TCRLA_Public/170717.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, July 17, 2017, Vol. 18, No. 140


                            Headlines



A R G E N T I N A

CIMA SINCERAMIENTO: Moody's Assigns B-bf Global Scale Bond Rating
CONSULTATIO TACTICO: Moody's Assigns B-bf Global Scale Bond Rating
EMPRESA PROVINCIAL: Moody's Rates Proposed USD100MM Notes B3


B R A Z I L

INTERCEMENT BRASIL: S&P Affirms BB- CCR, Outlook Negative
ODEBRECHT SA: Judge Orders Ex-President Jailed in Corruption Case


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: To Gradually Nix Imported Products for School Meals
DOMINICAN REPUBLIC: Labor Chief Reveals Employers' Hypocrisy


M E X I C O

CREDIVALORES-CREDISERVICIOS SAS: S&P Rates New $300MM Notes B+
MEXICO: Nets $4.33 Billion From Tax Break on Repatriated Money


P U E R T O    R I C O

EMPRESAS ALVARO: Unsecured Creditors to be Paid 5% Over 5 Years
FORTALEZA SECURITY: Taps Almeida & Davila as Legal Counsel
KAMA MANAGEMENT: Plan Outline Okayed, Plan Hearing on July 26
TYL INVESTMENT: Taps Luis D. Flores Gonzalez as Legal Counsel


X X X X X X X X X

* BOND PRICING: For the Week From July 10 to July 14, 2017


                            - - - - -


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A R G E N T I N A
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CIMA SINCERAMIENTO: Moody's Assigns B-bf Global Scale Bond Rating
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to Cima Sinceramiento Fiscal Ley 27.260
F.C.I., a newly dollar denominated short-medium term bond fund
domiciled in Argentina that will be managed by Cima S.A.S.G.F.C.I.

The ratings assigned are:

- Global scale bond fund rating: B-bf

- National scale bond fund rating: Baa-bf.ar

RATINGS RATIONALE

The B-bf global scale fund rating reflects Moody's expectation
that the Fund will principally invest in local treasury bills
(called LETEs) denominated in US Dollars (B3 stable). The Fund
will also allocate a portion of its portfolio to investments in
sovereign bonds, rated at B3. The Baa-bf.ar national scale rating
reflects a national scale mapping that is consistent for a fund
with a low single B credit profile.

"Based on the Fund's investment portfolio, the Fund's credit
quality profile is comparable to those of similarly rated peers",
said Moody's lead analyst Carlos de Nevares.

This Fund's objective is to serve as a dollarized vehicle to
protect the investor from devaluation risk with a duration of less
than one year.

Cima S.A.S.G.F.C.I, is a mid-size asset Argentinean mutual fund
manager with 0.22% of share of industry assets under management
(AUM). As of June 2017, CIMA managed approximately ARS1,070.3
million (USD63 million) in AUM.


CONSULTATIO TACTICO: Moody's Assigns B-bf Global Scale Bond Rating
------------------------------------------------------------------
Moody's Latin America, Agente de Calificacion de Riesgo, has
assigned initial bond fund ratings to Consultatio Tactico FCI, a
new bond fund managed by Consultatio Asset Management SA in
Argentina. The global scale and national scale ratings assigned
are:

- Global scale bond fund rating: B-bf

- National scale bond fund rating: A-bf.ar

RATING RATIONALE

The B-bf global scale bond fund rating is based on Moody's
expectations that the Fund will maintain a credit profile of
single B based on an investment portfolio that will largely invest
in LEBACs and sovereign government bonds rated at B3. The
investment strategy of the fund will take advantage of local
interest rates evolution to provide a total fixed income return.
The ratings also reflect Moody's expectations that the Fund's
credit profile will be similar to other B-bf/A-bf.ar which invest
in Argentine sovereign securities. The A-bf.ar national scale
rating reflects a national scale mapping that is consisent with a
solid single B credit profile.

"Consultatio Tactico is an investment vehicle for investors to
achieve a high Peso yield with an average duration not exceeding 2
years," said Vice President Carlos de Nevares.

Consultatio Asset Management G.F.C.I.S.A., is a large independent
asset manager in the Argentinean mutual fund industry with 4.1%
market share. As of June 2017, Consultatio Asset Management,
managed approximately ARS 20.1 million or $1.23 billion in Assets
under Management (AUM).


