TCRLA_Public/170105.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

               Thursday, January 5, 2017, Vol. 18, No. 4


                            Headlines



B R A Z I L

ODEBRECHT SA: Sent $59 Million in Bribes and Kickbacks to Panama


C A Y M A N  I S L A N D S

ACL MANAGERS: Shareholder Receives Wind-Up Report
CATALYSIS OFFSHORE: Shareholders' Final Meeting Set for Jan. 6
CUTAGEN PARTNERS: Shareholders Receive Wind-Up Report
GENERAL MOBILE: Members Receive Wind-Up Report
GULF STORAGE: Shareholder Receives Wind-Up Report

HERMES BPK: Shareholders Receive Wind-Up Report
INDOCHINA LAND: Shareholder Receives Wind-Up Report
KHRONOS SPC: Members Receive Wind-Up Report
LV GLOBAL: Shareholders Receive Wind-Up Report
LYREBIRD ENTERP: Shareholders Receive Wind-Up Report

MERRICKS LONG/SHORT: Shareholder Receives Wind-Up Report
MERRICKS LONG/SHORT MASTER: Shareholder Receives Wind-Up Report
PATRONUS SPC: Shareholders' Final Meeting Set for Jan. 9


C U B A

CUBA: US to Reintroduce Legislation to Ease Trade Restrictions


M E X I C O

MEXICO: Regrets Ford Axing $1.6 Billion Project


P U E R T O    R I C O

FOURZERO INC: Disclosures Okayed, Plan Hearing on Jan. 25
WILLIAM CONTRACTOR: Disclosure Statement Hearing Set for Feb. 15


T R I N I D A D  &  T O B A G O

PRICESMART: Cuts US Shipments to Trinidad & Tobago by 20%


V E N E Z U E L A

VENEZUELA: Military Trafficking Food as People Go Hungry


V I R G I N   I S L A N D S

VIRGIN ISLAND: May Need a Similar Lifeline Like Puerto Rico


X X X X X X X X X

LATIN AMERICA: American Airlines Face Challenges


                            - - - - -


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


ODEBRECHT SA: Sent $59 Million in Bribes and Kickbacks to Panama
----------------------------------------------------------------
Kenneth Rijock at Caribbean News Now reports that reports from the
global investigation into the billions of dollars, paid by the
Brazilian construction and petrochemical conglomerate Odebrecht SA
to corrupt politically exposed persons worldwide to obtain
lucrative government contracts, are focusing upon the massive
bribes paid in Panama.

Panama continues to reel from the fallout from the Panama Papers
scandal, but insiders in Panama City warn that the net effect of
the Odebrecht disclosures will be far more damaging, according to
Caribbean News Now.

The allegations are that $59 million was paid in bribes to
Panamanian officials and other influential individuals associated
with the government to secure contracts, the report notes.  Over
100 people are said to have received the illicit payments, the
report relays.  These recipients are not only from the corrupt
former Martinelli government, some are alleged to be members of
the current administration, though the names have not as yet been
made public, the report discloses.

The most damning accusation: at least $6 million of the bribe
money was paid between 2010 and 2014 to the adult children of the
fugitive ex-president, Ricardo Martinelli, the report notes.  The
former president is now the subject of a pending extradition
request made to the United States by the ministry of foreign
affairs of Panama, the report adds.

As reporter in the Troubled Company Reporter-Latin America on
Dec. 2, 2016, Luciana Magalhaes and Reed Johnson at The Wall
Street Journal said that Marcelo Odebrecht, the jailed former head
of Brazilian construction giant Odebrecht SA, agreed to sign a
plea-bargain agreement in connection with Brazil's largest
corruption probe ever, according to a person close to the
negotiations.

The move could roil the nation's political class yet again.  The
testimony of the former industrialist, which is part of the deal,
has the potential to implicate numerous politicians who allegedly
took kickbacks from contractors as part of a years-long graft ring
centered on Brazil's state-run oil company, Petroleo Brasileiro
SA, known as Petrobras, according to The Wall Street Journal.


