TCRLA_Public/170104.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, January 4, 2017, Vol. 18, No. 3


                            Headlines



B R A Z I L

BRAZIL: Posts Record Trade Surplus of $47.7 Billion in 2016
QGOG CONSTELLATION: S&P Affirms 'B-' CCR; Outlook Negative


C A Y M A N  I S L A N D S

AERIS CAPITAL: Placed Under Voluntary Wind-Up
ALTRINCHAM LTD: Members to Receive Wind-Up Report on Jan. 5
ARDEN PROPPARTNERS: Placed Under Voluntary Wind-Up
ARDEN SAGE: Placed Under Voluntary Wind-Up
FASANARA CAPITAL: Commences Liquidation Proceedings

FASANARA CAPITAL OFFSHORE: Commences Liquidation Proceedings
GREEN REEF: Members to Receive Wind-Up Report on Jan. 5
HEDGED STRATEGIES: Shareholders Receive Wind-Up Report
MORVAL VONWILLER: Members to Hear Wind-Up Report on Jan. 5
ROVAL INVESTMENT: Members to Hear Wind-Up Report on Jan. 6

SALTWATER INTERNATIONAL: Members to Hear Wind-Up Report on Jan. 5
SOLO HILL: Placed Under Voluntary Wind-Up
URBAN CAR: Shareholder Receives Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Deadline to Halt Ship Bone Yards Will be Enforced


M E X I C O

PETROLEOS MEXICANOS: Mexicans Protest Against Higher Gas Prices


P A N A M A

AES PANAMA: S&P Raises CCR to 'BB' on Improved Liquidity


V E N E Z U E L A

VENEZUELA: Entrepreneurs Find the Going Tough in the Country


                            - - - - -


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


BRAZIL: Posts Record Trade Surplus of $47.7 Billion in 2016
-----------------------------------------------------------
Jeffrey T. Lewis at The Wall Street Journal reports that Brazil
posted its biggest trade surplus ever in 2016 as imports plunged
amid the country's worst economic recession on record.

The country had a surplus of $4.4 billion in December, bringing
the total for the year to $47.7 billion, the trade ministry said.
That beats the record of $46.5 billion set in 2006, which was
powered by strong demand for exports from Latin America's largest
economy, according to The Wall Street Journal.

The surplus last month was smaller than the $4.8 billion surplus
posted in November, the report notes.

With Brazil's gross domestic product estimated to have shrunk 3.5%
in 2016, following a 3.8% contraction in 2015, demand at home has
slumped, the report relays.

The report notes that Brazil imported $137.6 billion worth of
goods and services last year, a drop of 20% from $171.4 billion in
2015.  Purchases of capital goods from abroad slumped as companies
held back from investing amid the uncertainty about when economic
growth will return, the report relays.

Consumers also cut back on their spending as unemployment rose,
reaching 11.8% in the three-month period ending in October, the
most recent figure available, the report discloses.

Exports, meanwhile, declined much less in 2016, to $185.2 billion
from $191.1 billion the previous year, as prices for commodities
including iron ore and coffee recovered, the report relays.

The outlook for Brazil's economy has gotten gloomier in recent
weeks, with many economists cutting their forecasts, the report
notes.  A weekly survey by the central bank published earlier
showed a median forecast for GDP growth of only 0.5% in 2017, down
from a forecast of 0.8% four weeks earlier, 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'.


QGOG CONSTELLATION: S&P Affirms 'B-' CCR; Outlook Negative
----------------------------------------------------------
S&P Global Ratings said that it affirmed its 'B-' corporate credit
and issue-level ratings on QGOG Constellation S.A.  The recovery
rating on the issue-level rating remains unchanged at '3'.  The
outlook is negative.

"We view QGOG as a project developer and base our ratings on its
ability to meet financial obligations at the holding level from
dividends from its operating subsidiaries. Even though its anchor
maps to 'bb-', the ratings are capped at the level of the 'b-'
SACP of its main revenue counterparty, Petroleo Brasileiro S.A.,"
said S&P Global Ratings credit analyst Julyana Yokota.

