TCRLA_Public/170711.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

            Tuesday, July 11, 2017, Vol. 18, No. 136


                            Headlines



A R G E N T I N A

ARGENTINA: Mauricio Macri Should Be Getting Nervous


B A H A M A S

FYRE MEDIA: Bahamian Vendors Suffer Losses After Festival Falls


C A Y M A N   I S L A N D S

FALCON GROUP: Fitch Affirms Then Withdraws 'BB-/B' IDRs


B R A Z I L

BRAZIL: Balks at Helping Rio de Janeiro With Olympic Debt
OI BRASIL: Chapter 15 Case Summary
OI BRASIL: Seeks U.S. Recognition of Netherlands Case
OI BRASIL: Dutch Supreme Court Nixes Financial Vehicles' Appeals


J A M A I C A

JAMAICA: Authorities Still Verifying Claims from 2015 Gas Saga


M E X I C O

MEXICO: Rising Inflation Shows Signs of Relief in June


P E R U

DOE RUN: Creditors Ready to Cut Base Price as Auctions Fail


P U E R T O  R I C O

BEBE STORES: Interim CEO Parks Signs $500K Retention Agreement


S U R I N A M E

SURINAME: Obtains US$40MM IDB Loan to Cut Budget Deficit


V E N E Z U E L A

VENEZUELA: CARICOM Agrees to Venezuelan Mission


                            - - - - -


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A R G E N T I N A
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ARGENTINA: Mauricio Macri Should Be Getting Nervous
---------------------------------------------------
Mac Margolis of Bloomberg News reports that less than two years
after taking office and announcing a 21st-century Marshall Plan,
President Mauricio Macri is struggling not just to fix South
America's second-largest market, but to salvage his career as
well.

In October, voters head to the polls for midterm elections, where
a third of the Senate and around half the seats in the lower house
of congress are in play, notes the report. Macri isn't on the
ballot, but the contest has been billed as a referendum on his
government and a prelude to the 2019 presidential race, and
there's little wonder why: Inflation is running above 20 percent,
economic growth is underwhelming, and three in 10 urban households
are living in poverty, Bloomberg News relates. If early polls are
any guide, trouble lies ahead for Macri, it notes. Argentines
appear to be souring on the wave of market-minded reforms that he
has sponsored and which have yet to deliver prosperity, Bloomberg
News says.

For all his efforts to pry open one of South America's most
cloistered economies, investors remain cautious, according to the
report. In June, MSCI Inc. tellingly declined to raise Argentina
to the status of emerging market, on fears the business-friendly
policies were perishable, the report relays.

"Argentina's problems stem largely from the imbalances and
unsustainable policies from before, but Macri is paying the
price," the report quoted Alberto Ramos of Goldman Sachs as
saying. "This is the populist model: You create the illusion of
progress with policies that aren't sustainable, so then you need
an adjustment and have to give back social progress."

Macri's government deserves a chance to show that the reforms
should be fixed, not scrapped, Bloomberg News says. We'll know
soon enough whether Argentine voters agree or go for the illusion
instead, it further adds.


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B A H A M A S
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FYRE MEDIA: Bahamian Vendors Suffer Losses After Festival Falls
---------------------------------------------------------------
Kay-Marie Fletcher at Magnetic Media reports that tourists who
expected to have a memorable and fun experience at the failed Fyre
Festival in Exuma earlier this year are not the only ones left
with repercussions. Minister of Tourism, Dionsio D'Aguilar on July
6 confirmed that Bahamian vendors would also have to cut their
losses, the report says.

Magnetic Media relates that Mr. D'Aguilar called it risky business
and said, "The chap went bankrupt." Adding also, "the event
crashed and burned, and you know, that is one of the risks of
business. When you go into business there is a possibility of
something happening."

Fortunately, the minister explained that the government has made
some strides in recovering any losses it may have suffered, says
the report. He revealed that the government was able to seize the
container with musical equipment and staging which was used to
secure Bahamas custom fees, landing fees, and immigration charges,
according to the report.

