TCRLA_Public/170612.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, June 12, 2017, Vol. 18, No. 115


                            Headlines



A N T I G U A   &   B A R B U D A

LIAT: Goes to Court to Get Pilots Back in the Skies


A R G E N T I N A

BANCO PATAGONIA: S&P Affirms 'B' Local & Foreign Currency Ratings


B R A Z I L

BRAZIL: Electoral Court Leaves President Michel Temer in Office
BRAZIL MINERALS: Incurs $1.73 Million Net Loss in 2016
MINERVA: S&P Revises Outlook to Stable & Affirms 'BB-' CCR


C A Y M A N  I S L A N D S

BAITAK ASIAN: Placed Under Voluntary Wind-Up
CHESTNUT HOLLOW I: Shareholders' Final Meeting Set for June 15
CHESTNUT HOLLOW II: Shareholders' Final Meeting Set for June 15
CHESTNUT HOLLOW III: Shareholders' Final Meeting Set for June 15
EDLIN INVESTMENTS: Creditors' Proofs of Debt Due June 12

FINDER GLOBAL: Placed Under Voluntary Wind-Up
FINDERWAY GLOBAL: Placed Under Voluntary Wind-Up
SEAHORSE INVESTMENTS: Creditors' Proofs of Debt Due June 20
SPRUCE BROOK I: Shareholders' Final Meeting Set for June 15
SPRUCE BROOK II: Shareholders' Final Meeting Set for June 15


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Merchants Threaten Shutdown as Ban Continues
DOMINICAN REPUBLIC: Must be Declared Free of Swine Fever
DOMINICAN REPUBLIC: May Prices Fall -0.14%, Paced by Transport


M E X I C O

GRUPO CEMENTOS: S&P Assigns 'BB' Rating to Proposed Sr. Notes


X X X X X X X X X

* BOND PRICING: For the Week From June 5 to June 9, 2017


                            - - - - -



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


LIAT: Goes to Court to Get Pilots Back in the Skies
---------------------------------------------------
Caribbean360.com reports that with pilots continuing strike action
that has forced the cancellation and delays of flights across the
region, LIAT, operating as Leeward Islands Air Transport, has
decided to turn to the court for help.

Management of the airline has filed an application for a court
injunction to end the strike that began as pilots refuse to fly
LIAT's ATR 72 series aircraft without additional compensation,
according to Caribbean360.com.

The Leeward Islands Airline Pilots Association (LIALPA) is
insisting that the pay rise agreed to in January must be honored,
as flying the ATR 72 aircraft is "increased responsibility in
terms of passengers and payload".

Speaking on Good Morning Caribbean, the link-up between Observer
Radio in Antigua and WINN FM in Dominica, LIALPA president Captain
Carl Burke said the association is aware of LIAT's court move and
will respond accordingly, the report notes.

"We have been served with the document filed at the end of the
lower court, applying for that injunction . . . Our attorney right
now is preparing a response," he said, the report relays.

Mr. Burke insisted that while he is aware of the cash-strapped
airline's financial situation, it was only fair that pilots are
compensated appropriately, the report notes.

"The pilots have made it clear time and time again that the
managers of LIAT are responsible for the company's current
financial position.  The pilots take on a lot of responsibility in
terms of the service they provide to the airline and,
additionally, they are the only staff [members] that have received
additional responsibility with the introduction of the ATR 72
aircraft," the LIALPA head added, Caribbean360.com relates.
"Pilots are exposed every day to liability; the captain is
responsible for everything on a flight.  There is more to it than
meets the eye. You are responsible for every single passenger on
board . . . What the LIAT pilots are asking for is nowhere, not
even in the ballpark . . . near what the other ATR pilots in the
region are making."

The airline's CEO Julie Reifer-Jones has apologized to travelers
for the disruption and has reiterated LIAT's commitment to
resolving the current impasse, the report relays.

In a statement released earlier, LIAT called on pilots to return
the operations of the company to normalcy so they could serve the
region, the report adds.

                         About LIAT

LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport
in Antigua.  It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean.  The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.

