TCRLA_Public/170922.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

           Friday, September 22, 2017, Vol. 18, No. 189


                            Headlines



A R G E N T I N A

GPAT COMPANIA: Moody's Rates ARS500MM Sr. Unsec. Debt Issue B1


B R A Z I L

ITAU UNIBANCO: S&P Affirms 'BB/B' Global Scale Rating
USINAS SIDERURGICAS: S&P Raises CCR to 'B-', Outlook Positive


C A Y M A N  I S L A N D S

CALEDONIAN BANK: Creditors' Proofs of Debt Due Sept. 28
OCEAN RIG: U.S. Court Gives Full Force to Cayman Schemes
OCEAN RIG: Extraordinary Gen. Meeting of Shareholders on Nov. 3
OCEAN RIG: Announces Reversed Stock Split


C O L O M B I A

AVIANCA: Cancels 116 Flights Amid Pilots Strike
BANCO GNB: Moody's Cuts LT Senior Unsecured Debt Rating to Ba2


D O M I N I C A

DOMINICA: Maria Damages 95% of Roofs on Island


M E X I C O

CEMEX SAB: S&P Ups Global Scale Ratings to 'BB', Outlook Stable
EMPRESA GENERADORA: S&P Affirms 'B+' CCR & Alters Outlook to Neg.
MEXICO: President Activates Emergency Rescue Plan
MEXICO: Hundreds Missing in City Days After Earthquake


P E R U

PESQUERA EXALMAR: Moody's Affirms B3 CFR, Alters Outlook to Stable


P U E R T O    R I C O

GIRARD MANUFACTURING: Hires Fuentes Law as Counsel
MANUEL MEDIAVILLA: Hires Rodriguez-Binet Law as Notary Public
MINI MASTER: Oct. 31 Disclosure Statement Hearing Set
OLIVER C&I: Dec. 13 Plan Confirmation Hearing Set
PUERTO RICO: Hurricane Maria Devastates Island Territory

TOYS "R" US: Wins Court Approval of DIP Loan, First Day Motions
TOYS "R" US: To Hire 38,600 More Workers for Holiday Season


T R I N I D A D  &  T O B A G O

CL FIN'L: Multi-Million-Dollar Lawsuit Stayed Against Firm


V I R G I N  I S L A N D S

US VIRGIN ISLAND: Category 5 Storm Devastates St. Croix


X X X X X X X X X

LATAM: Postponing Summit Threatens EU-LatAm Alliance


                            - - - - -



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



GPAT COMPANIA: Moody's Rates ARS500MM Sr. Unsec. Debt Issue B1
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
assigned a B1 global local currency senior debt rating and a
Aa3.ar national scale local currency debt rating to GPAT Compania
Financiera S.A. (GPAT)'s XXX series issuance. The notes will be
issued in two tranches, A and B, which will be due in 12 months
and 36 months respectively, in an aggregate amount of up to
ARS500 million. The ratings are on review for downgrade, in line
with the review on GPAT's other ratings.

The following ratings were assigned to GPAT Compania Financiera
S.A.:

ARS500 million Senior Unsecured Debt Issuance: B1 Global Local
Currency Debt Rating; Rating Under Review for Downgrade

Aa3.ar Argentina National Scale Local Currency Debt Rating; Rating
Under Review for Downgrade

RATINGS RATIONALE

The review for downgrade of GPAT's ratings reflects the review of
its parent Banco Patagonia S.A.'s ratings (Patagonia, Ba3 on
review, b3) as GPAT's ratings incorporate the strong links between
the operations of the bank and this subsidiary and the probability
that the company will receive financial support from Banco
Patagonia in an event of stress. As the finance company of
Patagonia, GPAT is primarily engaged in financing car sales of
General Motors dealers through Patagonia's branch network, while
Patagonia provides funding for dealers' floor plans.

In addition, the ratings also consider 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. Driven by declining
inflation and interest rates, GPAT's loan book increased 85% in
twelve months ended in June 2017, boosting the company's bottom
line results, despite higher credit costs and narrower lending
spreads. Notwithstanding GPAT's 89% share of the market for
financing GM car sales, increasing competition has led to a
decline in the company's net interest margin to 6% in the six
months ended June 2017, from 6.8% in calendar year 2016. While net
income to tangible assets reduced to 6.54% from 7.02% during the
same period, profitability ratio remains high even by Argentine
standards, which are distorted by the very high rate of inflation.

Though they remain moderate, nonperforming loans have gradually
risen over the past six quarters, reaching 1.85% in June 2017 from
just 1.04% as of year-end 2015. However, the company's high loan
book granularity, the strong collateralization of its portfolio,
and loan loss reserves of 2.33% of gross loans help to mitigate
the increase in asset risk.

GPAT's ratings also incorporate risks associated with a liability
structure mainly reliant on market funding, as is the case of
other automobile finance companies.

Notwithstanding the important challenges facing GPAT indicated by
its speculative grade global scale rating, which are largely
related to Argentina's operating environment, it currently remains
of the stronger credits in Argentina thanks to the high
probability of support from its ultimate parent, Banco do Brasil
S.A. ("BB"; Ba2 negative), as reflected in GPAT's Aa3.ar
Argentinean national scale rating (NSR). The Aa3.ar NSR is the
lowest of the three alternatives on the Argentine national scale
corresponding to GPAT's B1 global scale rating and reflects the
review for downgrade of the issuer's global scale rating.