However, the government does not have the responsibility of
reimbursing any of the local vendors who also went into business
for the event, the report states. Hundreds of tourists expecting
to partake in an event advertised to be "one of a kind", spent
thousands of dollars, only to be left stranded on an island in
Exuma without as little as food or proper accommodations, the
report discloses.

On June 30, CEO of Fyre Festival, William McFarland was arrested
and charged with wire fraud, Magnetic Media recalls. As a result,
Mr. D'Aguilar said on the former government's part, due diligence
was not done and it is something that should not be repeated going
forward, the report relays.

Fyre Festival was a music festival scheduled to take place on the
Bahamian island of Great Exuma over two weekends in April and
May 2017.


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


FALCON GROUP: Fitch Affirms Then Withdraws 'BB-/B' IDRs
-------------------------------------------------------
Fitch Ratings has affirmed Falcon Group Holdings (Cayman)
Limited's (Falcon) Long-Term Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook and Short-Term IDR at 'B' and simultaneously
withdrawn the ratings.

The withdrawal of the ratings is due to commercial reasons. Fitch
will no longer provide ratings or analytical coverage of the
company.

KEY RATING DRIVERS

Falcon's IDRs are constrained by Fitch assessment of its company
profile including its small, niche franchise and relatively
undiversified business model as a specialised finance company.

The IDRs also consider Falcon's improved corporate culture and
adequate financial profile, in particular, resilient asset quality
and contained balance sheet debt. Fitch considers asset quality as
sound as the vast majority of Falcon's credit exposure is short-
term and self-liquidating. Residual exposure is typically short-
term and against investment grade counterparties.

Falcon's franchise is well-established and its business model has
remained stable over time but business concentration by number of
clients and geographies remains high. As a result, Falcon is
sensitive to the economic environment of a relatively small number
of emerging markets, notably Saudi Arabia, the UAE and Indonesia,
where the operating environments weakened during 2016.

Falcon's profitability has been strong in recent years (including
2015) but remains relatively volatile, as evidenced in 2016 and
1Q17 when profitability was negatively affected by lower trade
volumes (notably in UAE) and an increase in Libor rates that was
not immediately passed onto customers.

Falcon's funding profile remains reliant on wholesale sources
(largely bank facilities), but this is mitigated to an extent by
the short-term and self-liquidating nature of most of Falcon's
transactions. Falcon has committed to capitalising a minimum level
of retained earnings and its capital base has consequently
increased (to USD176 million at end-April 2017). However, its net
asset base remains small compared with transaction volumes,
leaving Falcon more exposed to any unforeseen financial shocks
than institutions with larger buffers to absorb these.


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


BRAZIL: Balks at Helping Rio de Janeiro With Olympic Debt
---------------------------------------------------------
Stephen Wade at The Associated Press reports that the
International Olympic Committee has balked at helping Rio Olympic
organizers pay a debt estimated at $35 million-$40 million.

AP relates that the executive board of the OIC, meeting on July 9
in Lausanne, Switzerland, said it had already contributed a
"record" $1.53 billion to last year's Olympics, and questioned
giving more after meeting with organizing committee President
Carlos Nuzman.

In a statement, the IOC said "more detailed information" was
needed and said it "deferred any further consideration at this
stage," notes the report.  It added that it "has closed all its
obligations with the organizing committee."

Contractually, host cities and countries are obligated to pay
Olympic debts, the report says.

In Rio's case, if governments step in to help pay creditors, it is
sure to anger police, teachers, and other public employees who are
getting paid late -- caught up in Brazil's deepest recession in
decades, according to AP.

AP relates that the IOC, trying to move on to future games
including the Pyeongchang Winter Olympics in seven months, said in
addition to record help for Rio, there had been "an exceptional
effort to significant cost savings and additional financial
undertakings by all the Olympic stakeholders, which amounted to
hundreds of millions of dollars."

The Rio Olympics opened just under a year ago and were plagued by
organizational problems, spotty attendance, corruption scandals,
and Brazil's worst recession in decades, the report notes. At the
last minute, organizers needed millions in a government bailout to
hold the Paralympic Games.

