TCRLA_Public/170213.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, February 13, 2017, Vol. 18, No. 031


                            Headlines



B R A Z I L

BRAZIL: Fiscal Reform Faces Headwinds Amid Scandals
CAMPOSOL SA: S&P Raises CCR to 'B-' After Full Notes Redemption
ODEBRECHT SA: Judge Orders Arrest of Ex-Peru President on Case


C A Y M A N  I S L A N D S

AES EL: Commences Liquidation Proceedings
ASIA STAR: Commences Liquidation Proceedings
AVENUE ASIA: Commences Liquidation Proceedings
AVENUE STRATEGIC: Commences Liquidation Proceedings
AVENUE STRATEGIC FEEDER: Commences Liquidation Proceedings

BALLISODARE INVESTMENTS: Commences Liquidation Proceedings
DENDERA LTD: Commences Liquidation Proceedings
EJF GREATER: Commences Liquidation Proceedings
GENTING SINGAPORE: Commences Liquidation Proceedings
GRANITE INVESTORS: Commences Liquidation Proceedings

GREAT FORTUNE: Placed Under Voluntary Wind-Up


H A I T I

HAITI: IMF Okays SDR30.7125 Million Disbursement


J A M A I C A

* JAMAICA: Projected to Achieve Over 2% Growth


M E X I C O

BANCA MIFEL: S&P Affirms 'BB/B' Global Scale Ratings
EMPRESAS ICA: S&P Affirms 'D' CCR & Sr. Unsecured Debt Ratings
MEXICO: Mexicans Vow to Fight Trump by Jamming U.S. Courts


P U E R T O    R I C O

BS PUERTO RICO: Financial Buffers Improved Amid PR's Recession
ECRA GROUP: Court Conditionally Approves Disclosure Statement
ERGON CARIBBEAN: Taps Jimenez Vazquez as Accountant
OLIVER C&I: Needs Until May 15 to Submit Plan of Reorgnization
SPANISH BROADCASTING: Reports Select Financial Results for 2016


X X X X X X X X X

* BOND PRICING: For the Week From Feb. 6 to Feb. 10, 2017


                            - - - - -


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


BRAZIL: Fiscal Reform Faces Headwinds Amid Scandals
---------------------------------------------------
Paulo Trevisani at The Wall Street Journal reports that Brazilian
President Michel Temer's efforts to rein in state spending faced
new headwinds this week as some key allies of the administration
were hit by accusations of corruption.

In the past few days, several top politicians backing Mr. Temer's
unpopular economic reform proposals became embroiled in scandals
related to Operation Car Wash, the sprawling corruption
investigation centered on state oil company Petroleo Brasileiro
SA, or Petrobras, according to The Wall Street Journal.

The distractions come as lawmakers began discussions this week on
controversial pension and labor reforms, the report notes.  The
latest accusations of wrongdoing have been denied and
investigations are under way, but they could weaken the reform
agenda, said Andre Cesar, a political analyst in Brasilia, the
report relays.

"The reforms are very sensitive and any noise has the potential to
derail them," Mr. Cesar said. "And anything related to Car Wash
makes a lot of noise," he added.

A spokesman for Mr. Temer said the administration is focused on
keeping the government moving despite the crisis.

Mr. Temer's week of troubles first centered on Wellington Moreira
Franco, a longtime economic adviser to the president's Brazilian
Democratic Movement Party (PMDB) and whom Mr. Temer nominated for
a ministerial position earlier this month, the report notes.

Some lower-court judges are working to block the nomination,
saying the administration is trying to make Mr. Franco a minister
only to give him the protection from prosecution granted to
cabinet members by Brazilian law, the report discloses.  The
judges cited unconfirmed local media reports that Mr. Franco had
been mentioned by a state witness in the Petrobras probe as having
solicited illegal payments in exchange for channeling government
contracts to favored firms, the report relays.  Mr. Franco has
denied wrongdoing.

The administration has appealed the attempt to block Mr. Franco's
nomination, and the case is now before the Supreme Court, which is
expected to rule on it sometime, the report says.

Mr. Franco declined to comment, through a spokesman.  The
administration's legal team said in court documents his nomination
was legal and not aimed at protecting him, the report notes.

Other key members of the PMDB, including House Speaker Rodrigo
Maia and Rio de Janeiro Governor Luiz Fernando de Souza, were also
accused by investigators of taking bribes in separate cases, the
report relays.

Messrs. Maia and Souza both have denied the accusations.  Mr.
Souza is appealing an electoral court order for him to step down
and will remain in office while judges consider his request, which
could take months, the report says.

The slew of legal troubles gave ammunition to an opposition eager
to defeat Mr. Temer's agenda, which includes raising the
retirement age to try to prop up the country's insolvent pension
system and more flexible labor laws intended to reduce labor
costs, the report says.

"These reforms are very contentious by nature [and some] are even
cruel," said Representative Paulo Teixeira, of the leftist
Workers' Party, or PT, which was forced out of the presidential
palace last year when former President Dilma Rousseff was removed
from office following an impeachment trial supported by Mr. Temer
and the PMDB, the report notes.

"Approving these proposals requires legitimacy, and the scandals
sap the administration's legitimacy," Mr. Teixeira said, the
report discloses.

To be sure, the odds are still high that Congress will approve
pension and other reforms, thanks to Mr. Temer's solid coalition
in the legislature and the fact that key members of the PT are
also under investigation, said Geraldo Tadeu Monteiro, a political
analyst at the State University of Rio de Janeiro, the report
notes.

The administration's base of support in Congress is strong, he
said.  "The scandals give some ammunition to the opposition, but
the opposition is also enmeshed in Car Wash," he added.

Members of the various parties in Congress that support the
administration's proposals have expressed confidence the reforms
will proceed, the report relays.

"This is just one more crisis" out of many jolting Brazil's
establishment over the past few years, said PMDB member Rep.
Darcisio Perondi.  "We've managed to keep the [governing coalition
in Congress] together and we are advancing," Mr. Perondi added.

