TCRLA_Public/170324.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

               Friday, March 24, 2017, Vol. 18, No. 60


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Forced to Delay Customs Merger into BRA


B A R B A D O S

BARBADOS: Making Huge Investment in Cassava Flour Production


B O L I V I A

BANCO DO BRASIL: Moody's Affirms Ba2 Currency Deposit Rating


B R A Z I L

BRAZIL: Cases Against Politicians Include Corruption, Laundering
BROOKFIELD INCORPORACOES: Fitch Affirms B+ Long-Term IDR
OURO VERDE: Fitch Puts BB- IDR on Rating Watch Negative
SAMARCO MINERACAO: Judge Suspends Suit as Talks Move Forward

C A Y M A N  I S L A N D S

BNP PARIBAS: Shareholders Receive Wind-Up Report
CALEDONIAN BANK: Shareholders Receive Wind-Up Report
GENESIS GROUP: Members Receive Wind-Up Report
GLOBAL VALUE: Shareholders Receive Wind-Up Report
LEHMAN BROTHES MASTER: Members Receive Wind-Up Report

LEHMAN BROTHES MYRYLLION: Members Receive Wind-Up Report
LUNES ENTERPRISES: Members' Final Meeting Set for March 30
M & M TECH: Shareholder Receives Wind-Up Report
MERRICKS CAPITAL: Shareholder Receives Wind-Up Report
MERRICKS CAPITAL MZ: Shareholder Receives Wind-Up Report

NEXCO LTD: Members' Final Meeting Set for April 3
PARADISE OVERSEAS: Shareholders Receive Wind-Up Report
PUBLISHERS CORPORATION: Members' Final Meeting Today
SOFT COMMODITIES: Shareholder Receives Wind-Up Report
SOFT COMMODITIES FUND: Shareholder Receives Wind-Up Report
WASHINGTON AIRCRAFT: Sole Member Receives Wind-Up Report


J A M A I C A

JISCO: To Start Operations June 20


M E X I C O

TV AZTECA: Fitch Affirms B+ Long-Term Issuer Default Ratings


P A R A G U A Y

PARAGUAY: Fitch Assigns BB Rating to USD500MM Global Bond Issue


X X X X X X X X X

LATAM: Must Address School Infrastructure Deficiencies, IDB Says


                            - - - - -


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


ANTIGUA & BARBUDA: Forced to Delay Customs Merger into BRA
----------------------------------------------------------
Antigua Observer reports that with unionized workers at the
Customs & Excise Department still not budging, Government has
seemingly resigned itself to another year without having Customs
under the Barbados Revenue Authority (BRA) umbrella.

At least, that is what the 2017/2018 Estimates of Revenue and
Expenditure, which are currently being debated in the House of
Assembly, seem to indicate, according to Antigua Observer.

In its bid to fast track the merger last year, Government had
transferred much of the Customs budget to BRA, the report notes.

However, after running into a major stumbling block with the
unionized workers who have been finding all sorts of excuses not
to sign on to the central revenue collection agency, the
administration was forced to revise its estimates by $12 million,
the report relays.

Just a few weeks ago, the National Union of Public Workers (NUPW),
which represents the Customs workers, called for an official probe
into BRA, charging that the state agency was not only inefficient,
but that it had failed to honor outstanding tax refunds, the
report notes.

Without going into details, union spokesman Wayne Walrond had also
claimed that public officers who recently took up employment with
the umbrella revenue collection agency were either opting to
return to the public service or to take early retirement, the
report relays.

Mr. Walrond further charged that Government had failed to have
pension arrangements finalized for officers who had transitioned
to the BRA, thus depriving them of receiving a higher pension and
gratuity based on higher emoluments earned under that Authority,
the report discloses.

It was on this basis that the Assistant General Secretary said his
union was sticking to its guns on the proposed merger of the
Customs & Excise Department into BRA, the report notes.  And he
warned that NUPW members would not be bullied into joining the
umbrella agency, the report relays.

"First, the NUPW wishes to state that Customs officers have the
right to exercise an option to go or not go with the BRA," the
union spokesman had said in a statement, adding that "the union
has always respected that democratic right and does not intend to
force any public officer, including those at the Customs & Excise
Department, to accept employment with the BRA".

As if accepting that no agreement would be immediately
forthcoming, Government has pretty much restored the Customs
budget, including EC$2.6 million in personal emoluments, EC$1.3
million in employee contributions, and EC$10 million in statutory
personal emoluments, the report relays.

The delay in the Customs merger is also reflected in the BRA's
budget for the 2017-2018 which has been decreased to EC$26
million, down from EC$33 million for the current financial year,
which ends on March 31, the report notes.

However, this could be the last opportunity for Customs workers to
accept their fate, since no provision has been made in
Government's Forward Estimates for Customs in 2018/19, while BRA's
total allocation is to be increased to EC$44 million next year,
the report notes.

In the meantime, Government has also allocated EC$10 million to
improve the administration of taxes through the acquisition and
implementation of an integrated electronic information system for
BRA and security scanning equipment for the Customs Department,
the report adds.


