TCRLA_Public/170918.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Monday, September 18, 2017, Vol. 18, No. 185


                            Headlines




A R G E N T I N A

PSA FINANCE: Moody's Rates ARS450MM Series 24th Debt Issuance 'B1'


B E R M U D A

SEADRILL LTD: Soliciting Alternative Offers for $1B Capital Raise
SEADRILL LTD: Terms of Restructuring and Lock-Up Agreement
SEADRILL LTD: Three Entities Start Bermuda Proceedings
SEADRILL LTD: Unsec. Creditors to Get 15% of New Stock Under Plan


B R A Z I L

BRAZIL: Metal Workers Protest Against Labor-Law Overhaul
COSAN LTD: S&P Rates Proposed Senior Unsecured Notes 'BB'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Wields Iron Fist at Energy Squanderers


J A M A I C A

JAMAICA: Passes Second Review With IMF


M E X I C O

MEXICO: Hurricane Makes Landfall in Southern Area, Near Acapulco


P U E R T O    R I C O

PUERTO RICO: Decagon, et al., Hold $2.6-Bil. of Sr. COFINA Bonds
PUERTO RICO: Oppenheimer et al. Hold $4.609 Billion of Bonds
PUERTO RICO: Puerto Rico Mutual Funds Hold $1.36 Billion of Bonds
PUERTO RICO: QTCB Group Holds $690.9 Million of GO Bonds
PUERTO RICO: Unsecured Committee Members Disclose Claims


V E N E Z U E L A

VENEZUELA: Opposition Says No Dialogue Without Gov't Guarantees
VENEZUELA: Makes 4th Payment to Gold Reserve on Settlement


X X X X X X X X X

* BOND PRICING: For the Week From Sept. 4 to Sept. 8, 2017


                            - - - - -



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


PSA FINANCE: Moody's Rates ARS450MM Series 24th Debt Issuance 'B1'
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
assigned a B1 global local currency senior debt rating to PSA
Finance Argentina Compania Financiera's (PSA) twenty-fourth bond
issuance, due in 24 months, for up to ARS450 million, and a Aa2.ar
national scale debt rating.

The global ratings have a positive outlook in line with the
positive outlook on the Argentine B3 government bond rating, while
the national scale ratings have stable outlook.

The following ratings were assigned to PSA Finance Argentina
Compania Financiera S.A.:

ARS450 million Series Twenty-Fourth senior unsecured debt
issuance:

B1 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

RATINGS RATIONALE

PSA's global scale ratings are constrained by Argentina's
operating environment, which remains challenging despite various
market-friendly policy reforms implemented by the new
administration that are expected to result in a return to economic
growth and a continued decline in inflation this year. These
challenges outweigh PSA's relatively sound financial fundamentals.
However, because the entity is 50% owned by France's Banque PSA
Finance (BPF), rated baa3, Moody's assumes a moderate level of
support from BPF to its subsidiary in Argentina in situations of
stress, which lifts the global scale rating by two notches from
the company's b3 baseline credit assessment. Consequently, the
company is one of the strongest credits in Argentina, as reflected
by its Aa2.ar national scale rating.

The ratings also consider PSA's monoline business model dedicated
to the financing of Peugeot and Citroân vehicles and the
increasing level of competition within the car-financing industry
in Argentina. Despite the still high level of inflation, yet
declining, the company's profitability during 1H2017 was affected
by the still weak economic activity. Nevertheless, PSA Finance
registered a net income to tangible assets of 4.2% as of June
2017. While non-performing loans remain low, at 0.84%, the fact
that the loan portfolio is highly collateralized helps to contain
delinquencies. Asset risk is balanced in part by the company's
solid risk management policies, as evidenced in the 145% reserve
coverage to NPLs, and its good capitalization indicators. The
ratings also include risks associated with a liability structure
mainly reliant on market funds, as is the case of other automobile
finance companies, with a market funds to tangible assets ratio of
59% as of June 2017.

While the country's operating environment remains challenging, the
positive outlook on the global scale rating reflects the
anticipated impact of market-friendly policy reforms implemented
in by Macri administration, which are expected to result in a
return to economic growth and a continued decline in inflation
this year. In turn, this will create new business opportunities
for PSA that will ease its transition into a more competitive,
market-driven operating environment and help mitigate an expected
drop in lending rates and rising credit costs.

Notwithstanding the positive outlook on the global scale ratings,
the outlook on the national scale ratings remains stable to
reflect the likelihood that the correspondence between Argentine
national scale and global scale ratings will be recalibrated if
and when the sovereign is upgraded such that most global scale
ratings will correspond to lower Argentine national scale ratings
than is currently the case. Consequently, even if the global scale
ratings are upgraded, the national scale ratings are not likely to
be affected.

WHAT COULD CHANGE THE RATING UP/DOWN

An upgrade of the Argentine sovereign and a corresponding increase
in Argentina's debt and deposit ceilings would put upward pressure
on the company's ratings, provided the company continues to
demonstrate sound operating performance. Conversely, a downgrade
of the Argentine sovereign could put downward pressure on the
entity's ratings, but this is unlikely at this time given
Argentina's positive outlook.



=============
B E R M U D A
=============


SEADRILL LTD: Soliciting Alternative Offers for $1B Capital Raise
-----------------------------------------------------------------
To ensure that the $1.06 billion capital commitment from Hemen
Investments Limited, Centerbridge Credit Partners L.P., and a
syndicate of additional financial institutions represents the best
available terms, Seadrill Ltd. has negotiated for a 90-day "go
shop" period under their Investment Agreement.

As part of the Debtors' efforts to solicit alternative proposals,
the Debtors intend to continue their marketing process seeking
alternative proposals from financial and strategic parties.  Due
to operational risks, the Debtors did not reach out to certain
strategic parties, many of whom are significant market
competitors, during the prepetition marketing process.  However,
to explore every viable alternative, the Debtors and their
advisors will reach out to such strategic parties that have been
identified as potential investors during a robust postpetition
marketing process.

Similar to the prepetition process, the Debtors and their advisors
will identify potential interested parties, including those
solicited prepetition (collectively, the "Potential Interested
Parties").  The Debtors' investment bankers, Houlihan Lokey, will
distribute sanitized and publicly available information to the
Potential Interested Parties, which will describe the
transactions.

The Debtors intend to conduct the postpetition marketing process
as a two-step process, consisting of Phase I and Phase II.  As
part of Phase I, each Potential Interested Party -- Phase I
Parties -- will receive access to public information regarding the
restructuring, the Debtors' projections, as well as further
information as the Debtors deem appropriate.  The Debtors will
then request each Phase I Party to submit a preliminary, written,
non-binding offer for an alternative investment proposal.

Phase I Parties will be requested to submit a preliminary,
written, non-binding offer -- Indicative Offer -- for an
Alternative Restructuring Proposal by a date to be determined,
anticipated to be no later than 30 days after the Petition Date.

The Debtors will evaluate Indicative Offers in consultation with
its advisors, and, in their sole discretion, the Debtors may
select a limited number of Phase I Parties to participate in Phase
II.  Phase II Parties will have the opportunity to execute a non-
disclosure agreement to receive confidential information and other
information that is not publicly available to complete
additional diligence to facilitate preparation of final offers.
The Company will request the Phase II Parties to provide final
offers by a certain date, after which the company will evaluate
any alternative investments and determine whether any are higher
or otherwise better than the terms of the Investment Agreement.
Phase II of the Marketing Process will conclude no later than 90
days after the Petition Date.

                        About Seadrill Ltd

Seadrill Limited is a deepwater drilling contractor, providing
drilling services to the oil and gas industry.  It is incorporated
in Bermuda and managed from London.  Seadrill and its affiliates
own or lease 51 drilling rigs, which represents more than 6% of
the world fleet.

As of Sept. 12, 2017, Seadrill employs 3,760 highly-skilled
individuals across 22 countries and five continents to operate
their drilling rigs and perform various other corporate functions.

As of June 30, 2017, Seadrill had $20.71 billion in total assets,
$10.77 billion in total liabilities and $9.94 billion in total
equity.

Seadrill reported a net loss of US$155 million on US$3.17 billion
of total operating revenues for the year ended Dec. 31, 2016,
following a net loss of US$635 million on US$4.33 billion of total
operating revenues for the year ended in 2015.

After reaching terms of a reorganization plan that would
restructure $8 billion of funded debt, on Sept. 12, 2017, Seadrill
Limited and 85 affiliated debtors each filed a voluntary petition
for relief under Chapter 11 of the United States Bankruptcy Code
in the Bankruptcy Court for the Southern District of Texas.  The
Debtors requested that their Chapter 11 cases be jointly
administered under Case No. 17-60079.

Together with the chapter 11 proceedings, Seadrill, North Atlantic
Drilling Limited ("NADL") and Sevan Drilling Limited ("Sevan") are
commencing liquidation proceedings in Bermuda to appoint joint
provisional liquidators and facilitate recognition and
implementation of the transactions contemplated by the RSA and
Investment Agreement, and Simon Edel, Alan Bloom and Roy Bailey of
Ernst & Young are to act as the joint and several provisional
liquidators.

In the Chapter 11 cases, the Company has engaged Kirkland & Ellis
LLP as legal counsel, Houlihan Lokey, Inc. as financial advisor,
and Alvarez & Marsal as restructuring advisor.  Slaughter and May
has been engaged as corporate counsel, and Morgan Stanley served
as co-financial advisor during the negotiation of the
restructuring agreement.  Advokatfirmaet Thommessen AS is serving
as Norwegian counsel.  Conyers Dill & Pearman is serving as
Bermuda counsel.  Prime Clerk is the claims agent and maintains
the Web site https://cases.primeclerk.com/seadrill


SEADRILL LTD: Terms of Restructuring and Lock-Up Agreement
----------------------------------------------------------
After nearly two years of negotiations and a nearly year-long
process to raise capital, Seadrill Limited, more than 97% of its
bank lenders, 40% of its bondholders and a consortium of investors
led Hemen Holding Ltd. agreed to a consensual restructuring
transaction set forth in a Restructuring Support Agreement,
including a $1.06 billion Capital Commitment embodied in an
Investment Agreement, dated as of Sept. 12, 2017.

Seadrill's consolidated subsidiaries North Atlantic Drilling Ltd.
and Sevan Drilling Limited, together with certain other of
Seadrill's consolidated subsidiaries entered into the RSA together
with Seadrill.

Ship Finance International Limited and three of its subsidiaries
("SFL"), which charter three drilling units to the Company
Parties, also executed the RSA.

