TCRLA_Public/170316.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Thursday, March 16, 2017, Vol. 18, No. 54


                            Headlines



A R G E N T I N A

MAS CUOTAS: Moody's Assigns B2 Rating on Cl. B Debt


B A R B A D O S

BARBADOS: Businesses Pessimistic About Future, Survey Shows


B R A Z I L

COMPANHIA ENERGETICA: S&P Cuts CCR to 'B'; Removes from Watch Neg.
COMPANHIA DE GAS: S&P Affirms Then Withdraws 'BB' GS Rating


C A Y M A N  I S L A N D S

ALFA HOLDINGS: Commences Liquidation Proceedings
BELLINI DESIGNS: Commences Liquidation Proceedings
CS SOLUTIONS: Commences Liquidation Proceedings
DECISION INTERNATIONAL: Commences Liquidation Proceedings
FALCON RELATIVE: Placed Under Voluntary Wind-Up

GENENCOR INTERNATIONAL: Commences Liquidation Proceedings
HVS III: Placed Under Voluntary Wind-Up
HVS III PLUS: Placed Under Voluntary Wind-Up
KODIAK OFFSHORE: Commences Liquidation Proceedings
LIONTRUST PANTHERA: Commences Liquidation Proceedings

MATOSARO INC: Commences Liquidation Proceedings
MEPCO LTD: Grand Court Enters Wind-Up Order
PARTNERS CAPITAL: Placed Under Voluntary Wind-Up
SCUTUM HOLDINGS: Commences Liquidation Proceedings
STERLING GK: Commences Liquidation Proceedings

STERLING REALTY: Commences Liquidation Proceedings
STRATEGIC MARKET: Commences Liquidation Proceedings
VISIUM CATALYST: Commences Liquidation Proceedings
VOYAGER GLOBAL: Placed Under Voluntary Wind-Up
VOYAGER GLOBAL SELECT: Placed Under Voluntary Wind-Up


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Firms Balks at Talk of Impeaching Leader


J A M A I C A

DIGICEL GROUP: In Deal with Chinese Firm Under US Probe


M E X I C O

* MEXICO: Confident of Timely Start to NAFTA Re-negotiation


P U E R T O    R I C O

DACCO TRANSMISSION: Taps Hilco Real Estate as Lease Consultant
HALAIS GROUP: Unsecured Creditors to Get $10,000 Under Plan
ISLA BONITA: Plan Confirmation Hearing on April 5
JAYUYA MEMORIAL: March 31 Plan Confirmation Hearing
METROPOLITAN INDUSTRIAL: Hearing on Plan Disclosures Set June 7

PANADERIA ZULMA: Seeks Plan Filing Deadline Moved to April 27


T R I N I D A D  &  T O B A G O

PETROTRIN: Bharath Disputes Firm's Loss Figures


                            - - - - -


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


MAS CUOTAS: Moody's Assigns B2 Rating on Cl. B Debt
---------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has rated
Fideicomiso Financiero Mas Cuotas Serie VII. This transaction will
be issued by Banco de Galicia y Buenos Aires S.A. ("Banco
Galicia", LT Bank Deposits (Domestic) B3, Trustee Quality
Assessment TQ1-.ar)- acting solely in its capacity as issuer and
trustee.

The securities for this transaction have not been placed in the
market yet. The transaction is pending for approval from the
Comision Nacional de Valores, if any assumption or factor Moody's
considers when assigning the ratings change before closing, the
ratings may also change.

The full rating action is:

  - ARS 449,579,618 in Class A Floating Rate Debt Securities
    (VDFA) of "Fideicomiso Financiero Mas Cuotas Serie VII",
    rated Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf)
    (Global Scale)

  - ARS 27,475,661 in Class B Floating Rate Debt Securities
    (VDFB) of "Fideicomiso Financiero Mas Cuotas Serie VII",
    rated A1.ar (sf) (Argentine National Scale) and B2 (sf)
    (Global Scale)

  - ARS 2,735,409 in Class C Floating Rate Debt Securities
    (VDFC) of "Fideicomiso Financiero Mas Cuotas Serie VII ",
    rated Baa1.ar (sf) (Argentine National Scale) and B3 (sf)
    (Global Scale).

RATINGS RATIONALE

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 172,401 eligible purchases in installments
denominated in Argentine pesos and originated by Cencosud
(Argentina) S.A., the local subsidiary of Cencosud S.A.
("Cencosud", Baa3, Stable), among Latin America's largest
retailers, with presence in Chile, Argentina, Peru, Colombia and
Brazil. Only installments payable after April 2, 2017 will be
assigned to the trust.

The installments are originated through credit cards issued by
Cencosud Argentina. Clients of Cencosud credit cards can make
purchases in affiliated stores and split the payments in several
monthly installments bearing no interest rates. The monthly
installments are included in the cardholder's credit card balance.