EMPRESA PROVINCIAL: Moody's Rates Proposed USD100MM Notes B3
------------------------------------------------------------
Moody's Latin America has assigned a B3 rating on the global scale
and a Baa2.ar on the Argentine national scale to Empresa
Provincial de Energia de Cordoba's (EPEC) up USD 100 million
proposed notes, with a positive outlook. At the same time, Moody's
has affirmed EPEC's outstanding B3 corporate family and debt
ratings and upgraded existing national scale ratings to Baa2.ar
from Baa3.ar. The outlook for all ratings is positive.

Proceeds from the notes will be used to repay existing debt with
the wholesale market administrator, Compa§ia Administradora del
Mercado Mayorista ElÇctrico S.A. (Cammesa) and for working capital
needs.

Moody's has reviewed preliminary draft legal documentation related
to the debt issuance and the assigned ratings assume that there
will be no material variation from the drafts reviewed and that
all agreements will be legally valid, binding and enforceable. In
particular, Moody's ratings of EPEC's notes assume the due
execution of the transfer of the Cordoba Province's rights of
Coparticipacion Federal de Impuestos received from the Federal
Government to the trustee, for the amount necessary in relation to
the repayment of the notes, under the trust contract among EPEC
the Province and the trustee.

RATINGS RATIONALE

The assigned B3/Baa2.ar ratings and positive outlook reflect
Moody's views of an improved operating environment for regulated
utilities in Argentina, following the latest regulatory changes,
which include the revision of electricity prices and distribution
tariffs. These positive developments add to the improved cash
flows the company has been producing since last year following the
amendment of its PPA agreement with Cammesa, which has
significantly increased the capacity payments EPEC's receives from
the Bicentenario combined cicle in order to make debt payments
under the existing notes.

In addition, as EPEC is wholly owned by the Province of Cordoba,
it is considered a Government Related Issuer (GRI) and the B3 and
Baa2.ar ratings also reflect the application of Moody's joint
default analysis (JDA) framework for GRIs, which takes into
account the following four input factors: i) a baseline credit
assessment (BCA) of b3 as a measure for the rated entity's
standalone creditworthiness, ii) the B3 rating of the Province of
Cordoba as the support provider, as well as iii) Moody's estimates
of a strong degree of implied government support in the case of
financial distress and iv) a high default dependence between EPEC
and the province.

EPEC's BCA of b3 mainly reflects a challenging regulatory
framework and cost recovery, as well as the company's relatively
weak credit profile and high leverage which results in
historically weak credit metrics. The BCA also takes into account
EPEC's historically poor operating margins and weak cash
generation. Offsetting those credit negatives, EPEC's ratings are
supported by the importance of the company in its service area in
the Province of Cordoba, its position as the fourth largest
electricity company in the country and the province's 100%
ownership.

EPEC's Baa2.ar national scale rating and positive outlook takes
into consideration both EPEC's position within the industry and
Moody's expectations of an improving environment for regulated
utilities that will produce more robust operating margins and
credit metrics going forward. Moody's also expects EPEC will
deleverage significantly in the next 2 years in spite of the
issuance of the USD 100 million new notes as the existing notes
continue amortizing.

Liquidity

In light of its historically modest cash flow generation, EPEC's
primary sources of external liquidity have been periodic loans and
capital contributions from the Province as well as credit
facilities from the Province's own bank. Additionally, similarly
to other electricity distribution companies, EPEC has relied on
delayed payments to CAMMESA, which has resulted in accumulated
accounts payable of about ARS 2676 million as of December 2016.
Proceeds from the proposed notes will be used to partially or
totally repay any remaining outstanding indebtedness with CAMMESA
and for working capital needs. In addition, both the outstanding
notes and the proposed up to USD 100 million notes are amortizing,
giving the company enough flexibility for debt repayment in light
of improved internal cash generation. Looking ahead, Moody's also
expects a normalized operating environment that will allow EPEC to
cease its dependency on external support from the Province and/or
CAMMESA.

Rating Outlook

EPEC's positive outlook is in line with both the positive outlook
for the Province of Cordoba and the positive outlook of
Argentina's B3 government bond rating. The positive outlook also
considers the expected improvement in credit metrics from recent
tariff increases.

