TCRLA_Public/170831.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 31, 2017, Vol. 18, No. 173


                            Headlines



A R G E N T I N A

ARGENTINA: Court Rules That Menem May Run for Senate
BUENOS AIRES: S&P Affirms 'B' ICR; Outlook Stable
TRANSENER SA: S&P Raises CCR to 'B' On Improved Capital Structure


B R A Z I L

DEWEY & LEBOUEF: Ex-Partners Ask Court to Be Lenient in Sentencing
GOL LINHAS: S&P Upgrades CCR to 'CCC+' on Stronger Liquidity
ITAU UNIBANCO: Fitch Affirms BB+ Long-Term IDR; Outlook Negative
OI MOVEL: Antonio Filho to Become New Foreign Representative
OI SA: Bondholders Reach Consensus on Key Restructuring Terms

OI SA: Antonio Filho to Become New Foreign Representative
TELEMAR NORTE: Antonio Filho to Become New Foreign Representative


C H I L E

FREEPORT-MCMORAN: Deal With Indonesia Credit Pos., Moody's Says


E C U A D O R

ODEBRECHT SA: Ecuadorian Court Bars VP From Leaving Country


P U E R T O    R I C O

FOURZERO INC: Unsecureds to Get 15%, Plus 4.5% Interest in 60 Mos.
PUERTO RICO ELECTRIC: Bond Insurers Demand Remittance of Funds
RENT-A-CENTER: Egan-Jones Ups LC Unsec. Debt Rating to B+


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Struggling Businesses Ask for Tax Amnesty


V E N E Z U E L A

VENEZUELA: New Assembly Approves Treason Trials for Opposition


                            - - - - -



=================
A R G E N T I N A
=================


ARGENTINA: Court Rules That Menem May Run for Senate
----------------------------------------------------
EFE News reports that the Argentine Elections Court on Aug. 29
rejected the legal challenge brought against the senatorial
candidacy of former President Carlos Menem, a move that will allow
him to run in the Oct. 22 legislative elections, court sources
reported.

The court determined that the time period within which a challenge
to the candidacy could be brought had expired and that the Supreme
Court on Aug. 22 had "clearly" ruled that the seven-year prison
sentence for weapons smuggling to Ecuador and Croatia handed down
against Menem, who governed from 1989-1999, was not valid,
according to EFE News.

                           *     *    *

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.


BUENOS AIRES: S&P Affirms 'B' ICR; Outlook Stable
-------------------------------------------------
On Aug. 29, 2017, S&P Global Ratings affirmed its 'B' foreign and
local currency long-term issuer credit ratings on the province of
Buenos Aires (PBA). The outlook remains stable.

OUTLOOK

S&P said, "The stable outlook reflects our view of an increasing
dialogue between the local and regional governments (LRGs) and the
federal government to address various fiscal and economic
challenges expected to remain in 2017-2018. In addition, we
consider that the PBA's fiscal performance could gradually improve
toward 2019, if the province continues focusing on reducing
operating deficits in 2017 and 2018, while receiving financial
support from the federal government. However, we consider that the
overall budgetary performance remains weak and volatile amid still
high inflation. As a result, the PBA is likely to post a shortfall
in free cash throughout 2017 and 2018, so borrowing in the local
and international markets, delaying payments to suppliers, as well
as federal transfers are going help the province close budget
gaps."

Downside scenario

S&P said, "We could lower our ratings on the PBA if we were to
lower the sovereign local or foreign currency ratings. We could
also lower the ratings if we were to revise our financial
management assessment to a weaker category due to transparency
issues or unwillingness to service debt, as well as the province's
deteriorating ability to levy taxes and invest in capital
projects. However, this scenario is unlikely, in our view, in the
next 12 months."

Upside scenario

S&P said, "We could only raise our ratings on the PBA if we were
to raise the local and foreign currency ratings on Argentina. Such
an upgrade would have to be in line with a strengthening of
Argentina's LRGs' institutional framework, as well as a more
balanced budgetary performance that could improve the liquidity
position in the coming years. Additionally, we assume that the
federal government would remain strongly committed in financially
supporting the province due to structural imbalances that the
latter faces within the national system of fiscal coordination."

RATIONALE

S&P said, "Our 'B' rating on the PBA reflects its still weak
fiscal performance in recent years than those of its domestic and
international peers, which we expect will improve gradually toward
2019. Since the April 4, 2017, upgrade of the PBA following the
same rating action on the sovereign, the province has continued to
tap markets to close its budget gaps. We expect the gradual
macroeconomic recovery in Argentina to support the province's
revenue growth, while it maintains adequate expenditure controls
as well as prudent debt and liquidity policies.

"The PBA, like all LRGs in Argentina, still operates under a very
volatile and underfunded institutional framework, in our view.
However, we see a positive trend in predictability from the
outcome of potential reforms and the pace of their implementation.
We expect moderate reforms of the distribution of federal tax
revenues to the LRGs in the next few years. Also, in our view,
more consistent support from the federal government has allowed
LRGs to measure the support's short- and longer-term impact on
their finances. We view favorably the constructive dialogue
between the federal and subnational governments to resolve the
current institutional, administrative, and budgetary challenges.
As a result, a stronger institutional framework could improve
LRGs' credit quality in the next few years.

