TCRLA_Public/170815.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, August 15, 2017, Vol. 18, No. 161



ARGENTINA: Ruling Coalition Leads Primaries in Major District


SMART WORLDWIDE: S&P Rates $165MM Refinanced Term Loan 'BB-'
TAKATA CORP: US Units to Hire Ernst & Young as Tax Advisor


COLOMBIA: Issues First Green Bond in Local Market for COP200BB


MEXICO: Islas Marietas Recover After Wave of Unregulated Tourism

P U E R T O    R I C O

FARMACIA BRISAS: Hires Carrasquillo CPA as Accountant

T R I N I D A D  &  T O B A G O

GUARDIAN MEDIA: BIGWU Says Stop Layoffs or Face Boycott


PETROLEOS DE VENEZUELA: Profit Disappears as Oil Output Drops
VENEZUELA: Constitutional Assembly Sets Gubernatorial Elections

V I R G I N  I S L A N D S

BOYSON INC: Exclusivity Extended Through August 10 Hearing


* LATAM: Fintech Firms Preview Innovations & Changes in Markets

                            - - - - -


ARGENTINA: Ruling Coalition Leads Primaries in Major District
Latin American Tribune reports that the ruling party coalition
Cambiemos was leading in the vote counting for the primaries in
the province of Buenos Aires, the largest electoral district in
Argentina, according to first results.

With 5.21 percent of the polling stations in Buenos Aires having
been scrutinized, candidates from the ruling coalition Cambiemos,
headed by former Education minister Esteban Bullrich, took a lead
in the senator category, securing 36.89 percent of the votes,
according to Latin American Tribune.

The first runner-up for the senator category was the candidate
from the Citizens Unity Party, led by the former president
Cristina Fernandez, who obtained 31.72 percent of the votes in the
same district of Buenos Aires, which represents 37 percent of the
country's total voters, the report notes.

The report relays that the second runner-up was the opposition
1Pais party, led by Sergio Massa, which garnered 15.86 percent of
the votes.

As for the elections of deputies, Cambiemos secured 37.31 percent
of the votes, followed by Citizens Unity Party, which obtained
30.09 percent and 1Pais with 15.09 percent in Buenos Aires, the
report notes.

The ruling coalition also took a strong lead in the second largest
electoral district in Argentina, the central province of Cordoba,
with 44.25 percent of the votes in the category of deputies; and
in the third largest district, the province of Santa Fe, with
29.59 percent of the votes, the report notes.

In the city of Buenos Aires, the fourth largest electoral district
by electorate, the candidate for deputies, Elisa "Lilita" Carrio,
from the ruling coalition Cambiemos, garnered 48.06 percent of the
votes, while the candidate from the Citizens Unity Party secured
only 21.55 percent, the report says.

Some 33.1 million Argentines were entitled to vote in these
primaries, which will determine the candidates eligible for
competing in the legislative elections on Oct. 22, the report

                            *     *    *

As reported in the Troubled Company Reporter-Latin America on
May 10, 2017, Fitch Ratings affirmed Argentina's Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'B' with a
Stable Outlook. The issue ratings on Argentina's senior unsecured
Foreign and Local Currency bonds are also affirmed at 'B'. The
Country Ceiling is affirmed at 'B' and the Short-Term Foreign and
Local Currency IDRs at 'B'.

On Jan. 30, 2017, the Troubled Company Reporter-Latin America
reported that Moody's Investors Service has assigned a B3 rating
to the Government of Argentina's US$3.25 billion bond due 2022 and
the US$3.75 billion bond due 2027. The outlook on the Government
of Argentina's rating is stable.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.

On March 30, 2016, after more than 12 hours of debate in the
Senate, Argentina's Congress passed a bill that will allow the
government to repay holders of debt that the South American
country defaulted on in 2001, including a group of litigating
hedge funds that won judgments in a New York court. The bill
passed by a vote of 54-16.


SMART WORLDWIDE: S&P Rates $165MM Refinanced Term Loan 'BB-'
S&P Global Ratings assigned a 'BB-' issue-level rating and '2'
recovery rating (70%-90%; rounded estimate 75%) to U.S. memory
packaging and specialty module manufacturer SMART Worldwide
Holdings Inc.'s $165 million refinanced term loan and new $50
million revolving credit facility.