                         *     *     *

The Troubled Company Reporter-Latin America, citing Trinidad
Express, on November 24, 2016, reported that the Barbados
government defended the operations of the cash-strapped regional
airline, LIAT, even as opposition legislators called for it to be
stop being a financial burden on the island. Both Prime Minister
Freundel Stuart and his Finance Minister, Chris Sinckler, defended
the airline, whose major shareholders are Antigua and Barbuda,
Barbados, Dominica and St. Vincent and the Grenadines. Mr. Stuart,
speaking in Parliament, said despite the criticism the value of
the airline should not be underestimated that the Antigua-based
LIAT remains "important to Barbados.

According to the TCR-LA in May 8, 2015, the Daily Observer said
that LIAT was attempting to lose excess baggage as part of
measures to make the carrier "a smaller airline in 2015."  In a
document, signed by Director of Human Resources Ilean Ramsey,
eligible employees were asked to opt to apply for voluntary
separation or early retirement packages to avoid being
made redundant, according to The Daily Observer.

TCRLA reported on Dec. 2, 2014, citing Caribbean360.com, that
chairman of the shareholder governments of the financially
troubled regional airline LIAT, Dr. Ralph Gonsalves said while he
is unaware of the details regarding any possible retrenchment of
employees, the airline needs to deal with its high cost of
operations.

The TCR-LA on March 10, 2014, citing Caribbean360.com, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of
LIAT -- the Board and the Executive. Following the sudden
resignation of Chief Executive Officer Captain Ian Brunton, David
Evans replaced Mr. Brunton as chief executive officer.


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


BANCO PATAGONIA: S&P Affirms 'B' Local & Foreign Currency Ratings
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' local currency and foreign
currency ratings on Banco Patagonia S.A.  The outlook remains
stable.

S&P's ratings on Banco Patagonia reflect its satisfactory
competitive position and profitability metrics, S&P's risk-
adjusted capital (RAC) ratio projection of 5.2% for the next 12-18
month, and the bank's asset quality metrics that are in line those
of the banking system's average.  The ratings also reflect S&P's
view of the bank's funding structure that benefits from a healthy
deposit base, in line with that of the banking system, and its
liquidity position that's in line with those of the bank's peers
and incorporating characteristics of Argentina's financial system.

The local currency and foreign currency ratings on Argentina
continue to limit the ratings on the bank.  S&P rarely rates
financial institutions higher than the sovereigns in which they
operate because S&P considers it unlikely that these institutions
would be unaffected by developments in domestic economies.

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


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


BRAZIL: Electoral Court Leaves President Michel Temer in Office
---------------------------------------------------------------
Paulo Trevisani and Samantha Pearson at The Wall Street Journal
report that Brazil's top electoral court acquitted President
Michel Temer of charges of illegal campaign financing in a trial
that threatened to oust him, throwing the unpopular leader a
lifeline as he struggles to fend off corruption investigations and
stay in power.

After 25 hours of debate in a televised four-day trial that has
gripped Brazilians, the court's judges voted 4-3 to clear Mr.
Temer and former President Dilma Rousseff of charges they used
proceeds from the country's vast Car Wash corruption scandal to
fund their 2014 election campaign, according to the WSJ.

The report notes that Mr. Temer was elected Brazil's vice
president in 2014 and became president last year when Ms. Rousseff
was impeached for breaking budget laws in an attempt to disguise
Brazil's mounting economic problems.  The court took the country's
stability into account before making its decision, the report
relays.

"Combating corruption is something I also want . . . but you can't
just go substituting the president of the Republic all the time,"
said Gilmar Mendes, the head of the Superior Electoral Court, or
TSE, before casting the final vote, the report relays.

The court's verdict sparked anger among opposition politicians and
many Brazilians, the report notes.  They accused the magistrates
of political bias because several judges said they would disregard
more recent evidence uncovered in the Car Wash probe, the report
discloses.  That investigation has ballooned into the biggest of
its kind in Brazil's history, with politicians and executives of
major companies accused of running a multibillion-dollar kickback
scheme, the report says.

The majority of the court's judges said this week that their
understanding of electoral law meant that they should only
consider evidence available around the time when the case was
first filed more than two years ago, before much of the Car Wash
evidence was collected, the report notes.