Given EPEC's ratings linkages to the sovereign and to the
Province, the ratings could be revised upward if there were an
upgrade of the Province and the Argentine government bond rating.
An upgrade of the BCA would require that the expected improvement
in EPEC's operating results materializes while the company is able
to recover its increased costs on a sustained basis.

Although unlikely given the positive outlook, the ratings could be
downgraded if the Argentine bond or the Province of Cordoba's
ratings are downgraded or if collections under the Res. 220
contracts or funds transfers from either the federal government or
the Province are not available to be transferred to the Trustee in
charge of making the monthly payments under EPEC's existing and
proposed notes. Additional negative pressure on the ratings could
occur if EPEC is not able to recover its operational costs on a
timely manner. Quantitatively, negative operating results and/or a
ratio of cash flow from operations (pre WC) to debt lower than 15%
could create negative pressure on ratings.

Empresa Provincial de Energia de Cordoba (EPEC) is the province's
vertically integrated electric utility and the fifth largest
electricity company in Argentina. For fiscal year 2016, EPEC
reported revenues of ARS 13.9 billion.



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B R A Z I L
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INTERCEMENT BRASIL: S&P Affirms BB- CCR, Outlook Negative
---------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term corporate credit
rating on InterCement Brasil S.A. (InterCement). At the same time,
S&P lowered the national scale rating to 'brA-' from 'brA'. The
outlook was revised to negative from stable on both rating scales.

S&P said, "We're also affirming our issue level rating at 'BB-'.
The recovery rating on these notes remains '3', indicating that we
expect meaningful (55%) recovery in a hypothetical default
scenario."

InterCement Brasil S.A. is one of the main subsidiaries of
InterCement Participacoes S.A. (not rated). S&P said, "We analyze
it as integrated with InterCement Participacoes. The Brazilian
subsidiary's installed capacity, market position, and the long-
term growth prospects for the cement market in the country support
that view. Therefore, when analyzing InterCement's credit profile,
we look at the consolidated numbers of InterCement Participacoes.

"The outlook revision reflects our view that InterCement
Participacoes must execute significant monetization events in
order to reduce its high leverage and comply with the financial
covenants that could dramatically change its liquidity position in
the case of a breach."


ODEBRECHT SA: Judge Orders Ex-President Jailed in Corruption Case
-----------------------------------------------------------------
Associated Press reports that a judge ordered the arrest of former
President Ollanta Humala and his wife as they face money
laundering and conspiracy accusations tied to a construction
scandal involving Brazilian construction conglomerate Odebrecht
SA.

The preventive detention, which would keep Mr. Humala and his
wife, Nadine Heredia, in jail for up to 18 months while they are
investigated, came after prosecutors argued the couple could flee
Peru to evade justice, according to Associated Press.

The report notes that shouts of protest could be heard in the
courtroom as Judge Richard Concepcion issued his ruling.

The allegations against Mr. Humala stem from testimony by the
former head of Odebrecht, who said he illegally contributed $3
million to Mr. Humala's 2011 presidential campaign, the report
relays.  The couple is also accused of taking undeclared funds
from the late Venezuelan leader Hugo Ch†vez during a previous,
unsuccessful presidential bid, the report notes.

Mr. Humala, who finished his term in 2016, never declared the
contributions and prosecutors argue he and his wife conspired to
hide them for personal gain, the report says.

Mr. Humala, 55, has insisted he has no intention of fleeing the
country and has said he looks forward to defending himself against
what he calls baseless charges, the report discloses.

"We're staying here, we've even handed over our passports," he
said during a brief meeting with reporters who had gathered for
three days outside his home, the report quoted Mr. Humala as
saying.  "In every moment we've shown our roots and good will. But
the prosecutor sees everything we do in the opposite light. I
think he's been poisoned," Mr. Humala added.

The same judge previously ordered the arrest of another former
Peruvian president, Alejandro Toledo, for related charges, the
report relays.  Mr. Toledo is in the U.S. fighting attempts by
Peruvian authorities to have him deported to answer the charges,
the report says.

Authorities across Latin America have been moving to charge
officials accused of taking some $800 million in bribes from
Odebrecht, the report notes.  The company acknowledged the bribes
when it signed a plea agreement in December with the U.S. Justice
Department, the report says.