The report says some infrastructure built for the Olympics has
found uses -- a subway line, a renovated port, and high-speed bus
lines. But sporting venues are mostly vacant, a $20 million
Olympic golf course is struggling to find players, and fewer than
10 percent of the apartments in the 3,600-unit Athletes Village
are reported to have found buyers.

Last month, an AP analysis -- supported by city, state and federal
data -- put the cost of the Olympics at $13.1 billion, a mix of
public and private money. However, the exact figure is likely
larger and may never be known, says the report.


OI BRASIL: Chapter 15 Case Summary
----------------------------------
Chapter 15 Petitioner: Jasper R. Berkenbosch
                       as foreign representative
                       Jones Day
                       Concertgebouwplein 20
                       P.O. Box 51204
                       Amsterdam 1007 EE
                       The Netherlands

Foreign Proceeding
in which appointment
of the foreign
representative
occured:               Bankruptcy Proceeding, Case No.
                       F.13/17/163, District Court of
                       Amsterdam

Chapter 15 Debtor:     Oi Brasil Holdings Cooperatief U.A.
                       Strawinskylaan 3127
                       Amsterdam 1077 ZX
                       The Netherlands

Chapter 15 Case No.: 17-11888

Type of Business:      Oi Group provides services like fixed-line
                       data transmission and network usage for
                       phones, internet, and cable, Wi-Fi hot-
                       spots in public areas, and mobile phone
                       and data services.

Chapter 15 Petition Date: July 7, 2017

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. Sean H. Lane

Chapter 15 Petitioner's Counsel: Corinne Ball, Esq.
                                 JONES DAY
                                 250 Vesey Street, Floor 32
                                 New York, NY 10281-1047
                                 Tel: (212) 326-3939
                                 Fax: (212) 755-7306
                                 Email: cball@jonesday.com

Estimated Assets: Not Indicated

Estimated Debts: Not Indicated


OI BRASIL: Seeks U.S. Recognition of Netherlands Case
-----------------------------------------------------
Jasper R. Berkenbosch, as foreign representative for Oi Brasil
Holdings Cooperatief U.A., filed a bankruptcy proceeding under
Chapter 15 of the U.S. Bankruptcy Code in the U.S. Bankruptcy
Court for the Southern District of New York to seek recognition of
Oi Brasil's bankruptcy proceedings in Amsterdam, The Netherlands.

The Chapter 15 proceeding is related to the existing Chapter 15
proceedings of Oi S.A., Telemar Norte Leste S.A., Oi Brasil
Holdings Cooperatief U.A. and Oi Movel S.A., which are jointly
administered under Case No. 16-11791, currently pending before
Judge Sean H. Lane of the Bankruptcy Court of the Southern
District of New York.

Oi Brasil Cooperatief requests that this Chapter 15 proceeding be
assigned to Judge Lane.

Oi Brasil Cooperatief was granted a provisional suspension of
payments on Aug. 9, 2016, by the Amsterdam District Court.  Mr.
Berkenbosch was appointed as administrator.  In its decision of
April 19, 2017, the Amsterdam Court of Appeals has revoked the
Suspension of Payments and declared Coop bankrupt.  The
Administrator was appointed as bankruptcy trustee.

Mr. Berkenbosch -- jberkenbosch@jonesday.com -- is a Jones Day
partner in its Amsterdam office.  Corinne Ball, Esq., a partner at
Jones Day's New York office, serves as counsel in the Chapter 15
case.

The District Court of Amsterdam has appointed the Bankruptcy
Trustee to safeguard the interests of Coop's creditors worldwide.
As a result of the Bankruptcy, Coop and the board of Coop have
lost the authority to perform any acts of administration and
disposition regarding the estate of Coop.  The Bankruptcy Trustee
is exclusively authorized to act on behalf of the estate of Coop.

For more information about the Company's restructuring, visit
http://oibrasilholdingscoop-administration.com/

A full-text copy of the Chapter 15 petition is available at:

             http://bankrupt.com/misc/nysb17-11888.pdf

                         About Oi SA

Headquartered in Rio de Janeiro, and operating almost exclusively
within Brazil, the Oi Group provides services like fixed-line
data transmission and network usage for phones, internet, and
cable, Wi-Fi hot-spots in public areas, and mobile phone and data
services, and employs approximately 142,000 direct and indirect
employees.