S&P said, "Our corporate credit rating on SMART remains 'B+' with
a stable outlook. The stable outlook is based on our view that
increasing macroeconomic stability in Brazil, near-term strength
in memory pricing, and growth in NAND products will enable SMART
to sustain leverage below 3x, and generate approximately $20
million of free cash flow in fiscal 2018.


Key analytical factors

-- S&P's issue-level rating on SMART's debt is 'BB-' with a
recovery rating of '2'.

-- S&P has valued the company on a going-concern basis, using a 5x
multiple of its projected emergence-level EBITDA. This multiple
reflects the volatility of the memory industry, SMART's limited
scale, and concentrated customer base.

-- S&P believes this scenario would entail an EBITDA decline of
approximately 40% from existing levels due to increasing
macroeconomic weakness in Brazil or a global memory market

Simplified waterfall

-- Emergence EBITDA: About $30 million
-- Gross recovery value: about $160 million
-- Net recovery value for waterfall after administrative expenses:
about $150 million
-- Priority claims (Brazilian Development Bank loans):
approximately $17 million
-- Senior secured credit facilities: approximately $180 million
-- Recovery range: 70%-90% (rounded estimate: 75%)


SMART Worldwide Holdings Inc.

  Corporate Credit Ratings             B+/Stable/--

New Ratings

SMART Modular Technologies (Global)
SMART Modular Technologies

  Senior Secured
   $165 mil refinanced term ln         BB-
    Recovery rating                    2 (75%)
   $50 mil revolving credit facility   BB-
    Recovery rating                    2 (75%)

TAKATA CORP: US Units to Hire Ernst & Young as Tax Advisor
TK Holdings Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Delaware to hire Ernst & Young LLP as tax advisor.

The firm will provide these services to the company and 11 other
U.S. and Mexican affiliates of Takata Corp. in connection with
their Chapter 11 cases:

     (a) bankruptcy-related tax advisory services;

     (b) specified liability loss analysis for the Debtors' tax
         years ending March 31, 2013 to 2018;

     (c) tax compliance services, including the preparation of tax


     (d) preparation of TK Holdings' transfer pricing
         documentation for the fiscal year ended March 31, 2017;

     (e) routine tax advice and assistance concerning issues as
         requested by the Debtors when such projects do not
         involve any significant tax planning or projects.

The hourly rates charged by Ernst & Young for these services are:

     (a) Bankruptcy-Related Tax Advisory Services

         Level                   Rate Per Hour
         -----                   -------------
         Partner / Principal          $800
         Executive Director           $660
         Senior Manager               $570
         Manager                      $520
         Senior 3                     $390
         Senior 1/2                   $350
         Staff 2                      $230
         Staff 1                      $160
         CSA / Intern                 $140

     (b) Specified Liability Loss Services

         Level                   Rate Per Hour
         -----                   -------------
         Partner / Principal          $800
         Executive Director           $660
         Senior Manager               $570
         Manager                      $520
         Senior 3                     $390
         Senior 1/2                   $350
         Staff 2                      $230
         Staff 1                      $160
         CSA / Intern                 $140

     (c) The Debtors will pay Ernst & Young fee of $155,000 for
         the tax compliance services, plus $2,750 for the Canadian

         treaty-based return for TK Holdings.  Fees for other tax
         compliance services will be based on the time that the
         firm's professionals spend performing services.  Those
         services will be billed at these hourly rates:

         Level                   Rate Per Hour
         -----                   -------------
         Partner / Principal          $800
         Executive Director           $660
         Senior Manager               $570
         Manager                      $520
         Senior 3                     $390
         Senior 1/2                   $350
         Staff 2                      $230
         Staff 1                      $160
         CSA / Intern                 $140

     (d) The Debtors will pay Ernst & Youngfee of $116,000 for the

         transfer pricing services.  Fees for other transfer
         pricing services will be based on the time that the
         firm's professionals spend performing services.  Those
         services will be billed at these hourly rates:

         Level                   Rate Per Hour
         -----                   -------------
         Partner / Principal          $800
         Executive Director           $660
         Senior Manager               $570
         Manager                      $520
         Senior 3                     $390
         Senior 1/2                   $350
         Staff 2                      $230
         Staff 1                      $160
         CSA / Intern                 $140