Even though QGOG charters the drilling units Olinda to Karoon, the
assets chartered to Petrobras--seven out of its eight drilling
units currently contracted and the five floating production,
storage, and offloading vessels (FPSOs: Capixaba, Cidade de
Paraty, Cidade de Ilhabela, Cidade de Marica, and Cidade de
Saquarema)--in aggregate generate over 70% of the consolidated
revenues.  S&P also believes some alternative offtakers could
charter the vessels, but the timing and pricing for the re-
contracting is uncertain and could hurt the project level cash
flows.

"We continue to cap the rating on QGOG at the level of Petrobras'
SACP, and not its credit rating, because we believe the SACP
reflects the risk associated with the nature of these contractual
obligations.  We could envision scenarios of stress for Petrobras
under which the sovereign provides extraordinary support through,
for example, liquidity injections, loans from public banks, or
other types of credit facilities.  However, we believe that this
extraordinary support won't necessarily occur on a timely basis to
meet the liabilities of drilling units suppliers," S&P said.

The negative outlook on the ratings mimics the one on Petrobras,
as the main offtaker of QGOG long-term contracts, and indicates a
possible downgrade if S&P further revise Petrobras' SACP downward
in the next 12 months.

The negative outlook reflects the dependency of the contractual
foundation at the project level to provide stable cash flows to
the parent, QGOG.  As a result, the rating is capped to the same
as Petrobras' SACP and indicates that S&P would lower the rating
on them if it further revises Petrobras' SACP downward.  Although
our base-case assumptions don't include payment delays from
Petrobras or extraordinary support from the government to meet
drilling units contracts underlying the majority of QGOG's asset
base in a timely fashion, any delays in payments--which, in S&P's
view, would weaken the cash flow at the project level--would
consequently lead to a deterioration of the parent.

S&P could raise the ratings if Petrobras' SACP improves.  S&P
could also revise the ratings and outlook if it perceives a
diversification on counterparties and a less relevant dependency
from Petrobras as the offtaker of the drilling contract, even
though S&P do not envision this scenario in the short term.


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


AERIS CAPITAL: Placed Under Voluntary Wind-Up
---------------------------------------------
On Nov. 18, 2016, the shareholders of Aeris Capital Growth Partner
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:

          Avalon Ltd.
          Reference: GL
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351


ALTRINCHAM LTD: Members to Receive Wind-Up Report on Jan. 5
-----------------------------------------------------------
The members of Altrincham Ltd. will receive on Jan. 5, 2017, at
12:00 noon, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


ARDEN PROPPARTNERS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 25, 2016, the sole shareholder of Arden Proppartners
Select, 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:

          Elian Fiduciary Services (Cayman) Limited
          c/o Jody Powery-Gilbert
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


ARDEN SAGE: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 25, 2016, the sole shareholder of Arden Sage Capital
International SPV 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:

          Elian Fiduciary Services (Cayman) Limited
          c/o Jody Powery-Gilbert
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


FASANARA CAPITAL: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 25, 2016, the shareholder of Fasanara Capital
Opportunities Fund I resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 30, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Fasanara Capital Limited
          c/o MG Management Ltd.
          Landmark Square, 2nd Floor
          64 Earth Close Seven Mile Beach
          P.O. Box 30116 Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


FASANARA CAPITAL OFFSHORE: Commences Liquidation Proceedings
------------------------------------------------------------
On Nov. 25, 2016, the shareholder of Fasanara Capital
Opportunities Fund I Offshore Feeder resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 30, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Fasanara Capital Limited
          c/o MG Management Ltd.
          Landmark Square, 2nd Floor
          64 Earth Close Seven Mile Beach
          P.O. Box 30116 Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