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


BARBADOS: Making Huge Investment in Cassava Flour Production
------------------------------------------------------------
Caribbean360.com reports that Barbados is set to make to a multi-
million-dollar investment to drive the production of cassava
flour.

Construction of a cassava flour mill will get underway in another
six months, according to Caribbean360.com.

According to the chief executive officer of the state-owned
Barbados Agricultural and Development Marketing Corporation
(BADMC) Shawn Tudor, planning permission has already been attained
for the construction of the plant which is expected to cost near
quarter million dollars, the report notes.

Mr. Tudor is already excited by the prospects, saying it will not
only put more cassava flour on shelves but provide additional
revenue opportunities for farmers and generate employment, the
report notes.

"We will enter into contracts with farmers and there are also
options for feed [production] available down the road," he
explained, the report relays.

The mill is projected to produce a ton of cassava flour a day.

Mr. Tudor told online newspaper Barbados Today that the initiative
is also intended to get more people on board with agriculture,
saying there has been renewed interest in the sector, the report
discloses.

"We have more requests for land than we have and that we can ever
get from plantations to bring back in," Mr. Tudor said, the report
relays.

Stressing that agriculture was still a viable business, he urged
the public to take it seriously, lamenting that the sector was not
being treated as a serious business, the report notes.

The BADMC head said the agency was ready to assist farmers but
urged them to formulate business plans and invest in the sector,
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 O L I V I A
=============


BANCO DO BRASIL: Moody's Affirms Ba2 Currency Deposit Rating
------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
affirmed Banco do Brasil (Bolivia) (BdB Bolivia)'s ratings and
changed the outlook of its global scale local currency deposit
rating (Ba2) to stable from negative. The rating action follows
the announcement by Moody's Investors Service that it has changed
the outlook of Banco do Brasil local- and foreign-currency deposit
ratings to stable from negative on 16 March 2017 (see press
release "Moody's changes outlook to stable on 30 Brazilian banks
and BM&FBovespa; affirms ratings"). Moody's has also changed the
outlook of BdB Bolivia's global scale foreign currency deposit
rating (B1) to negative from stable, driven by the negative
outlook of Bolivian sovereign, positioning BdB Bolivia's outlook
in line with the rest of the Bolivian banking system.

The following BdB Bolivia ratings were affirmed:

-- Long-term global local currency deposit rating, rated Ba2
    with stable outlook (previously negative)

-- Short-term global local currency deposit rating, rated Not
    Prime

-- Long-term global foreign currency deposit rating, rated B1
    with negative outlook (previously stable)

-- Short-term global foreign currency deposit rating, rated
    Not Prime

-- Bolivian long-term national scale local currency deposit
    rating, rated Aaa.bo

-- Bolivian short-term national scale local currency deposit
    rating, rated BO-1

-- Bolivian long-term national scale foreign currency deposit
    rating, rated Aa3.bo with stable outlook

-- Bolivian short-term national scale foreign currency deposit
    rating, rated BO-1

-- Long-term counterparty risk assessment, rated Ba1(cr)

-- Short-term counterparty risk assessment, rated Not Prime(cr)

RATINGS RATIONALE

The affirmation of BdB Bolivia's ratings and the change in outlook
to stable, from negative, on its Ba2 local currency deposit rating
incorporates Moody's expectation of support from the parent bank,
Banco do Brasil (Ba2, stable), to its Bolivian branch operations.
Moody's has also changed to negative, from stable, the outlook on
BdB Bolivia's B1 global scale foreign currency deposit rating. BdB
Bolivia's global scale foreign currency deposit rating is capped
at the Bolivian foreign currency deposit ceiling, which in turn is
derived from the Bolivian sovereign rating. The outlook change
takes into account the close inter-linkages between the banks'
credit risk profile and that of the sovereign, which generally
limit banks' creditworthiness.

WHAT COULD CHANGE THE RATING UP/DOWN

BdB Bolivia ratings are aligned with Banco do Brasil's, and
therefore they will face upward or downward pressure as a
consequence of changes in Banco do Brasil's ratings. Additionally,
a downgrade or upgrade of Bolivia's sovereign ratings, could also
lead to a change of BdB Bolivia's ratings.

The principal methodology used in these ratings was Banks
published in January 2016.

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.

Banco do Brasil (Bolivia) is headquartered in La Paz, Bolivia and
had total assets of Bs 427 million ($61.8 million) and equity of
Bs 195 million ($28.2 million) as of 31 December 2016.


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


BRAZIL: Cases Against Politicians Include Corruption, Laundering
----------------------------------------------------------------
Paulo Trevisani at The Wall Street Journal reports that details of
a request to prosecute scores of top politicians in Brazil will
likely take days to be released, but they will include accusations
of corruption and money laundering, a person familiar with the
matter said.

Earlier, Attorney General Rodrigo Janot's office handed 83
requests to the Supreme Court to probe politicians who, under
Brazilian law, can only be investigated with special permission,
according to The WSJ.  Justice Edson Fachin will decide if the
prosecutors may proceed and whether the names can be made public,
the report notes.

A Supreme Court spokesman said it could take "up to 10 days" for
details to be released, notes WSJ.