     (e) Ernst & Young's fees will be based on the time that its
         professionals spend performing services.  Such services
         will be billed at these hourly rates:

         Level                   Rate Per Hour
         -----                   -------------
         Partner / Principal          $800
         Executive Director           $660
         Senior Manager               $570
         Manager                      $520
         Senior 3                     $390
         Senior 1/2                   $350
         Staff 2                      $230
         Staff 1                      $160
         CSA / Intern                 $140

Thomas Koempel, a partner at Ernst & Young, disclosed in a court
filing that his firm is a "disinterested person" as defined in
section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Thomas C. Koempel
     Ernst & Young LLP
     One Kennedy Square, Suite 1000
     777 Woodward Avenue
     Detroit, MI 48226-5495
     Tel: +1 313-628-7100
     Fax: +1 313-628-7101

                      About Takata Corp

Japan-based Takata Corporation (TYO:7312) -- develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.

Together with the bankruptcy filings, Takata announced it has
reached a deal to sell all its global assets and operations to Key
Safety Systems (KSS) for US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings.  Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata.  Ernst & Young LLP is
tax advisor.  Prime Clerk is the claims and noticing agent.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor.  UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things, a
stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act.  The Canadian
Court appointed FTI Consulting Canada Inc. as information officer.
TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.  Pachulski Stang Ziehl & Jones LLP represents the
Official Committee of Tort Claimants as bankruptcy counsel.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.

                         Chapter 15 Cases

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases.  Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.


COLOMBIA: Issues First Green Bond in Local Market for COP200BB
Banco de Comercio Exterior de Colombia SA, Bancoldex, with the
support of the Inter-American Development Bank (IDB), issued the
country's first greenbond available through the Colombian Stock
Exchange (BVC, Bolsa de Valores de Colombia) for 200 billion pesos
to fund projects that help mitigate climate change impacts. The
auction was 2-1/2 times oversubscribed, with a demand of 510
billion pesos.

"This is the first green bond issue placed in the local market
through the Bogot† Stock Exchange," said Juan Ketterer, head of
the IDB's Connectivity, Markets and Finance Division. "We are
adding efforts so that the countries of the region can raise
private funds in key areas, while contributing to the development
of their financial markets helping in the structuring of
instruments in their own currencies," he further stated.

The bonds, structured with technical cooperation from the IDB with
resources from the Secretariat of State for Economic Affairs of
Switzerland (SECO)and supported by the Climate Bond Initiative,
have a 5 years duration. They are issued on the local market
through the Bogot† Stock Exchange and may be purchased by pension
funds, institutional investors, government entities, multilateral
organizations, insurance companies, businesses and the public.

The issue has been reviewed by Sustainalytics, a leading
independent global institution in social, environmental, and
corporate governance assessments.

"Green bonds are a fundamental product so that Bancoldex can
advance in the financing of projects related to sustainable
construction, cleaner production, energy efficiency and renewable
energy, among others, necessary to combat climate change," said
Luis Fernando Castro, President of Bancoldex.

Bancoldex has created an energy efficiency line for hotels,
clinics and hospitals, as well as for the purchase of hybrid or
electric buses for the Bogot† Integrated Transportation System. It
has trained 14 banks in environmental issues.

"We need more development banks to follow the examples of
Bancoldex and the IDB and to promote green bonds as a capital
raising tool to finance the NDCs and sustainable development,"
said Sean Kidney, CEO of The Climate Bonds Initiative.

Green bonds are a solution to the financing gap for clean energy
and energy efficiency projects in the region. The IDB's support
for this market is part of its strategy to promote the green
economy and to join efforts in the goals established for the
framework of the United Nations Conference on Climate Change in
Paris 2015.

As reported in the Troubled Company Reporter-Latin America on
July 13, 2017, Colombia's creditworthiness could be pressured if
growth is lower than expected and higher fiscal deficits undermine
efforts to stabilize and gradually reduce the government's debt
burden, Fitch Ratings says.


MEXICO: Islas Marietas Recover After Wave of Unregulated Tourism
Travel Wire News reports that Mexico's Islas Marietas National
Park is recovering from the effects of pollution and a wave of
unregulated tourism, officials told EFE.

