TCRLA_Public/170403.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Monday, April 3, 2017, Vol. 18, No. 66


                            Headlines



B A H A M A S

ULTRAPETROL BAHAMAS: Court Confirms Second Amended Prepack Plans


B A R B A D O S

CABLE & WIRELESS: Outdated Laws Hurting Firm's Bottomline


B O L I V I A

BANCO MERCANTIL: S&P Lowers ICR to 'BB-' After Acquisition


B R A Z I L

BRAZIL: Jamaica Bans Corned Beef Amid Rotten Meat Scandal


C A Y M A N  I S L A N D S

ARCODA GLOBAL: Shareholders Receive Wind-Up Report
ASHMOORE INVESTMENTS: Shareholders Receive Wind-Up Report
ASHMOORE MANAGERS: Shareholders Receive Wind-Up Report
FORMULA INTERNATIONAL: Shareholders Receive Wind-Up Report
GCI JGB: Shareholders Receive Wind-Up Report

HIGHLAND INVESTMENT: Shareholders Receive Wind-Up Report
INDOCHINA LAND: Shareholders Receive Wind-Up Report
INTERTRUST SPV: Shareholders Receive Wind-Up Report
MONGOLIAN MINING: U.S. Recognition of Cayman Proceeding Sought
MORECO INVESTMENTS: Members Receive Wind-Up Report

PERIWINKLE BLUE: Shareholders Receive Wind-Up Report
PINE FOREST: Members Receive Wind-Up Report
ROCKPOINT INVESTORS: Members Receive Wind-Up Report
ROCKPOINT INVESTORS II: Members Receive Wind-Up Report
ROCKPOINT INVESTORS III: Members Receive Wind-Up Report

SPRINGOWL GIBRALTAR: Shareholder Receives Wind-Up Report
SUPERFUND WHITE: Shareholder Receives Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Erika is Still Holding Back Economy


M E X I C O

BANCO MONEX: S&P Affirms 'BB+/B' Global-Scale Ratings


V E N E Z U E L A

VENEZUELA: Nations to Challenge Country's Authoritarian Regime
VENEZUELA: Chief Raises Pressure on Venezuelan Government


X X X X X X X X X

* BOND PRICING: For the Week From March 27 to March 31, 2017



                            - - - - -


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B A H A M A S
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ULTRAPETROL BAHAMAS: Court Confirms Second Amended Prepack Plans
----------------------------------------------------------------
Ultrapetrol (Bahamas) Limited, a Bahamas corporation, on March 21
disclosed that the U.S. Bankruptcy Court for the Southern District
of New York (the "Court") confirmed its Second Amended Prepackaged
Plan of Reorganization (the "Plan") on March 17, 2017 (In re
Ultrapetrol (Bahamas) Limited, Chapter 11 Case No. 17-22168).  The
Plan implements the agreement reached with the Company's and
subsidiaries' lenders and bondholders.

Under the Plan, the Company's river business subsidiaries will be
purchased by Sparrow River Investments Ltd. for a purchase price
of $73.0 million.  The proceeds of the sale of the river business,
together with the net proceeds from the sale of the Company's
ocean business and funds held in a debt service reserve account
pledged to The International Finance Corporation ("IFC") and the
OPEC Fund for International Development ("OFID"), will be paid to
the holders of the Company's 8.875% First Preferred Ship Mortgage
Notes due 2021, IFC and OFID in full satisfaction of their debt on
the effective date of the Plan in accordance with the
Restructuring Support Agreement.  The Plan provides that all other
creditors will be paid in full.  The Company's existing
shareholders will retain their shares in the Company; however,
after giving effect to the Plan, the Company will no longer own
any operating businesses. In addition, Sparrow Offshore Capital
Ltd. will purchase the offshore subsidiaries of the Company for
$2.5 million subject to their existing debt, which debt will be
modified and remain with the offshore business.  The secured
lenders to the offshore business will receive the $2.5 million
purchase price as well as $7.5 million held in accounts of the
offshore business subsidiaries as a prepayment of the principal
outstanding under certain loans of the offshore business
subsidiaries.  Other than the principal reduction through this
repayment, the principal amounts outstanding under such loans are
unaffected.  Other creditors of the offshore business are
unaffected and will continue.

The Company expects to emerge from Chapter 11 on March 31, 2017.
Notwithstanding the change in ownership, the management teams of
the river business and offshore business are being retained and it
is expected that customers of the river business and offshore
business will continue to receive high-quality service.

Information about the restructuring will be available at
http://cases.primeclerk.com/ultrapetrol,or via the Company's
restructuring information line at (844) 205-4334 (U.S. and Canada)
or (917) 606-6438 (International).

The Company is being advised by the investment banking firm of
Miller Buckfire & Co. and AlixPartners, LLP. Zirinsky Law Partners
PLLC and Seward & Kissel LLP are acting as legal counsel to the
Company in this process.

                        About Ultrapetrol

Ultrapetrol -- http://www.ultrapetrol.net/-- is an industrial
transportation company serving the marine transportation needs of
its clients in the markets on which it focuses.  It serves the
shipping markets for containers, grain and soy bean products,
forest products, minerals, crude oil, petroleum, and refined
petroleum products, as well as the offshore oil platform supply
market with its extensive and diverse fleet of vessels.  These
include river barges and pushboats, platform supply vessels,
tankers and two container feeder vessels.  The Company employs
approximately 813 personnel located principally in Argentina (462)
and Paraguay (351).

Ultrapetrol (Bahamas) Limited and 30 affiliated subsidiaries each
filed a voluntary petition under Chapter 11 of the Bankruptcy Code
(Bankr. S.D.N.Y. Lead Case No. 17-22168) Feb. 6, 2017, in order to
implement an agreement reached with their lenders and bondholders
on the terms of a comprehensive debt restructuring.  The Chapter
11 cases are pending before the Hon. Robert D. Drain.

Contemporaneously with the petitions, the Debtors filed with the
court their Second Amended Joint Prepackaged Plan of
Reorganization dated Feb. 6, 2017.  The Company and its
subsidiaries negotiated and received affirmative votes from all
voting lenders and from 99.9% of the Company's note claims voting
to accept the Prepackaged Plan.