But in Brazil's cutthroat political environment, any signs of
vulnerability could be damaging, says Paulo Carlos Calmon, a
political scientist at University of Bras°lia, the report notes.

"This week's blows could increase mistrust in the government," he
said.  "These reforms have a high political cost, which rises if
the administration supporting them loses credibility, he added.

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


CAMPOSOL SA: S&P Raises CCR to 'B-' After Full Notes Redemption
---------------------------------------------------------------
S&P Global Ratings raised its corporate credit rating on Camposol
S.A. to 'B-' from 'CCC'.  The outlook is positive.  At the same
time, S&P raised its issue-level rating on the company's
$147.5 million senior secured notes due 2021 to 'B-' from 'CCC-'.

The upgrade of Camposol follows the full redemption of its senior
unsecured notes due Feb. 2, 2017.  On that date, the company made
a $47 million payment on the remaining balance of the notes that
were not validly tendered in the exchange offer completed in May
2016, nor redeemed in December 2016.  The company funded this debt
repayment with cash on balance and a $15 million mid-term bank
loan.  Upon redemption of the notes, Camposol has eased S&P's
concerns on refinancing risk.  In addition, the company has
improved its liquidity, which will continue supporting its growth
plans, while it is better positioned to continue fulfilling its
short-term financial commitments.

Camposol's business risk profile reflects its limited scale of
operations compared with those of its global rated peers, limited
product diversification, and its asset concentration in Peru.  The
assessment also encompasses the company's vulnerability to risks
beyond its control such as adverse weather conditions and
international terms of trade.  Mitigating factors include
Camposol's improving operating performance and profitability as a
result of increasing production of blueberries (its highest-margin
crop), and higher average prices at its seafood business segment.
Based on these factors, along with likely steady harvest yields,
S&P expects EBITDA margins of nearly 25% for the next 12 months,
higher than in previous years.

Camposol's financial risk profile incorporates volatile cash flow
stemming from the cyclical nature of the business and significant
price fluctuations of the company's products.  Nonetheless, if
S&P's expectations of steady top-line growth, improved
profitability, and lower working capital requirements materialize,
Camposol will gradually boost operating cash flows and reduce
leverage in the next 12 months.  By the end of 2016, S&P expects
debt to EBITDA and EBITDA interest coverage near 3.6x and 2.8x,
respectively, outperforming S&P's previous estimates.  S&P also
expects these ratios to reach below 3.0x and above 3.0x,
respectively, by the end of 2017.

S&P's base-case scenario assumes these factors for 2017 and 2018:

   -- Mid- to low-single digit annual GDP growth in the U.S.,
      Europe, and Asia, which are markets that S&P expects to
      represent together more than 80% of Camposol's total sales.
      In S&P's view, GDP growth and higher income per capita in
      these markets will continue to support purchases of exotic
      fruits and vegetables, which are discretionary in nature.

   -- Revenue growth of 13.0% in 2017, primarily supported by
      increasing sales volumes of blueberries and seafood,
      stabilizing to 5.8% in 2018.

   -- Annual capital expenditures (capex) between $50 million and
      $60 million for 2016 and 2017, mainly to support the higher
      output of blueberries and seafood.

   -- Moderate dividend distributions.

Based on these assumptions, S&P arrives at these credit metrics
for 2017 and 2018:

   -- EBITDA margins close to 25%;

   -- Debt to EBITDA of 2.8x and 2.5x;

   -- Funds from operations (FFO) to debt of more than 20%; and

   -- EBITDA to interest coverage above 3.0x.

S&P is revising its assessment of Camposol's liquidity to less
than adequate from weak following the timely payment of the
remaining amount of its senior unsecured notes due February 2017.
Although S&P forecasts that Camposol's cash sources-over-uses
ratio will remain below 1.2x for the next 12 months as of
September 2016, S&P expects higher cash flow generation to
gradually improve the company's liquidity in the next few
quarters.

Principal Liquidity Sources:

   -- Cash and cash equivalents of $31.5 million as of Sept. 2016;

   -- FFO of about $51 million for the next 12 months; and

   -- Working capital inflow of about $3.2 million for the next 12
      months.

Principal Liquidity Uses:

   -- Short-term debt of $81.2 million as of September 2016, which
      include $52.5 million that have already been paid; and

   -- Maintenance capex of about $15 million for the next 12
      months.

Camposol's covenants are of incurrence and set a maximum net debt
to EBITDA of 3.25x, which the company is currently in breach and
can't raise any additional debt, except for working capital
financing up to 25% of total revenue, debt repayment, and up to
$20 million for other needs.

The positive outlook reflects the potential for a further upgrade
if Camposol's favorable growth prospects, stemming from increasing
blueberry production and an improving operating performance of its
seafood business segment, lead to stronger credit metrics and
liquidity in the next 12 months.  Under such a scenario, debt to
EBITDA would consistently be less than 3.0x and EBITDA interest
coverage more than 3.0x.

S&P could revise the outlook to stable in the next 12 months if
Camposol pursues an aggressive investment and compensation
strategy that further tightens its liquidity and/or if risks
beyond control such as less favorable international terms of trade
and adverse weather conditions constrain cash flow generation,
leading to debt to EBITDA consistently above 3.0x, an EBITDA to
interest coverage below 3.0x, and tighter liquidity.


ODEBRECHT SA: Judge Orders Arrest of Ex-Peru President on Case
--------------------------------------------------------------
Ryan Dube at The Wall Street Journal reports that a judge on
Thursday ordered the arrest of former Peruvian President Alejandro
Toledo as part of a region-wide corruption scandal tied to
Brazilian construction giant Odebrecht SA.

Judge Richard Concepcion said evidence presented by prosecutors
pointed to a "high degree of probability" that Mr. Toledo
allegedly took bribes from Odebrecht in exchange for public-works
contracts during his administration, according to The Wall Street
Journal.

