TCRLA_Public/170329.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

               Wednesday, March 29, 2017, Vol. 18, No. 63


                            Headlines



B A R B A D O S

PAYLESS: Preparing to Close Hundreds of Stores


B E R M U D A

WILLOWBANK HOTEL: Set to Reopen in May


B R A Z I L

BRAZIL: Health and Environmental Controls Guarantee Meat Quality
NEONERGIA SA: S&P Affirms 'BB' Global Scale Corp. Credit Rating
VOTORANTIM SA: S&P Affirms 'BB+' Global Scale Corp. Credit Rating


C A Y M A N  I S L A N D S

ASHMOORE MANAGERS: Commences Liquidation Proceedings
CATALUNA INC: Commences Liquidation Proceedings
CGFSP MARGIN: Commences Liquidation Proceedings
CHELSEA CREEK: Commences Liquidation Proceedings
CMDA HARD: Commences Liquidation Proceedings

ENSURE INVESTMENT: Commences Liquidation Proceedings
FLEXION MONEY: Commences Liquidation Proceedings
HYPERION MANAGERS: Commences Liquidation Proceedings
N7 JUMA: Commences Liquidation Proceedings
N7 MARLIN: Commences Liquidation Proceedings

NORTH AMERICAN ASHMOORE: Commences Liquidation Proceedings
OKURA LIMITED: Commences Liquidation Proceedings
TRACTON CAPITAL: Commences Liquidation Proceedings
VISIONCHINA MEDIA: Placed in Liquidation, Shares Delisted
WESVAALSO LTD: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Labor Chief Says All Wages Are Too Low


V E N E Z U E L A

VENEZUELA: OAS Members to Meet in U.S. to Discuss Crisis


                            - - - - -


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


PAYLESS: Preparing to Close Hundreds of Stores
----------------------------------------------
Caribbean360.com, citing Bloomberg News, reports that Payless shoe
store, which operates several branches in at least four Caribbean
countries, is preparing to file for bankruptcy soon.

Sources told the news outlet that the company is initially
planning to close 400 to 500 stores as it reorganizes operations,
according to Caribbean360.com.

Payless' bankruptcy comes at the height of a troubling year in
retail for the company, the report notes.  Back in January,
Reuters reported that Payless was trying to restructure
approximately US$665 million in debt, the report relays.  A month
later, credit rating agency Moody's Investors Service downgraded
its debt rating, saying the decision reflected "weaker than
anticipated operating performance".

Payless was bought by private equity firms Golden Gate Capital and
Blum Capital Partners in 2012, as part of the breakup of publicly
traded Collective Brands Inc, the report discloses.

The company, founded in 1956 in Topeka, Kansas, employs almost
22,000 people, according to its website. It has more than 4,000
stores in 30 countries.  Payless operates stores in Barbados, St
Lucia, Jamaica and Trinidad and Tobago.


=============
B E R M U D A
=============


WILLOWBANK HOTEL: Set to Reopen in May
--------------------------------------
Scott Neil at The Royal Gazette reports that six years after it
closed its doors, the Willowbank Hotel is to reopen in May.

The 56-year-old hotel enjoys stunning ocean views in Sandys and is
expected to be busy during the America's Cup period and beyond,
according to The Royal Gazette.

The report notes that Glenn Jones, director of public and
stakeholder relations at the Bermuda Tourism Association, said:
"Our chief executive officer Kevin Dallas and our chief product
and experiences development officer Pat Phillip-Fairn visited
Willowbank and were delighted to see a property on the eve of a
new beginning with a team of staff and managers motivated to
welcome visitors very soon.

"Our expectation is that Willowbank will reopen its doors formally
on May 1. It's especially good news to have additional hotel
inventory online ahead of the America's Cup."

The 64-room hotel closed in November 2011 during the economic
downturn, the report recalls.  It was a family-run Christian
hotel, which also had a conference center, the report relays.

The closure of the hotel has continued to be lamented online at
websites such as TripAdvisor, by former guests asking if it will
ever reopen, the report notes.

During the past few years the conference centre has been used
occasionally, however, the hotel remained closed, the report
relays.

The property has undergone refurbishment and the expectation is it
will reopen for business in the early part of May, the report
notes.

A website for the hotel at Willowbank.bm currently advises
visitors to check back for updates.

