TCRLA_Public/170824.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

           Thursday, August 24, 2017, Vol. 18, No. 168


                            Headlines



B R A Z I L

BRASKEM SA: Moody's Confirms Ba1 LT Corporate Family Rating
COMPANHIA SIDERURGICA: S&P Cuts Global Scale Ratings to 'CCC'


C A Y M A N  I S L A N D S

PLATINUM PARTNERS: Intermediate Fund Files Chapter 15 Petition


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Miners 'Misery' Prompts Ban on Stone Exports
DOMINICAN REPUBLIC: Gov. Earmarks US$2BB to Boost Agro, Fund SMEs


G U A T E M A L A

CEMENTOS PROGRESO: S&P Affirms 'BB' CCR & Retains Negative Outlook


J A M A I C A

JAMAICA: Shopkeepers Call for Return of Unlabelled Sugar
JAMAICA: Gets Mixed Review from Global Forum on Transparency


M E X I C O

ROKA BIOSCIENCE: Agrees to Sell Assets to EIH Subsidiary
TUXTLA GUTIERREZ: Moody's Cuts Issuer Rating to B1; Outlook Neg.
WELLMAN DYNAMICS: Amended Docs on Assets Sale Due Aug. 25


P U E R T O    R I C O

WEST WINDOWS: Unsecureds to Recoup 19.14% Under Plan


V E N E Z U E L A

VENEZUELA: US Weighs Restricting Trades in Debt to Punish Maduro
VENEZUELA: Maduro Says He Will Win 2018 Presidential Elections
VENEZUELA: President Plans Overture to Trump


                            - - - - -


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B R A Z I L
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BRASKEM SA: Moody's Confirms Ba1 LT Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service confirmed Braskem S.A. corporate family
rating at Ba1 and the ratings on the foreign currency debt
issuances of Braskem Finance Ltd and Braskem America Finance
Company, fully guaranteed by Braskem S.A, at Ba1. The rating
outlook is negative.

Ratings Actions:

Issuer: Braskem S.A.

LT Corporate Family Rating, confirmed at Ba1

Issuer: Braskem America Finance Company

USD750mm GTD Global Senior Unsecured notes due 2041, confirmed at
Ba1

Issuer: Braskem Finance Ltd

USD500mm GTD Global Senior Unsecured notes due 2018, confirmed at
Ba1

USD750mm GTD Global Senior Unsecured bonds due 2020, confirmed at
Ba1

USD1000mm GTD Global Senior Unsecured bonds due 2021, confirmed at
Ba1

USD500mm GTD Global Senior Unsecured notes due 2022, confirmed at
Ba1

USD750mm GTD Global Senior Unsecured notes due 2024, confirmed at
Ba1

USD700mm GTD Global Senior Unsecured notes (perpetual), confirmed
at Ba1

Outlook Actions:

Issuer:: Braskem S.A:

-- Outlook, Changed To Negative from Rating Under Review

Issuer: Braskem America Finance Company:

-- Outlook, Changed To Negative from Rating Under Review

Issuer: Braskem Finance Ltd

-- Outlook, Changed To Negative from Rating Under Review

RATINGS RATIONALE

The confirmation of the Ba1 ratings reflects the publication of
audited financial statements for fiscal-year 2016 and 1st and 2nd
quarters of 2017 with no material changes to unaudited results
previously released. As a consequence, the company is now in
compliance with Brazil's Securities and Exchange Commission (CVM)
reporting regulations, as well as capital market debt agreements.
This eliminates the risk that bondholders would take actions that
could lead to a declaration of default and a debt acceleration,
therefore removing a material liquidity risk for Braskem. However,
the company has not yet filed the 20-F, and is not in compliance
with SEC reporting regulations. The SEC has extended the filing
deadline for the 20-F report until mid-November 2017. Still,
Moody's understand this delay does not carry the risk of potential
debt acceleration because the financial reporting requirements
under capital markets debt agreements have been met by the CVM
filing.

The Ba1 rating reflects Braskem's standalone credit profile and
risks. The rating is supported by its size as the largest
petrochemical company in Brazil and in the Americas by production
capacity of resins, with historically above industry average
operating margins coming from high capacity utilization rates,
long-term client relationships, and product customization. The
rating also reflects the company's dominant market position in
Brazil and the geographic diversification with operations in the
USA, Mexico and Europe. Exports from Brazil and international
operations in the US, Europe and Mexico already represented about
49% and 51% of the company's consolidated revenues and EBITDA,
respectively, in LTM ended June 2017. Geographic diversity should
improve further as the company maintains its strategy of
international expansion, enhancing product and feedstock
diversification, reducing the inherent volatility to the
petrochemical cycles, and helping to offset the impact of weak
domestic economic fundamentals on the company's creditworthiness.
Braskem's Ba1 rating ranks one notch above Brazil's government
bond rating.

Challenges for the company's credit metrics include the timid
economic growth in the Brazilian domestic market, which somewhat
limits sales volume in Brazil, and the expected decline in PE
spreads from 2017 onwards as new capacity hits the market, which
will also compete with Braskem's established markets. The rating
also factors in the company's exposure to naphtha and gas prices
and its dependence on Petroleo Brasileiro S.A. - Petrobras (B1
positive) for the supply of a large portion of those inputs in
Brazil and on Petroleos Mexicanos -- PEMEX (Baa3 negative) for the
ethane supply in Mexico. Deceleration in global demand for resins
and basic petrochemicals is an additional challenge.

The negative outlook reflects the outlook of Brazil's government
bond rating.