Approximately 71.6% (measured in terms of nominal amount) of the
installments in the pool have a minimum payment lower than 100%.
Therefore, in situations with cardholders paying less than the
whole credit card balance, the transaction could be exposed to
delays in collections of the installment. In these situations,
Cencosud Argentina will advance to the trust the difference
between: (i) the full amount of the installment assigned to the
trust and (ii) the minimum payment. This feature of the
transaction increases dependence to the sponsor. As a mitigating
factor, Cencosud and Cencosud Argentina have a relatively strong
credit profile. Also, the credit card portfolio exhibits high
payment rates (71.3% average during the last twelve months as of
December 2016). For more details about this risk, please refer to
the "Loss and Cash Flow Analysis" section of this press release
and/or the Pre-Sale Report (in Spanish) which can be found at
www.moodys.com.

TRANSACTION STRUCTURE

The VDFA will bear a floating interest rate (BADLAR plus 150 bps).
The VDFA's interest rate will never be higher than 31.0% or lower
than 21.0%.

The VDFB will bear a floating interest rate (BADLAR plus 250 bps).
The VDFB's interest rate will never be higher than 32.0% or lower
than 22.0%.

The VDFC will bear a floating interest rate (BADLAR plus 450 bps).
The VDFC's interest rate will never be higher than 34.0% or lower
than 24.0%.

Overall credit enhancement is comprised of subordination,
transaction level overcollateralization and various reserve funds.
The transaction has initial subordination levels of 26.0% for the
VDFA, 21.5% for the VDFB and 21.1% for the VDFC, calculated over
the pool's undiscounted principal balance. Credit enhancement is
also comprised by the availability of a Liquidity Reserve Fund
covering the next two interest accruals for the VDFA and VDFB.

Finally, the transaction has an estimated 24.5% negative annual
excess spread, before considering losses, taxes or prepayments and
calculated at the interest rate cap for the notes.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in
September 2015.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction. Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Cencosud Argentina, the actual
performance of the securitized pool may be affected, among other
factors, by the economic activity, high inflation rates compared
with nominal salaries increases and the unemployment rate in
Argentina.

Another key factor that could lead to a rating downgrade would be
the deterioration of the sponsor's credit profile, as well as
changes in the sponsor's minimum payment policies.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis:

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Cencosud
Argentina's portfolio and previous securitizations. In addition,
Moody's considered factors common to consumer loans and credit
card receivables securitizations such as delinquencies, charge-
offs, payment rates and losses; as well as specific factors
related to the Argentine market, such as the probability of an
increase in losses if there are changes in the macroeconomic
scenario in Argentina.

Moody's analyzed the historical performance data of previous
transactions and the dynamic credit card portfolio of Cencosud
Argentina, ranging from January 2012 to December 2016.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution of losses for the securitized pool with a
mean of 6.5% and a coefficient of variation of 50%.

The rating agency also analyzed the payment levels in the seller's
overall credit card dynamic portfolio, identifying a payment rate
(monthly payment / monthly balance) averaging 71.3% during the
last twelve months as of December 2016.

Additionally, in order to analyze a scenario of extreme dependence
to the sponsor of the transaction, Moody's assumed that all
cardholders in the pool will pay only the minimum payment.

To determine the rating assigned to the notes, Moody's has used an
expected loss methodology that reflects the probability of default
times the severity of the loss expected for each security. In
order to allocate losses to each Class in accordance with their
priority of payment and relative size, Moody's has used a cash-
flow model (ABSCORE) that reproduces many deal-specific
characteristics. Weighting each loss scenario's severity result
with its probability of occurrence, the model has calculated the
expected loss level for each security as well as the expected
average life. Moody's model then compares the quantitative values
to the Moody's Idealized Expected Loss table for each tranche.

Servicer default was modeled by simulating the default of Cencosud
Argentina as the servicer consistent with an internal assessment
of Cencosud Argentina's credit quality. In the scenarios where the
servicer defaults, Moody's assumed that the defaults will increase
by approx. 280% and that one full month of collections will be
lost. The increase of 280% reflects the risk that, for those
installments with a minimum payment of less than 100%, the amounts
between the whole installment and the minimum payment will be lost
without the support of the sponsor. In addition, the stress
multiple also incorporates the risk that, in such a scenario, the
credit card could stop working as a means of payment, reducing the
incentives to pay remaining balances for the credit card holders.

The model results showed 0.5% expected loss for the VDFA, 3.3% for
the VDFB and 4.7% for the VDFC.

Stress Scenarios:

Parameter Sensitivities provide a quantitative, model-indicated
calculation of the number of notches that a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. The analysis assumes
that the deal has not aged. It is not intended to measure how the
rating of the security might migrate over time, but rather, how
the initial rating of the security might differ as certain key
parameters vary.

Parameter sensitivities for this transaction have been calculated
in the following manner: Moody's tested sixteen scenarios derived
from the combination of mean loss: 6.5% (base case), 9.0% (base
case + 2.5%), 11.5% (base case + 5%), 14% (base case + 7.5%) and
coefficient of variation (CoV) of losses: 40% (10% less than base
case), 50% (base case), 60% (10% more than base case) and 70% (20%
more than base case). The 6.5% /50% represents the base case
assumptions used in the initial rating process.