Ojas N. Shah filed a Chapter 15 petition for Oi S.A. (Bankr.
S.D.N.Y. Case No. 16-11791), Oi Movel S.A. (Bankr. S.D.N.Y. Case
No. 16-11792), Telemar Norte Leste S.A. (Bankr. S.D.N.Y. Case No.
16-11793), and Oi Brasil Holdings Cooperatief U.A. (Bankr.
S.D.N.Y. Case No. 16-11794) on June 21, 2016.  The case is
assigned to Judge Sean H. Lane.

The Chapter 15 Petitioner is represented by John K. Cunningham,
Esq., and Mark P. Franke, Esq., at White & Case LLP, in New York;
and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and Laura L.
Femino, Esq., at White & Case LLP, in Miami, Florida.


OI BRASIL: Dutch Supreme Court Nixes Financial Vehicles' Appeals
----------------------------------------------------------------
Telecompaper reports that the Dutch Supreme Court in Amsterdam
(Netherlands) has rejected the appeals filed by each of Oi's
financial vehicles in the Netherlands (OiBrasil Holdings and
PTIF), against the decisions that had ordered the conversion of
their respective suspension of payments proceedings into Dutch
bankruptcy proceedings.

This means the Dutch Supreme Court has maintained the decision of
the Dutch Court of Appeals that such suspension of payments
proceedings are converted into Dutch bankruptcy proceedings,
Telecompaper notes.

According to Telecompaper, Oi said these judgments do not have
effects in Brazil nor in the other jurisdictions where the
authority of the Brazilian Judiciary to process the judicial
reorganization has been recognized.

Oi also reiterated that Oi Brasil Holdings and PTIF remain under
judicial reorganization in Brazil and clarifies that the judgments
do not have any impact on the day by day and operational
activities, Telecompaper relates.

                         About Oi SA

Headquartered in Rio de Janeiro, and operating almost exclusively
within Brazil, the Oi Group provides services like fixed-line
data transmission and network usage for phones, internet, and
cable, Wi-Fi hot-spots in public areas, and mobile phone and data
services, and employs approximately 142,000 direct and indirect
employees.

Ojas N. Shah filed a Chapter 15 petition for Oi S.A. (Bankr.
S.D.N.Y. Case No. 16-11791), Oi Movel S.A. (Bankr. S.D.N.Y. Case
No. 16-11792), Telemar Norte Leste S.A. (Bankr. S.D.N.Y. Case No.
16-11793), and Oi Brasil Holdings Cooperatief U.A. (Bankr.
S.D.N.Y. Case No. 16-11794) on June 21, 2016.  The case is
assigned to Judge Sean H. Lane.

The Chapter 15 Petitioner is represented by John K. Cunningham,
Esq., and Mark P. Franke, Esq., at White & Case LLP, in New York;
and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and Laura L.
Femino, Esq., at White & Case LLP, in Miami, Florida.



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


JAMAICA: Authorities Still Verifying Claims from 2015 Gas Saga
--------------------------------------------------------------
Caribbean360 reports that the Consumer Affairs Commission (CAC) in
Jamaica is still trying to verify the almost 400 claims submitted
by motorists who were affected by contaminated gasoline in late
2015.

It says it hopes to be done by the end of this month, but it will
still be months longer before any compensation is paid out, notes
the report.

According to Caribbean360, chairman of the commission, Kent
Gammon, says a special technical committee established to evaluate
the complaints has completed verification of 224, or 58 per cent,
of the 382 claims received.

Approximately J$32 million (US$249,923) in compensation is being
sought by the CAC, on behalf of affected consumers, from the
petroleum marketing companies whose stations were identified as
the locations where the contaminated gasoline was sourced, notes
Caribbean360.

Gammon said once the committee completes the validation exercise,
discussions would resume with the companies, in anticipation of a
settlement within a few months, the report relates.