The report notes that Judge Concepcion ordered Mr. Toledo, who
governed from 2001 to 2006, to be detained for 18 months as
prosecutors prepare charges of money laundering and influence
peddling.

Prosecutors suspect Mr. Toledo took $20 million in bribes in
exchange for steering to Odebrecht contracts for a highway project
connecting southern Peru to Brazil, the report notes.  Prosecutors
say they have evidence that some of those funds were deposited
into offshore bank accounts of a close associate of the former
president, the report relays.

Mr. Toledo, who rose to power leading protests against the corrupt
regime of jailed former President Alberto Fujimori, has denied
wrongdoing, the report discloses.

His lawyer, Heriberto Benitez, argued in court that the arrest
order for the 70-year-old Mr. Toledo was excessive, the report
says.

After the ruling, Mr. Benitez told reporters that Mr. Toledo would
appeal the decision, the report notes.  He said he would recommend
to Mr. Toledo that he not return to Peru, claiming that he
wouldn't receive a fair trial, the report relays.

Mr. Toledo, a visiting scholar at Stanford University, is believed
to be outside of Peru, the report says.  Attorney General Pablo
Sanchez said that an international arrest warrant would be issued
if he doesn't return to Peru voluntarily, the report notes.

The Odebrecht SA scandal has reverberated across Latin America
after the company admitted in December that it paid almost $800
million in bribes to officials to win large public-works
contracts, according to a settlement with the U.S. Department of
Justice, the report adds.

As reporter in the Troubled Company Reporter-Latin America on
Dec. 2, 2016, The Wall Street Journal related 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
==========================


AES EL: Commences Liquidation Proceedings
-----------------------------------------
The shareholders of AES EL Salvador Distribution Ventures, Ltd.,
on Dec. 6, 2016, 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:

          James Kostura
          c/o Maples and Calder
          Attorneys-at-law
          Ugland House
          P.O. Box 309
          Grand Cayman KY1-1104
          Cayman Islands


ASIA STAR: Commences Liquidation Proceedings
--------------------------------------------
The sole member of Asia Star Investments Holding Ltd., on Dec. 16,
2016, resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

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


AVENUE ASIA: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of Avenue Asia International Master Genpar,
Ltd., on Dec. 16, 2016, 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:

          Sonia Gardner
          Walkers
          190 Elgin Avenue George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


AVENUE STRATEGIC: Commences Liquidation Proceedings
---------------------------------------------------
The sole shareholder of Avenue Strategic Partners, Ltd., on Dec.
14, 2016, 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:

          Sonia Gardner
          Avenue Capital Group
          399 Park Avenue, 6th Floor
          New York, NY 10022
          United States of America
          Telephone: +1 (212) 878 3500


AVENUE STRATEGIC FEEDER: Commences Liquidation Proceedings
----------------------------------------------------------
The sole shareholder of Avenue Strategic Partners Feeder, Ltd., on
Dec. 14, 2016, 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:

          Sonia Gardner
          Avenue Capital Group
          399 Park Avenue, 6th Floor
          New York, NY 10022
          United States of America
          Telephone: +1 (212) 878 3500


BALLISODARE INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------------
The shareholder of Ballisodare Investments, on Dec. 12, 2016,
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Amicorp Cayman Fiduciary Limited
          c/o Nicole Ebanks-Sloley
          The Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 10655 Grand Cayman KY1-1006
          Cayman Islands
          Telephone: (345) 943-6055


DENDERA LTD: Commences Liquidation Proceedings
----------------------------------------------
The sole member of Dendera Ltd, on Dec. 15, 2016, resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

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


EJF GREATER: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of EJF Greater China Master Fund, Ltd., on
Dec. 15, 2016, resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

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


GENTING SINGAPORE: Commences Liquidation Proceedings
----------------------------------------------------
The sole shareholder of Genting Singapore Aviation Management, on
Dec. 15, 2016, resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

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


GRANITE INVESTORS: Commences Liquidation Proceedings
----------------------------------------------------
The sole shareholder of Granite Investors, LLC, on Dec. 15, 2016,
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

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


GREAT FORTUNE: Placed Under Voluntary Wind-Up
---------------------------------------------
The sole member of Great Fortune Asia Fund, on Dec. 16, 2016,
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 24, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

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



=========
H A I T I
=========


HAITI: IMF Okays SDR30.7125 Million Disbursement
------------------------------------------------
The International Monetary Fund (IMF) on Feb. 6, 2017, released
the staff report prepared in connection with the approval of the
Rapid Credit Facility (RCF) for Haiti in the wake of Hurricane
Matthew. On November 18, 2016, the Board approved Haiti's request
for a disbursement of 30.7125 million SDR (about US$41.6 million)
in financial assistance under the RCF, to help with urgent balance
of payments needs in the aftermath of the Category 4 hurricane
that struck the nation on October 4.

Since the approval of the RCF two months ago, Haiti has peacefully
elected a new president, Jovenel Moise, who is due to be
inaugurated February 7. During this period, and with the support
of the RCF disbursement, the Banque de la Republique d'Haiti (BRH)
has continued to rebuild its net international reserves. At the
same time, the pace of currency depreciation has slowed, from 25
percent year-on-year through September 2016, to 17 percent year-
on-year in December (10.5 percent quarter-on-quarter annualized
rate). Despite the favorable impact of the slowdown in
depreciation, increases in food prices -- due in part to the
hurricane -- have pushed CPI inflation from 12.5 percent in
September 2016 to 14.3 percent in December 2016.

As a country with widespread development needs, Haiti continues to
face substantial challenges. The successful conclusion of the
recent presidential election provides Haiti with an opportunity to
rebuild from the storm and to advance its reform agenda. The IMF
looks forward to continuing to work together with the Haitian
authorities in designing policies to support macroeconomic
stability needed to boost economic growth.



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


* JAMAICA: Projected to Achieve Over 2% Growth
----------------------------------------------
RJR News reports that Jamaica is projected to achieve 2.3% growth
during the 2017/2018 fiscal year.

