TCRLA_Public/161207.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, December 7, 2016, Vol. 17, No. 242


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Welcomes its Tenth ATR Aircraft


A R G E N T I N A

BANCO PATAGONIA: Moody's Reviews Ba3 Rating for Downgrade


B R A Z I L

BRAZIL: President to Send Pension Overhaul to Congress
DELOITTE BRAZIL: To Pay $8MM Penalty for False Audit Reports
ODEBRECHT ENGENHARIA: Moody's Affirms Caa1 CFR; Outlook Positive
ODEBRECHT FINANCE: Moody's Affirms Caa1 Rating on Sr. Unsec. Notes


C A Y M A N  I S L A N D S

BLOOMING ORIENTAL: Creditors' Proofs of Debt Due Dec. 12
CANOSA GLOBAL: Commences Liquidation Proceedings
CANOSA GLOBAL MASTER: Commences Liquidation Proceedings
ECHO LEASING: Commences Liquidation Proceedings
EMERALD FOUR: Commences Liquidation Proceedings

EMERALD THREE: Commences Liquidation Proceedings
FOUNTAIN HOLDINGS: Creditors' Proofs of Debt Due Dec. 21
GRIFFIN INVESTMENTS: Commences Liquidation Proceedings
IONIC ENHANCED: Commences Liquidation Proceedings
POWER ASSETS: Commences Liquidation Proceedings

SANCTUAIRE CAPITAL: Commences Liquidation Proceedings
TRIANGULAR EGL: Commences Liquidation Proceedings
URBAN CAR: Creditors' Proofs of Debt Due Dec. 13
VFMC LIMITED: Members' Final Meeting Set for Dec. 16


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Has US$534.8 Million to Repair Flood Damage


M E X I C O

DELOITTE MEXICO: To Pay $750,000 Penalty for False Audit Reports
MBIA MEXICO: Moody's Affirms Caa1 Rating & Changes Outlook to Dev.


P U E R T O    R I C O

EMPRESAS PLAYA: Wants to Use Triangle REO Cash Collateral


V E N E Z U E L A

VENEZUELA: Issuing New Banknotes Amid Rising Inflation
VENEZUELA: Will Supply Natural Gas to Trinidad and Tobago


                            - - - - -


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


LIAT: Welcomes its Tenth ATR Aircraft
-------------------------------------
CaribbeanNewsNow reports that Regional carrier LIAT, operating as
Leeward Islands Air Transport, recently welcomed its tenth ATR72
aircraft at the V.C. Bird International Airport in Antigua.

The brand new 68-seater aircraft carrying the tail number V2-LIN,
was piloted from Toulouse, France, by Captain Philemon Gunsam and
First Officer Rawle Francis, both of Antigua, according to
CaribbeanNewsNow.  Accompanying the crew were engineer Robert
Collins and quality manager Conrad William Lewis, the report
notes.

After the customary fly-by and water canon salute, the aircraft
was greeted by LIAT's line minister in Antigua and Barbuda, Sir
Robin Yearwood, and the management and staff of LIAT, the report
notes.

Mr. Yearwood commented that he was pleased on the arrival of this
new aircraft and urged all LIAT staff to continue working together
to strengthen the airline's essential service to the region, the
report notes.

V2-LIN is scheduled to go into commercial service by mid-December
and passengers should expect continued improvement in LIAT's
services over the coming festive season, the report adds.

                         *     *     *

The Troubled Company Reporter-Latin America, citing Trinidad
Express, on November 24, 2016 reported that the Barbados
government defended the operations of the cash-strapped regional
airline, LIAT, even as opposition legislators called for it to be
stop being a financial burden on the island. Both Prime Minister
Freundel Stuart and his Finance Minister, Chris Sinckler, defended
the airline, whose major shareholders are Antigua and Barbuda,
Barbados, Dominica and St. Vincent and the Grenadines. Mr. Stuart,
speaking in Parliament, said despite the criticism the value of
the airline should not be underestimated that the Antigua-based
LIAT remains "important to Barbados.

According to the TCR-LA in May 8, 2015, the Daily Observer said
that LIAT was 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.


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


BANCO PATAGONIA: Moody's Reviews Ba3 Rating for Downgrade
---------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA)
continues its review for downgrade the Ba3 supported long-term
deposit and senior unsecured debt local currency ratings of Banco
Patagonia S.A., and ratings assigned to its subsidiary GPAT
Compania Financiera.  The review was initiated on Aug. 23, 2016,
following the announcement by its controlling shareholder Banco do
Brasil S.A. (BB, LC deposit Ba2 negative, ba2) that BB together
with the other shareholders were considering a public offer of
their equity participation.

The Caa1 foreign currency deposit rating is not affected by this
action, as it is constrained by Argentina's country ceiling for
foreign currency deposit.