The requests stem from the sprawling graft probe known as
Operation Car Wash, which unveiled a kickback and bid-rigging
scheme around state oil giant Petroleo Brasileiro SA involving
Brazil's largest political parties, top government officials and
large private companies, the report notes.

Local media have reported that cabinet ministers and key allies of
President Michel Temer are among the potential suspects, but the
person familiar with the case declined to confirm or deny the
reports, The WSJ relays.

A spokesman for the president had no comment.  Mr. Temer has said
in the past that he supports the investigations, the report
relays.

In addition to the politicians, hundreds of other suspects are
named in the 83 investigation requests, according to the person
familiar with the matter, the report discloses.

The report notes that prosecutors gathered testimony in mid-
December from 77 witnesses that generated 950 videos that the top
court will likely have to transcribe, the person said.  Only
prosecutors were allowed in during the interviews to try to
guarantee secrecy, the person said, the report adds.

The evidence includes spreadsheets, email messages, and phone and
bank records allegedly showing how the witnesses gave money to the
politicians as campaign donations in exchange for some advantage
in future, the person said, WSJ notes.

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'.


BROOKFIELD INCORPORACOES: Fitch Affirms B+ Long-Term IDR
--------------------------------------------------------
Fitch Ratings has affirmed Brookfield Incorporacoes S.A.'s (BISA)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDR)
at 'B+' and its National Scale Long-Term Rating at 'A-(bra)'. The
Rating Outlook for the corporate ratings is Stable.

BISA's ratings reflect the strong and consistent financial support
from its controlling shareholder, Brookfield Asset Management Inc.
(BAM), and its integration with the parent, in line with Fitch's
expectations. BAM frequently provided financial support to BISA,
evidenced by approximately BRL4.5 billion of cash injected through
capital increases and parent loans during 2014 to 2016. In 2014,
the controlling group had already acquired the company's shares in
circulation in the market. Currently, BAM indirectly controls 100%
of BISA.

Capitalization measures from the parent have been fundamental to
substantially reduce BISA's refinancing risk, strengthen its
capital structure and finance working capital needs. The company's
adjusted corporate debt fell to BRL212 million in September 2016,
from BRL2.7 billion at end-2013. On a stand-alone basis, BISA
continues to report very weak credit metrics, with negative
operating cash flow generation, high sales cancellations, and
increased costs due to project delays, pressured by the difficult
domestic economic environment.

The ratings incorporate that new measures to strengthen BISA's
liquidity will be necessary and that BAM will continue to provide
unrestricted financial support to the company. Fitch incorporated
in its analysis its 'Parent and Subsidiary Rating Linkage'
methodology published Aug. 31, 2016. On an individual basis,
without the strong evidences of support and integration of the
company's businesses with the parent, BISA's rating would be lower
in multiple notches.

KEY RATING DRIVERS

Important Support from the Group

BISA consistently received financial support from BAM in the last
three years. Since 2014, BISA received BRL4.5 billion from the
parent, through capital increase and intercompany loans, which
allowed the company to significantly reduce adjusted corporate
debt to BRL212 million in Sept. 30, 2016, or 7% of total adjusted
debt, including BRL70 million of off balance sheet debt that BISA
guarantees. This number compares favorably with 30% at year-end
2015 and 51% at year-end 2014.

BISA had BRL2.8 billion of total adjusted debt in September 2016,
of which BRL1.6 billion, or 58%, consisted of intercompany loans
with the parent that has flexible maturity date and no interest.
In this period, lines of credit from the Housing Financial System
(SFH) accounted for 35% of the total adjusted debt. These lines
are adequate for the sector once they are repayable by the
transfer of homebuyer receivables upon project conclusion.

Operating Performance Remains Weak

BISA's operating results remained very weak. In the last few
years, the company has adopted a series of measures to recover its
operational efficiency, but due to the sector's long construction
cycle operating margins still do not reflect improvements. BISA
reported negative adjusted EBITDA since 2013 and was negative
BRL859 million in the LTM ended Sept. 30, 2016.

The controlling shareholder support was fundamental to BISA's
strategy to resume project launches in 2016. However, low margin
projects launched in previous years are still under development
and should continue pressuring the company's results over the next
couple of years. Brazil's weak macroeconomic environment adds
challenges to the recovery of company's operating results.

BISA has the important challenge to significantly reduce high
volume of sales cancellations and inventory of concluded units, as
well as conclude the legacy of low margin projects, expected by
the end 2018. During 2016, sales cancellations were BRL1.1
billion, compared to BRL1.4 billion in 2015 and BRL870 million in
2014. The inventory of concluded units represented high 38% of the
total inventory with an estimated market value of BRL3.8 billion
at end 2016. Fitch estimates a volume of project deliveries of
BRL2.2 billion of potential sales value (PSV) in 2017, of which
41% consisted of units in inventory, in a still difficult business
environment, will continue to pressure sales cancellations and
increase the company's finished inventory.