Moody's expects to conclude the reviews on Patagonia and GPAT's
ratings once there is greater certainty about the potential for
changes to Patagonia's ownership structure and the extent of any
new shareholders' willingness and ability to provide support to
the bank, and hence GPAT as well.

WHAT COULD CHANGE THE RATING UP/DOWN

GPAT's ratings could face downward pressure if ratings of its
parent, Banco Patagonia, are downgraded, or if GPAT's financial
fundamentals deteriorate. GPAT's global scale rating could decline
by as two or more notches, and its NSR could fall by six or more
notches, should Patagonia's parent, BB, sell a portion of its
stake in Patagonia such that there is no new controlling
shareholder, or should the new controlling shareholder be either
unrated or not rated as highly as BB. A downgrade of BB's ratings,
which could be driven by a downgrade of Brazil's sovereign rating,
would also put downward pressure on Patagonia and GPAT's local
currency ratings as could a reduction in Moody's assessment of
BB's willingness to provide support prior to an official
announcement of the sale of its stake, or the identification of a
buyer.

Given the review for downgrade, upward pressure on GPAT's ratings
is unlikely at this time. However, the ratings could be confirmed
at the current level if and when Patagonia's ratings are
confirmed, which could happened if BB announces the sale of its
stake to another entity rated at least the same as BB and that
exhibits a very high willingness to support Patagonia or if BB
reasserts its commitment to the bank.

The principal methodology used in these ratings was Finance
Companies published in December 2016.

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

GPAT Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, and reported ARS5,285 million of total assets and
ARS942 million of shareholders' equity as of June 2017.


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


ITAU UNIBANCO: S&P Affirms 'BB/B' Global Scale Rating
-----------------------------------------------------
S&P Global Ratings affirmed its 'BB/B' global scale and 'brAA-
/brA-1+' national scale ratings on Itau Unibanco Holding S.A.
(Itau) and on its core subsidiary, Itau Unibanco S.A. (Itau
Unibanco). The outlook on the global and national scale ratings
remains negative.

The ratings on Itau reflect its very strong and resilient business
position stemming from a solid market share, geographic and
business diversification, and a robust franchise.

S&P said, "Our ratings also reflect the bank's diversified and
stable funding base and liquidity due to a large retail deposit
base and satisfactory coverage of short-term wholesale funding. We
believe these factors support the bank's NIMs despite Brazil's
prolonged anemic economy. We also incorporate the bank's improving
capital position, which, despite pressured by acquisitions, has
been sustained by strong internal capital generation. Finally, we
believe the bank has maintained a diversified portfolio,
satisfactory growth strategy, tightening underwriting standards,
and manageable asset quality, despite its still high credit
losses, which are in line with peers.

"We expect Itau's asset quality to remain under control, and
potentially start to improve if Brazil's economy recovers and
unemployment stabilizes. So far, the bank's sound NIMs and fee
revenue flows have helped to buffer against higher non-performing
assets (NPAs) and credit losses. However, its increasing amount of
renegotiated loans remains a concern. Our stand-alone credit
profile (SACP) on Itau is 'bbb' and our ratings on Itau Unibanco
reflect our view that it's a core subsidiary of Itau."

Itau's exposure to sovereign risk continues to constrain the
ratings. The sovereign ratings limit those on Itau because, like
other banks operating in Brazil, the bank's liquid assets are
mostly composed of government-owned securities. Under our stress
test that emulates conditions of a sovereign default, Itau's
capital would be fully depleted. Therefore, S&P caps its ratings
on the bank at the same level as the sovereign ratings.


USINAS SIDERURGICAS: S&P Raises CCR to 'B-', Outlook Positive
-------------------------------------------------------------
S&P Global Ratings raised its global scale corporate credit
ratings on Usinas Siderurgicas de Minas Gerais S.A. (Usiminas) to
'B-' from 'CCC+', and to 'brBB' from 'brB-' on the Brazilian
national scale. The outlook on the corporate credit ratings is
positive.

S&P said, "We also raised the issue-level rating on Usiminas'
senior unsecured notes due 2018 to 'CCC' from 'CCC-' and raised
the rating on the company's senior secured debentures to 'brBB'
from 'brB-'. The rating on the senior unsecured notes is two
notches below the corporate credit rating, reflecting a recovery
rating of '6' given the low recovery expectation of 0%-10%. The
recovery rating on the senior secured debt remains '4' and
reflects the average recovery expectation of 30%-50% (45%,
rounded), which supports the rating at the same level of Usiminas'
national scale corporate credit rating."

The upgrade follows Usiminas' recent agreement with debt holders
to waive the requirement for an exchange offer for its 2018 senior
unsecured notes and to repay that debt at maturity in January
2018--this is the only relevant debt maturity for the next two
years after the debt-restructuring plan. At the same time, cash
flows from operations are gradually recovering from weak market
conditions in Brazil over the past two years.

S&P said, "We expect Usiminas to continue operating at reduced
capacity (with around 35% of idle capacity), but to focus on
higher margin products such as galvanized steel and continue to
optimize its product mix to maximize profitability. We also
believe that following the capital reduction at Usiminas'
subsidiary Mineracao Usiminas S.A. (MUSA), which streamed up R$700
million in cash to its parent, and the extension of all debt
obligations, Usiminas' liquidity and capital structure have
improved and are under limited pressure--at least until the end of
2019 when debt starts to come due."