The projection is included in the Fiscal Policy Paper tabled
yesterday in the House of Representatives, according to RJR News.
It said the projection reflects improvement in most industries
resulting from increased domestic and external demand, the report
notes.

The goods-producing and services industries are estimated to
increase by 5.7% and 1.2 %. Mining and Quarrying as well as
agriculture, forestry and fishing along with hotels and
restaurants have been listed among the main drivers of growth, the
report relays.

As reported in the Troubled Company Reporter-Latin America on
Feb. 9, 2017, Fitch Ratings has affirmed Jamaica's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B'
with a Stable Outlook. The issue ratings on Jamaica's senior
unsecured Foreign and Local Currency bonds are also affirmed at
'B'. The Outlooks on the Long-Term IDRs are Stable. The Country
Ceiling is affirmed at 'B' and the Short-Term Foreign Currency and
Local Currency IDRs at 'B'.



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


BANCA MIFEL: S&P Affirms 'BB/B' Global Scale Ratings
----------------------------------------------------
S&P Global Ratings affirmed its 'BB/B' global scale and
'mxA/mxA-2' national scale ratings on Banca Mifel S.A.  The
outlook for both scales remains stable.  At the same time, S&P
affirmed its 'B' issue-level rating on the bank's fixed-rate
cumulative subordinated preferred notes.

S&P's issue credit ratings on Banca Mifel reflect it revenues
stability although from a concentrated business mix that relies on
commercial and housing loans.  S&P's projected RAC ratio for the
bank of about 7.4% for 2017 and 2018 incorporates a credit growth
above the industry's expected average and stable internal capital
generation.  Banca Mifel's loan portfolio remains concentrated but
its asset quality metrics are in line with the banking industry's
average.  The ratings also incorporate a lower proportion of
deposits in the bank's funding structure than the industry's
average and a stable funding ratio below that of the system.
Banca Mifel's liquidity position provides adequate cushion to cope
with unexpected cash outflows in the next 12 months.  The stand-
alone credit profile (SACP) remains at 'bb'.


EMPRESAS ICA: S&P Affirms 'D' CCR & Sr. Unsecured Debt Ratings
--------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'D' global scale and
national scale corporate credit and senior unsecured debt ratings
on Empresas ICA S.A.B. de C.V. (ICA).  At the same time, S&P's '5'
recovery rating on the company's senior unsecured debt, indicating
a modest recovery prospects (lower band of the 10%-30% range),
remains unchanged.

After ICA's Dec. 18, 2015 announcement of a missed interest
payment on its 2024 notes, S&P downgraded the company to 'D'.  ICA
is still restructuring its defaulted obligations.  Once it's
completed, S&P will reassess company's credit quality.  ICA
expects to complete its restructuring process during 2017.

   -- S&P's assessment of the recovery prospects and issue-level
      ratings for the company results in a recovery rating of '5'
      unchanged from S&P's previous assessment.

   -- The company has already defaulted on its debt obligations.
      The decrease in public-sector spending has reduced the
      company's backlog.  Also, heightened foreign exchange
      volatility has increased the company's debt outstanding
      denominated in US$.

   -- The company is still working on a restructuring plan and has
      begun the process of engaging with its creditors and other
      stakeholders.  S&P has valued ICA on a going concern basis
      using a 4.0x multiple of its projected emergence EBITDA.

   -- For valuation purposes, S&P adjusts the company's EBITDA by
      excluding its EBITDA associated with project-finance debt.
      In other words, S&P excludes EBITDA generated by those
      assets that carry non-recourse debt.  Projected emergence
      EBITDA of approximately MXN1.7 billion.  This estimate
      assumes that operating activities in the construction
      division are scaled back during the last quarter of 2016 and
      in 2017, which would bring the division's EBITDA close to
      zero.

   -- S&P's recovery rating on the company's $500 million,
      $700 million, and $350 million ($150 million outstanding)
      senior unsecured notes is '5', indicating S&P's expectation
      of a modest (lower part of the 10%-30% range) recovery for
      unsecured lenders in the event of a payment default with a
      13.3% recovery.

   -- Net enterprise value (after 7% administrative costs): MXN6.3
      Billion

   -- Recovery expectations: 10%-30%

   -- Total unsecured debt: MXN27.6 billion


MEXICO: Mexicans Vow to Fight Trump by Jamming U.S. Courts
----------------------------------------------------------
Jose de Cordoba and Santiago Perez at The Wall Street Journal
report that influential Mexicans are pushing an aggressive and
perhaps risky strategy to fight a likely increase in deportations
of their undocumented compatriots in the U.S. -- jam U.S.
immigration courts in hopes of causing the already overburdened
system to break down.

The proposal calls for ad campaigns advising migrants in the U.S.
to take their cases to court and fight deportation if detained,
according to The Wall Street Journal.  "The backlog in the
immigration system is tremendous," said former Foreign Minister
Jorge Castaneda.  The idea is to double or triple the backlog,
"until [U.S. President Donald] Trump desists in this stupid idea,"
he added.

Mr. Castaneda is part of a group of Mexican officials,
legislators, governors and public figures planning to meet with
migrant groups Saturday in Phoenix to lay out plans to confront
the Trump administration's deportation policy, the report notes.

Mexico's government hasn't endorsed the strategy or the group's
Phoenix mission, the report relays.  But it recently allocated
some $50 million to assist undocumented migrants facing
deportation, and President Enrique Pena Nieto has instructed the
country's 50 consulates in the U.S. to defend migrants, the report
notes.

The report notes that Mexico's Foreign Ministry said it has
intensified efforts to protect Mexican migrants, "foreseeing the
hardening of measures by immigration authorities in the U.S., as
well as possible constitutional violations during raids or in due
process," the report discloses.