"The foreign currency rating on the PBA is the same as our 'B'
global scale long-term issuer credit rating on Argentina. The
province, like most Argentine LRGs, doesn't meet the conditions to
have a higher rating than the sovereign, mostly because the
province's liquidity position is weak and Argentine provinces
still operate in a very volatile and underfunded institutional
framework."

Governor Maria Eugenia Vidal of the Cambiemos political coalition,
who took office in December 2015, faces a difficult task.
Cambiemos lacks a majority in PBA's legislature, which requires
the administration to rely on political negotiations with other
political parties to advance its agenda. Although capital spending
will keep increasing in 2017 because the province is authorized to
issue up to AR52 billion to fund infrastructure projects, among
other items, capital expenditure is still below 7% of total
spending. Therefore, the province grapples with budgetary
constraints given that operating items accounts for the majority
of the spending, and difficult to cut. S&P expects the
relationship between the provincial and national governments to be
strong over the next few years. As a demonstration of this
support, since December 2015, the national government has provided
financial assistance to the province, advanced coparticipation
funds, and the PBA got the federal government authorization to
issue debt during 2016 and 2017.

Argentina's improved economy and prudent financial management
practices over the next two to three years are necessary to
strengthen the PBA's finances. With a diversified economy that
represents around 36% of Argentina's GDP, the PBA's economic
growth will maintain the same pace as the country's. Although a
significant portion of provincial exports go to Brazil (30%),
exports to other markets--such as China, Peru, and Mexico--have
increased their share of total over the past year.

As of March 31, 2017, the province reported an operating balance
but still pressured by expenditure items such as payroll,
transfers to municipalities, and social security costs. So, S&P's
base case for fiscal 2017 assumes an operating deficit of just
above AR10 billion, requiring strong political commitment to
achieve an operating surplus over the next two years and overall
fiscal sustainability in the medium term.

S&P said, "At the end of fiscal 2017, we estimate that tax
supported debt will reach 50% of estimated operating revenue.
Stock of provincial debt rose to $14.2 billion as of March 31,
2017, from $10.4 billion in the same period last year. Most of the
debt consists of international and local capital market issuances.
Around 58.6% of the PBA's total debt is denominated in dollars,
31.9% is in Argentine pesos, 9% in euros, less than 1% in other
currencies. At the end of 2016, its total debt reached ARP196.3
billion or 50.8% of operating revenues. In 2016, the province's
debt rose by ARP74.2 billion, if we incorporate the amortization
in the domestic and international capital markets, federal
government loans, and multilateral agency loans.

"PBA's liquidity is weak, in our opinion. The province's 2017 debt
issuances improved its liquidity in the short term. However, we
believe that the PBA's free cash (cash that's not required to meet
daily operating needs or planned capital costs) and its internal
cash flow generation are limited due to a deficit after capital
accounts that will remain above 7% of total revenue in 2017 and
2018. We also expect the province's debt service cost to be above
ARP40 billion in 2017. Although the province has obtained
significant levels of financing in 2016 and 2017 from domestic and
international sources, we believe that it still struggles to
access external liquidity at same conditions as its higher rated
peers in other countries.

"The PBA has overall moderate contingent liabilities, in our view.
The province is the sole owner of Banco de la Provincia de Buenos
Aires S.A. (BPBA; B/Stable/--), the second-largest bank in
Argentina in terms of deposits and assets. The province guarantees
all of BPBA's deposits and other liabilities. However, the bank's
creditors, seeking to enforce the guarantee, must exhaust all
legal steps against the bank before requesting payment from the
province. Other contingent liabilities from other provincial
entities are also moderate, with limited but likely support coming
from the provinces in a scenario of financial stress.

"In accordance with our relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable (see 'Related Criteria And Research'). At
the onset of the committee, the chair confirmed that the
information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision."

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating action
(see 'Related Criteria And Research').

RATINGS LIST

  Ratings Affirmed

  Buenos Aires (Province of)
   Issuer Credit Rating                   B/Stable/NR

   Senior Unsecured                       B


TRANSENER SA: S&P Raises CCR to 'B' On Improved Capital Structure
-----------------------------------------------------------------
Transener's capital structure and liquidity have improved in line
with S&P's expectations after Argentina's National Regulatory
Electricity Authority announced the Integral Tariff Review (ITR)
for the electric sector on Jan. 31, 2017.

S&P Global Ratings raised its corporate credit and issue-level
ratings on Compania de Transporte de Energia Electrica en Alta
Tension TRANSENER S.A. (Transener) to 'B' from 'CCC+'. The outlook
is now stable.

The rating action follows the improvement in Transener's capital
structure and liquidity since the announcement of the ITR on
January 31, 2017. The ITR set a scheme of rates and an investment
plan for the next five years. The new regulatory framework
eliminates Transener's dependence on discretionary disbursements
from the government and improves its cash flow predictability in
the short to medium term, as well as its liquidity and capital
structure.


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


DEWEY & LEBOUEF: Ex-Partners Ask Court to Be Lenient in Sentencing
------------------------------------------------------------------
Jody Godoy, writing for Bankruptcy Law360, reports that former
Dewey & LeBoeuf LLP partners expressed support for a no-jail
sentence for former Dewey Chief Financial Officer Joel Sanders,
saying Mr. Sanders' actions didn't cause the Firm's collapse.
According to the report, four ex-partners at the firm joined a
slew of family members and former and current colleagues in asking
New York Supreme Court Judge Robert Stolz to be lenient at a
sentencing scheduled for Oct. 6.