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


CALEDONIAN BANK: Creditors' Proofs of Debt Due Sept. 28
--------------------------------------------------------
The creditors of Caledonian Bank Limited are required to file
their proofs of debt by Sept. 28, 2017, to be included in the
company's dividend distribution.

The company's liquidator is:
          Keiran Hutchison
          EY Cayman Ltd
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


OCEAN RIG: U.S. Court Gives Full Force to Cayman Schemes
--------------------------------------------------------
Ocean Rig UDW Inc. (NASDAQ:ORIG), an international contractor of
offshore deepwater drilling services, said Sept. 20, 2017, that
the U.S. Bankruptcy Court for the Southern District  of New York
has issued an order granting comity and giving full force and
effect in the United States to the schemes of arrangement of the
Company and its subsidiaries, Drill Rigs Holdings Inc., Drillships
Financing Holding Inc., and Drillships Ocean Ventures Inc.
(together, the "Scheme Companies") recently sanctioned by The
Grand Court of the Cayman Islands.  The terms of the restructuring
approved by the Cayman Court have therefore been given effect and
are enforceable in the United States.

The Schemes affect only financial indebtedness.  Operations will
continue unaffected.  Trade creditors and vendors will continue to
be paid in the ordinary course of business and will not be
affected by any of the Schemes.  Once the Restructuring Effective
Date has occurred, the Scheme Companies will be substantially
deleveraged through an exchange of approximately $3.7 billion
principal amount of debt for (i) new equity of the Company, (ii)
approximately $288 million of cash, and (iii) $450 million of new
secured debt.

                        About Ocean Rig

Ocean Rig UDW Inc. (NASDAQ: ORIG) -- http://www.ocean-rig.com/--
is an international offshore drilling contractor providing
oilfield services for offshore oil and gas exploration,
development and production drilling, and specializing in the
ultra-deepwater and harsh-environment segment of the offshore
drilling industry.

On March 24, 2017, Ocean Rig UDW Inc., et al., filed winding up
petitions with the Cayman Court and issued summonses for the
appointment of joint provisional liquidators for the purpose of
the Restructuring.  By orders of the Cayman Court dated March 27,
2017, Simon Appell and Eleanor Fisher were appointed as the JPLs
and duly authorized foreign representatives, and the Cayman
Provisional Liquidation Proceedings were commenced.

Simon Appell and Eleanor Fisher of AlixPartners, LLP, in their
capacities, as the joint provisional liquidators and authorized
foreign representatives, filed for Chapter 15 protection for Ocean
Rig and its affiliates (Bankr. S.D.N.Y. Lead Case No. 17-10736) on
March 27, 2017, to seek recognition of the Cayman proceedings.

The JPLs' U.S. counsel are Evan C. Hollander, Esq., and Raniero
D'Aversa Jr., Esq., at Orrick, Herrington & Sutcliffe LLP, in New
York.

                         *     *     *

On Sept. 15, 2017, the Grand Court of the Cayman Islands
sanctioned the schemes of arrangements of the Company and its
subsidiaries, Drill Rigs Holdings Inc. ("DRH"), Drillships
Financing Holding Inc. ("DFH"), and Drillships Ocean Ventures
Inc., ("DOV," and together with UDW, DRH and DFH, the "Scheme
Companies").  The terms of the restructuring have therefore been
approved by the Cayman Court.


OCEAN RIG: Extraordinary Gen. Meeting of Shareholders on Nov. 3
---------------------------------------------------------------
Ocean Rig UDW Inc. (NASDAQ: ORIG) on Sept. 20, 2017, said it will
hold an Extraordinary General Meeting of Shareholders at the
Company's offices located at 3rd Floor Flagship Building, Harbour
Drive, Grand Cayman, Cayman Islands on Friday, Nov. 3, 2017 at
9:00 am, local time.

The Meeting is being held in connection with the previously
announced restructuring of the Company. At the Meeting,
shareholders of the Company will have the opportunity to vote on
the proposals to: (i) adopt the second amended and restated
memorandum and articles of association of the Company, (ii) reduce
the authorized share capital of the Company and (iii) redesignate
issued and unissued authorized common shares as class A common
shares (which the Company believes will continue to be traded on
NASDAQ under the symbol "ORIG") and class B common shares of the
Company, to reduce the number of unissued authorized preferred
shares of the Company and to cancel the remaining unissued
authorized common shares.

The Company's Board of Directors has fixed the close of business
on Monday, September 25, 2017 as the record date for the
determination of the shareholders entitled to receive notice and
vote at the Meeting or any adjournments or postponements thereof.

Formal notice of the Meeting, the Company's proxy statement and
other proxy related materials are expected to be sent to
shareholders on or about Thursday, Oct. 5, 2017.  Investors and
shareholders are urged to read the proxy materials when they
become available because they will contain the proposals to be
considered at the Meeting and other important information.  The
proxy statement will be also be furnished to the SEC on a Form 6-K
and available to shareholders without charge on the SEC's website
(www.sec.gov).  Copies of the proxy statement can also be
obtained, when available, without charge from the Company's Web
site at http://www.ocean-rig.com/

                        About Ocean Rig

Ocean Rig UDW Inc. (NASDAQ: ORIG) -- http://www.ocean-rig.com/--
is an international offshore drilling contractor providing
oilfield services for offshore oil and gas exploration,
development and production drilling, and specializing in the
ultra-deepwater and harsh-environment segment of the offshore
drilling industry.