An upgrade of Braskem's rating is unlikely given the high credit
risk of the company's controlling shareholder Odebrecht S.A.
(unrated), that could require Braskem to increase its dividend
distribution to levels materially above the minimum law
requirements, jeopardizing its liquidity position. In 2016,
Braskem, supported by its strong cash flows, distributed BRL2
billion in dividends relative to FY 2015, a substantial increase
when compared to dividends distributed in previous years (2011-
2015). Quantitatively, an upgrade would also require Braskem's
leverage (as measured by Total Adjusted Debt to EBITDA) to be
sustained below 3x (3.1x in the LTM ended June 2017, incorporating
Mexico's project finance debt) and the maintenance of a sound
liquidity profile and positive free cash flow generation.

Negative pressure on the rating could result from weaker operating
results or from persistently high leverage, with Total Adjusted
Debt to EBITDA of 3.5x or above and Retained Cash Flow/Total Debt
lower than 15% (17.9% in the LTM ended June 2017) on a sustained
basis, with dividend payout consistently above the minimum
established by the law. Furthermore, the rating could be
negatively affected if Braskem faces material liabilities from
litigations and class actions in addition to the amount related to
the Global Agreement signed in December 2016 or if Braskem assumes
substantial risks related to greenfield projects.

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.
Please see the Rating Methodologies page on www.moodys.com for a
copy of this methodology.

Braskem S.A. (Braskem) is the largest producer of thermoplastic
resins (Polyethylene, Polypropylene and Polyvinyl chloride) in the
Americas, with annual production capacity of 8.9 million tons.
Braskem also has production capacity of 10.8 million tons of basic
petrochemicals as ethylene, propylene, gasoline, among others and
1 million ton of caustic soda and chlorine. In the LTM ended
June 2017, Braskem reported consolidated net revenues of BRL 48.5
billion (USD15.0 billion).


COMPANHIA SIDERURGICA: S&P Cuts Global Scale Ratings to 'CCC'
-------------------------------------------------------------
S&P Global Ratings has lowered its global scale rating to 'CCC'
from 'CCC+' on Companhia Siderurgica Nacional (CSN). S&P said, "We
also lowered our Brazilian national scale ratings on the company
to 'brCCC' from 'brB'. At the same time, we have lowered the
issue-level ratings on CSN's senior unsecured notes to 'CCC' from
'CCC+'. Finally, we placed the ratings on CreditWatch negative.

S&P said, "The recovery ratings on CSN's senior unsecured notes
remain at '4', given our expectation of average recovery of about
45%.

"The downgrade reflects increasing liquidity pressures given that
CSN faces about R$19.5 billion of debt maturities in the next
three years, out of which about R$5.6 billion are senior unsecured
notes due 2019 and 2020, which we believe CSN will have less
flexibility to negotiate." The remainder of the debt is mostly
with local banks in Brazil with whom CSN has good relationship.
Nonetheless, CSN's short term debt represents a considerable
refinancing risk while market conditions remain challenging
despite some improvements in prices and volumes. Recent reductions
of base interest rates in Brazil will contribute to lower overall
interest cost for the company, but its high debt continues to lead
to significant interest burden that limits CSN's ability to
generate cash. In addition, delays to present audited financial
statements have weakened CSN's financial flexibility, because they
hamper the company's refinancing efforts, despite CSN's good
relationship with banks in Brazil, and exposes the company to debt
acceleration covenants, especially under its senior notes.

The negative CreditWatch listing reflects the risk of further
deterioration of CSN's liquidity if debt holders accelerate the
company's debt payments due to the breach of information
covenants. Also, uncertainties arising from the lack of timely
information can hamper the company's ability to access the debt
markets for its refinancing needs, which combined with CSN's high
debt and some maturity schedule concentration over the next three
years, could increase the chances for a distressed negotiation.
S&P expects to resolve the CreditWatch listing over the next 90
days, once it has more clarity on imminent liquidity pressures,
the company's refinancing strategy, and cash generation ability.


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


PLATINUM PARTNERS: Intermediate Fund Files Chapter 15 Petition
--------------------------------------------------------------
Liquidators of Platinum Partners Value Arbitrage Immediate Fund,
Ltd., have filed a Chapter 15 petition to seek U.S. recognition of
the liquidation proceedings in the Cayman Islands of the
investment funds managed by the Platinum group.

Margot MacInnis and Cosimo Borrelli, the duly appointed joint
official liquidators of Platinum Partners Value Arbitrage
Intermediate Fund Ltd., filed with the U.S. Bankruptcy Court for
the Southern District of New York a verified petition for
recognition of the liquidation in the Financial Services Division
of the Grand Court of the Cayman Islands (Cause No. FSD 30 of 2017
(AJJ)) as "foreign main proceeding".

The U.S. Court is already overseeing the Chapter 15 proceedings of
the Platinum Partners Value Arbitrage Fund (International) Ltd.
(in Official Liquidation) (the "International Fund") and Platinum
Partners Value Arbitrage Fund LP. (in Official Liquidation) (the
"Master Fund") -- collectively with the Intermediate Fund -- which
are also in liquidation proceedings in the Cayman Islands.  The
Intermediate Fund is the remaining entity in the Platinum Partners
Value Arbitrage offshore master/feeder structure (the "PPVA
Offshore Group") yet to receive Chapter 15 recognition of its
corresponding Cayman liquidation.

                        Cayman Liquidation

The Cayman Liquidation arose from the collapse of a set of
investment funds promoted and managed by the Platinum group.  The
Court has already recognized the Master Fund's and the
International Fund's liquidations in the Cayman Islands as the
foreign main proceedings of those entities.  The Intermediate Fund
is the third Cayman Islands entity in the PPVA Offshore Group.