The report notes that Mr. Jones said: "The Bermuda Tourism
Authority is encouraging Willowbank to reposition itself as a 64-
room family hotel, leveraging its secluded beaches, green space
and the surrounding neighbourhood which has a family-friendly feel
-- all while remaining true to the hotel's original mission.

"The team here on-island and in New York will work with Willowbank
to assist with its reintroduction to the Bermuda hospitality
industry.

"We're excited about what they've done so far and look forward to
the opening in about six weeks."

The Royal Gazette has approached Willowbank regarding the
reopening and is awaiting a response.


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


BRAZIL: Health and Environmental Controls Guarantee Meat Quality
----------------------------------------------------------------
EFE News reports that Brazil said that its health and
environmental controls are "rigorous" and that the investigation
into some 20 meatpacking plants is focusing on "bureaucratic"
matters that do not call into doubt the quality of its meat
products.

"What is being investigated is neither the quality of the products
nor their health condition, but rather the conduct of several
public agents linked to auditing, to bureaucratic matters," said
Agriculture Minister Blairo Maggi in a telephone conference with
foreign correspondents, notes the report.

He also reiterated that of the country's 4,837 meat processing
plants, just 21 are being investigated and "none for the quality
of their products, but rather for bureaucratic questions involving
a few (officials) who have already been removed from their posts,"
says EFE News.

The report relays that Maggi said doubts about Brazil's meat
quality arose due to the way in which the Federal Police, which is
responsible for the investigations, presented the case, when it
reported on the busting of a criminal group that was adulterating
meat products.  In addition to exposing assorted irregularities in
meat processing, the Federal Police said that about 30 health
officials were accepting bribes from companies in exchange for
allowing spoiled or mislabled meat to be shipped to retail
markets.

"The way in which it was discussed implied that the quality of the
product was being investigated and that's not true. Bureaucratic
procedures are being investigated," the report quoted Mr. Maggi as
saying.  "It was said that they were using prohibited meats in
cold cuts and that's not true. The possible use of cardboard
packaging was confused with the possibility that the cardboard was
mixed with meat and that's not true either, along with the
falsehood that they were using carcinogenic substances."

The Federal Police made the same assertion in an official
statement three days after the scandal erupted, the report
discloses.

"The deeds are linked directly with the divergent professional
conduct practices by some officials and do not represent
generalized poor functioning of the Brazilian health integrity
system," the police said, notes the report.

The report adds that Mr. Maggi reiterated that the government's
main concern is proving to the importers of Brazilian meat
products that there are no quality problems, although he admitted
that the matter does impact on the country's credibility and is
causing a significant loss of market share.  According to
estimates, the scandal could cost Brazil, one of the world's
largest meat exporters, some 10 percent of its foreign market and
annual losses amounting to about $1.5 billion.

He said that he will remain in contact with all countries that
want to buy Brazilian meat to try and minimize the impact and
demonstrate the "excellence" of the country's products, EFE
relates.

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'.


NEONERGIA SA: S&P Affirms 'BB' Global Scale Corp. Credit Rating
---------------------------------------------------------------
S&P Global affirmed its 'BB' global scale and 'brAA-' national
scale long-term corporate credit ratings on Neonergia S.A. and its
core subsidiaries, Companhia de Eletricidade do Estado da Bahia
(Coelba), Companhia Energetica de Pernambuco -- CELPE, and
Companhia Energetica do Rio Grande do Norte (Cosern).  The outlook
remains negative.  S&P also affirmed its 'brA-1' short-term
national scale rating on Neoenergia.  Nevertheless, S&P lowered
the SACP on the company to 'bb' from 'bb+'.

At the same time, S&P affirmed its 'brA+' issue-level ratings on
Neoenergia's subsidiaries, NC Energia S.A., Termopernambuco S.A.
and Itapebi Geracao de Energia S.A., based on the parent company's
unconditional and irrevocable guarantee of these entities' notes.
S&P also assigned a 'brA+' rating to Neoenergia's proposed three-
year R$250 million unsecured debentures.  The one-notch difference
between the long-term corporate credit rating and the issue-level
ratings--at the holding level as well as for these that are based
on the guarantee of Neoenergia--reflects structural subordination.

The SACP revision reflects S&P's view that Neoenergia's credit
metrics will worsen, as a result of higher debt to fund the
group's sizeable capex plan amid Brazil's still weak economy.  In
S&P's view, Brazilian electricity distributors are vulnerable to
the weakening of economic activity because it depresses
electricity consumption, and may lead to power surpluses and
higher delinquencies from end-users.