On March 24, 2017, Ocean Rig UDW Inc., et al., filed winding up
petitions with the Cayman Court and issued summonses for the
appointment of joint provisional liquidators for the purpose of
the Restructuring.  By orders of the Cayman Court dated March 27,
2017, Simon Appell and Eleanor Fisher were appointed as the JPLs
and duly authorized foreign representatives, and the Cayman
Provisional Liquidation Proceedings were commenced.

Simon Appell and Eleanor Fisher of AlixPartners, LLP, in their
capacities, as the joint provisional liquidators and authorized
foreign representatives, filed for Chapter 15 protection for Ocean
Rig and its affiliates (Bankr. S.D.N.Y. Lead Case No. 17-10736) on
March 27, 2017, to seek recognition of the Cayman proceedings.

The JPLs' U.S. counsel are Evan C. Hollander, Esq., and Raniero
D'Aversa Jr., Esq., at Orrick, Herrington & Sutcliffe LLP, in New
York.

                         *     *     *

On Sept. 15, 2017, the Grand Court of the Cayman Islands
sanctioned the schemes of arrangements of the Company and its
subsidiaries, Drill Rigs Holdings Inc. ("DRH"), Drillships
Financing Holding Inc. ("DFH"), and Drillships Ocean Ventures
Inc., ("DOV," and together with UDW, DRH and DFH, the "Scheme
Companies").  The terms of the restructuring have therefore been
approved by the Cayman Court.


OCEAN RIG: Announces Reversed Stock Split
-----------------------------------------
Ocean Rig UDW Inc. (NASDAQ:ORIG) said Sept. 19, 2017, that its
Board of Directors (the "Board")  has determined to effect a 1-
for-9,200 reverse stock split of the Company's common shares.  At
the Company's annual general meeting of shareholders on April 24,
2017, the Company's shareholders approved the reverse stock split
and granted the Board, or a duly constituted committee thereof,
the authority to determine the exact split ratio and proceed with
the reverse stock split.

The reverse stock split will take effect as of 5:00 P.M., New York
City time, on Sept. 21, 2017, and the Company's common stock
will begin trading on a split-adjusted basis on Nasdaq as of the
opening of trading on September 22, 2017 under the existing
trading symbol "ORIG".  The new CUSIP number for the common stock
following the reverse stock split will be G66964118.

When the reverse stock split becomes effective, every 9,200 shares
of the Company's issued common stock will be automatically
combined into one share of common stock.  As of the date of this
press release, the Company had 82,586,851 common shares issued and
outstanding. Effecting the reverse stock split will reduce the
number of issued and outstanding common shares to approximately
8,976 shares (as may be adjusted due to rounding).

No fractional shares will be issued in connection with the reverse
split of the issued common stock. Shareholders of record who would
otherwise hold a fractional share of the Company's common stock
will receive a cash payment in lieu thereof at a price equal to
that fraction to which the shareholder would otherwise be entitled
multiplied by the closing price of the Company's common stock on
Nasdaq on Sept. 21, 2017.  Shareholders that hold shares through a
bank, broker, or nominee shall receive cash in lieu of fractional
shares, if any, determined in accordance with the policies of such
bank, broker, or nominee. Such shareholders may contact their
bank, broker or nominee for more information.

Shareholders with shares held in certificate form will receive
instructions from the Company's exchange agent, American Stock
Transfer & Trust Company, LLC, for exchanging their stock
certificates for a new certificate representing the shares of
common stock resulting from the reverse split.  Shareholders with
shares held in book-entry form or through a bank, broker, or other
nominee are not required to take any action and will see the
impact of the reverse stock split reflected in their accounts on
or after September 22, 2017.

Additional information about the reverse stock split may be found
in the Company's proxy statement furnished to the Securities and
Exchange Commission on Form 6-K on April 3, 2017, a copy of which
is available on the Commission's website at www.sec.gov.

                        About Ocean Rig

Ocean Rig UDW Inc. (NASDAQ: ORIG) -- http://www.ocean-rig.com/--
is an international offshore drilling contractor providing
oilfield services for offshore oil and gas exploration,
development and production drilling, and specializing in the
ultra-deepwater and harsh-environment segment of the offshore
drilling industry.

On March 24, 2017, Ocean Rig UDW Inc., et al., filed winding up
petitions with the Cayman Court and issued summonses for the
appointment of joint provisional liquidators for the purpose of
the Restructuring.  By orders of the Cayman Court dated March 27,
2017, Simon Appell and Eleanor Fisher were appointed as the JPLs
and duly authorized foreign representatives, and the Cayman
Provisional Liquidation Proceedings were commenced.

Simon Appell and Eleanor Fisher of AlixPartners, LLP, in their
capacities, as the joint provisional liquidators and authorized
foreign representatives, filed for Chapter 15 protection for Ocean
Rig and its affiliates (Bankr. S.D.N.Y. Lead Case No. 17-10736) on
March 27, 2017, to seek recognition of the Cayman proceedings.

The JPLs' U.S. counsel are Evan C. Hollander, Esq., and Raniero
D'Aversa Jr., Esq., at Orrick, Herrington & Sutcliffe LLP, in New
York.