Negative Operating Cash Flow

In the LTM period ended June 2016, BISA reported negative funds
from operations (FFO) of BRL553 million and cash flow from
operations (CFFO) was negative BRL850 million, reflecting high
sales cancellations and higher costs due to project delays. Cash
flow as of Sept. 30 2016 is not available. BISA's cash flow
generation capacity in 2017 and 2018 should benefit from lower
cost to be incurred as the company concludes old projects and a
recovery depends on a significant reduction in sales cancellations
and sale of inventory. Fitch also expects CFFO to remain pressured
by high working capital needs from new projects launches and land-
bank acquisition. Fitch estimates BRL1.1 billion of PSV in new
projects in 2016, and around BRL1.6 billion in 2017.

High Leverage

BISA's leverage ratio should remain not measurable, since EBITDA
and CFFO are expected to remain negative. Under a potential cash
flow perspective, the ratio total receivables on balance sheet
plus total inventory, added to the revenue to be recognized over
net debt, plus obligations with real estate acquisition for
development and plus cost to incur from units sold remained weak
and was of 1.8x in June 2016, flat compared to December 2015, and
was below the sector average.

KEY ASSUMPTIONS

Fitch's key assumptions, in accordance with the base case scenario
for this issuer include:

-- Continued strong support and integration with the controlling
    shareholder;
-- Maintenance of reduced corporate debt in 2016 and 2017;
-- Negative EBITDA in 2016 and 2017;
-- Resumption of project launches, with a PSV estimated by Fitch
    of around BRL1.1 billion in 2016 and BRL1.6 billion in 2017;
-- Still high volume of sales cancellations and inventories of
    concluded units in 2016 and 2017.

RATING SENSITIVITIES

Future developments which could, individually or collectively lead
to a negative rating action are:

-- A weakening of BAM's credit profile.

A rating upgrade for BISA is not likely in the near future.

LIQUIDITY

BISA's liquidity strongly relies on the financial support from the
Group. The company used the proceeds from capital increases and
intercompany loans to significantly reduce adjusted corporate debt
and finance working capital needs of the projects in development.
As of Sept. 30, 2016, cash and marketable securities was BRL325
million and total adjusted debt was BRL2.8 billion. Adjusted
corporate debt of BRL212 million included BRL142 million due up to
the end of 2017 and BRL70 million of off balance sheet debt that
is due in the long term.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings for BISA:

-- Long-term Foreign Currency IDR at 'B+';
-- Long-term Local Currency IDR at 'B+';
-- Long-term National Scale rating at 'A-(bra)';

The Outlook for the corporate ratings is Stable.


OURO VERDE: Fitch Puts BB- IDR on Rating Watch Negative
-------------------------------------------------------
Fitch Ratings has placed Ouro Verde Locacao e Servico S.A.'s 'BB-'
Long-Term Foreign and Local-Currency Issuer Default Ratings (IDR)
and National Scale Rating 'A(bra)' on Rating Watch Negative.

The Negative Watch reflects Ouro Verde's increasing refinancing
risks, following the unsuccessful international bond issuance
during 2016, and its inability to obtain medium term funding in
the local credit market to materially extend its high short-term
debt maturities. This risk profile is not deemed in line with a
'BB' rating category. Ouro Verde's rating could be downgraded if
the company is unable to effectively improve its debt maturity
profile in the next six months. Over the past few quarters, the
Brazilian local credit market remained quite selective and costly
for medium-size issuers. Despite the current weak market
conditions, Fitch believes that it is possible for the local
credit market to slowly recover during 2017, which could help Ouro
Verde access medium-term financing.

In the meantime, Fitch expects Ouro Verde to continue to rollover
its short-term debt, as seen during 1Q17. As of Dec. 31 2016, the
company had BRL148 million of readily available cash against its
short-term debt of BRL747 million, as per Fitch's calculations.
The ratio of short-term debt coverage, as measured by cash plus
CFFO-to-short-term debt, was weak at 0.8x. Ouro Verde's stable
operating cash flow generation and declining leverage, as a result
of lower capex, could help mitigate its weak coverage ratio to an
extent.)

Operationally, the company continues to report stable margins and
solid operating cash flow generation (CFFO), which should be a key
factor in its ability to access the credit market, once the market
condition improves. Over the last three years, Ouro Verde reported
CFFO generation above BRL420 million; Fitch expects this cash flow
to be slightly higher in the next two years. Ouro Verde's
leverage, measured by cash flow based FFO net adjusted leverage,
is low and should be maintained in the range of 2.0x to 2.3x level
during the next three years, according to Fitch's projections. The
company's FFO interest coverage has been solid at 3.4x during
2014-16.

KEY RATING DRIVERS

Medium-Size Player; Business Predictability

Ouro Verde has an above-average business profile due to a
reasonably predictable cash flow, which is based on long-term
contracts for fleet rental of light vehicles and heavy machinery
and equipment, as well as a diversified customer base. Key rating
constraints include an intense competitive environment, due to
pressures from larger players with stronger financial profiles,
and the high capital intensity of the business amid unfavourable
financing conditions in Brazil.

Operating Cash Flow to Remain Stable

Ouro Verde has been able to maintain cash flow from operations
(CFFO) at satisfactory levels, despite higher financing cost. The
company has been able to efficiently pass through rising costs to
customers, and has become more selective in granting new contracts
in an effort to prioritize more profitable heavy machinery and
equipment leases. Between 2012 and 2016, Ouro Verde's net revenue
increased by 89% to BRL975 million while its EBITDA grew to BRL487
million from BRL273 million. During the same period, FFO
strengthened to BRL491 billion from BRL133 million, despite
increasing interest costs.

