TCRLA_Public/170619.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 19, 2017, Vol. 18, No. 120


                            Headlines



B R A Z I L

BRAZIL: Embattled President Denies Corruption Accusation


C A Y M A N  I S L A N D S

BAITAK ASIAN: Shareholder to Hear Wind-Up Report on July 13
EDLIN INVESTMENTS: Members Receive Wind-Up Report
FINDER GLOBAL: Shareholders' Final Meeting Set for July 12
FINDERWAY GLOBAL: Shareholders' Final Meeting Set for July 12
GOLDFINCH CAPITAL: Shareholders' Final Meeting Set for June 28

KAMCO GLOBAL: Creditors' Proofs of Debt Due June 26
SEAHORSE INVESTMENTS: Member to Hear Wind-Up Report on June 27
TRITON CAPITAL: Shareholder to Hear Wind-Up Report on July 5
VCP IV: Creditors' Proofs of Debt Due June 26
WILLY INVESTMENT: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Haiti Officials Again Upend Market
DOMINICAN REPUBLIC: Rains Damage Road, Unions Warn of Protests
DOMINICAN REPUBLIC: Industries Reject 70% of Locally-Produced Milk


M E X I C O

CONSUBANCO SA: Fitch Cuts IDRs to BB-; Puts on Rating Watch Neg.
NEMAK SAB: S&P Affirms 'BB+' CCR & Revises Outlook to Stable


P E R U

UNION ANDINA: S&P Lowers CCR to 'BB' on Weak Credit Metrics


P U E R T O    R I C O

PUERTO RICO: Chief Judge Barbara Houser to Lead Mediation Team
PUERTO RICO: Proposes Nancy B. Rapoport as Fee Examiner
PUERTO RICO: 9-Member Official Committee of Retirees Formed
PUERTO RICO: Official Unsecured Creditors Committee Appointed


T R I N I D A D  &  T O B A G O

TRINIDAD  &  TOBAGO: Debt to Grow in 2018, says IMF


U R U G U A Y

ARCOS DORADOS: Fitch Affirms BB+ IDR; Revises Outlook to Stable


X X X X X X X X X

* BOND PRICING: For the Week From June 12 to June 16, 2017


                            - - - - -


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B R A Z I L
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BRAZIL: Embattled President Denies Corruption Accusation
-------------------------------------------------------
Paul Kiernan at The Wall Street Journal reports that Brazilian
President Michel Temer vowed to sue the billionaire ex-chairman of
meatpacking giant JBS SA, after being accused by him of running
"the biggest and most dangerous criminal organization of this
country."

In an interview published S by Brazilian newsmagazine Epoca,
former JBS Chairman Joesley Batista said Mr. Temer was the
ringleader of a group of politicians in the lower house of
Congress who routinely hit him up for cash in recent years,
according to The Wall Street Journal.  Mr. Batista stepped down
last month after entering a plea deal with Brazilian prosecutors
in which he admitted to bribing politicians in exchange for
taxpayer-subsidized loans and other government favors that helped
turn JBS into the world's largest meatpacker, the report notes.

The comments by Mr. Batista prompted a sharp rebuke from Mr.
Temer, who said he planned to file civil and criminal suits
against the businessman, the report relays.

"Joesley Batista is the most successful, notorious bandit in
Brazilian history," Mr. Temer's press office said, repeating
previous accusations of insider trading by the executive, the
report discloses.  "His lies will be uncovered and due financial
reparation will be sought for the damages that he caused not just
to the institution of the presidency, but to Brazil," the press
office added.

The mudslinging comes as Mr. Temer fights for political survival
amid an investigation by Brazil's attorney general for corruption,
obstruction of justice and criminal conspiracy after Mr. Batista's
testimony, the report relays.  Charges are expected to be filed
against the president this week, though two-thirds of Brazil's
Congress would have to sign off in order for the Supreme Court to
open a trial, the report notes.

The interview was Mr. Batista's first since the release last month
of a taped conversation in which the businessman told Mr. Temer in
March of his efforts to stymie investigations into his company,
the report relays.  The efforts included the payment of hush money
to former lower house speaker Eduardo Cunha, who was convicted of
graft in March, the report notes.  In a recording of the
conversation, Mr. Temer appeared to mutter words of encouragement,
sparking public outrage and calls for his resignation, the report
says.

The president didn't report the conversation to proper
authorities, he said, because he wasn't taking Mr. Batista
seriously, WSJ relays.

In the interview, Mr. Batista said Mr. Cunha was directly beneath
Mr. Temer in the alleged criminal organization, the report
discloses.  He described his relationship with Mr. Temer as
symbiotic but not friendly, saying his aim was to keep the group
satisfied but at an arm's length because "they didn't have
limits," the report relays.

Late last year, Mr. Batista said he grew nervous as investigators
appeared to be closing in on JBS, the report relates.  He said he
recorded his March meeting with Mr. Temer in case he decided to
switch sides, which he increasingly viewed as the only way to
avoid being arrested. But he also feared retaliation, the report
says.

"Upsetting that criminal organization was the most dangerous and
risky thing I've done in my life," Mr. Batista said, adding that
he has received anonymous threats since entering the plea bargain,
reports WSJ. "I've never had bodyguards in my life.  Now I go
around with four," he 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.


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


BAITAK ASIAN: Shareholder to Hear Wind-Up Report on July 13
-----------------------------------------------------------
The shareholder of Baitak Asian Shenzhen Peninsula Co., Ltd. will
hear on July 13, 2017, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


EDLIN INVESTMENTS: Members Receive Wind-Up Report
-------------------------------------------------
The members of Edlin Investments Limited received on June 12,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


FINDER GLOBAL: Shareholders' Final Meeting Set for July 12
----------------------------------------------------------
The shareholders of Finder Global Asset Management Company will
hold their final meeting on July 12, 2017, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         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: Shareholders' Final Meeting Set for July 12
-------------------------------------------------------------
The shareholders of Finderway Global Opportunities Fund will hold
their final meeting on July 12, 2017, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          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


GOLDFINCH CAPITAL: Shareholders' Final Meeting Set for June 28
--------------------------------------------------------------
The shareholders of Goldfinch Capital Management Offshore, Ltd.
will hold their final meeting on June 28, 2017, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


KAMCO GLOBAL: Creditors' Proofs of Debt Due June 26
---------------------------------------------------
The creditors of Kamco Global Advisory Limited are required to
file their proofs of debt by June 26, 2017, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 18, 2017.