"Throwing out evidence like this just sounds like a gentleman's
agreement," said Chico Alencar, a congressman for the leftist PSOL
party, the report relays.  The TSE's case was filed shortly after
the 2014 elections but gained momentum after executives of
meatpacker JBS last month said they bribed Mr. Temer and nearly
2,000 other politicians to get low-interest state loans, the
report notes.  Mr. Temer has denied wrongdoing and refused to step
down.

But his opponents had hoped the TSE could accelerate its
longstanding case over illegal campaign financing as a way to
fast-track his exit, the report discloses.  The TSE had the power
to annul the 2014 election results-a move that would have stripped
Mr. Temer of the mandate he inherited from Ms. Rousseff, the
report notes.  Mr. Temer still faces a separate Supreme Court
investigation over the JBS bribery accusations and several
impeachment motions in Congress, but both require the approval of
Congress to proceed, the report relays.

While Mr. Temer's approval rating among voters is less than 10%,
he is considered a deft backroom negotiator in government and may
now be able to muster enough support to cling on to power until
presidential elections in 2018, legal scholars say, the report
notes.

"The biggest threat was this judgment-the chances of him reaching
the end of his mandate have increased considerably," said Daniel
Vargas, a law professor at Getulio Vargas Foundation in Rio de
Janeiro, the report relays.

When Mr. Temer took over from Ms. Rousseff, it ended more than a
decade of rule by the leftist Workers' Party, the report says.  He
promised he would overhaul Latin America's biggest economy and
lift the country out of its deepest recession on record, the
report notes.  Just as the latest JBS bribery scandal broke, his
government was poised to approve critical reforms to Brazil's
generous pension system, which economists say are necessary to
avoid a full-blown fiscal crisis, the report relays.

Rafael Cortez, a political scientist at Sao Paulo consultancy
Tendencias, said Mr. Temer will likely struggle to pass meaningful
reforms, the report notes.

"His victory over his mandate will not automatically translate to
support for his reforms," the report quoted Mr. Cortez as saying.
The unpopular changes to the pension system, including the
introduction of a minimum retirement age, would still likely pass
but with significant concessions, Mr. Cortez added.

As reported in the Troubled Company Reporter-Latin America on
May 24, 2017, S&P Global Ratings placed its 'BB' long-term foreign
and local currency sovereign credit ratings on the Federative
Republic of Brazil on CreditWatch with negative implications.  S&P
also affirmed the short-term foreign and local currency ratings at
'B'. The transfer and convertibility assessment is unchanged at
'BBB-'. In addition, S&P placed the 'brAA-' national scale rating
on CreditWatch with negative implications.


BRAZIL MINERALS: Incurs $1.73 Million Net Loss in 2016
------------------------------------------------------
Brazil Minerals, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$1.73 million on $13,323 of revenue for the year ended Dec. 31,
2016, compared to a net loss of $1.87 million on $63,610 of
revenue for the year ended Dec. 31, 2015.

As of Dec. 31, 2016, Brazil Minerals had $1.17 million in total
assets, $1.18 million in total liabilities and a total
stockholders' deficit of $10,507.

B F Borgers CPA PC, in Lakewood, CO, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2016, citing that the Company has suffered
recurring losses from operations and has a significant accumulated
deficit.  In addition, the Company continues to experience
negative cash flows from operations.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern.

A full-text copy of the Form 10-K is available for free at:

                     https://is.gd/GD6Bpq

                     About Brazil Minerals

Based in Pasadena, California, Brazil Minerals, Inc. --
http://www.brazil-minerals.com/-- mines and sells diamonds, gold,
sand and mortar in Brazil.  The Company, through subsidiaries,
outright or jointly owns 11 mining concessions and 20 other
mineral rights in Brazil, almost all for diamonds and gold.  The
Company, through subsidiaries, owns a large alluvial diamond and
gold processing and recovery plant, a sand processing and mortar
plant, and several pieces of earth-moving capital equipment used
for mining as well as machines for sand processing and preparation
of mortar.


