TCRLA_Public/170816.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

            Wednesday, August 16, 2017, Vol. 18, No. 162


                            Headlines



A N T I G U A  &  B A R B U D A

SANDALS ANTIGUA: Trades Barbs With Antigua & Barbuda


B R A Z I L

BRAZIL: President Weakened by Graft Charge, Losing Fiscal Battle
JBS SA: Maintains Plans for IPO of US Unit
ODEBRECHT SA: Gave EX-Pemex Chief $3MM in 2012 Campaign, NGO Says
ODEBRECHT SA: Mexican AG's Office Will Prosecute Case Fully
TERRAVIA HOLDINGS: U.S. Trustee Unable to Appoint Committee


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Chief 'Won't Be Rushed' Over Goldquest Mine


J A M A I C A

JAMAICA: Strata Corporations Delinquent in Filing Annual Returns


P U E R T O    R I C O

HUSKY INC: Seeks to Hire ODV Appraisal Group
INSTITUCION SANTA ELENA: Proposes to Reduce Fees for S&G Law
SHORT BARK: Hires SSG and Young America as Investment Bankers


V E N E Z U E L A

VENEZUELA: Maduro Asks for Support in Wake of Trump's Threat


                            - - - - -


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


SANDALS ANTIGUA: Trades Barbs With Antigua & Barbuda
----------------------------------------------------
Caribbean News Now reports that the impending three-month closure
of the Sandals resort in Antigua has resulted in a flurry of
accusations and legislation, with the latest salvo taking the form
of a statement by Sandals accusing the government of Antigua and
Barbuda of intimidation and defamation.

Sandals Antigua suddenly announced that it will close for three
months from September, prompting the tabling of emergency
legislation in Parliament to prevent other similar closures,
according to Caribbean News Now.

The Investment Amendment Act applies to hotels with more than five
percent of the local room stock and, if they close for more than
two months without giving the government adequate notice, "that
hotelier may have some of his concessions withdrawn", said chief
of staff, Lionel 'Max' Hurst, the report notes.

The government described the Sandals Antigua closure as a hostile
act meant to force the granting of more concessions; however, the
company denied that its closure was sudden and said instead that
its purpose is to undertake much-needed improvements to the
property, the report relays.

According to Sandals, the government of Antigua and Barbuda signed
a memorandum of understanding in March 2000, which granted to
Sandals relief from the hotel tax and guest levy in exchange for
constructing 100 new rooms, the report notes.

The hotel tax and guest levy was replaced by the Antigua and
Barbuda Sales Tax (ABST) in September 2006, the report discloses.

In January 2009, the then-government granted Sandals relief from a
portion of the ABST so as to maintain the value of the original
concession benefits, the report recalls.

In 2016, the current administration abolished the 2009 agreement,
the report adds.


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


BRAZIL: President Weakened by Graft Charge, Losing Fiscal Battle
----------------------------------------------------------------
Anthony Boadle at Reuters reports that Brazilian President Michel
Temer has burned through political capital fighting corruption
charges and is struggling to push forward his economic agenda
meant to rein in a gaping budget deficit.

Even allies in Congress now doubt he can achieve anything but
watered-down measures, likely delaying any fix to Brazil's fiscal
crisis until the economy recovers from deep recession, according
to Reuters.

With continued deficits, Brazil risks further downgrades in its
credit rating, the report notes.  It lost its investment grade two
years ago, adding to the cost of financing mounting public debt,
the report relays.

In a sign of President Temer's failure to restore fiscal health,
the government is expected to revise upward its 2017 and 2018
deficit targets due to falling tax revenues in an economy that is
barely growing, the report discloses.

More pessimistic analysts worry the insolvency already faced by
some Brazilian states that cannot pay employees or provide basic
services will reach the federal government, the report relays.

President Temer had a window to pass a pension overhaul earlier
this year, but it closed in May when allegations emerged that he
condoned bribes in a taped conversation with the then CEO of the
world's largest meatpacker JBS S.A, the report notes.  "We are
dancing samba at the edge of the precipice," said Sao Paulo-based
wealth manager Fabio Knijnik, the report relays.  "I don't see the
political class at all concerned with resolving this," he added.

The deeply unpopular president won enough backing in Congress on
Aug. 2 to block a corruption charge that could have led to his
suspension pending trial by the Supreme Court, the report
discloses.  To survive, he approved about $1.5 billion in pork
barrel spending to keep lawmakers happy, the report says.