Several senators in the newly engaged group -- called Monarca
after the butterflies that migrate across North America -- plan to
meet with Phoenix Mayor Greg Stanton and Sen. Jeff Flake (R.,
Ariz.) to highlight the risks they said Mr. Trump's proposed
policies pose to Mexican-U.S. relations, the report notes.

"Mexico is helping on the fight on terror and that collaboration
should be put under review given the attitude of Trump," said
Armando Rios Piter, a senator with the leftist Party of the
Democratic Revolution attending the weekend meetings.  "It's
important to make clear to them the possible consequences if Trump
keeps a hostile and aggressive stance," he added.

The issue of stepped-up deportations is moving to the forefront in
bilateral relations that have fractured since Donald Trump's
inauguration, the report notes.  Mr. Trump's plans to deport
undocumented Mexicans, renegotiate the countries' free-trade deal,
and build a border wall at Mexico's expense have sparked a
nationalist backlash south of the border, the report says.

Along with confronting the Trump administration by overwhelming
tribunals, Monarca is also exploring making the U.S. responsible
for providing documentation that deportees are Mexicans, Mr.
Castaneda says, rather than Mexico accepting them without that
documentation, the report relays.

Meanwhile, a group of senators said they were working on
legislation to explicitly prohibit the government from allocating
funds to build a border wall, the report notes.  Other
contemplated legislation could lay out retaliatory measures if the
U.S. government seeks to tax or block remittances to Mexico from
migrants in the U.S., or to levy a border tax on Mexican exports,
senators from the three main parties said, the report discloses.

"We want to be friends, but in the face of continued hostility we
don't have to keep a friendly attitude forever," said Arturo
Zamora, a senator with Mr. Pena Nieto's ruling Institutional
Revolutionary Party, the report relays.

The new U.S. administration's plans have put Mr. Pena Nieto in an
uncomfortable position of defending Mexico's interest while
keeping communications channels open with his mercurial American
counterpart, the report relays.

The fate of undocumented Mexicans in the U.S. is quickly becoming
a major political issue, says pollster Ulises Beltran, the report
discloses.  Mr. Pena Nieto has begun meeting returning deportees
at the airport, and leftist populist Andres Manuel Lopez Obrador
is to tour U.S. cities with large Mexican populations, starting
with a Sunday rally in Los Angeles to blast Mr. Trump's
immigration policies, the report notes.

Mr. Castaneda said it makes better sense for Mexico to work to
keep migrants in the U.S. rather than resettling them in Mexico,
where many would lack jobs, the report discloses.

Going through the courts, however, entails risks for undocumented
emigrants, who may be held in U.S. detention centers for months
while the deportation process plays out instead of being quickly
sent back to Mexico, says Mr. Castaneda, the report relays.

Mexican government funds should be used by consulates to fund
legal representation and pay bail if necessary, he added, and any
court delays should be litigated as violations of due process, a
move that could significantly delay deportation flows, the report
notes.

The Obama administration deported more illegal immigrants than any
before it, the report recalls.  But Mexico is concerned that the
new administration is widening its range of targets, citing
Thursday's deportation of Guadalupe Garc°a, a 36-year-old Mexican
who lived in the U.S. for 22 years and has two U.S.-born children,
the report says.

Observers say her deportation from Phoenix was a first concrete
example of the Trump administration's declared aim to broaden the
categories of undocumented immigrants liable to deportation, from
what the U.S. president has called "bad hombres" to migrants
charged with less serious violations or seen as posing risks to
community safety, the report notes.

Ms. Garcia was convicted of identity theft, a felony, after being
arrested in 2009 with a false social security card, but had been
checking in with immigration agents every six months, the report
relays.  This week, when she reported to their Immigration and
Customs Enforcement office in Phoenix, she was detained and, after
hours of protests by demonstrators, deported to Mexico, the report
adds.



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


BS PUERTO RICO: Financial Buffers Improved Amid PR's Recession
--------------------------------------------------------------
Moody's-rated Puerto Rican banks, Banco Santander Puerto Rico
(BSPR, A2/Baa2 stable, ba3), Banco Popular de Puerto Rico
(Popular, Ba2/B2 stable, b1) and FirstBank Puerto Rico (B1/Caa1
stable, b3) have improved their capitalization, reserves and core
funding in the face of protracted economic recession in the
Commonwealth of Puerto Rico (Caa3 developing), Moody's Investors
Service says in a new report.

On February 8, Moody's affirmed the ratings of BSPR, Popular, and
FirstBank, and changed the outlook on the latter two banks to
stable from negative, reflecting the three banks' success in
improving their financial buffers against Puerto Rico's economic
recession which began in 2004.

Moody's believes that Puerto Rico's recession will abate in 2017
and 2018, helping to reinforce the improvements the three banks
have made that strengthens their capacity to absorb credit losses.
Under Moody's adverse stress scenario the banks' capital levels
stay above the minimum regulatory requirements for CET1 and
capital conservation buffer of 7%.

"The three banks have been reducing their exposure to credit risk
since 2011, which has helped boost their capitalization and
liquidity," according to Jeanne Del Casino, a Moody's Vice
President -- Senior Credit Officer. The banks have cut their loan
and securities exposures to the debt-stretched Puerto Rican
government and other public-sector entities, and have shifted
their loan mix away from higher risk segments, lending more
selectively to private-sector customers. "Problem loans remain
high, but have declined and leveled off since a 2011-12 peak," Del
Casino says.

Moody's said that the rated banks have also strengthened their
funding and liquidity by increasing the proportion of their stable
core deposits in their funding mix. In so doing they have reduced
their reliance on confidence-sensitive wholesale funding,
particularly brokered deposits.

Moody's believes that the increased legal and fiscal certainty
created by the June 2016 Puerto Rico Oversight, Management and
Economic Stability Act (PROMESA), should help ease the severity of
Puerto Rico's recession and improve the business climate and
investor confidence. That said, Puerto Rico's weak economic growth
outlook will remain a constraint on the banks' ability to
materially improve their asset quality and earnings.