                           RATING RATIONALE

The continuation of the rating review process will consider the
ongoing negotiations between shareholders of Patagonia about the
potential sale of their stakes.  Moody's expects to conclude the
review on Patagonia's ratings once there is greater visibility
about the potential for changes to the ownership structure and the
extent of any new shareholders' willigness and ability to provide
support to the bank, if necessary.  Currently, Patagonia's Ba3
rating incorporates three notches of uplift from the bank's
standalone baseline credit assessment of b3, reflecting a very
high likelihood of affiliate support from BB, which holds a
58.9633%stake.  The announcement made in August that BB may sell
its stake at Patagonia appears to have been aligned to the
Brazilian bank's current strategy of optimizing its capital
allocation in light of the current weak macroeconomic environment
in Brazil.

The ratings assigned to Banco Patagonia's subsidiary GPAT Compa┬žia
Financiera remain on review as well, in line with the review of
their parent's ratings.

Patagonia's b3 BCA is constrained by Argentina's operating
environment, which remains challenging despite the country's
recent return to global capital markets and various other market-
friendly policy reforms implemented in recent months by the new
administration.  The bank's net interest margin declined by 2.1%
in the 3Q16 due to a reduction in lending rates, a trend that is
likely to continue as inflation starts to come down, as well as a
sharp slowdown in quarterly loan growth, to just 4.2% - well below
the rate of inflation.  Nevertheless, Moody's acknowledges the
bank's track record of superior asset quality indicators, with
problem loans improving to 1.2% in 3Q16 from to 1.4% in previous
year, compared to the industry's average of 1.9% for the period.
Loan loss reserves provide an ample 2.67 times coverage of problem
loans.  The rating also considers Patagonia's sound retail lending
platform, with a strong market share in auto finance through its
affiliate GPAT and an important presence in the credit card
segment, a strategy that enhances the bank's recurring earnings
generation and should help it to weather the transition as
Argentina's economy normalizes.

Notwithstanding, Patagonia's speculative grade (global scale
rating), it is one of the strongest credits in Argentina thanks to
the very high probability of support from its parent, as reflected
in its Aaa.ar Argentinean national scale local-currency deposit
and debt ratings.  The national scale ratings are positioned at
the top of the range of available options for issuers with Ba3 in
global scale, and consider that the global scale rating is
constrained by Argentina's local currency deposit country ceiling.
The national scale ratings are also on review for downgrade in
line with the review of the corresponding global scale ratings.

                 WHAT COULD MAKE THE RATING GO DOWN

A reduction of Moody's assessment of the likelihood that Patagonia
would receive affiliate support from BB would put downward
pressure on Patagonia's local currency rating.  If BB sells a
portion of its stake in Patagonia such that there is no new
controlling shareholder, or the new controlling shareholder is
either unrated or is not rated as highly as BB, Patagonia's
ratings could be downgraded by as many as three notches.  However,
Moody's may revise its assessment of BB's willingness to provide
support prior to an official announcement of the sale of its
stake, or the identification of a buyer.  A downgrade of Banco do
Brasil's BCA would also pressure Patagonia's rating.  Patagonia's
ratings could be confirmed at their current levels if BB announces
the sale of its stake to another entity rated at least as highly
as BB that exhibits a very high willingness to support Patagonia.

A downgrade of Patagonia's local currency supported ratings could
in turn trigger a downgrade of ratings assigned to GPAT.

                        METHODOLOGIES USED

The methodology used in rating Banco Patagonia S.A. was Banks
published in January 2016.  The methodology used in rating GPAT
Compania Financiera was Finance Companies published in October
2015.

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.  For
information on the historical default rates associated with
different global scale rating categories over different investment
horizons, please see:

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_
189530

Banco Patagonia is headquartered in Buenos Aires and had
consolidated assets of ARS63,096 million ($4.1 billion) and
shareholders' equity of ARS8,383 million ($549.5 million) as of
Sept. 30, 2016.  GPAT Compania Financiera is an integral
subsidiary of Banco Patagonia.


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


BRAZIL: President to Send Pension Overhaul to Congress
------------------------------------------------------
Jeffrey T. Lewis at The Wall Street Journal reports that Brazilian
President Michel Temer said his government will send a proposal to
overhaul the country's public pension system to Congress, arguing
changes are needed to make sure the system is sustainable in the
face of continuing deficits.

The changes will be "gradual and responsible," and people who have
already retired or have qualified to retire won't be affected, Mr.
Temer said during a news conference in the presidential palace in
Bras┬░lia, according to The Wall Street Journal.

The report notes that Mr. Temer provided few details, saying that
work on the final proposal will be carried out by Congress after
consultations with unions and other interested parties.  The
proposal will set a minimum retirement age of 65, chief of staff
Eliseu Padilha said.

Mr. Temer's announcement comes during a deep economic contraction
and continuing political turmoil following the ouster of former
President Dilma Rousseff in August for violating budget laws, the
report notes.  The Temer administration has been struggling to
revive the economy while tackling a widening budget gap and
ballooning debt load, the report relays.

Pension reform is seen as crucial to balancing Brazil's budget,
since the system hands out more money in pensions than the
contributions it takes in, with the Treasury bridging the gap, the
report discloses.

This year, an estimated BRL152 billion ($44.4 billion) in taxpayer
money will be needed to cover the pension deficit, and next year
that figure will rise to BRL181 billion, according to the
government, the report notes.