Given that Neoenergia's SACP is now at the same level as Brazil's
foreign currency rating, the negative outlook on the company
mirrors the one on the sovereign.  In S&P's view, Brazil's
electricity sector is highly regulated, especially the
distribution and transmission segments, because the regulator,
Agencia Nacional de Energia Eletrica (ANEEL), sets the rates.  S&P
believes that Neoenergia, like other regulated utilities in
Brazil, could be subject to government interference under an
unlikely sovereign default scenario, including tariff freezes,
which could jeopardize the company's cash flow generation.  The
negative outlook on the national scale also reflects a possible
downgrade amid further weakening of Neoenergia's financial
performance, based on S&P's comparison to other 'brAA-' rated
issuers.


VOTORANTIM SA: S&P Affirms 'BB+' Global Scale Corp. Credit Rating
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' global scale and its 'brAA+'
Brazilian national scale corporate credit ratings on Votorantim
S.A.  At the same time, S&P affirmed its 'BB+' global scale
corporate credit rating on Votorantim Cimentos S.A. (VC) because
S&P considers the cement division as the group's core subsidiary,
with both entities bearing the same default risk.  S&P also kept
Votorantim's stand-alone credit profile (SACP) at 'bbb' and
revised VC's SACP to 'bb' from 'bb+'.  The outlook on the entities
remains negative.  In addition, S&P affirmed the issue-level
ratings on the debt issued or guaranteed by Votorantim and VC.
The recovery rating on this debt remains at '3', indicating S&P's
expectation that lenders would receive meaningful (65%) recovery
of their principal in the event of a payment default.

The negative outlook on Votorantim reflects the one on Brazil.
The group's high sensitivity to domestic economy (mainly through
its cement and aluminum units) and its exposure to the banking
business, which may create a contingent liability of high severity
under a sovereign default scenario, currently constrains the
ratings on Votorantim to one notch higher than the foreign
currency rating on Brazil (BB/Negative/B).  S&P's ratings on VC
mirror those on its parent, because S&P considers the cement
division as the group's core subsidiary, with both entities
bearing the same default risk.


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


ASHMOORE MANAGERS: Commences Liquidation Proceedings
----------------------------------------------------
The members of Ashmoore Managers on Feb. 13, 2017, passed a
resolution to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 20, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Razorfish Limited
          Campbells Corporate Services (BVI) Limited
          Romasco Place, Floor 2
          Road Town, Tortola, VG1110
          PO Box 4541, British Virgin Islands
          Telephone: + 1 (284) 494 2423
          Facsimile: + 1 (284) 494 2475


CATALUNA INC: Commences Liquidation Proceedings
-----------------------------------------------
The members of Cataluna Inc. on Feb. 10, 2017, passed a resolution
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 27, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: NDL
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647 or


CGFSP MARGIN: Commences Liquidation Proceedings
-----------------------------------------------
The shareholder of CGFSP Margin Loan GP, Ltd. on Feb. 13, 2107,
passed a resolution 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


CHELSEA CREEK: Commences Liquidation Proceedings
------------------------------------------------
The members of Chelsea Creek Holdings II Limited on Feb. 26, 2017,
passed a resolution to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
March 27, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CMDA HARD: Commences Liquidation Proceedings
--------------------------------------------
The members of CMDA Hard Tech Ltd on Feb. 13, 2017, passed a
resolution to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 20, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Razorfish Limited
          Campbells Corporate Services (BVI) Limited
          Romasco Place, Floor 2
          Road Town, Tortola, VG1110
          PO Box 4541, British Virgin Islands
          Telephone: + 1 (284) 494 2423
          Facsimile: + 1 (284) 494 2475


ENSURE INVESTMENT: Commences Liquidation Proceedings
----------------------------------------------------
The members of Ensure Investment Fund Limited on Feb. 13, 2017,
passed a resolution to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
March 20, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Razorfish Limited
          Campbells Corporate Services (BVI) Limited
          Romasco Place, Floor 2
          Road Town, Tortola, VG1110
          PO Box 4541, British Virgin Islands
          Telephone: + 1 (284) 494 2423
          Facsimile: + 1 (284) 494 2475