The Debtors have hired Zirinsky Law Partners PLLC as lead
attorneys, Hughes Hubbard & Reed LLP as legal counsel, Seward &
Kissel LLP as special corporate counsel, Miller Buckfire & Co. LLC
as financial advisor, Pistrelli, Henry Martin Y Asociados S.R.L.
as independent auditor, Ernst & Young Paraguay as the Debtors'
Paraguayan subsidiaries' independent auditor, AlixPartners
International, LLC as financial advisor and Prime Clerk LLC as
claims, noticing and solicitation agent.


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


CABLE & WIRELESS: Outdated Laws Hurting Firm's Bottomline
--------------------------------------------------------
Caribbean360.com reports that telecommunications giant Cable and
Wireless Communications said it has been paying a high price in
Barbados because of archaic regulations and it has begun a lobby
for a major overhaul to create a level playing field in the
competitive market.

At issue is a section of the Telecommunications Act which only
regulates landline services and requires the company to pay a fee
to the Fair Trading Commission that its competitors do not have to
pay, according to Caribbean360.com.

Garfield Sinclair, president of C&W's Caribbean operation which
operates as FLOW, told journalists at a round table meeting that
it was "patently unfair" and should be scrapped, the report notes.

"And so the regulatory climate that exists today . . . really only
sees that C&W is the entity that is regulated while our
competitors are not, and the fixed voice space is regulated where
our competitors are not, is making us non-competitive [and is], we
believe, patently unfair," Mr. Sinclair insisted, says the report.

Even more concerning to the C&W official is that the policy
remained in place at time when landline business was on its way
out -- having been overtaken by mobile services, the report
relays.

"What we are saying now is that the regulation needs to recognize
the fact that the dominant mode of voice traffic is mobile.  That
market couldn't be any more competitive and that we need not now
be the only ones that are subjected to this fixed voice based
regulation which was a throwback to the past when fixed voice was
the dominant [mode] of voice traffic.

"Today, the dominant means of talking and voice is mobile. Yet my
mobile competitor is not subjected to the regulatory impediments
that we are," Mr. Sinclair lamented, the report notes.

Insisting that it cannot business as usual, the C&W boss revealed
that they laid out their position before Senator Darcy Boyce, the
minister with responsibility for telecommunication, at talks and
the company was now anticipating action on the matter, the report
relays.

"The minister of telecoms was in full agreement and indeed started
the preliminary discussions with his permanent secretary about how
we regularize that situation," Mr. Boyce said, the report relays.

The report discloses that Mr. Sinclair reiterated that it was
imperative that urgent changes be made, vaguely suggesting that an
unnecessary delay could force the company to hold off on major
expansion.

"As long as we get a more accommodating regulatory environment
that doesn't single us out for regulation, I believe we will
continue to invest in the kinds of areas that are going to advance
the prospects for the average Barbadian citizen and help improve
the overall Barbadian economy," Mr. Sinclair added, says the
report.


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B O L I V I A
=============


BANCO MERCANTIL: S&P Lowers ICR to 'BB-' After Acquisition
----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Banco Mercantil Santa Cruz S.A. (BMSC) to 'BB-' from 'BB'.  S&P
also affirmed its 'B' short-term issuer credit rating.  The
outlook is stable.

BMSC recently announced the acquisition of Banco Pyme Los Andes
Procredit S.A. (BLA).  The acquisition will further strengthen the
bank's leading market position in the Bolivian banking system,
giving it a 16.7% of market share as of February 2017.  The
acquisition improves BMSC's revenue diversification towards
microfinancing and small- and mid-size enterprise (SME) lending,
which now represent 35% of the bank's loan portfolio.  BMSC
financed the acquisition by using its robust liquidity position
and the issuance of $49 million in subordinated bonds, which
supports adequate regulatory capital levels.

S&P revised its capital and earnings assessment on BMSC to weak
from moderate based on an average projected RAC of 4%-4.5% for the
two years after the completion of Banco PYME Los Andes Procredit
S.A.'s (BLA) acquisition.  On Oct. 31, 2016, BMSC issued two
series of subordinated loans totaling $49 million in order to
maintain regulatory capital levels and support its growth
strategy.  However, S&P don't incorporate the issuances in its
capital analysis, given the absence of sufficient loss-absorption
features, which prompted the bank's RAC to fall.  On the other
hand, S&P expects the bank to maintain sound profitability and
asset quality metrics for the next two years.

The stable outlook on BMSC for the next 12 months reflects S&P's
expectation that it will maintain a RAC ratio of 4%-4.5%, mainly
reflecting sustained internal capital generation to support the
bank's growth strategy given its strong market position as the
largest lender in Bolivia.  In addition, S&P's stable outlook
reflects manageable asset quality indicators -- nonperforming
assets of less than 3% --with no major credit losses in BMSC's
loan portfolio.



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B R A Z I L
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BRAZIL: Jamaica Bans Corned Beef Amid Rotten Meat Scandal
---------------------------------------------------------
The Daily Observer reports that the Ministry of Industry,
Commerce, Agriculture and Fisheries in Jamaica has imposed an
immediate import ban on corned beef from Brazil.

The ministry said in a release that the move follows reports from
Brazilian authorities that several major Brazilian meat processors
have been "selling rotten beef and poultry," according to The
Daily Observer. The companies are also alleged to have paid hefty
bribes to auditors in exchange for fraudulent sanitary licenses,
the report notes.

The ministry said the companies implicated by the Brazilian
authorities supply 99.5 per cent of the corned beef on Jamaica's
local market, the report relays.

Minister of Industry, Commerce, Agriculture and Fisheries Karl
Samuda called an emergency meeting with officials from the
Ministry of Health, the Consumer Affairs Commission, the Bureau of
Standards Jamaica, the National Compliance Regulatory Authority,
and the Jamaica Customs Agency at the ministry's Hope Gardens
offices and stressed the importance of safeguarding the welfare of
consumers, the report relays.

The release said the ministry also convened a meeting with major
distributors and importers of corned beef, the report notes.
Besides the temporary ban, the ministry said the following steps
are also to be taken immediately

   -- A temporary hold will be placed on all permits for the
import of corned beef from Brazil;

   -- As a precautionary measure, all corned beef currently on the
shelves will be withdrawn; and

  -- The National Food Recall Committee will meet immediately to
determine next steps and inform when it will be safe to consume
the product.

In the interim, the ministry said the Bureau of Standards Jamaica
will conduct chemical test profiles to ascertain the contents of
corned beef on the market, and the ministry's Veterinary Services
Division will conduct microbiological and residue tests to
ascertain whether contaminants are present in the products on the
local market, the report discloses.