FFO and EBITDA margins are expected to remain stable at about 50%
in the next two years. Unlike other key players in the industry,
Ouro Verde is less dependent on the sale of used assets at the end
of the contract due to the relatively long life of its heavy fleet
and equipment rentals.

Fleet Reduction Allowed Deleveraging in 2016; Adequate Funding has
been a Challenge

Ouro Verde reported positive FCF of BRL146 million during 2016 as
a result of lower capex. In 2016, Ouro Verde invested BRL325
million, which compares with BRL446 million in 2015 and BRL779
million in 2014. Fitch expects around BRL38 million of positive
FCF in 2017. Ouro Verde has the flexibility to improve FCF by
reducing growth in capex, as most of its capital investments are
geared toward increasing the size of its fleet/equipment and are
linked to a contract. Depending on the company's ability to access
funding for growth, FCF should range from neutral to negative
BRL150 million in the next two years.

Fitch does not expect a material reduction in the company's
financial profile, with its net leverage, measured by FFO adjusted
net leverage, estimated to remain at around 2.0x in both 2017 and
2018, in line with the end-2016 level of 2.1x. Ouro Verde's
leverage level, relative to its fleet market value, is deemed
adequate. The company reports a fleet market value of
approximately BRL1.4 billion, which equals its net debt position
(BRL1.4 billion). Negatively, the company's financial flexibility
is limited, as most of its fleet serves as collateral for some of
its debt, such as FINAME operations and leasing.

DERIVATION SUMMARY

Ouro Verde has a weaker competitive position compared to its main
domestic peers, based on business scale and access to funding and
cost of capital. Those last two are key variables in this capital
intensive industry. No country-ceiling, parent/subsidiary or
operating environment aspects impacts the rating.

KEY ASSUMPTIONS

-- Slight decline in revenue in 2017 with a recovery from 2018
    on, given an improvement in local funding;

-- Capex at around BRL420 million in 2017 and increasing to
    around BRL600 million in 2018;

-- Success on ongoing short-term debt refinancing;

-- Dividends at 25% of net income (2017 and 2018 dividends are
    expected to be returned to the company as part of a deal with
    its shareholder to help to amortize a related debt credit of
    BRL155 million);

-- No large-scale M&A activity.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

Factors that could lead to Fitch resolving the Rating Watch
Negative and assigning a Stable Outlook include:

-- The company successfully improves its debt profile
    amortization and maintains its current leverage ratios.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

-- Maintenance of current debt profile amortization in the next
    six months will lead to a ratings downgrade;

LIQUIDITY

At end-2016, the company reported total debt of BRL1.6 billion, of
which BRL747 million was short-term debt. This level of short-term
debt compares with BRL148 million of readily available cash
balance. Ouro Verde faces BRL1.3 billion debt maturities by the
end of 2018. The ratio of short-term debt coverage, as measured by
cash plus CFFO-to-short-term debt, was weak at 0.8x. Financial
flexibility is low, as about 44% of Ouro Verde's debt is secured.
The company's debt profile is mainly composed of FINAME operations
and leasing (40%), banking credit lines (32%) and debentures
(28%).

FULL LIST OF RATING ACTIONS

Fitch has placed the following ratings on Rating Watch Negative:
Ouro Verde Locacao e Servico S.A.

-- Long-Term Foreign Currency IDR 'BB-';
-- Long-Term Local Currency IDR 'BB-';
-- National Long-Term rating 'A(bra)';
-- Local Debentures due 2018 and 2019 'A(bra)'.


SAMARCO MINERACAO: Judge Suspends Suit as Talks Move Forward
------------------------------------------------------------
Paul Kiernan at The Wall Street Journal reports that a Brazilian
judge suspended a nearly $50 billion lawsuit against mining firms
responsible for the 2015 Samarco disaster, as negotiations between
the companies and authorities moved forward.

The decision came as part of a ruling in which federal judge Mario
de Paula Franco Junior approved a road map toward a final
agreement between prosecutors and mining companies Vale SA, BHP
Billiton Ltd. and their joint-venture Samarco Mineracao SA,
according to The Wall Street Journal.

The report notes that federal prosecutors, regulatory agencies and
the three companies have been locked in fierce litigation since
Samarco's Fundao tailings dam collapsed on Nov. 5, 2015, releasing
an avalanche of mine waste.  The incident is widely considered
Brazil's worst-ever environmental catastrophe and the largest
failure of a mining dam, the report relays.

Due to its scale -- the disaster killed 19 people, wiped out
villages below the dam and polluted hundreds of miles of rivers --
authorities have struggled to come up with a definitive tally of
the damage, the report discloses.

To that end, the partial agreement ratified called for three
different groups of experts -- two appointed by the court, one by
the companies -- to come up with studies that would assess the
social, economic and environmental impacts of the disaster and
evaluate the recovery programs under way, the report notes.