                         *     *     *

On Sept. 15, 2017, the Grand Court of the Cayman Islands
sanctioned the schemes of arrangements of the Company and its
subsidiaries, Drill Rigs Holdings Inc. ("DRH"), Drillships
Financing Holding Inc. ("DFH"), and Drillships Ocean Ventures
Inc., ("DOV," and together with UDW, DRH and DFH, the "Scheme
Companies").  The terms of the restructuring have therefore been
approved by the Cayman Court.


===============
C O L O M B I A
===============


AVIANCA: Cancels 116 Flights Amid Pilots Strike
-----------------------------------------------
EFE News reports that Colombian airline Avianca canceled 116
domestic flights in the face of a strike by half of its pilots.

The cancelations affected 9,510 passengers, Avianca's vice
president for Safety and Operations, Eduardo Mendoza, told a press
conference, according to EFE News.

The strike was called by Acdac, a union representing 702 of
Avianca's roughly 1,400 pilots, the report notes.

The report relays that besides seeking higher pay and shorter
hours, the striking pilots are asking for upgrades to safety at
Colombian airports, Acdac said.

The carrier managed to operate 111 flights using non-striking
pilots, Mr. Mendoza said, the report relays.

Avianca employs some 23,000 people in 26 countries, according to
CEO Hernan Rincon, who said that Acdac failed to consider any of
the company's 20 successive contract proposals, the report relays.

The airline says it stands to lose $2 million a day due to the
strike, the report notes.

Another round of contract talks was scheduled for Sept. 20,
Avianca said, the report adds.


BANCO GNB: Moody's Cuts LT Senior Unsecured Debt Rating to Ba2
--------------------------------------------------------------
Moody's Investors Service has downgraded Banco GNB Sudameris
S.A.'s (GNB) long-term senior unsecured debt and deposit ratings
to Ba2 from Ba1. At the same time, Moody's has affirmed all of
GNB's other ratings and assessments, including the long-term
foreign currency subordinated debt rating of B1. The bank's
outlook is stable.

Issuer: Banco GNB Sudameris S.A.

The following ratings were downgraded:

- Long-term global local currency deposit rating to Ba2, from
   Ba1; outlook stable

- Long-term foreign currency deposit rating to Ba2, from Ba1;
   outlook stable

- Long-term foreign currency senior debt rating to Ba2, from Ba1;
   outlook stable

The following ratings and assessments were affirmed

- Baseline credit assessment at ba3

- Adjusted baseline credit assessment at ba3

- Short-term global local currency deposit rating at Not Prime

- Short-term foreign currency deposit rating at Not Prime

- Long-term foreign currency subordinated debt rating at B1

- Long-term counterparty risk assessment at Ba1(cr)

- Short-term counterparty risk assessment at Not Prime(cr)

Outlook Actions:

- Outlook, Remains Stable

RATINGS RATIONALE

The downgrade of GNB's deposit and senior unsecured debt ratings
reflects a reduction in Moody's assessment of the likelihood that
the bank will receive financial support from the government in an
event of need given its steadily declining shares of domestic
deposits. As a result, the bank currently accounts for just over
3% of total deposits in the system, which places it in eleventh
place among Colombia's banks. Moreover, GNB is even more dependent
on wholesale deposits and market funds than the already high
system average; retail deposits account for just 12% of its total
deposit funding, which in turn accounts for just 68% of total
funding overall. Consequently, the systemic and political
consequences of an unsupported failure of the bank would be
relatively limited in Moody's views, reducing the government's
incentive to bail the bank out.

That said, the rating action does not reflect any increase in the
likelihood that the bank will need government support in order to
avoid a failure. To the contrary, notwithstanding its shrinking
market shares, GNB's financial fundamentals remain relatively
stable.

Sound asset quality is reflected by the bank's historically low
problem loans ratio, which has remained stable around the current
level of 1.5% of gross loans in recent years. The low delinquency
rate reflects the bank's sizeable exposure to lower risk secured
payroll loans, which represent around a quarter of its total
portfolio, as well as the good performance of its commercial
loans, despite its focus on higher risk SMEs; SME lending accounts
for around 50% of the total loan book. Asset risk is also
supported by ample loan loss reserves, which covered 158% of
problem loans in June 2017.

However, the bank is exposed to the potentially greater credit and
market risks from its operations in Peru and Paraguay, which
jointly represent a substantial 43.2% of total loans, given its
relatively short track record in these jurisdictions and small
market share, particularly in Peru, where it faces fierce
competition from much larger and entrenched banks.

While well below domestic peers, bottom line profitability has
improved modestly, with net income reaching 0.9% of tangible
assets in the six months through June 2017, up from 0.7% in 2014.
The bank has delivered steady earnings despite a sharp contraction
of interest margins in 2016 driven by increases in Colombia's
benchmark rate coupled with the bank's heavy reliance on costly
and price sensitive wholesale funding and its weak position in the
market for SME lending, which forces it compete on price. At the
same time, the bank's costs-to-income ratio has gradually improved
in recent years, dropping to 52% in the first six months of 2017,
roughly equal to the level seen prior to its acquisition of HSBC's
Colombian, Peruvian, and Paraguayan operations in 2012, which led
to a sharp rise in operating costs. However, the bank's limited
fee income and lending concentration in two relatively narrow
market segments could subject it to greater earnings volatility in
the future.

Capitalization levels remain the key challenge for GNB, whose
adjusted tangible common equity to risk weighted assets of 7.2% as
of June 2017 is below even Colombia's already weak median.
However, Moody's expects capital levels to remain stable, given
continued slow growth coupled with the bank's historic practice of
reinvesting almost all of its earnings.