The ministry also cautioned consumers not to consume corned beef
until further notice, the report notes.

Jamaica's ban came as the scandal over alleged bribery by meat
packers to allow the sale of expired meat in Brazil deepened, with
the European Union, China and Chile deciding to halt some meat
imports from Latin America's largest nation, the report relays.

The developments represent a major blow to Brazil, one of the
world's largest exporters of meat, which is struggling to emerge
from its worst recession in decades, the report discloses.

The announcements came despite a flurry of meetings that Brazilian
President Michel Temer held with ambassadors and numerous
assurances from the Government that Brazilian meats, in general,
are safe, 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'.



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


ARCODA GLOBAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Arcoda Global Healthcare Master Fund, Ltd.
received on March 27, 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, 20 Genesis Close
          PO Box 1344 George Town KY1-1108
          Cayman Islands
          Telephone: (345) 749 2512
          Facsimile: (345) 949 2877


ASHMOORE INVESTMENTS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Ashmoore Investments received on March 27,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The member of Ashmoore Investments will hear on March 27, 2017, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ASHMOORE MANAGERS: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Ashmoore Managers received on March 27,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


FORMULA INTERNATIONAL: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Formula International Ltd. received on March
27, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          27 Hospital Road, George Town
          Cayman Corporate Centre, 5th Floor
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


GCI JGB: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of GCI JGB Tail Risk Fund received on March 22,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Julie Hughes
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +1 (345) 815 1426
          Facsimile: +1 (345) 945-6265


HIGHLAND INVESTMENT: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Highland Investment Ltd. received on March 21,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


INDOCHINA LAND: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Indochina Land Limited received on March 27,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Michael Paul Piro
          Capital Place, 10th Floor
          06 Thai Van Lung Street
          District 1, Ho Chi Minh City
          Vietnam
          Telephone: +84.8.3520.2030
          Facsimile: +84.8.3520.2036


INTERTRUST SPV: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Intertrust SPV received on March 29,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman, KY1-9005
          Cayman Islands
          c/o Jennifer Stein
          Telephone: (345) 943-3100


MONGOLIAN MINING: U.S. Recognition of Cayman Proceeding Sought
--------------------------------------------------------------
Mongolian Mining Corporation, part of a group of companies
primarily engaged in the mining, processing, transportation and
sale of coal, is seeking recognition in the United States of a
provisional liquidation proceeding pending before the Grand Court
of the Cayman Islands under Financial Services Division Cause No.
99 of 2016.  Simon Conway and Christopher So Man Chun, as joint
provisional liquidators, filed a Chapter 15 petition in the U.S.
Bankruptcy Court for the Southern District of New York in order to
facilitate an orderly restructuring of the Debtor.

The Debtor, acting by its Board of Directors, commenced the Cayman
Proceeding by presenting a winding up petition to the Cayman Court
on July 7, 2016, pursuant to sections 92(d) and 94(1)(a) of the
Cayman Companies Law on the basis that it was unable to pay its
debts.  The Cayman Court made an order on July 19, 2016,
appointing the JPLs as joint provisional liquidators of the
Debtor, which provides them with the authority to restructure the
Debtor's indebtedness.  In addition, the Appointment Order
provides the JPLs with the power to, among other things, monitor,
oversee and supervise the Board in its management of the Debtor
with a view to developing and proposing any compromise or
arrangement with the Debtor's creditors.

"I seek recognition of the Cayman Proceeding in aid of our efforts
to reorganize the Debtor and restructure its liabilities in
accordance with Cayman Islands law," said Mr. Conway in an
affidavit filed with the Court.  "[C]hapter 15 recognition and
enforcement of the Cayman Scheme will allow the JPLs to ensure
that the release of Scheme Claims provided for by the Cayman
Scheme in respect of the Senior Notes will be effective and that
the Debtor's assets will be protected from the claims of
individual dissident creditors seeking to circumvent the
effectiveness of the Cayman Scheme and the Restructuring by
potential U.S. litigation."

The Debtor is a holding company with one direct subsidiary,
Mongolian Coal Corporation Limited, which directly and indirectly
owns intermediate holding companies in Luxembourg, including
Mongolian Coal Corporation S.a r.l, and operating entities in
Mongolia, including Energy Resources LLC.  The business of the
Debtor is to hold shares in its direct subsidiary and to raise
financing and provide guaranties on behalf of the Group.

As of June 30, 2016, the Debtor had approximately US$140.5 million
of current assets on a consolidated basis.  As of June 30, 2016,
the Debtor had outstanding debts consisting of (i) US$600 million
in face value outstanding of 8.875% senior secured notes due March
29, 2017; (ii) a coal pre-export loan facility made available by
BNP Paribas Singapore Branch and Industrial and Commercial Bank of
China Ltd the Debtor with approximately US$97 million outstanding
secured by share pledges (the "Shared Security"); (iii) two
promissory notes issued by the Debtor to QGX Holdings Ltd., with
approximately US$73.7 million outstanding.

Mr. Conway disclosed that Debtor had been experiencing severe
financial difficulties due to the downturn in the international
coking coal market.  Both revenue and sales volume of the Group
has dropped significantly in in FY15 and FY16.  In 2015, sales in
China (which is the Group's principal sales market) experienced
its first fall in respect of hard coking coal since 1981, which
had a consequential effect of Chinese coking coal imports falling
to 47.8 million tonnes, representing a 23.3% year-on-year decline
compared to 62.4 million tonnes imported in 2014.

In order to mitigate decreasing profit margins, the Group made
efforts to penetrate the inland China market through new sales
terms from 2014 onwards which in FY15 started to produce positive
profit margins.  Nevertheless, Mr. Conway said, the downturn in
the international coking coal market has meant that revenue and
sales volume for the Group decreased significantly in recent
years.  The financial difficulties culminated in the Debtor being
in breach of a variety of financial and non-financial covenants.


                    Restructuring Negotiations

The Debtor first communicated its financial difficulties to the
Bank Lenders in October 2015 and requested a waiver in respect of
its compliance with the original principal and interest repayment
scheduled under the BNP/ICBC Loan, which waiver was granted in
addition to certain other default waivers which were negotiated
with and granted by the Bank Lenders.

In January 2016, the Debtor appointed of J.P. Morgan Securities
(Asia Pacific) and SC Lowy Financial (HK) Limited as its financial
restructuring advisors for the purpose of providing advice with
respect to the potential restructuring of its indebtedness.  A
steering committee was formed to represent certain Noteholders.