Also as part of the ruling, Judge Franco ordered Samarco and its
parent companies to put up guarantees worth BRL2.2 billion ($705
million).

In a statement, Mr. Vale expressed support for the decision,
saying it "recognizes the complexity and importance of reaching a
consensual solution to implement the necessary measures to
remediate all the impacts" of the dam failure, the report relays.

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'.



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


BNP PARIBAS: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of BNP Paribas Trust Services (Cayman) Limited
received on March 9, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CALEDONIAN BANK: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Caledonian Bank (Nominees) Limited received on
March 6, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ms. Claire Loebell
          c/o Joe Gaastra
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9052
          Facsimile: (345) 814 8529


GENESIS GROUP: Members Receive Wind-Up Report
---------------------------------------------
The members of Genesis Group Company Limited received on March 8,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Corey Stokes
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814-9277
          Facsimile: (345) 949-4647


GLOBAL VALUE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Global Value Ventures II Limited received on
March 7, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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


LEHMAN BROTHES MASTER: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Lehman Brothes Myryllion Master Fund, Ltd. received
on March 30, 2017, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


LEHMAN BROTHES MYRYLLION: Members Receive Wind-Up Report
--------------------------------------------------------
The members of Lehman Brothes Myryllion Fund, Ltd. received on
March 30, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


LUNES ENTERPRISES: Members' Final Meeting Set for March 30
----------------------------------------------------------
The members of Lunes Enterprises Limited will hold their final
meeting on March 30, 2017, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          Nicola Cowan
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


M & M TECH: Shareholder Receives Wind-Up Report
-----------------------------------------------
The members of M & M Tech Corporation Limited received on March
16, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          SCL Limited
          Smeets Law (Cayman)
          Reference: JAPF
          Suite 2206, Cassia Court
          72 Market Street, Camana Bay
          P.O. Box 32302 Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: (+1) 345 815 2800
          Facsimile: (+1) 345 947 4728


MERRICKS CAPITAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Merricks Capital MZ Master Fund received on
March 7, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MERRICKS CAPITAL MZ: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Merricks Capital MZ Feeder Fund received on
March 7, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


NEXCO LTD: Members' Final Meeting Set for April 3
-------------------------------------------------
The members of Nexco Ltd. will hold their final meeting on
April 3, 2017, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PARADISE OVERSEAS: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Paradise Overseas Holdings Inc. received on
March 6, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Paradise Overseas Holdings Inc.
          Jose A. Toniolo
          307 Fair Banks Road
          Apt. 50, George Town
          Grand Cayman
          Cayman Islands
          Telephone (345) 916 2956


PUBLISHERS CORPORATION: Members' Final Meeting Today
----------------------------------------------------
The members of Publishers Corporation will hold their final
meeting today, March 24, 2017, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SOFT COMMODITIES: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Soft Commodities Opportunity Feeder Fund
received on March 7, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SOFT COMMODITIES FUND: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The shareholder of Soft Commodities Opportunity Fund received on
March 7, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


WASHINGTON AIRCRAFT: Sole Member Receives Wind-Up Report
--------------------------------------------------------
The sole member of Washington Aircraft Hire Co. Limited received
on March 13, 2017, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

          Thomas Mylott
          Marguerite Britton
          238 North Church Street
          P.O. Box 1043 George Town
          Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 640-6600


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


JISCO: To Start Operations June 20
----------------------------------
RJR News reports that JISCO, formerly ALPART, in Nain, St.
Elizabeth is said to be on track to start operations on June 20.

Mining Minister Mike Henry made the disclosure at Metal Bulletin's
23rd Bauxite and Alumina Conference in Miami, Florida, according
to the RJR News.

Mr. Henry said preparatory activities are in high gear and 400
Jamaicans are now employed at the plant, the report relays.

Mr. Henry told the conference that JISCO is sensitizing the
communities around the plant and mining areas and there will be a
huge demand for electrical, mechanical, civil and chemical
engineers for operation and maintenance activities, the report
adds.

Alumina Partners of Jamaica, also known as Alpart, is a company
that owns and operates a bauxite refinery in Nain, Jamaica.
Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,
Reynolds Aluminum, and Anaconda.  Alpart exports 1.65 million
tons of alumina overseas per year, and earned gross revenues of
US$1.3 billion in 2007.  As of 2008, Alpart is 65% owned by Rusal
and 35% owned by Norsk Hydro.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 6, 2012, RJR News said that the main union representing
workers in the mining sector has welcomed news that an
announcement will be made soon on the reopening of the Alumina
Partners of Jamaica bauxite and alumina plant in St. Elizabeth.

TCRLA reported in May 19, 2009, that RadioJamaica said Alpart's
mining and refinery operations officially came to a halt on May
15.  Alpart said it will send home 900 permanent employees in the
process amid a 60% decline in alumina product prices since July
2008.  Mr. Fabrini, as cited by RadioJamaica, said the temporary
shutdown will allow the plant to prepare for future developments.

Although the company took steps to maintain the operations even
at reduced capacity, circumstances still left the company with no
other choice but to shutdown, Mr. Fabrini added.  Mr. Fabrini,
RadioJamaica noted, said the company will continue to meet its
obligations to employees and the surrounding communities in a
timely manner.