At the time the rating was assigned, the model output indicated
that the VDFA would have achieved a B1 (sf) global rating model
output if mean loss was as high as 14.0% with a CoV of 50%. Under
the same assumptions, the VDFB and VDFC would have achieved a
rating of Caa3 (sf) and Ca (sf) respectively.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings". While NSRs have no inherent absolute meaning in terms of
default risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time. For information on
the historical default rates associated with different global
scale rating categories over different investment horizons.


===============
B A R B A D O S
===============


BARBADOS: Businesses Pessimistic About Future, Survey Shows
-----------------------------------------------------------
Caribbean360.com reports that business confidence in Barbados is
at an all-time low in the wake of recent grim economic reports, a
recent survey has found.

Preliminary findings from the latest Business Outlook 2017,
conducted by local firm Abelian Consulting Services Inc., revealed
that the level of confidence among businesses had declined
significantly to minus eight percent, compared to 15 percent
during the first quarter of last year, according to
Caribbean360.com.

According to the quarterly survey, local companies are expecting
little to no profits and no real new employment opportunities over
the next three months, the report notes.

"We have come to a situation where that [business confidence] now
is minus eight per cent, which essentially is saying, at the
moment in the private sector there are more people who think that
overall things are not going to get much better," Chief Executive
Officer Ryan Straughn told an Ernst & Young/Barbados Chamber of
Commerce and Industry Breakfast forum, the report relays.

The news comes at the height of turbulence in the Barbados
economy, notes the report.

In its latest economic report issued in January, the Central Bank
raised a red flag that the island's foreign reserves had fallen to
its lowest level in 14 years -- 10.3 weeks of import, which is
below the benchmark 12 weeks of import, the report discloses.

Earlier this month, the Barbados-based Caribbean Development Bank
forecasted that the island would be among seven of its 19
borrowing members countries that would record economic growth of
less than two percent this year, the report notes.

The report says the Bank estimated that growth would be in the
range of 1.8 percent, a marginal gain on the 1.6 posted in 2016.

The report relays that Mr. Straughn, an economist, said government
activity was a major concern for the island's business.

"For the first time now we are seeing it is at its lowest since we
started looking at this. So, fewer executives believe now in their
own ability to withstand the current situation as it relates to
the foreign exchange crisis or the government's debt problem," he
said, the report notes.

"Today everybody is pretty much pessimistic about the next three
months. They are even more pessimistic about the next six months
and you can see that for the most part, a year out, it is the same
level as the short term. So there is no expectation right now
among the private sector that looking a year ahead, that things
are going to be any better," Mr. Straughn cautioned, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
March 7, 2017, S&P Global Ratings lowered its long-term foreign
and local currency sovereign ratings on Barbados to 'CCC+' from
'B-'.  The outlook is negative.  S&P also lowered the short-term
ratings to 'C' from 'B.'  At the same time, S&P lowered its
transfer and convertibility assessment for Barbados to 'CCC+' from
'B-'.


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


COMPANHIA ENERGETICA: S&P Cuts CCR to 'B'; Removes from Watch Neg.
------------------------------------------------------------------
S&P Global Ratings lowered its global scale corporate credit on
Companhia Energetica de Minas Gerais (Cemig) and on its operating
subsidiaries, Cemig Distribuicao S.A. (Cemig D) and Cemig Geracao
e Transmissao S.A. (Cemig GT), to 'B' from 'B+'.  S&P also lowered
its national scale ratings on the companies to 'brBB+' from
'brBBB+'.  S&P removed the ratings from CreditWatch negative,
where it placed them on Dec. 13, 2016.  The outlook on the
corporate credit ratings is stable.  S&P also lowered the group's
stand-alone credit profile (SACP) to 'b' from 'b+'.

The downgrade reflects S&P's view that Cemig is exposed to the
overall fiscal weakness of the state of Minas Gerais, which
compare negatively with some of its utilities peers, and could
influence to some extent the perception of risk among potential
lenders and creditors to Cemig.  However, S&P don't expect an
extraordinary action from the state government that could erode
the group's liquidity and credit metrics.  On Dec. 13, 2016, S&P
lowered the global scale ratings on the state to 'B-' from 'BB-'
and the national scale rating to 'brB-' from 'brA', with a
negative outlook.  The downgrade reflected Minas Gerais' struggle
to stabilize its finances and comply with the Fiscal
Responsibility Law's targets.

S&P views Cemig as a government-related entity (GRE).  Minas
Gerais controls 51% of the group and S&P views likelihood of
extraordinary support as moderately high because it considers that
Cemig plays an important role given that it provides essential
services to the state's population.  S&P believes that Cemig
operates under the federal-level regulator's Agencia Nacional de
Energia Eletrica (ANEEL) supervision, which helps to mitigate
interference from Minas Gerais.  In addition, the financial
covenants under Cemig's debentures issuance due 2021 limit
dividends to the minimum amount, as defined in the group's bylaws,
and prohibit any amendment of the latter.  Also, Cemig's highly
leveraged credit metrics and less than adequate liquidity reduce
its capacity to upstream financial resources.

Finally, S&P tested Cemig's resilience to a hypothetical default
of the state of Minas Gerais.  Due to the latter's strained
finances and that S&P's current base-case already reflects
stressed conditions, the level of stress incorporated into its
test on Cemig was limited and included an extraordinary increase
in state tax.  Under this hypothetical scenario, S&P currently
expects Cemig to be relatively resilient to state-level default.