                     About Dewey & LeBoeuf

Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 12-12321) in 2012 to complete the wind-down of its
operations.  The Firm had struggled with high debt and partner
defections.  Dewey disclosed debt of $245 million and assets of
$193 million in its Chapter 11 filing late evening on May 29,
2012.

The petition was signed by Jonathan A. Mitchell, chief
restructuring officer.

Dewey & LeBoeuf LLP operated as a prestigious, New York City-
based, law firm that traced its roots to the 2007 merger of Dewey
Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird
-- and LeBoeuf, Lamb, Green & MacCrae LLP originally founded in
1929.  In recent years, more than 1,400 lawyers worked at the firm
in numerous domestic and foreign offices.

At its peak, Dewey employed about 2,000 people with 1,300 lawyers
in 25 offices across the globe. When it filed for bankruptcy, only
150 employees were left to complete the wind-down of the business.

Dewey's offices in Hong Kong and Beijing are being wound down.

The partners of the separate partnership in England are in process
of winding down the business in London and Paris, and
administration proceedings in England were commenced May 28.  All
lawyers in the Madrid and Brussels offices have departed.  Nearly
all of the lawyers and staff of the Frankfurt office have
departed, and the remaining personnel are preparing for the
closure.  The firm's office in Sao Paulo, Brazil, is being
prepared for closure and the liquidation of the firm's local
affiliate.  The partners of the firm in the Johannesburg office,
South Africa, are planning to wind down the practice.

The firm's ownership interest in its practice in Warsaw, Poland,
was sold to the firm of Greenberg Traurig PA for $6 million.  The
Pension Benefit Guaranty Corp. took $2 million of the proceeds as
part of a settlement.

Judge Martin Glenn oversees the case.

Albert Togut, Esq., at Togut, Segal & Segal LLP, represents the
Debtor.  Epiq Bankruptcy Solutions LLC serves as claims and notice
agent.

JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the
lenders under the Revolver Agreement, hired Kramer Levin Naftalis
& Frankel LLP.  JPMorgan, as Collateral Agent for the Revolver
Lenders and the Noteholders, hired FTI Consulting and Gulf
Atlantic Capital, as financial advisors.  The Noteholders hired
Bingham McCutchen LLP as counsel.

The U.S. Trustee formed two committees -- one to represent
unsecured creditors and the second to represent former Dewey
partners.  The creditors committee hired Brown Rudnick LLP led by
Edward S. Weisfelner, Esq., as counsel.  The Former Partners hired
Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &
Winters, LLP, as counsel.

FTI Consulting, Inc., was appointed secured lender trustee for the
Secured Lender Trust.  Alan Jacobs of AMJ Advisors LLC, was named
Dewey's liquidation trustee.  Scott E. Ratner, Esq., Frank A.
Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., at
Togut, Segal & Segal LLP, serve as counsel to the Liquidation
Trustee.

Dewey's liquidating Chapter 11 plan was approved by the bankruptcy
court in February 2013 and implemented in March.  The plan created
a trust to collect and distribute remaining assets.  The firm
estimated that midpoint recoveries for secured and unsecured
creditors under the plan would be 58.4 percent and 9.1%,
respectively.


GOL LINHAS: S&P Upgrades CCR to 'CCC+' on Stronger Liquidity
------------------------------------------------------------
S&P Global Ratings has raised its global scale corporate credit
and issue-level ratings on Gol Linhas Aereas Inteligentes S.A.
(Gol) to 'CCC+' from 'CCC'. At the same time, S&P has raised the
national scale ratings on the company to 'brB' from 'brCCC'. The
outlook on the corporate ratings is positive.

S&P said, "The rating on Gol's senior unsecured debt is at the
same level as the corporate credit rating, reflecting our recovery
rating of '4', given the expected average recovery of 35%
(rounded).

"We have also affirmed the 'BB+' issue-level rating on Gol's $300
million term loan, which benefits from full and unconditional
guarantee by Delta Air Lines (BB+/Positive/--). This issue has a
recovery rating of '4', mirroring that of Delta's senior unsecured
debt.

"The upgrade of Gol reflects our view that recent restructuring
efforts of operations and capital structure, in addition to less
volatile operating conditions, will continue to improve cash
generation, reducing liquidity pressures and refinancing risks.
Given stronger operating performance, we now envision reduced
default risks for the company for the next 12 months."


ITAU UNIBANCO: Fitch Affirms BB+ Long-Term IDR; Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings for Itau Unibanco Holding
S.A. (IUH) and its subsidiary, Itau Unibanco S.A., including the
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB+'. The Rating Outlook is Negative.

KEY RATING DRIVERS
VR, IDRS, AND SENIOR DEBT

The bank's IDRs and senior debt ratings are driven by the bank's
'bb+' Viability Rating (VR) which reflects IUH's consistent
performance within the challenging operating environment of the
past four years and its diversified revenues from its global
franchise. The VR also reflects IUH's conservative risk appetite
and growth, strong liquidity and capitalization.