His closest ally in Congress, the center-right Democrats Party of
Speaker Rodrigo Maia, does not believe President Temer has the 308
votes, or three-fifths of the lower chamber, needed to pass
pension reform, the key measure in his fiscal rescue plan, the
report notes.

Speaking in Rio, Mr. Maia said President Temer's political
troubles and lower-than-expected tax revenues had created the
crisis, the report relays.  Mr. Maia said Brazil had no
alternative but to seek whatever pension fix it could, given
Congress would not raise taxes, the report notes.

Congressman Efraim Filho, the Democrats whip, told Reuters
President Temer must dilute the pension bill to get it past
Congress.  He said the measure had to be stripped down to its most
important provision, a minimum age for retirement of 65 years for
men and 63 for women in a country where people only work on
average until age 54, the report says.

                         Crumbling Coalition

President Temer's government coalition is in disarray.  Parties
who stood by the president are now demanding they be rewarded with
cabinet positions, such as the big-budget Cities Ministry, the
report relays.  It is now controlled by the Brazilian Social
Democracy Party (PSDB), which split over whether to abandon the
scandal-plagued president, the report notes.

Until they get their way, the allies at the core of his coalition
have said they will not put his proposed pension bill to the vote,
the report discloses.  Mr. Maia said the "climate" was not right
to move to a floor vote and the bill could languish and miss a
legislative window likely to close in December as an election year
approaches in 2018, the report notes.

The government has already made concessions on the pension bill
provisions that will reduce planned fiscal savings by up to 25
percent in 10 years and nearly 30 percent in 30 years, according
to Finance Minister Henrique Meirelles, the report relays.

The pension overhaul is vital for Brazil to comply with a 20-year
spending cap that was President Temer's first move to restore
fiscal discipline, albeit without a full impact on accounts until
2019, the report notes.

"That ceiling was like saying you are going on a diet two years
from now," said Daniel Freifeld of Callaway Capital, a Washington
D.C.-based investment firm, the report adds.

As reported in the Troubled Company Reporter-Latin America on May
30, 2017, Moody's Investors Service has changed the outlook on
Brazil's issuer rating to negative from stable and affirmed its
issuer, senior unsecured and shelf ratings at Ba2 and (P)Ba2
respectively.


JBS SA: Maintains Plans for IPO of US Unit
-------------------------------------------
Channel Asia News reports that JBS SA will press on with plans to
list shares of its United States subsidiary next year, Chief
Executive Officer Wesley Batista said during a conference call
with analysts.

Mr. Batista said the listing is planned for the second half of
2018, following completion of a global asset divestment plan for
JBS to raise around BRL6 billion, according to Channel Asia News.

"It is not a matter of if but when," he said about the IPO plans,
the report notes.

Mr. Batista added JBS is in advanced talks to sell Moy Park Ltd in
Europe and JBS Five Rivers Cattle Feeding LLC in the U.S, the
report adds.

As reported in the Troubled Company Reporter-Latin America on
July 31, 2017, S&P Global Ratings affirmed its 'B+' global scale
corporate credit ratings on JBS S.A. and JBS USA and its 'brBBB-'
national scale rating on JBS. S&P also affirmed the 'B+' senior
unsecured debt ratings on JBS and JBS USA and the 'BB' senior
secured debt ratings on JBS USA. At the same time, S&P removed all
ratings from CreditWatch. The outlook is negative.


ODEBRECHT SA: Gave EX-Pemex Chief $3MM in 2012 Campaign, NGO Says
-----------------------------------------------------------------
EFE News reports that Brazilian construction giant Odebrecht
transferred more than $3 million to a company allegedly linked to
former Petroleos Mexicanos Chief Executive Officer Emilio Lozoya
during the 2012 presidential campaign, a non-governmental
organization said.

The construction company executed several money transfers to Latin
American Asia Capital Holding, a Virgin Islands corporation
identified "as the company through which bribes were paid to
Lozoya," Mexicanos Contra la Corrupcion y la Impunidad (MCCI)
said, citing figures from bank account statements at Antigua-based
Meinl Bank, a unit of Odebrecht, according to EFE News.

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.


ODEBRECHT SA: Mexican AG's Office Will Prosecute Case Fully
-----------------------------------------------------------
EFE News reports that the investigation into Brazilian
construction giant Odebrecht SA's alleged corrupt activities in
Mexico will be carried out fully, the Attorney General's Office
said.