Although there is a risk that non-performing assets will rise as
long as the economy continues to contract, the banks' less risky
loan mix and lower loan volumes will provide a buffer against
losses returning to prior peak levels, said Moody's. NPLs arising
from any debt restructuring of Puerto Rico's central government or
its related entities would increase ratios only modestly as the
banks have reduced their exposure to these entities.


ECRA GROUP: Court Conditionally Approves Disclosure Statement
-------------------------------------------------------------
Judge Edward A. Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico issued an order conditionally approving
the disclosure statement and chapter 11 plan filed by Ecra Group
Corp.

Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on/or before 14 days prior to the date
of the hearing on confirmation of the Plan.

Any objection to the final approval of the disclosure statement
and/or the confirmation of the Plan shall be filed on/or before 14
days prior to the date of the hearing on confirmation of the Plan.

A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan and of such
objections as may be made to either will be held on Feb. 17, 2017
at 09:30 A.M. at the Jose V. Toledo Federal Building & U.S.
Courthouse, Courtroom 3, Third Floor, 300 Recinto Sur Street, San
Juan, Puerto Rico.

Class 4 under the plan consists of the general unsecured
creditors.  Each member of this class will receive a distribution
equal to 3% of its allowed claim on monthly installments within a
period not to exceed 60 months.

The Plan will be funded through cash on hand at the Effective
Date, and through selling the commercial real estate property.
Future income from savings on reduction of operational expenses
maintaining and increasing the sales to customers will also be
used for the payment plan.

A full-text copy of the Disclosure Statement is available at:

       http://bankrupt.com/misc/prb16-04651-11-53.pdf

                     About ECRA Group

ECRA Group, Corp., is organized under the laws of the Commonwealth
of Puerto Rico and organized on Nov. 16, 2005. Annette Cancel
Lorenzana is the president of the corporation and co-owner with
45% of the stocks; Carlos I. Arce is the owner of 45% of the
stocks; Iannette Arce Cancel is the secretary of the corporation
and owner of 5% of the stocks, and Liannette Arce Cancel is the
owner of 5% of the stocks of the corporation. The Debtor
operates its business dba Ferreteria Arce at a rented commercial
property dedicated to servicing and selling construction materials
and hardware equipment and related materials to general customers
and construction technicians.The store is located at road 670.23
Marginal Street, Parcelas Marquez, Vega Baja, Puerto Rico. The
Debtor owns the real property dedicated for the leasing business
operation.

The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D.P.R.
Case No. 16-04651) on June 10, 2016.Luis D. Flores Gonzalez at
The Law Offices of Luis D. Flores Gonzalez as bankruptcy counsel.

As of the date of the filing of the Chapter 11 petition, the
Debtor had assets of $545,500 and liabilities of $782,989.


ERGON CARIBBEAN: Taps Jimenez Vazquez as Accountant
---------------------------------------------------
Ergon Caribbean Corp. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire an accountant.

The Debtor proposes to hire Jimenez Vazquez & Associates, PSC to
assist in documenting the reorganization plan to be filed in its
bankruptcy case, prepare tax returns, and provide other accounting
services related to the case.

Jose Victor Jimenez, a certified public accountant, will be paid
an hourly rate of $155 for his services.

Mr. Jimenez disclosed in a court filing that he and other
employees of his firm are "disinterested persons" as defined in
section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Jose Victor Jimenez
     Jimenez Vazquez & Associates, PSC
     Calle 8 D-1 Valparaiso
     Toa Baja, PR 00949
     Tel: 787.447.0098
     Fax: 1.831.309.7425/939.338.2362

The Debtor is represented by:

     Carmen D. Conde Torres, Esq.
     C. Conde & Assoc.
     Best Guard Security Corp.
     254 San Jose Street, 5th Floor
     San Juan, PR 00901-1523
     Tel: 787-729-2900
     Email: notices@condelaw.com

                  About Ergon Caribbean Corp.

Ergon Caribbean Corp. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 17-00366) on January 25,
2017.  The petition was signed by Juan Gabriel Pla, president.

At the time of the filing, the Debtor estimated assets and
liabilities of less than $500,000.


OLIVER C&I: Needs Until May 15 to Submit Plan of Reorgnization
--------------------------------------------------------------
Oliver C&I Corp. requests the U.S. Bankruptcy Court for the
District of Puerto Rico to extend the exclusive period until May
15, 2017, to submit its Disclosure Statement and Plan of
Reorganization, as well as the deadline to procure the votes under
the plan for a period of 90 days after the order granting the
approval of the Disclosure Statement is entered.

The Debtor contends that it has moved forward in its
reorganization process and has been in compliance with all of its
duties under the Bankruptcy Code and the Guideline of the U.S.
Trustee. Currently, the Debtor is engaged in conversations with
the Controlling Managers of the entities where the Debtor has
substantial interest.

The companies and percentage of ownership of these entities are as
follows:

           (a) Marina Developers Carolina GP, Inc., 50%

           (b) Mercantil Mayaguez GP, Inc., 50%

           (c) Mercantil San Patricio GP, Inc., 50%

           (d) Monacillos Center GP, Inv., 21%

           (e) Carolina Developers Assoc. S. en C. por A., S.E.,
               49.5%

           (f) Mercantil Mayaguez Assoc. S. en C. por A., S.E.,
               49.5%

           (g) Mercantil San Patricio Assoc. S. en C. por A.,
               S.E., 45%

           (d) Monacillos Center Assoc. S. en C. por A., S.E., 21%

The Debtor relates that the reason for its bankruptcy filing was
directly related to the actions or inaction of the Controlling
Managers of these related entities, which prompted an "embargo" of
the Debtor's bank account. The Debtor asserts as part of its Plan
of Reorganization, the Debtor needs to know what action to follow
with these entities.

The Debtor submits that even though its case may appear to be a
simple one, due to the nature of its main asset -- which is the
Debtor's participation in all these entities, and the fact that
the Debtor is not the controlling party of these entities -- an
extension of time is necessary in order for the Debtor to file an
adequate disclosure and a viable plan.