IUH and Itau Unibanco's VRs are one notch above Brazil's sovereign
rating given the bank's sound business and financial profile, but
they remain constrained by Brazil's challenging operating
environment. The Negative Outlook for the banks' Long-Term IDR
mirrors the Negative Outlook on the sovereign's IDRs.

One rationale for IUH's IDRs being above the sovereign rating is
that IUH is the largest private-sector financial conglomerate in
Brazil, and in Latin America, where it is a market leader in
assets, deposits, credit, and asset management. With a substantial
branch network focusing on a solid and diversified base of
depositors and customers, IUH is considered locally as a safe
haven in times of crisis. While having significantly curtailed its
risk appetite during the past few years over concerns with the
difficult operating environment in Brazil, the bank continued its
expansion in other Latin American and overseas countries as part
of its strategy to further diversify its risks and sources of
revenues. The most recent and relevant effort was through a merger
between Itau Chile and CorpBanca. During the second quarter of
2016, Itau Corpbanca was consolidated into IUH's financial
statements, as IUH is the controlling shareholder.

IUH continues to perform satisfactorily in the still challenging
operating environment as evidenced most recently by the results of
1H17 when it reported an ROAA and ROAE of approximately 1.7% and
19.3%, respectively, as per Fitch's method of calculation. These
results compare favorably to the approximately 1.6% and 18.0%
reported at FYE2016 and also compare well to those of its direct
peers. Lower margins and the impact of the new revolving credit
card regulations on pricing were offset by higher fee income.
Profitability was boosted by lower credit-provisioning expenses as
the need for loan-loss provisioning decreased as asset quality
continued to show signs of improvement. IUH also continues to
focus on cost control.

IUH's asset quality metrics remained satisfactory as its
consolidated 90-day NPL ratio fell to 3.2% at June 30, 2017 down
from 3.6% a year earlier. At the same time the 90-day non-
performing loan (NPL) coverage ratio rose to 243% from 215% over
the same period. Reflecting management's conservatism, the IUH
maintained an additional provision of BRL10.7 billion at June 30,
2017.

IUH's ample client deposit base, as well as its conservative
funding policies, contribute to a strong liquidity position. The
bank's Loan-to-Deposit ratio (including Letras Financeiras, LCIs
and LCAs) at June 30, 2017 was at a comfortable level. Also, the
majority of the securities portfolio consists of liquid government
securities.

Capitalization ratios are also at very comfortable levels and are
expected to remain so given management's recently revised guidance
for total credit growth ranging from 0% to 4% for the remainder of
2017. Fitch Core Capital (FCC) at June 30, 2017 reached one of its
highest levels of the past five years at 13.9%, which compares
well to peers. IUH's CET I at June 30, 2017 was 15.7%. Given IUH's
expected performance and conservative risk appetite, IUH is not
expected to have any difficulty adapting to the BIS III
requirements, and if those were fully implemented as of June 30,
2017, the simulated CET I would be 14.5% even with the impact of
the Citibank consolidation and the XP investment, as these would
be mostly offset by the use of tax credits. The total Regulatory
capital ratio has remained at a comfortable 18.4% as of June 30
2017).

SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's Support Rating of '3' and Support Rating Floor of 'BB-'
reflect a moderate probability of support from the Brazilian
government, in view of the uncertainty as to its capacity and
willingness to do so. It also mirrors IUH's strong franchise and
market share within the banking system, where is accounts for
nearly 14% of the loans and 17% of the deposits.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Following Fitch's rating criteria, the IUH Tier II subordinated
debt is rated two notches below its VR, one notch lower due to
Loss Severity features and its subordinated status, and a one-
notch deduction due to the risk of non-performance. IUH's
subordinated debt carries a cumulative coupon deferral mechanism.
A deferral will only occur if IUH is noncompliant with its
regulatory capital requirement. This rating was also affirmed.

SUBSIDIARY AND AFFILIATED COMPANY

Itau Unibanco is a wholly owned subsidiary of IUH and currently
has the same VR as IUH, reflecting Fitch's view of their integral
roles in the consolidated operation, and the fact that broad risk
management and strategic direction are coordinated as a
consolidated entity.

NATIONAL RATINGS

The 'AAA(bra)'/Stable Outlook National Rating was also affirmed,
reflecting the bank's very strong credit profile.

RATING SENSITIVITIES
IDRS, SENIOR DEBT

IUH and Itau Unibanco's IDRs and debt ratings are sensitive to a
change in Fitch's assumptions around specific issuer rating
factors and rating factors affecting the sovereign. The Negative
Outlook on the IDRs reflects Fitch's current negative view on the
operating environment for Brazilian banks, which in turn is
heavily influenced by the Negative Outlook on Brazil's Sovereign
rating. A downgrade of the sovereign could lead to a downgrade of
IUH's ratings. The Rating Outlook for the sovereign is Negative.
VR
IUH and Itau Unibanco's VRs are sensitive to a change in Fitch's
assumptions regarding the bank's rating factors. The VR could be
downgraded if the bank's loss absorption capacity diminishes. In
the unlikely event that the issuer's FCC falls below 9%, or there
is a sustained decrease in ROAA below 1.25% and over-90-day NPL
ratios are above 6% (currently 3.2%), a ratings review would be
triggered.

SUPPORT RATING AND SUPPORT RATING FLOOR

SR is potentially sensitive to any change in assumptions around
the propensity or ability of the sovereign to provide timely
support to the bank.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

IUH's subordinated debt ratings are broadly sensitive to the same
considerations that might affect IUH's VR.