The Restructuring Support Agreement is broadly supported across
the Bank Lender group, with percentage support under each of the
12 Bank Facilities breaking down as follows:

  Bank Facilities (in US$ millions)   Principal    % Party to RSA
  ---------------------------------   ---------    --------------
$400 million facility due 2017          $135            100%
$450 million facility due 2017           265            100%
$300 million facility due 2018           144            100%
$1.50 billion facility due 2019        1,125            100%
$1.35 billion facility due 2019          945            100%
$950 million facility due 2019           566            100%
$450 million facility due 2020           122            100%
$440 million facility due 2017            64            100%
$1.45 billion facility due 2018          322            100%
$2.00 billion facility due 2017          908            100%
$360 million facility due 2018           210             87%
$1.75 billion facility due 2018          875             86%

   Total Bank Facilities:                    $5,681 million

A coordinating committee (the "Bank CoCom") that included each of
the administrative agent banks under the Bank Facilities is
constituted by ABN AMRO Bank, Citibank Europe plc UK Branch,
Danske Bank A/S, DNB Bank ASA, ING Bank N.V. Nordea Bank AB London
Branch, Garantiinstituttet for Eksportkreditt, and Skandinaviska
Enskilda Banken AB (publ).

Over the past three years, the Debtors' businesses have been
affected by a sustained downturn in the oil and gas industry.  In
response, the Debtors negotiated and commenced the chapter 11
cases to implement a series of restructuring transactions, set
forth in the Restructuring Support Agreement, that will: (a) re-
profile the Bank Facility obligations to eliminate near-term
amortization obligations and extend maturities; (b) reduce overall
leverage through equitizing the Unsecured Bonds; (c) result in a
$1.06 billion new capital injection; and (d) reorganize the
Seadrill corporate structure to support the re-profiled Bank
Facilities and new capital injection.

The Commitment Parties -- comprised of Hemen Holding, certain
affiliates of Centerbridge Credit Partners L.P., and a syndicate
of additional financial institutions --- have agreed to provide
the Debtors an aggregate $1.06 billion of new capital pursuant to
the Investment Agreement.  The $1.06 billion capital commitment
will be in the form of a $200 million direct equity investment and
a $860 million issuance of new secured notes.

                       Commitment Parties

Hemen Holding and Centerbridge have agreed to fully underwrite
$462,442,000 of the new secured notes issuance.  ARCM Master Fund
III, Ltd., will underwrite US$15 million of the New Secured Notes
issuance.  Fintech Investments Ltd. will underwrite US$25 million
of the new secured notes issuance on the terms set out in the
investment agreement.  Funds managed by or affiliated with
Aristeia Capital LLC, GLG Partners Inc., Saba Capital Management,
LP and Whitebox Advisors LLC -- those funds being the "Select
Commitment Parties" -- will fully underwrite US$357,558,000 of the
New Secured Notes issuance.

The Commitment Parties hold approximately 40% of the Debtors'
unsecured bonds.

Hemen Holding is also Seadrill Limited's principal shareholder,
holding 24.2% of Seadrill Limited's outstanding common shares.

The fact that the Debtors were negotiating with the Commitment
Parties and other stakeholders has been disclosed a number of
times dating back to late 2016.  Therefore, all holders of
Unsecured Bonds have had the opportunity to participate in
negotiations.  All holders of Unsecured Bonds that have become
restricted have signed the Restructuring Support Agreement.  The
Debtors will continue to encourage holders of Unsecured Bonds to
support the proposed restructuring.

In addition to their funded debt obligations, the Debtors
commenced the Chapter 11 cases to restructure four of Seadrill's
14 newbuild contracts (implicating approximately $1.8 billion of
Seadrill's approximately $4 billion in newbuild obligations) and
the $1.1 billion in SFL lease obligations.

Ahead of the Petition Date, the Debtors reached a resolution with
SFL, embodied in the Restructuring Support Agreement, to
restructure the three SFL lease agreements in a manner broadly
consistent with the Bank Deal.  While the Debtors were unable to
reach a comprehensive resolution with their newbuild
counterparties prepetition, they anticipate continuing discussions
postpetition in hopes of securing further delivery deferrals or
implementing another resolution.

Counsel to the consenting lenders under the Bank Facilities:

         Scott Greissman, Esq.
         White & Case LLP
         1221 Avenue of the Americas
         New York, New York 10020
         E-mail: sgreissman@whitecase.com and
                 WCProjectEagle@whitecase.com

              - and -

         David Manson, Esq.
         White & Case LLP
         5 Old Broad Street
         London EC2N 1DW
         United Kingdom
         E-mail: dmanson@whitecase.com and

Counsel to Hemen and Centerbridge:

         Gregory Petrick, Esq.
         Yushan Ng, Esq.
         Cadwalader, Wickersham & Taft LLP
         Dashwood House, 69 Old Broad Street,
         London EC2M 1QS
         United Kingdom
         E-mail: Gregory.Petrick@cwt.com
                 Yushan.Ng@cwt.com
                 projecteagle@cwt.com

                - and -

         Brad E. Scheler, Esq.
         Jennifer L. Rodburg, Esq.
         FRIED, FRANK, HARRIS, SHRIVER & JACOBSON LLP
         One New York Plaza
         New York, NY 10004
         E-mail: Brad.Scheler@friedfrank.com
                 Jennifer.Rodburg@friedfrank.com

Counsel to certain funds and/or accounts holding Unsecured Notes
that are managed, advised or sub-advised by Aristeia Capital
L.L.C., GLG Partners LP, Saba Capital Management LP and Whitebox
Advisors LLC:

         James Terry, Esq.
         Liz Osborne, Esq.
         Akin Gump LLP
         10 Bishops Square, Eighth Floor
         London E1 6EG
         United Kingdom
         E-mail: james.terry@akingump.com
                 liz.osborne@akingump.com
                 SEADRILLAKIN@akingump.com

               - and -

         Ira Dizengoff, Esq.
         Philip Dublin, Esq.
         Akin Gump Strauss Hauer & Feld LLP
         One Bryant Park
         New York, NY 10036
         E-mail: idizengoff@akingump.com
                 pdublin@akingump.com
                 SEADRILLAKIN@akingump.com

ARCM Master Fund III, Ltd. can be reached at:

         ARCM Master Fund III, Ltd.
         c/o Asia Research & Capital Management Ltd
         21/F, SCB Tower
         12 Queens Road Central
         Hong Kong

Counsel to ARCM Master Fund III:

         Andrew Rosenberg, Esq.
         Elizabeth McColm, Esq.
         Catherine Goodall, Esq.
         Paul, Weiss, Rifkind, Wharton & Garrison, LLP
         1285 Avenue of the Americas
         New York, NY 10019-6064
         Facsimile: (212) 373-0524
         E-mail: arosenberg@paulweiss.com
                 emccolm@paulweiss.com
                 cgoodall@paulweiss.com

Fintech Investments Ltd. can be reached at:

         Fintech Investments Ltd.
         C/O KENDRIS Ltd.
         Steinengraben 5
         CH-4002 Basel
         Switzerland

Counsel to Fintech:

         Andrew Rosenberg, Esq.
         Elizabeth McColm, Esq.
         Catherine Goodall, Esq.
         Paul, Weiss, Rifkind, Wharton & Garrison, LLP
         1285 Avenue of the Americas
         New York, NY 10019-6064
         Facsimile: (212) 373-0524
         E-mail: arosenberg@paulweiss.com
                 emccolm@paulweiss.com
                 cgoodall@paulweiss.com

SFL, to, can be reached at:

         Georgina Sousa
         Ship Finance International Limited
         Par-la-Ville Place
         14 Par-la-Ville Road
         Hamilton HM 08, Bermuda

                 - and -

         Ship Finance Management AS
         Bryggegata 3
         P.O. Box 1327 Vika
         N-0112 Oslo, Norway
         E-mail: harald.gurvin@shipfinance.no

A copy of the RSA is available at https://is.gd/iiJ86s

                        About Seadrill Ltd

Seadrill Limited is a deepwater drilling contractor providing
drilling services to the oil and gas industry.  It is incorporated
in Bermuda and managed from London.  Seadrill and its affiliates
own or lease 51 drilling rigs, which represents more than 6% of
the world fleet.

As of Sept. 12, 2017, Seadrill employs 3,760 highly-skilled
individuals across 22 countries and five continents to operate
their drilling rigs and perform various other corporate functions.

As of June 30, 2017, Seadrill had $20.71 billion in total assets,
$10.77 billion in total liabilities and $9.94 billion in total
equity.

Seadrill reported a net loss of US$155 million on US$3.17 billion
of total operating revenues for the year ended Dec. 31, 2016,
following a net loss of US$635 million on US$4.33 billion of total
operating revenues for the year ended in 2015.

After reaching terms of a reorganization plan that would
restructure $8 billion of funded debt, on Sept. 12, 2017, Seadrill
Limited and 85 affiliated debtors each filed a voluntary petition
for relief under Chapter 11 of the United States Bankruptcy Code
for the Southern District of Texas.  The Debtors have requested
that their Chapter 11 cases be jointly administered under Case No.
17-60079.

Together with the chapter 11 proceedings, Seadrill, North Atlantic
Drilling Limited ("NADL") and Sevan Drilling Limited ("Sevan") are
commencing liquidation proceedings in Bermuda to appoint joint
provisional liquidators and facilitate recognition and
implementation of the transactions contemplated by the RSA and
Investment Agreement, and Simon Edel, Alan Bloom and Roy Bailey of
Ernst & Young are to act as the joint and several provisional
liquidators.

In the Chapter 11 cases, the Company has engaged Kirkland & Ellis
LLP as legal counsel, Houlihan Lokey, Inc. as financial advisor,
and Alvarez & Marsal as restructuring advisor.  Slaughter and May
has been engaged as corporate counsel, and Morgan Stanley served
as co-financial advisor during the negotiation of the
restructuring agreement.  Advokatfirmaet Thommessen AS is serving
as Norwegian counsel.  Conyers Dill & Pearman is serving as
Bermuda counsel.  Prime Clerk is the claims agent and maintains
the Web site https://cases.primeclerk.com/seadrill


SEADRILL LTD: Three Entities Start Bermuda Proceedings
------------------------------------------------------
In parallel with the chapter 11 cases, Seadrill Limited, North
Atlantic Drilling Limited ("NADL") and Sevan Drilling Limited
("Sevan") commenced liquidation proceedings pursuant to sections
161 and 170 of the Bermuda Companies Act 1981 by presenting
"winding up" petitions to the Bermuda Court.  Upon the application
of the Bermuda Debtors, the Bermuda Court will be requested to
appoint joint "provisional liquidators" for each of the Bermuda
Debtors with respect to the restructuring of those companies in
these chapter 11 cases.

The joint provisional liquidators will act as officers of the
Bermuda Court, and will be required under the order to report to
the Bermuda Court from time to time on the progress of the Bermuda
Debtors' chapter 11 proceedings.  The Bermuda Debtors' application
will also seek to limit the joint provisional liquidators' powers
such that the Bermuda Debtors' management team and boards of
directors will remain in control of the Bermuda Debtors' day-to-
day operations and these chapter 11 cases and the joint
provisional liquidators will have the power to oversee the
process, including the review of documents.  Upon the appointment
of joint provisional liquidators in respect of each of the Bermuda
Debtors, a statutory stay of proceedings in Bermuda against those
three entities or their assets will automatically arise.  On the
"return date" for the Bermuda petitions -- similar to a "second
day" hearing in a chapter 11 proceeding -- the Bermuda Debtors
will seek to postpone
their petitions for a specified period, while the Debtors
administer these chapter 11 cases.

