nd Floor
          42 North Church Street
          George Town, Grand Cayman
          10 Market Street, #769 Camana Bay
          Cayman Islands
          Telephone: +1 (345) 640 5863


CP MGMT: Commences Liquidation Proceedings
------------------------------------------
On Oct. 26, 2016, the sole shareholder of CP MGMT Nominee 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:

          Brijesh Kalaria
          The Blackstone Group
          345 Park Avenue, 31st Floor
          New York
          New York 10154
          United States of America
          Telephone: +1 (212) 390 2819


GOTTEX HORIZON: Creditors' Proofs of Debt Due Jan. 20
-----------------------------------------------------
The creditors of Gottex Horizon Master Fund Limited are required
to file their proofs of debt by Jan. 20, 2017, to be included in
the company's distribution of first and final dividend.

The company's liquidator is:

          Margot Macinnis
          Harbour Place, Ground Floor
          103 South Church Street
          Suite 731, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 743 8800
          Facsimile: +1 (345) 743 8801


IONIC SELECT: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 1, 2016, the sole shareholder of Ionic Select
Opportunities Master Fund 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:

          David Stephen Sargison
          31 Woodland Drive Lower Valley
          Grand Cayman KY1-1502
          P.O. Box 414 SAV
          Cayman Islands
          Telephone: +1 (345) 947 2390:


JAZZ ASSURANCE: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 4, 2016, the sole shareholder of Jazz Assurance Company
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:

          Dr. Lee Robert Domangue
          30497 Louisiana Highway 433
          Slidell, Louisiana 70460
          USA
          Telephone: (504) 512 5200


LYNX MULTI-STRATEGY: Creditors' Proofs of Debt Due Dec. 12
----------------------------------------------------------
The creditors of Lynx Multi-Strategy Fund Ltd. are required to
file their proofs of debt by Dec. 12, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 1, 2016.

The company's liquidator is:

          Mourant Ozannes
          Ssaris Advisors, LLC
          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


OBAIR INVESTMENT: Creditors' Proofs of Debt Due Dec. 21
-------------------------------------------------------
The creditors of Obair Investment Ltd. are required to file their
proofs of debt by Dec. 21, 2016, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 27, 2016.

The company's liquidator is:

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


PLATINUM PARTNERS: Court Enters Wind-Up Order
---------------------------------------------
On Oct. 27, 2016, the Grand Court of Cayman Islands entered an
order to wind up the operations of Platinum Partners Value
Arbitrage Fund L.P.

The company's provisional liquidators are:

          Matthew Wright
          Christopher Kennedy
          RHSW (Cayman) Limited
          Regatta Office Park, West Bay Road
          P.O. Box 897, Windward 1 Grand Cayman KY1-1103
          Cayman Islands


SHK PRIVATE: Creditors' Proofs of Debt Due Dec. 13
--------------------------------------------------
The creditors of SHK Private Equity Managers Ltd. are required to
file their proofs of debt by Dec. 13, 2016, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 31, 2016.

The company's liquidator is:

          Wan Pui Lun Joe
          Lee Garden One, 42nd Floor
          33 Hysan Avenue
          Causeway Bay
          Hong Kong
          Telephone: +85239202472
          Facsimile: +85239202473


===================
C O S T A   R I C A
===================


BANCO DE COSTA RICA: Fitch Affirms 'BB+' IDR; Outlook Negative
--------------------------------------------------------------
Fitch Ratings has affirmed Banco de Costa Rica's (BCR) Long-Term
Issuer Default Rating at 'BB+'.  Fitch also affirms BCR's
Viability Rating (VR) at 'bb+'.  The Rating Outlook is Negative.

   KEY RATING DRIVERS - IDRs, SENIOR DEBT, AND NATIONAL RATINGS

The bank's IDRs, senior debt ratings, and National ratings are
driven by the potential support of the Costa Rican government
('BB+'/Outlook Negative), as stated in the National Banking System
Law.  According to this law, all state-owned banks have the
guarantee and full collaboration of the state.  The explicit
guarantee allows BCR's Long-Term IDR, senior debt ratings and
Outlooks to be aligned with the sovereign rating.