The company's liquidator is:

          Kim Chan Su
          Admiralty Centre, Tower II
          18th Floor, Room 1808
          18 Harcourt Road, Admiralty
          Hong Kong
          Telephone: +852 2528 9899
          Facsimile: +852 2804 1004


SEAHORSE INVESTMENTS: Member to Hear Wind-Up Report on June 27
--------------------------------------------------------------
The member of Seahorse Investments Limited will hear on June 27,
2017, 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

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


TRITON CAPITAL: Shareholder to Hear Wind-Up Report on July 5
------------------------------------------------------------
The shareholder of Triton Capital SPC will hear on July 5, 2017,
at 10:000 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ka Ho Wong
          c/o Richard Bennett
          Telephone: +852 3656 6069
          Facsimile: +852 3656 6001


VCP IV: Creditors' Proofs of Debt Due June 26
---------------------------------------------
The creditors of VCP IV (GP) Limited are required to file their
proofs of debt by June 26, 2017, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 26, 2017.

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


WILLY INVESTMENT: Commences Liquidation Proceedings
---------------------------------------------------
The sole shareholder of Willy Investment Limited, on May 23, 2017,
passed a resolution to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Carob Seeds Limited
          c/o Mariana Devoto
          Pasea Estate, Road Town
          Tortola, BVI
          Telephone: +598 2909 2121


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Haiti Officials Again Upend Market
------------------------------------------------------
Dominican Today reports that Haitian authorities again halted the
entry of several farm products and other merchandise bought in the
border market held Mondays and Fridays with merchants from both
nations.

The ban was occurred after 12 noon, despite that normal trading
occurred since early morning, as dozens of Haitian buyers managed
to transport their merchandise without incident, according to
Dominican Today's June 17 report.

                             Complaints

Fernando Diaz, who heads the association retailers, slammed
Dominican authorities for having done nothing to solve the
deadlock, the report notes.

Whereas Giovanni Escotto, head of the truckers union, criticized
the trade authorities; the Foreign Ministry and Customs for
failing to resolve the conflict with the commercial sectors, the
report says.  "They are "greatly hurting thousands of people."

"Unfortunately we don't have authorities here. We have a
provincial governor who falls asleep at meetings, and asks which
issues were discussed when she wakes," Mr. Escotto said, quoted by
local media, the report adds.

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: Rains Damage Road, Unions Warn of Protests
--------------------------------------------------------------
Dominican Today reports that truck and bus driver unions and
farming associations of Constanza warned that the landslides along
the Constanza-Casabito road from the downpours of the last three
weeks could cut off the highland town.

The road, built by Brazilian company Odebrecht and inaugurated
June, 2010, shows crevices and cracks in some areas of the route
which caused several wrecks, the most critical 11 kilometers from
the Duarte highway, according to Dominican Today.

The report notes that Constanza Truckers Union President
(Sincaconst) Wandy Jose Gratereaux, and bus union (Sintrapaconst)
president Luis Diaz, separately told listin.com.do that if the
authorities fail to repair the road, the unions would stage
protests.

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: Industries Reject 70% of Locally-Produced Milk
------------------------------------------------------------------
Dominican Today reports that despite domestic milk producers'
efforts with funding from international organizations such as the
UN Food and Agriculture Organization (FAO) to improve the dairy
production chain, a recent report by the Economic Commission for
Europe Latin America and the Caribbean (ECLAC) found that 70% of
the milk produced on Dominican farms isn't suitable for industrial
processing.

The ECLAC report "Strengthening the value chain of dairy products
in the Dominican Republic" says that reality leads a major
imbalance among the producers' need of sales and the demand for
supply by the medium and large Industry, according to Dominican
Today reports that.

The study notes that despite an improved dairy cattle ranching,
there's a relative lack of continuity regarding the most suitable
type of cattle, "which makes it difficult to guarantee quality and
sustainable production," the report discloses.

"Because most of the country's milk production is based on family
farms (90%), consisting of small farmers with less than 50 head of
cattle, of which 65.5% operate with less than 10 heads, they count
with only very basic technology in their farms to operate," the
ECLAC report said, Dominican Today adds.

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
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CONSUBANCO SA: Fitch Cuts IDRs to BB-; Puts on Rating Watch Neg.
----------------------------------------------------------------
Fitch Ratings has downgraded Consubanco, S.A., Institucion de
Banca Multiple's (Consubanco) Long-Term Foreign Currency (FC) and
Local Currency (LC) Issuer Default Ratings (IDRs) to 'BB-' from
'BB' and its Viability Rating (VR) to 'bb-' from 'bb'. The
national scale ratings have also been downgraded to 'A-(mex)' from
'A(mex)' and to 'F2(mex)' from 'F1(mex)'. At the same time, most
of Consubanco's ratings have been placed on Rating Watch Negative.

Consubanco's rating downgrade is driven by Fitch's assessment of
an increased risk appetite in its liquidity management, which has
exacerbated its refinancing risk, considering the senior unsecured
debt maturities it will face in the following 12 months, which
amount to MXN2.4 billion (around 40% of its current interest-
bearing liabilities).

The Negative Watch reflects that the ratings could be further
downgraded if Consubanco's current plans to reduce its refinancing
risk by issuing two securitization transactions and one senior
unsecured debt placements are not completed as expected. If the
planned deals, which are contingent on investors' appetite and
market conditions, do not materialize, this could lead the entity
to search for additional sources of liquidity, such as slowing
down loan growth or even portfolio sales.

In Fitch's opinion, this heightened refinancing risk places the
bank in a weaker relative position compared to its peers, which
have either more diverse access to commercial and development bank
financing facilities, as well as retail funding, or that partially
mitigate refinancing risk by maintaining larger cushions of liquid
assets in their balance sheets. Fitch considers that Consubanco
has decided to materially weaken its funding and liquidity profile
in order to privilege profitability, which is the main driver of
the one notch downgrade in its VR and IDRs.