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


TV AZTECA: Fitch Affirms B+ Long-Term Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed TV Azteca S.A.B. de C.V.'s Long-term
Foreign-currency and Local-currency Issuer Default Ratings (IDR)
at 'B+'. The Outlooks on the IDRs are revised to Stable from
Negative. Fitch also affirmed the company's senior notes at
'B+/RR4'.

KEY RATING DRIVERS

The revision of TV Azteca's Outlook to Stable from Negative
reflects Fitch's expectation that the company will maintain stable
EBITDA and FCF generation over the medium term, following its
material performance recovery in 2016. The Stable Outlook also
reflects Fitch's view of the company's ability to retain adequate
liquidity, including its ability to cope with its upcoming bond
maturity in 2018 through various resources.

TV Azteca's ratings reflect the company's second largest market
position in the Mexican broadcasting industry and its solid
content production. The ratings are tempered by its limited
financial flexibility, due to the breach of its incurrence
covenant of the senior notes, performance volatility in recent
years, and slow growth outlook of the broadcasting industry in
Mexico.

Stable Performance:
Fitch forecasts TV Azteca's stable EBITDA generation to continue
in the short to medium term, following its material performance
recovery since 2Q16 backed by successful cost controls and
improved viewership ratings. Fitch believes that the company will
maintain disciplined investments into content production, while
the deconsolidation of the loss-making Colombia telecom operation
will also positively contribute to enhanced profitability. This
should enable the company to maintain its EBITDA margins at 25%-
26% during 2017-2018, which is in line with its 2014 level.

Broadcasting industry growth outlook should remain relatively
stable at least until 2018, in Fitch's view, due to price
increases by the operators and a World Cup impact in 2018, despite
weak macro conditions. Negatively, the long-term growth headroom
would be limited given an increasing importance of pay-TV and
internet as alternate advertising platform, while the entrance of
Grupo Imagen, the new broadcaster which started its operations
since 4Q16, could gradually encroach on TV Azteca' market shares.

TV Azteca managed to recover its EBITDA by 58% to MXN3.2 billion
in 2016 from MXN2 billion in 2015. The company underwent a sharp
EBITDA deterioration of 39% in 2015, caused by continued loss from
Colombia, as well as high production costs amid stagnant revenue
growth. The company implemented measures to avoid further material
increase in production costs, while reducing its labor force since
2015. In addition, TV Azteca successfully raised advertising
prices in 2016, resulting in its advertising revenues improving by
4% compared to 2015.

Colombia Deconsolidation Positive; No Material Contribution from
Peru
TV Azteca's shareholders' recent capital injection into the
company's telecom operation in Colombia is positive as it will
lead to improved profitability and cash flow generation going
forward. On Dec. 26, 2016, TV Azteca's shareholders agreed to
inject USD60 million into the company's fiber-optic telecom
business in Colombia, resulting in the company's reduced stakes to
40% from 100%. TV Azteca will no longer be required to inject
additional cash into Colombia, with deconsolidation of this loss-
making business. The company's EBITDA loss from Colombia was
MXN364 million in 2015 and another MXN420 million in 2016.

Fitch does not foresee any positive cash flow contribution from
Peru at least for the short to medium term, following the
completed construction of networks in 2016. Without any additional
construction profit as in 2016, it would be challenging for the
company to generate any meaningful EBITDA from the operation of
the fiber networks in Peru.

Positive FCF Generation; Leverage Improvement
Fitch forecasts TV Azteca's FCF generation to remain broadly
positive in the short to medium term, driven by stable EBITDA
generation and reduced interest expenses following the reduction
in its gross debt level. The company's capex is expected to remain
light at about USD30 million without any cash contribution to
Colombia. TV Azteca's FCF generation turned positive in 2016 to
MXN790 million, which compares favorably to negative FCF
generation of MXN1.5 billion in 2015 amid operational struggles.
Fitch forecasts 3% of FCF margin during 2017-2018, supporting the
company's continued net leverage reduction to the range of 3.0x-
3.5x over the medium term, which compares favorably to 4.3x at
end-2016 and 6.0x at end-2015.

Reduced Refinancing Risk
Fitch believes that TV Azteca will be able to cope with its
upcoming bond maturity in May 2018 following its operational
turnaround and bond prepayments efforts. The company's cash
position improved in 2016, a portion of which was used to prepay
USD42.5 million out of its 2018 USD300 million notes in March
2017. TV Azteca also indicated its plan to partially refinance the
remainder of the notes with local debt and to pay off the rest
with its own resources. This reflects the group's financial
strategy to reduce FX mismatch and improve capital structure going
forward.

DERIVATION SUMMARY

TV Azteca's credit quality is well positioned in the 'B' rating
category. The company's leverage is considered moderate for the
rating level, and its market position and cash flow generation are
stronger than its peer, Grupo Bandeirantes in Brazil, which is
rated 'B'/Outlook Negative. The company's limited financial
flexibility, small operational scale, as well as the volatility in
its recent financial profile are key weaknesses compared to other
industry peers, Grupo Televisa in Mexico and Globo in Brazil, both
of which are rated 'BBB+'. There is no parent/subsidiary linkage,
and country ceiling and operating environment influences were not
in effect for TV Azteca's ratings.