"Enough with small reforms," Mr. Temer said, "Making reforms today
is the only way to guarantee the future" of the pension system, he
added.

Brazil has a flexible age for retiring, based on a formula that
takes into account a worker's age and how long they've been paying
into the system, the report relays.  Currently, Brazilians can
retire as early as their mid-50s, and rules also vary for gender
and profession, the report notes.

Brazil's population is aging rapidly, and the changes are vital to
ensure that retirees in the future will also get their pensions,
according to Finance Minister Henrique Meirelles, the report says.

"One way to sustain [the system] will be for all Brazilians to
work a little longer," the report quoted Minister Meirelles as
saying, adding that changes are "a necessity, not a choice."

Congress is scheduled to hold a final vote on a public-spending
cap, which is likely to become Mr. Temer's first concrete measure
to improve the fiscal picture, the report relays.  Mr. Temer said
that the spending limit and the pension reforms are necessary to
ensure the country's financial future, the report discloses.

The pension proposal will likely be voted on by the lower house of
Congress early next year, according to House Speaker Rodrigo Maia,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2016, Fitch Ratings has affirmed Brazil's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB'/
Negative Outlook.  Brazil's senior unsecured Foreign- and Local-
Currency bonds are also affirmed at 'BB'. The Country Ceiling is
affirmed at 'BB+' and the Short-Term Foreign and Local-Currency
IDRs at 'B'.


DELOITTE BRAZIL: To Pay $8MM Penalty for False Audit Reports
------------------------------------------------------------
The Public Company Accounting Oversight Board announced that
Brazil-based Deloitte Touche Tohmatsu Auditores Independentes will
pay an $8 million civil penalty, the largest ever imposed by the
PCAOB, to settle chargesPDF including issuing materially false
audit reports and attempting to cover up audit violations by
improperly altering documents and providing false testimony.

The PCAOB also announced sanctions against 12 former partners and
other audit personnel of the firm, including certain firm leaders,
for violations including noncooperation with a PCAOB inspection
and subsequent investigation. A former engagement partner also was
charged with causing the firm to issue materially false audit
reports.

Deloitte Brazil admitted that it violated quality control
standards and failed to cooperate with a PCAOB inspection and
investigation, the first admissions the PCAOB has obtained from a
global network firm.

"Deloitte Brazil failed in its public watchdog role to protect the
interests of investors by issuing materially false audit reports,"
said Claudius B. Modesti, director of the PCAOB Division of
Enforcement and Investigations. "The orders released today detail
some of the most serious misconduct the PCAOB has ever uncovered."

The PCAOB found that Deloitte Brazil knowingly issued materially
false audit reports for the 2010 financial statements and internal
control over financial reporting of its client, a Brazilian
airline. In advance of a 2012 PCAOB inspection, a Deloitte Brazil
engagement partner, who also served as the firm's audit practice
leader, directed junior personnel to alter work papers from the
2010 audit to conceal known audit deficiencies. The firm presented
the improperly altered work papers, as well as other misleading
documents and information, to PCAOB inspectors.

After the PCAOB began an investigation of the audit, Deloitte
Brazil took additional steps to conceal its audit deficiencies and
work paper alterations, with the knowledge and participation of
senior firm leaders. Multiple firm partners provided false
testimony under oath and made false representations to PCAOB staff
about the 2010 audit in an attempt to obstruct the PCAOB
investigation.

In addition to the $8 million civil penalty, Deloitte Brazil
agreed to sanctions including:

    -- Censure

    -- Undertakings to improve the firm's system of quality
       Control

    -- Appointment of an independent monitor to review and assess
       the firm's progress toward achieving remedial benchmarks

    -- Immediate practice limitations, including a prohibition on
       accepting certain new audit work until the monitor confirms
       the firm's progress in achieving its remedial benchmarks

    -- Additional professional education and training for the
       firm's audit staff

"The firm leaders who participated in the misconduct not only set
a tone of disregard for compliance with PCAOB rules, standards,
and oversight, but also actively subverted that oversight," noted
Director Modesti.

The 12 former Deloitte Brazil partners and other audit personnel
sanctioned in the case included partners who held the senior
leadership positions of risk and reputation leader, national
professional practice director, and audit practice leader, in
addition to six other partners and three other audit personnel.
All but one were barred or suspended from associating with a
registered public accounting firm.

The Board granted significant credit for extraordinary cooperation
to one individual -- a senior manager on the audit -- after he
reported to PCAOB staff that senior firm management was
obstructing the PCAOB investigation. The Board also granted credit
to two other individuals for providing substantial assistance to
the investigation.

The individual respondents and their sanctions can be found in an
accompanying attachment.

The investigation that uncovered the misconduct and resulted in
the settlements announced today originated with information
obtained through the PCAOB inspection program. PCAOB enforcement
staff members David Ware, Carol Der Garry, Arthur Lowry, and
Pamela Woodward conducted the investigation, which was supervised
by William Ryan and Marion Koenigs.

The PCAOB oversees auditors' compliance with the Sarbanes-Oxley
Act, professional standards, and PCAOB and Securities and Exchange
Commission rules. Further information about the PCAOB Division of
Enforcement and Investigations may be found on the PCAOB website.
Firms or individuals wishing to report suspected misconduct by
auditors, or to self-report possible misconduct, may do so using
the PCAOB Tip & Referral Center.