The Debtor defaulted under the BNP/ICBC Loan on March 22, 2016, as
it had neither made the required payments to the Bank Lenders nor
been able to secure any additional waiver or forbearance from the
Bank Lenders.  This default triggered a cross default with regard
to the Debtor's other indebtedness, including the Senior Notes.

On March 29, 2016, when interest fell due on the Senior Notes, the
Debtor failed to make the interest payment or secure any waiver or
forbearance from the Noteholders.  Under the indenture governing
the Senior Notes, failure to pay the coupon payment for a period
of 30 consecutive days constituted an event of default.

The Debtor received an acceleration notice on April 26, 2016, from
the agent under the intercreditor agreement in place to regulate
the intercreditor position between the Senior Notes, the BNP/ICBC
Loan and the Shared Security, together with a demand in respect of
the BNP/ICBC Loan for immediate payment of all amounts outstanding
under the BNP/ICBC Loan in the amount of US$95,433,944.  The
Debtor also received an enforcement notice from the security agent
in respect of the Shared Security which resulted in the
appointment of receivers and delegates of the Shared Security
Agent over the shares of MCCL and MCC SARL, respectively, by that
Shared Security Agent as instructed by the security agent in
respect of the BNP/ICBC Loan.

On April 29, 2016, the Debtor failed to pay the interest payment
due under the Senior Notes and did not secure any waiver or
forbearance from the Noteholders.  This led to an event of default
under the Senior Notes, as the failure to pay the interest payment
under the Senior Notes continued for a period of 30 consecutive
calendar days.

                      Terms of Restructuring

Since their appointment, the JPLs assumed conduct of the
negotiations regarding the restructuring on behalf of the Debtor
and entered into discussions with multiple creditors in order to
negotiate the terms of a restructuring and achieve a better return
for creditors than would be likely from a winding up of the
Debtor.

The JPLs presented a proposal to the principal parties on Oct. 8,
2016.  Since then, the JPLs have continued to participate in
negotiations with the Debtor's major creditors regarding a
financial restructuring of the Debtor.  Throughout this process,
the Steering Committee and the Bank Lenders have been advised by
both international and Cayman Islands legal counsel.

On Nov. 3, 2016, the Debtor, acting by the JPLs, reached agreement
with the Steering Committee, the Bank Lenders and QGX with regard
to the terms of a financial restructuring of the Debtor, which
were recorded in an agreed term sheet.

The key abbreviated terms of the Restructuring are as follows:

   * the Bank Lenders will receive debt under a new secured loan
     facility, in the principal amount of $30 million plus an
     additional principal amount being equal to the interest
     deemed to have accrued on such amount on April 1, 2017,
     as if that facility commenced on Oct. 1, 2016.  The New Bank
     Facility will be borrowed by ER LLC.  The New Bank Facility
     will mature on Sept. 30, 2019, and will be secured by certain
     security interests which will secure only the New Bank
     Facility and certain security interests which will secure
     both the New Bank Facility and the New Notes;

   * the Bank Lenders and the Noteholders will receive new
     guaranteed and secured senior notes in the principal amount
     of $395 million plus an additional amount equal to the
     interest (rounded down to the nearest US$1.00) deemed
     to have accrued on such amount on April 1, 2017, as if those
     notes were issued on Oct. 1, 2016, allocated in certain
     proportions among Noteholders and Bank Lenders.  The New
     Notes will be issued by ER LLC and will mature on Sept. 30,
     2022.  The New Notes will share security with the New Bank
     Facility.  Additionally, if any cash remains in the Debt
     Service Reserve Account (DSRA) after the New Bank Facility is
     repaid, then up to $75 million will be paid from the DSRA to
     the holders of the New Notes as premium;

   * the Bank Lenders, the Noteholders and QGX will receive new
     equity-accounted perpetual notes, in the notional amounts of
     $150 million to be allocated in certain proportions between
     the Bank Lenders and the Noteholders and $45 million to be
     allocated exclusively to QGX.  The New Perpetual Notes will
     be issued by the Debtor.  Subject to certain restrictions,
     the Debtor may purchase the New Perpetual Notes at any time
     on the open market and may redeem the New Perpetual Notes in
     whole or in part semiannually, but may not make dividends
     or distributions to common equity until the New Perpetual
     Notes are fully redeemed;

   * the Bank Lenders and the Noteholders will share in certain
     proportions in new common stock being issued by the Debtor in
     a sufficient amount to constitute 10% of the total issued
     common stock of the Debtor following such issuance;

   * the New Bank Facility and the New Notes will both share
     security interests over the shares of a number of direct and
     indirect subsidiaries of the Debtor and the new DSRA held
     outside Mongolia for excess cash, from which disbursements
     will be allowed only for operating expenditures, limited
     capital expenditures, coupon payments and certain other
     payments; and

   * the New Bank Facility will also benefit from additional
     security interests over certain coal stocks and related
     offtakes and collections that will not also secure the New
     Notes.

After substantial negotiations with the Steering Committee, the
Bank Lenders and QGX, the JPLs, the Debtor and certain direct and
indirect subsidiaries of the Debtor entered into restructuring
support agreements with the Bank Lenders, the members of the
Steering Committee and QGX on or about Dec. 21, 2016.  The Cayman
Court sanctioned the JPLs' entry into the RSAs on Dec. 21, 2016.

The Restructuring will be implemented by way of consensual bi-
lateral agreement with the Bank Lenders and QGX and by way of a
Cayman Islands scheme of arrangement and a Hong Kong scheme of
arrangement in respect of the Senior Notes.  The purpose and
effect of the Schemes will be to release the certain claims under
and in respect of the Senior Notes owed to the creditors who hold
the ultimate beneficial interests in the Senior Notes in
consideration to which Scheme Creditors will be entitled to
receive certain proportions of the New Notes, the New Perpetual
Notes and the New Shares.  As of March 17, 2017, holders of 96.95%
of the principal amount of the Senior Notes had acceded to the
Noteholder RSA.

On Feb. 17, 2017, the Debtor, acting by the JPLs, filed a petition
and related summons with the Cayman Court and a summons with the
High Court of Hong Kong seeking the sanction of the Cayman Scheme
and the Hong Kong Scheme respectively and seeking permission for
the Debtor to convene meetings of the Scheme Creditors for the
purpose of considering and, if thought fit, approving the Cayman
Scheme and the Hong Kong Scheme.