The bribes include some $29 million paid in Peru for projects
built during the administrations of Mr. Toledo, Mr. Humala and
former President Alan Garcia, the report relays.

The same scandal has ensnared former Brazilian President Luiz
Inacio Lula da Silva, who was convicted and sentenced to almost 10
years in jail for taking gifts from another Brazilian builder who
along with Odebrecht allegedly paid bribes to politicians in
exchange for government contracts, the report says.

Mr. da Silva denies the accusation and will remain free while he
appeals what he says are politically motivated charges, the report
adds.

As reporter in the Troubled Company Reporter-Latin America on
Dec. 2, 2016, The Wall Street Journal related that Marcelo
Odebrecht, the jailed former head of Brazilian construction giant
Odebrecht SA, agreed to sign a plea-bargain agreement in
connection with Brazil's largest corruption probe ever, according
to a person close to the negotiations.  The move could roil the
nation's political class yet again.  The testimony of the former
industrialist, which is part of the deal, has the potential to
implicate numerous politicians who allegedly took kickbacks from
contractors as part of a years-long graft ring centered on
Brazil's state-run oil company, Petroleo Brasileiro SA, known as
Petrobras, according to The Wall Street Journal.



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


DOMINICAN REP: To Gradually Nix Imported Products for School Meals
------------------------------------------------------------------
Dominican Today reports that the Government will start to
gradually phase out imported products for public school meals this
year with a goal to use only domestic milk by 2020, said
Administrative minister Jose Ramon Peralta.

Mr. Peralta said President Danilo Medina's goal is to provide a
secure market for milk products, according to Dominican Today.

The official also announced an "exponential" increase in the
country's milk production, from 550 million liters in 2012 to 800
million liters forecast for yearend 2017, the report notes.

Mr. Peralta was guest speaker in the 55th anniversary of the
Ranchers and Farmers Association's (ADHA) awards ceremony, the
report relays.

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


DOMINICAN REPUBLIC: Labor Chief Reveals Employers' Hypocrisy
------------------------------------------------------------
Dominican Today reports that Labor Minister said Jose Ramon Fadul
said the Labor Code requires that at least 80% of a company's
workforce must be Dominican, but the tourism, construction, agro
and retail sectors "completely ignore it."

Mr. Fadul said despite international labor agreements, the country
fails to comply with established norms, including child labor, and
hires people who are in the country illegally, especially Haitians
and Venezuelans, according to Dominican Today.

The official said the notion that Haitians are employed because
Dominicans don't want to work "is false," and accused employers of
a "fallacy which seeks only to justify not paying better wages or
complying with Social Security rules," the report notes

In that regard, Mr. Fadul said the European Union bars the entry
of Dominican products because producers cannot certify that they
don't use illegal labor, minors or comply with Social Security
norms, the report relays.

"It has always been argued that the return of Dominican products
from the European Union is due to phytosanitary reasons," the
official said on ColorVision Channel 9, 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+'.



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


CREDIVALORES-CREDISERVICIOS SAS: S&P Rates New $300MM Notes B+
--------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating to
Credivalores-Crediservicios SAS's (Credivalores: B+/Stable/B)
proposed senior unsecured notes for up to $300 million. The tenure
of the notes will be five years and will bear a fixed rate with
semiannual interest payments. The Colombia-based finance company
will use the proceeds mostly to pay the secured debt and other
credit bank facilities, and any remainder for business growth. The
issue-level rating also incorporates S&P's expectation that
Credivalores will hedge the notes with a cross-currency swap (CCS)
for the whole maturity to prevent any currency risk.

The issue-level rating on the notes is at the same level as the
long-term global scale issuer credit rating (ICR), reflecting
their pari passu status because they will rank equally in right of
payment with all of the company's existing and future senior
unsecured debt. Likewise, given that Credivalores will use the
issuance's proceeds to pay down all of its existing secured debt,
this will no longer be a factor to notch down the issue-level
rating, which is also why S&P rates the notes the same level as
the ICR. Nevertheless, S&P could lower the rating on the notes by
one notch if, as contrary to its expectations, Credivalores pays
down only a small portion of secured debt, leaving it higher than
30% of the company's total adjusted assets. A downgrade of could
also occur if after this issuance, the company's secured debt
significantly increases in a way that it leaves unsecured
bondholders in a subordinated position. The analysis will also
include if in such scenarios the amount of unencumbered assets is
sufficient to cover this rated bond.