KEY RATING DRIVERS
VR, IDRS, NATIONAL RATINGS AND SENIOR DEBT

Consubanco's IDRs, National and senior debt ratings reflect the
bank's strong position within the pay-roll-deductible loans
segment, but with a still small franchise and market share in the
Mexican financial system. The ratings also weigh the bank's solid
financial performance over the economic cycle in a highly
competitive environment, well-contained asset quality metrics,
sound although declining profitability, and a reasonable capital
adequacy position. Its liquidity profile management remains as a
major challenge, given its reliance on market-driven funding. In
addition, Consubanco's ratings are constrained by the challenging
operating and competitive environment of its business segment, and
the operational and political risks inherent to the sector.

The sound profitability of Consubanco is benefited by its
relatively high net interest margins (NIM), despite the reduction
experienced over the past few months explained by lower interest
charged to its portfolio due to the prepayments experienced in the
last year and the increasing funding costs. The NIM will remain
challenged by the increased competition and higher interest rates
in Mexico, and its credit costs.

Consubanco's asset quality metrics have remained stable and
improved during the past years, in part due to its strategy to
focus on public entities whose payroll disbursements are done by
the federal government. As of the first quarter of 2017 (1Q17),
the bank's non-performing loan (NPL) ratio stood at 6.9%, while
the reserve coverage ratio was 144.1%.

Consubanco's funding has historically been wholly reliant on
wholesale sources, mainly market debt issuances which expose the
bank to refinancing risks under uncertain and volatile scenarios.
Consubanco's funding base is composed mostly of senior unsecured
sources, such as senior unsecured debt issuances (40.1%),
certificates of deposits (37.7%), and promissory notes with
interest payable at maturity (13.4%). Despite its banking license,
deposits represent only 2% of its funding mix, which highlights
the reliance on wholesale funding alternatives. One of the limited
sources of comfort on that regard arises from the potential access
to contingent liquidity funds, given its nature as a fully-
licensed bank.

Consubanco's capital base provides it with a good loss absorption
capacity weighting in its current loan loss reserves and low
borrower concentration, supported by its consistent profit
generation and partial retention of earnings.

Fitch considers that, other than traditional credit risks,
Consubanco is also somewhat exposed to operational, political and
event risk. Failure to properly implement agreements with
employers or unwillingness of public sector entities to timely and
fully disburse retained collections, changes in municipal and
federal leadership, among others, are potential risk factors that
could affect Consubanco under certain circumstances.

KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's SR of '5' and SRF of 'NF' are driven by its low
systemic importance and reflect Fitch's opinion that external
support for the bank in case of need, although possible, cannot be
relied upon.

RATING SENSITIVITIES
VR, IDRS, NATIONAL RATINGS AND SENIOR DEBT

Fitch expects to resolve the Rating Watch Negative on Consubanco's
ratings within the next six months, upon assessing the
achievements in the funding and liquidity plan established by the
bank to improve its mix's diversification and stability. If the
expected strategies are fully and successfully completed,
partially mitigating the refinancing risk over the near future,
the ratings could be affirmed and removed from the Rating Watch
Negative status. Alternatively, a scenario in which the bank's
financial and liquidity profile further deteriorates could lead to
downgrade of VR, IDRs and national ratings. If the latter scenario
prevails, materially exacerbating refinancing risk over the short
term, Fitch does not rule out a multi-notch downgrade. The upside
potential of the ratings is highly unlike in the foreseeable
future, given the inherent risks and limitations of the company's
liquidity structure. The debt issue ratings would move aligned
with the respective IDR or national scale ratings.

SUPPORT RATING AND SUPPORT RATING FLOOR

Given the limited systemic importance of the bank and negligible
share of retail deposits, Fitch believes that the SR and SRF are
unlikely to change in the foreseeable future.

Fitch has taken the following rating actions:

Consubanco, S.A., Institucion de Banca Multiple

-- Foreign Currency (FC) and Local Currency (LC) Long-Term (LT)
    Issuer Default Rating (IDR) downgraded to 'BB-' from 'BB';
    placed on Rating Watch Negative;

-- FC and LC Short-Term (ST) IDR affirmed at 'B';
-- Viability Rating downgraded to 'bb-' from 'bb'; placed on
    Rating Watch Negative;
-- Support Rating affirmed at '5';
-- Support Rating floor affirmed at 'NF';
-- National LT downgraded to 'A-(mex)' from 'A(mex)'; placed on
    Rating Watch Negative;
-- National ST downgraded to 'F2(mex)' from 'F1(mex)'; placed on
    Rating Watch Negative;
-- LT senior unsecured notes downgraded to 'BB-' from 'BB';
    placed on Rating Watch Negative;
-- LT National scale rating for local unsecured debt downgraded
    to 'A-(mex)' from 'A(mex)'; placed on Rating Watch Negative.


NEMAK SAB: S&P Affirms 'BB+' CCR & Revises Outlook to Stable
------------------------------------------------------------
S&P Global Ratings revised its outlook on Nemak S.A.B. de C.V. to
stable from positive.  At the same time, S&P affirmed its 'BB+'
global scale corporate credit and issue-level ratings on Nemak.
S&P also affirmed its 'mxAA-' long-term national scale corporate
credit rating.  The recovery rating on Nemak's $500 million and
EUR500 million senior unsecured notes due 2023 and 2024,
respectively, remains unchanged at '3', indicating that S&P
expects a meaningful (50% to 90%; rounded estimate: 55%) recovery
in the event of a payment default.

In recent years, Nemak expanded its geographic presence by opening
manufacturing facilities in Eastern Europe, which helped diversify
its customer base.  In addition, the company benefited from
favorable market dynamics in the U.S. that increased the number of
its new contracts with original equipment manufacturers (OEMs),
and boosted revenue growth.

In June 2016, S&P revised its outlook on Nemak to positive from
stable to reflect S&P's view that the company's credit profile was
trending towards the investment-grade area, because of its
diversification strategy and strong credit metrics.

However, in light of a potential renegotiation of the North
America Free Trade Agreement (NAFTA), potentially less favorable
terms of trade for the auto industry could undermine, in S&P's
opinion, Nemak's competitive position, raising its cost structure
and denting volume sales to its key export market.  Nemak
generates about 60% of its revenue in the U.S. market,
particularly from three customers: Ford, General Motors (GM), and
Fiat Chrysler. For this reason, and the uncertainty on the timing
and outcome of the potential NAFTA renegotiation, S&P is revising
its outlook back to stable.