Pursuant to the convening orders entered on March 13, 2017, and
and March 14, 2017, the Debtor will convene a meeting of Scheme
Creditors to consider and approve the Cayman Scheme in the Cayman
Islands on April 10, 2017 (Cayman Islands time), with any
adjournments and a meeting of Scheme Creditors to consider and
approve the Hong Kong Scheme in Hong Kong on April 11, 2017 (Hong
Kong time), with any adjournments as may be appropriate.
Notwithstanding the different times and dates, the time difference
between the Cayman Islands and Hong Kong means that the Cayman
Scheme Meeting and the Hong Kong Scheme Meeting will take place
simultaneously.  Both Scheme Meetings will be linked by
videoconferencing facilities.

                       About Mongolian Mining

Mongolian Mining Corporation is a Cayman Islands exempted company
with limited liability that was incorporated on May 18, 2010.  The
shares of the Debtor's common stock are publicly traded and listed
on the Stock Exchange of Hong Kong Limited.

The Group owns and operates two open-pit coking coal mines --
Ukhaa Khudag and Baruun Naran -- both of which are located in the
Southern Gobi province of Mongolia.  These deposits are located
approximately 250 km from the Sino-Mongolian border and
approximately 600 km from Baotou, China, an important railway hub
providing access from Mongolia to the largest steel-producing
provinces in China, including Inner Mongolia, Hebei, Shandong and
Jiangsu.  The Group sells most of its coking coal into China
pursuant to long-term agreements with iron and steel mills and
coke and chemical plants.  The Group had 1,474 employees as of
March 15, 2017.

The mining activities of Ukhaa Khudag and Baruun Naran are carried
out by two of the Debtor's subsidiaries incorporated in Mongolia.
However, mining activity at the Baruun Naran mine has been
suspended to save costs since the fiscal year ending Dec. 31,
2014.


MORECO INVESTMENTS: Members Receive Wind-Up Report
--------------------------------------------------
The members of Moreco Investments Limited received on March 21,
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


PERIWINKLE BLUE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Periwinkle Blue Investment Ltd. received on
March 27, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          27 Hospital Road, George Town
          Cayman Corporate Centre, 5th Floor
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


PINE FOREST: Members Receive Wind-Up Report
-------------------------------------------
The members of Pine Forest Capital Asia Strategic Fund received on
March 21, 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


ROCKPOINT INVESTORS: Members Receive Wind-Up Report
---------------------------------------------------
The members of Rockpoint Investors received on March 21, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


ROCKPOINT INVESTORS II: Members Receive Wind-Up Report
------------------------------------------------------
The members of Rockpoint Investors II, Ltd. received on March 21,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


ROCKPOINT INVESTORS III: Members Receive Wind-Up Report
-------------------------------------------------------
The members of Rockpoint Investors III, Ltd. received on March 21,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


SPRINGOWL GIBRALTAR: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Springowl Gibraltar Partners B Ltd., on
March 21, 2017, received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Michael Panzner
          c/o Jody Powery-Gilbert
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


SUPERFUND WHITE: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Superfund White SPC, on March 13, 2017,
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Samuel Zbiden
          c/o Superfund White SPC
          Apex Fund Services (Cayman) Ltd.
          One Artillery Court, 161a Shedden Road
          P.O. Box MP10085 Grand Cayman KY1-1001
          Cayman Islands
          Telephone: (345) 747 2739


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


DOMINICAN REPUBLIC: Erika is Still Holding Back Economy
-------------------------------------------------------
Caribbean360.com reports that the devastating impact of Tropical
Storm Erika in 2015 has held back the Dominican economy from
expanding, the International Monetary Fund has reported.

At the end of a two-week visit to the island, head of delegation
Alejandro Guerson reported that since the storm in August 2015,
government efforts continued to focus on infrastructure
rehabilitation and social relief, and significant effort and
resources were allocated to the reconstruction of public
infrastructure and support to the affected population, according
to Caribbean360.com.

The report notes that Mr. Guerson added that economic activity was
depressed last year, largely due to unfavorable weather
conditions.

"Economic activity in 2016 remained weak as capacity constraints
and unfavourable weather conditions slowed public investment more
than anticipated," the report quoted Mr. Guerson as saying.

Growth is however projected to accelerate to above three per cent
in 2017-18 on the back of a pickup in public investment and
several large-scale projects, the report notes.  The experts
predicted that this would stabilize at a potential rate of 1.5 per
cent over the medium term, the report relays.

The IMF official, who held talks with Prime Minister Roosevelt
Skerrit as well as representatives from the private and public
sectors and labor, said that despite high Citizenship By
Investment (CBI) revenues, the fiscal outlook has deteriorated
largely due to lower projected grant revenues; a downward revision
in the projected yields of the fiscal consolidation measures; the
increase in social transfers; and the reduction of the corporate
income tax rate in January 2017, the report relays.

It noted that authorities would have to use government deposits to
cover financing needs to reach the regional debt target of 60 per
cent of gross domestic product (GDP) by 2030 without increasing
the fiscal consolidation effort above the commitments in the RCF
disbursement, the report notes.

The report disclosea that Mr. Guerson stressed that Roosevelt
Skerrit administration should focus on the implementation of a
fiscal consolidation package, outlining critical areas of focus.

"Fiscal consolidation should focus on reducing the underlying
primary balance, that is, the primary balance excluding
unpredictable revenues, such as CBI flows, and transitory
factors," the IMF official said, the report relays.

The report relays that Mr. Guerson said the government should also
limit the increase in the wage bill and prepare specific plans for
the gradual unwinding of the expenditures related to recovery and
reconstruction in the aftermath of Erika.

Mr. Guerson further advised that Government should boost its tax
administration to generate more revenue while holding off a wage
increase for public servants and formulate clear plans to guide
the spending of expenditure on ongoing recovery efforts, 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'.


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


BANCO MONEX: S&P Affirms 'BB+/B' Global-Scale Ratings
-----------------------------------------------------
S&P Global Ratings said that it affirmed its 'BB+/B' global-scale
and 'mxA+/mxA-1' national-scale ratings on Banco Monex S.A.  S&P
also affirmed its 'mxA+/mxA-1' ratings on Monex Casa de Bolsa S.A.
The outlook on both remains stable.  At the same time, S&P is
affirming its 'mxA+' national-scale rating on the bank's senior
unsecured notes (BMONEX 15).