S&P said, "Following the proposed notes, our funding assessment on
Credivalores remains unchanged. Despite gaining significant
financial flexibility by freeing a considerable amount of
encumbered assets, Credivalores' funding structure will remain
concentrated. We forecast that by the end of 2017, the new notes
will account for around 75% of Credivalores' total funding, while
the remaining 25% will come from other wholesale funding sources.
After reducing its huge dependence on secured debt, the company's
challenge now is to diversify its funding structure by gaining
access to unsecured banking lines, or other means of funding, to
reduce its expected concentration.

"Our liquidity assessment is primarily based on our projected base
case and stress-test cash flow, which will be positive for the
next 12 months. Moreover, the use of the proceeds to refinance
existing debt provides greater liquidity cushion for upcoming debt
maturities. As a result, we estimate that during the next 12
months Credivalores' liquidity will remain adequate and in line
with that of other nonbank financial institutions (NBFIs) we rate
in the region."

The ICRs on Credivalores continue to reflect S&P's business
position assessment on the company that's based a diversified
business mix and good market position; capital and earnings
stemming from our forecast average risk-adjusted capital ratio of
8.2% for the next 12 months; and the risk position benefiting from
stronger lending and underwriting standards than those of other
NBFIs we rate in Latin America. Conversely, the rating constraint
is the concentrated funding structure assessment, despite the
reduced dependence on secured funding following the proposed notes
issuance. The funding assessment on Credivalore is weaker than
those of other NBFIs. Nevertheless, the company will continue to
post comfortable liquidity metrics.

RATINGS LIST

Credivalores-Crediservicios SAS
   Issuer credit rating                 B+/Stable/B

Rating Assigned

Credivalores-Crediservicios SAS

   Senior unsecured                     B+


MEXICO: Nets $4.33 Billion From Tax Break on Repatriated Money
--------------------------------------------------------------
World News reports that the Mexican government received an
additional MXN76 billion (US$4.33 billion) in revenue during the
first half of the year thanks to a tax break on capital
repatriated from abroad, President Enrique Pe§a Nieto said.

"I have decided to extend the application of the decree until
October," he said in a speech during an event to mark the 70th
anniversary of the Army National Bank, according to World News.

"The favorable result this initiative has received is another
demonstration of confidence in our country," the president said,
the report relays.

Under the terms of the decree, funds that are returned to Mexico
and kept in the country for at least two years are taxed at a rate
of 8 percent, the report discloses.

The standard rates of corporate and individual incomes taxes are
30 percent and 35 percent, respectively, the report says.

To be eligible for the tax break, the money must go toward
industrial plant, technology research and development or financial
mechanisms to increase overall investment in productive assets,
the report adds.



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P U E R T O    R I C O
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EMPRESAS ALVARO: Unsecured Creditors to be Paid 5% Over 5 Years
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico will
consider approval of the Chapter 11 plan of reorganization for
Empresas Alvaro Torres Corp. at a hearing on July 28.

The hearing will be held at 9:30 a.m., at the Jose V. Toledo
Federal Building & U.S. Courthouse, Courtroom 3, 300 Del Recinto
Sur Street, Third Floor, San Juan, Puerto Rico.

The court will also consider at the hearing the final approval of
Empresas Alvaro's disclosure statement, which it conditionally
approved on June 27.

Creditors are required to file their objections, and cast their
votes accepting or rejecting the plan no later than 14 days prior
to the hearing.

The restructuring plan proposes to pay each Class 4 general
unsecured creditor 5% of its allowed claim.  General unsecured
creditors will receive monthly payments over five years.

The plan will be funded from cash on hand available on the
effective date of the plan, new professional services contracts
with private and government agencies, and future income, according
to Empresas Alvaro's disclosure statement filed on June 23.

A copy of the disclosure statement is available for free at
https://is.gd/v5gUq5

                  About Empresas Alvaro Torres

Empresas Alvaro Torres Corp. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 16-08029) on October
6, 2016.  The petition was signed by Frances J. Alvaro Torres,
president.