ODEBRECHT ENGENHARIA: Moody's Affirms Caa1 CFR; Outlook Positive
----------------------------------------------------------------
Moody's America Latina Ltda. upgraded to B3.br from Caa1.br the
corporate family rating assigned on its Brazilian National scale
to Odebrecht Engenharia e Construcao S.A. (OEC).  At the same
time, Moody's Investors Service affirmed the Caa1 corporate family
rating assigned on its global scale to OEC.  The outlook for all
ratings was changed to positive from negative.

These rating actions were taken:

Upgrades:

Issuer: Odebrecht Engenharia e Construcao S.A. (OEC)
  Corporate Family Rating (National Scale Rating), Upgraded to
   B3.br from Caa1.br

The outlook is positive

                         RATINGS RATIONALE

The change in outlook to positive reflects the signing of a
lenience agreement by Odebrecht S.A. (unrated) with Brazilian
federal prosecutors that will result in BRL 6.8 billion (~USD 2.0
bil.) in fines to be disbursed over the next 23 years.  It is not
clear yet which companies within the group are going to be
responsible for the payments.  Concomitantly, 77 former executives
signed plea bargain deals within the scope of the "Lava Jato"
Operation.  The company agreed to cooperate with the
investigations and remediate any wrongdoing.

Despite the large amounts involved, Moody's views the signature of
the leniency agreement as credit positive for Odebrecht Engenharia
e Construcao S.A. (OEC, Caa1 positive), the group's engineering
and construction affiliate, because it finally removes a long term
uncertainty for its financial and operating performance.  The
settlement will allow the group to continue to conduct business
with Brazil's government and its related entities, and it should
help lifting fund restrictions, especially from the BNDES.  The
fact that the agreement, supposedly, binds the Department of
Justice of the US (DOJ) and Swiss authorities is also positive.

In recent publications we referred to the signing of the lenience
agreement as paramount for the company's operating sustainability.
The prolonged investigations procedures were contributing to
limited funding availability to the group's projects, and creating
further challenges for OEC to participate in ongoing and future
infrastructure developments within its key markets.  The 23 years
tenor to pay the fines seems manageable despite the group's tight
liquidity.  As of June 2016, Odebrecht S.A. reported consolidated
cash availability of around BRL 17.5 billion and approximately BRL
23.8 billion in short term debt maturities.

OEC's Caa1/B3.br ratings reflect the deterioration in the
company's business fundamentals and reputational risk since the
Lava Jato scandal broke.  Despite a large cash position and long
debt tenor, OEC's cash cushion has consistently weakened, with
lower backlog renewal rates and higher working capital
requirements.  The Caa1 rating also considers our view that OEC's
internal cash generation and financial profile will remain weak in
the next 12 months as per the challenging environment for
infrastructure investments in Latin America.

In June 2016, OEC reported a project backlog of USD22.9 billion,
reflecting a 19% reduction in its business portfolio since fiscal
year end 2015 and a 33% accumulated reduction since 2014.  The
backlog reductions have been accompanied by large cash outlays,
driven by delays in the collection of receivables, lower book-to-
bill ratio reducing the volume of cash advances and foreign
exchange losses, which jeopardized the company's liquidity
position.  As a result, its cash balance fell to USD1.7 billion on
June 30, 2016, down from BRL2.5 billion on Dec. 31, 2015, and
USD4.4 billion on Dec. 31, 2014.  As of June 30, 2016, the cash
availability represented 52% of total debt outstanding
(unaudited), including off-balance debt guarantees.

The positive outlook reflects the signing of the leniency
agreement that will remove uncertainties regarding the amounts and
timing of potential penalties in the context of Lava Jato
corruption investigations.  With the conclusion of the agreement
we also expect the company to be able to gradually resume the
normal course of its business, although amidst challenges related
to Brazil's weak economic environment, and management turnover.

An upgrade would require a sustainable recovery in OEC's
operations.  A rating upgrade would also be dependent on OEC
improving and maintaining a stronger liquidity profile along with
evidence of improvement in its business environment that
translates into a backlog replacement ratio (book-to-bill) above
1.0x on a sustainable basis.  The positive conclusion of ongoing
negotiations of sisters companies' debt, alleviating ODBSA
liquidity pressures, would also affect OEC's rating positively.

Negative pressure could arise if OEC struggles to return to its
normal operations, if the company fails to comply with its annual
audited reporting requirements, possibly triggering a debt
acceleration, or if the company enters into a debt restructuring
that results in higher than expected losses to creditors.

OEC is the largest engineering and construction company in Latin
America, with BRL 48.8 billion in net revenues in the last twelve
months ended June 2016.  The company's project backlog of
$22.9 billion is diversified into 146 contracts comprising large-
scale construction projects in the transportation segment, energy
and sewage infrastructures, buildings and industrial facilities,
of which 23% is located in Brazil, 55% in other Latin American
countries and 20% in Africa.