The Intermediate Fund is a Cayman Islands exempted company,
incorporated on April 9, 2010, with registration number 239229.
Its registered office was previously located at Intertrust
Corporate Services (Cayman) Limited, 190 Elgin Avenue, George
Town, Grand Cayman KY'1-9005, Cayman Islands.  Upon the
appointment of the Liquidators, the location of the Intermediate
Fund's registered office was Changed to Borrelli Walsh, G/F
Harbour Place, PO Box 30847, Grand Cayman, KY1-1204.

The Intermediate Fund was intended to serve as a flow-through, tax
efficient blocker entity between the Master Fund and the
International Fund.  The International Fund operates as an
investment fund, which invests all of its investable capital in
the Intermediate Fund.  In turn, the Intermediate Fund invests all
of its investable capital in, and serves as a limited partner of,
the Master Fund.  The Master Fund invests and trades in US and
non-US. financial instruments and other funds, as well as in
certain other assets and holding companies.

The authorized share capital of the Intermediate Fund is
US$50,000, divided into: (a) 100 Class M Shares of a nominal or
par value of US$1.00 each, of which one share is issued and
outstanding, registered in the name of the Platinum Partners Value
Arbitrage, LP -- Management Shareholder -- and (b) 4,990,000
Participating, Non-Voting Shares of a nominal or par value of
US$0.01 each, of which the register of members shows no shares
having been issued.

The Management Shareholder is a Delaware limited partnership, and
its general partner is Platinum Partners Value Arbitrage (GP)
Corp., a Delaware corporation.  The limited partners are stated to
be Uri Landesman, Mark Nordlicht, and the Mark Nordlicht Grantor
Trust.  Mark Nordlicht is the sole director of the Management
Shareholder.

Pursuant to a Fourth Amended and Restated Investment Management
Agreement dated March 9, 2007 -- amended and restated as of April
27, 2007, July 1, 2010, September 1, 2010 and December 1, 2010) --
Platinum Management (NY) LLC acted as the investment manager for
the Intermediate Fund.  Separately, SS&C Technologies, Inc. serves
as the administrator for the Intermediate Fund.

                    Criminal Proceedings in U.S.

Various entities in the Platinum group and individuals associated
with former management of the Platinum group are currently subject
to criminal and regulatory proceedings in the United States.  The
United States Attorney's Office for the Eastern District of New
York filed a criminal indictment on Dec. 14, 2016, against Mr.
Nordlicht and six other executives of the Platinum Group.

To the best of the Liquidators' knowledge, Mr. Nordlicht is
currently on release under the terms of a Release Order (as
amended) approved by the District Court for the Eastern District
of New York.  The United States Securities and Exchange Commission
has also filed a civil complaint, dated Dec. 19, 2016, against the
Investment Manager and eight others, including Mr. Nordlicht and
the other individuals subject to the criminal indictment.  The SEC
has obtained an order from the District Court for the Eastern
District of New York appointing a third-party independent receiver
over the assets of certain other Platinum Group entities
associated with other funds managed by the Investment Manager.

Prior to the appointment of the Liquidators, control of the
Intermediate Fund remained with Mr. Nordlicht.  On Feb. 6, 2017,
the International Fund liquidators, as shareholders of the
Intermediate Fund, petitioned the Grand Court to enter an order
that the Intermediate Fund would be wound up.  Among other
arguments, the Winding Up Petition asserted the following: (a) the
ability of the Investment Manager, the Management Shareholder, and
the Intermediate Fund to be appropriately managed had been
significantly impaired; (b) a formal insolvency process would
"allow court-appointed official liquidators to fully consider the
affairs of the Intermediate Fund and ensure the efficient flow-
through of any funds to be realized from the Master Fund for the
benefit of the International Fund and its economic stakeholders;
and (c) because the other entities in the Intermediate Fund's
master/feeder structure (the Master Fund and the International
Fund), are both in official liquidation, the Intermediate Fund
necessarily is unable to continue its operations; there is no
active business for the Intermediate Fund to undertake,

In response, the Grand Court entered an order on Feb. 14, 2017
directing that the Intermediate Fund be wound up in accordance
with the Companies Law, and appointing the Liquidators with
immediate effect.

                      Chapter 15 Recognition

Because the Intermediate Fund serves as the conduit between the
International Fund and the Master Fund, the Liquidators request
recognition of the Cayman Liquidation so that the entire PPVA
Offshore Group can benefit from the protections of Chapter 15 of
the Bankruptcy Code, and to allow the winding up of the PPVA
Offshore Group to be administered and implemented in an orderly
and efficient manner across the three PPVA entities.

In addition to the Intermediate Fund, one additional fund acts as
a direct feeder fund into, and is a limited partner of, the Master
Fund. This entity is registered in Delaware and is known as
Platinum Partners Value Arbitrage Fund (USA) L.P.

The Cayman Liquidation is a collective judicial proceeding as
referenced in 15 U.S.C. Sec. 101(23), subject to the oversight and
control of the Grand Court, encompassing all stakeholders of the
Intermediate Fund.  The proceeding is pending in the Cayman
Islands, the country in which the Intermediate Fund was formed,
maintains a registered office, maintains its center of main
interests ("MI"), and where the Liquidators are engaged in the
wind-down and liquidation of the Intermediate Fund's businesses
and affairs, alongside the winding-down of the International Fund
and the Master Fund, the other two offshore entities in the
Intermediate Fund's master/feeder structure.