After the effective date of the Debtors' chapter 11 plan, to
effectuate the issuance of new equity by reorganized Seadrill
Limited and certain other restructuring transactions, the Debtors
will seek a winding up order from the Bermuda Court and the joint
provisional liquidators will assume full powers in respect of the
Bermuda Debtors and proceed with the formal liquidation and
dissolution of the Bermuda Debtors in accordance with Bermuda law.
The common equity holders of the Bermuda Debtors will not receive
a distribution or otherwise retain any value given that those
entities have no assets as a result of the implementation of the
Debtors' chapter 11 plan.  On or before the effective date of the
Debtors' chapter 11 plan, the Debtors will form "new" (i.e.,
reorganized) Seadrill Limited, NADL, and Sevan to hold the assets
of "old" Seadrill Limited, NADL, and Sevan and otherwise reside in
their respective positions in the new IHCo/RigCo/NSNCo holding
structuring.

Seadrill Limited is a publicly-held Bermuda exempted company
listed on the NYSE and the OSE under the symbol "SDRL."   As of
the Petition Date, Seadrill Limited's nonaffiliated public float
represented 75.8% of total shares outstanding, and Seadrill
Limited's principal shareholder, Hemen, held 24.2% of Seadrill
Limited's outstanding common shares.

NADL is a publicly held Bermuda exempted company listed on the
NYSE and the Norwegian over-the-counter exchange under the symbol
"NADL."  As of the Petition Date, Seadrill owned approximately
70.4% of NADL's outstanding common shares.

Sevan is a publicly held Bermuda exempted company listed on the
OSE under the symbol "SEVDR."  Sevan common shares have traded on
the OSE since June 2015.  As of the Petition Date, Seadrill owned
approximately 50.1% of Sevan's outstanding common shares.

                        About Seadrill Ltd

Seadrill Limited is a deepwater drilling contractor providing
drilling services to the oil and gas industry.  It is incorporated
in Bermuda and managed from London.  Seadrill and its affiliates
own or lease 51 drilling rigs, which represents more than 6% of
the world fleet.

As of Sept. 12, 2017, Seadrill employs 3,760 highly-skilled
individuals across 22 countries and five continents to operate
their drilling rigs and perform various other corporate functions.

As of June 30, 2017, Seadrill had $20.71 billion in total assets,
$10.77 billion in total liabilities and $9.94 billion in total
equity.

Seadrill reported a net loss of US$155 million on US$3.17 billion
of total operating revenues for the year ended Dec. 31, 2016,
following a net loss of US$635 million on US$4.33 billion of total
operating revenues for the year ended in 2015.

After reaching terms of a reorganization plan that would
restructure $8 billion of funded debt, on Sept. 12, 2017, Seadrill
Limited and 85 affiliated debtors each filed a voluntary petition
for relief under Chapter 11 of the United States Bankruptcy Code
in the Bankruptcy Court for the Southern District of Texas.  The
Debtors have requested that their Chapter 11 cases be jointly
administered under Case No. 17-60079.

Together with the chapter 11 proceedings, Seadrill, North Atlantic
Drilling Limited ("NADL") and Sevan Drilling Limited ("Sevan") are
commencing liquidation proceedings in Bermuda to appoint joint
provisional liquidators and facilitate recognition and
implementation of the transactions contemplated by the RSA and
Investment Agreement, and Simon Edel, Alan Bloom and Roy Bailey of
Ernst & Young are to act as the joint and several provisional
liquidators.

In the Chapter 11 cases, the Company has engaged Kirkland & Ellis
LLP as legal counsel, Houlihan Lokey, Inc. as financial advisor,
and Alvarez & Marsal as restructuring advisor.  Slaughter and May
has been engaged as corporate counsel, and Morgan Stanley served
as co-financial advisor during the negotiation of the
restructuring agreement.  Advokatfirmaet Thommessen AS is serving
as Norwegian counsel.  Conyers Dill & Pearman is serving as
Bermuda counsel.  Prime Clerk is the claims agent and maintains
the Web site https://cases.primeclerk.com/seadrill


SEADRILL LTD: Unsec. Creditors to Get 15% of New Stock Under Plan
-----------------------------------------------------------------
As of Sept. 12, 2017, Seadrill Limited and its affiliated Chapter
11 debtors were liable for approximately $8 billion in aggregate
funded-debt obligations.  These obligations arise under the 12
secured bank facilities and the six unsecured bond issuances.
Seadrill Limited is an obligor under each of the 12 bank
facilities, as either a borrower or guarantor.

The secured bank facilities are:

  Bank Facilities (in US$ millions)                   Principal
  ---------------------------------                   ---------
Seadrill Limited Facilities
  $400-mil. facility due 2017 - Jack-Up Facility          $135
  $450 mil. facility due 2017 - West Eminence Facility     265
  $300 mil. facility due 2018                              144
  $1.50 bil. facility due 2019                           1,125
  $1.35 bil. facility due 2019                             945
  $950 mil. facility due 2019                              566
  $450 mil. facility due 2020                              122
  $440 mil. facility due 2017 - Split Facility              64
  $1.45 bil. facility due 2018 - Split Facility            322
NADL Facility (Seadrill Limited Guaranteed)
  $2.00 billion facility due 2017 - NADL Facility          908
AOD Facility (Seadrill Limited Guaranteed)
  $360 million facility due 2018                           210
Sevan Facility (Seadrill Limited Guaranteed)
  $1.75 billion facility due 2018                          875
                                                        ------
     Total Bank Facilities                              $5.681

  Unsecured Bonds (in US$ millions)                   Principal
  ---------------------------------                   ---------
Seadrill Limited Bonds
  $1.00 billion bond due 2017 - Maturing Bonds           $843
  NOK 1.80 billion bond due 2018                          211
  SEK 1.50 billion bond due 2019                          168
  $500 million bond due 2020                              479
NADL Bonds
  NOK 1.50 billion bond due 2018                          166
  $600 million bond due 2019                              413
                                                        ------
     Total Unsecured Bonds                              $2,280

Danske Guarantee Facility
   Outstanding Obligations                                 $60

     Total Obligations Outstanding                      $8,021
                                                        ======

The Debtors have filed a Joint Plan of Reorganization that
provides for terms contemplated by the Restructuring Support
Agreement reached with 97% of the secured bank lenders, 40% of
bondholders and a consortium of investors led by the Debtors'
largest shareholder, Hemen Holding Ltd.

A copy of the Disclosure Statement explaining the terms of the
Plan dated Sept. 12, 2017, is available at:

           http://bankrupt.com/misc/Seadrill_20_DS.pdf

The Debtors note that the foundation of Seadrill's restructuring
is an extremely valuable agreement with 97% of the bank lenders
under the bank facilities that will extend maturities by an
average of five years, eliminate near term amortization
obligations, and provide significant covenant relief.

The Plan provides these distributions, assuming general unsecured
creditors accept the Plan:

   * purchasers of the new secured notes will receive 57.5% of the
new Seadrill equity, subject to dilution by the primary
structuring fee and an employee incentive plan;

   * purchasers of the new Seadrill equity will receive 25% of the
new Seadrill equity, subject to dilution by the primary
structuring fee and an employee incentive plan;

   * general unsecured creditors of Seadrill, NADL, and Sevan,
which includes Seadrill and NADL bondholders, will receive their
pro rata share of 15% of the new Seadrill common stock, subject to
dilution by the primary structuring fee and an employee incentive
plan, plus certain eligible unsecured creditors will receive the
right to participate pro rata in $85 million of the new secured
notes and $25 million of the new equity, provided that general
unsecured creditors vote to accept the plan; and

   * holders of Seadrill common stock will receive 2% of the new
Seadrill equity, subject to dilution by the primary structuring
fee and an employee incentive plan, provided that general
unsecured creditors vote to accept the plan.

Existing claims against and interests in Seadrill, including the
economic interests in the existing Seadrill common shares, will be
extinguished under the plan.  If Seadrill general unsecured
creditors do not accept the plan, they will receive the minimum
consideration required under chapter 11, and holders of existing
Seadrill common shares will receive no recovery.

The RSA contemplates certain releases and exculpations and
implementation of a customary equity-based employee incentive plan
at closing.  The transactions contemplated by the RSA are subject
to court approval and other terms and conditions.

Based on the analysis by the Debtors' advisors, the value of the
Debtors' estates does not support a significant recovery for
holders of unsecured bonds under a chapter 11 plan.  However, the
Restructuring Support Agreement provides for the prospect of a
better recovery through the equitization of the Unsecured Bonds.
Specifically, the RSA provides that, to the extent holders of
unsecured claims at Seadrill Limited, NADL, and Sevan (which
includes holders of Unsecured Bonds) vote as a class to accept the
Debtors' chapter 11 plan, the holders will receive their pro rata
share of 15 percent of the new equity in reorganized Seadrill
Limited, plus their pro rata share of subscription rights to
participate in up to (a) $85 million of the NSNs portion of the
Capital Commitment and (b) $25 million of the equity portion of
the Capital Commitment.

Under the RSA, so long as holders of unsecured claims at Seadrill
Limited vote as a class to accept the Debtors' chapter 11 plan,
holders of existing equity interests in Seadrill Limited will
receive their pro rata share of 2% of the new equity in
reorganized Seadrill Limited.  On the effective date of the
Debtors' chapter 11 plan, the existing equity interests in
Seadrill Limited will be extinguished. The existing equity
interests in NADL and Sevan will be extinguished on the effective
date of the Debtors' chapter 11 plan and holders of such equity
interest will receive no recovery.

The current version of the Disclosure Statement still has banks as
to the estimated percentage recovery by holders of allowed general
unsecured claims against debtors Seadrill Limited, NADL, and
Sevan.  General unsecured claims against the other Debtors will be
paid in full in cash on the Effective Date or Reinstated -- thus,
the claims are unimpaired and not entitled to vote to accept or
reject the Plan.

The Debtors propose the following schedule (including applicable
Restructuring Support Agreement and Investment Agreement
milestones):

  Event/Deadline                              Date       T+
  --------------                              ----       --
Petition Date                            Sept. 12, 2017  T+0
Expiration of Go-Shop Period             Dec.11, 2017    T+90
Disclosure Statement Objection Deadline  Dec. 29, 2017   T+108
Disclosure Statement Hearing             Jan. 10, 2018   T+120
Deadline to Send Solicitation Packages   Jan. 17, 2018   T+127
Disclosure Statement Order Milestone     Feb. 9, 2018    T+150
Plan Voting Deadline                     March 9, 2018   T+178
Plan Confirmation Objection Deadline     March 9, 2018   T+178
Plan Confirmation Hearing                March 26, 2018  T+195
Targeted Plan Effective Date             May 10, 2018    T+240
Confirmation Milestone                   June 9, 2018    T+270
Effective Date Milestone                 Aug. 8, 2018    T+330

                        About Seadrill Ltd

Seadrill Limited is a deepwater drilling contractor providing
drilling services to the oil and gas industry.  It is incorporated
in Bermuda and managed from London.  Seadrill and its affiliates
own or lease 51 drilling rigs, which represents more than 6% of
the world fleet.