OEC is a subsidiary of Odebrecht S.A., a family-owned investment
holding company for one of the largest non-financial conglomerates
in Brazil that controls Braskem S.A. (Ba1 negative), the largest
chemical company in Latin America, along with other investments in
the oil & gas, energy sectors, toll roads, water sewage
concessions and real estate.  Odebrecht consolidated net revenues
reached BRL 117.7 billion in the LTM 2Q16, of which 41% generated
by OEC, 42% by Braskem, and 17% by other subsidiaries.  As of
June 30, 2016, the group's consolidated cash position was
BRL17.5 billion for a total reported debt of BRL 94.5 billion.


ODEBRECHT FINANCE: Moody's Affirms Caa1 Rating on Sr. Unsec. Notes
------------------------------------------------------------------
Moody's Investors Service affirmed the Caa1 foreign currency
ratings assigned to the senior unsecured notes issued by Odebrecht
Finance Ltd. (OFL) and guaranteed by Odebrecht Engenharia e
Construcao S.A. (OEC).  At the same time, Moody's has affirmed the
Caa1 corporate family rating assigned on its global scale to OEC.
The outlook for all ratings was changed to positive from negative.

These rating actions were taken:

Outlook Actions:

Issuer: Odebrecht Engenharia e Construcao S.A. (OEC)
  Outlook, Changed To Positive From Negative

Affirmations:

Issuer: Odebrecht Engenharia e Construcao S.A. (OEC)
  Corporate Family Rating, Affirmed Caa1

Issuer: Odebrecht Finance Ltd.
  Senior Unsecured Regular Bond/Debenture (Foreign Currency),
   Affirmed Caa1

                          RATINGS RATIONALE

The change in outlook to positive reflects the signing of a
lenience agreement by Odebrecht S.A. (unrated) with Brazilian
federal prosecutors that will result in BRL 6.8 billion
(~USD 2.0 bil.) in fines to be disbursed over the next 23 years.
It is not clear yet which companies within the group are going to
be responsible for the payments.  Concomitantly, 77 former
executives signed plea bargain deals within the scope of the "Lava
Jato" Operation.  The company agreed to cooperate with the
investigations and remediate any wrongdoing.

Despite the large amounts involved, Moody's views the signature of
the leniency agreement as credit positive for Odebrecht Engenharia
e Construcao S.A. ("OEC", Caa1 positive), the group's engineering
and construction affiliate, because it finally removes a long term
uncertainty for its financial and operating performance.  The
settlement will allow the group to continue to conduct business
with Brazil's government and its related entities, and it should
help lifting fund restrictions, especially from the BNDES.  The
fact that the agreement, supposedly, binds the Department of
Justice of the US (DOJ) and Swiss authorities is also positive.

In recent publications we referred to the signing of the lenience
agreement as paramount for the company's operating sustainability.
The prolonged investigations procedures were contributing to
limited funding availability to the group's projects, and creating
further challenges for OEC to participate in ongoing and future
infrastructure developments within its key markets.  The 23 years
tenor to pay the fines seems manageable despite the group's tight
liquidity.  As of June 2016, Odebrecht S.A. reported consolidated
cash availability of around BRL 17.5 billion and approximately BRL
23.8 billion in short term debt maturities.

OEC's Caa1 ratings reflect the deterioration in the company's
business fundamentals and reputational risk since the Lava Jato
scandal broke.  Despite a large cash position and long debt tenor,
OEC's cash cushion has consistently weakened, with lower backlog
renewal rates and higher working capital requirements.  The Caa1
rating also considers our view that OEC's internal cash generation
and financial profile will remain weak in the next 12 months as
per the challenging environment for infrastructure investments in
Latin America.

In June 2016, OEC reported a project backlog of USD22.9 billion,
reflecting a 19% reduction in its business portfolio since fiscal
year end 2015 and a 33% accumulated reduction since 2014.  The
backlog reductions have been accompanied by large cash outlays,
driven by delays in the collection of receivables, lower book-to-
bill ratio reducing the volume of cash advances and foreign
exchange losses, which jeopardized the company's liquidity
position.  As a result, its cash balance fell to USD1.7 billion on
June 30, 2016, down from BRL2.5 billion on Dec. 31, 2015, and
USD4.4 billion on 31 December 2014.  As of June 30, 2016, the cash
availability represented 52% of total debt outstanding
(unaudited), including off-balance debt guarantees.

The positive outlook reflects the signing of the leniency
agreement that will remove uncertainties regarding the amounts and
timing of potential penalties in the context of Lava Jato
corruption investigations.  With the conclusion of the agreement
we also expect the company to be able to gradually resume the
normal course of its business, although amidst challenges related
to Brazil's weak economic environment, and management turnover.

An upgrade would require a sustainable recovery in OEC's
operations.  A rating upgrade would also be dependent on OEC
improving and maintaining a stronger liquidity profile along with
evidence of improvement in its business environment that
translates into a backlog replacement ratio (book-to-bill) above
1.0x on a sustainable basis.  The positive conclusion of ongoing
negotiations of sisters companies' debt, alleviating ODBSA
liquidity pressures, would also affect OEC's rating positively
Negative pressure could arise if OEC struggles to return to its
normal operations, if the company fails to comply with its annual
audited reporting requirements, possibly triggering a debt
acceleration, or if the company enters into a debt restructuring
that results in higher than expected losses to creditors.