The Liquidators submit that: (i) the Cayman Liquidation is the
foreign main proceeding within the meaning of Sections 101(23) and
1502(4) of the Bankruptcy Code, (ii) the Liquidators are the duly
appointed foreign representatives of the Intermediate Fund within
the meaning of Section 101(24); (iii) the Liquidators and the
Petition comply with all of the requirements of Sec. 1515 and
Bankruptcy Rule 1007(a)(4); and (iv) recognition of the Cayman
Liquidation would not be contrary to public policy under Sec. 1506
of the Bankruptcy Code.

                   About Platinum Partners Funds

New York-based Platinum Partners was $1.4 billion hedge fund
founded by Mark Nordlicht.

Cayman-based Platinum Partners Value Arbitrage Fund L.P. ("Master
Fund"), Platinum Partners Value Arbitrage Fund (International)
Ltd. ("International Fund"), and Platinum Partners Value Arbitrage
Immediate Fund, Ltd. ("Intermediate Fund"), were investment funds
promoted and managed by the Platinum group.

Master Fund, registered with and regulated by the Cayman Islands
Monetary Authority as a master fund, was a multi-strategy hedge
fund.  International Fund, registered with and regulated by CIMA
as a mutual fund, offered participating shares to prospective
investors.  The International Fund's investment objective was to
achieve superior capital appreciation through its indirect
investment in the Master Fund.  The Intermediate Fund was intended
to serve as a flow-through, tax efficient blocker entity between
the Master Fund and the International Fund.

As of June 30, 2016, the Master Fund had total assets of
$1,092,668,500.  The Master Fund's total debt as of May 31, 2016,
was $382,000,000.

On Oct. 27, 2016, the Grand Court of Cayman Islands entered an
order to wind up the operations of the Master Fund and the
International Fund.  Both Funds are in liquidation pursuant to the
orders of the Financial Services Division of the Grand Court of
the Cayman Islands (cause nos. FSD 131 of 2016 (AJJ) (Master Fund)
and 118 of 2016 (AJJ) (International Fund) pursuant to Sections 92
and 104 of the Companies Law, of the Cayman Islands (2016
Revision) in relation to the International Fund and Master Fund,
respectively.

The Grand Court entered an order on Feb. 14, 2017 directing that
the Intermediate Fund be wound up in accordance with the Companies
Law.

In December 2016, Mark Nordlicht was arrested at his home in New
Rochelle, New York, in the U.S.  He and six others were charged in
connection to a $1 billion investment fraud that prosecutors said
led the firm to be operated like a Ponzi scheme.

Liquidators filed voluntary petitions under Chapter 15 of the
Bankruptcy Code for the Master Fund and International Fund (Bankr.
S.D.N.Y. Case Nos. 16-12925 and 16-12934) in New York.  The
Chapter 15 petitions were filed on Oct. 18, 2016, by Christopher
Barnett Kennedy and Matthew James Wright, the duly appointed joint
provisional liquidators of Master Fund.

Liquidators of the Intermediate Fund filed a Chapter 15 petition
(Bankr. S.D.N.Y. Case No. 17-12269) on August 17, 2017.  The Hon.
Shelley C. Chapman is the case judge.  Liquidators who signed the
petition were Margot MacInnis and Cosimo Borrelli.  Morgan, Lewis
& Bockius LLP is the U.S. counsel.


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


DOMINICAN REPUBLIC: Miners 'Misery' Prompts Ban on Stone Exports
----------------------------------------------------------------
Dominican Today reports that Energy and Mines Minister Antonio Isa
disclosed a ban on amber and larimar exports until it regulates
their extraction and marketing.

Minister Isa said Energy and Mines aims to prevent exploitation he
affirms affect several thousand workers, practitioners of what he
called the " subsistent mining," from continuing to be "exploited
mercilessly" by middlemen and exporters of the semiprecious
stones, "while they live in absolute misery, risking their lives,"
the report notes.

Minister Isa vowed to make the regulation to extract and market
amber and larimar "simple," to improve profits for miners and
exporters, the report relays.

In a statement, Isa acknowledged reluctance to accept that
measure, citing deficient extraction of amber and larimar, but
warned that exports are banned until the situation is regulated,
the report notes.

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.


DOMINICAN REPUBLIC: Gov. Earmarks US$2BB to Boost Agro, Fund SMEs
-----------------------------------------------------------------
Dominican Today reports that the government, through four credit
institutions, has earmarked RD$104.7 billion (US$2.2 billion) to
support agro producers and finance small and medium businesses
over a five-year period.

The Agricultural Bank has provided RD$80 billion at a soft rate,
to finance agro producers and develop other agriculture projects,
according to Dominican Today.

Meanwhile, the Special Fund for Agricultural Development has
disbursed RD$4 billion for the financing of 38 projects arising
from the surprise visits that every Sunday made by President
Danilo Medina, the report notes.

Moreover, the director of the State-owned bank, Banca Solidaria,
Mayra Jimenez said it has financed 386,762 micro and small
businesses in lower income neighborhoods and communities
nationwide, the report relays.

The official said for that, RD$118.0 billion has been disbursed
through the entity's 88 branches across the country, the report
notes.

Meanwhile Rosa Rita Alvarez, head of Reservas del Pais, said it
has provided RD$2.7 billion of solidarity financing to 44
entities, adding that its loan portfolio is at RD$1.6 billion with
arrears at less than one percent, 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.


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G U A T E M A L A
=================


CEMENTOS PROGRESO: S&P Affirms 'BB' CCR & Retains Negative Outlook
------------------------------------------------------------------
S&P Global Ratings Services affirmed its 'BB' corporate credit
rating on Cementos Progreso S.A. (CemPro). The outlook on the
corporate credit rating remains negative. At the same time, S&P
affirmed the 'BB' issue-level rating on Cementos Progreso Trust's
$350 million senior unsecured notes due 2023.