FLEXION MONEY: Commences Liquidation Proceedings
------------------------------------------------
The members of Flexion Money Market Fund on Feb. 13, 2017, passed
a resolution to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 20, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Razorfish Limited
          Campbells Corporate Services (BVI) Limited
          Romasco Place, Floor 2
          Road Town, Tortola, VG1110
          PO Box 4541, British Virgin Islands
          Telephone: + 1 (284) 494 2423
          Facsimile: + 1 (284) 494 2475


HYPERION MANAGERS: Commences Liquidation Proceedings
----------------------------------------------------
The members of Hyperion Managers on Feb. 13, 2017, passed a
resolution to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 20, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Razorfish Limited
          Campbells Corporate Services (BVI) Limited
          Romasco Place, Floor 2
          Road Town, Tortola, VG1110
          PO Box 4541, British Virgin Islands
          Telephone: + 1 (284) 494 2423
          Facsimile: + 1 (284) 494 2475


N7 JUMA: Commences Liquidation Proceedings
------------------------------------------
At an extraordinary meeting held on Feb. 7, 2017, the members of
N7 Juma Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
March 8, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Captiva (Cayman) Ltd.
          c/o Margo Whittaker
          P.O. Box 32315 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 946-4111
          Facsimile: (345) 946-4222


N7 MARLIN: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on Feb. 7, 2017, the members of
N7 Marlin Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
March 8, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Captiva (Cayman) Ltd.
          c/o Margo Whittaker
          P.O. Box 32315 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 946-4111
          Facsimile: (345) 946-4222


NORTH AMERICAN ASHMOORE: Commences Liquidation Proceedings
----------------------------------------------------------
The members of North American Ashmoore Investments on Feb. 13,
2017, passed a resolution to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
March 20, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Razorfish Limited
          Campbells Corporate Services (BVI) Limited
          Romasco Place, Floor 2
          Road Town, Tortola, VG1110
          PO Box 4541, British Virgin Islands
          Telephone: + 1 (284) 494 2423
          Facsimile: + 1 (284) 494 2475


OKURA LIMITED: Commences Liquidation Proceedings
------------------------------------------------
The shareholder of Okura Limited on Feb. 13, 2107, passed a
resolution 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:

          Graham Robinson
          c/o Tanya Armstrong
          P.O. Box 2499 Grand Cayman KYl-1104
          Cayman Islands
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864


TRACTON CAPITAL: Commences Liquidation Proceedings
--------------------------------------------------
The members of Tracton Capital Fund on Feb. 13, 2017, passed a
resolution to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 20, 2017, will be included in the company's dividend
distribution.

The company's liquidator is:

          Razorfish Limited
          Campbells Corporate Services (BVI) Limited
          Romasco Place, Floor 2
          Road Town, Tortola, VG1110
          PO Box 4541, British Virgin Islands
          Telephone: + 1 (284) 494 2423
          Facsimile: + 1 (284) 494 2475


VISIONCHINA MEDIA: Placed in Liquidation, Shares Delisted
---------------------------------------------------------
Borrelli Walsh (Cayman) Limited, representatives of VisionChina
Media Inc announced that by order of the Grand Court made on
March 2, 2017, Margot MacInnis of Borrelli Walsh (Cayman) Limited,
G/F Harbour Place, 103 South Church Street, George Town, Grand
Cayman, Cayman Islands and Cosimo Borrelli of Borrelli Walsh
Limited of Level 17, Tower 1, Admiralty Centre, 18 Harcourt Road,
Hong Kong have been appointed as joint official liquidators of the
Company ("Liquidators").

Pursuant to Section 99 of the Companies Law (2016 Revision) of the
Cayman Islands, once a winding up order has been made, any
transfers of the Company's shares made after the commencement of
the winding up is void, unless the Grand Court otherwise orders.
Subsequent to the Grand Court's order on 2 March 2017, the trading
of the Company's shares on the Nasdaq Stock Market has been
suspended and the Liquidators are in the process of delisting its
securities.


WESVAALSO LTD: Commences Liquidation Proceedings
-------------------------------------------------
The members of Wesvaalso Ltd. on Feb. 15, 2017, passed a
resolution to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 27, 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


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


DOMINICAN REPUBLIC: Labor Chief Says All Wages Are Too Low
----------------------------------------------------------
Dominican Today reports that Labor Minister Jose Ramon Fadul said
if it were up to him, he would've raised wages long ago, "because
everyone knows that current wages are deficient."