The bank reliance on wholesale funds exposes it to high
concentration of depositors, with the top 20 investors
representing a significant 45% of the bank's total deposits.
However, risks associated with the bank's funding structure are
partially offset by GNB's ample liquidity, with liquid assets,
mainly allocated to the highly liquid Colombian government
securities, representing 32.3% of tangible banking assets.

The ratings also consider the risk that the bank could undertake
further acquisitions that increase its leverage and lead to a
deterioration of its operating efficiency, as well as risks
related to periodic spikes in related party lending.

The stable outlook takes into consideration Moody's expectations
that capitalization will remain around current levels given the
slow growth of assets and steady profitability, and asset risks
will remain stable in line with Colombia's economic growth.

WHAT COULD CHANGE THE RATING UP/DOWN

GNB's ratings could be downgraded further if the bank's reliance
on wholesale funding increases and/or its liquidity position
deteriorates. Also, the ratings could face a downward pressure if
it engages in further large scale acquisitions, experiences a
significant reduction in capitalization, and/or asset risks
increase. Upward rating pressures could arise from a substantial
improvement in capitalization, a significant and sustainable
increase in core earnings, and/or an improvement in the bank's
funding structure.

The principal methodology used in these ratings was Banks
published in January 2016.



===============
D O M I N I C A
===============


DOMINICA: Maria Damages 95% of Roofs on Island
----------------------------------------------
Reuters reports that Maria struck Dominica as a Category 5 storm
on Monday(Sept 18) night, damaging about 95 percent of the roofs
on the island, the U.N. Office for the Coordination of
Humanitarian Affairs said.

At least 14 people died, CNN quoted Charles Jong, a spokesman for
the Dominica prime minister's office, as saying, notes the report.

Maria is now a Category 3 hurricane on the five-step Saffir-
Simpson scale, with sustained winds of up to 125 miles per hour
(205 km per hour) and 80 miles (130 km) southeast of Grand Turk
Island, the U.S. National Hurricane Center said, Reuters relates.

Maria's strength was not expected to change during the next few
days, the center said, adds Reuters.



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


CEMEX SAB: S&P Ups Global Scale Ratings to 'BB', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings raised its global scale ratings on CEMEX S.A.B.
de C.V. (Cemex) and on its subsidiaries to 'BB' from 'BB-'. S&P
said, "We also raised our national scale ratings on Cemex and
CEMEX Mexico S.A. de C.V. to 'mxA/mxA-1' from 'mxA-/mxA-2'. We
also removed ratings from CreditWatch positive. The outlook on
both scales is stable. At the same time, we raised our issue-level
rating on Cemex's senior secured debt to 'BB' from 'BB-' and on
its perpetual bonds to 'BB-' from 'B+'. We also raised our issue-
level ratings on the company's local currency senior unsecured
debt to 'mxA' from 'mxA-' and subordinated debt to 'mxBBB+' from
'mxBBB'."

The recovery rating on all Cemex's rated senior debt remains at
'3', which indicates that bondholders can expect a meaningful
(50%-70%, in the higher band of the range) recovery in the event
of a payment default.

Following the first-quarter stronger credit metrics relative to
our expectations, Cemex's financial performance has continued to
improve, with a total debt reduction of $1.15 billion during the
first half of the year. This reflects the faster-than-expected
completion of the company's asset divestment plan, the early
conversion of part of its optional convertible notes due March
2018, and generally favorable business conditions in the markets
where it operates. These factors resulted in debt-to-EBITDA and
FFO-to-debt ratios of 4.5x and 12.4%, respectively, as of June,
30, 2017.

Also, Cemex took out a new credit facility for $4.05 billion in
July to refinance existing debt and to further strengthen its
capital structure and liquidity. These factors and S&P's
expectation that Cemex will maintain its commitment to improve its
key credit metrics have triggered its revision of the company's
financial risk profile assessment to a stronger category.

During the first six months of 2017, Cemex's ability to adjust
prices somewhat compensated for a slight decline in cement volumes
in Mexico, mainly due to low public-sector spending for
infrastructure projects. S&P said, "We expect Cemex's top-line
growth to continue benefiting from favorable industry fundamentals
in the U.S., which would mitigate the impact of softer economic
conditions across Latin America and other regions where the
company has operations. We also expect Cemex's adjusted EBITDA
margins to remain above 21% despite increasing cost pressures,
while the company continues to focus on achieving operating
efficiencies across its global operating platform.

"We now view Cemex's financial risk profile as aggressive. Our
updated forecast on the company incorporates additional debt
reduction of about $600 million through internal cash flow
generation during the second half of 2017."


EMPRESA GENERADORA: S&P Affirms 'B+' CCR & Alters Outlook to Neg.
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' corporate credit ratings on
Empresa Generadora de Electricidad Haina S.A. (Haina) and revised
the outlook to negative from stable.

S&P said, "The outlook revision to negative reflects our view of a
deteriorating business risk profile if Haina maintains, in the
following 12 months, its exposure to the spot market volume, with
low contracted levels. Although the CDEEE (Dominican Corporation
of State Electrical Companies) reopened a tender for medium term
Power Purchase Agreements (PPAs) which could be beneficial for
Haina, we would necessarily monitor and assess the prices and
conditions of those PPAs and their potential effects on the
company's creditworthiness.