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P E R U
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UNION ANDINA: S&P Lowers CCR to 'BB' on Weak Credit Metrics
-----------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Union Andina de Cementos S.A.A. y Subsidiarias (UNACEM) to 'BB'
from 'BB+'.  The outlook on the corporate credit rating remains
negative.  S&P also lowered its issue-level rating on the
company's $625 million senior unsecured notes due 2021 to 'BB'
from 'BB+'.

UNACEM's results have continued to underperform S&P's base-case
scenario as a result of the prolonged delays in the execution of
large infrastructure projects, postponements in public and private
spending, and lower activity in the construction sector where the
company operates.  This situation was further exacerbated by the
recent floods, which reduced cement dispatches in Peru during the
first quarter of 2017. Consequently, during the 12 months period
ended March 2017, UNACEM's cement dispatch was about 7% lower than
during the same period last year.

Therefore, the recovery in UNACEM's operating performance, cash
flow generation, and credit metrics has taken longer than S&P
originally expected, with debt to EBITDA still above 4.0x, FFO to
debt close to 12%, and discretionary cash flow (DCF) to debt of
about 6%, which has caused the company's liquidity position to
deteriorate as of the end of March 31, 2017.  S&P expects cement
volume to gradually recover during the second half of 2017, given
the insufficient infrastructure and housing supply in the area
where UNACEM operates, which S&P believes will bolster cement
volumes in the medium to long run.  However, if the expected
gradual recovery in volumes doesn't occur, it could further
pressure UNACEM's operating and financial performance and its
liquidity beyond our expectation.

S&P's revised base-case scenario assumes that UNACEM will post a
low-single digit revenue growth in 2017 due to a gradual recovery
in cement volumes starting in the second half of the year, the
reconstruction activities approved by the Peruvian Congress
following the recent floods in the country, coupled with the 4.5%
upward price adjustment since January 2017.  For 2018, S&P expects
that the start of construction of large infrastructure projects
will foster cement demand, leading to a mid-single digit revenue
growth.  S&P also expects the company to maintain its EBITDA
margin in the 33%-34% range based on its ability to adjust its
prices to mitigate the impact of the Peruvian Sol's potential
slide, and to maintain its strict cost controls and operating
efficiencies resulting from its established and extensive
distribution network, plant locations, and its vertical
integration.  Moreover, S&P expects UNACEM's FOCF generation to be
sufficient to fund its working capital requirement, capex needs,
and dividend distributions in 2017 and 2018.


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


PUERTO RICO: Chief Judge Barbara Houser to Lead Mediation Team
--------------------------------------------------------------
To further the goal of the successful, consensual resolution of
the issues raised in the debt adjustment proceedings of the
Commonwealth of Puerto Rico and its instrumentalities, the U.S.
District Court for the District of Puerto Rico announced that it
has designated a team of distinguished sitting federal judges who
will be available to facilitate confidential settlement
negotiations of any and all issues and proceedings arising in the
Title III cases.

Each of these dedicated public servants has substantial judicial
and other professional experience in complex financial matters,
including insolvency proceedings, and will be designated, through
the inter-circuit assignment procedures of the Judicial Conference
of the United States, to serve as a judicial mediator as needed in
the Title III cases.

The Mediation Team is led by Chief Judge Barbara Houser of the
United States Bankruptcy Court for the Northern District of Texas.
Judge Houser is joined by Circuit Judge Thomas Ambro of the United
States Court of Appeals for the Third Circuit, Senior District
Judge Nancy Atlas of the United States District Court for the
Southern District of Texas, Bankruptcy Judge Christopher Klein of
the United States Bankruptcy Court for the Eastern District of
California, and Senior District Judge Victor Marrero of the United
States District Court for the Southern District of New York.

Judge Houser will explain the mediation process in further detail
at the Omnibus Hearing on June 28, 2017, in San Juan, Puerto Rico.
Thereafter, the Mediation Team will identify the issues to be
addressed and the sequence in which those issues will be addressed
after consulting with all interested parties and after considering
confidential mediation statements that will be requested from the
parties.  Mediation sessions will be held as necessary, and both
the participants and the mediators will be bound by
confidentiality.  Participation in mediation sessions will be
voluntary, although all interested parties will be required to
engage in good faith in preliminary discussions with
representatives of the Mediation Team and in the submission of
confidential mediation statements, which will allow the Mediation
Team to develop a list of issues to be addressed in mediation and
the sequence in which those issues will be addressed after
assessing the relative priority of the issues to a resolution of
the cases.

In order to insure the integrity of both the adjudicative process
and the mediation process, District Judge Laura Taylor Swain, as
the judge presiding over the Title III cases and related
proceedings, will not participate in the mediation process and the
mediators will not provide any information about the positions
taken by parties, or the substance of the mediation process, to
the undersigned.  The mediation process will remain confidential
and separate from, and will proceed concurrently with, the
adjudication of issues and proceedings in these Title III cases.

Any party in interest having an objection to the appointment of
any member or members of the Mediation Team must lodge such
objection confidentially, in writing, with Judge Swain via email
addressed to swaindprcorresp@nysd.uscourts.gov   no later than
June 20, 2017.  Objections must not be filed on the public docket.
The objection must state the reason for the objection and provide
all relevant supporting material, if any.  Judge Swain will
consider any timely objections and submissions and will make the
final appointment of Mediation Team members prior to the June 28,
2017 Omnibus Hearing. No objections will be shared with any member
of the Mediation Team.

Pursuant to Local Civil Rule 1(f) of the United States District
Court for the District of Puerto Rico, the Order suspends the
Court's Local Civil Rule 83J for the Title III cases and their
related adversary proceedings.

The Order was signed by District Judge Laura Taylor Swain on June
14, 2017.

                        About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.  The debt restructuring petition
was filed by Puerto Rico's financial oversight board in U.S.
District Court in Puerto Rico (Case No. 17-01578) on May 3, 2017,
and was made under Title III of 2016's U.S. Congressional rescue
law known as the Puerto Rico Oversight, Management, and Economic
Stability Act ("PROMESA").

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21.

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq.,
at O'Neill & Borges are onboard as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at:

           https://cases.primeclerk.com/puertorico

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

                      Bondholders' Attorneys

Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin
Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc.,
Franklin Advisers, Inc., and the First Puerto Rico Family of
Funds, which collectively hold over $3.5 billion in COFINA Bonds
and over $2.9 billion in other bonds issued by Puerto Rico and
other instrumentalities, including over $1.8 billion of Puerto
Rico general obligation bonds ("GO Bonds").