As of Sept. 12, 2017, Seadrill employs 3,760 highly-skilled
individuals across 22 countries and five continents to operate
their drilling rigs and perform various other corporate functions.

As of June 30, 2017, Seadrill had $20.71 billion in total assets,
$10.77 billion in total liabilities and $9.94 billion in total
equity.

Seadrill reported a net loss of US$155 million on US$3.17 billion
of total operating revenues for the year ended Dec. 31, 2016,
following a net loss of US$635 million on US$4.33 billion of total
operating revenues for the year ended in 2015.

After reaching terms of a reorganization plan that would
restructure $8 billion of funded debt, on Sept. 12, 2017, Seadrill
Limited and 85 affiliated debtors each filed a voluntary petition
for relief under Chapter 11 of the United States Bankruptcy Code
in the Bankruptcy Court for the Southern District of Texas.  The
Debtors have requested that their Chapter 11 cases be jointly
administered under Case No. 17-60079.

Together with the chapter 11 proceedings, Seadrill, North Atlantic
Drilling Limited ("NADL") and Sevan Drilling Limited ("Sevan") are
commencing liquidation proceedings in Bermuda to appoint joint
provisional liquidators and facilitate recognition and
implementation of the transactions contemplated by the RSA and
Investment Agreement, and Simon Edel, Alan Bloom and Roy Bailey of
Ernst & Young are to act as the joint and several provisional
liquidators.

In the Chapter 11 cases, the Company has engaged Kirkland & Ellis
LLP as legal counsel, Houlihan Lokey, Inc. as financial advisor,
and Alvarez & Marsal as restructuring advisor.  Slaughter and May
has been engaged as corporate counsel, and Morgan Stanley served
as co-financial advisor during the negotiation of the
restructuring agreement.  Advokatfirmaet Thommessen AS is serving
as Norwegian counsel.  Conyers Dill & Pearman is serving as
Bermuda counsel.  Prime Clerk is the claims agent and maintains
the Web site https://cases.primeclerk.com/seadrill




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


BRAZIL: Metal Workers Protest Against Labor-Law Overhaul
--------------------------------------------------------
Alianzanews.com reports that Brazilian metal workers protested in
several cities against a labor-law overhaul that President Michel
Temer's administration strongly backed and Congress passed earlier
this year.

Between 200 and 300 people gathered in downtown Sao Paulo to
express their rejection of the changes and defend their rights,
according to alianzanews.com.

The metal workers' unions had called for a "National Day of
Struggle" against the overhaul, but there was little support for
the protests nationwide and the demonstration in Sao Paulo
mobilized smaller numbers of people than usual, the report notes.

Signed by Temer in July and due to take effect in 120 days, the
changes to legislation dating back to the 1940s were aimed at
making rules on hiring and terms of employment more flexible, the
report notes.

The new rules lend legal legitimacy to contracts reached by
companies and workers via collective bargaining, making them valid
even if they contradict some aspects of the labor code providing
strict workers' rights protections, the report relays.

Among other changes, companies will have flexibility in terms of
reducing the lunch break through collective bargaining and
dividing up vacation time, the report says.

In addition, according to the Sao Paulo-based Demarest Advogados
law firm, hours incurred by the employee when using employer-
offered transportation are no longer treated as part of the
employees' working schedule and companies are no longer required
to negotiate mass lay-offs with workers' unions, the report
discloses.

The labor-law changes were part of packet of fiscal measures
Temer's government proposed to bring down a high budget deficit
and get the economy moving after two years of recession, the
report relays.

Brazil's economy has experienced a mild recovery this year after
contracting by 3.8 percent and by 3.6 percent in 2015 and 2016,
respectively, with gross domestic product (GDP) expanding by 1
percent in the first quarter and by 0.2 percent between April and
June, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Aug. 17, 2017, S&P Global Ratings removed its 'BB' long-term
foreign and local currency sovereign credit ratings on the
Federative Republic of Brazil from CreditWatch, where it had
placed them with negative implications on May 22, 2017. S&P said,
"At the same time, we affirmed the 'BB' long-term ratings, and the
outlook is negative. We also affirmed our 'B' short-term foreign
and local currency ratings on Brazil. The transfer and
convertibility assessment is unchanged at 'BBB-'. In addition, we
removed the 'brAA-' national scale rating from CreditWatch with
negative implications and affirmed the rating with a negative
outlook. This incorporates the revision of the mapping table for
Brazil national scale ratings, published Aug. 14, 2017."


COSAN LTD: S&P Rates Proposed Senior Unsecured Notes 'BB'
---------------------------------------------------------
S&P Global Ratings assigned its 'BB' debt rating to Cosan Ltd.'s
(CZZ; BB/Negative/--) proposed senior unsecured notes for up to
$500 million.

S&P said, "At the same time, we assigned a recovery rating of '4'
to the notes, which indicate our expectation of an average
recovery (35%). CZZ will use the proceeds from this issuance to
repay outstanding bank loans of about $230 million, investments in
their logistic business (Cosan Logistica), and the remaining for
general corporate purposes. We don't expect this issuance to
change CZZ's consolidated net leverage. For the latest credit
rationale on CZZ, please see "Cosan Ltd. And Cosan S.A. 'BB'
Ratings Affirmed; Outlook Remains Negative," October 24, 2016."

Recovery Analysis

The recovery rating on these notes assumes a hypothetical scenario
in which a default would occur in 2022 after persistently weaker
economic conditions in Brazil. This would impair Cosan S.A.
Industria e Comercio's (Cosan S.A.'s) capacity to provide
dividends to CZZ. The latter is a non-operating holding company,
so its value at default would be derived from the remaining
balance at its two main subsidiaries, Cosan Log°stica and Cosan
S.A., whose creditors have priority over CZZ in terms of the
access to the subsidiaries' assets.

S&P said, "Given our view of Cosan Logistica's lower
creditworthiness than the group's average, the default would occur
first, and we don't envision any remaining value being upstreamed
to CZZ.

"We envision a recovery at Cosan Logistica's level that's lower
than 100%, but we don't account for any post-default recourses
coming from CZZ in the event of restructuring, because the latter
doesn't guarantee any of Cosan Log°stica's debt. We believe that
the recovery level of Cosan S.A. would be higher than 100%. As a
result, the positive balance would be upstreamed to CZZ to make
whole for the latter's creditors."

In the hypothetical scenario, the following would occur:

-- Comgas's revenue and EBITDA would drop due to mismatches
    between cost increases and absence of tax reviews in a timely
    manner;

-- Regulatory intervention in Comgas; and

-- Reduction in dividends coming from Raizen due to persistently
    low sugar prices and Brazil's economic and fleet contraction
    that would result in fiercer competition at the fuel
    distribution segment.

S&P said, "As a result, Cosan S.A. would be unable to service its
debt and access capital markets to refinance debt maturities. In a
default, we expect Cosan S.A. to reorganize rather than liquidate.

"We applied a 4.0x EBITDA multiple to an estimated distressed
emergence EBITDA of R$9.1 billion, including a R$6.25 billion
coming from a potential forced sale of Cosan's 50% stake in
Raizen. After deduction of financial obligations, we expect around
R$580 million in value coming from the result of Cosan S.A.'s
restructuring, considering a potential forced sale of its stake in
Raizen, and preference of Cosan S.A.'s creditors over the value of
the company at the time of default.

"We don't believe that such a precipitous decline in EBITDA in any
of Cosan S.A.'s subsidiaries is likely in the near term, based on
the group's current exposure to risks. However, under our
simulated default scenario, such a sharp decline would likely stem
from a 60% haircut on dividends from Raizen and Comgas given that
they would face more challenging business conditions that reduce
dividend payments. We then discount 5% of the gross value to
account for administrative expenses to arrive at a net enterprise
value (EV) of R$550 million, which is finally distributed among
each debt instrument, according to the structure of guarantees and
subordination.

Simulated default assumptions

-- Simulated year of default: 2022
-- Jurisdiction: Brazil
-- Estimated gross enterprise value at emergence: R$580 million

Simplified waterfall

-- Net EV after 5% administrative costs: R$550 million
-- Unsecured debt: R$1.6 billion
-- Recovery expectation: 30%-50%

RATINGS LIST

  Cosan Ltd.
    Corporate credit rating        BB/Negative/--

   Rating Assigned

  Cosan Ltd.
     Senior Unsecured               BB
     Recovery Rating                4 (35%)


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


DOMINICAN REPUBLIC: Wields Iron Fist at Energy Squanderers
----------------------------------------------------------
Dominican Today reports that Energy and Mines Minister Antonio Isa
Conde demanded sanctions against the public officials who fail to
use energy efficiently and rationally, noting that waste drains
Dominican Republic's public finances in the long term.

He said he supports rigid consequences for that waste, according
to Dominican Today.  "It's necessary to recognize that different
administrations have adopted measures, executive orders and
created energy saving rules that the vast majority of officials
responsible for enforcing them simply don't pay attention," the
report quoted Mr. Conde as saying.

Speaking in the Dominican Republic Industries Association's (AIRD)
2nd Energy Efficiency Week, the official said he regrets the
repeat of waste not only of energy but also the lack of an
efficient use of public resources, the report relays.  "And this
has to change. Iron fist against the transgressors of the rules,"
he said.

He said if industries, businesses, tourism establishments and
households achieved a 10% saving in energy consumption, "this
would be equivalent to the production of a power plant of 250
megawatts," 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.


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


JAMAICA: Passes Second Review With IMF
--------------------------------------
RJR News reports that Jamaica has passed the second review under
the precautionary stand by arrangement with the International
Monetary Fund (IMF).

IMF Mission Chief to Jamaica, Uma Ramakrishnan, made the
announcement at a media briefing at Jamaica House on September 14,
according to RJR News.

This gives Jamaica access to more funding, the report relays.

Consideration by the IMF's Executive Board is tentatively
scheduled for next month, the report notes.

"Upon approval an additional amount of about US$180-million
dollars will be made available for Jamaica.  Bringing the total
accessible credit under the standby arrangement to about US$790
million," said Uma Ramakrishnan, the report relays.

Prime Minister Andrew Holness who also attended the briefing,
reminded the country not to take for granted the effort that goes
into a successful IMF review, the report notes.

"Under the precautionary standby arrangement, reviews are
conducted every six months rather than every three months. In some
ways this is a graduation for Jamaica, but I'm reluctant to say
this because it doesn't mean that it is any easier," the Prime
Minister said, 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'.


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


MEXICO: Hurricane Makes Landfall in Southern Area, Near Acapulco
----------------------------------------------------------------
Fox News reports that Hurricane Max hit Mexico's southern Pacific
coast as a Category 1 storm and was expected to move inland into
Guerrero state, a region that includes the resort city of
Acapulco.

The U.S. National Hurricane Center issued a hurricane warning for
Max for the coastline between Zihuatanejo and Punta Maldonado,
according to Fox News.

The center said Max should weaken as it moves over land but could
bring "life-threatening flash floods and rainfall" to Guerrero and
Oaxaca states, the report relays.