NATIONAL RATINGS

As the National Ratings are at the highest possible level of
Fitch's Rating Scale, there is no upside potential for these
ratings, thus the Rating Outlook for the National Rating is
Stable. These ratings could only be downgraded in the event of
Itau being rated at or below the Sovereign rating on the
international scale.

IUH is the largest private-sector financial conglomerate in
Brazil, and Latin America, where it is a market leader in assets,
deposits, credit, and asset management. With a substantial branch
network focusing on a solid and diversified base of depositors and
customers, IUH is considered locally as a safe haven in times of
crisis.

Fitch has affirmed the following ratings:

IUH
-- Long-Term Foreign- and Local-Currency IDRs at 'BB+'; Outlook
    Negative;
-- Short-Term Foreign- and Local-Currency IDRs at 'B';
-- Viability Rating at 'bb+';
-- National Long-Term Rating at 'AAA(bra)'; Outlook Stable;
-- National Short-Term rating at 'F1+(bra)';
-- Support Rating at '3'
-- Support Rating Floor at 'BB-'.
-- Senior USD notes due 2018, Long-Term Foreign Currency rating
    at 'BB+'.
-- Subordinated USD notes due 2020-2023 Long-Term Foreign
    Currency rating at 'BB-'.

Itau Unibanco
-- Long-Term Foreign- and Local-Currency IDRs at 'BB+'; Outlook
    Negative;
-- Short-Term Foreign- and Local-Currency IDRs at 'B';
-- Viability Rating at 'bb+';
-- National Long-Term Rating at 'AAA(bra)'; Outlook Stable;
-- National Short-Term Rating at 'F1+(bra)';
-- Support Rating at '3'
-- Support Rating Floor at 'BB-'.


OI MOVEL: Antonio Filho to Become New Foreign Representative
------------------------------------------------------------
The High Court of Justice Division, Companies Court, CR-2016-
0033537, disclosed that Antonio Reinaldo Filho is recognized and
confirmed as the foreign representative of Oi Movel SA in the
Brazilian restructuring proceeding commenced in respect of the
debtor in the Bankruptcy Court of Rio de Janeiro in Brazil.  Mr.
Filho will replace Richard Hudson as the original representative.

Mr. Filho can be reached at:

         Antonio Reinaldo Filho
         Rua Humberto de Campos 425
         5th Florr
         Lebanon

As reported in the Troubled Company Reporter-Latin America on Aug.
12, 2016, that on July 28, 2016, Oi Movel SA was placed under
Cross-Border Insolvency Regulations 2006.


OI SA: Bondholders Reach Consensus on Key Restructuring Terms
-------------------------------------------------------------
The Steering Committees of the International Bondholder Committee
and of the Ad Hoc Group of Oi Bondholders along with a majority of
the group of export credit agencies (ECAs) represented by FTI
Consulting (together, the "Oi Creditor Groups") on Aug. 23, 2017,
disclosed that they have been working cooperatively and have
reached consensus on certain key economic terms of a common
restructuring framework for Oi S.A. and its subsidiaries (the
"Common Restructuring Framework").  The Common Restructuring
Framework is an important milestone as the Oi Creditor Groups
believe it is the first framework for plans that garners the
support of the majority of Oi's main groups of creditors and
provides a path for the potential consensual resolution of ongoing
claims and the successful emergence of Oi as a well-capitalized,
viable and strong competitor in the Brazilian telecommunications
industry.  The Oi Creditor Groups represent in excess of BRL22.6
billion (US$6.6 billion) of Oi group debt.

The Common Restructuring Framework of the Oi Creditor Groups
contemplates, subject to the qualifications set forth below, among
other things, plans with the following mutually dependent
features:

(a) new committed equity capital of BRL3 billion that will be
backstopped in full by certain members of the Oi Creditor Groups,

(b) significant debt reduction through a capitalization of up to
BRL26.1 billion in bond debt for 88% in equity of the restructured
Oi,

(c) a new transparent and professional governance structure,

(d) the satisfactory resolution of all regulatory claims and

(e) equivalent recoveries among all unsecured financial creditors
on account of their claims, including parity treatment to all
bondholders.

Further, the Oi Creditor Groups are in discussions with other key
creditors and stakeholders of Oi regarding the terms of the Common
Restructuring Framework as it relates to their indebtedness so
that the Common Restructuring Framework can also be acceptable to
these interested parties.

This development follows the groups' announced and continued
opposition to the amended restructuring plan terms disclosed by Oi
S.A. on March 22, 2017 and the continued failure of the Oi group
to engage in negotiations with its principal creditor groups,
including the Steering Committees of the International Bondholder
Committee and of the Ad Hoc Group of Oi Bondholders.

The Oi Creditor Groups remain committed to discussing the benefits
of their Common Restructuring Framework with the company and other
major stakeholders as a viable path to implement a feasible
restructuring that ensures Oi's emergence as a well-capitalized
company that can prosper in the long run.

The International Bondholder Committee holds approximately US$2.7
billion of bonds issued by various members of the Oi group.  The
Ad Hoc Group of Oi Bondholders holds approximately US$3.0 billion
of bonds issued by various members of the Oi group.  The
cooperating Export Credit Agencies hold approximately US$942
million of debt issued by various members of the Oi group.