At the time of the filing, the Debtor estimated assets and
liabilities of less than $500,000.

Judge Edward A. Godoy presides over the case.  The Law Offices of
Luis D. Flores Gonzalez represents the Debtor as bankruptcy
counsel.


FORTALEZA SECURITY: Taps Almeida & Davila as Legal Counsel
----------------------------------------------------------
Fortaleza Security, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire legal counsel.

The Debtor proposes to hire Almeida & Davila, P.S.C. to give legal
advice regarding its duties under the Bankruptcy Code, and provide
other legal services related to its Chapter 11 case.

The hourly rates charged by the firm are:

     Enrique Almeida Bernal        $200
     Zelma Davila Carrasquillo     $200
     Associate                     $175
     Paralegal                      $85

Enrique Almeida Bernal, Esq., disclosed in a court filing that the
members of his firm are "disinterested persons" as defined in
section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Enrique M. Almeida Bernal, Esq.
     Almeida & Davila, P.S.C.
     P.O. Box 191757
     San Juan, PR 00919-1757
     Phone: (787) 722-2500
     Fax: (787) 777-1376
     Email: ealmeida@almeidadavila.com

                  About Fortaleza Security Inc.

Fortaleza Security, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case No. 17-04612) on June 29,
2017.

At the time of the filing, the Debtor disclosed that it had
estimated assets of less than $100,000 and liabilities of less
than $1 million.


KAMA MANAGEMENT: Plan Outline Okayed, Plan Hearing on July 26
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico will
consider approval of the Chapter 11 plan of reorganization for
Kama Management Inc. at a hearing on July 26.

The hearing will be held at 9:00 a.m., at the Jose V. Toledo U.S.
Post Office and Courthouse Building, Courtroom 3, Third Floor, 300
Recinto Sur Street, San Juan, Puerto Rico.

The court will also consider at the hearing the final approval of
the company's disclosure statement, which it conditionally
approved on June 20.

Under the restructuring plan, Class 3 general unsecured creditors
will receive a pro-rata distribution of $5,000.  The plan will be
funded from the company's ongoing sales operations, according to
its disclosure statement.  A copy of the disclosure statement is
available for free at https://is.gd/QN4hgG

                  About Kama Management Inc.

Kama Management Inc. filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 16-08008) on October 5, 2016.  The petition was signed by
Alberto Perez Pujals, president.  At the time of filing, the
Debtor had no assets and had total debts of $1.45 million.

The Debtor is represented by Maria Soledad Lozada Figueroa, Esq.,
at Lozada Law & Associates, LLC.

On June 15, the Debtor filed a disclosure statement, which
explains its proposed Chapter 11 plan of reorganization.


TYL INVESTMENT: Taps Luis D. Flores Gonzalez as Legal Counsel
-------------------------------------------------------------
Tyl Investment Corp, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire legal counsel in
connection with its Chapter 11 case.

The Debtor proposes to hire the Law Offices of Luis D. Flores
Gonzalez to, among other things, examine claims of creditors and
assist in the preparation of a bankruptcy plan.

Luis Flores Gonzalez, Esq., will charge an hourly fee of $200 for
his services.  The firm's legal assistants and paralegals will
charge $60 per hour and $40 per hour, respectively.

The firm received a retainer in the amount of $3,000.

Mr. Gonzalez disclosed in a court filing that he does not hold or
represent any interest adverse to the Debtor's estate.

The firm can be reached through:

     Luis D. Flores Gonzalez, Esq.
     Law Offices of Luis D. Flores Gonzalez
     80 Georgetti Street, Suite 202
     Rio Pedras, PR 00925
     Tel: (787) 758-3606
     Email: ldfglaw@yahoo.com
     Email: ldfglaw@coqui.net

                 About Tyl Investment Corp Inc.

Tyl Investment Corp, Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. P.R. Case No. 17-03961) on June 1,
2017.  Judge Edward A. Godoy presides over the case.

At the time of the filing, the Debtor disclosed that it had
estimated assets of less than $100,000 and liabilities of less
than $1 million.

The Debtor previously filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 16-04433) on June 1, 2016.



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


* BOND PRICING: For the Week From July 10 to July 14, 2017
----------------------------------------------------------


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

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




                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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