GREEN REEF: Members to Receive Wind-Up Report on Jan. 5
-------------------------------------------------------
The members of Green Reef Ltd. will receive on Jan. 5, 2017, at
12:00 noon, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


HEDGED STRATEGIES: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of The Hedged Strategies Fund (QP), Ltd received
on Dec. 27, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Private Advisors, LLC
          Gregory Ciaverelli
          901 E Byrd St #1400
          Richmond
          VA 23219
          Telephone: 804 289 6000
          e-mail: gciaverelli@privateadvisors.com


MORVAL VONWILLER: Members to Hear Wind-Up Report on Jan. 5
----------------------------------------------------------
The members of Morval Vonwiller Financial Products will hear on
Jan. 5, 2017, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


ROVAL INVESTMENT: Members to Hear Wind-Up Report on Jan. 6
----------------------------------------------------------
The members of Roval Investment Company Ltd. will hear on Jan. 6,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


SALTWATER INTERNATIONAL: Members to Hear Wind-Up Report on Jan. 5
-----------------------------------------------------------------
The members of Saltwater International Investment SPC will hear on
Jan. 5, 2017, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


SOLO HILL: Placed Under Voluntary Wind-Up
-----------------------------------------
On Nov. 25, 2016, the sole shareholder of Solo Hill Fund 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:

          Elian Fiduciary Services (Cayman) Limited
          c/o Jody Powery-Gilbert
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


URBAN CAR: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Urban Car Park Capital Partners Limited
received on Dec. 28, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Tat Man Choi
          China Resources Building, 37th Floor
          26 Harbour Road
          Wanchai
          Hong Kong
          Telephone + 011 852 2131 2200
          Facsimile: + 011 852 2131 2201


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


DOMINICAN REP: Deadline to Halt Ship Bone Yards Will be Enforced
----------------------------------------------------------------
Dominican Today reports that the Environment Ministry said it
works to enforce the deadline to end the dismantling of boats
along the Ozama and Isabela river banks, which expired Sunday,
Jan. 1.

Dominican Today notes that Resolution 13-2016 was notified to five
recycling companies last October: Malaca Group / Malacca Diesel,
Astillero Hermanos Ben°tez or Legus Enterprises LTD, Metales
Antillanos SA, Naviera R°o San Juan (Dique / La Barquita Canal)
and Dique Atracadero Vicini (former Metaldom), only Naviera R°o
San Juan is in the process of pulling up steaks, outlet
elcaribe.com.do reports.

In a statement, Environment said it will enforce the entire legal
procedure for which it has established a calendar of execution, in
line with the priorities to care for and protect the waters,
according to Dominican Today.

"For this Ministry of the Environment and for the entire country,
the rehabilitation, cleanup, preservation and sustainable use of
the upper, middle and lower basins of these rivers is of high
interest and national priority, so we will pay special attention
for them to achieve their recovery," elcaribe.com.do said, the
report notes.

It adds that Environment's resolution responds to the
"rehabilitation, sanitation, preservation and sustainable use of
the upper, middle and lower basins of the Ozama and Isabela rivers
are declared a national priority," the report relays.

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
===========


PETROLEOS MEXICANOS: Mexicans Protest Against Higher Gas Prices
---------------------------------------------------------------
Anthony Harrup at The Wall Street Journal reports that Mexicans
protested against sharp increases in gasoline and diesel prices at
the start of the year, blocking roads, gas stations and fuel
facilities in various parts of the country.

The government raised the maximum price of regular gasoline by 14%
on Jan. 1, while premium fuel rose 20% and diesel 17% as part of
the shift toward free prices and greater private participation in
the motor fuels market, according to The Wall Street Journal.

The increase, which Mexicans refer to as a "gasolinazo," or
"gasoline blow," eliminates subsidies that for years have been a
feature of government-set fuel prices, the report notes.