                     KEY RATING DRIVERS - VR

The operating environment limits BCR's VR given the big influence
it exerts on its performance.  Fitch considers the bank's VR to be
highly sensitive to the Costa Rican economic environment and
sovereign rating.

Fitch also considers the bank's strong franchise, ample and
diversified deposits, consistent asset quality and improving
profitability.  The VR also factors the bank's moderate
capitalization.

BCR is the second largest bank in Costa Rica and is characterized
by its mainly corporate focus and market power.  The bank's
ability to attract deposits benefits from the sovereign's explicit
guarantee for the bank's senior liabilities as well as its high
market share (19.8% in terms of total assets and 22.5% in term of
customer deposits as of September 2016) and extensive branch
network.

The bank's loan portfolio is highly diversified by economic sector
and by debtor.  Its exposure to U.S. dollar-denominated loans has
increased during 2016 to up to around 55% of gross loans.  Non-
performing loans continued above the industry's average (1.9%
versus 1.7% of gross loans, respectively, as of September 2016).
However, this reflects its low level of write-offs (0.18% of gross
loans).

Consistent with BCR's state-owned nature, profitability is modest
and below the Costa Rican banking system average.  Nevertheless,
BCR's profitability has improved due to better operating
efficiency.  The bank has made great efforts to reduce and control
its operating expenses; therefore, it is expected that these
actions will continue to give positive results in 2017.

BCR's loss absorption capacity has recovered during 2016.  Its
higher profitability and slow credit growth pace has benefited its
capacity to increase loan impairment charges in a stress scenario.
However, Fitch expects that credit growth will accelerate in the
following years and could reach a higher level than its internal
capital generation, but still maintain its Fitch Core Capital
ratio above 12%.

    KEY RATING DRIVERS - SUPPORT RATING, SUPPORT RATING FLOOR

BCR's Support Rating (SR) of '3' reflects Fitch's opinion that
there is a moderate probability of support from the state.  In
addition, the bank has a clear policy role and the explicit
support of the state.  Support probability is limited by the
sovereign rating.  The bank's Support Rating Floor (SRF) is
equalized to the sovereign rating, given the explicit guarantee
from the government toward the bank, and its systemic importance.

  RATING SENSITIVITIES - IDRs, VR, NATIONAL RATINGS, SR, SRF AND
SENIOR DEBT

Changes in Costa Rica's sovereign rating may trigger similar
changes in BCR's IDRs, VR, SR, SRF, and senior debt ratings.

Alternatively, a material weakening of the bank's fundamentals
could result in a downgrade of its VR, although this is not
Fitch's baseline scenario.

National ratings are less likely to be affected should Costa
Rica's IDRs be downgraded as it would not alter relativities with
local peers, and therefore have a Stable Outlook.

Fitch has affirmed BCR's ratings as:

   -- Long-Term Foreign Currency IDR at 'BB+'; Outlook Negative;
   -- Short-Term Foreign Currency IDR at 'B';
   -- Long-Term Local Currency IDR at 'BB+'; Outlook Negative;
   -- Short-Term Local Currency IDR at 'B';
   -- Long-term senior unsecured bonds at 'BB+';
   -- Viability Rating at 'bb+';
   -- Support Rating at '3';
   -- Support Rating Floor at 'BB+';
   -- Long-term National Rating at 'AA+(cri)'; Outlook Stable;
   -- Short-term National Rating at 'F1+(cri)';
   -- Programa de Emisiones de Bonos Estandarizados del Banco de
      Costa Rica 2012 at 'AA+(cri)';
   -- Programa de Emisiones de Papel Comercial del Banco de Costa
      Rica 2012 at 'F1+(cri)'.

Also, Fitch has assigned these national ratings:

   -- Programa de Emisiones de Bonos Estandarizados Dolares-BCR
      2016 at 'AA+(cri)';
   -- Programa de Emisiones de Bonos Estandarizados Colones-BCR
      2016 at 'AA+(cri)';
   -- Programa de Emisiones de Papel Comercial D lares-BCR 2016 at
      'F1+(cri)';
   -- Programa de Emisiones de Papel Comercial Colones-BCR 2016 at
      'F1+(cri)'.