COMPANHIA DE GAS: S&P Affirms Then Withdraws 'BB' GS Rating
-----------------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale rating on
Companhia de Gas de Sao Paulo -- Comgas with a negative outlook.
S&P subsequently withdrew the global scale rating at issuer's
request.

At the time of the withdrawal, the rating and outlook reflected
S&P's view that Comgas, as other regulated utilities in the
Federative Republic of Brazil (global scale: BB/Negative/B;
national scale: brAA-/Negative/--), could be subject to government
intervention in a scenario of a sovereign default.  Therefore,
Brazil's foreign currency rating was a cap for the company's
rating.

In S&P's view, Comgas will continue posting solid credit metrics
in the next few years and maintain a healthy operating performance
throughout its concession area, despite Brazil's troubled economy.


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


ALFA HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------
The sole shareholder of Alfa Holdings Limited, on Jan. 6, 2017,
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:

          Roy Alan Angliss
          HSM Chambers
          68 Fort Street
          P.O. Box 31726 Grand Cayman KY1-1207
          Cayman Islands
          Telephone: (345) 815 7427


BELLINI DESIGNS: Commences Liquidation Proceedings
--------------------------------------------------
The members of Bellini Designs Ltd., on Jan. 9, 2017, resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 28, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CS SOLUTIONS: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Jan. 17, 2017, the members of
CS Solutions Holdings Limited resolved to voluntarily liquidate
the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 17, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Westport Services Ltd.
          c/o Michelle Bryan
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


DECISION INTERNATIONAL: Commences Liquidation Proceedings
---------------------------------------------------------
The shareholders of Decision International Fund Limited, on
Jan. 17, 2017, 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:

          Robert Logan
          28570 Calabria Court #101
          Naples
          Florida 34110
          Telephone: (239) 908-0911
          e-mail: rlogan@southcovecapital.com


FALCON RELATIVE: Placed Under Voluntary Wind-Up
-----------------------------------------------
The sole shareholder of Falcon Relative Value Fund Limited, on
Jan. 20, 2017, 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:

          Gulf International Bank (UK) Limited
          c/o Ridhiima Kapoor
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


GENENCOR INTERNATIONAL: Commences Liquidation Proceedings
---------------------------------------------------------
The sole shareholder of Genencor International Cayman Ltd., on
Jan. 4, 2017, 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:

          Henrik Fastholm
          Telephoone: +45 3266 2057
          Facsimile: +45 3266 2175
          DuPont Nutrition Biosciences ApS
          Langebroage 1
          1411 Copenhagen
          Denmark


HVS III: Placed Under Voluntary Wind-Up
---------------------------------------
The sole member of HVS III (ECI), Ltd., on Dec. 31, 2016, resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 20, 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


HVS III PLUS: Placed Under Voluntary Wind-Up
--------------------------------------------
The sole member of HVS III (ECI) Plus, Ltd., on Jan. 1, 2017,
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 20, 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


KODIAK OFFSHORE: Commences Liquidation Proceedings
--------------------------------------------------
The sole shareholder of Kodiak Offshore Manager, Ltd., on Jan. 12,
2017, 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


LIONTRUST PANTHERA: Commences Liquidation Proceedings
-----------------------------------------------------
The sole shareholder of Liontrust Panthera Fund Limited, on
Dec. 31, 2016, resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
March 1, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Intertrust Trustees (Cayman) Limited
          c/o Kim Charaman
          90 Elgin Avenue, George Town
          Grand Cayman, KY1-9005
          Cayman Islands
          Telephone: (345) 943-3100


MATOSARO INC: Commences Liquidation Proceedings
-----------------------------------------------
The sole shareholder of Matosaro Inc., on Jan. 18, 2017, 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:

          Argosa Corp. Inc.
          c/o Shavonne Davis
          East Bay Street
          P.O. Box N-7757 Nassau
          Bahamas
          Telephone: +1 [242-394-9300]


MEPCO LTD: Grand Court Enters Wind-Up Order
-------------------------------------------
The Grand Court of Cayman Islands, on Jan. 11, 2017, entered an
order to wind up the operations of Mepco Ltd.

Kenneth Krys and Christopher Smith were appointed as liquidators.

The Liquidators can be reached at:

          Kenneth Krys
          Christopher Smith
          Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Ave
          P.O. Box 31237 Grand Cayman KY1-1205
          Cayman Islands


PARTNERS CAPITAL: Placed Under Voluntary Wind-Up
------------------------------------------------
The sole shareholder of Partners Capital Peregrine Fund Ltd., on
Jan. 20, 2017, 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:

          Tobias Seth
          c/o Richard Bennett
          Ogier
          Central Tower, 11th Floor
          28 Queen's Road Central
          Hong Kong
          Telephone: +852 3656 6069
          Facsimile: +852 3656 6001


SCUTUM HOLDINGS: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary general meeting held on Jan. 17, 2017, the
shareholder of Scutum 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:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


STERLING GK: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of Sterling GK Holding Limited, on Jan. 16,
2017, 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:

          Stephen Nelson
          Collas Crill
          Willow House, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460


STERLING REALTY: Commences Liquidation Proceedings
--------------------------------------------------
The sole shareholder of Sterling Realty Holding Limited, on
Jan. 16, 2017, 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:

          Stephen Nelson
          Collas Crill
          Willow House, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460


STRATEGIC MARKET: Commences Liquidation Proceedings
---------------------------------------------------
The shareholders of Strategic Market Neutral Fund Limited, on
Dec. 30, 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:

          Hadley J. Chilton
          Tropic Isle Building
          Nibbs Street Road Town
          P.O. Box 650 Tortola VG 1110
          British Virgin Islands
          Telephone: +1 (284) 852 2584


VISIUM CATALYST: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary general meeting held on Jan. 6, 2017, the
shareholder of Visium Catalyst Event Driven 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:

          Andrew Childe
          Trudy-Ann Scott
          FFP (Cayman) Limited,
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 947 5854


VOYAGER GLOBAL: Placed Under Voluntary Wind-Up
----------------------------------------------
The sole shareholder of Voyager Global Fund, Ltd., on Dec. 31,
2016, 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:

          Voyager Management, LLC
          c/o Justin Savage
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


VOYAGER GLOBAL SELECT: Placed Under Voluntary Wind-Up
-----------------------------------------------------
The sole shareholder of Voyager Global Select Fund, Ltd., on
Dec. 31, 2016, 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:

          Voyager Management, LLC
          c/o Justin Savage
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


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


DOMINICAN REPUBLIC: Firms Balks at Talk of Impeaching Leader
------------------------------------------------------------
Dominican Today reports that the National Business Council (Conep)
executive vice president Rafael Paz critiqued the proposal of some
opposition lawmakers to impeach president Danilo Medina, as the
Odebrecht US$92.0 million bribe case takes root.

Mr. Paz warned the political class not to rely on false news
spurred by the social networks and online newspapers "simply to
generate confusion and dissociation in Dominican society,"
according to Dominican Today.

The business leader called on certain sectors of the political
leadership to avoid spreading information that is later debunked,
the report notes.

"The public debates have to be based on real and certain
information, the other leads us to paths that we haven't
explored," the report quoted Mr. Paz as saying.

Some opposition lawmakers including deputy (PRM party) Dario
Zapata proposed the impeachment of Medina, to clarify under oath
reports that Odebrecht funded his campaigns in 2012 and 2016
through chief adviser, Joao Santana, as company executive Hilberto
Silva testified in Brazil, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B'.


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


DIGICEL GROUP: In Deal with Chinese Firm Under US Probe
-------------------------------------------------------
Caribbean360.com reports that Digicel Group begins offering
voluntary separation packages as it moves to cut its global
workforce by 25 per cent, a week after announcing organizational
restructuring and a partnership with a controversial Chinese
company embroiled in a probe by the United States government.

The Enhanced Voluntary Separation Programme is the first step in
Digicel's staff reduction process that will continue over the next
18 months, according to Caribbean360.com.

The report notes that the decision to cut jobs is part of an
overhaul of the company that also involves a relationship with
telecom equipment maker ZTE Corporation, accused of violating US
trade sanctions on Iran.

It was alleged the Chinese firm was exporting communications
systems to Iran that contained US technology covered by an
economic embargo on the Middle Eastern country, the report relays.

Digicel Group announced a global partnership agreement with ZTE
for an ongoing multi-year network upgrade program, the largest
network transformation ever undertaken by the telecoms firm, the
report notes.  The deal was signed on February 9 in China by
Digicel Chairman Denis O'Brien and Chairman and ZTE Chief
Executive Officer Dr. Zhao Xianming, the report relays.

In March 2016, the US began investigations into ZTE.  But the
Chinese company recently got a slightly longer reprieve from
export restrictions imposed by the US government over the issue,
according to Reuters, the report notes.

The US Department of Commerce extended ZTE's temporary export
license until March 29, which means that the company can continue
using US technology in communications systems it exports to other
countries, despite the concerns, the report relays.

In a very brief statement on the license extension, ZTE said it is
"actively cooperating and communicating with relevant US
government departments" and both parties were "negotiating on
settlement issues," the report discloses.

ZTE's latest reprieve is much shorter than 90-day reprieves given
previously, the report relays.  Reuters quoted Washington attorney
Douglas Jacobson, who specializes in international trade law and
represents a number of American companies that supply ZTE, as
saying this either "indicates the final settlement is imminent or
is just a stopgap to give the new administration time to decide
how they want to proceed," the report adds.

As reported in the Troubled Company Reporter-Latin America on
May 27, 2016, Fitch Ratings has affirmed the ratings of Digicel
Group Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred to as 'Digicel' as follows.

DGL

-- Long-Term Issuer Default Rating (IDR) at 'B'; Stable Outlook;

-- $US 2.0 billion 8.25% senior subordinated notes due 2020 at
    'B-/RR5';

-- $US 1 billion 7.125% senior unsecured notes due 2022 at
    'B-/RR5'.