Moreover, the Debtor intends to submit a Disclosure Statement and
Plan of Reorganization that considers all financial information of
the Debtor and its subordinate entities. Just recently, the Debtor
has received certain information required for the preparation of
the reports of its related entities. Still, the Debtor needs
additional information which the Debtor believes will be produced
in the near future.

In addition, with the requested extension, the Debtor expects that
the negotiation with its related entities will settle all pending
matters between the parties and allow it to move forward with its
reorganization process.

                     About Oliver C & I Corp.

Oliver C & I Corp., based in Guaynabo, Puerto Rico, filed a
Chapter 11 petition (Bankr. D.P.R. Case No. 16-08311) on October
17, 2016.  The petition was signed by Max Olivera, vice-president
and treasurer.  The case is assigned to Judge Mildred Caban
Flores.  In its petition, the Debtor indicated $29.94 million in
total assets and $1.06 million in total liabilities.

The Debtor is represented by Carmen D. Conde Torres, Esq. at C.
Conde & Assoc.  The Debtor employs Doris Barroso Vicens of RSM
Puerto Rico as its accountant; and Aurora Oti-Yvonnet of Villafane
& Oti, Certified Public Accountants, PSC, as its external auditor.


SPANISH BROADCASTING: Reports Select Financial Results for 2016
---------------------------------------------------------------
Spanish Broadcasting System, Inc., reported select preliminary
financial results for the year-ended Dec. 31, 2016.

For the full year 2016, the Company currently expects consolidated
Adjusted OIBDA, which excludes non-cash stock-based compensation,
to be approximately $47.5 million, an increase of 21% over 2015,
and radio Adjusted OIBDA to be approximately $56.6 million, an
increase of 14% over 2015.  Adjusted OIBDA margins were
approximately 33% for consolidated and 44% for radio for the full
year 2016 compared to 27% and 37%, respectively, in 2015.
Consolidated Operating Income will be approximately $42.2 million,
representing a growth rate of 25% over 2015, and radio Operating
Income will be approximately $54.7 million, representing a growth
rate of 16% over 2015.

"Our select preliminary results for 2016 highlight our strongest
performance in over a decade, with our Adjusted OIBDA* growth and
operating margins ranking among the best in our industry,"
commented Raul Alarcon, Chairman and CEO.

"During 2016, we successfully and efficiently grew our key
operating units in all of the Company's markets, while
simultaneously launching and integrating a unique digital video
platform and augmenting our radio networks and live events
initiatives, thus paving the way for continued expansion.

"Innovation" - "Adaptation" - "Integration": these are the
cornerstone concepts that we will implement throughout and beyond
2017 to build upon our leadership position in Hispanic media and
entertainment."

A full-text copy of the press release is available for free at:

                     https://is.gd/FAhHgI

                   About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
System, Inc. (OTCQX:SBSAA) -- http://www.spanishbroadcasting.com/
-- owns and operates 21 radio stations targeting the Hispanic
audience.  The Company also owns and operates Mega TV, a
television operation with over-the-air, cable and satellite
distribution and affiliates throughout the U.S. and Puerto Rico.
Its revenue for the twelve months ended Sept. 30, 2010, was
approximately $140 million.

As of Sept. 30, 2016, Spanish Broadcasting had $451.7 million in
total assets, $569.4 million in total liabilities and a total
stockholders' deficit of $117.7 million.

                         *     *     *

As reported by the TCR on Feb. 1, 2016, Moody's Investors Service
downgraded Spanish Broadcasting System's Corporate Family Rating
to 'Caa2' from 'Caa1', Probability of Default Rating to 'Caa3-PD'
from 'Caa1-PD', and lowered its Speculative Grade Liquidity Rating
to SGL-4 from SGL-3.  Spanish Broadcasting's 'Caa2' Corporate
Family Rating and Caa3-PD Probability of Default Rating reflect
very high debt+preferred stock-to-EBITDA of 10.4x estimated for
LTM December 2015 (including Moody's standard adjustments, 6.9x
excluding preferred stock and accrued dividends), the need to
address the Voting Rights Triggering Event, and the heightened
potential of a payment default given the near term maturity of the
12.5% senior secured notes due April 2017.

As reported by the TCR on June 21, 2016, S&P Global Ratings said
it lowered its corporate credit rating on Spanish Broadcasting
System to 'CCC' from 'CCC+'.



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

* BOND PRICING: For the Week From Feb. 6 to Feb. 10, 2017
---------------------------------------------------------


Issuer Name               Cpn     Price   Maturity  Country  Curr
-----------               ---     -----   --------  -------   ---