"In the next 12 months, we could downgrade the ratings if the
company's key credit metrics do not recover to a level of  debt
EBITDA below 4x and FFO to debt higher than 20%, which could be
the result of lower-than-expected spot or contract prices or
sustained periods of downtime. In addition, if in our view,
volatility continues to be high in the next 12 months (for
instance due to a significant exposure to spot prices), we will
downgrade the ratings.

"We could revise the outlook to stable if the company is able to
reduce cash flow volatility through lower exposure to spot prices.
We don't see a rating upgrade as likely in the next 12 months
because it would require much stronger financial performance,
meaning FFO to debt above 45% and debt to EBITDA below 1.5x. We
think such a development would require materially higher spot
market prices, which we believe are unlikely at this time."


MEXICO: President Activates Emergency Rescue Plan
-------------------------------------------------
Business Standard reports that the Mexican President said his
priority is to rescue people still trapped under the debris of
collapsed buildings and provide medical assistance to those
injured in the 7.1-magnitude earthquake that killed at least 224
people.

In an address to the nation, Enrique Pena Nieto called for a
national emergency committee meeting and ordered the activation of
an emergency plan, including the deployment of thousands of
members of the Army, Navy and the federal police to assist in
rescue and relief efforts, according to Business Standard.

Mr. Pena Nieto said he was closely coordinating with the governors
of Mexico City, Puebla and Morelos, the cities that suffered the
most damage, the report notes.

The emergency services of the Mexican Social Security Institute,
the Institute for Social Security and Services for State Workers
and the Armed Forces were also standing by to assist people
affected in the quake, Mr. Pena Nieto added, the report relays.

Mr. Pena Nieto also expressed condolences to those who had lost a
family member or loved one in the earthquake and reported that 40
percent of Mexico City and 60 percent of Morelos state were still
without power, the report says.

The President said shelters had been set up for all those who need
them and asked people to stay indoors as far as possible to
facilitate aid efforts and the deployment of emergency services,
the report adds.


MEXICO: Hundreds Missing in City Days After Earthquake
------------------------------------------------------
Anthony Harrup and Robbie Whelan at The Wall Street Journal report
that rescue workers, hampered by heavy rains, continued to search
for survivors from the deadly earthquake that killed at least 230
people, a toll that seemed sure to rise amid reports of nearly as
many people missing.

Overnight, the body of a 58-year-old teacher was removed from the
collapsed remains of the Enrique Rebsamen primary school in
southern Mexico City, according to The Wall Street Journal.

The school, which accounted for the greatest loss of life during
the quake, was the focus on an intense recovery effort aimed at
rescuing what appeared to be one or more girls trapped inside, the
report notes.  The attempts had not been successful.

An estimated 1,800 people in central Mexico were injured, federal
officials said, the report notes.

President Enrique Pena said that Mexico has accepted offers of
technical assistance from the U.S., Spain, Israel, Japan and
several Latin American countries with experience in natural-
disaster response, the report relays.

President Pena said the government has received "thousands of
messages of solidarity and encouragement, from all over the
world," the report relays.  Earlier, he declared three days of
mourning for the people killed in the earthquake, the second one
this month, the report says.  A quake hit southern Mexico on Sept.
7, killing close to 100 people, the report notes.

Mexico City officials said 38 buildings collapsed, most of them
multistory apartment or office buildings, the report says.  Social
media was full of messages seeking the whereabouts of loved ones,
as well as pictures of children who couldn't find their parents
and abandoned pets missing their owners, the report notes.

Federal authorities deployed some 27,000 army, marines and police
personnel to boost security and help in the recovery, the report
relays.

Across the city, other rescues played out, offering some relief
from the horror of the quake, the report notes.  Authorities said
52 people have been rescued from collapsed buildings in Mexico
City, the report says.  But others were still trapped.  In one
collapsed building in the Roma district, a handwritten poster
listed 16 people believed to be stuck inside, listing the floor on
which each one lived, the report relays.

U.S. President Donald Trump called Mr. Pena Nieto to express his
condolences for the quake and offer U.S. assistance, according to
Eduardo Sanchez, a spokesman for the Mexican president, the report
relays.

While most earthquakes that hit Mexico are centered on or near the
country's Pacific coast, this quake's epicenter was unusually
close to Mexico City, 60 miles south of the capital in Chiautla de
Tapia, according to Mexico's seismological service, the report
relays.

The quake came just hours after authorities staged the capital's
annual earthquake drill commemorating the 1985 quake on the same
date, which destroyed large sections of central Mexico City and
killed at least 6,000 people, the report relays.

The quake was felt much more strongly in Mexico's densely
populated capital than the one on Sept. 7 because of the
proximity, the report relays.  Many of the neighborhoods hit hard
were the ones that suffered the worst of the damage in 1985, the
report relays.

After that quake, Mexico City upgraded its building codes and
installed an earthquake alarm system, the report notes.  During
the earthquake a few weeks ago, seismic alarms sounded about a
minute before the quake struck the capital, giving people time to
run outside, the report notes.  But on Sept. 19, the city's alarms
went off just a few seconds before the quake hit because the
temblor was so close, the report adds.


=======
P E R U
=======


PESQUERA EXALMAR: Moody's Affirms B3 CFR, Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service changed Pesquera Exalmar, S.A.A.
(Exalmar)'s outlook to stable from negative. At the same time,
Moody's affirmed Exalmar's B3 corporate family and senior
unsecured ratings.