"This case will be pushed to its final consequences and directly
against those responsible," the AG's office said in a statement,
obtained by the news agency.

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.


TERRAVIA HOLDINGS: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------------
The Office of the U.S. Trustee on August 11 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of TerraVia Holdings, Inc.

                          About TerraVia

Headquartered in South San Francisco, California, TerraVia
Holdings, Inc. (NASDAQ:TVIA) -- http://www.terravia.com-- is a
plant-based food, nutrition and specialty ingredients company that
harnesses the power of algae, the mother of all plants and earth's
original superfood. With a portfolio of breakthrough ingredients
and manufacturing, TerraVia is well positioned to help meet the
growing need of consumer packaged goods and established and
emerging food manufacturers to improve the nutritional profile of
foods without sacrificing taste, and to develop select consumer
brands.  TerraVia also manufactures a range of specialty personal
care ingredients for key strategic partners.  Headquartered in
South San Francisco, TerraVia's mission is to create products that
are truly better for people and better for the planet.

On Aug. 2, 2017, TerraVia Holdings, Inc., and its wholly owned
U.S. subsidiaries filed voluntary petitions under chapter 11 of
title 11 of the United States Code (Bankr. D. Del. Lead Case No.
17-11655).  The Debtors filed a motion with the Court seeking to
administer all of the Chapter 11 cases jointly under Lead Case No.
17-11655).

The subsidiary debtors in the Chapter 11 cases are Solazyme Brazil
LLC and Solazyme Manufacturing 1, LLC.

The Debtors sought bankruptcy protection after reaching a deal to
sell the assets to Corbion N.V. for $20 million in cash plus the
assumption of liabilities.

Davis Polk & Wardwell LLP is acting as restructuring and corporate
counsel to TerraVia.  Rothschild Inc. is acting as TerraVia's
financial advisor and investment banker to lead the sales process.
Kurtzman Carson Consultants LLC is the claims agent, maintaining
the case Web site http://www.kccllc.net/TerraVia


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


DOMINICAN REPUBLIC: Chief 'Won't Be Rushed' Over Goldquest Mine
---------------------------------------------------------------
Dominican Today reports that Dominican Republic Energy and Mines
minister Antonio Isa Conde cautioned that no one will "rush" him
over GoldQuest's Romero mining project in San Juan de la Maguana
(west), and vowed to comply strictly with the law.

The official said shaft mining is a new category in the country
that requires adequate technical management "that doesn't lead to
mistakes of the past" in the extraction industry, despite
acknowledging that the environment impact -- if handled properly
-- is less, according to Dominican Today.

Mr. Conde affirmed that in all aspects the mining project -- like
any other -- must be handled with vision of future and taking into
account the national interest, as well as the convenience for the
Dominican State, the report notes.  "In Romero's case we proceed
without hurry, but without pause," Mr. Conde said.

"I won't let anybody hurry me. Here we cannot make mistakes and we
have to act with strict adherence to the law," said Mr. Conde in
an interview by AN 7TV, the report relays.

The official added that in addition to ensuring sustainable
extractions, it should ensure revenue for the State, when a non-
renewable resource is exploited, the report adds.

As reported in Troubled Company Reporter-Latin America on July 24,
2017, Moody's Investors Service has upgraded the Dominican
Republic's long term issuer and debt ratings to Ba3 from B1 and
changed the outlook to stable from positive, based on the
following key drivers:

(1) The Dominican Republic's continued robust growth outlook
     compared to rating peers, coupled with a reduction in
     external risks as current account deficits have declined and
     international reserves have increased.

(2) The reduction in fiscal deficits over the last four years and
     Moody's expectation that fiscal deficits will remain shy of
     3% of GDP, supported by fiscal restraint and reduced
     transfers to the electricity sector.


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


JAMAICA: Strata Corporations Delinquent in Filing Annual Returns
-----------------------------------------------------------------
RJR News reports that a significant number of strata corporations
are still not filing annual returns with the Commission of Strata
Corporations.

This was disclosed by the Commission's Inspectorate Manager,
Ainsworth Norton who said there has been a worrying trend of non-
compliance in the filing of the documents, according to RJR News.

Mr. Norton, who was speaking at a JIS Think Tank said only 23
percent of strata corporations have filed annual returns over the
last four financial years, the report notes.

Mr. Norton said the low compliance rate is a big problem, because
it does not afford the Commission the ability to deal with the
issues that are prevalent within strata corporations, the report
relays.