Under the overhaul of energy laws in 2013, Mexico last year opened
gasoline imports to the private sector and allowed service
stations to operate under brands other than that of state oil
company Petroleos Mexicanos, the report relays.  This year it
plans to gradually remove price controls, starting in March with
some border areas, the report notes.

"The continuation of this process unfortunately coincides with a
relevant increase in the price of oil," Deputy Finance Minister
Miguel Messmacher said during a meeting with reporters, the report
discloses.  "It isn't the result of an increase in taxes, the tax
has been fixed since the end of 2015," Minister Messmacher added.

The report relays that disgruntled consumers descended on service
stations across the country holding placards, and others blocked
roads to protest against the increases, which many fear will stoke
inflation.

A Pemex spokesman said relatively few gasoline stations were
affected, although protesters temporarily blocked storage
terminals, delaying the delivery of gasoline to retail points, the
report notes.  Pemex suffered terminal blockades in states such as
Morelos, Durango, Chihuahua and Coahuila, he added.

A number of cities suffered gasoline shortages in December, which
Pemex attributed to a surge in fuel theft and a pipeline outage
caused by a clandestine tap, made worse by an unusual increase in
demand, the report relays.  Demand was further pressured ahead of
the New Year by motorists filling their tanks before the price
increases took effect, the report notes.  Pemex said supplies at
gasoline stations were returning to normal.

The higher fuel prices have led a number of economists to raise
their inflation expectations for 2017, and many see consumer
prices rising more than the central bank's 2%-4% target band, the
report relays.

Mr. Messmacher said gasoline prices rose between 11% and 13% a
year between 2010 and 2013, when overall inflation was between
3.5% and 4%, and that the inflationary impact of this year's
increase ought to be limited, the report notes.

In the past, however, the government would raise gasoline prices
gradually through the year with monthly increases. Part of the
reason for the big jump this month was prices were capped in 2016,
which kept the government from raising prices in the second half
of last year, the report discloses.

"These things always generate annoyance," Mr. Messmacher said, the
report notes.  "We're quite clear that it's an unpopular measure,"
he added.

The official said 30% of households in Mexico consume about 70% of
the gasoline, so "we didn't consider it good public policy to
maintain an artificially low price for fuels," the report notes.

The government expects price competition will appear as suppliers
other than Pemex start bringing gasoline into the country,
initially by rail and road and later via the construction of new
import terminals and pipelines, the report relays.  Mexico imports
more than half of the roughly 34 million gallons a day of gasoline
it consumes, the report says.

In the meantime, private suppliers will also have access to
Pemex's fuel import facilities under nondiscriminatory terms, the
report adds.


===========
P A N A M A
===========


AES PANAMA: S&P Raises CCR to 'BB' on Improved Liquidity
--------------------------------------------------------
S&P Global Ratings said that it raised the corporate credit rating
and issue-level ratings on AES Panama S.R.L (AES Panama) to 'BB'
from 'BB-'.  At the same time, S&P removed the ratings from its
CreditWatch listing, where they were placed with positive
implications on Sept. 28, 2016.  The outlook is stable.

The upgrade follows the reassessment of the company's financial
flexibility, after it successfully placed the $75 million add-on
of its bonds maturing in 2022.  These funds were used to repay the
$82.7 million 2016 notes that matured on Dec. 21, 2016.  S&P
believes that the company has good financial flexibility to absorb
the hydrology risk, with a track record of execution of a
conservative and prudent commercial strategy adopted in 2014--with
a 5%-10% cushion for its firm capacity to mitigate hydrology
fluctuations, on top of its 72 megawatts (MW) diesel-powered
plant--and an absence of short-term liabilities (as the only debt
outstanding is the balance of notes due in 2022 and no committed
capital expenditures for expansion or new investments).