Max had maximum sustained winds of 80 mph, was located about 55
miles east-southeast of Acapulco and was heading toward the east
at 8 mph, the hurricane center reported, the report relays.

Fox News says that area where Max is making landfall is a sparsely
populated area dotted with fishing villages.

Acapulco, about 30 miles from where the hurricane made landfall,
was hit by strong winds and rain that blew down some branches on
the city's coastal boulevard, the report notes.

Also, Tropical Storm Norma formed farther out to the west in the
Pacific and was expected to strengthen and head toward the resort-
studded Baja California Peninsula, the report notes.

Norma was located about 360 miles south of the twin resorts of Los
Cabos at the peninsula's southern tip, the report says.

The storm had winds of 45 mph and was moving north at 6 mph. On
that track Norma could be at hurricane strength near Los Cabos,
the report discloses.

Los Cabos was hit by Tropical Storm Lidia in early September,
causing at least five deaths, the report adds.


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


PUERTO RICO: Decagon, et al., Hold $2.6-Bil. of Sr. COFINA Bonds
----------------------------------------------------------------
The COFINA Senior Bondholders' Coalition, comprised of Jose F.
Rodriguez, Fideicomiso Plaza, and certain institutions that hold
and/or manage funds, entities and/or accounts holding
approximately 33% of all senior bonds issued by the Puerto Rico
Sales Tax Financing Corporation ("COFINA"), submitted a first
supplemental verified statement pursuant to Rule 2019 of the
Federal Rules of Bankruptcy Procedure on Aug. 18, 2017.

Certain members of the COFINA Senior Bondholders' Coalition
initially retained Quinn Emanuel Urquhart & Sullivan, LLP, in June
2015.  In August 2015, the COFINA Senior Bondholders' Coalition
retained Reichard & Escalera LLC -- together with Quinn Emanuel --
as Counsel.  From time to time thereafter, certain additional
holders of COFINA Senior Bonds have joined the COFINA Senior
Bondholders' Coalition.  Counsel appears in the Case on behalf of
the COFINA Senior Bondholders' Coalition.

As reported in the July 31, 2017 edition of the TCR, the
Bondholders' attorneys submitted on July 25 an initial verified
statement, reporting that the members of the COFINA Senior
Bondholders' Coalition held disclosable economic interests in
relation to COFINA totaling $2,544,019,827 of COFINA Senior Bonds
and $602,007,190 of COFINA Subordinate Bonds.

The Bondholders' Counsel on Aug. 18, 2017, submitted a First
Supplemental Statement to update the disclosable economic
interests currently held by the COFINA Senior Bondholders'
Coalition.  No new members were added to, or removed from, the
COFINA Senior Bondholders' Coalition.

According to the First Supplemental Statement, the members of the
COFINA Senior Bondholders' Coalition hold disclosable economic
interests, or act as investment advisors or managers to funds,
entities and/or accounts or their respective affiliates that hold
disclosable economic interests in relation to COFINA.  The members
of COFINA Senior Bondholders' Coalition hold, or are the
investment advisors or managers to funds, entities and/or accounts
that hold, $2,608,424,626 in aggregate amount of COFINA Senior
Bonds and $616,400,783 in aggregate amount of COFINA subordinate
bonds, based on their accreted value as of Aug. 11, 2017:

   1. Jose F. Rodriguez
      PO Box 8848,
      San Juan, PR 00910

      * $250,000 COFINA Senior Bonds

   2. Fideicomiso Plaza
      131 Dorado Beach East,
      Dorado PR 00646

      * $1,210,000 COFINA Senior Bonds

   3. Decagon Holdings 1, L.L.C.
      800 Boylston Street,
      Boston, MA 02199

      * $3,245,323 Insured COFINA Senior Bonds
      * $25,889,077 Uninsured COFINA Senior Bonds
      * $27,058,400 Uninsured COFINA Subordinate Bonds

   4. Decagon Holdings 2, L.L.C.
      800 Boylston Street,
      Boston, MA 02199

      * $4,281,667 Insured COFINA Senior Bonds
      * $33,690,007 Uninsured COFINA Senior Bonds
      * $34,312,678 Uninsured COFINA Subordinate Bonds

   5. Decagon Holdings 3, L.L.C.
      800 Boylston Street,
      Boston, MA 02199

      * $1,734,997 Insured COFINA Senior Bonds
      * $13,768,894 Uninsured COFINA Senior Bonds
      * $14,416,595 Uninsured COFINA Subordinate Bonds

   6. Decagon Holdings 4, L.L.C.
      800 Boylston Street,
      Boston, MA 02199

      * $16,995,636 Insured COFINA Senior Bonds
      * $139,870,667 Uninsured COFINA Senior Bonds
      * $143,303,713 Uninsured COFINA Subordinate Bonds

   7. Decagon Holdings 5, L.L.C.
      800 Boylston Street, Boston, MA 02199

      * $5,230,474 Insured COFINA Senior Bonds
      * $41,717,752 Uninsured COFINA Senior Bonds
      * $43,759,249 Uninsured COFINA Subordinate Bonds

   8. Decagon Holdings 6, L.L.C.
      800 Boylston Street,
      Boston, MA 02199

      * $1,981,159 Insured COFINA Senior Bonds
      * $15,755,481 Uninsured COFINA Senior Bonds
      * $15,796,450 Uninsured COFINA Subordinate Bonds

   9. Decagon Holdings 7, L.L.C.
      800 Boylston Street,
      Boston, MA 02199

      * $11,434,134 Insured COFINA Senior Bonds
      * $92,587,574 Uninsured COFINA Senior Bonds
      * $104,057,055 Uninsured COFINA Subordinate Bonds

  10. Decagon Holdings 8, L.L.C.
      800 Boylston Street, Boston, MA 02199

      * $3,221,581 Insured COFINA Senior Bonds
      * $27,530,263 Uninsured COFINA Senior Bonds
      * $29,456,606 Uninsured COFINA Subordinate Bonds

  11. Decagon Holdings 9, L.L.C.
      800 Boylston Street,
      Boston, MA 02199

      * $2,059,789 Insured COFINA Senior Bonds
      * $16,205,794 Uninsured COFINA Senior Bonds
      * $17,448,927 Uninsured COFINA Subordinate Bonds

  12. Decagon Holdings 10, L.L.C.
      800 Boylston Street,
      Boston, MA 02199

      * $1,483,722 Insured COFINA Senior Bonds
      * $11,651,763 Uninsured COFINA Senior Bonds
      * $12,533,767 Uninsured COFINA Subordinate Bonds

  13. Tilden Park Investment Master Fund LP
      c/o Tilden Park Capital Management LP
      452 5th Ave, 28th Floor
      New York, NY 10018

      * $13,094,757 Insured COFINA Senior Bonds
      * $443,828,964 Uninsured COFINA Senior Bonds
      * $9,160,998 Uninsured COFINA Subordinate Bonds

  14. GoldenTree Asset Management LP
      300 Park Avenue, 20th Floor
      New York, NY 10022

      * $202,454,264 Insured COFINA Senior Bonds
      * $274,438,613 Uninsured COFINA Senior Bonds
      * $110,360,264 Uninsured COFINA Subordinate Bonds

  15. Canyon Capital Advisors LLC
      2000 Avenue of the Stars, 11th Floor
      Los Angeles, CA 90067

      * $303,080,000 COFINA Senior Bonds

  16. Old Bellows Partners LP
      660 Madison Ave, #20
      New York, NY 10065

      * $213,338,900 Uninsured COFINA Senior Bonds

  17. Scoggin Management LP
      660 Madison Ave, #20
      New York, NY 10065

      * $59,716,100 Uninsured COFINA Senior Bonds

  18. Whitebox Advisors LLC
      3033 Excelsior Boulevard, Suite 300
      Minneapolis, MN 55416

      * $53,731,711 Insured COFINA Senior Bonds
      * $71,497,752 Uninsured COFINA Senior Bonds
      * $28,289,093 Uninsured COFINA Subordinate Bonds

  19. Merced Capital, L.P.
      601 Carlson Parkway, Suite 200
      Minnetonka, MN 55305

      * $20,583,988 Insured COFINA Senior Bonds
      * $15,535,089 Uninsured COFINA Senior Bonds

  20. Taconic Capital Advisors L.P.
      280 Park Avenue, 5th Floor
      New York, NY 10017

      * $111,078,300 Insured COFINA Senior Bonds
      * $23,650,000 Uninsured COFINA Senior Bonds
      * $22,011,988 Uninsured COFINA Subordinate Bonds

  21. Varde Partners, Inc.
      901 Marquette Avenue South, Suite 3300
      Minneapolis, MN 55402

      * $136,172,145 Uninsured COFINA Senior Bonds

  22. Cyrus Capital Partners, L.P.
      399 Park Avenue, 39th Floor
      New York, NY 10022

      * $93,298,287 Insured COFINA Senior Bonds

  23. Aristeia Capital, L.L.C.
      One Greenwich Plaza, 3rd Floor
      Greenwich, CT 06830

      * $102,590,000 Uninsured COFINA Senior Bonds
      * $4,435,000 Uninsured COFINA Subordinate Bonds

A copy of the First Supplemental Statement is available at:

          http://bankrupt.com/misc/PR_1090_2019_COFINA.pdf

Co-Counsel for the COFINA Senior Bondholders:

         Rafael Escalera, Esq.
         Sylvia M. Arizmendi, Esq.
         Fernando Van Derdys, Esq.
         Carlos R. Rivera-Ortiz, Esq.
         Gustavo A. Pabon-Rico, Esq.
         REICHARD & ESCALERA
         255 Ponce de Leon Avenue
         MCS Plaza, 10th Floor
         San Juan, Puerto Rico 00917-1913
         E-mail: escalera@reichardescalera.com
                 arizmendis@reichardescalera.com
                 fvander@reichardescalera.com
                 riverac@reichardescalera.com
                 pabong@reichardescalera.com

               - and -

         Susheel Kirpalani, Esq.
         Eric Winston, Esq.
         Daniel Salinas, Esq.
         Eric Kay, Esq.
         Kate Scherling, Esq.
         Brant Duncan Kuehn, Esq.
         QUINN EMANUEL URQUHART & SULLIVAN, LLP
         51 Madison Avenue, 22nd Floor
         New York, New York 10010-1603
         E-mail: susheelkirpalani@quinnemanuel.com
                 ericwinston@quinnemanuel.com
                 danielsalinas@quinnemanuel.com
                 erickay@quinnemanuel.com
                 katescherling@quinnemanuel.com
                 brantkuehn@quinnemanuel.com

                       About Puerto Rico

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.


PUERTO RICO: Oppenheimer et al. Hold $4.609 Billion of Bonds
------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy
Procedure, a verified statement was submitted by Mutual Fund
Group, which is comprised of certain holders of bonds issued by
the Puerto Rico Sales Tax Financing Corporation ("COFINA") and
other bonds issued by the Commonwealth of Puerto Rico and its
instrumentalities in connection with the Title III cases.