OEC is the largest engineering and construction company in Latin
America, with BRL 48.8 billion in net revenues in the last twelve
months ended June 2016.  The company's project backlog of
$22.9 billion is diversified into 146 contracts comprising large-
scale construction projects in the transportation segment, energy
and sewage infrastructures, buildings and industrial facilities,
of which 23% is located in Brazil, 55% in other Latin American
countries and 20% in Africa.

OEC is a subsidiary of Odebrecht S.A., a family-owned investment
holding company for one of the largest non-financial conglomerates
in Brazil that controls Braskem S.A. (Ba1 negative), the largest
chemical company in Latin America, along with other investments in
the oil & gas, energy sectors, toll roads, water sewage
concessions and real estate.  Odebrecht consolidated net revenues
reached BRL 117.7 billion in the LTM 2Q16, of which 41% generated
by OEC, 42% by Braskem, and 17% by other subsidiaries.  As of
June 30, 2016, the group's consolidated cash position was
BRL17.5 billion for a total reported debt of BRL 94.5 billion.


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


BLOOMING ORIENTAL: Creditors' Proofs of Debt Due Dec. 12
--------------------------------------------------------
The creditors of Blooming Oriental Fund 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. 9, 2016.

The company's liquidator is:

          Richard Fear
          c/o Kevin Butler
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 814 7374
          Facsimile: (345) 945 3902


CANOSA GLOBAL: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 8, 2016, the sole shareholder of Canosa Global Macro Fund
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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


CANOSA GLOBAL MASTER: Commences Liquidation Proceedings
-------------------------------------------------------
On Nov. 8, 2016, the sole shareholder of Canosa Global Macro
Master Fund 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


ECHO LEASING: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 9, 2016, the sole shareholder of Echo Leasing Three
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:

          Phang Thim Fatt
          8 Shenton Way #18-01
          Singapore 068811


EMERALD FOUR: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 9, 2016, the sole shareholder of Emerald Four 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:

          Phang Thim Fatt
          8 Shenton Way #18-01
          Singapore 068811


EMERALD THREE: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 9, 2016, the sole shareholder of Emerald Three 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:

          Phang Thim Fatt
          8 Shenton Way #18-01
          Singapore 068811


FOUNTAIN HOLDINGS: Creditors' Proofs of Debt Due Dec. 21
--------------------------------------------------------
The creditors of Fountain Holdings Limited 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. 8, 2016.

The company's liquidators are:

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


GRIFFIN INVESTMENTS: Commences Liquidation Proceedings
------------------------------------------------------
On Nov. 9, 2016, the sole shareholder of Griffin 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:

          UBS Trustees (Cayman) Ltd.
          c/o Liliana Forbes
          Cayman Corporate Centre, 5th Floor
          27 Hospital Road, George Town
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 814 7050
          Facsimile: +1 (345) 949 9219


IONIC ENHANCED: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 9, 2016, the sole shareholder of Ionic Enhanced Strategy
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
          P.O. Box 414 Grand Cayman KY1-1502
          Cayman Islands
          Telephone: +1 (345) 947 2390


POWER ASSETS: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 9, 2016, the sole shareholder of Power Assets (Cayman)
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:

          Chan Kwok Keung Packey
          44 Kennedy Road
          Hong Kong
          Telephone: (852) 2843 3111
          Facsimile: (852) 2503 5512


SANCTUAIRE CAPITAL: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 9, 2016, the shareholders of Sanctuaire Capital 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:

          Sherwyn Mohan Katarki
          80 Anson Road
          #25-02 Fuji Xerox Towers
          Singapore 079907
          Telephone: +65 9127 8044


TRIANGULAR EGL: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 4, 2016, the sole shareholder of Triangular EGL 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:

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


URBAN CAR: Creditors' Proofs of Debt Due Dec. 13
------------------------------------------------
The creditors of Urban Car Park Management Limited are required to
file their proofs of debt by Dec. 13, 2016, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Tai Man Choi
          China Resources Building, 37th Floor
          26 Harbour Road
          Wanchai
          Hong Kong
          Telephone: +852 2131 2200
          Facsimile: 852 2131 2201


VFMC LIMITED: Members' Final Meeting Set for Dec. 16
----------------------------------------------------
The members of VFMC Limited will hold their final meeting on
Dec. 16, 2016, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

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

The company's liquidator is:

          Iain Gow
          Zolfo Cooper, 38 Market Street
          Canella Court, 2nd Floor, Camana Bay
          Grand Cayman
          Cayman Islands KY1-9006
          c/o Cassandra Ronaldson
          Telephone: +1 (345) 814 4038


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


DOMINICAN REPUBLIC: Has US$534.8 Million to Repair Flood Damage
---------------------------------------------------------------
Dominican Today reports that Finance Minister Donald Guerrero said
the National Budget counts with US$434.8 million to repair damages
in provinces declared in a state of emergency, from the month-long
downpours mostly in the north of the country.