S&P's ratings on Banco Monex reflect its leading position and
geographic diversification in the FX segment, although still a
small market share in credit and deposits in the Mexican banking
industry.  S&P's projected RAC ratio of about 10.5% for the next
two years reflects a capital injection along with the bank's
internal capital generation despite likely aggressive loan growth.
The bank's asset quality metrics, particularly nonperforming
assets (NPAs), remain stronger than the banking system's average.
However, S&P still considers that Banco Monex has a concentrated
portfolio and more dollar-denominated loans than the industry
average.  The bank's stable funding ratio (SFR) remains below that
of the system as its loan book has grown faster than its stable
funding sources.  However, in S&P's view, its liquidity benefits
from a manageable debt maturity profile that results in low
refinancing risk.  The stand-alone credit profile (SACP) remains
'bb+'.

S&P's bank criteria use its Banking Industry Country Risk
Assessment's (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating.  The anchor for banks operating in Mexico is
'bbb'.

Banco Monex's business position mainly reflects its leading
position and geographic diversification above local peers in the
FX segment, although it still has a small market share in credit
and deposits in the Mexican banking industry and low business
diversification.  Banco Monex's FX income has increased in recent
years, supported by high market volatility while the bank expands
its market share in this segment.  The bank has diversified
geographically, with income from Europe and the U.S. representing
33% of income as of December 2016.  S&P expects that revenues from
the FX business will continue to be its main income generator in
the medium term, although the bank will continue improving its
revenue mix through loan portfolio growth.  Banco Monex had only a
0.43% market share in loans and 0.7% in deposits as of January
2017 despite recent aggressive loan portfolio growth. Although the
bank grew its credit loan portfolio by 47% in 2016, nearly half of
its loans are dollar-denominated.  High Mexican peso (MXN)
devaluation during the past year means that real lending growth
was less than observed.  S&P don't expect its market penetration
to significantly improve in the next few years as a consequence of
the highly competitive Mexican market.

S&P's assessment of Banco Monex's RAC ratio continues to be
supported by capital injections and internal capital generation
despite the aggressive lending growth.  S&P forecasts that its RAC
ratio will be around 10.5% for 2017 and 2018, considering a
capital injection of MXN1 billion from the investment agreement
between Ventura Capital Privado S.A. de C.V and Monex S.A.B. de
C.V.  S&P's base-case scenario assumptions are:

   -- Mexico's GDP growth of 1.8% in 2017 and 2% in 2018;

   -- FX revenues to slightly increase for 2017 and 2018,
      supported by high market volatility;

   -- Loan portfolio growth of 30% in 2017 and 25% in 2018, mostly
      in the corporate sector and in less proportion in the
      mortgage sector;

   -- Net interest margins (NIMs) around 2% for the next two
      years, considering the increase in Mexican interest rates
      while taking care of the funding cost;

   -- Efficiency levels remain higher than peers', around 73% for
      2017 and 2018;

   -- Dividend payout ratio around 30% for the next two years;

   -- Asset quality metrics remain stronger than the Mexican
      industry's, with a nonperforming assets (NPA) ratio of 1%,
      net charge-offs (NCOs) of 0.6%, and full reserve coverage;
      and

   -- No further inorganic growth that generates additional
      goodwill or intangibles.

Banco Monex's quality of capital is supported by its capital base
of paid-in capital, reserves, and retained earnings.  The bank's
capital base doesn't have hybrid issuances; therefore, its
adjusted common equity represents 100% of the total adjusted
capital (TAC).

The bank's asset quality metrics, particularly NPAs, remain better
than the banking system average.  Nevertheless, its single-name
concentration is still high, although it has improved, and its
loan growth is more aggressive than the Mexican banking
industry's.  As of Dec. 30, 2016, Banco Monex's NPAs were 0.4%,
while the industry's were 2.4%.  The bank has had compound annual
growth of 61.6% in its loan portfolio for the last four fiscal
years, and S&P expects double-digit percentage growth to continue,
all of it organic.  Most of the growth has been in commercial
loans supported by cross-selling strategies with its current
client base.  In addition, although single-name concentrations
improved the past two years due to its loan portfolio growth, S&P
considers them higher than its peers'.  The top 20 exposures
represented 42% of the bank's total loan portfolio in 2016
compared to 57% in 2015.  In S&P's opinion, such concentrations
make the bank's financial position vulnerable to a default by any
of its largest clients, but S&P expects this risk concentration to
continue improving.  Although around half of the loan portfolio is
dollar denominated, it is funded with the same currency, so S&P
don't observe additional currency-mismatch risk from this business
line.

Banco Monex's SFR is weaker than that of the system, and its
funding base still reflects a lower proportion of deposits in its
funding structure than the industry average.  The bank's SFR was
63% as of December 2016, with a three-year average of 65%, lower
than the banking industry's 98.7%.  Core customer deposits rose
50% in 2016 and represented 52% of Banco Monex's total funding
base as of September 2016, below the industry average of more than
83%.  In addition, Banco Monex's deposit base is more oriented
toward wholesale clients, which tend to be more sensitive to
interest rates, and therefore more volatile.  S&P continues to
think that achieving a more stable deposit base, mostly in its
retail deposits, will be a challenge for Banco Monex, given the
system's strong competition for deposits and the fact that its
business model does not rely on branches.

In S&P's view, the bank's liquidity benefits from a manageable
debt maturity profile that results in low refinancing risk because
the notes (BMONEX15) mature in 2018.  The liquidity assessment
also reflects S&P's broad liquid assets to short-term wholesale
funding ratio of 1.4x as of Dec. 31, 2016, with an average of 2x
for the past three fiscal years.  For the next two years, S&P
expects the bank's liquidity to remain adequate given the
manageable refinancing risk and S&P's expectation that Banco Monex
will maintain its customer deposit base.

In S&P's opinion, Monex Casa de Bolsa represents an integral
business line for Grupo Monex.  It complements the bank's
financial products, is fully integrated with the other companies
in the group, but it's a stand-alone entity for regulatory
purposes.  Monex Casa de Bolsa is closely linked to the group's
reputation, brand, and risk management, and highly unlikely to be
sold.

The stable outlook for the next 12 months reflects S&P's
expectation that the bank will maintain its leading position in
the FX business and a RAC ratio of about 10.5% for the next two
years while it continues expanding its loan portfolio.  The
outlook also incorporates S&P's expectation that the bank will
maintain solid asset quality, with low NPAs and charge-offs.