Over the recent quarters, CemPro has been able to maintain its
about 80% share of the Guatemalan cement market despite the
increase in competition given the entrance of a new local player.
S&P said, "We expect CemPro to be able to protect its market share
based on its long experience in Guatemala, large installed
capacity for the country, and strong brand recognition and pricing
power. CemPro also benefits from a large distribution network
through its franchise ConstruRed, which consists of independent
distributors with more than 379 sales points, which allows for
broad domestic market coverage. However, in our view, the
company's concentration in Guatemala, limits CemPro's capacity to
increase its scale of operations compared with other global
industry peers, given the modest economic growth in that country.

"At the end of June 2017, the construction of the San Gabriel
plant was more than 90% complete, and we expect the company to
ramp-up the plant's operations during the first quarter of 2018.
Throughout the construction phase, the company has been able to
maintain its debt to EBITDA at close to 2.0x consistently,
reflecting its prudent financial policy towards the use of debt.
The new plant will increase CemPro's installed capacity to about 5
million tons per year, and its output will partly substitute the
company's old production lines at its La Pedrega and San Miguel
plants. In our view, the new cement plant will provide CemPro with
additional operating efficiencies, given that it will reduce the
company's less efficient production lines, and energy and
transportation costs, increasing its profitability, with EBITDA
margins trending towards the 44% area starting in 2018. The latter
will compare favorably than those of CemPro's global rated
industry peers."


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J A M A I C A
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JAMAICA: Shopkeepers Call for Return of Unlabelled Sugar
--------------------------------------------------------
RJR News reports that some shopkeepers and operators of wholesale
establishments across the island are calling for the return of
unlabeled sugar until the packaging problem is resolved.

The Ministry of Agriculture refuted claims of a shortage of sugar,
instead stating that there was a shortfall in the 500-gram
packages, according to RJR News.

It said this resulted from a sharp increase in demand for that
size, the report notes.  Callers to the RJR News center say
several areas are being affected by the shortfall and called for
unlabelled sugar to be used in the interim, the report relays.

However, President of the Jamaica Manufacturers Association, Metry
Seaga, said this would be a retrograde step and urged sugar
producers to quickly address the problem, the report discloses.

The Agriculture Ministry expects the shortfall in the 500-gram
packages to be addressed within two weeks, 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'.


JAMAICA: Gets Mixed Review from Global Forum on Transparency
------------------------------------------------------------
RJR News reports that Jamaica has received a mixed review from the
OECD's Global Forum on Transparency.

The country was rated "partially compliant," with the OECD citing
the lack of a legal framework to ensure that beneficial ownership
information is maintained and available, according to RJR News.

The OECD noted that Jamaica has some requirements on beneficial
ownership, but doesn't have "robust mechanisms" in place to ensure
that the rules are applied to all Jamaican entities, especially
corporations incorporated outside Jamaica but centrally managed
from there, the report notes.

Jamaica had been rated "largely compliant" in a 2013 review, but
has fallen due to its failure to implement recommendations from
that report, or for new standards introduced since then, the
report relays.

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'.


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


ROKA BIOSCIENCE: Agrees to Sell Assets to EIH Subsidiary
--------------------------------------------------------
Roka Bioscience, Inc., a molecular diagnostics company focused on
providing advanced testing solutions for the detection of
foodborne pathogens, on Aug. 17, 2017, disclosed that it has
entered into an asset purchase agreement with Rokabio, Inc., a
newly formed, wholly-owned subsidiary of Institute for
Environmental Health, Inc. ("IEH"), for the sale of substantially
all of the assets of Roka Bioscience in an all-cash transaction
for an aggregate purchase price of $17.5 million, subject to
certain adjustments set forth in the asset purchase agreement.
IEH's focus is to provide comprehensive risk management services
to the food industry.  In addition, the IEH family of companies is
involved in the production and distribution of reagents, supplies,
test kits and equipment to food testing laboratories and food
companies.  The IEH group operates in the U.S., Canada, Mexico,
Germany, Austria, England, China and Australia.

The closing of the transactions contemplated by the asset purchase
agreement is subject to certain customary conditions, including
the receipt of consent of Roka Bioscience's lender and approval by
the stockholders of Roka Bioscience of the transactions
contemplated by the asset purchase agreement.  As part of the
transaction, Roka Bioscience will be required to make a $2.5
million milestone payment pursuant to its license agreement.  The
asset sale is the initial step in a contemplated liquidation of
Roka Bioscience.  Stockholder approval will also be required for
the plan of liquidation.

"The announcement of this asset sale follows an extensive review
of a range of strategic alternatives for Roka Bioscience,
including obtaining further financing to continue as an
independent entity and exploring the possibility of mergers and
acquisitions," said Mary Duseau, Chief Executive Officer of Roka
Bioscience.  "This transaction represents the conclusion of a
thorough process.  We believe that the asset sale and anticipated
liquidation will provide the greatest value to our stockholders."

Pursuant to the terms of the asset purchase agreement, Roka
Bioscience is required to provide transition services to the buyer
through no later than December 31, 2017, with the intention of
ensuring a successful transition of Roka Bioscience's business to
the buyer.  Assuming stockholder approval, liquidating
distributions, in an amount to be determined, are expected
to begin shortly after the completion of the transition services
period.

Roka Bioscience cannot assure you that the conditions to the
closing of the transactions contemplated by the asset purchase
agreement will be satisfied, or that the transactions will be
completed.  In the event Roka Bioscience does not successfully
complete the transactions contemplated by the asset purchase
agreement or complete a transaction resulting from a superior
proposal (as described in the asset purchase agreement), Roka
Bioscience will have limited options for financing its ongoing
operations and will likely cease its operations or file for
bankruptcy protection.