The Common Restructuring Framework is non-binding on the Oi
Creditor Groups, and the terms, conditions, form and structure of
implementation of any proposals, plans or agreements will be
subject to various customary conditions, including completion of
due diligence, all internal and credit committee approvals,
negotiation and agreement of acceptable documentation, structuring
and implementation of the plans, adoption of regulatory changes
and judicial confirmation of restructuring plans in all applicable
jurisdictions including the Netherlands.  The Oi Creditor Groups
do not have or assume any fiduciary or other duties to any party.

Any transaction arising from the Common Restructuring Framework
shall be voted on a non-substantively consolidated basis and shall
be subject to approval by the trustees and court in the
Netherlands for FinCo and PTIF, the court in Brazil for other
debtors and the US Bankruptcy Court for all Chapter 15 debtors.

                           About Oi SA

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

On June 20, 2016, pursuant to Brazilian Law No. 11.101/05 (the
"Brazilian Bankruptcy Law"), Oi S.A. and certain of its
subsidiaries filed for recuperao judicial (judicial
reorganization) in Brazil.

On June 21, 2016, OI SA and its affiliates Telemar Norte Leste
S.A. and Oi Brasil Holdings Cooperatief U.A. commenced Chapter 15
proceedings (Bankr. S.D.N.Y. Lead Case No. 16-11791).  Ojas N.
Shah, as foreign representative, signed the petitions.

Coop and PTIF are also subject to proceedings in the Netherlands.

The Chapter 15 cases are assigned to Judge Sean H. Lane.

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

On July 22, 2016, the New York Court recognized the Brazilian
Proceedings as foreign main proceedings with respect to the
Chapter 15 Debtors, and granted certain additional related relief.


OI SA: Antonio Filho to Become New Foreign Representative
---------------------------------------------------------
The High Court of Justice Division, Companies Court, CR-2016-
003450, disclosed that Antonio Reinaldo Filho is recognized and
confirmed as the foreign representative of Oi SA in the Brazilian
restructuring proceeding commenced in respect of the debtor in the
Bankruptcy Court of Rio de Janeiro in Brazil.  Mr. Filho will
replace Richard Hudson as the original representative.

Mr. Filho can be reached at:

         Antonio Reinaldo Filho
         Rua Humberto de Campos 425
         5th Florr
         Lebanon

                           About Oi SA

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

On June 20, 2016, pursuant to Brazilian Law No. 11.101/05 (the
"Brazilian Bankruptcy Law"), Oi S.A. and certain of its
subsidiaries filed for recuperao judicial (judicial
reorganization) in Brazil.

On June 21, 2016, OI SA and its affiliates Telemar Norte Leste
S.A. and Oi Brasil Holdings Cooperatief U.A. commenced Chapter 15
proceedings (Bankr. S.D.N.Y. Lead Case No. 16-11791).  Ojas N.
Shah, as foreign representative, signed the petitions.

Coop and PTIF are also subject to proceedings in the Netherlands.

The Chapter 15 cases are assigned to Judge Sean H. Lane.

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

On July 22, 2016, the New York Court recognized the Brazilian
Proceedings as foreign main proceedings with respect to the
Chapter 15 Debtors, and granted certain additional related relief.


TELEMAR NORTE: Antonio Filho to Become New Foreign Representative
-----------------------------------------------------------------
The High Court of Justice Division, Companies Court, CR-2016-
003539, disclosed that Antonio Reinaldo Filho is recognized and
confirmed as the foreign representative of Telemar Norte Leste in
the Brazilian restructuring proceeding commenced in respect of the
debtor in the Bankruptcy Court of Rio de Janeiro in Brazil.  Mr.
Filho will replace Richard Hudson as the original representative.

Mr. Filho can be reached at:

         Antonio Reinaldo Filho
         Rua Humberto de Campos 425
         5th Florr
         Lebanon

As reported in the Troubled Company Reporter-Latin America on
July 27, 2016, on June 23, 2016, Telemar Norte Leste commenced
Brazilian restructuring proceedings in the Bankruptcy Court of Rio
de Janeiro in Brazil, pursuant to Federal Law No. 101, and is thus
recognized as a foreign main proceedings in accordance with the
UNCITRAL model Law on Cross-Border Insolvency as set out in
Schedule 1 to the Cross-Border Insolvency Regulations 2006.


=========
C H I L E
=========


FREEPORT-MCMORAN: Deal With Indonesia Credit Pos., Moody's Says
---------------------------------------------------------------
Moody's reports that Freeport-McMoRan Inc.'s (FCX -- B1 CFR,
positive outlook) announcement that it and the Government of
Indonesia (GOI) had reached a framework agreement regarding long-
term operations within Indonesia by its PT Freeport Indonesia (PT-
FI) subsidiary is credit positive as it provides better clarity
and certainty as to how operations will be conducted going
forward. Key highlights of the framework agreement, which is
subject to documentation and board approval of FCX and its
partners, include a) converting the contract of work (COW) to a
special license (IUPK), which will provide operating rights
through 2041, b) the providing of fiscal and legal terms during
the tenor of the IUPK by the GOI, which will give greater
certainty of operations going forward, c) the construction of a
new smelter within 5 years by PT-FI and d) the divestiture by FCX
of PT-FI shares to Indonesian interests such that FCX's interest
reduces to 49% from currently 90.64% on a direct and indirect
basis.