MINERVA: S&P Revises Outlook to Stable & Affirms 'BB-' CCR
----------------------------------------------------------
S&P Global Ratings revised the outlook on Minerva S.A. to stable
from positive.  At the same time, S&P affirmed its 'BB-' global
scale and 'brA+' national scale corporate credit ratings on the
company.  S&P also affirmed its 'BB-' issue-level ratings on the
company's unsecured debt, with a '3' recovery rating, indicating a
meaningful recovery expectation (50%-70%; rounded estimate: 50%).

The outlook revision reflects S&P's view that Minerva will take
longer to reduce its debt and to strengthen its credit metrics
than S&P previously expected, due to the $300 million acquisition
of JBS S.A.'s slaughtering and protein processing assets in
Argentina, Uruguay, and Paraguay.  The acquisition will increase
Minerva's slaughtering capacity to 26,000 head per day from 17,000
and broaden geographic diversification.  However, it will now take
longer for the company to improve its credit metrics than S&P was
forecasting for the next 12-18 months.  S&P now expects the
company's funds from operations (FFO) to debt close to 10% and
free operating cash flow (FOCF) to debt close to 2.5% on 12 months
pro forma including the acquisition by the end of 2017.

The ratings affirmation reflects Minerva's sound operating
efficiency and S&P's view that the acquisition is in line with the
company's strategy to diversify its operations in South America.
S&P expects the management to integrate the acquired operations in
a timely manner and to benefit from synergies.  The ratings also
reflect S&P's view of the sector's favorable fundamentals, due to
the recent softening of cattle prices.


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


BAITAK ASIAN: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary meeting held on May 11, 2017, the sole
shareholder of Baitak Asian Shenzhen Peninsula Co., Ltd. resolved
to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Fides Limited
          The Grand Pavilion
          Commercial Centre, 2nd Floor
          P.O. Box 10338 Grand Cayman KY1-1003
          Cayman Islands
          Telephone: (345) 949 7232


CHESTNUT HOLLOW I: Shareholders' Final Meeting Set for June 15
--------------------------------------------------------------
The shareholders of Chestnut Hollow I Holdings, Ltd. will hold
their final meeting on June 15, 2017, at 10:10 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Shailini Rao
          Eton Park
          399 Park Avenue, 10th Floor
          New York
          New York 10022
          United States of America
          Telephone: +1 (212) 756 5300


CHESTNUT HOLLOW II: Shareholders' Final Meeting Set for June 15
---------------------------------------------------------------
The shareholders of Chestnut Hollow II Holdings, Ltd. will hold
their final meeting on June 15, 2017, at 10:20 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Shailini Rao
          Eton Park
          399 Park Avenue, 10th Floor
          New York
          New York 10022
          United States of America
          Telephone: +1 (212) 756 5300


CHESTNUT HOLLOW III: Shareholders' Final Meeting Set for June 15
----------------------------------------------------------------
The shareholders of Chestnut Hollow III Holdings, Ltd. will hold
their final meeting on June 15, 2017, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Shailini Rao
          Eton Park
          399 Park Avenue, 10th Floor
          New York
          New York 10022
          United States of America
          Telephone: +1 (212) 756 5300


EDLIN INVESTMENTS: Creditors' Proofs of Debt Due June 12
--------------------------------------------------------
The creditors of Edlin Investments Limited are required to file
their proofs of debt by June 12, 2017, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 12, 2017.

The company's liquidator is:

          Zedra Directors (Cayman) Limited
          c/o Enola Reid
          136 Shedden Road
          One Capital Place, 3rd Floor
          P.O. Box 487 George Town
          Grand Cayman KY1-1106
          Cayman Islands
          Telephone: +1 (345) 914-5413


FINDER GLOBAL: Placed Under Voluntary Wind-Up
---------------------------------------------
The sole shareholder of Finder Global Asset Management Company, on
May 15, 2017, passed a resolution to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          Kenneth Stewart
          c/o Apex Fund Services (Cayman) Ltd.
          161a Artillery Court, Shedden Road
          P.O. Box 10085 Grand Cayman KY1 1001
          Cayman Islands
          Telephone: (345) 747 2739