                     About Roka Bioscience

Roka Bioscience, Inc. (NASDAQ: ROKA) -- https://www.rokabio.com/ -
- is a molecular diagnostics company focused on developing and
commercializing advanced testing solutions for the food safety
testing market.  Its Atlas(R)Detection Assays incorporate its
advanced molecular technologies and are performed on its
"sample-in, result out" Atlas System that automates all aspects of
molecular diagnostic testing on a single, integrated platform.
The Atlas System and Detection Assays are designed to provide its
customers with accurate and rapid test results with reduced labor
costs and improved laboratory efficiencies.


TUXTLA GUTIERREZ: Moody's Cuts Issuer Rating to B1; Outlook Neg.
----------------------------------------------------------------
Moody's de Mexico downgraded the issuer ratings of the
Municipality of Tuxtla Gutierrez to B1 from Ba3 (Global Scale,
local currency) and to Baa2.mx from A3.mx (Mexico National Scale).
The outlook remains negative.

RATINGS RATIONALE

The downgrade of the issuer ratings reflects the deterioration of
Tuxtla Gutierrez's operating and financial balances, along with
its recent use of short term debt to finance operating
expenditures, which will add pressure to its already tight
liquidity position. Moody's expects the municipality's financial
performance will remain weak, and that it will continue to post
deficits over the next two years.

In 2016, Tuxtla Gutierrez's operating margin fell to its weakest
level in five years, equaling -13% of operating revenues, a
substantial decline from 10.1% in 2013. Last year's result was the
product of a large 36.8% rise in operating expenditures, driven by
increased outlays for personnel and general services that were
caused by rising wages and a large, one-time expense for public
infrastructure studies. The municipality's consolidated financial
deficit equaled -7.3% of total revenues, representing its second
consecutive annual deficit. While the large increase in general
services spending observed in 2016 is not expected to be repeated
this year, Moody's estimates that the municipality will continue
to experience fiscal pressure in 2017 and 2018, with operating
results averaging -7% of operating revenues and financial deficits
averaging -6% of total revenues. Tuxtla Gutierrez's low own source
revenues, which equaled 16.8% of operating revenues in 2016, limit
its ability to strengthen its operating performance.

The municipality's operating deficits have led to a deterioration
of its already weak liquidity position, reflected in a ratio of
cash and equivalents to current liabilities of 0.30 times (x) in
2016. In December 2016 it had to contract a short term loan in the
amount of MXN 95.8 million to meet current obligations, and the
current outstanding balance of MXN 10.7 million will be repaid in
December 2017. Moody's notes that that to the extent that Tuxtla
Gutierrez continues to post large operational and financial
shortfalls, it's liquidity will remain very weak, raising risks it
may have to contract additional short-term loans in the future.

The B1 rating also reflects Tuxtla Gutierrez's credit profile
relative to Mexican peers. Tuxtla Gutierrez's debt level of 23% of
operating revenues is low and in line with the median of the
municipalities rated at B1 (23.7%) and debt service to total
revenues of 1.8% compares favorably (B1 median, 3%).

The negative outlook reflects the ongoing challenges that Tuxtla
Gutierrez faces to consistently improve its operating and
financial results, as well as its recent use of short term debt,
which raises its liquidity pressure.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the negative outlook, an upgrade is unlikely in the near
term. However, the ratings can stabilize if Tuxtla Gutierrez
improves and reduces the volatility in its operating balances in
conjunction with a strengthening of its liquidity position.

On the other hand, a further deterioration of the gross operating
balance that leads to continued declines in its liquidity position
and a higher use of short term debt could result in a rating
downgrade. A downgrade Mexico's Sovereign rating could also lead
to a downgrade of the issuer's ratings.

The principal methodology used in these ratings was Regional and
Local Governments published in June 2017.

The period of time covered in the financial information used to
determine the Municipality of Tuxtla Gutierrez's rating is between
01/01/2012 and 31/12/2016. (Source: Municipality of Tuxtla
Gutierrez)

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings". While NSRs have no inherent absolute meaning in terms of
default risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time.


WELLMAN DYNAMICS: Amended Docs on Assets Sale Due Aug. 25
----------------------------------------------------------
Judge Anita L. Shodeen of the U.S. Bankruptcy Court for the
Southern District of Iowa ordered Wellman Dynamics Machining &
Assembly, Inc., to file with the Court on Aug. 25, 2017, the
amended documents in connection with the sale of substantially all
assets to TCTM Financial DS, LLC for (i) a credit bid of
$8,000,000, plus the assumption of the Assumed Liabilities,
subject to overbid.

A hearing on the Motion was conducted on Aug. 17, 2017.

Based upon the representations of counsel, the parties have agreed
to changes that involve the pending Motion, bid procedures and
APA.

Upon review of the filed amendments, the Court may enter an order
approving the bid procedures without further notice or hearing.

                   About Fansteel and Affiliates

Headquartered in Creston, Iowa, Fansteel, Inc., operates four
business units at four locations in the USA and one in Mexico with
a workforce of more than 600 employees.  Fansteel generated
approximately $87.4 million in revenue in 2015 on a consolidated
basis.  Wellman Dynamics Corporation contributed 67% of Fansteel's
sales.  The rest of the sales are generated from Intercast, a
division of Fansteel, and other non-debtor subsidiaries.

Fansteel, Wellman Dynamics and Wellman Dynamics Machinery &
Assembly, Inc., filed Chapter 11 petitions (Bankr. S.D. Iowa Case
Nos. 16-01823, 16-01825 and 16-01827) on Sept. 13, 2016.  The
petitions were signed by Jim Mahoney, CEO.  The cases are assigned
to Judge Anita L. Shodeen.  The Debtors disclosed total assets of
$32.9 million and total debt of $41.97 million.

The companies tapped Jeffrey D. Goetz, Esq., and Krystal R.
Mikkilineni, Esq., at Bradshaw, Fowler, Proctor & Fairgrave, P.C.,
as counsel; RSM US LLP as tax advisor; Jeffrey Sands and Dorset
Partners, LLC as business broker; and Mark J. Steger, Esq., at the
Clark Hill Law Firm as Environmental Counsel.

The companies filed motions to jointly administer the cases
pursuant to Bankruptcy Rule 1015(b), and the court ordered the
joint administration on Oct. 17, 2016.  The court subsequently
entered an order on May 24, 2017, vacating its Oct. 17 order and
discontinuing the joint administration of the cases under the lead
case of Fansteel.

On Sept. 23, 2016, the U.S. Trustee for Region 12 appointed an
official committee of unsecured creditors in Fansteel's bankruptcy
case.  The committee retained Morris Anderson & Associates, Ltd.,
as financial advisor; and Archer & Greiner, P.C. and Nyemaster
Goode, P.C., as counsel.

In March 2017, the U.S. trustee announced that the unsecured
creditors' committee of Fansteel would no longer serve as the
official committee in its case and that it would be reconstituted
as the official committee of unsecured creditors in the Chapter 11
cases of Wellman Dynamics and Wellman Dynamics Machinery.  As of
March 22, 2017, a new creditors' committee has not yet been
appointed in Fansteel's bankruptcy case.

Wellman Dynamics filed a Chapter 11 plan of reorganization and
disclosure statement on Jan. 11, 2017.  On May 8, 2017, the
creditors' committee of Wellman Dynamics filed a rival Chapter 11
plan of liquidation for the company.


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


WEST WINDOWS: Unsecureds to Recoup 19.14% Under Plan
----------------------------------------------------
West Window Films Corp. and Eric William Maurosa Toro filed with
the U.S. Bankruptcy Court for the District of Puerto Rico a
disclosure statement dated Aug. 9, 2017, referring to the Debtor's
plan of reorganization dated Aug. 9, 2017.

Holders of Class 6 General Unsecured Claims -- totaling
$167,141.01 -- will receive a total repayment of 19.14% of their
claimed or listed debt which equals $32,000 to be paid pro rata to
all allowed claimants under the class.  Class 6 claimants will
receive from the Debtor a non-negotiable, interest bearing at
2.75% annually, promissory note dated as of the Effective Date.
Unsecured Creditors will receive 55 equal monthly installments in
the amount of $620.04 (principal plus interest) starting Dec. 15,
2017.  This installment will be distributed pro rata among
creditors of this class.  This class is impaired.

Upon confirmation of the Plan, the Debtors will have sufficient
funds to make all payments then due under the Plan.  The funds
will be obtained from the Debtors' business income.

On the effective date of the Plan, the distribution,
administration, management of the Debtors' affairs, collection of
money, sale of property and distribution to creditors, unless
otherwise provided, will be under the control of the Debtors.

The funding of the Plan is contingent to the continuation of the
Debtors' business.

A full-text copy of the Disclosure Statement is available at:

           http://bankrupt.com/misc/prb17-03604-58.pdf

                  About West Windows Films Corp.

West Window Films Corp. and Eric William Maurosa Toro, the
company's president, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case Nos. 17-03607 and 17-03604) on
May 23, 2017.  Mr. Toro signed the petitions.

The cases are substantially consolidated pursuant to an order
issued on June 16, 2017.

At the time of the filing, West Window disclosed that it had
estimated assets of less than $100,000 and liabilities of less
than $500,000.  The Debtors are represented by Gloria Justiniano
Irizarry, Esq., at the Justiniano's Law Office.


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


VENEZUELA: US Weighs Restricting Trades in Debt to Punish Maduro
----------------------------------------------------------------
Anatoly Kurmanaev and Ian Talley at The Wall Street Journal report
that the U.S. government is considering restricting trades in
Venezuelan debt as it seeks to punish President Nicolas Maduro for
undermining the country's democracy, according to people familiar
with the matter.

The unusual move would temporarily ban U.S.-regulated financial
institutions from buying and selling dollar-denominated bonds
issued by the Republic of Venezuela and state oil company
Petroleos de Venezuela SA, according to a person who was briefed
on the proposal, according to The Wall Street Journal.

Another person familiar with the matter cautioned that the measure
was one of several steps under consideration regarding Venezuela,
the report notes.  The person said the final decision would rest
with President Donald Trump, the report relays.

One option being considered is banning the trading in just some
papers issued by the state oil company to limit its access to
external funds, said a third person, the report discloses.

The ban would be the first step against the Venezuelan financial
system since Mr. Trump promised "swift economic action" against
Mr. Maduro for installing a parallel parliament staffed with
loyalists earlier this month, the report says.

Up to now, the progressive waves of U.S. sanctions have targeted
dozens of Venezuelan officials, banning them from traveling to the
U.S. and freezing any assets in the country for alleged human
rights abuses and corruption, the report notes.

Vice President Michael Pence is scheduled to speak to Venezuelan
expatriates in Miami, the report relays.

The ban is designed to damage Mr. Maduro's support among military
officers and government contractors who hold Venezuelan bonds,
without immediately hurting the wider population, said the person
briefed on the matter, the report discloses.

Mr. Maduro's government has continued making bond payments despite
undergoing the world's deepest recession, rewarding risk-tolerant
investors with the world's highest yields, the report notes.  Many
major U.S. fund managers rely on Venezuelan debt for growth at a
time when most rich countries offer negative interest rates on
their bonds, the report says.

The Venezuelan government has about $65 billion of outstanding
debt, which is among the most frequently traded in the emerging
markets, the report relays.

Mr. Maduro has prioritized international debt payments at all
costs, even as the country sank deeper into an economic crisis and
his government cut back on imports of food and medicine, the
report notes.

Venezuelan bond trading attracted public scrutiny earlier this
year after the asset-management business of Goldman Sachs Group
Inc. bought $2.8 billion-worth of the country's debt at about 30
cents on the dollar, the report relays.

The WSJ notes that Venezuelan opposition accused the investment
bank of financing the Mr. Maduro's repression of peaceful
protesters.  Goldman Sachs had said the bonds were bought on the
secondary markets and did not add any fresh funds to the
government, the report discloses.

Earlier this month, Goldman Sachs's rival Credit Suisse Group said
it prohibited its traders from buying and selling certain
Venezuelan bonds because of the risk the trades would finance
human rights abuses, the report notes.

The policy forbids employees from trading or using as collateral
two specific bonds, one issued by the Venezuelan government due in
2036, and one by state oil PDVSA due in 2022, as well as bonds
from government entities issued after June 1, the report adds.

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'."


VENEZUELA: Maduro Says He Will Win 2018 Presidential Elections
--------------------------------------------------------------
Carlos Camacho at The Latin American Herald reports that
Venezuela's embattled head of state, Nicolas Maduro, said he was
going to emerge as the victor in the 2018 Presidential elections.

"There will be elections and we will win, you can write it down,"
Mr. Maduro told foreign and domestic media representatives,
according to The Latin American Herald.

The report notes that President Maduro accompanied his predictions
with jabs at U.S. President Donald Trump: "Not even if Trump shows
up dressed as a Marine will the elections be stopped," exclaimed
Maduro. "Not even if Trump invades Venezuela!"

Later -- apparently forgetting that he had just mocked Trump --
Maduro said he wanted "a relationship of respect" with Trump, a
man who over the last two weeks has called Maduro a dictator,
hinted at invading Venezuela and included the Venezuelan in the
short, short list of heads of state ever sanctioned by the U.S.
Treasury as Specially Designated Nationals -- comprised of only
six Presidents in the last 200 years, two of which are dead, the
report relays.

Later President Maduro said, again, that he wanted to speak on the
phone with Trump, who has famously rebuked Maduro's calls and said
he would only talk to the President of a Venezuela where democracy
has been restored, the report notes.  "You need to be brave to
talk," he said in what seemed to be yet another jab at Trump, only
to add later: "Maybe I will send him a letter!," the report
discloses.

The report relays that President Maduro over the weekend said, in
a TV interview with longtime supporter Jose Vicente Rangel, that
he was trying to tame his "burlesque" sense of humor, which he
called in Spanish "sentido del humor burlistico" -- a good example
of the malapropisms that seem to plague Maduro's speeches.

A Trump-worthy impasse between journalists and security personnel
arose during Maduro's broadcast, with bodyguards demanding some
media cease broadcasting Maduro's speech live using smartphones,
tablets and similar, smaller, devices, the report notes.  "Only
state television!" one security personnel was heard shouting to
journalists. Some media representatives abandoned Miraflores in
disgust, including international news service Reuters, the report
adds.

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'."


VENEZUELA: President Plans Overture to Trump
--------------------------------------------
EFE News reports that Venezuela's Nicolas Maduro said that he
plans to write to US President Donald Trump in a bid to reduce
tensions between Caracas and Washington.

"I am going to send a letter to Trump very soon, because I'm
certain that if he reads it with a little goodwill, many things
can change for the good, and I want relations with the United
States to change for the good," the leftist head of state told a
press conference.

"I hope he reads it and I hope that . . . sooner rather than
later, we can have telephonic contact," the report quoted
President Maduro as saying, according to EFE News.

It was nearly two weeks ago that Maduro instructed Foreign
Minister Jorge Arreaza to start the process of arranging a phone
call with the US president, only for Trump to publicly reject any
contact with the Venezuelan, the report relays.

Denouncing Maduro as a dictator, Trump said that his
administration would not rule out a "possible military option" to
address the situation in Venezuela, where months of politically
motivated violence have left more than 100 dead, including both
supporters and opponents of the government, the report notes.

"The path of the world has to be the path of dialogue," President
Maduro said, though reminding reporters that his government has
scheduled massive military readiness exercises for the coming
weeks, the report relays.

President Maduro went on to say that the Venezuelan armed forces
have "various missile systems, defensive, ground-to-ground,
ground-to-air, the various kinds of artillery, of anti-aircraft
defense," all acquired from Russia in the framework of military
cooperation, the report relays.

"So I can tell you that Venezuela, together with Russia, has built
a fortress for our sovereign defense because we Venezuelans -- and
nobody else -- will defend this territory," President Maduro said,
the report notes.

The Trump administration has already imposed sanctions on Maduro
and members of his government and Washington has indicated that it
is prepared to go further, the report discloses.

Amid public speculation about possible US measures targeting
Venezuela's vital oil industry, Maduro said that he has devised a
package of measures to "defend ourselves from the trade, petroleum
and financial blockade that Donald Trump is going to order," the
report relays

President Maduro said that his government is analyzing the range
of possible economic scenarios in partnership with the National
Constituent Assembly, a body with sweeping powers that the
opposition -- supported by many foreign governments -- rejects as
illegitimate, the report adds.

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.


                   * * * End of Transmission * * *