"Having a presence in the area has helped us make much progress in
terms of the tourism activities," park director Jorge Castrejon
said, according to Travel Wire News.

Daily patrols, the presence of six rangers and a set of
regulations that have drawn the criticism of tourists helped park
officials impose "order" in the area, which was swamped by
thousands of visitors over a two-year period, Mr. Castrejon said,
the report relays.

National Protected Natural Areas Commission (CONANP) scientists
and technicians have been working for a year to restore coral
reefs and other areas of the park damaged by visitors, the report

Visitor numbers violated the regulations set by officials, with
3,000 people per day arriving in the park during Holy Week 2016,
while the legal limit was 625, the CONANP said, the report relays.

Islas Marietas National Park, which is made up of 19 islands, is
located about 8 kilometers (4.9 miles) off the coast of the
western state of Nayarit, the report says.

The national park is home to birds, coral reefs, fish, sea
turtles, crustaceans and sharks, a species that has been targeted
by poachers, the report adds.

P U E R T O    R I C O

FARMACIA BRISAS: Hires Carrasquillo CPA as Accountant
Farmacia Brisas Del Mar, Inc. seeks authority from the US
Bankruptcy for the District of Puerto Rico to employ Carrasquillo
CPA Group, PSC, as accountant.

Services Carrasquillo CPA will render are:

  -- Recurring Services:

     a. bookkeeping;

     b. bank reconciliations; and

     c. tax services (income tax returns, municipal tax returns,
property tax returns).

  -- Non Recurring Services:

     a) assist in the projected financial statements as needed;

     b) prepare standard monthly operating reports;

     c) assist in the preparation of the liquidation analysis; and

     d) represent Third party as needed.

Ismael Rivera-Feliciano attests that Carrasquillo CPA Group, PSC,
is a "disinterested" person within the meaning of 11 U.S.C.
section 101 (14).

The parties have agreed to payment to the firm of an annual rate
of $7,500.00 for non-recurrent services and $6,000.00 for
recurrent services. Any additional service will be charged at
$100.00 per hour. A retainer fee of $3,500.00 will be required at
commencement of work.

The Firm can be reached through:

     Rafael Cordero
     Avenue M-30 Condado Moderno
     Caguas, PR 00726
     Tel. (787)258-7835
     Fax. (939)337-5744

                    About Farmacia Brisas Del Mar

Headquartered in Luquillo, Puerto Rico, Farmacia Brisas Del Mar,
Inc. is a corporation dedicated to pharmaceutical services.  It
sells mostly pharmaceuticals goods; only a limited amount of sales
come from miscellaneous goods such as toys, beverages, school
supplies and beauty supplies.

Farmacia Brisas Del Mar filed a Chapter 11 bankruptcy petition
(Bankr. D. P.R. Case No. 17-04155) on June 9, 2017, in Old San
Juan, Puerto Rico.  It listed $461,158 in total assets and $1.61
million in total liabilities.

The petition was signed by Ana I De La Cruz Padilla, secretary.

The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D.
P.R. Case No. 16-00054) on Jan. 8, 2016.  It estimated assets of
less than $500,000 and liabilities of $1 million to $10 million.
The 2016 petition was signed by Ana I. De La Cruz Padilla,

Victor Gratacos Diaz, Esq., at Gratacos Law Firm, P.S.C., serves
the Debtor's bankruptcy counsel in both the 2016 and 2017 cases.
Judge Lamoutte Inclan presided over the 2016 case.

T R I N I D A D  &  T O B A G O

GUARDIAN MEDIA: BIGWU Says Stop Layoffs or Face Boycott
Camille Hunte at Trinidad Express reports that the Banking,
Insurance and General Workers Union (BIGWU) has issued a warning
to companies to cease retrenching workers or face a boycott.

BIGWU President Vincent Cabrera gave the warning during a news
conference at the union's Barataria headquarters, according to
Trinidad Express.

The report notes that Mr. Cabrera targeted the ANSA McAL group of
companies, which he said has issued a number of retrenchment
notices to employees of Guardian Media Ltd (GML).