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


DOMINICAN REPUBLIC: To Grow 6.5% Despite Major Flooding Damage
--------------------------------------------------------------
Dominican Today reports that the Central Bank said Dominican
Republic's economic activity and domestic demand "evolve
favorably" and forecasts expect the economy to grow as high as
6.5%, the highest in the region.

It said the economy will grow despite the effects of recent floods
that have caused widespread damages to agriculture and
infrastructure mostly in the north region, according to Dominican
Today.

"Credit to the private sector continues to expand at close to
12.0% in November and close the year with an expansion above the
nominal estimated product," the Central Bank said, the report
notes.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B';


DOMINICAN REPUBLIC: Medina to Declare State of Emergency
--------------------------------------------------------
Dominican Today reports that the Senate approved a bill that
authorizes president Danilo Medina to declare a State of Emergency
in 15 northern and eastern provinces affected by rains and floods.

The measure paves the way for Medina to declare a state of
emergency in Puerto Plata, La Vega, Espaillat, Maria Trinidad
Sanchez, Santiago, Duarte, Samana, Sanchez Ramirez, Monte Cristi,
La Altagracia, Hermanas Mirabal, Hato Mayor, Valverde, El Seibo
and Monsenor Noel provinces, according to Dominican Today.

This authorization requested by the Executive gives government
agencies extraordinary powers to conduct the repairs,
constructions and reconstructions needed to mitigate the vast
damages caused by weeks of torrential rains in those provinces,
the report notes.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B';


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


* MEXICO: Open to Amending NAFTA
---------------------------------
EFE News reports that Mexico is prepared to consider the addition
of "new elements" to the North American Free Trade Agreement, but
will not agree to a complete overhaul of the pact, the Aztec
nation's top diplomat said.

"NAFTA is not renegotiable. Mexico is convinced that the free-
trade treaty has been beneficial for the three countries," Foreign
Secretary Claudia Ruiz Massieu told EFE during a visit to the
Mexican Consulate in Tucson.

President-elect Donald Trump, who launched his campaign with a
speech denouncing Mexican immigrants as criminals and "rapists"
and a vow to build a border wall, reiterated that he intends to
renegotiate NAFTA, according to EFE News.

The report notes that the accord linking the economies of Canada,
the US and Mexico "has created employment and growth and has also
allowed us to forge bi-national and tri-national chains of
production and value," Ruiz Massieu said.

The 22-year-old agreement can be improved with the incorporation
of provisions that correspond to a "new reality," she said, the
report relays.

"We will be working with the new government of the United States
on how to strengthen our bilateral trade relationship, starting
from the reality of the 21st century," the Mexican foreign
secretary said, the report notes.

Billionaire investor Wilbur Ross, nominated by Trump as commerce
secretary, said in an interview with CNN that renegotiating NAFTA
will be one of his priorities, the report discloses.

The report says that Mexico is ready to "modernize" NAFTA, Mexican
Ambassador to the US Carlos Manuel Sada told EFE earlier this
week, describing border communities as "an example of the
bilateral benefits" of the accord.

The US and Mexico "have shared values and aspirations," Ruiz
Massieu said during a press conference at the Tucson consulate,
the report notes.

"We are committed to making sure that our priorities are put on
the table and to find commonalities so we can work together to
ensure that our region remains competitive, that our relationship
continues to grow, that our common border is safe and more
efficient, and that we can do it together," she said, the report
relays.

From Tucson, Ruiz Massieu traveled to Hermosillo, Sonora, Mexico,
for a meeting of the Arizona-Mexico and Sonora-Arizona commissions
with Arizona Gov. Doug Ducey and Sonora's Claudia Pavlovich, the
report adds.


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


TRINIDAD GUARDIAN: Sabga Unaware of More Job Cuts at Newspaper
--------------------------------------------------------------
Leah Sorias at The Trinidad Express reports that chairman of the
ANSA McAL Group A. Norman Sabga said he is unaware of any further
job cuts at the Trinidad Guardian newspaper.