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


ACL MANAGERS: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of ACL Managers 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:

          Mourant Ozannes
          Barbara Shaw
          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


CATALYSIS OFFSHORE: Shareholders' Final Meeting Set for Jan. 6
--------------------------------------------------------------
The shareholders of Catalysis Offshore, Ltd. will hold their final
meeting on Jan. 6, 2017, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mourant Ozannes
          John Francis
          Jo-Anne Maher
          Telephone: +44 207 796 7614
          Facsimile: (345) 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


CUTAGEN PARTNERS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Cutagen Partners received on Dec. 28, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

Clay Darnall is the company's liquidator.


GENERAL MOBILE: Members Receive Wind-Up Report
----------------------------------------------
The members of General Mobile Technology Company received on
Jan. 5, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Liao Pen Fu
          Michelle R. Bodden-Moxam
          Portcullis (Cayman) Ltd
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman, KY1-1208
          Cayman Islands
          Telephone: 946-6145
          Facsimile: 946-6146


GULF STORAGE: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Gulf Storage Co. Ltd. received on Dec. 28,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


HERMES BPK: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Hermes BPK Accelerator (Cayman) 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:

          Hermes Investment Management Limited
          Lloyds Chambers, 1 Portsoken Street
          London E1 8HZ
          England


INDOCHINA LAND: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Indochina Land Hanoi Real Estate Development
Company Limited received on Jan. 2, 2017, the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Michael Paul Piro
          Capital Place, 10th Floor
          06 Thai Van Lung Street
          District 1, Ho Chi Minh City, Vietnam
          Telephone: +84.8.3520.2030
          Facsimile: +84.8.3520.2036


KHRONOS SPC: Members Receive Wind-Up Report
-------------------------------------------
The members of Khronos SPC received on Dec. 28, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mourant Ozannes
          c/o Rafael Mayer and Jo-Anne Maher
          Goldwater Asset Management LP
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +44 207 796 7614
          Facsimile: (345) 949 4647


LV GLOBAL: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of LV Global Managers received on Dec. 29, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Larrain Vial Investment Inc.
          Av. El Bosque 0117
          4th Floor Las Condes
          Santiago
          Chile
          Telephone: +55 9 23398500


LYREBIRD ENTERP: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Lyrebird Enterp. Ltd. received on Dec. 5,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


MERRICKS LONG/SHORT: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Merricks Long/Short Equity Feeder Fund received
on Dec. 28, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


MERRICKS LONG/SHORT MASTER: Shareholder Receives Wind-Up Report
---------------------------------------------------------------
The shareholder of Merricks Long/Short Equity Master Fund received
on Dec. 28, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


PATRONUS SPC: Shareholders' Final Meeting Set for Jan. 9
--------------------------------------------------------
The shareholders of Patronus SPC Ltd. will hold their final
meeting on Jan. 9, 2017, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Trinity Fund Administration (Cayman) Ltd
          c/o Angela Nightingale
          Citrus Grove, 3rd Floor
          P.O. Box 10364 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 946 6620
          Facsimile: (345) 946 6720


=======
C U B A
=======


CUBA: US to Reintroduce Legislation to Ease Trade Restrictions
--------------------------------------------------------------
Caribbean News Now reports that a US congressman from Arkansas
will reintroduce legislation to ease trade restrictions with Cuba,
and says he's hopeful that barriers to agricultural sales will be
addressed early in 2017.

However, it's unclear whether President-elect Donald Trump would
be willing to support the bill, which is sponsored by US Rep. Rick
Crawford, a Republican from Jonesboro, the Arkansas Democrat
Gazette reported, according to Caribbean News Now.

The federal government currently bars farmers from extending
credit to Cuban purchasers, the report notes.  As a result, Cubans
must provide "cash in advance" whenever they purchase US
agricultural products, the report relays.

Senator Crawford's legislation would allow credit to be extended,
a change favored by many of Arkansas' farm groups, the report
discloses.

HR 3687, the Cuba Agricultural Exports Act, also would have
allowed Americans to invest in Cuban agricultural businesses that
are not controlled by the government there, the report says.