Although unlikely in the next 12 months, S&P could upgrade Banco
Monex if S&P revises its risk position to adequate, supported by
sustained and significant client diversification while moderating
its loan portfolio growth, maintaining sound asset quality
indicators, and decreasing its loan dollar exposure.

S&P could lower the ratings on Banco Monex if S&P's projected RAC
ratio drops below 10% as a result of not receiving the expected
MXN1 billion capital injection or higher growth in the asset base
than in internal capital generation or asset quality
deterioration.  This could occur as a result of weaker efficiency
or higher loan-loss provisions requirements if asset quality
deteriorates.


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


VENEZUELA: Nations to Challenge Country's Authoritarian Regime
--------------------------------------------------------------
David Luhnow and Jose De Cordoba at The Wall Street Journal report
that the U.S., Canada and Latin America's leading nations have
agreed to challenge Venezuela's authoritarian regime, a joint
effort that wouldn't have been possible until a recent political
shift away from leftist populism across the region.

Fourteen nations plan to issue a joint statement in coming days
calling on the government of President Nicolas Maduro to release
political prisoners, return full powers to the National Assembly
and set a timetable to hold regional elections that Venezuela has
indefinitely postponed, according to Mexican Foreign Minister Luis
Videgaray, according to The Wall Street Journal.

The joint statement could be released soon, according to a source
close to Luis Almagro, the secretary-general of the Organization
of American States, a hemispheric body based in Washington, D.C.,
notes WSJ.  The source said Mr. Almagro would release his own
statement shortly after.

"We feel the time has come to act," Mr. Videgaray, who helped lead
the regional diplomacy, said in an interview, notes the report.

A senior U.S. diplomat confirmed that the countries were working
together to increase pressure on Venezuela, the report notes.
"The U.S. and Mexico are working well together with other
countries on this issue," the official said, the report relays.

Ratcheting up the pressure on Mr. Maduro is a big shift for the
region, where most countries have long shied away from interfering
in each other's internal affairs, the report discloses.

The report says pressure on Venezuela reflects changing political
dynamics in Latin America, where a string of once populist leftist
governments have been thrown out of power.  Countries like
Argentina, Brazil and Peru that were friendly to Venezuela have
moved toward the center-right, the report notes.  And elections in
Ecuador in April could cause a shift there, too.

A draft statement, a copy of which was obtained by The Wall Street
Journal, has won the support of leading Latin American nations,
including Brazil, Mexico, Argentina, Chile, Peru, Colombia,
Uruguay and Paraguay, Mr. Videgaray said, WSJ reports.

"We consider it urgent to address as a matter of priority the
release of political prisoners, the recognition of the legitimacy
of the National Assembly's decisions as provided by the
Constitution, and the establishment of an electoral calendar that
includes the postponed elections," the draft statement said,
according to the Journal.  "We will review the progress in
addressing these challenges over the coming weeks as we consider
next steps."

An official at Peru's Foreign Relations Ministry confirmed the
language in the draft letter as well as Peru's support, but said
he did not know when it would be released, the report notes.

The draft statement, the wording of which could still change,
echoes similar recent demands by Mr. Almagro, who recently called
on the body's 34-member states to pass a resolution calling on
Venezuela to make democratic changes within 30 days or be kicked
out of the group, the report relays.

But the joint statement -- which members hope to submit for a vote
as a resolution at the OAS -- doesn't impose a 30-day period and
says that kicking Venezuela out of the body is a "last resort"
only to be taken if Venezuela doesn't show change "within a
reasonable amount of time," the report relays.

Mr. Videgaray said the changes were done in the hopes of getting
more countries to back the resolution at the OAS, where it needs
two-thirds support to pass, the report notes.

Even if the resolution doesn't pass, it is the strongest language
by far against Venezuela and will increase pressure on Mr. Maduro,
analysts said, the report relays.

"It's one more step in the increasing isolation of Venezuela,"
said Javier Corrales, a professor and Latin American expert at
Amherst College, the report notes.  "It's a very important step in
a region that realizes one of its members is in violation of the
democratic precepts of the OAS charter," Mr. Corrales added.

Countries that have refused to sign are Venezuela's closest
allies, including Ecuador, Bolivia, Nicaragua, El Salvador and the
Dominican Republic, the report relays.

Mr. Videgaray said the U.S., Canada and others were lobbying the
Bahamas, Barbados, Belize, Guyana, Jamaica and St. Lucia, WSJ
reports.  Many poorer Caribbean countries have long been
subsidized by Venezuela with cut-rate oil, even though the
shipments have been dramatically curtailed in recent years, the
report discloses.

Caribbean nations which have depended on Venezuela's largess for
subsidized oil imports will be loath to back any action against
Caracas, said Michael Shifter, president of the Inter-American
Dialogue, a Washington-based think tank, the report relays.

"A lot of these countries are worried about oil prices going back
up," said Mr. Shifter, notes WSJ.  "They will be very reluctant to
join." Still, he called it a "positive development".

Mr. Maduro's government has escalated its suppression of dissent,
the report notes. Over the past year, after Venezuela's opposition
won control of the National Assembly, the courts overturned every
major decision by the assembly, essentially gutting its powers.
The government continues to imprison opposition leaders like
Leopoldo Lopez. It also scuttled a recall referendum by the
opposition and indefinitely postponed gubernatorial elections,
both votes that Mr. Maduro's party was expected to lose, the
report relays.

By some estimates, Venezuela's economy shrank by some 16% in the
past year alone, and millions have been thrown into poverty in the
oil-rich country, including many who spend their days searching
for food in garbage, images that have shocked other Latin American
nations, the report recounts.

The diplomatic effort to encourage change in Venezuela has allowed
Mexico to work closely with the new administration of U.S.
President Donald Trump on an issue that isn't related to trade,
immigration or a border wall, the report notes.  "It's not the
motivation, but it helps having a common cause," the report quoted
Mr. Videgaray as saying.

Mr. Videgaray said he expected Venezuela to lash out in response
and criticize Mexico's own rights record, the report notes.  But
he said there was little doubt Mexico was a democracy and that it
wouldn't allow itself to be bullied by Venezuela, the report
relays.  "If we back down now, when are we ever going to stand up
again?" Mr. Videgaray added.