Minister Guerrero said the Government Budget has the funds needed
for emergency cases, in addition to a World Bank financing of
US$100.0 million, according to Dominican Today.

Interviewed in the National Palace, Minister Guerrero said the
emergency amount in next year's Budget is a percentage of tax
revenue, adding that losses from the flooding have been tallied at
RD$20.0 billion (US$434.8 million) thus far, 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
===========


DELOITTE MEXICO: To Pay $750,000 Penalty for False Audit Reports
----------------------------------------------------------------
The Public Company Accounting Oversight Board announced that
Mexico-based Galaz, Yamazaki, Ruiz Urquiza, S.C. (Deloitte Mexico)
was censured and will pay a $750,000 civil penalty for failing to
effectively implement quality control policies and procedures for
audit documentation.

Two former Deloitte Mexico partners and another former auditor
also were sanctioned for violations including audit deficiencies
and improper alteration of work papers on a 2010 audit of a large
U.S.-based mining company.

From 2011 to 2015, Deloitte Mexico failed to archive audit
documentation of numerous public company audits within 45 days of
the audit report release date in violation of Auditing Standard
No. 3, Audit Documentation. The firm also violated PCAOB quality
control standards by failing to effectively implement policies and
procedures to ensure the timely archiving of audit documentation
by its engagement teams.

"By failing to prevent repeated late archiving of its audit
documentation over many years, Deloitte Mexico undermined its own
quality control system and increased the risk that work papers
might be improperly altered," said Claudius B. Modesti, director
of the PCAOB Division of Enforcement and Investigations.

After the 2010 audit, the three individuals sanctioned -- the
engagement partner, a second partner, and another auditor on the
engagement team -- participated in the deletion and improper
alteration of the archived audit documentation in advance of an
internal audit practice review conducted as part of the firm's
system of quality control.

The two partners then made available the improperly altered work
papers to PCAOB staff during an inspection. During a subsequent
PCAOB investigation, the engagement partner once again made
available to PCAOB staff the improperly altered documents, as well
as other misleading information.

"As these orders against the individuals demonstrate, the Board
has zero tolerance for improper alteration of audit documentation
in connection with a PCAOB inspection or investigation," said
Director Modesti.

The engagement partner for the 2010 audit also violated PCAOB
rules and standards by failing to exercise due professional care
and skepticism and failing to obtain sufficient audit evidence in
several significant areas.

Specifically, he failed to obtain sufficient evidence to support
the company's tax treatment of unremitted earnings of a foreign
subsidiary, perform sufficient procedures to test journal entries
for the existence of fraud, and perform necessary procedures
regarding the specialists used on the audit.

The sanctioned individuals are listed below. They are no longer
associated with Deloitte Mexico.

   -- Arturo Vargas Arellano, CPCPDF-Censured, will pay a
      $50,000 civil penalty, and was barred for five years from
      association with a PCAOB-registered public accounting firm

   -- Miguel Angel Asencio AsencioPDF-Censured, will pay a
      $25,000 civil penalty, and was barred for two years from
      association with a PCAOB-registered public accounting firm

   -- Aldo Hidalgo de la RosaPDF-Censured

In addition to the censure and $750,000 civil penalty, Deloitte
Mexico agreed to undertake significant remedial measures designed
to prevent future violations of AS No. 3.

All of the respondents neither admitted nor denied the allegations
contained in their respective orders.

The investigation that uncovered the misconduct and resulted in
the settlements announced originated with information obtained
through the PCAOB inspection program. PCAOB enforcement staff
members Bernard McDonough, James Welch, Carol Der Garry, and Hazel
Mak conducted the investigation, which was supervised by William
Ryan and Marion Koenigs.

The PCAOB oversees auditors' compliance with the Sarbanes-Oxley
Act, professional standards, and PCAOB and Securities and Exchange
Commission rules. Further information about the PCAOB Division of
Enforcement and Investigations may be found on the PCAOB website.
Firms or individuals wishing to report suspected misconduct by
auditors, or to self-report possible misconduct, may do so using
the PCAOB Tip & Referral Center.


MBIA MEXICO: Moody's Affirms Caa1 Rating & Changes Outlook to Dev.
------------------------------------------------------------------
Moody's de Mexico has changed the outlook of MBIA Mexico, S.A. de
C.V.'s (MBIA Mexico) to developing from negative, and affirmed its
Caa1 global local currency and B3.mx national scale insurance
financial strength ratings.  This rating action follows Moody's
Investors Service's recently announced change of outlook of MBIA
Insurance Corporation's Caa1 IFS rating to developing from
negative, on Dec 2, 2016.

                        RATINGS RATIONALE

Moody's said that the developing outlook of MBIA Mexico's ratings
reflects the recent change of MBIA Insurance Corporation's (MBIA
Corp.) outlook to developing from negative, given the strong
linkages between both entities, which are evidenced by parental
support from MBIA Corp. in the form of reinsurance agreements,
technical oversight, and a net worth maintenance agreement.  The
rating agency went on to say that, although MBIA Mexico's
financial resources are sufficient to cover its medium-term
obligations, the company's credit worthiness is ultimately
constrained by its limited resources, its exposure to two large
underperforming RMBS transactions, and by MBIA Corp.'s credit
profile.