GML is a subsidiary of ANSA McAL which publishes the Guardian
newspaper and operates TV station CNC3 as well as a number of
radio stations.

Mr. Cabrera said workers were being told that the company was
losing money which was the reason for retrenchment, the report

GML's unaudited financial results, released, reported a loss for
the first half of 2017, compared with a profit for the same period
in 2016, the report says.

But Mr. Cabrera said this was not a true reflection of the
company's finances, the report notes.

Mr. Cabrera said the company had presented "manipulated figures"
to the union to "dupe us into believing that the print section of
GML had been losing money," the report says.

"For the period 2011 to 2015 GML recorded profit before tax
ranging from $44 million to $48 million," the report quoted Mr.
Cabrera as saying.  "ANSA McAL recorded profits for the same
period ranging from $904 million to $1.1 billion. Now all of a
sudden they gone in the red? How does such an enterprise with
billions of profits suddenly find itself in the red?"

Mr. Cabrera claimed the retrenchment was due to the introduction
of new technology and said workers were being forced to take early
retirement or be sent home, the report notes.  Some 49
retrenchment notices were sent out in all, he said.

Mr. Cabrera said he was in full support of the call by Joint Trade
Union Movement leader Ancel Roget for a boycott of certain
businesses owned by the "one per cent" and that the ANSA McAL
Group of Companies "are prime candidates," the report relays.  Mr.
Cabrera unveiled a chart showing all the companies under ANSA McAL
which would be subject to a boycott, the report notes.

Responding to Cabrera's statements, GML's head of news, Shelly
Dass, said, "As a publicly traded company, our financial
statements are published every quarter and are independently
audited on an annual basis in accordance with international
accounting standards.  We have nothing to hide and we stand by our
financial statements. As a result, GML totally rejects Mr
Cabrera's inaccurate allegations. Furthermore, we will not engage
in conducting negotiations through the media," the report notes.

Mr. Dass denied that 49 retrenchment notices had been sent out,
noting that, in 2016, 16 workers were retrenched after extensive
consultations, but that the 2017 consultation process had not been
completed, the report adds.


PETROLEOS DE VENEZUELA: Profit Disappears as Oil Output Drops
Vanessa Dezem and Michelle F. Davis at The Latin American Herald
Tribune report that profit at state oil giant Petroleos de
Venezuela SA plummeted almost 90 percent last year amid declining
output and a drop in oil prices, a new blow for a country rocked
by political and economic chaos.

Net income declined 88.7 percent to $828 million in 2016 as
production fell 10 percent to 2.57 million barrels per day,
according to PDVSA's annual financial statement published on its
website, according to The Latin American Herald Tribune.  Average
oil prices in Venezuela declined to $35.15 per barrel from about
$45 per barrel in 2015, the report notes.

Venezuela and PDVSA are under intense scrutiny from investors as
U.S. sanctions against key government officials and a power grab
by President Nicolas Maduro threaten to disrupt financial flows,
the report relays.  Prices for government and PDVSA bonds have
tumbled in recent weeks amid concerns that Maduro's actions will
trigger more severe measures against the oil-producing nation that
may choke off its ability to repay debt, the report says.

The profit slump was "quite a dramatic fall," said Russ Dallen,
managing partner at Caracas Capital Markets, the report notes.
"PDVSA was the golden goose of Venezuela and what these financials
tell us is that these guys are killing it," the report quoted Mr.
Dallen as saying.

Petroleos de Venezuela SA's $1.1 billion of dollar-denominated
bonds that mature in November of this year fell 1.1 percent to
86.8 cents on the dollar, according to data compiled by Bloomberg.

                           Oil Prices

PDVSA was obligated under rules for its bonds due in 2020 to
provide audited financial reports for last year by the end of
June, but asked bond investors for a temporary waiver from the
requirements until Aug. 11, the report says.

PDVSA's exports slumped 9.7 percent to 2.2 million barrels per
day. Maduro's regime has set a $3.2 billion plan to boost output
by 250,000 barrels a day within 30 months, the report discloses.