The drive to pressure Venezuela began at a recent meeting of the
pro-trade Pacific Alliance, he said, which includes Mexico,
Colombia, Peru and Chile, the report relays.  Mr. Almagro's report
on Venezuela was circulated among the alliance members, who agreed
it was time to take action, the report notes.

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.


VENEZUELA: Chief Raises Pressure on Venezuelan Government
------------------------------------------------------
Kejal Vyas at The Wall Street Journal reports that back when he
was foreign minister of tiny, left-leaning Uruguay, Luis Almagro
praised Venezuela's Socialist government for being in the vanguard
of a continent that was largely leftist and antiglobalization.

Now, as secretary-general of the Organization of American States,
Mr. Almagro is lobbying the 34-nation, Washington-based body to
oust Venezuela from its ranks unless President Nicolas Maduro
permits elections and eases a clampdown on opponents and the
press, according to The WSJ.

The report notes that the carrot he holds out to Mr. Maduro is
money. The OAS secretary-general argues that if it makes the
democratic reforms he demands, Venezuela's cash-strapped
government would be able to tap international credit lines.  With
Venezuelans suffering from chronic shortages of food and medicine,
the country badly needs financing because its investment-starved
oil industry, once a cash cow, has seen output fall, spurring
fears of a default on the country's sovereign debt, the report
relays.  Suspension from the OAS would further close the door to
loans from multilateral financial institutions linked to the
regional organization, the report adds.

"Venezuela has to re-democratize itself in order to refinance
itself," Mr. Almagro said in an interview with The Wall Street
Journal.  "No one is putting money into Venezuela. With a
dictatorship in power, every minute is like an earthquake for the
country."

The OAS's permanent council will hold a special meeting to discuss
Venezuela, the report discloses.  It comes after 14 nations,
including the most important ones in the Americas, issued a joint
statement calling for Venezuela to release political prisoners,
return full powers to the congress and hold regional elections
that Mr. Maduro had indefinitely postponed, the report relays.
"We feel the time has come to act," Mexican Foreign Minister Luis
Videgaray said in revealing the initiative, the report notes.

Officials from two large lenders active in the region said their
institutions were delaying disbursing more than $1 billion to
projects in Venezuela partly because Mr. Maduro has stripped the
opposition-controlled legislature of budget oversight, generating
legal uncertainties for multilateral and private lenders, the
report discloses.  Last year, Mr. Maduro's rivals in congress
warned international investors that any deals signed without their
legislative support wouldn't be valid, the report relays.

Despite sitting atop the world's largest oil reserves, the economy
contracted by 17% last year, according to some estimates, the
report notes.  There are gasoline shortages and three out of four
people in the country reported losing 19 pounds or more in weight
during 2016 because of food scarcities, according to a recent poll
by three Venezuelan universities, the report relays.

With debt markets demanding nearly 30% yields to hold Venezuelan
bonds, the single-digit borrowing rates generally offered by
multilaterals "would be the cheapest source of financing for
them," one of the officials from a multilateral lender said, the
report notes.  "But they are basically cut off from credits," he
added.

Amid the fast-deteriorating situation, Mr. Maduro has dismissed
calls for reforms and for opening up his country to humanitarian
aid, the report relays.  The president has also hurled a litany of
insults at Mr. Almagro, calling him inept, an interventionist and
"human trash," the report notes.

"I'm not going to respond to him at that level," the report quoted
Mr. Almagro as saying.  "Intellectually it would devalue me."

Instead, the 53-year-old career diplomat is meeting with OAS
members to rally support for a resolution that would seek action
against Venezuela by June, the report relays.  Mr. Maduro's
administration, Mr. Almagro explained in a 75-page report last
week, is in violation of the OAS's human-rights charter, to which
Venezuela is a signatory, the report notes.

Suspending Venezuela, however, would be hard, requiring the
backing of two-thirds of member states, the report discloses.  Mr.
Almagro tried convincing OAS members to stage an open forum to
discuss Venezuelan democracy last year but failed as countries
around the region instead backed Vatican-mediated negotiations
between the government and opposition, the report relays.  Those
talks broke down as Mr. Maduro further tightened his grip on power
and scuttled a recall referendum that polls show would have ended
his term, the report relays.

"We lost a year," said Mr. Almagro, who has lamented the inaction
as Venezuela spiraled downward, the report notes.  "We've reached
an inflection point where we have to take firmer steps against the
violation of democratic order."

Mr. Maduro still counts on support from allies, most importantly a
dozen Caribbean nations Venezuela has long provided with
subsidized oil, the report relays.

But a growing number of formerly friendly countries from Peru to
Argentina have vocally criticized Mr. Maduro's government, notes
the report.  Those who have said they would support Mr. Almagro
are heavyweights, including the U.S., Canada, Mexico, Brazil and
Argentina, says the report.  In December, the South American trade
bloc Mercosur suspended Venezuela for failing to meet the group's
economic and human-rights requirements, the report discloses.

When flying high during an oil bonanza a decade ago, Venezuela was
a leader of an anti-American bloc of countries, the report relays.
Now, Mr. Almagro's feud with Mr. Maduro is in many ways a battle
for the identity of the region's political left, with the
secretary-general's European-style line contrasting with Mr.
Maduro's more radical and antiestablishment approach, the report
notes.

"The left always has to be democratic," Mr. Almagro said, reports
WSJ. "A left in which you don't have liberty, it's impossible to
achieve equality," he added.

Those who track Latin American diplomacy said Mr. Almagro derives
moral standing to take on Venezuela from his own experiences
growing up in Uruguay under a dictatorship that fell in 1985, the
report recalls. Studying law, he joined a center-left party that
sought to bring rights abusers in the military regime to justice,
the report notes.

"This is someone who understands in a very visceral way the
importance of defending human rights," said Cynthia Arnson, who
directs the Latin America program at the Washington-based Woodrow
Wilson Center, the report notes.

Mr. Almagro's stand has been welcomed by human-rights advocates
who previously found the OAS had little appetite for taking on
Venezuela, the report relays.  "The tendency is inertia in
international affairs, to do nothing, do the minimum or pretend
that options like dialogue are going to produce a miracle," said
Jose Miguel Vivanco, who heads the Americas division of Human
Rights Watch, Mr. Almagro added.

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.



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


* BOND PRICING: For the Week From March 27 to March 31, 2017
------------------------------------------------------------


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

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


                            ***********


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

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

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


                            ***********


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 * * *