FINDERWAY GLOBAL: Placed Under Voluntary Wind-Up
------------------------------------------------
The sole shareholder of Finderway Global Opportunities Fund, on
May 15, 2017, passed a resolution to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          Kenneth Stewart
          c/o Apex Fund Services (Cayman) Ltd.
          161a Artillery Court, Shedden Road
          P.O. Box 10085 Grand Cayman KY1 1001
          Cayman Islands
          Telephone: (345) 747 2739


SEAHORSE INVESTMENTS: Creditors' Proofs of Debt Due June 20
-----------------------------------------------------------
The creditors of Seahorse Investments Limited are required to file
their proofs of debt by June 20, 2017, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 16, 2017.

The company's liquidator is:

          Foong Yoke Yan
          6 Temasek Boulevard
          Suntec Tower Four, 29th Floor
          Singapore 038986
          Telephone: +65 6820 0833
          Facsimile: + 65 6224 4118


SPRUCE BROOK I: Shareholders' Final Meeting Set for June 15
-----------------------------------------------------------
The shareholders of Spruce Brook I Holdings, Ltd. will hold their
final meeting on June 15, 2017, at 10:40 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Shailini Rao
          Eton Park
          399 Park Avenue, 10th Floor
          New York
          New York 10022
          United States of America
          Telephone: +1 (212) 756 5300


SPRUCE BROOK II: Shareholders' Final Meeting Set for June 15
------------------------------------------------------------
The shareholders of Spruce Brook II Holdings, Ltd. will hold their
final meeting on June 15, 2017, at 10:50 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Shailini Rao
          Eton Park
          399 Park Avenue, 10th Floor
          New York
          New York 10022
          United States of America
          Telephone: +1 (212) 756 5300


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


DOMINICAN REPUBLIC: Merchants Threaten Shutdown as Ban Continues
-----------------------------------------------------------------
Dominican Today reports that merchants of the border area
threatened to take drastic actions against Haitian authorities who
continue the ban on Dominican products they sell in the bilateral
market of Mondays and Fridays.

Dajabon Merchants Federation President Freddy Morillo said they'll
meet with colleagues from Jimani, Elias Pina and Pedernales in the
coming days to respond to the ban by Haiti government officials,
according to Dominican Today.

The report notes that Mr. Morillo said they're ready for a total
halt of all commercial activities at border crossings, so that
Haitian and Dominican authorities understand that an agreement
must be reached and that clear rules must be set to make trade
between the two countries viable.

Moreover, Dajabon Retailers Association President Abigail Bueno,
said it's clear that Haitians with big businesses cross large
quantities of goods and merchandise on Tuesdays, Wednesdays and
Thursdays, "without any problem," the report relays.

As reported in the Troubled Company Reporter-Latin America on
May 1, 2017, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term sovereign credit ratings on the Dominican Republic.
The outlook remains stable.  The transfer and convertibility (T&C)
assessment is unchanged at 'BB+'.


DOMINICAN REPUBLIC: Must be Declared Free of Swine Fever
--------------------------------------------------------
Dominican Today reports that the Dominican Republic cannot export
pork since 1978, when classical swine fever was detected, and has
yet to be eradicated, according to Dominican Pork Producers
Federation president Israel Brito.

Mr. Brito said the situation means losses of around RD$24 million
since the vaccines must be bought in France, according to
Dominican Today.

He said pig farmers vaccinate 70% of the hog population and the
official sector the remaining 30%, the report notes.  "But
declaring a country free of swine fever is done by states in
conjunction with international organizations and we in the
agricultural sector have expressed the need for that to occur," he
added.

Interviewed by the Corrpio Media Group, Mr. Brito said the
situation also affects products such as sausages, which cannot be
exported, even though there is a significant market which includes
the United States, the report relays.  "We have buyers in the
area, but with the plague issue we cannot take advantage of it,"
he added.

As reported in the Troubled Company Reporter-Latin America on
May 1, 2017, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term sovereign credit ratings on the Dominican Republic.
The outlook remains stable.  The transfer and convertibility (T&C)
assessment is unchanged at 'BB+'.