On June 26 and June 27, 2014, certain funds managed or advised by
OppenheimerFunds, Inc. and Franklin Advisers, Inc., retained
Kramer Levin Naftalis & Frankel LLP to challenge as
unconstitutional the recently passed and soon to be enacted Puerto
Rico Debt Enforcement and Recovery Act.

Kramer Levin later became engaged to represent Franklin and
Oppenheimer as a group in connection with a potential
restructuring of bonds issued by the Commonwealth of Puerto Rico
and its instrumentalities.  In February 2016, certain funds
managed or advised by Santander Asset Management, LLC, joined the
Mutual Fund Group in connection with a potential restructuring of
the Bonds.

The Members hold, or are the investment advisors or managers of
funds or accounts that hold, approximately $759 million in
aggregate amount of uninsured senior Bonds (based on their
accreted value as of August 10, 2017) and approximately $2.1
billion in aggregate amount of uninsured subordinate bonds (based
on their accreted value as of August 10, 2017) as of August 10,
2017.  The Members also hold, or are the investment advisors or
managers of funds or accounts that hold, approximately $1.75
billion in aggregate amount of uninsured bonds issued or
guaranteed by the Commonwealth of Puerto Rico.

In accordance with Bankruptcy Rule 2019, the address and nature
and amount of all disclosable economic interests for each Member
is set forth as follows:

   1. Franklin Advisers, Inc.
      One Franklin Parkway, San Mateo, CA 94403

      Debtor        Economic Interests
      ------        ------------------
      Commonwealth  Uninsured: $294,785,000
                    Insured: $73,580,000
      COFINA        Sr. Uninsured: $53,825,000
                    Sr. Insured: $0
                    Jr. Uninsured: $584,213,000
                    Jr. Insured: $0
      HTA           Uninsured: $0
                    Insured: $0
      ERS           Uninsured: $0
                    Insured: $0
      PREPA         Uninsured: $781,514,516
                    Insured: $5,000,000

   2. OppenheimerFunds, Inc.
      350 Linden Oaks, Rochester, NY 14625

      Debtor        Economic Interests
      ------        ------------------
      Commonwealth  Uninsured: $1,453,215,000
                    Insured: $130,906,000
      COFINA        Sr. Uninsured: $520,932,000
                    Sr. Insured: $131,031,000
                    Jr. Uninsured: $1,310,571,000
                    Jr. Insured: $0
      HTA           Uninsured: $249,095,000
                    Insured: $144,540,000
      ERS           Uninsured: $0
                    Insured: $0
      PREPA         Uninsured: $903,208,000
                    Insured: $53,640,000

   3. Santander Asset Management, LLC
      GAM Tower, Suite 200
      2 Tabonuco Street
      Guaynabo, PR 06968

      Debtor        Economic Interests
      ------        ------------------
      Commonwealth  Uninsured: $1,500,000
                    Insured: $1,105,000
      COFINA        Sr. Uninsured: $184,414,000
                    Sr. Insured: $42,080,000
                    Jr. Uninsured: $242,968,000
                    Jr. Insured: $0
      HTA           Uninsured: $0
                    Insured: $6,085,000
      ERS           Uninsured: $0
                    Insured: $0

The Mutual Fund Group's attorneys:

        Manuel Fernandez-Bared, Esq.
        Linette Figueroa-Torres, Esq.
        Jane Patricia Van Kirk, Esq.
        TORO, COLON, MULLET, RIVERA & SIFRE, P.S.C.
        P.O. Box 195383
        San Juan, PR 00919-5383
        Tel: (787) 751-8999
        Fax: (787) 763-7760
        E-mail: mfb@tcmrslaw.com
        E-mail: lft@tcmrslaw.com
        E-mail: jvankirk@tcmrslaw.com

               - and -

        Thomas Moers Mayer, Esq.
        Amy Caton, Esq.
        Philip Bentley, Esq.
        David E. Blabey, Jr., Esq.
        Douglas Buckley, Esq.
        KRAMER LEVIN NAFTALIS & FRANKEL LLP
        1177 Avenue of the Americas
        New York, New York 10036
        Tel: (212) 715-9100
        Fax: (212) 715-8000
        E-mail: tmayer@kramerlevin.com
                acaton@kramerlevin.com
                pbentley@kramerlevin.com
                dblabey@kramerlevin.com
                dbuckley@kramerlevin.com

A copy of the Verified Statement filed Aug. 16, 2017, is available
at:

    http://bankrupt.com/misc/PR_1056_2019_MF_Group.pdf

                       About Puerto Rico

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.


PUERTO RICO: Puerto Rico Mutual Funds Hold $1.36 Billion of Bonds
-----------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy
Procedure, a verified statement was submitted by White & Case LLP
and Lopez Sanchez & Pirillo LLC on their own behalf and on behalf
of certain Puerto Rico-based mutual funds -- Puerto Rico Funds --
holding bonds issued by COFINA, ERS, PREPA, HTA, the Commonwealth
and other instrumentalities of the Commonwealth.

White & Case is an international law firm that maintains its
principal office at 1221 Avenue of the Americas, New York, New
York 10020, and numerous additional offices throughout the United
States and worldwide.  Lopez Sanchez is a local law firm that
maintains its principal office at 270 Munoz Rivera Avenue, Suite
1110, San Juan, Puerto Rico 00918.

In September 2015, the Puerto Rico Funds engaged White & Case to
represent their interests as beneficial holders of the Bonds.  The
Puerto Rico Funds engaged Lopez Sanchez as co-counsel in or around
December 2015.

The Puerto Rico Funds hold disclosable economic interests in
relation to the Title III Debtors, holding, as of July 31, 2017,
approximately $1.36 billion in aggregate principal amount of the
Bonds issued by such Title III Debtors:

   1. Tax-Free Puerto Rico Fund, Inc.
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      ERS       CIBs: $13,350,000.00
      COFINA    Sr. Current Interest Bonds ("CIBs"): $25,455,000
                Jr. CIBs: $11,652,280.00
                Jr. Capital Apprec. Bonds ("CABs"): $9,574,857
      PREPA     $490,000

   2. Tax-Free Puerto Rico Fund II, Inc.
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      ERS       CIBs: $31,950,000
      COFINA    Sr. CIBs: $10,430,000
                Jr. CIBs: $24,260,000
      PREPA     $235,000.00

   3. Tax-Free Puerto Rico Target Maturity Fund, Inc.
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      ERS       CIBs: $52,100,000
      COFINA    Sr. CIBs: $26,950,000
                Jr. CIBs: $2,500,000

   4. Puerto Rico AAA Portfolio Bond Fund, Inc.
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      ERS       CIBs: $13,325,000
      COFINA    Sr. CABs: $15,202,922
                Jr. CIBs: $42,170,000

   5. Puerto Rico AAA Portfolio Bond Fund II, Inc.
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      ERS       CIBs: $5,000,000
      COFINA    Sr. CIBs: $2,900,000
                Jr. CIBs: $625,000

   6. Puerto Rico AAA Portfolio Target Maturity Fund, Inc.
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor        Economic Interests
      ------        ------------------
      ERS           CIBs: $5,500,000
                    CABs: $8,039,970
      COFINA        Sr. CABs: $6,106,974
      Commonwealth
       of P.R.      Insured: $6,860,000

   7. Puerto Rico Fixed Income Fund, Inc.
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      ERS       CIBs: $52,975,000
                CABs: $41,387,316
      COFINA    Sr. CIBs: $18,530,00
                Jr. CIBs: $2,465,000
                Jr. CABs: $4,280,681

   8. Puerto Rico Fixed Income Fund II, Inc.
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      ERS       CIBs: $73,040,000
                CABs: $25,517,436
      COFINA    Sr. CIBs: $20,200,000
                Jr. CIBs: $6,688,000
                Jr. CABs: $15,215,755
      PREPA     $1,330,000

   9. Puerto Rico Fixed Income Fund III, Inc.
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      ERS       CIBs: $55,645,000
                CABs: $28,015,705
      COFINA    Sr. CIBs: $13,150,000
                Sr. CABs: $473,610
                Jr. CIBs: $21,200,600
                Jr. CABs: $8,681,382
      PREPA     $3,615,000

  10. Puerto Rico Fixed Income Fund IV, Inc.
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      ERS       CIBs: $77,150,000
                CABs: $16,158,587
      COFINA    Sr. CIBs: $52,200,000
                Jr. CIBs: $5,533,570
      PREPA     $4,985,000

  11. Puerto Rico Fixed Income Fund V, Inc.
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      ERS       CIBs: $92,680,000
                CABs: $18,142,089
      COFINA    Sr. CIBs: $10,220,000
                Jr. CIBs: $2,017,500
                Jr. CABs: $12,228,613
      PREPA     $2,970,000

  12. Puerto Rico Fixed Income Fund VI, Inc.
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      COFINA    Jr. CIBs: $2,708,050
      PREPA     $40,000

  13. Puerto Rico GNMA & US Government Target
        Maturity Fund, Inc.
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      ERS       CIBs: $7,500,000
                CABs: $2,736,030
      COFINA    Jr. CIBs: $11,570,000

  14. Puerto Rico Mortgage-Backed & US Govt. Securities
         Fund, Inc.
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      ERS       CIBs: $17,050,000
      COFINA    Sr. CIBs: $2,000,000
                Jr. CIBs: $3,800,000
                Jr. CABs: $5,170,194

  15. UBS IRA Select Growth & Income Puerto Rico Fund
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      COFINA    Sr. CABs: $1,848,306
                Jr. CABs: $4,406,462
      HTA       Insured: $1,015,000

  16. Puerto Rico Investors Tax-Free Fund, Inc.
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      ERS       CIBs: $6,090,000
      COFINA    Sr. CIBs: $15,820,000
                Sr. CABs: $4,044,154
                Jr. CIBs: $345,000

  17. Puerto Rico Investors Tax-Free Fund Inc. II
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      ERS       CIBs: $8,500,000
                CABs: $885,029

      COFINA    Sr. CIBs: $15,450,000
                Sr. CABs: $3,497,661

  18. Puerto Rico Investors Tax-Free Fund III, Inc.
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      ERS       CIBs: $11,105,000
      COFINA    Sr. CIBs: $24,950,000

  19. Puerto Rico Investors Tax-Free Fund IV, Inc.
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      ERS       CIBs: $8,195,000
      COFINA    Sr. CIBs: $18,145,000
                Sr. CABs: $5,369,596

  20. Puerto Rico Investors Tax-Free Fund V, Inc.
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      ERS       CIBs: $18,345,000
      COFINA    Sr. CIBs: $ 28,910,000
                Jr. CIBs: $11,585,000

  21. Puerto Rico Investors Tax-Free Fund VI, Inc.
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      ERS       CIBs: $23,260,000
      COFINA    Sr. CIBs: $55,520,000
                Sr. CABs: $5,137,989
                Jr. CIBs: $600,000
      HTA       $1,095,000

  22. Puerto Rico Investors Bond Fund I, Inc.
      American International Plaza Building
      250 Munoz Rivera Avenue
      San Juan, Puerto Rico 00918

      Debtor    Economic Interests
      ------    ------------------
      ERS       CIBs: $2,225,000
                CABs: $2,820,816
      COFINA    Sr. CABs: $23,434,322
                Jr. CIBs: $3,320,000
      HTA       $605,000

A copy of the Verified Statement filed Aug. 16, 2017, is available
at:

       http://bankrupt.com/misc/PR_1057_2019_AA_Funds.pdf

Counsel for Puerto Rico Funds:

         Jose C. Sanchez-Castro, Esq.
         Alicia I. Lavergne-Ramirez, Esq.
         Maraliz Vazquez-Marrero, Esq.
         LOPEZ SANCHEZ & PIRILLO LLC
         270 Munoz Rivera Avenue, Suite 1110
         San Juan, PR 00918
         Tel. (787) 522-6776
         Fax: (787) 522-6777
         E-mail: jsanchez@lsplawpr.com
                 alavergne@lsplawpr.com
                 mvazquez@lsplawpr.com

                - and -

         John K. Cunningham, Esq.
         WHITE & CASE LLP
         1221 Avenue of the Americas
         New York, NY 10020
         Tel (212) 819-8200
         Fax (212) 354-8113
         E-mail: jcunningham@whitecase.com

                - and -

         Jason N. Zakia, Esq.
         WHITE & CASE LLP
         200 S. Biscayne Blvd., Suite 4900
         Miami, FL 33131
         Tel: (305) 371-2700
         Fax: (305) 358-5744
         E-mail: jzakia@whitecase.com

                       About Puerto Rico

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.