FCX, a Phoenix based mining company, ranks among the top copper
and molybdenum producers globally and is a leading gold producer.
With the completion of the sales of its Gulf of Mexico oil and gas
properties and its California oil and gas properties, FCX's
business will be comprised predominately of its copper mining
operations and their related by-products. The company's global
footprint includes copper mining operations in Indonesia through
its subsidiary PT-FI, the United States, Chile and Peru. Revenues
for the 12 months ended June 30, 2017 were $15.3 billion.


=============
E C U A D O R
=============


ODEBRECHT SA: Ecuadorian Court Bars VP From Leaving Country
-----------------------------------------------------------
EFE News reports that the Ecuadorian National Court of Justice on
Aug. 29 barred Vice President Jorge Glas from leaving the country
because he, along with other suspects, is being subjected to a
formal investigatory hearing related to the Odebrecht corruption
case, the Attorney General's Office said.

The travel prohibition was imposed "taking into consideration
that, during the development of the pretrial and trial phase,
(Glas) has attended all the hearings held by the Attorney
General's Office," 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.



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


FOURZERO INC: Unsecureds to Get 15%, Plus 4.5% Interest in 60 Mos.
------------------------------------------------------------------
Fourzero, Inc., filed with the U.S. Bankruptcy Court for the
District of Puerto Rico an amended small business disclosure
statement dated Aug. 16, 2017, referring to the Debtor's plan of
reorganization.

General unsecured creditors are classified in Class 3, and will
receive a distribution of 15.0% of their allowed claims plus 4.5%
legal interest -- for a total amount of $6,793 -- to be
distributed in 60 consecutive monthly installments commencing on
the effective date of the Plan.  The holders will get $114 per
month starting Nov. 11, 2017, and ending on Nov. 1, 2022.  Class 4
claims are impaired by the Plan.

Payments and distributions under the Plan will be funded from the
revenues of the restaurant operation.

The hearing at which the Court will determine whether to finally
approve this Amended Disclosure Statement and confirm the Plan
will take place on Sept. 20, 2017, at 9:00 a.m.  Ballots must be
received by Sept. 6, 2017.  Objections to the Amended Disclosure
Statement or to the confirmation of the Amended Plan must be filed
with the Court by Sept. 6, 2017, or by an earlier date as the
Court may fix.

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

         http://bankrupt.com/misc/prb16-00100-110.pdf

As reported by the Troubled Company Reporter on Jan. 4, 2017, the
Debtor filed a plan which proposed that general unsecured
creditors recover 11.7% of their allowed claims.  They would
receive payments of their claims in 60 months at an interest rate
of 4.5%.

                       About Fourzero Inc.

Fourzero, Inc., is a corporation created and operating pursuant to
the laws of the Commonwealth of Puerto Rico which was originally
incorporated on March 8, 2006.  It is a small business within the
meaning of 11 USC Section 101(51D).  Shortly after its inception,
on April 4, 2006, the Debtor executed a franchise contract with
Franquicias de Martins BBQ, Inc.  This contract was renewed by
contract titled "Contrato de Renovacion y Franquicias" dated July
30, 2015.  Through the franchise agreement, the Debtor was
authorized to operate a restaurant of Franquicias de Marins in the
Municipality of San Sebastian, Puerto Rico, in exchange of the use
of the commercial name and brand, and for the use of methods,
procedures, and other industrial and intellectual rights.

The Debtor sought Chapter 11 bankruptcy protection (Bankr. D.P.R.
Case No. 16-00100) on Jan. 12, 2016.  The Debtor is represented by
Manuel A. Segarra Vazquez Law Office.  The case is assigned to
Judge Mildred Caban Flores.


PUERTO RICO ELECTRIC: Bond Insurers Demand Remittance of Funds
--------------------------------------------------------------
Alex Wolf, writing for Bankruptcy Law360, reports that MBIA Inc.
subsidiary National Public Finance Guarantee Corp., Assured
Guaranty Corp., Syncora Guarantee Inc. and a group of bondholders
with interest in most of the $8.3 billion in outstanding bond debt
issued by Puerto Rico Electric Power Authority launched a
complaint to force the utility to remit pledged funds for debt
service.  The company has failed to honor contractual obligations,
Law360 says, citing the bond insurers.

                         About Puerto Rico
                        and Title III Cases

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA").

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are onboard as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                      Bondholders' Attorneys

Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin
Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc.,
Franklin Advisers, Inc., and the First Puerto Rico Family of
Funds, which collectively hold over $3.5 billion in COFINA Bonds
and over $2.9 billion in other bonds issued by Puerto Rico and
other instrumentalities, including over $1.8 billion of Puerto
Rico general obligation bonds ("GO Bonds").

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual
Advisers LLC, Monarch Alternative Capital LP, Senator Investment
Group LP, and Stone Lion Capital Partners L.P.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management
II LP (the QTCB Noteholder Group).

                           Committees

The U.S. Trustee formed a nine-member Official Committee of
Retirees and a seven-member Official Committee of Unsecured
Creditors of the Commonwealth.  The Retiree Committee tapped
Jenner
& Block LLP and Bennazar, Garcia & Milian, C.S.P., as its
attorneys.  The Creditors Committee tapped Paul Hastings  LLP and
O'Neill & Gilmore LLC as counsel.