Arkansas produces roughly half of the nation's rice.  The state,
along with Georgia, Alabama and North Carolina, also is one of the
largest poultry producers, the report notes.

Chicken and rice are dietary staples in Cuba, with a population
11.3 million, and Arkansas farmers are eager to do business there,
the report relays.

Senator Crawford's bill had 48 co-sponsors but it encountered
fierce opposition, particularly from the Cuban-American community,
says the report.

"We're not trying to do anything that would empower the regime,"
Senator Crawford said, the report relays.

But America shouldn't surrender the Cuban market to communist
competitors from China and elsewhere, he added, the report notes.

"We can play a positive role there, fill that void, give them a
cheaper, safer more readily available food supply or we can
continue to view this through the lens of the Cold War and allow
them to continue down that communist road that doesn't work for
anybody," he said, the report notes.

Over the past two years, President Barack Obama has taken steps to
normalize relations between the United States and Cuba, opening an
embassy in Havana, adding daily flights, removing barriers to
travel and allowing increased imports of Cuban cigars and rum,
Senator discloses, reports Carribean News Now.

The prohibition on agriculture credit, however, remains, the
report relays.

Trump has been critical of efforts to normalize relations with
Cuba and has threatened to reverse course once he takes office,
the report adds.


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


MEXICO: Regrets Ford Axing $1.6 Billion Project
-----------------------------------------------
EFE News reports that the Mexican government has expressed
disappointment following the announcement by Ford Motor Co to
abandon plans for a $1.6 billion assembly plant in Mexico.

Mexico will see to it that Ford reimburses the San Luis Potosi
state government for any expenditures of public money made to
further the project, the Economy Secretariat said in a statement,
according to EFE News.

While cancelling the plant in San Luis Potosi city, the US car
maker said it would spend $700 million to improve the Flat Rock
Assembly Plant in Michigan, the report notes.

The jobs generated by Ford in Mexico "have contributed to
maintaining manufacturing jobs in the United States that otherwise
would have disappeared in the face of Asian competition," the
Economy Secretariat statement said, reiterating the government's
commitment to making the Aztec nation more attractive to
investors, the report relays.

"Equally, Mexico reaffirms its stance regarding an effort to
modernize the North American Free Trade Agreement (NAFTA) that
strengthens the competitive capacities of North America and of
each of its members," it said, the report relays.

US President-elect Donald Trump said he intends to renegotiate
NAFTA, which he says has been a bad deal for the United States,
the report notes.

Ford president and Chief Executive Officer Mark Fields denied in
an interview with CNN that the decision to scrap the investment in
Mexico was a concession to Trump, who has criticized American
companies for moving jobs abroad, the report relays.

"We didn't cut a deal with Trump. We did it for our business," Mr.
Fields said, the report notes.

Trump has criticized Ford's plans to expand operations in Mexico
and threatened in September 2016 to impose a 35 per cent tariff on
products made by the automaker at Mexican plants, the report
notes.

The president-elect took a shot at General Motors, threatening to
slap it with tariffs unless it manufactured its vehicles in the
United States, the report relays.

"General Motors is sending Mexican made model of Chevy Cruze to US
car dealers-tax free across border.  Make in U.S.A. or pay big
border tax!" Trump tweeted.

GM responded in a short statement, saying that the Cruze sedan was
made in Ohio.


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


FOURZERO INC: Disclosures Okayed, Plan Hearing on Jan. 25
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico will
consider approval of the Chapter 11 plan of reorganization of
Fourzero Inc. at a hearing on Jan. 25.

The hearing will be held at 9:00 a.m., at the Jose V. Toledo U.S.
Post Office and Courthouse Building, Courtroom 3, Third Floor, 300
Recinto Sur Street, San Juan, Puerto Rico.

The court will also consider at the hearing the final approval of
Fourzero's disclosure statement, which it conditionally approved
on Dec. 20.

Creditors are required to file their objections and cast their
votes not less than 14 days prior to the hearing.

Under the proposed plan, general unsecured creditors will recover
11.7% of their allowed claims.  They will receive payments of
their claims in 60 months at an interest rate of 4.5%.  The total
payment would be $10,194, according to court filings.