DL

-- Long-Term IDR at 'B'; Stable Outlook;
-- $US 250 million 7% senior notes due 2020 at 'B/RR4';
-- $US 1.3 billion 6% senior notes due 2021 at 'B/RR4';
-- $US 925 million 6.75% senior notes due 2023 at 'B/RR4';

DIFL

-- Long-Term IDR at 'B'; Stable Outlook;
-- Senior secured credit facility at 'B+/RR3'.

The Rating Outlook is Stable.


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


* MEXICO: Confident of Timely Start to NAFTA Re-negotiation
-----------------------------------------------------------
EFE News reports that Mexico's economy secretary said his
government is confident that negotiations to revise the North
American Free Trade Agreement (NAFTA) will begin as soon as
possible.

Ildefonso Guajardo commented during a joint press conference with
US Commerce Secretary Wilbur Ross, who stressed that by law,
President Donald Trump's administration must allow at least 90
days for consultations with Congress before launching formal
talks, according to EFE News.

"The next stage will be -- hopefully sometime in the next couple
of weeks -- issuing the 90-day (consultation) letter," the report
quoted Mr. Ross as saying.

"That's what triggers the beginnings of the formal process itself.
We don't have a date certain for that.  We've been in discussion
with the -- Senate finance committee and the House ways and means
committee," the commerce secretary said, the report notes.

Trump has criticized the 1994 pact linking the economies of the
United States, Mexico, and Canada, calling it unfair to US workers
and industries, the report relays.

The Mexican government's NAFTA consultation process is well under
way, Mr. Guajardo said, the report notes.

"We'll be ready by the end of May to start negotiations at any
point.  Therefore we will just be waiting for the US and Canada to
finish their own . . . process to kick off negotiations," he said,
the report relays.

Mr. Ross, however, raised the possibility that the process will
not involve three-sided negotiations, the report notes.

"It will either be two parallel bilaterals, with symmetrical
provisions.  Or one new trilateral.  We're less concerned at this
stage with the exact form than we are with trying to get to the
substance," he said, the report relays.

Mexico has made it clear that it would prefer a trilateral
approach to updating NAFTA, the report adds.



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


DACCO TRANSMISSION: Taps Hilco Real Estate as Lease Consultant
--------------------------------------------------------------
DACCO Transmission Parts (NY), Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to hire
Hilco Real Estate, LLC.

The firm will provide consulting and advisory services related to
the restructuring and renegotiation of the Debtor's lease
agreements.

For each lease that becomes a restructured lease, Hilco will earn
a fee equal to the "restructured lease savings fee."  The amount
will be paid in a lump sum upon closing of the transaction.

A "restructured lease" means any lease for which the Debtor enters
into a written agreement with a landlord that has the effect of
modifying the terms of such lease.

Compensation for any restructured lease will be equal to the sum
of a flat fee of $2,000, plus the aggregate "restructured lease
savings" multiplied by 6.5%.

Ryan Lawlor, vice-president and deputy general counsel of Hilco
Trading, the managing member of Hilco Real Estate, disclosed in a
court filing that the firm is a "disinterested person" as defined
in section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Ryan Lawlor
     Hilco Real Estate, LLC
     5 Revere Drive, Suite 206
     Northbrook, IL 60062

              About DACCO Transmission Parts (NY)

DACCO Transmission Parts (NY), Inc. and 46 affiliated debtors,
including Transtar Holding Company, filed Chapter 11 petitions
(Bankr. S.D.N.Y. Lead Case No. 16-13245) on November 20, 2016.
The petitions were signed by Joseph Santangelo, authorized
representative.  The cases are assigned to Judge Mary Kay
Vyskocil.

The Debtors estimated assets and liabilities at $500 million to $1
billion at the time of the filing.

Jones Day represents the Debtors as bankruptcy counsel.  The
Debtors hired FTI Consulting, Inc. as restructuring and financial
advisor, Ducera Partners LLC as financial advisor and investment
banker, and Prime Clerk LLC as claims, noticing and solicitation
agent.

Richard Levin was appointed as examiner in the Debtors' cases.
The examiner is represented by Jenner & Block LLP.

On February 21, 2017, the Debtors filed a Chapter 11 plan of
reorganization.

Headquartered in Cleveland, Ohio, Transtar Holding Company
manufactures and distributes aftermarket driveline Replacement
parts and components to the transmission repair and
remanufacturing
market.  It also supplies autobody refinishing products and
manufactures air conditioning, cooling and power steering
assemblies and components.

Founded in 1975, Transtar maintains over 70 local branch
locations, four manufacturing and production facilities (in Alma,
Michigan; Brighton, Michigan; Cookeville, Tennessee; and Ferris,
Texas), and four regional distribution centers throughout the
United States, Canada and Puerto Rico.

On December 21, 2010, the company was acquired from Linsalata
Capital Partners by current majority equity holder Friedman
Fleischer & Lowe LLC.  The acquisition was financed with $425
million of senior secured credit facilities.

As of the Petition Date, the company employs approximately 2,000
full-time and 50 part-time employees in the United States, and
approximately 100 full-time employees in Canada and Puerto Rico.