RENT-A-CENTER: Egan-Jones Ups LC Unsec. Debt Rating to B+
---------------------------------------------------------
Egan-Jones Ratings Company, on July 21, 2017, raised the local
currency unsecured debt rating on Rent-A-Center Inc. to B+ from
BB-, and the foreign currency unsecured debt rating on the Company
to B+ from BB.

Previously, on June 21, 2017, EJR downgraded the Company's local
currency senior unsecured debt rating to BB- from BB.

Rent-A-Center, Inc. operates franchised and company-owned
Rent-A-Center and ColorTyme rent-to-own merchandise stores. The
Company's stores offer home electronics, appliances, furniture,
and accessories under flexible rental purchase agreements.
Rent-A-Center operates across the United States and Puerto Rico.



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


TRINIDAD & TOBAGO: Struggling Businesses Ask for Tax Amnesty
------------------------------------------------------------
Caribbean360.com reports that struggling tourism businesses in
Tobago have reached out to the Government for a helping hand as
several operators report they are on brink of foreclosure.

In a desperate plea, they are calling on the Keith Rowley
administration to give them a tax amnesty and to ask the Central
Bank and Bankers' Association to hold their hands on foreclosures,
according to Caribbean360.com.

"Do what we ask. Put things in place and give us 12 months. We can
turn things around," implored Chris James, president of the Tobago
Hotel and Tourism Association, the report notes.

He told the Trinidad Guardian that hotel occupancy in Tobago is as
low as 34 per cent and it was almost certain that businesses would
record losses, the report relays.

"We need a 50 per cent occupancy. International business has
declined and we are dependent on the Trinidad market, but we have
lost out on the July-August vacation because of the air and sea
bridge issues and we will not get that money back," he said, the
report discloses.

The report notes that Mr. James said the situation was so dire
that business owners were forced to choose whether they would send
home staff, pay taxes or meet their loans, because they were not
in position to "do all three."

"We not earning, we not spending, it's all grinding to a halt," he
said, the report relays.

One of the island's largest tour operators has shut down and
relocated to Jamaica, the report notes.

The owner of Enchanted Waters Hotel and Casino, Ken Patino was
facing foreclosure due to a mounting debt to the bank, the report
relays.  In fact, he said the bank warned that his businesses
would be advertised for sale, the report notes.

Mr. Patino and other business owners got a chance to their
concerns in a meeting with Prime Minister Rowley, the report
notes.

Minister Rowley has mandated the establishment of a committee
comprising stakeholders to look at issues affecting the Tobago
business community, but did not give any commitment to asking
banks to provide some ease to the businessmen the report adds.


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


VENEZUELA: New Assembly Approves Treason Trials for Opposition
--------------------------------------------------------------
BBC News reports that Venezuela's new constituent assembly has
unanimously voted to put opposition leaders on trial for treason.

The assembly said it would pursue those it accuses of supporting
US economic sanctions against the country, according to BBC News.

Washington approved the measures in response to what it called the
"dictatorship" of President Nicolas Maduro, the report relays.

The report notes that President Maduro has accused the US of
trying to cripple Venezuela's economy amid an ongoing economic
crisis.

US President Donald Trump signed an executive order on August 25
to ban trade in Venezuelan debt or the sale of bonds from its
state oil company, the report says.

The report discloses that his reasons included "serious abuses of
human rights" as well as the creation of the "illegitimate"
constituent assembly, which the US accuses of usurping the
democratically elected parliament.

The constituent assembly, which was convened by President Maduro
and is made up of government supporters, has been condemned by
international leaders as unconstitutional, the report notes.

                        'Immoral Actions'

Members of the assembly unanimously approved a decree calling for
the investigation of "traitors" who supported the economic
sanctions, the report notes.

During the three-hour session, they took turns denouncing those
who have been critical of the government in ever more colorful
language, the report relays.

Among those they attacked for allegedly being "engaged in the
promotion of these immoral actions against the interests of the
Venezuelan people" were not only members of opposition parties but
also former supporters of the socialist government, the report
notes.

The sacked chief prosecutor Luisa Ortega, who over the past months
has become one of the most vocal critics of the government, came
in for particular vitriol, the report says.

Constituent assembly member Iris Varela called Ms. Ortega "scum".
She also said that Ms. Ortega "crawled like a worm" and "sold her
homeland for a few dollars she stole from this country," the
report relays.

Ms. Ortega was sacked by the constituent assembly in its first
session earlier this month and replaced by a loyal government
supporter, Tarek William Saab, the report notes.

She has since travelled to a number of Latin American countries
denouncing alleged government corruption in Venezuela, the report
discloses.

The head of the opposition-controlled parliament, Julio Borges,
was named as "one of the real enemies of Venezuela" for asking US
bank Goldman Sachs to stop buying Venezuelan bonds, the report
relays.

Mr. Borges reacted by saying that it was time the government
stopped looking for others to blame for Venezuela's economic and
political crisis, the report notes.

"The only one responsible is Maduro and it's time he takes a look
in the mirror and accepts he has ruined Venezuela," he told
reporters, the report adds.


                            ***********


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.

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                            ***********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, 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
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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