                       About Fourzero Inc.

Fourzero, Inc. sought Chapter 11 bankruptcy protection (Bankr.
D.P.R. Case No. 16-00100) on Jan. 12, 2016.  The Debtor is
represented by Manuel A. Segarra Vazquez Law Office.  The case is
assigned to Judge Mildred Caban Flores.


WILLIAM CONTRACTOR: Disclosure Statement Hearing Set for Feb. 15
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico is set
to hold a hearing on Feb. 15, at 2:00 p.m., to consider approval
of the disclosure statement explaining the Chapter 11 plan of
William Contractor Inc.

The hearing will take place at the Jose V. Toledo Federal Building
and U.S. Courthouse, Courtroom 1, Second Floor, 300 Recinto, Sur,
Old San Juan, Puerto Rico.  Objections must be filed not less than
14 days prior to the hearing.

The proposed plan classifies Banco Popular de Puerto Rico's
unsecured claim in Class 5.  The bank, which holds a lien against
William Contractor's real estate, asserts a $549,658 claim.
Banco Popular has already filed a proceeding related to the
property in a local court.

William Contractor will provide payment to Banco Popular's allowed
secured claim up to the remaining debt or value of the collateral,
or pursuant to agreement between the parties if the property is
not auctioned before the payment.   Class 5 is impaired, according
to court filings.

                    About William Contractor

Headquartered in Aguada, Puerto Rico, William Contractor Inc.
filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No.
15-06311) on Aug. 18, 2015, listing $6.38 million in total assets
and $2.56 million in total liabilities.  The petition was signed
by Lymari Benique Moralez, vice president - secretary.

Damaris Quinones Vargas, Esq., at Bufete Quinones Vargas & Asoc
serves as the Debtor's bankruptcy counsel.


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


PRICESMART: Cuts US Shipments to Trinidad & Tobago by 20%
---------------------------------------------------------
Trinidad Express reports that warehouse shopping giant PriceSmart
is projected to lose between TT$54 and TT$67 million in sales in
Trinidad in its second fiscal quarter due to ongoing foreign
exchange (forex) woes, the company said in a filing with the
United States' Securities and Exchange Commission (SEC).

PriceSmart's current fiscal year ends August 31, 2017.

Explaining to shareholders its plan to cope with T&T's forex
situation, PriceSmart said that "until such time that the
uncertain state of tradeable currency is resolved, we plan to take
steps to limit our exposure. We plan to reduce new shipments of
merchandise to Trinidad from our distribution centre in Miami to
levels that generally align with our Trinidad subsidiary's ability
to pay for the merchandise in US dollars. Although the situation
is dynamic, based on recent levels of tradeable currency
available, we anticipate reducing US shipments to Trinidad by
approximately 20 per cent over the next three months," according
to Trinidad Express.


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


VENEZUELA: Military Trafficking Food as People Go Hungry
--------------------------------------------------------
Caribbean360.com, citing Associated Press, reports that the
Venezuelan military is capitalizing on the misery of the people by
running illegal markets that sell food at 100 times the government
regulated price while much of the South American country is going
hungry.

"Lately, food is a better business than drugs," retired Venezuelan
General Cliver Alcala told the AP, according to Caribbean360.com.
"The military is in charge of food management now, and they're not
going to just take that on without getting their cut," he added.

Breitbart News also reported that some military officials in
charge of food distribution are becoming millionaires, with their
riches measured in American dollars, at the expense of starving
Venezuelans, the report notes.

While President Nicolas Maduro has appointed military officials as
food distributors and appears to be aware of the food smuggling
problem, his followers support his claim that the real culprits
behind the food crisis are right-wing businessmen trying to bring
down the already ruined socialist economy, the report says.

The report discloses that the AP nevertheless found that food
trafficking has grown into a rampant and lucrative business in the
hunger-ravaged socialist country with military personnel ranging
from generals to foot soldiers at the heart of the graft.