Moody's said that MBIA Mexico's ratings could be upgraded if MBIA
Corp.'s IFS rating is upgraded.  Conversely, the company's ratings
could be downgraded if MBIA Corp.'s IFS rating is downgraded, or
in case of significant deterioration in the MBIA Mexico's capital
adequacy.

MBIA Mexico S.A. de C.V. reported gross premiums written of MXN
16.45 million and net loss of MXN 4 million as of December, 2015,
and it reported total assets of MXN 214 million and shareholders'
equity of MXN 178 million as of December, 2015.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations.

The principal methodology used in these ratings was Financial
Guarantors published in April 2016.

The period of time covered in the financial information used to
determine MBIA Mexico, S.A. de C.V.'s ratings is between Jan. 1,
2011, to Dec. 31, 2015.

The sources and items of information used to determine MBIA
Mexico, S.A. de C.V.'s ratings include 2015 audited financial
statements (source: MBIA Mexico, audited by
PricewaterhouseCoopers).


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


EMPRESAS PLAYA: Wants to Use Triangle REO Cash Collateral
---------------------------------------------------------
Empresas Playa Joyuda, Inc., asks the U.S. Bankruptcy Court for
the District of Puerto Rico for authorization to use cash
collateral.

The Debtor is indebted to secured creditor Triangle REO 2 PR Corp.
in the amount of $2,448,105.  Triangle REO has a security interest
in two properties located at Miradero Ward, in the Municipality of
Cabo Rojo.  It also has a lien over, among other things, all of
the Debtor's pre- and post-petition rents and revenue generated by
the real estate collateral.

The Debtor's proposed Budget projects total expenses in the amount
of $26,600 for November 2016, $35,500 for December 2016, and
$29,300 for January 2017.

The Debtor tells the Court that it needs to use cash collateral to
be able to continue operating its resort, maintain the property so
that it is functioning and in good condition, and to provide a
service of excellence to all guests.

A full-text copy of the Debtor's Motion, dated Nov. 31, 2016, is
available at
http://bankrupt.com/misc/EmpresasPlaya2015_1509594eag11_81.pdf

A full-text copy of the Debtor's proposed Budget, dated Nov. 31,
2016, is available at
http://bankrupt.com/misc/EmpresasPlaya2015_1509594eag11_81_1.pdf

Triangle REO PR 2 Corp. can be reached at:

          TRIANGLE REO PR 2 CORP.
          c/o Capital Crossing Puerto Rico, L.L.C.
          221 Ponce De Leon Ave.
          12th Floor, Suite 1204
          San Juan, PR 00917

               - and -

          TRIANGLE REO PR 2 CORP.
          c/o Capital Crossing Puerto Rico, LLC
          P.O. Box 70111
          San Juan, PR 00936

                 About Empresas Playa Joyuda

Empresas Playa Joyuda, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 15-09594) on Dec. 1, 2015.  The
petition was signed by Cesar Perez Perichi, president and
treasurer.  The Debtor is represented by Victor Gratacos Diaz,
Esq., at Gratacos Law Firm, PSC.  The Debtor disclosed $939,685 in
assets and $2.74 million in liabilities.


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


VENEZUELA: Issuing New Banknotes Amid Rising Inflation
------------------------------------------------------
RJR News reports that Venezuela is issuing new higher-value notes
to help deal with some of the practical problems of soaring
inflation.

A backpack full of cash is often required to pay bills at a
restaurant or supermarket, according to RJR News.

The central bank said that six new bills ranging from 500 to
20,000 bolivars would come into circulation on December 15, the
report notes.

Currently, the largest note is VEB100 and worth about two US$.02.

Over the last month, the currency has tumbled by 60 per cent
against the dollar on the black market, the report relays.

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'.


VENEZUELA: Will Supply Natural Gas to Trinidad and Tobago
---------------------------------------------------------
EFE News reports that Venezuela is to supply Trinidad and Tobago
with natural gas under an accord signed by Venezuelan President
Nicolas Maduro and the prime minister of the twin-island nation,
Keith Rowley.

Gas from the Dragon field in northwestern Venezuela will be
delivered via pipeline to the nearby Caribbean country, which is
itself a significant producer of natural gas, according to EFE
News.

Mr. Rowley, who traveled to Caracas for talks aimed at bolstering
bilateral cooperation, said it was important to grasp
"opportunities that are beneficial for the Venezuelan people" and
the peoples of the Caribbean, the report notes.

Venezuela and Trinidad and Tobago also plan to collaborate in the
exploitation of offshore gas reserves in the two countries'
contiguous territorial waters, Mr. Maduro said, the report relays.

"We need to continue accelerating the pace . . . of the execution
of projects," the Venezuelan leader said.  "We want things to go
well and go quickly, and for this deal to work for both
countries," he added.

During talks in May in Port-of-Spain, Rowley and Maduro agreed to
work together on issues such as border security, while the
Venezuelan leader promised to make it easier for Trinidadian
exports to enter the Andean nation, the report adds.

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *