TCRLA_Public/170109.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Monday, January 9, 2017, Vol. 18, No. 6


                            Headlines



C A Y M A N  I S L A N D S

AQR EMERGING: Placed Under Voluntary Wind-Up
AVERY CAPITAL: Creditors' Proofs of Debt Due Dec. 13
FLEMING ASSET: Placed Under Voluntary Wind-Up
HITS AFRICA: Creditors' Annual Meeting Set for Dec. 14
LOCKINGTON HOLDINGS: Commences Liquidation Proceedings

MC 1 - SPV 1: Creditors' Proofs of Debt Due Dec. 30
SPROTT MASTER: Placed Under Voluntary Wind-Up
SPROTT MASTER II: Placed Under Voluntary Wind-Up
SPROTT OFFSHORE: Placed Under Voluntary Wind-Up
SPROTT OFFSHORE II: Placed Under Voluntary Wind-Up

WCG MASTER: Commences Liquidation Proceedings
WCG OFFSHORE: Commences Liquidation Proceedings


H O N D U R A S

HONDURAS: S&P Puts 'B+' Issue Rating on US$500MM Sr. Unsec. Bond


J A M A I C A

JAMAICA: Borrowing Less Money Than Projected
NATIONAL COMMERCIAL BANK: Launches Pilot for Loan at ABM Solution


M E X I C O

BANK OF MEXICO: Sells Dollars as Peso Reaches New Lows
MEXICO: Block Roads, Stations to Protest Gasoline Hikes


P A R A G U A Y

BANCO CONTINENTAL: S&P Affirms 'BB' ICR on Good Business Position


P E R U

VOLCAN COMPANIA: Moody's Hikes Corp. Family Rating to Ba3


P U E R T O    R I C O

MACY'S INC: To Cut 6,200 Jobs & Close 68 Stores
PUERTO RICO: Seeks Proposals for Legal, Financial Advisers


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Records Decline in Guyanese Passengers


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Sued Over Latest Citgo Deal


X X X X X X X X X

* BOND PRICING: For the Week From Jan. 2 to Jan. 6, 2017


                            - - - - -


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


AQR EMERGING: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov. 11, 2016, the sole shareholder of AQR Emerging Defensive
Equity Offshore Fund 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:

          AQR Capital Management, LLC
          c/o Joanne Huckle
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


AVERY CAPITAL: Creditors' Proofs of Debt Due Dec. 13
----------------------------------------------------
The creditors of Avery Capital Ltd. are required to file their
proofs of debt by Dec. 13, 2016, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 11, 2016.

The company's liquidator is:

          Benno Hafner
          Sonnenhof 8
          Lucerne
          6004 Switzerland
          Telephone + 41 44 201 95 01
          Facsimile: + 41 201 95 41


FLEMING ASSET: Placed Under Voluntary Wind-Up
---------------------------------------------
On Oct. 28, 2016, the sole shareholder of Fleming Asset Management
(Cayman) 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:

          Kenneth Stewart
          c/o Apex Fund Services (Cayman) Ltd.
          161a Artillery Court, Shedden Road
          P.O. Box 10085 Grand Cayman KY1 1001
          Cayman Islands
          Telephone: (345) 747 2739


HITS AFRICA: Creditors' Annual Meeting Set for Dec. 14
------------------------------------------------------
The creditors of Hits Africa Ltd will hold their annual meeting on
Dec. 14, 2016, at 10:00 a.m.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Sophie Hill
          Ernst & Young Ltd.
          One Montague Place, East Bay Street
          P.O. Box N-3231 Nassau
          Bahamas
          Telephone: (242) 502 6067
          Facsimile: (242) 502 6090


LOCKINGTON HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------------
On Nov. 11, 2016, the sole shareholder of Lockington Holdings
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:

          Frances Holliday
          c/o Jasmine Amaria
          Walkers
          6 Gracechurch Street
          London
          EC3V 0AT
          UK
          Telephone: +1 44 207 2204975


MC 1 - SPV 1: Creditors' Proofs of Debt Due Dec. 30
---------------------------------------------------
The creditors of MC 1 - SPV 1 are required to file their proofs of
debt by Dec. 30, 2016, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Nov. 3, 2016.

The company's liquidator is:

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


SPROTT MASTER: Placed Under Voluntary Wind-Up
---------------------------------------------
On Nov. 10, 2016, the sole shareholder of Sprott Master Fund, 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:

          Samgenpar, Ltd.
          c/o Joanne Huckle
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


SPROTT MASTER II: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 10, 2016, the sole shareholder of Sprott Master Fund II,
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:

          Samgenpar, Ltd.
          c/o Joanne Huckle
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


SPROTT OFFSHORE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 10, 2016, the sole shareholder of Sprott Offshore Fund,
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:

          Samgenpar, Ltd.
          c/o Joanne Huckle
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


SPROTT OFFSHORE II: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 10, 2016, the sole shareholder of Sprott Offshore Fund II,
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:

          Samgenpar, Ltd.
          c/o Joanne Huckle
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


WCG MASTER: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 10, 2016, the sole shareholder of WCG Master Fund, Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Barry Wittlin
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


WCG OFFSHORE: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 10, 2016, the sole shareholder of WCG Offshore 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:

          Barry Wittlin
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


===============
H O N D U R A S
===============


HONDURAS: S&P Puts 'B+' Issue Rating on US$500MM Sr. Unsec. Bond
-----------------0----------------------------------------------
S&P Global Ratings assigned its 'B+' issue rating on the Republic
of Honduras' US$500 million senior unsecured bond due in 2027.
The proceeds from the issuance will be loaned to the National
Electric Energy Company (ENEE) for the repayment of account
payables owed to suppliers and to repay other indebtedness of
ENEE.  The rating on the bond is the same as the long-term foreign
currency sovereign credit rating on Honduras.

S&P's ratings on Honduras reflect the Honduran government's
commitment to maintaining disciplined public finances, which could
continue improving the country's fiscal flexibility. Moreover,
Honduras continues to make efforts to address its major challenges
related to overall weak institutions, crime, and high poverty.

The positive outlook on Honduras reflects S&P's view that
strengthening revenue management and tighter controls of current
expenditures could improve Honduras' fiscal flexibility faster
and, as a result, contain the expected annual increase in its
debt.

RATINGS LIST

Republic of Honduras
Sovereign Credit Rating           B+/Positive/B

New Rating

Republic of Honduras
Senior Unsecured
  US$500 mil. bond due 2027        B+


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


JAMAICA: Borrowing Less Money Than Projected
--------------------------------------------
RJR News reports that the Government of Jamaica has been borrowing
less money than it said it would.

Total borrowings from the April to November period of the current
fiscal year were J$2.5 billion below target since J$58 billion was
borrowed in the period and not the J$60.6 billion the Government
had indicated it needed to borrow, according to RJR News.

                        More From Income Tax

In the meantime, the Government has indicated that even with the
increase in the income tax threshold, it is collecting more from
personal income tax than was expected, the report notes.

The Government hiked the income tax threshold to more than J$1
million in July and said it expected inflows from those who were
still paying the tax to amount to J$40 billion, the report relays.

It however said the actual inflow has so far amounted to almost
J$43 billion, the report notes.

By comparison, in the previous fiscal year, the inflow from
personal income tax between April and November was J$46 billion,
the report relays.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2016, S&P Global Ratings affirmed its 'B' long-term and
short-term foreign and local currency sovereign credit ratings on
Jamaica.  The outlook on the long-term sovereign credit ratings
remains stable.  In addition, S&P affirmed its transfer and
convertibility assessment at 'B+'.


NATIONAL COMMERCIAL BANK: Launches Pilot for Loan at ABM Solution
-----------------------------------------------------------------
RJR News reports that National Commercial Bank Jamaica Limited
recently launched the pilot of its Loan at ABM solution.

It is a first not only in Jamaica but also the English-speaking
Caribbean, says the report.

This availability of pre-approved loans at the ABM builds on NCB's
'Bank on the Go' program, which makes a range of service options
available to customers via their intelligent ABMs and Kiosks,
according to RJR News.

Customers have benefited from shorter wait times and lower fees by
conducting transactions through this channel, the report notes.

The funds will be deposited directly into the accounts associated
with their Midas card, the report adds.

As reported in the Troubled Company Reporter-Latin America on Oct
25, 2016, S&P Global Ratings affirmed its 'B' long- and 'B' short-
term issuer credit ratings on National Commercial Bank Jamaica Ltd
(NCBJ).   The stand-alone credit profile (SACP) is 'b'.  The
outlook is stable.


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


BANK OF MEXICO: Sells Dollars as Peso Reaches New Lows
------------------------------------------------------
Anthony Harrup at The Wall Street Journal reports that the Bank of
Mexico stepped into the exchange market for the first time in
almost a year to support the peso, which hit new lows against the
U.S. dollar on fears that protectionist measures by the incoming
administration of U.S. President-elect Donald Trump could hurt the
country's trade and investment.

The foreign-exchange commission, formed by central bank and
Finance Ministry officials, said the dollar sales were to provide
liquidity and ease the exchange volatility of recent days, and
kept open the possibility of additional interventions, according
to The Wall Street Journal.

A central-bank official confirmed the bank was active in the
exchange market early Jan. 4.

The peso sank to a new all-time low against the dollar last week
after Ford Motor Co. said it was canceling a planned $1.6 billion
investment in a new assembly plant in Mexico that had been
criticized by Mr. Trump. The decision led to concerns that other
investments could be discouraged, limiting an important source of
foreign income in Mexico, the report notes.

The Bank of Mexico last intervened in the exchange market in
February 2016, when it sold $2 billion after the peso reached new
lows on the decline in oil prices, which affect Mexico's trade
balance and federal government revenue, the report relays.

At that time, the central bank also raised interest rates and
suspended its scheduled dollar auctions in favor of spot
interventions, the report notes.  The scheduled auctions, which
took effect if the peso depreciated a set amount in a day, were
depleting reserves without any notable benefit for the currency,
the report discloses.

Mexico's foreign reserves ended 2016 at $176.5 billion, little
changed from the end of 2015, the report says.  The amount of the
dollar sales will be reflected in this week's reserves report.

The decision to intervene was justified as the peso is excessively
undervalued, Goldman Sachs economist Alberto Ramos said in a note,
WSJ reports.  Mr. Ramos estimated that the real effective exchange
rate -- which takes into account a basket of currencies, trade and
inflation --has depreciated 41% since mid-2013.

"The current peso weakness is unprecedented outside the grip of a
major crisis and is also visibly weaker than the level reached
during the 2008-09 global financial crisis," the report quoted Mr.
Ramos as saying.

The peso gave back some of its initial gains and was trading in
Mexico City at around 21.4365 to the dollar around 1:15 p.m. EST,
according to Infosel, compared with 21.5260 at the close Jan. 3.
It touched an all-time low of 21.6220 on Jan. 3, Banco Base said.

According to the report, the peso depreciated 17% against the
dollar in 2016, affected by a widening trade deficit, increasing
public debt levels that prompted ratings firms to change the
sovereign credit outlook to negative and the impact of lower oil
prices on the finances of state oil company Petroleos Mexicanos.
Mr. Trump's rise in polls and eventual election victory also put
pressure on the peso, the report notes.

Concerns about the impact that a weaker currency could have on
inflation, which accelerated toward the end of last year, prompted
the Bank of Mexico to raise interest rates five times in 2016,
increasing the overnight rate target to 5.75% from 3.25%, the
report adds.


MEXICO: Block Roads, Stations to Protest Gasoline Hikes
-------------------------------------------------------
The Associated Press reports that small groups of protesters
blockaded some roads and gasoline stations in Mexico to protest a
government price deregulation that sent the price of fuel up by as
much as 20 percent last weekend.

According to The Associated Press, one group blockaded a privately
owned gasoline station on Mexico City's main boulevard, shouting:
"The people, united, will never be defeated!"

"This will increase the cost of living for all Mexicans. It will
make more expensive transportation, basic food stuffs, food, and
it will ultimately hit Mexican families," said Rafael Sotocruz, a
nurse who was protesting at the station.

On a busy highway leading into the capital from the west, another
group blocked traffic and held up a banner reading "Enough
already!"

Reports on social media and local newspaper sites suggested small,
intermittent protests popped up at a half dozen other sites across
the country, the report notes.

The Mexican government said the deregulation had long been
planned, but unfortunately coincided with rising world oil prices,
the report says.

The deregulation is aimed at ending subsidies that the government
says largely benefit wealthier Mexicans and at attracting interest
in private participation in the newly opened fuel market, the
report discloses.

"Unfortunately, it coincided with a significant increase in
international oil prices," said Miguel Messmacher, Mexico's
assistant finance secretary, the report notes.

That, and a drop in the value of the Mexican peso against the
dollar in 2016, probably would have resulted in gas price hikes
last year, but the government was still setting prices then.
Mexico imports much of its gasoline, even though it exports crude
oil, the report relays.

"It was precisely because we were limiting these (price) movements
in some ways that gave rise to this pent-up increase," Mr.
Messmacher said, the report notes.

"These things always create bad feelings," he added, says AP.
"That is very clear, and very understandable. It is very clear to
us that this is obviously an unpopular measure."

When the deregulation took effect on New Year's Day, protesters
snarled traffic on one of the country's main north-south highways,
the report notes.

Gasoline supplies have begun stabilizing after some stations were
recently left dry due to what officials described as panic buying,
increased holiday demand, unforeseen shipping delays and damage to
pipelines that officials blamed on a surge in fuel thefts, the
report discloses.

Authorities still haven't explained why pipelines thefts increased
so dramatically in early December, but the government was forced
to increase military patrols by 60 percent to combat the thefts.
Thieves steal about $1.4 billion worth of fuel products annually
from pipelines operated by the state oil company, Pemex, according
to official estimates, the report says.

The 2017 price deregulation is part of a broader overhaul of
Mexico's energy sector passed two years ago under President
Enrique Pena Nieto allowing some private investment and ending
more than seven decades of state monopoly over oil, the report
relays.

In a second phase later this year, other companies will be allowed
to begin importing and distributing gasoline instead of Pemex
handling the entire supply chain, the report adds.



===============
P A R A G U A Y
===============


BANCO CONTINENTAL: S&P Affirms 'BB' ICR on Good Business Position
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit on
Banco Continental SAECA.  The outlook remains negative.

The rating on Banco Continental reflects its prominent business
position, as one of the largest banks operating in Paraguay; its
forecasted risk-adjusted capital (RAC) of about 6.1% in the next
12-18 months and good quality of capital and earnings; asset
quality metrics that remain in line with the banking system
average despite their weakening in 2016.  The rating also reflects
S&P's view of the bank's funding structure that benefits from a
healthy deposit base, in line with the banking system, and its
liquidity position that provides adequate cushion to cope with
unexpected cash outflows in the next 12 months.

The rating on the bank is at the same level as S&P's 'bb' stand-
alone credit profile (SACP) because it excludes notching from
external support, either from the government or group.



=======
P E R U
=======


VOLCAN COMPANIA: Moody's Hikes Corp. Family Rating to Ba3
---------------------------------------------------------
Moody's Investors Service has upgraded to Ba3 from B2 the
corporate family rating of Volcan Compania Minera S.A.A. y
Subsidiarias ("Volcan") and its senior unsecured notes due in
2022. The outlook is stable.

Rating Actions:

Issuer: Volcan Compania Minera S.A.A. y Subsidiarias

  Corporate Family Rating: upgraded to Ba3 from B2

  Senior unsecured notes due 2022: upgraded to Ba3 from B2

RATINGS RATIONALE

The upgrade to Ba3 reflects the improvement in Volcan's credit
metrics observed during 2016, as a result of both higher metals
prices, as well as the company's efforts to reduce costs and
maintain an adequate liquidity profile. Volcan's credit metrics
posted a significant recovery throughout 2016, with adjusted EBIT
margins of 17.8% in LTM ended September 2016, and 24.6% in 3Q16
alone, which favorably compares to 6.8% in 2015. Part of the
recovery in operational performance can be explained by market
conditions -- in 2016 average realized zinc prices were USD
0.95/lb. (USD 1.08/lb. in 2H16), which compares to USD 0.88/lb. in
2015 (USD 0.79/lb. in 2H15). But the recovery can also be
attributed to Volcan's cost reduction initiatives -- costs
declined 26% in the 2013-2016 period, reflecting a number of
initiatives which include mine optimization, personnel layoff,
negotiation with contractors, and continued investments in its
energy portfolio.

Volcan's Ba3 ratings reflect the company's competitive cost
position (first-quartile C1 zinc and silver cash costs), its
operational diversity in terms of metals produced and number of
mines -- 12 mines distributed in five operating units -- and the
company's position as a leading producer of zinc, silver and lead
globally. Constraining the company's ratings are its narrow
liquidity position to cover its short-term debt and still
relatively weak free cash flows, although we expect free cash
flows to become and remain positive in the next quarters, provided
prices do not fall to the low levels observed in December
2015/January 2016 and absent any material increase in capital
expenditures and/or dividend distribution. Volcan's low geographic
diversity and its relatively modest revenue size, as compared to
global peers, are further constraints.

The stable outlook reflects Moody's view that Volcan will be able
to improve its liquidity and sustain adequate credit metrics. As
well, it incorporates the expectation that zinc market
fundamentals will remain solid, which will allow Volcan to
generate positive free cash flows and reduce short term debt
overtime. The stable outlook also considers that Volcan will
target its pipeline of exploration projects, maintaining its
discipline regarding costs, capex and dividend distribution. The
outlook assumes that should prices retreat, the company will make
the necessary adjustments in its operations and capital spending
to maintain its financial profile.

An upward rating movement would require Volcan to improve its
liquidity cushion by reducing short-term debt levels, maintain its
competitive cost position and continue to invest for growth
without jeopardizing its liquidity and leverage metrics. To the
extent that Volcan is able to maintain a sound liquidity profile,
to reduce its reliance on short-term debt and to achieve cash flow
metrics such as (CFO-Dividends)/debt above 20% on a sustained
basis, the ratings could be positively impacted.

Ratings could be negatively impacted if profitability and cash
flow from operations materially weaken. A marked deterioration in
the company's liquidity position could also precipitate a
downgrade. Specifically, if EBIT margin falls below 6%, with
negative free cash flow, ratings could be downgraded. Negative
pressure could also result from increase in debt levels leading to
total debt to EBITDA above 4x on a sustained basis.

The principal methodology used in this rating was "Global Mining
Industry" published in August 2014.

Volcan is a Peruvian mining company with exploration, mining,
concentrating and commercial operations. It primarily produces
zinc and lead concentrate and some copper concentrate, all with
high silver content. The company operates through five operational
complexes with a total of 12 mines, 7 concentrate plants and one
leaching plant for silver oxides production. All of Volcan's
operations are located in Peru (A3 stable) and, for the LTM ended
September 2016, it reported revenues of USD 777 million. Volcan is
a holding company listed in the stock exchanges of Lima and Chile
and in Madrid's Latibex.


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


MACY'S INC: To Cut 6,200 Jobs & Close 68 Stores
-----------------------------------------------
After disappointing holiday sales, Macy's on Jan. 4, 2017,
released the locations of 68 of the 100 stores it plans to close
and said that its workforce will be cut by 6,200.

According to a statement by Macy's, these actions bolster the
company's strategy to further invest in omnichannel capabilities,
improve customer experience and create shareholder value.  The
actions include:

   * The closure of 68 stores and the reorganization of the field
structure that supports the remaining stores, reinforcing the
strategy of fewer stores with better customer experience.  These
store closures are part of the approximately 100 closings
announced in August 2016.

   * The significant restructuring of the Macy's, Inc. operations
to focus resources on strategic priorities, improve organizational
agility and reduce expense.

   * The sale of properties consistent with the previously
announced real estate strategy.

The actions announced Jan. 4 are estimated to generate annual
expense savings of approximately $550 million, beginning in 2017,
enabling the company to invest an additional $250 million in
growing the digital business, store-related growth strategies,
Bluemercury, Macy's Backstage and China.  These savings, combined
with savings from initiatives implemented in early 2016, exceed
the $500 million goal communicated in fall of 2015, one year
earlier than expected.

"Over the past year, we have been focused and disciplined about
making strategic decisions to position us to gain market share and
return to growth over time. While we are pleased with the strong
performance of our highly developed online business, as well as
the progress we have made on selling and visual presentation
programs and expense reduction initiatives in 2016, we continue to
experience declining traffic in our stores where the majority of
our business is still transacted. Given the overall trends
challenging us and the broader retail industry, and the time
needed to execute new strategies, we expect our 2017 change in
comparable sales to be relatively consistent with our
November/December sales trend," said Terry J. Lundgren, chairman
and chief executive officer of Macy's, Inc. "Our omnichannel
strategies continue to evolve based on the changes in our
customers' shopping behaviors, including a focus on buy online,
pickup in store and mobile-enabled shopping. In addition, we have
invested in and enlarged our customer data and analytics team,
which will help drive our new marketing strategies for 2017.
Whether it is improving corporate agility, enhancing our customer
engagement strategies, or continuing to capitalize on the
potential value of our real estate assets, we remain focused on
the actions that will ultimately improve our financial results and
provide the greatest return for our shareholders."

In conjunction with the Jan. 4 announcement, approximately $250
million of charges or 50 cents per share (of which approximately
$210 million is expected to be cash) are expected to be recorded
in the fourth quarter of 2016.  These charges were not previously
included in earnings guidance provided by the company and are in
addition to the $249 million recorded in the second quarter as an
estimate of asset impairment and other charges primarily related
to 2016 store closings.

                    Store Portfolio Restructure

The company announced 68 Macy's store closings (out of a current
total of 730 Macy's stores).  Of the 68, three closed mid-year, 63
will be closed in early spring 2017 and two will be closed in
mid-2017. Three other locations were sold, or are to be sold, and
are being leased back.  The company intends to opportunistically
close approximately 30 additional stores over the next few years
as leases or operating covenants expire or sale transactions are
completed.

As a result of closing 63 Macy's stores in early 2017, along with
the three closed mid-year 2016, the company's 2017 sales are
expected to be negatively impacted by approximately $575 million.
This reflects the company's ability to retain sales at nearby
stores and on macys.com through targeted marketing and
merchandising efforts.

Associates displaced by store closings may be offered positions in
nearby stores where possible.  Eligible full-time and part-time
associates who are affected by the store closings will be offered
severance benefits. The company estimates that 3,900 associates
will be displaced as a result of these closures.

"As we've noted, it is essential that we maintain a healthy
portfolio of the right stores in the right places. Our plan to
close approximately 100 stores over the next few years is an
important part of our strategy to help us right-size our physical
footprint as we expand our digital reach. We are closing locations
that are unproductive or are no longer robust shopping
destinations due to changes in the local retail shopping
landscape, as well as monetizing locations with highly valued real
estate," Lundgren said.  "These are never easy decisions, and we
are committed to treating associates affected by these closings
with respect and transparency."

Four new Macy's and Bloomingdale's stores are currently planned
and/or under construction, as previously announced.  In addition,
new Macy's and Bloomingdale's stores are planned to open in Abu
Dhabi, and one Bloomingdale's store is planned to open in Kuwait,
all under license agreements with Al Tayer Group.  The company
also plans to continue its expansion of Macy's Backstage (within
Macy's stores) and Bluemercury (freestanding and within Macy's
stores).

         Efficiency and Expense Reduction Initiatives

To address the need for greater efficiency and productivity,
Macy's, Inc. will implement the following changes in early 2017:

   * Restructuring its central organization with a focus on
eliminating layers of management to reduce costs while improving
decision making and agility.

   * Intensifying efforts to reduce non-payroll costs companywide
by achieving lower pricing and reducing consumption to deliver
sustainable savings.

   * Making changes to the way stores are operated and reducing
field infrastructure given the reduced store sales and evolving
customer behavior.

The company estimates that these actions will result in a
headcount reduction of approximately 6,200.

                           Real Estate

The company continues to drive shareholder value through ongoing
real estate initiatives.  As previously communicated, the three
prongs of the real estate strategy are: flagship assets, closure
of approximately 100 stores and creating value from the remaining
real estate portfolio. Since the end of the third quarter, Macy's,
Inc. has completed the following transactions that, in total,
resulted in the receipt of approximately $95 million of cash
proceeds and gain recognition of approximately $56 million:

   * Sale of the Stonestown store in San Francisco, CA, to General
Growth Properties (GGP). Macy's, Inc. will lease this store back
from GGP as that company develops plans for this location.

   * Sale of the downtown Portland, OR, store (announced in the
third quarter release).

In addition, the company has signed an agreement to sell the
downtown Minneapolis store to the 601W Companies, whose intention
is to redevelop the building into creative office space on the
upper floors and to pursue retail opportunities on the street and
skywalk levels. This transaction is expected to close by fiscal
year end.

                      Macy's Store Closings

Already Completed 2016 Closings:

   * Laurel Plaza, North Hollywood, CA (475,000 square feet;
opened in 1995; 105 associates);
   * Ala Moana Jewel Gallery, Honolulu, HI (2,000 square feet;
opened in 1986; 9 associates);
   * Valley Fair, West Valley City, UT (106,000 square feet;
opened in 1970; 53 associates);

Already Announced Year-End 2016 Closings:

Final clearance sales at the following Macy's stores closing in
early 2017 will begin on Monday, January 9, and run for
approximately eight to 12 weeks (with the exception of Lancaster
Mall*, where final clearance sales are already in progress):

   * Greenwood, Bowling Green, KY (124,000 square feet; opened in
1980; 63 associates);
   * Carolina Place, Pineville, NC (151,000 square feet; opened in
1993; 69 associates);
   * Douglaston, Douglaston, NY (158,000 square feet; opened in
1981; 144 associates);
   * Downtown Portland, Portland, OR (246,000 square feet; opened
in 2007; 85 associates);
   * Lancaster Mall, Salem, OR (67,000 square feet; opened in
1980; 53 associates);
   * Oakwood Mall, Eau Claire, WI (104,000 square feet; opened in
1991; 55 associates)

Year-End Closings

   * Mission Valley Apparel, San Diego, CA (385,000 square feet;
opened in 1961; 140 associates);
   * Paseo Nuevo, Santa Barbara, CA (141,000 square feet; opened
in 1990; 77 associates);
   * Lakeland Square, Lakeland, FL (101,000 square feet; opened in
1995; 68 associates);
   * Oviedo Marketplace, Oviedo, FL (195,000 square feet; opened
in 2000; 83 associates);

   * Sarasota Square, Sarasota, FL (143,000 square feet; opened in
1977; 86 associates);
   * University Square, Tampa, FL (140,000 square feet; opened in
1974; 73 associates);
   * CityPlace, West Palm Beach, FL (108,000 square feet; opened
in 2000; 72 associates);
   * Georgia Square, Athens, GA (121,000 square feet; opened in
1981; 69 associates);
   * Nampa Gateway Center, Nampa, ID (104,000, square feet; opened
in 2009; 57 associates);
   * Alton Square, Alton, IL (180,000 square feet; opened in 1978;
54 associates);
   * Stratford Square, Bloomingdale, IL (149,000 square feet;
opened in 1981; 87 associates);
   * Eastland, Bloomington, IL (154,000 square feet; opened in
1999; 55 associates);
   * Jefferson, Louisville, KY (157,000 square feet; opened in
1979; 52 associates);
   * Esplanade, Kenner, LA (188,000 square feet; opened in 2008;
101 associates);
   * Bangor, Bangor, ME (143,000 square feet; opened in 1998; 65
associates);
   * Westgate, Brockton, MA (144,000 square feet; opened in 2003;
79 associates);
   * Silver City Galleria, Taunton, MA (152,000 square feet;
opened in 1992; 82 associates);
   * Lakeview Square Mall, Battle Creek, MI (102,000 square feet:
opened 1983; 51 associates);
   * Eastland Center, Harper Woods, MI (433,000 square feet;
opened in 1957; 121 associates);
   * Lansing, Lansing, MI (103,000 square feet; opened in 1979; 57
associates);
   * Westland, Westland, MI (334,000 square feet; opened in 1965;
106 associates);
   * Minneapolis Downtown, Minneapolis, MN (1,276,000 square feet;
opened in 1902; 280 associates);
   * Northgate, Durham, NC (187,000 square feet; opened in 1994;
72 associates);
   * Columbia, Grand Forks, ND (99,000 square feet; opened in
1978; 53 associates);
   * Moorestown, Moorestown, NJ (200,000 square feet; opened in
1999; 107 associates);
   * Voorhees Town Center, Voorhees, NJ (224,000 square feet;
opened in 1970; 77 associates);
   * Preakness, Wayne, NJ (81,000 square feet; opened in 1963; 72
associates);
   * Cottonwood, Albuquerque, NM (173,000 square feet; opened in
1996; 56 associates);
   * Las Vegas Boulevard, Las Vegas, NV (178,000 square feet;
opened in 1966; 84 associates);
   * Great Northern, Clay, NY (88,000 square feet; opened in 1989;
55 associates);
   * Oakdale Mall, Johnson City, NY (140,000 square feet; opened
in 2000; 58 associates);
   * The Marketplace, Rochester, NY (149,000 square feet; opened
in 1982; 77 associates);
   * Eastland, Columbus, OH (121,000 square feet; opened in 2006;
73 associates);
   * Sandusky, Sandusky, OH (133,000 square feet; opened in 1979;
61 associates);
   * Fort Steuben, Steubenville, OH (132,000 square feet; opened
in 1974; 59 associates);
   * Promenade, Tulsa, OK (180,000 square feet; opened in 1996; 58
associates);
   * Neshaminy, Bensalem, PA (211,000 square feet; opened in 1968;
89 associates);
   * Shenango Valley, Hermitage, PA (106,000 square feet; opened
in 1976; 69 associates);
   * Beaver Valley, Monaca, PA (203,000 square feet; opened in
1987; 78 associates);
   * Lycoming, Muncy, PA (120,000 square feet; opened in 1995; 61
associates);
   * Plymouth Meeting, Plymouth Meeting, PA (214,000 square feet;
opened in 1966; 74 associates);
   * Washington Crown Center, Washington, PA (148,000 square feet;
opened in 1999; 67 associates);
   * Parkdale, Beaumont, TX (171,000 square feet; opened in 2002;
67 associates);
   * Southwest Center, Dallas, TX (148,000 square feet; opened in
1975; 68 associates);
   * Sunland Park, El Paso, TX (105,000 square feet; opened in
2004; 71 associates);
   * Greenspoint, Houston, TX (314,000 square feet; opened in
1976; 70 associates);
   * West Oaks Mall, Houston, TX (244,000 square feet; opened in
1982; 135 associates);
   * Pasadena Town Square, Pasadena, TX (209,000 square feet;
opened in 1962; 78 associates);
   * Collin Creek, Plano, TX (199,000 square feet; opened in 1980;
103 associates);
   * Broadway Square, Tyler, TX (100,000 square feet; opened in
1981; 65 associates);
   * Layton Hills, Layton, UT (162,000 square feet; opened in
1980; 72 associates);
   * Cottonwood, Salt Lake City, UT (200,000 square feet; opened
in 1962; 88 associates);
   * Landmark, Alexandria, VA (201,000 square feet; opened in
1965; 119 associates);
   * River Ridge, Lynchburg, VA (144,000 square feet; opened in
1980; 60 associates);
   * Everett, Everett, WA (133,000 square feet; opened in 1977;
109 associates);
   * Three Rivers, Kelso, WA (51,000 square feet; opened in 1987;
57 associates);
   * Valley View, La Crosse, WI (101,000 square feet; opened in
1980; 57 associates)

OTHER 2017 CLOSINGS:

   * Simi Valley Town Center (men's/home/kids), Simi Valley, CA
(190,000 square feet; opened in 2006; 105 associates);
   * Mall at Tuttle Crossing (furniture/home/kids/men's), Dublin,
OH (227,000 square feet; opened in 2003; 52 associates)

STORES SOLD (OR TO BE SOLD) AND LEASED BACK:

These stores have been or will be sold, and Macy's will continue
to operate them on leases from the owners:

   * Stonestown Galleria, San Francisco, CA (280,000 square feet;
opened in 1952; 204 associates);
   * Union Square Men's, San Francisco, CA (248,000 square feet;
opened in 1974; 256 associates; as previously announced);
   * Tyson's Galleria, McLean, VA (265,000 square feet; opened in
1988; 122 associates; as previously announced)

(The number of associates given by store reflects the number of
positions eliminated.  Many of these associates will be placed in
other positions.)

Store Openings

Four new Macy's and Bloomingdale's stores are currently planned
and/or under construction, as previously announced.

New Macy's stores will be opening in:

   * Westfield Century City, Los Angeles, CA (a 155,000 square-
foot store to open in spring 2017; Macy's previously operated a
136,000 square-foot store in this location which closed in January
2016);
   * Fashion Place, Murray, UT (160,000 square feet; to open in
spring 2017; approximately 150 associates)

New Bloomingdale's stores will be opening in:

   * Westfield Valley Fair Shopping Center, San Jose, CA (150,000
square feet; to open in spring 2019; approximately 250
associates);
   * The SoNo Collection, Norwalk, CT (150,000 square feet; to
openin fall 2019; approximately 200 associates)

In addition, in the next two years, the company plans to open
approximately 50 additional Macy's Backstage off-price locations
(all of which will be inside existing Macy's stores) and about 50
Bluemercury beauty specialty stores (freestanding and shops inside
existing Macy's stores).

Internationally, under license agreements with Al Tayer Group, a
new Bloomingdale's store is planned to open in 360 Mall in Al
Zahra, Kuwait in Spring 2017 and new Macy's and Bloomingdale's
stores are planned to open in Al Maryah Central in Abu Dhabi,
United Arab Emirates, in 2018.

                        About Macy's, Inc.

Macy's, Inc. (NYSE:M), with corporate offices in Cincinnati and
New York, is one of the nation's premier retailers, with fiscal
2015 sales of $27.079 billion. The company operates about 880
stores in 45 states, the District of Columbia, Guam and Puerto
Rico under the names of Macy's, Bloomingdale's, Bloomingdale's
Outlet, Macy's Backstage and Bluemercury, as well as the
macys.com, bloomingdales.com and bluemercury.com websites.
Bloomingdale's in Dubai is operated by Al Tayer Group LLC under a
license agreement.

Macy's reported $21.274 billion in assets against $17.483 billion
in liabilities as of Oct. 29, 2016.

Macy's posted $139 million of net income on $17.263 billion of net
sales for the 39 weeks ended Oct. 29, 2016, compared with net
income of $528 million on $18.210 billion of net sales for the 39
weeks ended Oct. 31, 2015.


PUERTO RICO: Seeks Proposals for Legal, Financial Advisers
----------------------------------------------------------
Nick Brown at Reuters reports that Puerto Rico's new governor
wasted no time seeking advisers to help the island restructure $70
billion in debt, requesting late in January 2 that firms submit
their qualifications as legal and financial advisers.

Governor Ricky Rossello, who was sworn in, had sharply criticized
the financial policies of his predecessor, Alejandro Garcia
Padilla, during the 2016 campaign, according to Reuters.

Those policies were shaped in large part by law firm Cleary
Gottlieb Steen & Hamilton and financial adviser Millstein and Co.
Both firms have represented the island since 2014, as it descended
into economic crisis, the report notes.

The announcement from the Fiscal Agency and Financial Advisory
Authority, the island's primary fiscal agent, could bring the
firms' tenures to an end, the report relays.

Garcia Padilla pushed for sharp reductions in debt payments to
Puerto Rico's creditors and ordered several defaults during his
term, the report discloses.  Mr. Rossello, who favors U.S.
statehood for the island, believes it should try to limit such
cuts while imposing belt-tightening measures like consolidating
public agencies, the report notes.

Firms had until Jan. 5 to submit their qualifications.  Those that
have represented Puerto Rico's creditors are not barred from vying
for a contract, the report notes.

According to Puerto Rico's comptroller's office, Cleary and
Millstein are under contract through this fiscal year, which ends
on June 30, although Mr. Rossello can review those agreements, the
report notes.  Cleary was to be paid $11 million, and Millstein
was to get $9 million under the deals, the report says.

Puerto Rico owes $18 billion in general obligation debt, backed
only by a constitutional promise; $15 billion in so-called COFINA
debt backed by sales tax proceeds; and billions more in debt at
public agencies like power authority PREPA and water utility
PRASA, the report relays.

Nearly half the island's 3.5 million residents live in poverty.
Its unemployment rate is more than twice the U.S. average, and its
population continues to fall as locals flock to the U.S. mainland,
the report notes.

Creditors are barred from suing Puerto Rico over missed debt
payments at least through Feb. 15 under a federal rescue law known
as PROMESA, the report discloses.  The law, passed last year,
calls for the island to try to reach consensual compromises with
creditors in the meantime, the report notes.

Facilitating those talks will fall to a federal oversight board
that has hired its own advisers. It is unclear how much clout
Puerto Rico's government advisers would have in those talks, the
report adds.

                            *     *     *

The Troubled Company Reporter-Latin America reported on June 15,
2016, that the U.S. Supreme Court struck down a Puerto Rico law
that would have let its public utilities restructure their debt
over the objection of creditors leaving it to Congress to help the
island resolve its fiscal crisis.  Siding with bondholders
challenging the law, the court ruled 5-2 that the measure was
barred under federal bankruptcy law.

Justice Clarence Thomas, writing for the majority in the 5-to-2
decision, said the law was at odds with the federal bankruptcy
code, which bars states and lower units of government from
enacting their own versions of bankruptcy law.

Puerto Rico is struggling with $72 billion in debt and has argued
that it needs to restructure at least some of it under Chapter 9,
the part of the bankruptcy code for insolvent local governments.
But Puerto Rico is not permitted to do so, because Chapter 9
specifically excludes it.

The federal law, Justice Thomas wrote, "bars Puerto Rico from
enacting its own municipal bankruptcy scheme to restructure the
debt of its insolvent public utilities." Chief Justice John G.
Roberts Jr. and Justices Anthony M. Kennedy, Stephen G. Breyer and
Elena Kagan joined him.

Consequently, Puerto Rico opted to default on $911 million in
constitutionally guaranteed debt, or roughly half of the $2
billion in principal and interest that came due July 1, EFE News
reported.

The reported further noted that Puerto Rico enacted a debt
moratorium due to liquidity restraints -- a move that coincided
with a new U.S. law signed by President Obama that installs a
financial control board to restructure the island's debt and
provides a retroactive stay on lawsuits by bondholders.

On July 11, 2016, the TCR-LA reported that S&P Global Ratings has
downgraded the Commonwealth of Puerto Rico's general obligation
secured debt to 'D' (default) from 'CC' following the
commonwealth's default.

On July 7, 2016, Fitch Ratings has downgraded the Commonwealth of
Puerto Rico's Long-Term Issuer Default Rating (IDR) to 'RD' from
'C' and general obligation (GO) bond rating to 'D' from 'C'
following the payment default on certain GO bonds on July 1, 2016.
Both ratings are removed from Rating Watch. Ratings on securities
that have not defaulted will remain at 'C' until the point of
default. The ratings on non-defaulted bonds remain on Rating Watch
Negative.



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


CARIBBEAN AIRLINES: Records Decline in Guyanese Passengers
----------------------------------------------------------
RJR News reports that Caribbean Airlines Limited has recorded a
10% decline in Guyanese passengers.

According to a report from the Cheddi Jagan Airport, Guyanese
passengers are choosing other airlines over CAL and avoiding
transiting through Trinidad and Tobago, RJR News notes.

The airport report said figures for Caribbean Airlines'
competitors have soared, according to RJR News.

The airport report revealed there was a 97 per cent increase in
flights via Copa Airways from Guyana to Panama, while the
Guyanese-owned Fly Jamaica Airways also saw an increase of 79 per
cent, RJR News notes.

Suriname Airways saw a 65 per cent increase, while Dynamic saw its
passenger load go up by 23 per cent and Insel Air saw a 16 per
cent rise in the passenger load from Guyana, RJR News says.

In June last year, Guyanese passengers complained that they were
not being allowed to check in duty-free purchases of alcohol when
transiting through Trinidad and Tobago resulting in them having to
destroy the items, RJR News relays.

Additionally, the airline only allows passengers one checked bag
at no cost, while many other airlines flying into Guyana allow for
two checked bags weighing up to 50 pounds each, free of charge,
and a carry-on with a weight allowance of  up to 20 pounds, RJR
News discloses.

CAL said it was merely following US civil aviation rules.
The airline has since introduced a system allowing passengers to
make their duty-free purchases and then go to a secured part of
the airport to place it into their checked bags, RJR News adds.

                    About Caribbean Airlines

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

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

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

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


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


PETROLEOS DE VENEZUELA: Sued Over Latest Citgo Deal
---------------------------------------------------
Andrew Scurria at The Wall Street Journal reports that Petroleos
de Venezuela SA is facing new legal action from North American
multinationals over financial maneuvers they say are designed to
shield the state-owned oil giant's U.S. assets from seizure.

Canadian mining company Crystallex International Corp. expanded an
existing lawsuit in Delaware federal court against PdVSA, as the
struggling national company is known, according to The Wall Street
Journal.  At issue is a loan transaction that PdVSA quietly
undertook last month with Rosneft Trading SA, an affiliate of
Russia's state-owned oil company that was also named as a
defendant, the report notes.

Lawyers for U.S. oil producer ConocoPhillips, another plaintiff
suing PdVSA, also said that it would seek relief from the court,
the report says.  The two companies are seeking large awards from
Venezuela in international arbitration tribunals over
nationalizations carried out under the nation's deceased
president, Hugo Chavez, the report notes.

PdVSA, the major economic engine in recession-ravaged Venezuela,
has drawn the companies' ire by taking steps they say are meant to
mortgage the assets of its U.S. subsidiary Citgo Holdings and
repatriate the proceeds to Venezuela, beyond the reach of the U.S.
court system and the country's so-called judgment creditors, the
report discloses.

International arbitration awards must be enforced for judgment
holders to collect anything, and Citgo, one of the largest U.S.
refiners, is a logical candidate for seizure, the report relays.

The report recalls that Crystallex and ConocoPhillips filed
lawsuits in Delaware in October after PdVSA pledged its 50.1%
stake in Citgo as collateral for investors as part of a $2.8
billion bond swap.  In the transaction, which PdVSA struggled to
complete, investors agreed to exchange $2.8 billion in bonds
maturing in 2017 for $3.4 billion in bonds due in 2020, the report
notes.

The plaintiffs have asked the court to cancel the lien on Citgo's
stock and declare the pledge a fraudulent transfer, the report
relays.  An attorney for PdVSA couldn't be reached for comment.

The swap reduced the Venezuelan government's debt load between now
and 2018 to $13 billion from about $15 billion, the report notes.
It also gave the company "breathing space" to stabilize a decline
in oil production and let investors collect juicy yields for
longer, PdVSA President Eulogio del Pino told The Wall Street
Journal at the time, the report relays.

Mr. del Pino also said in the interview that Citgo could be used
as collateral for other deals, the report notes.  The following
month, PdVSA filed financial documents in Delaware mortgaging its
remaining 49.1% stake in Citgo to Rosneft, according to court
papers submitted by the plaintiffs, the report relays.

PdVSA confirmed in a Dec. 23 statement that it had used the
remainder of its Citgo stake "to raise new financing," though it
didn't detail what it received from Rosneft in return, the report
discloses.

"It is clear that Citgo continues to be owned by PdVSA, a company
that has demonstrated to be absolutely sound, serious and
solvent," the statement said, the report notes.  A $3 billion
tranche of 12.75% PdVSA bonds sold in 2011 and maturing in 2022
traded on Thursday, Jan. 5 at 63.5 cents on the dollar, according
to FactSet, having recovered from their all-time low of 34.15
cents on the dollar last February, the report relays.

Crystallex is also suing PdVSA to recoup a $2.8 billion dividend
that Citgo allegedly transferred to its parent in 2015 using the
proceeds of a U.S. bond sale, the report notes.  That was after
PdVSA abandoned plans in early 2015 to sell the subsidiary
outright, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Moody's Investors Service assigned a Caa3 rating to
Petroleos de Venezuela, S.A. (PDVSA)'s 8.5% $3.4 billion in senior
secured notes due 2020.  The outlook on the rating in negative.



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


* BOND PRICING: For the Week From Jan. 2 to Jan. 6, 2017
---------------------------------------------------------

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



                            ***********


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

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

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


                            ***********


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

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

Copyright 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.


                   * * * End of Transmission * * *