S&P's 'BB' corporate credit rating on AES Panama is based on S&P's
assessment of it as the largest power generator in Panama, which
is somewhat counterbalanced by the historical volatility of
profitability due to hydrological exposure.  S&P also considers
the somewhat leveraged financial risk profile with metrics of 16%
FFO to debt and 3.8x debt to EBITDA as of September 2016, which
are aligned with S&P's definition of an aggressive financial risk
profile.  This results in a 'bb-' anchor and stand-alone credit
profile, as there is no impact of the modifiers, and after
factoring reassessment of the liquidity flexibility.  The rating
also incorporates our view that there is a moderately high
likelihood that the government of Panama (BBB/Stable/A-2) would
provide timely and sufficient extraordinary support to the company
in the event of financial distress.

AES Panama owns and operates four hydroelectric plants totaling
482 MW of installed capacity and a diesel-powered barge with 72 MW
of installed capacity.  In addition, AES Panama has a power
purchase agreement (PPA) with hydropower generator, AES
Changuinola, from which it buys 175 MW or 100% of the generator's
firm capacity until 2030 at a fixed price.  The AES Corp. holds a
majority stake in AES Changuinola, which has 223 MW of installed
capacity.

S&P has revised AES Panama's liquidity to adequate.  In S&P's
view, the company's liquidity sources will be sufficient to cover
its uses for the next 12 months, with a 20% cushion to absorb
adverse effects, such as hydrology risk.  In addition, S&P
believes that the company has good access to banks and the capital
markets, as seen in its $300 million 2022 bonds issuance in 2015,
and subsequent add-on performed in September 2016.  In addition,
S&P believes that the company has adopted a prudent risk
management strategy after 2014 that includes the flexibility to
reduce dividend payments in case of liquidity constraints.

Principal liquidity sources:

   -- Cash and short-term investments of $28 million as of
      Sept. 30, 2016;
   -- FFO of about $75 million over the next 12 months;
   -- $75 million add-on performed in September; and
   -- Undrawn committed bank lines of $5 million.

Principal liquidity uses:

   -- $83 million bond maturity in December 2016;
   -- Working-capital requirements of about $5 million;
   -- Capital expenditures (capex) of about $11 million, excluding
      any extraordinary maintenance at the thermal plant; and
   -- Flexibility to forego dividend payments.

The stable outlook reflects S&P's expectation that the company's
cash flow generation will continue to improve in 2017 and
afterward, though remaining in line with S&P's aggressive
financial risk profile, as seen in projected debt to EBITDA in the
4x area and FFO to debt in the 15% area in the next two years.

S&P could lower the ratings if there is a revision of the SACP to
'b+', which would occur, for example, if the company is unable to
implement its hydrology risk management plan due to worse-than-
expected hydrology conditions or it embarks on a more aggressive
commercial strategy, resulting in FFO to debt below 12% and/or a
liquidity assessment revision to a weaker category.

Because AES Panama is a government-related entity, a downgrade is
possible following a reassessment of S&P's expected view of
extraordinary support, and/or a lowering of the local currency
rating on Panama to 'BB+' or weaker, while all other factors
remain unchanged.

S&P could raise the ratings if the consolidation of the
conservative hydrology risk management plan results in stronger
than expected cash flows and deleveraging, which would in turn
result in FFO to debt consistently above 20% and debt to EBITDA
below 4x, leading to a reassessment of its financial risk profile
to significant.  In this scenario, all other factors would remain
unchanged, in particular S&P's view of liquidity and the
government extraordinary support assessment.



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


VENEZUELA: Entrepreneurs Find the Going Tough in the Country
------------------------------------------------------------
Xania News reports that the economic crisis in Venezuela has taken
a heavy toll on small businesses, but some entrepreneurs are still
launching successful ventures, using ingenuity and hard work to
overcome the challenges.

Venezuela's entrepreneurs are "heroes" because they need to think
creatively to get a business off the ground amid the country's
many economic difficulties, Opcion Venezuela entrepreneurship
network director Felix Rios said, according to Xania News.

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'.


                            ***********


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 2017.  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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