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual
Advisers LLC, Monarch Alternative Capital LP, Senator Investment
Group LP, and Stone Lion Capital Partners L.P.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
ManagementII LP (the QTCB Noteholder Group).


PUERTO RICO: Proposes Nancy B. Rapoport as Fee Examiner
-------------------------------------------------------
The Commonwealth of Puerto Rico, et al., by and through the
Financial Oversight and Management Board for Puerto Rico (the
"Oversight Board"), filed a motion for approval to form a fee
committee and appoint Professor Nancy B. Rapoport as fee examiner
in order to establish an orderly process for the payment of fees
and reimbursement of expenses for professionals.

Martin J. Bienenstock, Esq., at Proskauer Rose LLP, explains that
the Debtors and the Oversight Board have retained professionals in
connection with the Title III Cases.  Unlike in cases commenced
under the Bankruptcy Code, professionals retained by the Title III
Debtors and the Oversight Board do not require court authorization
for retention.  Those professionals, however, do need to apply to
the Court for approval of compensation and reimbursement of
expenses under PROMESA section 316 for services and disbursements
the professionals provide to prosecute the Title III Cases.

In the ordinary course of business, the Title III Debtors employ
hundreds of professionals that provide services to the Debtors
relating to issues that directly impact the Debtors' day-to-day
operations, including specialized legal services, accounting
services, and tax services.

Accordingly, the Debtors' procedures will not apply to
professionals who are not performing any legal, financial, or
operational restructuring services for a Title III Debtor,
including, for the avoidance of doubt, professionals performing
services related to the preparation of audited financial
statements.

Given the size and complexity of the Title III Cases, the Debtors
propose the appointment of a Fee Committee.  The Debtors propose
that the Fee Committee should consist of five members: (i)
one member appointed by the Oversight Board and representative of
the Debtors, (ii) one member appointed by AAFAF and representative
of the Debtor entities, (iii) one member appointed by the UCC,
(iv) one member appointed by the U.S. Trustee, and (v) the fee
examiner.

No retained professional may serve on the Fee Committee in any
capacity.

The fee examiner, a member representing the U.S. Trustee, and a
member representing the UCC each have one vote on all Fee
Committee matters. All other members each have one-half vote on
all Fee Committee matters.  The Fee Committee must make all
decisions by majority vote.  In the event of a tie, the vote of
the fee examiner controls.

                        The Fee Examiner

The fee examiner serves as Chairperson of the Fee Committee and is
responsible for, among other things, (a) scheduling meetings; (b)
overseeing collection, distribution, and review of monthly
invoices and applications; (c) overseeing collection,
distribution, and review of other information needed by the Fee
Committee; and (d) filing and serving reports and recommendations
concerning applications.

The fee examiner must be a natural person who does not work for or
represent any of the professionals whose fees are examined.

Professor Nancy B. Rapoport has served as fee examiner in many
large reorganization cases.  She is Special Counsel to the
President of the University of Nevada, Las Vegas.  She is also the
Garman Turner Gordon Professor of Law at the William S. Boyd
School of Law, University of Nevada, Las Vegas, and is an
Affiliate Professor of Business Law and Ethics in the Lee Business
School at UNLV. After receiving her B.A., summa cum laude, from
Rice University in 1982 and her J.D. from Stanford Law School in
1985, she clerked for the Honorable Joseph T. Sneed III on the
United States Court of Appeals for the Ninth Circuit and then
practiced law (primarily bankruptcy law) with Morrison & Foerster
in San Francisco from 1986-1991.  She started her academic career
at The Ohio State University College of Law in 1991, and she moved
from Assistant Professor to Associate Professor with tenure in
1995 to Associate Dean for Student Affairs (1996) and Professor
(1998) (just as she left Ohio State to become Dean and Professor
of Law at the University of Nebraska College of Law).  She served
as Dean of the University of Nebraska College of Law from 1998-
2000.  She then served as Dean and Professor of Law at the
University of Houston Law Center from July 2000-May 2006 and as
Professor of Law from June 2006-June 2007, when she left to join
the faculty at Boyd. She served as Interim Dean of Boyd from 2012-
2013, as Senior examiner position becomes vacant, all the
remaining Fee Committee members must promptly agree on a successor
by majority vote and must promptly move the court to approve the
successor.

To the best of Debtors' knowledge, Professor Rapoport has no
connection with the Court or the U.S. Trustee which would render
approval of the appointment improper.

The fee examiner will be entitled to reasonable compensation,
including reimbursement of reasonable, actual, and necessary
expenses, from the Debtors.

Ms. Rapoport's current monthly rate for fee review work is
$20,000, and her current hourly rate is $875 per hour.

In addition, Ms. Rapoport intends to affiliate these independent
contractors:

   * David Schnell-Davis, internal database manager and fee
     reviewer: $60 per hour.

   * Michael Van Luven, fee reviewer and second-in-command:
     $60 per hour.

   * Gabrielle Angle, fee reviewer: $50 per hour.

   * Veronica Fink, fee reviewer: $50 per hour.

   * Legal Decoder, automated invoice review technology and data
     analytics/ fee benchmarking provider: flat rate of $35,000
     per month, plus $300 per hour for testimony and in-person
     meetings and preparation for testimony and in-person
     meetings (travel time billed at 50% of hourly rate).

Ms. Rapoport can be reached at:

        NANCY B. RAPOPORT
        530 Farrington Court
        Las Vegas, NV 89123
        Tel: (713) 202-1881
        E-mail: owlnbr@gmail.com

             - and -

        NANCY B. RAPOPORT
        University of Nevada, Las Vegas
        530 Farrington Court
        Box 451002
        Las Vegas, NV 89123-0622
        4505 S. Maryland Parkway
        Las Vegas, NV 89154-1002
        Cell: (713) 202-1881
        Office: 702-895-3303
        Office fax: 702-895-2799
        E-mail: nancy.rapoport@unlv.edu

                        Fee Committee

The Fee Committee, along with the fee examiner, will, among other
things, review and report on, as appropriate, Monthly Fee
Statements and all Interim Fee Applications and final fee
applications for compensation and reimbursement of expenses filed
by retained Professionals and in accordance with the Interim
Compensation Procedures and other procedures.

The Fee Committee is responsible for monitoring, reviewing, and
assessing all monthly invoices and all applications for compliance
with: a. The Motion; b. PROMESA sections 316 and 317; c. Rule
2016(a) of the Federal Rules of Bankruptcy Procedure; d. The Local
Rules; and e. The U.S. Trustee Guidelines.

The Fee Committee is not a party in interest under Sec. 1109 of
the
Bankruptcy Code and, unless the Court orders otherwise, may not
appear in Court or be heard on any matter.

The Fee Committee is not authorized to retain counsel or any other
professional, except that the fee examiner may employ persons to
provide non-legal administrative assistance necessary to fulfill
the fee examiner's duties.  The fee examiner may seek
reimbursement from the Debtors for that expense.  Requests for
reimbursement must be made by application to the Court and are
subject to Court approval under the same standards that apply to
retained professionals under PROMESA section 316.

The Oversight Board, the Government, the UCC, and the U.S. Trustee
may change their Fee Committee members without order of Court.  If
a position on the Fee Committee other than the fee examiner's
position becomes vacant, the party represented must promptly
designate a successor.

No member other than the fee examiner will be entitled to
compensation from the Debtors for service on the Fee Committee.
Fee Committee members other than the member representing the U.S.
Trustee may be entitled to reimbursement from the Debtors for
reasonable, actual, and necessary expenses incurred in their
service on the Fee Committee, including travel and lodging
expenses for attendance at Fee Committee meetings. Requests for
reimbursement of expenses must be made by application to the court
under the same standards that apply to retained professionals.

                  Interim Compensation Procedures

The Debtors propose that the Professionals be permitted to seek
interim payment of compensation and reimbursement of expenses in
accordance with these procedures:

   -- On or before the 25th day of each calendar month, or as soon
as practicable thereafter, each Professional may serve a statement
(a "Monthly Fee Statement") of compensation for services rendered
and reimbursement of expenses incurred during any preceding month
or months, by overnight mail, on each of the following entities
(collectively, the "Notice Parties"):

        i. attorneys for the Oversight Board, Proskauer Rose LLP,
Eleven Times Square, New York, NY 10036, Attn: Martin J.
Bienenstock, Esq. and Ehud Barak, Esq., and Proskauer Rose LLP, 70
West Madison Street, Chicago, IL 60602, Attn: Paul V. Possinger,
Esq.;

        ii. attorneys for the Oversight Board, O'Neill & Borges
LLC, 250 Munoz Rivera Ave., Suite 800, San Juan, PR 00918, Attn:
Hermann D. Bauer, Esq.;

       iii. attorneys for the Puerto Rico Fiscal Agency and
Financial Advisory Authority, O'Melveny & Myers LLP, Times Square
Tower, 7 Times Square, New York, NY 10036, Attn: John J.
Rapisardi,
Esq., Suzzanne Uhland, Esq., and Diana M. Perez, Esq.;

        iv. the Office of the United States Trustee for the
District of Puerto Rico, Edificio Ochoa, 500 Tanca Street, Suite
301, San Juan, PR 00901 (re: In re: Commonwealth of Puerto Rico);

         v. attorneys for each statutory committee; and

        vi. the Fee Committee.

   -- each Notice Party may file and serve upon the Professional
      that filed the Monthly Fee Statement and the other Notice
      Parties, so as to be received on or before 4:00 p.m.
      (Atlantic Standard Time) on the 20th day (or the next
      business day if such day is not a business day) following
      service of the Monthly Fee Statement any objection to the
      requested fees and expenses.  Upon expiration of the
      Objection Deadline, the Debtors shall promptly pay the
      Professional an amount equal to the lesser of (i) 80% of
      the fees and 100% of the expenses requested in the
      applicable Monthly Fee Statement (the "Maximum Monthly
      Payment") and (ii) the Maximum Monthly Payment less the
      portion thereof subject to an objection (the "Incremental
      Amount").

   -- Consistent with PROMESA section 317, at four-month
      intervals or such other intervals convenient to the Court,
      each of the Professionals may file with the Court and serve
      on the Notice Parties an application for interim Court
      approval and allowance of the payment of compensation and
      reimbursement of expenses sought by such Professional in
      its Monthly Fee Statements, including any holdback, filed
      during the Interim Fee Period, pursuant to PROMESA section
      317. Each Interim Fee Application must include a brief
      description identifying the following:

           i. the Monthly Fee Statements subject to the request;

          ii. the amount of fees and expenses requested;

         iii. the amount of fees and expenses paid to date or
              subject to an Objection;

          iv. the deadline for parties other than the Notice
              Parties to file objections to the Interim Fee
              Application; and

           v. any other information requested by the Court or
              required by the Local Rules.

   -- Objections, if any, to the Interim Fee Applications shall
      be filed and served upon the Professional that filed the
      Interim Fee Application and the other Notice Parties so as
      to be received on or before the 20th day (or the next
      business day if such day is not a business day) following
      service of the applicable Interim Fee Application.

   -- The first Interim Fee Period will cover the month in which
      the Petition Date of the Commonwealth's Title III Case
      occurred and the three full months immediately following
      such month. Accordingly, the first Interim Fee Period will
      cover May 3, 2017, through August 31, 2017. Each
      Professional must file and serve its first Interim Fee
      Application Request on or before the 30th day following the
      end of the first Interim Fee Period.

                        About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA").

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21.

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are onboard as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at:

           https://cases.primeclerk.com/puertorico

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

                      Bondholders' Attorneys

Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin
Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc.,
Franklin Advisers, Inc., and the First Puerto Rico Family of
Funds, which collectively hold over $3.5 billion in COFINA Bonds
and over $2.9 billion in other bonds issued by Puerto Rico and
other instrumentalities, including over $1.8 billion of Puerto
Rico general obligation bonds ("GO Bonds").

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual
Advisers LLC, Monarch Alternative Capital LP, Senator Investment
Group LP, and Stone Lion Capital Partners L.P.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).



PUERTO RICO: 9-Member Official Committee of Retirees Formed
-----------------------------------------------------------
Pursuant to section 1102(a)(1) of the Bankruptcy Code, made
applicable to the proceedings by section 301 of the Puerto Rico
Oversight, Management and Economic Stability Act of 2016 or
"PROMESA", Guy G. Gebhardt, Acting United States Trustee for
Region 21 appoints these persons to the Official Committee of
Retirees in the Commonwealth of Puerto Rico's Title III Case:

  (1) Blanca Paniagua
  (2) Carmen Nunez
  (3) Jose Marin
  (4) Juan Ortiz
  (5) Lydia Pellot
  (6) Marcos A Lopez
  (7) Miguel Fabre
  (8) Milagros Acevedo
  (9) Rosario Pacheco

Blanca Paniagua is the president of the United Public Servants'
retirees chapter.  Servidores Publicos Unidos Council 95 of the
American Federation of State, County & Municipal Employees
("AFSCME") represents dues-paying retired members and other
retirees receiving benefits administered by the Commonwealth's
Employee Retirement System ("ERS").

Given the unique circumstances of this case, and out of respect
for the spirit of the protections afforded under the Bankruptcy
Code and Federal Rules of Bankruptcy Procedure for publicly
identifiable information, the United States Trustee sought and
obtained approval to file his notice of appointment of the Retiree
Committee in the Commonwealth's Title III Case without including
the addresses, telephone numbers, and email addresses of the
individuals to be appointed to the Retiree Committee.

To ensure compliance with Fed. R. Bankr. P. 2002(i), the United
States Trustee will provide the notices required by Fed. R. Bankr.
P. 2002(a)(2), (3) and (6) to members individually until such time
as the Retiree Committee secures counsel.

                        About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA").

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21.

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., and Philip M. Abelson, Esq., of
Proskauer Rose; and Hermann D. Bauer, Esq., at O'Neill & Borges
are onboard as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at:

           https://cases.primeclerk.com/puertorico

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

                      Bondholders' Attorneys

Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin
Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc.,
Franklin Advisers, Inc., and the First Puerto Rico Family of
Funds, which collectively hold over $3.5 billion in COFINA Bonds
and over $2.9 billion in other bonds issued by Puerto Rico and
other instrumentalities, including over $1.8 billion of Puerto
Rico general obligation bonds ("GO Bonds").

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual
Advisers LLC, Monarch Alternative Capital LP, Senator Investment
Group LP, and Stone Lion Capital Partners L.P.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).


PUERTO RICO: Official Unsecured Creditors Committee Appointed
-------------------------------------------------------------
Guy G. Gebhardt, Acting United States Trustee for Region 21,
formed a seven-member Official Committee of Unsecured Creditors in
the Commonwealth of Puerto Rico's Title III case.  The U.S.
Trustee, however, said he will not appoint an Official Committee
of Unsecured Creditors in COFINA's Title III case at this time.

Pursuant to section 1102(a)(1) of the Bankruptcy Code, made
applicable to these proceedings by section 301 of the Puerto Rico
Oversight, Management and Economic Stability Act of 2016 or
"PROMESA", the U.S. Trustee on June 15, 2017, appointed the
following to the Official Committee of Unsecured Creditors in
Commonwealth's Title III Case):

     (1) The American Federation of Teachers (AFT)
         Attention Mark Richard,
         Counsel to the President of the AFT
         555 New Jersey Ave., N.W., 11th floor
         Washington, DC 20001

     (2) Doral Financial Corporation
         C/O Drivetrain LLC
         630 Third Avenue, 21st Floor
         New York, NY 10017

     (3) Genesis Security
         5900 Ave. Isla Verde
         L-2 PMB 438
         Carolina, PR 00979

     (4) Puerto Rico Hospital Supply
         Call Box 158
         Carolina, PR 00986-0158

     (5) Service Employees International Union (SEIU)
         1800 Massachusetts Avenue N.W.
         Washington, D.C. 20036

     (6) Total Petroleum Puerto Rico Corp.
         Citi View Plaza Tower I
         48 Road 165 Oficina 803
         Guaynabo, PR 00968-8046

     (7) Unitech Engineering
         C/O Ram Ortiz Carro
         Urb Sabanera
         40 Camino de la Cascada
         Cidra, Puerto Rico 00739

The Service Employees International Union ("SEIU") -- through two
SEIU local unions SEIU Local 1996/Sindicato Puertorriqueno de
Trabajadores, y Trabajadoras ("SPT"), and SEIU Local 1199/Union
General de Trabajadores ("UGT") -- represents 16,000 active
employees of the Commonwealth.

The ACT has opposed moves by the Oversight Board to implement
funding cuts that would close about 180 of 1,300 public schools in
the U.S. territory, furlough teachers for 40 days, and cut $450
million of subsidies to the University of Puerto Rico.  Puerto
Rico's public education system serves 379,000 students.

Doral Financial Corp has a pending suit against Puerto Rico's
treasury secretary over $889 million in tax credits.  Doral's
primary asset was a bank that shuttered in Puerto Rico in February
2015 and Doral has filed for bankruptcy to wind down its affairs.
What's left of Doral sued in December 2015 to seek a declaration
that a 2006 closing agreement meant to compensate the company for
tax overpayments was valid.

Total Petroleum, owed more than $11.5 million, was on Puerto
Rico's list of largest unsecured creditors.

                        About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA").

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21.

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., and Philip M. Abelson, Esq., of
Proskauer Rose; and Hermann D. Bauer, Esq., at O'Neill & Borges
are onboard as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at:

           https://cases.primeclerk.com/puertorico

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

                      Bondholders' Attorneys

Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin
Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc.,
Franklin Advisers, Inc., and the First Puerto Rico Family of
Funds, which collectively hold over $3.5 billion in COFINA Bonds
and over $2.9 billion in other bonds issued by Puerto Rico and
other instrumentalities, including over $1.8 billion of Puerto
Rico general obligation bonds ("GO Bonds").

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual
Advisers LLC, Monarch Alternative Capital LP, Senator Investment
Group LP, and Stone Lion Capital Partners L.P.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).


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


TRINIDAD  &  TOBAGO: Debt to Grow in 2018, says IMF
---------------------------------------------------
Aleem Khan at Sunday Express reports that the International
Monetary Fund (IMF) is projecting Trinidad and Tobago taxpayers
will have to bear a public sector gross debt burden of 75.7 per
cent of gross domestic product (GDP) in 2018, up from 41.7 per
cent in 2014, and 49.5 per cent in 2015.

In 2016, T&T's public sector gross debt leapfrogged to 61 per cent
of GDP, according to the IMF, and is projected to rise again to
65.8 per cent in 2017, as Government continues to borrow to spend
beyond its means, according to Trinidad Express.

On May 10, the Express reported that T&T spends more than $4
billion annually servicing debt, the report notes.


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


ARCOS DORADOS: Fitch Affirms BB+ IDR; Revises Outlook to Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Arcos Dorados Holdings Inc.'s Long-Term
Foreign Currency Issuer-Default Rating (IDR) and senior unsecured
notes at 'BB+'. The Rating Outlook has been revised to Stable.
Fitch has also affirmed and withdrawn the Long-Term Foreign and
Local Currency IDRs on Arcos Dorados B.V., as it is no longer
considered relevant to the agency's coverage.

The Outlook revision to Stable reflects the company's improved
performance and comfortable debt maturity profile following the
refinancing of the secured loan with the issuance of the USD265
million senior unsecured notes in April 2017. Fitch expects Arcos
to generate positive FCF and improve its credit profile over the
next two years.

KEY RATING DRIVERS

Solid Business Profile: Arcos' ratings reflect its solid business
position as the sole franchisee of McDonald's restaurants across
Latin America. The company operates 2,156 McDonald's restaurants
and 316 McCafes in 20 countries. Arcos benefits from McDonald's
iconic brand, yet is confronted by several economic challenges
facing the region, particularly in its key markets of Brazil and
Argentina. About 72% of the restaurants are operated by Arcos, and
the remaining 28% are franchised restaurants as of December 2016.

Improving Capital Structure: Fitch expects Arcos to lower its
leverage over the next two years as a result of better
profitability thanks to improving economic conditions, asset sales
and no dividend payments in 2017. Fitch projects that the
company's net lease-adjusted debt/EBITDAR ratio will improve
towards 3.5x by 2018 from 3.8x as of fiscal year-end 2016 (FYE16).
As of Dec. 31, 2016, the company reported a total financial debt/
adjusted EBITDA of 2.6x compared to 2.8x in 2015. Arcos received
cash proceeds of around USD113 million during 2016 because of its
asset monetization initiatives. Since inception, Arcos has raised
approximately USD105 million related to the redevelopment of
certain real estate assets as of Dec.2016 and expects to take the
total amount to USD 150 million by the end of 2017.

Geographical Diversification: Arcos is exposed to foreign exchange
risk with currency fluctuation in its main markets. Arcos cash
flow generation is mainly concentrated in Brazil, which accounted
for 46% of sales and 56% of EBITDA in 2016. The company's
geographic diversification enabled the company to be rated above
the Argentine country ceiling of 'B' despite being headquartered
in Argentina. Post-issuance of the USD265 million senior unsecured
bond on April 4, 2017, Fitch estimates that about 59% of the
company's debt is in U.S. dollars.

Country Ceiling: The applicable country ceiling for Arcos is
Brazil's country ceiling of 'BB+', as Brazil is where most of
Arcos's EBITDA is generated. In accordance with Fitch criteria,
Arcos' Long-Term Foreign-Currency IDR can be rated several notches
above Brazil's country ceiling given the company's ability to
cover hard currency debt service with offshore EBITDA, cash abroad
and undrawn committed bank lines.

MFA With McDonald's Corp.: The master franchise agreement (MFA)
sets strict strategic, commercial and financial guidelines for the
Arcos' operations, which support the operating and financial
stability of the business, as well as the underlying value of the
McDonald's brand in the region. Arcos has the exclusive right to
own, operate and grant franchises of McDonald's restaurants in 20
Latin American and Caribbean countries and territories. Under the
MFA, Arcos expects to open 180 new restaurants and to reinvest
USD292 million in existing restaurants, between 2017 and 2019.
Total capex for the same period is expected to be approximately
USD500 million.

McDonald's Franchise Strength: The ratings also incorporate the
strength of McDonald's as franchisor and its long standing
relationship with Arcos' owners and management. Under the MFA,
McDonald's has a call option to repurchase its assets in the
region under certain events. Terms of the notes specify that these
funds should be applied to debt repayment. The call option price
is set as the fair market value of all assets of the operating
companies (80% in the case of a material breach), minus debt at
operating company and contingencies, plus cash.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
-- High-Single-Digit revenues growth;
-- Capex of USD165 million in 2017;
-- Little to no dividend payments in 2017;
-- Lease adjusted net leverage moving towards 3.5x by 2018.

RATING SENSITIVITIES

Future Developments that May, Individually or Collectively, Lead
to Positive Rating Action include:

-- The ratings could be positively affected by higher than
expected cash generation from investment-grade countries that
would lead to a material improvement in leverage metrics such as
net lease-adjusted debt levels below 3.0x

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

-- Failure to comply with the terms of the MFA;
-- Consolidated net lease adjusted debt-to-EBITDAR ratio above
   4.0x on a sustained basis;
-- A downgrade of Brazil's sovereign rating would not necessarily
   trigger a downgrade of Arcos' ratings.

LIQUIDITY

Arcos has an adequate liquidity position due to its cash position,
committed bank lines and well as spread debt maturity profile. The
company had USD188 million in cash and cash equivalents as of
March 31, 2017 and USD50 million of undrawn committed revolving
credit facility with Bank of America and JP Morgan. Most of the
company's debt is long term. On April 4, 2017, the company issued
senior unsecured notes for a total amount of USD 265 million,
which are due in 2027. Proceeds from the issuance of the 2027
notes were used to fully repay the USD169 million secured loan
agreement and its associated derivatives and used to tender USD
45.7 million dollars of the 2023 senior unsecured notes.

Fitch takes the following ratings actions:

Arcos Dorados Holdings Inc.:
-- Long-Term Foreign Currency IDR affirmed at 'BB+';
-- USD473 million senior unsecured notes due 2023 affirmed at
    'BB+
-- USD265 million senior unsecured notes due 2027 affirmed at
    'BB+.'

The Rating Outlook has been revised to Stable from Negative

Arcos Dorados B.V.:
-- Long-Term Foreign and Local Currency IDR affirmed at 'BB+'and
    withdrawn.

The Rating Outlook has been revised to Stable from Negative


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


* BOND PRICING: For the Week From June 12 to June 16, 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.


                   * * * End of Transmission * * *