HALAIS GROUP: Unsecured Creditors to Get $10,000 Under Plan
-----------------------------------------------------------
Halais Group, Inc., filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a disclosure statement describing its plan
of reorganization, dated Feb. 28, 2017, a full-text copy of which
is available at:

         http://bankrupt.com/misc/prb16-01361-11-131.pdf

The plan proposes to pay Class 5 general unsecured claimants a
Pro-rata distribution of a total of $10,000 at the effective date
of the plan. Based on the current allowed amounts, each claim
holder in this class will receive approximately 100% of the
allowed amount. Any change in the allowed amounts may change the
actual distribution change, but it will be nevertheless the same
to them.

Payments and distribution under the plan will be funded by the
cash flow from operations and future income of the Debtor, as well
as Stockholder's contributions.

Counsel for the Debtor:

     Carlos A. Ruiz Rodriguez, Esq.
     LCDO. CARLOS ALBERTO RUIZ, CSP
     PO Box 1298
     Caguas, PR 00726-1298
     Tel: (787) 286-9775
     Fax: (787) 747-2174
     Email: caruiz@reclamatusderechos.com

                      About Halais Group

Headquartered in Caguas, Puerto Rico, Halais Group, Inc. filed for
chapter 11 bankruptcy protection (Bankr. D.P. R. Case No. 16-
01361) on Feb. 24, 2016, with estimated assets at $500,000 to $1
million and estimated liabilities at $1 million to $10 million.
The petition was signed by Raymond Halais, president, authorized
representative of Halais.


ISLA BONITA: Plan Confirmation Hearing on April 5
-------------------------------------------------
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico has conditionally approved Isla Bonita
Investment Holding Company, Inc.'s disclosure statement filed on
Feb. 28, 2017, referring to the Debtor's plan of reorganization.

A hearing for the consideration of the final approval of the
Disclosure Statement and the confirmation of the Plan will be held
on April 5, 2017, at 2:00 p.m.

Objections to the final approval of the Disclosure Statement and
confirmation of the Plan must be filed on or before 10 days prior
to the date of the hearing on confirmation of the Plan.

The Debtor will file with the Court a statement setting forth
compliance with each requirement in Section 1129, the list of
acceptances and rejections and the computation of the same, within
seven working days before the hearing on confirmation.

Acceptances or rejections of the Plan may be filed by the holders
of all claims on or before 10 days prior to the date of the
hearing on confirmation of the Plan.

                       About Isla Bonita

Isla Bonita Investment and Holding Co, Inc., filed a Chapter 11
bankruptcy petition (Bankr. D.P.R. Case No. 16-06580) on August
18, 2016, disclosing under $1 million in both assets and
liabilities.  The Debtor is represented by Jose Guillermo
Gonzalez, Esq.

No official committee of unsecured creditors has been appointed in
the case.


JAYUYA MEMORIAL: March 31 Plan Confirmation Hearing
---------------------------------------------------
Judge Edward A. Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico conditionally approved the disclosure
statement explaining Jayuya Memorial, Inc.'s plan of
reorganization, and scheduled a hearing to consider final approval
of the Disclosure Statement and confirmation of the Plan for March
31, 2017, at 9:30 a.m.

The Troubled Company Reporter previously reported that Class 2
Claims of General Unsecured Creditors are impaired by the Plan.
Holders of Allowed Class 2 Claims will receive a distribution
$14,400.  This distribution is projected to equal a 50.00%
distribution on the Allowed Class 2 Claims.  These claims will be
paid via 48 monthly payments in the amount of $300.  Payments on
the Class 2 Claims will commence on the first day of the 74th
month following the Effective Date of the Plan and continue, on a
monthly basis, through the last day of the 120th month following
the Effective Date of the Plan.

The Plan establishes that the Plan will be funded from the
cash-flows generated by the Reorganized Debtor.  The Debtor's
cash-flows consist of the business income generated by the
Debtor's business.  The Debtor will contribute its cash flows to
fund the Plan commencing on the Effective Date of the Plan and
continue to contribute through the date that Holders of Allowed
Class 1 and 2 Claims receive the payments specified for in the
Plan.

The Disclosure Statement is available at:

           http://bankrupt.com/misc/prb16-06235-50.pdf

Jayuya Memorial, Inc, is managed and operated by its president,
Juan Morales.  It is a mortuary services company which offers
funerary services.

The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D.P.R.
Case No. 16-06235) on Aug. 5, 2016, listing under $1 million in
assets and debts.

The Batista Law Group, P.S.C., serves as the Debtor's bankruptcy
counsel.

The Debtor hired Manuel E. Feliciano Rios, CPA, as financial
consultant.


METROPOLITAN INDUSTRIAL: Hearing on Plan Disclosures Set June 7
---------------------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Delaware will hold a hearing on June 7, 2017, at 9:00
a.m. to consider the approval of Metropolitan Industrial Food
Services, Inc.'s disclosure statement referring to the Debtor's
plan of reorganization.

Objections to the Disclosure Statement must be filed not less than
14 days prior to the hearing.

The Debtor will give notice of this court order to all creditors
and parties in interest and file a certificate of service within
fourteen 14 days from the March 1, 2017 notice of this order.