KEY ASSUMPTIONS

-- Low-to-mid single digits domestic advertising revenue growth
    in 2017 and 2018;
-- EBITDA margin of 25%-26% in 2017 and 2018, which compares to
    23% in 2016;
-- Capex to sales ratio of about 6% over the medium term;
-- Average FCF margin of 3% in 2017 and 2018;
-- Net leverage to remain in the range of 3.0x-3.5x over the
    medium term.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to negative rating action:

-- Continued weak financial flexibility and the company's
    inability to proactively manage its upcoming debt maturities

-- Net leverage remaining above 4.0x with negative FCF generation
    on a sustained basis

-- Weak advertising industry growth coupled with the company's
    gradual market share loss.

Future developments that may, individually or collectively, lead
to positive rating action:

-- Material improvement in its financial flexibility, including
    mainly enhanced access to credit and compliance with the
    incurrence covenants;

-- Sustained positive FCF generation with its net leverage
    comfortably below 3.0x on a sustained basis;

-- Consistent track record of disciplined production costs with
    an ability to improve audience/revenue market shares.

LIQUIDITY

TV Azteca's liquidity is deemed adequate. The company improved its
liquidity position in 2016, with the cash balance increasing to
MXN4.5 billion at end-2016, compared to MXN2.9 billion at end-
2015, driven by positive FCF generations. The company faces
USD257.5 million bond maturity in May 2018, following its
repurchase of USD42.5 million of the original USD300 million
amount in March 2017. Fitch forecasts the company will be able to
pay off the remainder of its 2018 notes by a combination of local
debt financing and own resources.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

TV Azteca S.A.B.de C.V.

-- Long-term foreign- and local-currency IDRs at 'B+'; Outlook
    revised to Stable from Negative;
-- Senior unsecured notes at 'B+/RR4'.


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


PARAGUAY: Fitch Assigns BB Rating to USD500MM Global Bond Issue
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to Paraguay's USD500
million global bond issuance maturing March 27, 2027. The bonds
have a coupon rate of 4.7%.

The proceeds will be used for capital expenditures and to
refinance a portion of outstanding debt.

KEY RATING DRIVERS

The rating is in line with Paraguay's Long-Term Foreign-currency
Issuer Default Rating (IDR) of 'BB'.

Some factions within the country's legislature have challenged the
legality of the bond issuance, following a veto of the proposed
2017 budget and subsequent carry-over of the 2016 budget. Fitch
assumes, based on a review of a ruling by Paraguay's Supreme Court
and other legal opinions, that the carry-over of the prior budget
extends to the financing sources contemplated with it, and that
the issuance of bonds is in compliance with local laws. Fitch
assumes the bonds will rank equally with all other unsubordinated
External Debt of the Republic and include cross-default provisions
with other outstanding bonds, as stipulated in the Offering
Memorandum.

RATING SENSITIVITIES

The rating would be sensitive to any changes in Paraguay's Long-
Term Foreign-currency IDR. On December 16, 2016, Fitch affirmed
Paraguay's Long-term Foreign-currency IDR at 'BB' with a Stable
Outlook.


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


LATAM: Must Address School Infrastructure Deficiencies, IDB Says
----------------------------------------------------------------
A recent study released in March 2017 by the Education Division of
the Inter-American Development Bank (IDB) and UNESCO Regional
Bureau for Education in Latin America and the Caribbean carried
out a comparative analysis of the relation between the state of
school infrastructure in the region and learning among students
from 15 countries.

The research involves a comparison of students' results in the
assessments of the Third Regional Comparative and Explanatory
Study (TERCE) and school infrastructure characteristics and it
revolved around the concepts of sufficiency, equity, and
effectiveness. The TERCE study was carried out by the Latin
American Laboratory for Assessment of the Quality of Education
(LLECE), which is coordinated by the UNESCO Regional Bureau for
Education in Latin America and the Caribbean.

The study concludes that only one in four students in basic
education in the region attend an educational center with
sufficient school infrastructure. Sufficiency is a concept related
to access to six infrastructure categories: water and sanitation;
connection to services; educational or academic spaces; offices
areas; multipurpose rooms, and classroom equipment. In contrast,
almost one third of the students in basic education attend schools
with only two or less categories that met sufficiency levels of
school infrastructure.

Similarly, the analysis reveals significant inequalities in access
to the different categories of school infrastructure, both in
terms of students' socioeconomic status and the geographic
location of schools. In general, lower income students from
countries that participated in TERCE attend schools with
infrastructure in poor conditions.

The study also confirms that most of the school infrastructure
categories are positively and significantly associated with the
students' learning achievements. Although the situation is
slightly different in each country, pedagogical and educational
spaces (other than classrooms), followed by connection to services
and the presence of multipurpose classrooms, are the
infrastructure categories that are most often associated with
higher learning achievements.

This joint research by the IDB and UNESCO highlights that the
challenges for countries in the region lie not only in the
provision of school infrastructure, but also in ensuring that
these facilities truly become spaces and environments that promote
a quality education.


                            ***********


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 * * *