He noted the petroleum marketing companies' willingness to settle
the matter during several meetings that the CAC held with their
representatives, pointing out that they and other stakeholders
agreed, in principle, to the amount being sought, adds the report.

However, Gammon said, verification of the claims was the sticking
point, as representatives made anecdotal reference of petroleum
being acquired by some motorists from sources other than
authorized retail outlets, notes Caribbean360.

He said on completion of the validation exercise, there would be a
meeting involving Minister of Industry and Commerce Karl Samuda,
petroleum marketing company representatives and other
stakeholders, the report adds.



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


MEXICO: Rising Inflation Shows Signs of Relief in June
------------------------------------------------------
Anthony Harrup at The Wall Street Journal reports that Mexican
inflation reached an eight-and-a-half year high in June, but
showed signs of slowing toward the end of the month, supporting
the central bank's decision to signal a halt in its cycle of
interest-rate increases.

The National Statistics Institute said on July 7 that the
consumer-price index rose 0.25% last month, pushing the annual
inflation rate up to 6.31% from 6.16% at the end of May, the
Journal relates.


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P E R U
=======


DOE RUN: Creditors Ready to Cut Base Price as Auctions Fail
-----------------------------------------------------------
Alex Emery at Business News Americas reports that creditors of the
bankrupt La Oroya polymetallic smelter in Peru will put up for
bids the shuttered facility twice more this month at a lower base
price after failing to line up a buyer for the fourth time this
year.

BNamericas relates that the zinc-lead smelter, which has been
closed since 2014, and its Cobriza copper mine unit will be put up
for auction on July 17 and July 26 at a 15% discount after three
auctions fell through in March and a fourth on July 6, according
to the smelter union.

None of the four international companies qualified to bid made a
firm offer even though the government last month eased tough
environmental standards for smelters and refineries, La Oroya
union representative Luis Castillo told BNamericas.

The government in June raised the permissible amount of sulfur
dioxide in the air during a 24 hour period to 250ug/m3 from
20ug/m3, a standard considered impossible to meet given currently
available technology, according to the country's mining,
hydrocarbon and energy society (SNMPE), BNamericas recalls.

According to BNamericas, consultant firm Dirige organized the
auctions after congress last year modified Peru's general
bankruptcy law to give bankrupt firms like the La Oroya complex
more time to find a buyer. Dirige representative Pablo Peschiera
and the energy and mines ministry (MEM) press office did not
immediately respond to telephone calls seeking comment, the report
notes.

President Pedro Pablo Kuczynski, who took office in July 2016, has
pledged to seek ways to reactivate the units to avoid laying off
1,600 workers, BNamericas notes. The former Doe Run Peru complex
was originally scheduled to be liquidated in August 2016.



                        About Doe Run Peru

Doe Run Company operates an integrated primary lead operation and
a recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.  Doe Run Peru is a subsidiary of
the company.  Doe Run Peru operates a polymetallic smelter at La
Oroya and copper mine at Cobriza both in Peru.



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


BEBE STORES: Interim CEO Parks Signs $500K Retention Agreement
--------------------------------------------------------------
To encourage continued employment through bebe stores, inc.'s
restructuring process, the Company entered into a retention bonus
agreement with Walter Parks, the Company's president, COO and
interim-CFO, on June 29, 2017, according to a Form 8-K report
filed with the Securities and Exchange Commission.  Mr. Parks is
eligible to receive a retention bonus of $500,000 should he remain
employed by the Company until Dec. 31, 2017.

The Retention Bonus will not be earned and will not be paid if he
(i) voluntarily terminates employment or (ii) is terminated by the
Company for cause prior to the End Date.  If Mr. Parks' employment
is terminated by the Company without cause prior to the End Date,
Mr. Parks will be paid the entire amount of the Retention Bonus.

                    About bebe stores inc.

Based in Brisbane, California, bebe stores inc. (NASDAQ: BEBE) is
a women's retail clothier established in 1976.  The brand develops
and produces a line of women's apparel and accessories, which it
markets under the Bebe, BebeSport, and Bebe Outlet names.