BA-CA Finance Cayman 2    0.719    69.25               KY    EUR
BA-CA Finance Cayman Lt   0.518    62.07               KY    EUR
CSN Islands XII Corp      7        68                  BR    USD
CSN Islands XII Corp      7        67.75               BR    USD
Decimo Primer Fideicomi   4.54     52.63  10/25/2041   PA    USD
Decimo Primer Fideicomi   6        63.5   10/25/2041   PA    USD
Dolomite Capital Ltd     13.26     67.2   12/20/2019   CN    ZAR
Empresa de Telecomunica   7        73.14   1/17/2023   CO    COP
Empresa de Telecomunica   7        73.14   1/17/2023   CO    COP
ESFG International Ltd    5.75      0.66               KY    EUR
General Shopping Financ  10        72.5                KY    USD
General Shopping Financ  10        71.7                KY    USD
Global A&T Electronics   10        74      2/1/2019    SG    USD
Global A&T Electronics   10        74.5    2/1/2019    SG    USD
Global A&T Electronics   10        65.5    2/1/2019    SG    USD
Global A&T Electronics   10        65      2/1/2019    SG    USD
Gol Finance               8.75     63                  BR    USD
Gol Finance               8.75     63.88               BR    USD
Gol Linhas Aereas SA     10.75     34.63   2/12/2023   BR    USD
Gol Linhas Aereas SA     10.75     34.63   2/12/2023   BR    USD
Inversora Electrica de    6.5      55      9/26/2017   AR    USD
Inversora Electrica de    6.5      55      9/26/2017   AR    USD
MIE Holdings Corp         7.5      75.16   4/25/2019   HK    USD
MIE Holdings Corp         7.5      75.26   4/25/2019   HK    USD
NB Finance Ltd/Cayman I   3.88     58.01   2/7/2035    KY    EUR
Newland International P   9.5      19.88   7/3/2017    PA    USD
Newland International P   9.5      19.88   7/3/2017    PA    USD
Noble Holding Internati   5.25     72.98   3/15/2042   KY    USD
Ocean Rig UDW Inc         7.25     39      4/1/2019    CY    USD
Ocean Rig UDW Inc         7.25     38      4/1/2019    CY    USD
Odebrecht Drilling Norb   6.35     48.5    6/30/2021   KY    USD
Odebrecht Drilling Norb   6.35     47.25   6/30/2021   KY    USD
Odebrecht Finance Ltd     7.5      49                  KY    USD
Odebrecht Finance Ltd     4.3      48.29   4/25/2025   KY    USD
Odebrecht Finance Ltd     7.12     48.2    6/26/2042   KY    USD
Odebrecht Finance Ltd     5.25     46.15   6/27/2029   KY    USD
Odebrecht Finance Ltd     7        57.02   4/21/2020   KY    USD
Odebrecht Finance Ltd     5.12     53.51   6/26/2022   KY    USD
Odebrecht Finance Ltd     8.25     70.88   4/25/2018   KY    BRL
Odebrecht Finance Ltd     6        51.47   4/5/2023    KY    USD
Odebrecht Finance Ltd     5.25     45.92   6/27/2029   KY    USD
Odebrecht Finance Ltd     7.1      47.82   6/26/2042   KY    USD
Odebrecht Finance Ltd     7.5      49.25               KY    USD
Odebrecht Finance Ltd     4.3      48.39   4/25/2025   KY    USD
Odebrecht Finance Ltd     6        51.77   4/5/2023    KY    USD
Odebrecht Finance Ltd     8.2      70.88   4/25/2018   KY    BRL
Odebrecht Finance Ltd     7        56.85   4/21/2020   KY    USD
Odebrecht Finance Ltd     5.1      52.99   6/26/2022   KY    USD
Odebrecht Offshore Dril   6.6      39.64  10/1/2022    KY    USD
Odebrecht Offshore Dril   6.7      36.44  10/1/2022    KY    USD
Odebrecht Offshore Dril   6.6      38.79  10/1/2022    KY    USD
Odebrecht Offshore Dril   6.7      38.75  10/1/2022    KY    USD
Petroleos de Venezuela   12.75     67.19   2/17/2022   VE    USD
Petroleos de Venezuela      9      58.28  11/17/2021   VE    USD
Petroleos de Venezuela      6      40.32   5/16/2024   VE    USD
Petroleos de Venezuela    9.75     50.15   5/17/2035   VE    USD
Petroleos de Venezuela    6        38.22  11/15/2026   VE    USD
Petroleos de Venezuela    5.37     37.39   4/12/2027   VE    USD
Petroleos de Venezuela    5.5      37.1    4/12/2037   VE    USD
Petroleos de Venezuela    6        41.25  10/28/2022   VE    USD
Petroleos de Venezuela    6        40.01   5/16/2024   VE    USD
Petroleos de Venezuela    9        58.11  11/17/2021   VE    USD
Petroleos de Venezuela    6        38.13  11/15/2026   VE    USD
Petroleos de Venezuela   12.75     67.2    2/17/2022   VE    USD
Petroleos de Venezuela    9.75     49.94   5/17/2035   VE    USD
Polarcus Ltd              5.6      60      3/30/2022   AE    USD
Siem Offshore Inc         5.8      49.75   1/30/2018   NO    NOK
Siem Offshore Inc         5.59     50.25   3/28/2019   NO    NOK
STB Finance Cayman Ltd    2.04     58.35               KY    JPY
Sylph Ltd                 2.36     50.93   9/25/2036   KY    USD
Uruguay Notas del Tesor   5.25     68.02  12/29/2021   UY    UYU
US Capital Funding IV L   1.25     51.35  12/1/2039    KY    USD
US Capital Funding IV L   1.25     51.35  12/1/2039    KY    USD
USJ Acucar e Alcool SA    9.87     67.5   11/9/2019    BR    USD
USJ Acucar e Alcool SA    9.87     65.75  11/9/2019    BR    USD
Venezuela Government In   9.25     48.75   5/7/2028    VE    USD
Venezuela Government In  13.63     82.58   8/15/2018   VE    USD
Venezuela Government In   9        51.75   5/7/2023    VE    USD
Venezuela Government In   9.37     49      1/13/2034   VE    USD
Venezuela Government In   7        71.88  12/1/2018    VE    USD
Venezuela Government In   9.25     52      9/15/2027   VE    USD
Venezuela Government In   7.65     46.38   4/21/2025   VE    USD
Venezuela Government In  13.63     82.58   8/15/2018   VE    USD
Venezuela Government In   7.75     61.75  10/13/2019   VE    USD
Venezuela Government In  11.95     58.13   8/5/2031    VE    USD
Venezuela Government In   6        53.75  12/9/2020    VE    USD
Venezuela Government In  12.75     67      8/23/2022   VE    USD
Venezuela Government In   7        44      3/31/2038   VE    USD
Venezuela Government In   6.5      36.53  12/29/2036   VE    USD
Venezuela Government In   8.25     47.75  10/13/2024   VE    USD
Venezuela Government In  11.75     57.75  10/21/2026   VE    USD
Venezuela Government TI    5.25    69.59   3/21/2019   VE    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


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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, Ivy B.
Magdadaro, 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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