Headquartered in San Juan, Puerto Rico, Metropolitan Industrial
Food Services, Inc., filed for Chapter 11 bankruptcy protection
(Bankr. D. P.R. Case No. 15-08302) on Oct. 23, 2015, listing $2.09
million in total assets and $4.62 million in total liabilities.
The petition was signed by Josue V. Navarro, president.

Judge Edward A Godoy presides over the case.

Alexis Fuentes Hernandez, Esq., at Alexis Fuentes-Hernandez serves
as the Debtor's bankruptcy counsel.


PANADERIA ZULMA: Seeks Plan Filing Deadline Moved to April 27
-------------------------------------------------------------
Panaderia Zulma Inc. asks the U.S. Bankruptcy Court for the
District of Puerto Rico to grant an extension of its exclusivity
period, until April 27, 2017, to submit a bankruptcy plan; and a
corresponding extension of 60 days of its deadline to procure
votes under that plan after the order granting approval of the
Disclosure Statement is entered.

The Debtor says it needs to be able to reconcile all claims in
order to propose a complete, viable and effective plan that
account for all claims.

Moreover, the Debtor relates that it is in the process of
conducting negotiations with key creditors that are necessary in
order to propose the plan.

                  About Panaderia Zulma

Panaderia Zulma Inc., filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 16-07217) on September 11, 2016,
disclosing under $1 million in both assets and liabilities.
The Debtor is represented by Myrna L. Ruiz-Olmo, Esq. of
MRO Attorneys.  Hector A. Morales of Morales Munoz &
Asociados CPA, PSC has been tapped as accountant.


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


PETROTRIN: Bharath Disputes Firm's Loss Figures
-----------------------------------------------
Trinidad and Tobago Newsday reports that former Trade Minister
Vasant Bharath has said Finance Minister Colm Imbert's statement
that state-owned oil company Petrotrin had accumulated a $4.2
billion loss displayed Imbert's "lack of appropriate experience
and qualification."

In a media statement, the Finance Ministry said between 2011 and
2016, Petrotrin had sustained $4.2 billion in losses which would
now have to be shown in Petrotrin's books as a "loss" rather than
as a "deferred tax asset," according to Trinidad and Tobago
Newsday.

However, says the report, in his own media release on March 9,
Bharath, himself a former minister in the Ministry of Finance,
said Imbert's statement displayed "both his lack of appropriate
experience and qualification for this pivotal and crucial
portfolio as well as his indiscretion in pointing fingers at an
internationally reputable accounting firm, from whose glare and
scrutiny these losses were supposedly concealed.

"The truth of the matter, as the minister would have been
informed, is that Petrotrin would have brought forward unused
capital allowances, accumulated as a result of refinery upgrades
as well as the failed WGTL project which cost taxpayers $3.3
billion and a further $3.2 billion in relation to a separate
project involving an ultra - low sulphur diesel (USD) plant
constructed by South Korean firm Samsung Engineering and
Construction Limited."

Mr. Bharath said both projects had been entered into under the
Malcolm Jones-led board in 2009, the report relays.

"Provided the auditors are given sufficient evidence that the
company will make sufficient profits in the future, these
allowances remain on the company's books as a deferred asset," he
said, and noted that a deferred tax asset was an accounting term
which referred to a situation where a business has overpaid taxes
or taxes paid in advance on its balance sheet, says the report.

"These taxes were eventually returned to the business in the form
of tax relief, and the over-payment was, therefore, an asset for
the company.

"It is clear that as a result of no such assurances been given to
the auditors, they may have had little choice but to write off the
asset as being 'unrelievable' against future profits.

This is what has given rise to the alleged loss of $4.2 billion on
Petrotrin's books. "It has absolutely nothing to do with the
management of Petrotrin under the People's Partnership government
and everything to do with the incompetence and mismanagement of
the present regime," he added, the report relays.

                        About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on July
23, 2015, Trinidad Express reported that state-owned Petroleum
Company of Trinidad and Tobago (Petrotrin) multiplied its losses
11.2 times to reach US$168 million for the nine months ended June
30 compared to US$15 million loss for the same period last year,
but its earnings before income tax, depreciation and amortisation
(EBITDA) rose 132 per cent between March and June, preliminary
financials show.

On Dec. 2, 2014, TCRLA reported that Trinidad and Tobago Newsday
said in the face of falling global oil prices, which is
starring to impact on Trinidad and Tobago's earnings from its
petroleum resources, Petroleum Company of Trinidad and Tobago has
rolled out a plan to remain viable and to survive in the harsh
global oil industry.  Petrotrin said in a media release that it is
forging ahead with objective cost management decisions imperative
to secure its viability, according to Trinidad and Tobago Newsday.
The report said Petrotrin's operations have also been severely
impacted due to unfavorable margins.

The TCRLA reported on Jan. 21, 2014 that Trinidad Express, citing
Energy Minister Kevin Ramnarine, said Petrotrin will make a loss
for its 2013 financial year.  According to Mr. Ramnarine,
Petrotrin was scheduled to make the loss even before the series of
oil spills affecting Trinidad's southwestern peninsula since
December, reports Trinidad Express.


                            ***********


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, 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.


                   * * * End of Transmission * * *