But Mr. Sabga admitted that 2016 had been a rough year for the
Guardian Media group, according to Trinidad Express.

Mr. Sabga said because of a newly installed IT system, which
automates the planning process of the newspaper, Guardian Media
Ltd has had to streamline its operations, resulting in a number of
jobs cuts, the report notes.

GML publishes the Guardian and operates TV station CNC3 and a
number of radio stations, the report relays.  It is owned by ANSA
McAL.

The Express reported that six freelance employees of the newspaper
were sent home as their positions had become redundant, the report
relays.

Mr. Sabga said while cuts have already taken place, beyond that,
he had not been informed of more to come, the report notes.

Mr. Sabga was speaking to reporters following a press conference
at the ANSA McAL's Hospitality Suite, Queen's Park Oval, Port of
Spain, at which the 2017 laureates of the Anthony N. Sabga
Caribbean Awards for Excellence were announced.

                       Rough Year for GML

The report notes that Mr. Sabga said this year had been a rough
year for GML. He said the company had seen a significant increase
in its expenses and the majority of these expenses included hiring
new staff.

"The headcount swelled significantly in the last three or four
years," Mr. Sabga noted, the report discloses.

Mr. Sabga added: "So we do need to look at the organisation.  To
rally the troops, to do more, to do better to understand that we
are in a difficult period and call on our staff to help us weather
the storm and to continue to improve the organisation going
forward," notes Trinidad Express.

As to the overall performance of ANSA McAL's various segments
ahead of the Christmas season, Sabga said October was a bad month
for business but November was a lot better, says the report.

"So it's been a mix-match.  We're hoping for a really bouncing
Christmas and we've seen indications where December is going to be
a tremendous one.  We have a saying that 'Christmas always
happens', so we really think that December's going to be a great
month.

"We've seen indications of that already and you know what? The
price of oil is over US$50 a barrel, which is a great fillip for
the country and the economy," the report quoted Mr. Sabga as
saying.



=================
V E N E Z U E L A
=================


VENEZUELA: Removed From South America's Trade Bloc Mercosur
-----------------------------------------------------------
Paulo Trevisani at The Wall Street Journal reports that Venezuela
was notified that it is being kicked out of South America's trade
group Mercosur over its failure to comply with the pact's
democratic principles and trade bylaws.

The decision is a new blow to embattled Venezuelan President
Nicolas Maduro as his country has descended into crisis, ravaged
by rising social and political turmoil, food shortages and runaway
inflation, according to The Wall Street Journal.

In a letter addressed to Venezuela's Foreign Minister Delcy
Rodriguez, Mercosur's member states, led by Brazil, said the oil-
rich country had been stripped of membership rights immediately
and that it will be required to renegotiate its membership, the
report notes.

The report relays that the Venezuelan government said it is being
unfairly targeted by right-wing regional leaders and that it
complies with bylaws.

The debate over Venezuela's role in the trade bloc comes as new
conservative, market-friendly administrations across the region
are at odds with Mr. Maduro's crackdown on the opposition, the
report discloses.  Brazil and Argentina led a recent effort to
block Venezuela from taking its turn as the trade group's rotating
leader, the report says.

"It is hard to get trade deals when you have a member who is
against trade," said a senior a Brazilian diplomat who
participated in the Mercosur talks with Venezuela, the report
notes.  "Without Venezuela Mercosur is much better," the diplomat
said, he added.

Created as a customs union in 1991 by Argentina, Brazil, Paraguay
and Uruguay, Mercosur lost relevance as its members focused on
selling commodities to a single client, fast-growing China, the
report says.  A wave of leftist leaders in the past decade also
shifted focus away from trade to create a counterweight to U.S.
influence in South America, the report discloses.  Venezuela
became the group's fifth member in 2012, the report notes.

The Brazilian diplomat said Venezuela "will now have to negotiate
on our own terms" if it wants to rejoin the group, the report
says.

Argentina is now slated to take the group's rotating, six-month
presidency, 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'.


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

* BOND PRICING: For the Week From Nov. 28 to Dec. 1, 2016
---------------------------------------------------------

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


                            ***********


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

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

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


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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