Faced with persistently low oil prices, Venezuela -- which has the
world's largest reserves and depends on crude sales for 95 percent
of its export revenue -- has been plagued with shortages of
everything from toilet paper to antibiotics and food, the report
notes.  With the government running out of money to pay for
imports and interest payments on foreign debt, it has turned, in
part, to asset sales to raise whatever cash it can, the report

The nation is also dealing with increasing tensions with the U.S,
which has imposed a series of sanctions on people associated with
Maduro, freezing their assets in the U.S. and blocking anyone in
the U.S. from doing business with them, the report discloses.
Trump said he's considering a military option in response to the
political and economic crisis in Venezuela, the report relays.

The latest numbers give bondholders more clarity on the gravity of
the state oil company's financial situation, the report notes.
PDVSA has $3.2 billion in bond principal and interest payments due
for the rest of the year, according to data compiled by Bloomberg.

PDVSA may struggle to cover that, Mr. Dallen said. "They're going
to have to either borrow more money from the Russians or the
Chinese or sell assets," the report adds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Moody's Investors Service assigned a Caa3 rating to
Petroleos de Venezuela, S.A. (PDVSA)'s 8.5% $3.4 billion in senior
secured notes due 2020.  The outlook on the rating in negative.

On Oct. 28, 2016, PDVSA exchanged its 5.250% senior notes due 2017
and 8.50% senior notes due 2017 for 8.50% $3,367,529,000 senior
secured notes due in October 2020.  The 2020 notes will be
amortized in four equal installments, starting in 2017.  The 2020
notes are secured by a first-priority security interest on 50.1%
of the capital stock of CITGO Holding, Inc. (Caa1 stable) and are
unconditionally and irrevocably guaranteed by PDVSA Petroleo, S.A.

VENEZUELA: Constitutional Assembly Sets Gubernatorial Elections
EFE News reports that Venezuela's National Constituent Assembly
(ANC) has moved up the state gubernatorial elections to October.

The gubernatorial elections were originally scheduled to be held
on Dec. 10, but they were suspended twice, according to EFE News.

As reported on Troubled Company Reporter-Latin America on July 13,
2017, S&P Global Ratings lowered its long-term foreign and local
currency sovereign credit ratings on the Bolivarian Republic of
Venezuela to 'CCC-' from 'CCC'. The outlook on the long-term
ratings is negative. S&P said, "We affirmed our 'C' short-term
foreign and local currency sovereign ratings. In addition, we
lowered our transfer and convertibility assessment on the
sovereign to 'CCC-' from 'CCC'."

V I R G I N  I S L A N D S

BOYSON INC: Exclusivity Extended Through August 10 Hearing
A hearing was held on July 6, 2017 on Boyson, Inc.'s Motion for an
extension of the exclusive periods in which the Debtor may file
and solicit acceptance of a Chapter 11 Plan filed on May 22.
However, Revere High Yield Fund, LP objected to the relief
requested in the Motion.

Accordingly, on August 3, 2017 Judge Mary F. Walrath of the U.S.
Bankruptcy Court for the District of the Virgin Islands ordered
that the hearing on the Motion be continued until August 10 at
10:00 a.m. Pending such continued hearing, Judge Walrath extended
the exclusive period for the Debtor to file a Chapter 11 plan
through August 10, and the exclusive period for the Debtor to
obtain acceptances of such plan through October 9. These periods,
however, may be further extended by the Court at the continued

As previously reported by the Troubled Company Reporter on May 25,
2017, the Debtor asked the Court for an extension of the exclusive
periods within which it may file and solicit acceptances of a
Chapter 11 plan through and including November 22, 2017, and
January 21, 2018, respectively. The Debtor told the Court that it
needed more time to determine the best course of action to propose
a Chapter 11 plan.

The Debtor contended that it has been actively engage in
discussions with potential financing sources which will ultimately
determine whether it will continue operating the business or
pursue a possible sale of the business as a going-concern. The
Debtor further contended that the outcome of these discussions
will impact the structure and terms of any plan of reorganization
that may be proposed by the Debtor.

                        About Boyson Inc.

Boyson, Inc. is a family-owned business located in the U.S. Virgin
Islands that was formed in 1973.  For many decades, Boyson has,
among other things, provided ferry and other transportation
services within and between the U.S. Virgin Islands, the British
Virgin Islands and Puerto Rico.