Under the Strata Titles Act, strata corporations are required to
file annual returns with the Commission, the report notes.

In 2010, 993 strata corporations were registered with the
Commission, the report says.

It increased to 1,761 at the end of last year, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Feb. 9, 2017, Fitch Ratings affirmed Jamaica's Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'B' with a
Stable Outlook. The issue ratings on Jamaica's senior unsecured
Foreign and Local Currency bonds are also affirmed at 'B'. The
Outlooks on the Long-Term IDRs are Stable. The Country Ceiling is
affirmed at 'B' and the Short-Term Foreign Currency and Local
Currency IDRs at 'B'.


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


HUSKY INC: Seeks to Hire ODV Appraisal Group
--------------------------------------------
Husky, Inc., seeks authorization from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ ODV Appraisal Group,
PSC, as appraiser.

The Debtor requires ODV Appraisal Group to make an opinion related
to the market value of the Debtor's real estate property located
at Rincon Ward, Gurabo, Puerto Rico.

The Debtor will pay ODV Appraisal Group a flat rate of $3,800 for
the appraisal of the property.

J. Javier Ortiz, MAI, CCIM, from ODV Appraisal Group, PSC,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.

ODV Appraisal Group may be reached at:

       J. Javier Ortiz, MAI,CCIM
       ODV Appraisal Group, PSC
       Suite 266, PO Box 19-4000
       San Juan, PR 00919-4000
       Tel: 787-771-5580
       Fax: 787-771-5587

                         About Husky Inc.

Husky, Inc., based in Gurabo, Puerto Rico, is the 100% owner of
Christian Elderly Home, Inc., having a current value of $1
million. It also owns a 2,320 square-meter lot with concrete
building for storage located at Barrio Rincon and valued at
$300,000.

Husky and Christian Elderly filed separate Chapter 11 petitions
(Bankr. D.P.R. Case Nos. 17-02559 and 17-02561) on April 12, 2017.

Edgardo Garcia Rosario, president, signed the petitions.

In its petition, Husky disclosed $1.32 million in assets and
$7.63 million in liabilities.  Christian Elderly disclosed $1.04
million in assets and $7.5 million in liabilities.

Judge Enrique S. Lamoutte Inclan presides over the cases.  Carmen
D. Conde Torres, Esq., at the Law Offices of C. Conde &
Associates, is the Debtors' bankruptcy counsel.


INSTITUCION SANTA ELENA: Proposes to Reduce Fees for S&G Law
-------------------------------------------------------------
Institucion Santa Elena Del Monte Inc. has filed with the U.S.
Bankruptcy Court in Puerto Rico an amended application in which it
proposes to reduce the hourly rates for its bankruptcy counsel,
Santiago & Gonzalez Law, LLC.

In its amended application, the Debtor proposes to pay an hourly
fee of $225 to Nydia Gonzalez Ortiz, Esq., the attorney who will
be handling the case, and $125 to the firm's associates.

The original application had proposed to pay $250 per hour to the
lead attorney and $150 per hour to the associates.

                About Institucion Sanata Elena

Institucion Santa Elena Del Monte, Inc. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 17-
04793) on July 5, 2017, disclosing less than $1 million in both
assets and liabilities.  The Debtor is represented by Nydia
Gonzalez Ortiz, Esq., at the Law Offices of Santiago & Gonzalez
Law LLC.


SHORT BARK: Hires SSG and Young America as Investment Bankers
-------------------------------------------------------------
Short Bark Industries, Inc., et al., seek permission from the U.S.
Bankruptcy Court for the District of Delaware to employ SSG
Advisors, LLC and Young America Capital, LLC as investment bankers
for the Debtors, nunc pro tunc to July 10, 2017.

The Advisors will render services with respect to these
transactions:

     a. Sale. The Advisors' role in connection with the Sale will
        include the following:

             i. prepare an information memorandum describing the
                Debtors, their historical performance and
                prospects, including existing contracts,
                marketing and sales, labor force, and management
                and anticipated financial results of the Debtors;

            ii. assist the Debtors in developing a list of
                suitable potential buyers who will be contacted
                on a discreet and confidential basis after
                approval by the Debtors;

           iii. coordinate the execution of confidentiality
                agreements for potential buyers wishing to review
                the information memorandum;

            iv. assist the Debtors in coordinating site visits
                for interested buyers and work with the
                management team to develop appropriate
                presentations for such visits;

             v. solicit competitive offers from potential buyers;

            vi. advise and assist the Debtors in structuring the
                Sale, as the term is hereafter defined, and
                negotiating the Sale agreements;

           vii. otherwise assist the Debtors, their attorneys and
                accountants, as necessary, through closing on a
                best efforts basis; and

           viii. as necessary, testify in support of the Sale.

     b. Restructuring. The Advisors' role in connection with a
        Restructuring will include the following:

             i. negotiate and assist the Debtors and their
                counsel in reviewing secured debt documents and
                meeting with lenders, lessors and/or critical
                creditors regarding long term extension
                agreements and other restructuring arrangements;

            ii. work with critical vendors to secure alternatives
                and credit; and

           iii. otherwise assist the Debtors, their other
                professionals, as necessary, through closing, on
                a best efforts basis.

The Debtors have agreed to pay the Advisors the proposed
compensation and expense reimbursements as provided in the
Engagement Letter:

     a. Initial Fee. An initial fee equal to $20,000, due upon
        signing this Engagement Agreement.

     b. Monthly Fees. Monthly fees of $20,000 per month payable
        on the first (1st) of each month beginning January 1,
        2017. The Monthly Fees will be credited in full against
        the Transaction Fee.

     c. Sale Fee. Upon the consummation of a Sale Transaction to
        any party, Advisors shall be entitled to a fee, payable
        in cash, in federal funds via wire transfer or certified
        check, at and as a condition of closing of such Sale,
        equal to the greater of (a) $300,000 or (b) 5.0% of Total
        Consideration.

     d. Restructuring Fee. Upon the closing of an Restructuring
        Transaction, Advisors shall be entitled to a fee payable
        in cash, in federal funds via wire transfer or certified
        check, at and as a condition of closing of such
        Restructuring equal to $300,000.

     e. In addition to the Initial Fee, Monthly Fee and
        Transaction Fees, whether or not a Transaction is
        consummated, the Advisors will be entitled to
        reimbursement for all of Advisors' reasonable out-of-
        pocket expenses incurred in connection with the subject
        matter of this Engagement Agreement.

      f. SSG Advisors and Young America Capital shall split all
        fees, 80% SSG and 20% YAC.

J. Scott Victor, managing director at SSG Advisors, LLC, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Peter Formanek, founder and managing partner of Young America
Capital, LLC, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not represent any interest adverse to the
Debtors and their estates.

The Advisors may be reached at:

       J. Scott Victor
       SSG Advisors, LLC
       Five Tower Bridge, Suite 420
       300 Barr Harbor Drive
       West Conshohocken, PA 19428
       Phone: (610) 940-5802
       Fax: (610) 940-3875
       Email: jsvictor@ssgca.com

            - and -

       Peter Formanek
       Young America Capital, LLC
       141 East Boston Post Road
       Mamaroneck, New York 10543
       Phone: 914-777-0100
       Fax: 914-698-4395

                     About Short Bark Industries

Short Bark Industries, Inc. -- http://www.shortbark.com/--
provides military apparels for the Department of Defense, law
enforcement industry.  The company's manufactured items in the
military category include military MOLLE, medium and large
rucksacks, assault packs, IWCS, ACU, ABU, BDU, helmet covers,
FROG, A2CU and more.  It offers men and boys suits, over garments,
bag, and coats.  The company holds over 120,000+ square feet of
manufacturing capacity with operations in Florida, Puerto Rico and
Tennessee.

Short Bark and EXO SBI, LLC, sought bankruptcy protection (Bankr.
D. Del., Lead Case No. 17-11502) on July 10, 2017.  The petitions
Were signed by Phil Williams, CEO and chairman.

The Debtors listed total assets of $10 million to $50 million and
total liabilities of $10 million to $50 million.

Bielli & Klauder, LLC serves as lead bankruptcy counsel to the
Debtors.

On July 18, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.


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


VENEZUELA: Maduro Asks for Support in Wake of Trump's Threat
-------------------------------------------------------------
EFE News reports that Venezuelan President Nicolas Maduro called
for international support for a presidential summit to deal with
the issue of the "threat" of military action issued by his US
counterpart, Donald Trump.

President Maduro made the request before the ambassadors of Spain,
France, Japan, Syria, Vietnam and Guatemala, who presented their
diplomatic credentials to him at Miraflores Presidential Palace in
Caracas, 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'."


                            ***********


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, 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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