DOMINICAN REPUBLIC: May Prices Fall -0.14%, Paced by Transport
--------------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank on
Thursday, June 8 said May prices fell -0.14%, compared with April
inflation of 0.14%.

It said accumulated inflation for the January-May period this year
was 0.96%, and annual inflation, measured from May 2016 to May
2017, stood at 3.11%, "remaining within the target range of 4.0% Ò
1.0% established in the Monetary Program," according to Dominican
Today.

The Central Bank added that transport (0.59%) and food (-0.37%)
contributed the most to the negative inflation, the report notes.

As reported in the Troubled Company Reporter-Latin America on
May 1, 2017, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term sovereign credit ratings on the Dominican Republic.
The outlook remains stable.  The transfer and convertibility (T&C)
assessment is unchanged at 'BB+'.



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


GRUPO CEMENTOS: S&P Assigns 'BB' Rating to Proposed Sr. Notes
-------------------------------------------------------------
S&P Global Ratings said that it has assigned its 'BB' issue-level
rating to Grupo Cementos de Chihuahua, S.A.B. de C.V.'s (GCC;
BB/Stable/--) proposed senior unsecured notes due 2024.  S&P also
assigned a recovery rating of '3' to the proposed notes,
indicating S&P's expectation of meaningful (50%-70%; rounded
estimate: 55%) recovery in the event of a payment default.  S&P
expects the company to use the net proceeds of the issuance to
refinance its existing $260 million senior secured notes due 2020,
and for general corporate purposes, if there is any surplus from
the proceeds.

                          RECOVERY ANALYSIS

Key analytical factors

   -- S&P is assigning its 'BB' issue-level rating on GCC's
      proposed senior unsecured notes due 2024.  The recovery
      rating is '3', indicating S&P's expectation for meaningful
      recovery prospect in the event of payment default (50%-70%;
      rounded estimate 55%).

   -- Proceeds from the issuance will be used to refinance the
      existing senior secured notes due 2020.  Once the
      refinancing is completed S&P will withdraw the issue and
      recovery ratings on the existing notes due 2020.

   -- The proposed senior unsecured notes due 2024 for up to $275
      million will be issued by Grupo Cementos de Chihuahua,
      S.A.B. de C.V. and will be contractually subordinated to
      GCC's $186.5 million senior secured loan, but will rank pari
      passu in right of order and payment with the existing
      $253.5 million senior unsecured loan in an event of default.
      GCC also has a $15 million senior unsecured and unguaranteed
      RCF, which is subordinated to the all the other debt
      instrument in GCC's current capital structure.

   -- S&P's simulated default scenario assumes a payment default
      in 2021, as a result of a sharp decline in cement demand,
      associated with continued weakness in residential and
      nonresidential construction activities in GCC's main
      markets, which would reduce the company's cash flow
     generation.

   -- This would lead to a significant deterioration in FOCF
      generation, a breach of its financial maintenance covenants,
      and weak liquidity.

   -- S&P has valued GCC on a going - concern basis given its
      belief that the company would continue to have a viable
      business model because of its leading market position in the
      regions where it operates.

Simulated default assumptions

   -- Simulated year of default: 2021

   -- Minimum capex (% of next three-year pro-forma average
      sales): 2%.

   -- Cyclicality adjustment factor: +10% (standard sector
      assumption for building materials)

   -- Emergence EBITDA after recovery adjustments: about
      MXN1.5 billion

   -- Implied enterprise value multiple: 5.0x

   -- Jurisdiction: Mexico

Simplified waterfall

   -- Net enterprise value at default (after 7% administrative
      costs): about MXN7.0 billion

   -- Senior secured debt claims: MXN2.9 billion*

   -- Collateral value available to unsecured creditors:
      MXN4.1 billion

   -- Recovery expectations: 50%-70% (rounded estimate 55%)**

*All debt amounts include six months' prepetition interest.  RCF
assumed 85% drawn on the path to default.

**Rounded down to the nearest 5%.


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


* BOND PRICING: For the Week From June 5 to June 9, 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 Joseph Cardillo at
856-381-8268.


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