"Wages in the country are deficient, and not only the minimum
wage, but also those above," the report quoted Mr. Fadul as
saying.

Speaking after attending the release of a report on the country's
labor market in the Sheraton Hotel, the official said if the
minimum wage is increased, all other salaries should also be
raised, the report notes.

"We're saying that in large companies, the minimum wage is
RD$12,800, in the medium-sized companies RD$8,800 and in small
companies RD$7,700 and that tells us that these wages are very
low," he said, the report relays.

Mr. Fadul added that Central Bank figures reveal that small and
medium-sized businesses create the most job, and "those wages
aren't enough," the report notes.

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

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

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

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

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

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



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

VENEZUELA: OAS Members to Meet in U.S. to Discuss Crisis
--------------------------------------------------------
Jose De Cordoba at The Wall Street Journal reports that members of
the Organization of American States will meet in Washington, D.C.,
to discuss the crisis in Venezuela, after a group of the
hemisphere's largest countries called on President Nicolas Maduro
to take measures to restore democracy.

Venezuela, a member of the OAS, has asked for a meeting of foreign
ministers and other diplomats, the organization said, according to
The WSJ.  Another special meeting would be held at the request of
18 member countries to discuss Venezuela's deepening political and
economic crisis, the report relays.

The report discloses that the flurry of diplomatic activity
follows an unprecedented statement released by 14 nations calling
for Venezuela to release political prisoners and re-establish the
country's democratic order.

The regional initiative came as a response to criticism by OAS
Secretary-General Luis Almagro, who earlier this month called on
the organization to suspend Venezuela's membership unless Mr.
Maduro quickly moved to reinstate democratic governance, the
report relays.

"The situation is getting worse, and regional governments are
starting to recognize that something needs to be done," said Eric
Farnsworth, vice president of the Council of the Americas, a
Washington think tank, the report notes.

But observers say that Venezuela's suspension from the OAS, which
would require a two-thirds vote of its 34 member states, is
unlikely, the report says.  Venezuela has many allies, mostly
among the small Caribbean states to which Caracas long provided
subsidized oil, the report discloses.

Once a wealthy oil-producing nation, Venezuela has been pushed by
mismanagement and corruption into an economic crisis marked by
triple-digit inflation and widespread shortages of medicine and
food, the report relays.

Mr. Maduro has repeatedly rejected calls from his opponents to
allow foreign humanitarian aid, the report relays.  In a rare
acknowledgment of the country's dire state, the president said
that he had requested help from the United Nations to ease
medicine shortages, the report notes.

As Venezuela's economic woes have spiraled, Mr. Maduro has also
stifled political opposition, says the Journal. Last year, he
scuttled a recall election that potentially would have ended his
rule, the report notes.  Mr. Maduro also suspended gubernatorial
elections that the ruling party was expected to lose.  The
government and its political allies have gained control of most
mass-media outlets, largely gagging criticism, the report notes.

Officials in Venezuela's information and foreign ministries didn't
immediately return calls seeking comment, says the Journal.

State Department spokesman Mark Toner said the U.S. shared Mr.
Almagro's concerns.  He said the OAS was the proper forum to
discuss Venezuela's crisis, but the U.S. doesn't favor Venezuela's
suspension from the organization at this time, the report relays.

Foreign Minister Delcy Rodriguez responded on Twitter that
Venezuela "won't admit any aggression against our sacred
fatherland," the report notes.

The statement signed by 14 countries, including the U.S., Mexico
and Brazil, called on Venezuela to reschedule postponed elections
and guarantee the authority of the country's opposition-dominated
congress, whose decisions have been disregarded by the government
or overturned by courts loyal to Mr. Maduro, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 1, 2016, Reuters said a Brazilian bankruptcy court upheld a
restructuring plan for embattled engineering conglomerate OAS
Group, paving the way for a slew of asset sales aimed at helping
pay over BRL8 billion ($2 billion) in liabilities.

As reported by The Troubled Company Reporter-Latin America S&P
Global Ratings, on Feb. 28, 2017, affirmed its 'CCC' long-term
foreign and local currency sovereign credit ratings on the
Bolivarian Republic of Venezuela.  The outlook on both long-term
ratings remains negative.  S&P also affirmed its 'C' short-term
foreign and local currency sovereign ratings.  In addition, S&P
affirmed its 'CCC' transfer and convertibility assessment on the
sovereign.





                            ***********


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

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

Copyright 2017.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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