PUERTO RICO: QTCB Group Holds $690.9 Million of GO Bonds
--------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy
Procedure, a verified statement was submitted by the QTCB
Noteholder Group, an ad hoc group of holders of those certain
Qualified School Construction Bonds and Qualified Zone Academy
Bonds issued by the Puerto Rico Public Buildings Authority ("PBA")
and guaranteed by the Commonwealth of Puerto Rico.

In August 2015, certain members of the QTCB Noteholder Group
engaged Bracewell LLP to represent their interests as holders of
QTCBs.  From time to time thereafter, certain additional holders
of QTCBs have joined the QTCB Noteholder Group.  In May 2017, the
QTCB Noteholder Group retained Correa-Acevedo & Abesada Law
Offices, P.S.C. as its Puerto Rico counsel.

As of Aug. 16, 2017, the QTCB Noteholder Group has only taken a
position in the Commonwealth Title III case.  The members of the
QTCB Noteholder Group hold disclosable economic interests, or act
as investment advisors or managers to funds, entities and/or
accounts or their respective subsidiaries that hold disclosable
economic interests in relation to the Debtor.

In accordance with Bankruptcy Rule 2019 and based upon information
provided to Counsel by each member of the QTCB Noteholder Group,
Counsel submitted a list of the names, addresses, and nature and
amount of each disclosable economic interest of each current
member of the QTCB Noteholder Group as of Aug. 9, 2017:

   1. Canyon Capital Advisors LLC
      2000 Avenue of the Stars, 11th Floor
      Los Angeles, CA 90067

      Nature        Amount of Economic Interests
      ------        ----------------------------
      GO Bonds      Uninsured: $311,357,895
                    Insured: $10,433,800

   2. Davidson Kempner Capital Management LP
      520 Madison Avenue, 30th Floor
      New York, NY 10022

      Nature        Amount of Economic Interests
      ------        ----------------------------
      GO Bonds      Uninsured: $116,648,000
                    Insured: none

   3. OZ Management LP
      9 West 57th Street, 39th Floor
      New York, NY 10019

      Nature        Amount of Economic Interests
      ------        ----------------------------
      GO Bonds      Uninsured: $204,510,400
                    Insured: none

   4. OZ Management II LP
      9 West 57th Street
      39th Floor
      New York, NY 10019

      Nature        Amount of Economic Interests
      ------        ----------------------------
      GO Bonds      Uninsured: $47,965,600
                    Insured: none

A copy of the Verified Statement filed Aug. 16, 2017

        http://bankrupt.com/misc/PR_1053_2019_QTCB.pdf

Counsel to the QTCB Noteholder Group:

         Kurt A. Mayr, Esq.
         David L. Lawton, Esq.
         BRACEWELL LLP
         City Place I, 34th Floor
         185 Asylum Street
         Hartford, CT 06103
         Telephone: (860) 256-8534
         Facsimile: (860) 760-6814
         E-mail: kurt.mayr@bracewell.com

Puerto Rico Counsel to the QTCB Noteholder Group:

         Roberto Abesada-Aguet, Esq.
         Sergio E. Criado, Esq.
         CORREA ACEVEDO & ABESADA LAW OFFICES, P.S.C.
         Centro Internacional de Mercadeo, Torre II
         # 90 Carr. 165, Suite 407
         Guaynabo, P.R. 00968
         Tel: (787) 273-8300
         Fax: (787) 273-8379
         E-mail: ra@calopsc.com
                 scriado@calopsc.com

                       About Puerto Rico

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.


PUERTO RICO: Unsecured Committee Members Disclose Claims
--------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy
Procedure, the Official Committee of Unsecured Creditors of the
Commonwealth of Puerto Rico -- and other title III debtor(s) (if
any) for which it acts as the official committee of unsecured
creditors -- submitted a verified statement.

On June 15, 2017, the Office of the United States Trustee for the
District of Puerto Rico filed a notice appointing a Creditors
Committee for Unsecured Creditors.

The Committee members hold unsecured claims against the
Commonwealth and its instrumentalities arising from a variety of
relationships, including, among others, that of trade creditors
and holders of labor claims and tax related claims.

None of the Committee members or their affiliates holds bonds
issued by the Commonwealth or its instrumentalities.

In accordance with Bankruptcy Rule 2019, the Committee has
provided a list of the names and addresses of, and the nature and
amount of all disclosable economic interests held by, each
Committee member in relation to the Debtors as of the Formation
Date:

   1. American Federation of Teachers ("AFT")
      555 New Jersey Avenue, N.W., 11th Floor
      Washington, DC 20001

      AFT, as authorized agent for the Asociacion de Maestros de
Puerto Rico-Local Sindical, holds claims based upon rights arising
under a collective bargaining agreement ("CBA") with the
Department of Education of Puerto Rico and under statute,
including, but not limited to, (1) non-contingent claims held by
AFT and/or its members (a) for wage increases for years of service
and career enhancement as allowed by statute and/or contract but
not paid, (b) that are subject to grievance or arbitration
procedures which have not yet been processed or therefore
liquidated, and (c) that are for other terms of employment which
may have been denied, and (2) contingent claims including but not
limited to claims arising in connection with compensation,
pension, medical and other benefits and/or as a result of any
breach or alteration of the CBA or applicable statute or law.

   2. Drivetrain, LLC,
      as the Creditors' Trustee for Doral Financial Corp ("DFC")
      630 Third Avenue
      21st Floor
      New York, NY 10017

      DFC holds claims under a certain closing agreement, dated
Dec. 30, 2013, by and among the Secretary, in her capacity as
Secretary of the Treasury, and DFC and certain of its affiliates,
under which DFC became entitled to a credit for tax overpayments
in the amount of $34,097,526.  DFC also holds claims under certain
2006, 2007, and 2009 closing agreements, under which DFC is
entitled to accrue a $59,314,891 amortization deduction annually
from 2017 through 2021, for an aggregate deduction of
$296,574,455.

   3. Genesis Security Services, Inc.
      5900 Isla Verde Avenue
      L-2 PMB 438
      Carolina, PR 00979

      Genesis holds claims against the Commonwealth and its
instrumentalities under agreements for the provision of security
services, in these amounts:

                                                Claim Amount
                                                ------------
      Highways & Transportation Authority         $1,308,032
      Public Buildings Authority                    $128,960
      Department of Labor                         $2,180,442
      Dept. of Transportation and Public Works      $186,913
      Capitol Superintendence                       $386,223
      State Insurance Fund Corporation              $591,201
      Department of Education                    $10,443,933
      Telecommunications Regulatory Board            $10,587
      State Department                                $3,426
      Puerto Rico Department of the Family        $2,536,270
      General Services Administration               $387,894
      Maritime Transportation Authority           $2,445,559
      Maunabo Tunnel                                 $64,328
      PR Trade and Export Company                   $143,647
      Solid Waste Authority                          $48,941
      Medical Services Admin. - Medical Center      $129,900
      Conservatory of Music                           $7,611
      Puerto Rico Electric Power Authority        $2,480,454
      Department of Health                        $7,922,371
      Health CEM                                     $22,700
                                                 -----------
          Total                                  $31,429,389

   4. Puerto Rico Hospital Supply, Inc.
      Call Box 158
      Carolina, PR 00986-0158

      PR Hospital Supply holds claims against the Commonwealth and
its instrumentalities under agreements for the purchase of
hospital
supplies, inventory, and related services, in the following
amounts:

                                                Claim Amount
                                                ------------
      PR Medical Center (ASEM)                      $709,018
      Adults' University Hospital                   $794,799
      Pediatric Hospital                            $720,461
      Ramon Luis Arnau Univ/ Hospital (Bayamon)      $26,709
      Correctional Health Service                     $6,996
      Cardiovascular Center Corporation             $740,926
      Camuy Health Services                           $2,375
      Medical Services Corporation (Hatillo)            $188
      Lares Health Center                             $5,504
      Migrant Health Center (MayagÅez)                $3,863
      Laboratory Services Program (San Juan)         $35,160
      State Insurance Fund Corporation               $58,408
      UPR Medical Sciences Campus                    $93,933
      Department of Health                          $102,171
      Automobile Accident Compensation Admin. (ACAA)  $6,250
      Mental Health & Anti-Addiction Svcs Admin.      $1,973
      Comprehensive Cancer Center                       $145
                                                  ----------
          Total                                   $3,308,880

   5. Service Employees International Union ("SEIU")
      1800 Massachusetts
      Avenue, N.W.
      Washington, DC 20036

      SEIU and its affiliates, SEIU Local 1996/Sindicato
Puertorriqueno de Trabajadores y Trabajadoras, and SEIU Local
1199/Union General de Trabajadores, hold contingent and
non-contingent claims, not currently liquidated, against the
Commonwealth and/or its instrumentalities based on (1) pay,
benefits and other terms of employment owing to SEIU members under
collective bargaining agreements with the Commonwealth and/or its
instrumentalities, including, but not limited to, (a) pay,
benefits and other terms of employment claimed in pre-petition
union grievances and arbitrations and (b) pay, benefits and other
terms of employment denied employees as a result of pre-petition
legislative, executive or other unilateral action by the
Commonwealth; and (2) pension and other post-employment benefits
that SEIU members have accrued as a result of their employment
with the Commonwealth and/or its instrumentalities.

   6. Total Petroleum Puerto Rico Corp. ("Total")
      Citi View Plaza Tower I
      48 Road 165 Oficina 803
      Guaynabo, PR 00968-8046

      Total holds claims arising under certain contracts with the
Commonwealth and its instrumentalities, including motor fuel
purchase and supply contracts, in the approximate amount of
$14,592,381 (as of June 30, 2017), including, but not limited to,
(i) claims against the Commonwealth in the amount of $10,743,294,
(inclusive of a related tax asset claim in the approximate amount
of $545,104.69 against the Puerto Rico Department of Treasury),
(ii) claims against Puerto Rico Electric Power Authority (PREPA)
in the approximate amount of $555,720, and (iii) claims against
HTA in the approximate amount of $8,646.

   7. The Unitech Engineering Group, S.E.
      Urb Sabanera
      40 Camino de la Cascada
      Cidra, Puerto Rico 00739

      Claims against the Commonwealth under certain construction
contracts, in the approximate amount of $11,284,463.  Claims
against the Public Buildings Authority under certain construction
contracts, in the approximate amount of $2,257,571.

Counsel to the Official Committee of Unsecured Creditors:

         Luc. A. Despins, Esq.
         Andrew V. Tenzer, Esq.
         Michael E. Comerford, Esq.
         G. Alexander Bongartz, Esq.
         PAUL HASTINGS LLP
         200 Park Avenue
         New York, New York 10166
         Telephone: (212) 318-6000
         E-mail: lucdespins@paulhastings.com
                 andrewtenzer@paulhastings.com
                 michaelcomerford@paulhastings.com
                 alexbongartz@paulhastings.com

Proposed Replacement Local Counsel to the Official Committee of
Unsecured Creditors:

         Juan J. Casillas Ayala, Esq.
         Diana M. Batlle-Barasorda, Esq.
         Alberto J. E. Aneses Negron, Esq.
         Ericka C. Montull-Novoa, Esq.
         CASILLAS, SANTIAGO & TORRES LLC
         El Caribe Office Building
         53 Palmeras Street, Ste. 1601
         San Juan, Puerto Rico 00901-2419
         Telephone: (787) 523-3434
         E-mail: jcasillas@cstlawpr.com
                 dbatlle@cstlawpr.com
                 aaneses@cstlawpr.com
                 emontull@cstlawpr.com

A copy of the Verified Statement filed Aug. 16, 2017, is available
at http://bankrupt.com/misc/PR_1050_2019_UCC.pdf

                       About Puerto Rico

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.



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


VENEZUELA: Opposition Says No Dialogue Without Gov't Guarantees
---------------------------------------------------------------
EFE News reports that Venezuelan lawmaker and opposition
negotiator for an eventual dialogue with the Venezuelan
government, Luis Florido, said that no dialogue has been initiated
nor will there be one without certain government guarantees,
adding that the talks in the Dominican Republic remain in an
exploratory phase.

"They're exploratory meetings, neither a dialogue as such nor
negotiations.  We've learned a lesson from the government . . .
until the conditions, guarantees and agenda are clearly stated,
we're not going anywhere with the negotiation process," Mr.
Florido said, according to EFE News.

As reported in the Troubled Company Reporter-Latin America on
Sept. 1, 2017, Fitch Ratings has taken the following rating
actions on Venezuela's sovereign ratings:

-- Long-term foreign and local currency IDRs downgraded to 'CC'
    from 'CCC';
-- Senior unsecured debt downgraded to 'CC' from 'CCC';
-- Short-term foreign and local currency IDRs affirmed at 'C';
-- Country ceiling downgraded to 'CC' from 'CCC'.


VENEZUELA: Makes 4th Payment to Gold Reserve on Settlement
----------------------------------------------------------
Latin American Herald reports that Gold Reserve Inc. has received
the fourth scheduled payment from Venezuela in their $1 billion
expropriation settlement.

Gold Reserve "has received the scheduled September installment
payment of US$29.5 million from the Bolivarian Republic of
Venezuela ("Venezuela") pursuant to the Settlement Agreement
between the Company and Venezuela," the company said in a
statement, according to Latin American Herald.

"The Company has received now over US$128 million from Venezuela
as part of the settlement and we are very optimistic about our new
partnership on the project," said Doug Belanger, Gold Reserve
President, the report notes.  "We are pleased with the progress to
date on the Siembra Minera Project and look forward to its
presentation to the financial community when the 43-101 PEA is
completed," he added.

The report relays that Gold Reserve provided an update on its
activities in Venezuela developing the Siembra Minera
gold/copper/silver project (owned 45% by the Company and 55% by
Venezuela) located in southeastern Venezuela.

"Engineering activities focused both on the early works saprolite
gold plant and the primary gold/copper/silver plant are continuing
with the completion of a Preliminary Economic Assessment ("PEA")
in accordance with National Instrument 43-101 expected in late
October," the company stated, the report notes.   "In addition,
Siembra Minera has held a number of recent meetings in the local
area and at the mine site with the local and indigenous
communities and small miners who have reacted positively to the
project. New offices in Caracas and Puerto Ordaz are expected to
be established in the coming weeks, as well as initial facilities
at the project site. Siembra Minera expects to host project
meetings in Caracas and Puerto Ordaz, as well as at the project
site near Las Claritas in Bolivar State, in the coming weeks."

"Onsite malaria abatement and treatment programs are continuing
and are expected to be intensified in the coming months. Several
permitting applications were submitted to various government
agencies in August. Once issued, these permits will allow for
early works related to the primary project as well as the fast
tracking of the early works saprolite mill," the company said, the
report relays.

Gold Reserve held its annual shareholder meeting on August 29,
2017. The Company reported second quarter 2017 after-tax profit of
US$56.3 million (US$0.55 per share) versus a US$4.6 million loss
(US$0.06 per share) for the first six months of 2016, the report
notes.  Revenues were US$99.0 million versus no revenues in the
same period of 2016, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 1, 2017, Fitch Ratings has taken the following rating
actions on Venezuela's sovereign ratings:

-- Long-term foreign and local currency IDRs downgraded to 'CC'
    from 'CCC';
-- Senior unsecured debt downgraded to 'CC' from 'CCC';
-- Short-term foreign and local currency IDRs affirmed at 'C';
-- Country ceiling downgraded to 'CC' from 'CCC'.


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


* BOND PRICING: For the Week From Sept. 4 to Sept. 8, 2017
-----------------------------------------------------------

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

BA-CA Finance Cayman Lt   0.518    62.07               KY    EUR
AES Tiete Energia SA      6.7842   1.109  4/15/2024    BR    BRL
Argentina Bogar Bonds     2       39.36   2/4/2018     AR    ARS
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    67      1/15/2023    CL    USD
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    65.5    1/15/2023    CL    USD
CA La Electricidad        8.5     63.664  4/10/2018    VE    USD
Caixa Geral De Depositos  1.439   63.167               KY    EUR
Caixa Geral De Depositos  1.469                        KY    EUR
CSN Islands XII Corp      7       68                   BR    USD
CSN Islands XII Corp      7       66.266               BR    USD
Decimo Primer Fideicomiso 6       53.225 10/25/2041    PA    USD
Decimo Primer             4.54    43.127 10/25/2041    PA    USD
Dolomite Capital         13.217   73.108 12/20/2019    CN    ZAR
Enel Americas SA          5.75    56.172  6/15/2022    CL    CLP
Gol Linhas Aereas SA     10.75    35.861  2/12/2023    BR    USD
Gol Linhas Aereas SA     10.75    35.601  2/12/2023    BR    USD


Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
MIE Holdings Corp         7.5     64.78   4/25/2019    HK    USD
MIE Holdings Corp         7.5     64.982  4/25/2019    HK    USD
NB Finance Ltd            3.88    61.816  2/7/2035     KY    EUR
Noble Holding             7.7     74.433  4/1/2025     KY    USD
Noble Holding             5.25    56.279  3/15/2042    KY    USD
Noble Holding             8.7     71.881  4/1/2045     KY    USD
Noble Holding             6.2     60.129  8/1/2040     KY    USD
Noble Holding             6.05    58.38   3/1/2041     KY    USD
Odebrecht Finance Ltd     7.5     42.5                 KY    USD
Odebrecht Finance Ltd     5.125   56.938  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       68.053  4/21/2020    KY    USD
Odebrecht Finance Ltd     7.125   41.366  6/26/2042    KY    USD
Odebrecht Finance Ltd     4.375   40.002  4/25/2025    KY    USD
Odebrecht Finance Ltd     5.25    39.211  6/27/2029    KY    USD
Odebrecht Finance Ltd     6       44.75   4/5/2023     KY    USD
Odebrecht Finance Ltd     5.25    39.018  6/27/2029    KY    USD
Odebrecht Finance Ltd     7.5     42.95                KY    USD
Odebrecht Finance Ltd     4.375   40.363  4/25/2025    KY    USD
Odebrecht Finance Ltd     7.125   41.635  6/26/2042    KY    USD
Odebrecht Finance Ltd     6       52.625  4/5/2023     KY    USD
Odebrecht Finance Ltd     5.125   55.873  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       67.368  4/21/2020    KY    USD
Petroleos de Venezuela    8.5     74.5   10/27/2020    VE    USD
Petroleos de Venezuela    6       30.458  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.517 11/15/2026    VE    USD
Petroleos de Venezuela    9.75    35.677  5/17/2035    VE    USD
Petroleos de Venezuela    9       39.279 11/17/2021    VE    USD
Petroleos de Venezuela    5.375   30.267  4/12/2027    VE    USD
Petroleos de Venezuela    8.5     72.5   10/27/2020    VE    USD
Petroleos de Venezuela   12.75    45.278  2/17/2022    VE    USD
Petroleos de Venezuela    6       30.367  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.387 11/15/2026    VE    USD
Petroleos de Venezuela    9       39.316 11/17/2021    VE    USD
Petroleos de Venezuela    9.75    35.893  5/17/2035    VE    USD
Petroleos de Venezuela    6       28.346 10/28/2022    VE    USD
Petroleos de Venezuela    5.5     30.123  4/12/2037    VE    USD
Petroleos de Venezuela   12.75    45.23   2/17/2022    VE    USD
Polarcus Ltd              5.6     75      3/30/2022    AE    USD
Provincia del Chubut      4              10/21/2019    AR    USD
Siem Offshore Inc         4.04527 69.5   10/30/2020    NO    NOK
Siem Offshore             3.75176 65.75  12/28/2021    NO    NOK
STB Finance               2.05771 56.243               KY    JPY
Sylph Ltd                 2.367   64.438  9/25/2036    KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
Venezuela                13.625   68.25   8/15/2018    VE    USD
Venezuela                 7.75    44.065 10/13/2019    VE    USD
Venezuela                11.95    40.785  8/5/2031     VE    USD
Venezuela                12.75    45.19   8/23/2022    VE    USD
Venezuela                 9.25    39.645  9/15/2027    VE    USD
Venezuela                11.75    40.005 10/21/2026    VE    USD
Venezuela                 9       36.285  5/7/2023     VE    USD
Venezuela                 9.375   37.69   1/13/2034    VE    USD
Venezuela                13.625   72.25   8/15/2018    VE    USD
Venezuela                 7       34.23   3/31/2038    VE    USD
Venezuela                 7       59.19  12/1/2018     VE    USD




                            ***********


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

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

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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 * * *