Manny Mashouf founded bebe stores, inc. and has served as chairman
of the Board since the Company's incorporation in 1976.  Mr.
Mashouf became the chief executive officer beginning February
2016.  He previously served as the Company's CEO from 1976 to
February 2004 and again from January 2009 to January 2013.  Mr.
Mashouf is the uncle of Hamid Mashouf, the Company's chief
information officer.

The Company operated brick-and-mortar stores in the United States,
Puerto Rico and Canada.  The Company had 142 retail stores before
ending all retail operations in the U.S. by May 27, 2017.

bebe stores reported a net loss of $27.48 million for the year
ended July 2, 2016, compared to a net loss of $27.67 million for
the year ended July 4, 2015.

bebe stores reported $168,885,000 in assets, $53,077,000 in
liabilities and $115,808,000 in total shareholders' equity as of
Dec. 31, 2016.


===============
S U R I N A M E
===============


SURINAME: Obtains US$40MM IDB Loan to Cut Budget Deficit
--------------------------------------------------------
Caribbean360 reports that Suriname will receive a US$40 million
investment loan from the Inter-American Development Bank (IDB) to
increase tax revenue and improve public spending and investment in
order to reduce its budget deficit and improve its fiscal
sustainability in the medium-term.

According to Caribbean360, the loan aims to support the country's
effort to balance its budget due to growing spending and decreased
tax revenue stemming from a drop in commodity prices and a halt in
alumina production.

Suriname is currently implementing a fiscal adjustment program
which seeks to reduce the country's budget deficit to 2.5% of the
gross domestic product in 2018 from 5.7% in 2016, Caribbean360
discloses.

IDB representative Suriname, Cesar Falconi, said the investment
loan would provide "a critical institutional capacity platform to
improve the effectiveness of the Ministry of Finance on its main
activities and contribute the economic growth of Suriname",
Caribbean360 relates.

The IDB's new operation will strengthen the institutional capacity
of the Ministry of Finance to collect tax revenue in an efficient
manner and strengthen the planning, prioritization, preparation,
execution and monitoring of the annual budget, including the
implementation of public investment projects, Caribbean360 notes.

As reported in the Troubled Company Reporter-Latin America on
June 1, 2017, S&P Global Ratings lowered its long-term sovereign
credit rating on the Republic of Suriname to 'B' from 'B+.  The
outlook is negative.  At the same time, S&P Global Ratings revised
its transfer and convertibility assessment on Suriname to 'B+'
from 'BB-'.  S&P Global Ratings also assigned its 'B' senior
unsecured debt rating to Suriname's 10-year US$550 million bond
and affirmed its 'B' short-term issuer credit rating on the
country.


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


VENEZUELA: CARICOM Agrees to Venezuelan Mission
-----------------------------------------------
Caribbean360 reports that Caribbean Community (CARICOM) leaders
have reached consensus on several critical issues, including their
next step on Venezuela and measures to strengthen the CARICOM
Single Market and Economy (CSME) as they ended their 38th annual
summit in Grenada on July 6, 2017.

Chairman of the 15-nation grouping, Grenada's Prime Minister Dr.
Keith Mitchell, confirmed that leaders will formally offer their
help to President Nicolas Maduro to help mediate the long-running,
bitter impasse with Opposition forces, which has resulted in more
than three months of violent unrest, notes the report.

Dr. Mitchell told the closing news conference that leaders have
settled on a sending mission to Caracas, reports Caribbean360.

Dominica's Prime Minister Roosevelt Skerrit had proposed a mission
to include some leaders which he said could help clarify CARICOM's
understanding of the issues, the report relays.

"CARICOM heads of government call for all parties to commit to
engage in a renewed dialogue and negotiation leading to
comprehensive political agreement with established timetables,
concrete actions and guarantees to ensure its implementation.
CARICOM heads of government offer their good offices to facilitate
this dialogue," the report quoted Mr. Mitchell as saying.



                            ***********


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.
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net of depreciation may understate the true value of a firm's
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                            ***********


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

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

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

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

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

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Joseph Cardillo at
856-381-8268.


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