Boyson, Inc. filed a Chapter 11 petition (Bankr. D.V.I. Case No.
17-30001), on January 25, 2017.  The petition was made on the eve
of a public auction for the Mister B barge owned by the Debtor.
The auction was canceled following the bankruptcy filing.

The petition was signed by Cheryl Boynes-Jackson, vice president.
At the time of filing, the Debtor estimated assets at $10 million
to $50 million and liabilities at $1 million to $10 million.

Scroggings & Williamson, P.C. serves as the Debtor's general
counsel, and Claire E. Tagini, Esq. at Quintairos, Prieto, Wood &
Boyer, P.A. as its local counsel. The Debtor retained South
Atlantic Enterprises, Inc., and Vista Capital, LLC as finance

No trustee, examiner or official committee of unsecured creditors
has been appointed.


* LATAM: Fintech Firms Preview Innovations & Changes in Markets
In the past two years Latin America has experienced a rapid
emergence of new financial companies based on technological
platforms, known as Fintech, which signals a profound change in
the financial markets but at the same time presents a challenge to
regulators, according to a study by the Inter-American Development
Bank (IDB) and Finnovista, an organization that promotes the
development of Fintech companies.

The report "Fintech Startups in Latin America" identified 703
startups in 15 countries, offering solutions across all segments
and technologies that are observed globally, a dynamism that
favors the emergence of a more innovative and inclusive digital
financial services industry in the region.

Three out of every five Fintech startups were established between
2014 and 2016, reflecting the potential of the sector perceived by
entrepreneurs. The study notes, nonetheless, that this reflects
that most products and models need to mature and grow before they
become sustainable companies.

One in four Fintech companies operate as alternative finance
platforms, offering loans, crowdfunding or factoring. Another
quarter of the companies operate in payments, and the remaining
operate in segments such as enterprise and personal financial
management, wealth management, insurance and digital banks.

Brazil is the country that provides the greatest number of
startups, with 230 firms, followed by Mexico with 180. Colombia
ranks third with 84, followed by Argentina with 72 and Chile with
65. These five countries concentrate nearly 90% of the Fintech
activity in Latin America.

Among those surveyed, 41.3% stated that their mission is to serve
customers who remain excluded or underserved by the traditional
financial services industry, whether they are individuals or small
and medium-sized enterprises. Considering that Fintech companies
seek to solve concrete problems of their target segment; this
approach is quite promising to address financial inclusion
constraints arising from the demand side.

"We are witnessing a revolution in the way in which people and
businesses manage their finances" said Gabriela Andrade, financial
markets specialist at the IDB. "In addition to achieving lower
costs by adopting digital channels, Fintechs use different sources
of information and new techniques to evaluate customers, their
behavior and their risk, which allows to reach excluded segments
in a more affordable way".

    Advances in Regulation And the Role of The Public Sector

To enable the sector to develop and achieve greater impacts, it
will be necessary to deepen the dialogue between entrepreneurs,
policymakers and regulators. The study recommends, for example,
the creation regulatory sandboxes in which Fintech companies can
operate, evaluate their business models and offer their products
in monitored environments, as well as facilitating a smooth
transition, for both startups and oversight bodies, towards an
adequate regulation and supervision.
Fintech companies preview big innovations and changes in financial
markets in Latin America

"The countries better prepared in terms of regulation will be able
to take advantage of the impact that Fintech companies can offer",
said Juan Ketterer, Division Chief of the of Connectivity, Market
and Finance division of the IDB. "In this regard, time is a key
factor, considering the speed with which these enterprises are
developing. Several governments in the region are considering the
development of Fintech as one of the pillars to reduce financial

Countries such as the United Kingdom and Singapore are offering
temporary exemptions on authorizations for Fintech companies,
while a more proactive role of the public sector to create a
support system for the sector is observed. Another trend
recommended is the creation of some type of public figure or
institution that serve as the interlocutor between the industry
and policymakers.

The collaboration between Fintech startups and traditional players
in industry is an indispensable element that must be built up in
Latin America," comments AndrÇs Fontao, Managing Partner of
Finnovista, "Regulation is a factor that needs to be addressed by
governments and legislators, not with a restrictive purpose and
stricter controls, but from a perspective that promotes
competitiveness and innovation at the national and regional


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


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, 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

                   * * * End of Transmission * * *