"When hunger drew tens of thousands of Venezuelans to the streets
in protest last summer, President Nicolas Maduro turned to the
military to manage the country's diminished food supply, putting
generals in charge of everything from butter to rice," the news
agency reported, the report relays.

Instead of fighting hunger, however, the military is reportedly
profiteering from it and the hungry population's access to food
has reportedly been drastically cut, the report notes.

The military connection with food distribution dates back to 2004
when, after opposition attempts to overthrow him, the late
President Hugo Chavez began handing the military control over the
food industry, creating a Food Ministry, the report says.

His socialist-run government nationalized farms and food
processing plants, then reportedly neglected them, and domestic
production dried up, the report notes.

The oil rich country became dependent on food imports, but when
the price of oil crashed in 2014, the government could no longer
afford to meet the demand, the report says.

Food shortages became so severe that Venezuelans spent all day
waiting in lines and formerly middle class adults were said to
have begun scavenging garbage bins for scraps, the report adds.

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'.


===========================
V I R G I N   I S L A N D S
===========================


VIRGIN ISLAND: May Need a Similar Lifeline Like Puerto Rico
-----------------------------------------------------------
Caribbean News Now reports that as Puerto Rico moves closer to
restructuring its $70 billion debt after the US federal board
overseeing its finances issued a framework to pull the island out
of crisis and resumed talks with creditors, another US Caribbean
territory, the US Virgin Islands, is grappling with some of the
same forces that pushed its regional neighbor into a cascading
series of defaults.

With interest rates edging higher, the USVI -- which has more debt
per person than Puerto Rico -- is finding it more difficult to
borrow, Bloomberg reported, according to Caribbean News Now.

The territory shelved a $219 million bond issue amid a spike in
yields triggered by the post-election selloff in credit markets,
the report notes.  That prompted S&P Global Ratings to place its
debt on a negative watch for up to 90 days, warning that the
government may find it difficult to meet its debt obligations if
it struggles to access credit markets, the report relays.

According to Bloomberg, the two Caribbean territories are facing
similar fiscal issues: shrinking populations, cash-strapped
pensions, histories of borrowing to paper over budget shortfalls
and unemployment rates that are twice as high as in the US
mainland, the report notes.

While the USVI opposed the federal rescue law that installed a
seven-member control panel to fix Puerto Rico's finances, it may
serve as a road map for the territory if it hits a fiscal cliff,
S&P analyst John Sugden noted, the report relays.

"Before they get to that point, you'd have to see some of the
issues that Puerto Rico's on, in terms of not paying the debt or
getting closer to that," he said, the report adds.



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


LATIN AMERICA: American Airlines Face Challenges
------------------------------------------------
RJR News reports that American Airlines' is facing challenges with
its Caribbean and Latin America markets.

The carrier reported a 4.5 per cent drop in revenue passenger
miles to the region in November, declining from 2.3 billion to 2.2
billion year over year, according to RJR News.

According to the company's latest numbers, available seat miles in
the region declined by 9.4 per cent in November, though load
factor rose by 4 percentage points to 78.9 per cent, the report
notes.

For the year to date, the carrier's revenue passenger miles to
Latin America and the Caribbean have declined by 3.8 per cent to
27.2 billion, while available seat miles were down 4.7 per cent to
34.3 billion, the report relays.

Meanwhile despite declining growth rates for gross domestic
product (GDP) around the world in 2017, the International Civil
Aviation Organization, ICAO, expects low air fares, driven by
suppressed oil prices, to continue to spur increased demand for
air transport this year, the report says.

The organization now expects global real GDP growth for 2017 to be
around 2.4 per cent-down from its earlier 2.9 per cent projection,
the report notes.

In preliminary figures for 2016 released, ICAO reported that the
total number of passengers carried on scheduled services last year
reached 3.7 billion, which was six per cent up on 2015, the report
says.

The number of departures in 2016 climbed to 35 million globally
and revenue passenger kilometers saw an increase of 6.3 per cent,
the report discloses.

Revenue passenger kilometers growth was down from the 7.1 per cent
increase achieved in 2015, the report adds.

                            ***********


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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