RATINGS RATIONALE

Exalmar's B3 ratings incorporate primarily the company's
vulnerability to climatic conditions and fishing quotas
regulation; a pronounced cash flow seasonality; and its limited
operating scale and modest business diversification compared to
regional peers as well as other seafood and protein-industry
companies. The rating also reflects the exposure to volatile
volume and price trends of the commoditized global fishmeal and
fish oil market. These credit negatives are to some extent offset
by Exalmar's position as the third largest fishmeal producer in
Peru, the world's leading fishmeal nation; a successful operating
history in its current business configuration; and some revenue
diversification from its direct human consumption business.

Exalmar's volumes and thus its cash flow critically depend on the
level of the catch of anchovies, the company's main raw material,
which varies with the total allowable catch set prior to each
fishing season by PRODUCE, the Peruvian Ministry of Production.
Anchovy catch levels vary because of changing climatic conditions,
in particular by the El Ni§o or La Ni§a effects. The first fishing
season of 2017 was set at 2.8 million metric tons; a 40% increase
when compared to the last fishing season of 2016. This is the
fourth consecutive increase in the quotas set by PRODUCE.

According to the most recent report from Peru's federal climate
agency ENFEN, it estimates a 58% likelihood of seawater conditions
and temperatures remaining "neutral" in Peru's 2017-18 summer
season (December to March), a 6% probability of a moderate-strong
El Ni§o, and a 3% probability of moderate-strong La Ni§a, implying
a more stable operating environment for Exalmar and other Peruvian
fishing companies. Moody's believes that the next couple of
fishing seasons will allow fishing companies in Peru to catch at
least 2 million metric tons per season given this more stable
environment.

The company's credit metrics have improved recently driven by
higher fishing quotas which resulted in increased revenues and
profitability. Exalmar's adj. debt/EBITDA was 5.6x as of June 2017
with EBITDA margin of 20% over the twelve months ended June 2017.
Absent severe weather conditions, Moody's estimates adj.
debt/EBITDA to decline to around 3.5x by year-end 2017 and remain
in that level in 2018-2019. Similarly, profitability will further
improve with EBITDA margin recovering to 24% in 2017-2018.

Exalmar's liquidity is negatively affected by cash flow
seasonality caused by the working capital build-up that tends to
occur during Peru's two anchovy fishing seasons in the second and
fourth calendar quarters and the subsequent cash inflow when
inventories are shipped in the first and third quarters. Exalmar
typically funds these working capital needs with uncommitted
credit facilities with local and international banks. In addition,
the company has a $20 million committed credit facility that is
fully available. Moody's note that the use of committed credit
facilities is not a common practice in Latin America so Moody's
positively views Exalmar's actions to ensure a strong alternate
source of liquidity.

Exalmar reported cash on hand of $3 million as of June 30, 2017
that can cover only 13% short-term debt. However, short-term debt
is comprised by working capital related debt that is secured by
inventory and receivables. As a result, the company's cash on
hand, inventory and receivables provide a 2x coverage of its
short-term debt as of June 30, 2017. The company has a
conservative debt maturity profile with no major debt
amortizations until 2020 when its $200 million global notes are
due.

The stable ratings outlook reflects Moody's expectations that the
company's profitability and credit metrics will continue to
improve absent any strong weather event that results in a decline
on the fishing quota or cancelation of a fishing season.

An upgrade would require an improvement in the company's liquidity
cushion to withstand adverse impacts on operations due to adverse
weather conditions. An upgrade would also be dependent on the
company's ability to generate positive cash flow while maintaining
robust credit metrics on a sustainable basis with debt/EBITDA
below 4.0 times.

A prolonged period of negative free cash flow generation with
material additional external funding needs, for example because of
the impacts of quotas cancellation, an abrupt deterioration of
global fishmeal demand or anchovy supply would cause downward
pressure on the ratings. An increase in adj. debt/EBITDA over 7.0
times for a prolonged period of time with no expectation of
reduction in the medium term could also lead to a downgrade.

The principal methodology used in this rating was Global Protein
and Agriculture Industry published in June 2017.

Founded in 1992, Pesquera Exalmar, S.A.A. is a Peruvian fishing
company which produces fishmeal and fish oil used for indirect
human consumption. In addition, Exalmar also sells fresh and
frozen fish (mackerel, horse mackerel, giant squid, and mahi-mahi)
for direct human consumption. Exalmar has a 6.7% assigned quota in
the north-center of Peru and the ability to process third-party
catch, which increases its overall participation in the market.
This positions the company as the 3rd. largest fishing player in
Peru in terms of processed anchovy. Exalmar is majority owned
(71%) and controlled by its founder, Victor Matta Curotto, and the
29% balance is publicly traded in the Lima stock exchange. For the
twelve months ended June 30, 2017, the company reported revenues
of $215 million.


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


GIRARD MANUFACTURING: Hires Fuentes Law as Counsel
--------------------------------------------------
Girard Manufacturing, Inc., seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Fuentes
Law Offices, LLC, as counsel to the Debtor.

Girard Manufacturing requires Fuentes Law to represent and provide
legal services to the Debtor in the Chapter 11 bankruptcy
proceeding.

Fuentes Law will be paid at the hourly rate of $250.  The firm
will be paid a retainer in the amount of $5,000.  It will also be
reimbursed for reasonable out-of-pocket expenses incurred.

Alexis Fuentes-Hernandez, member of Fuentes Law Offices, LLC,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.

Fuentes Law can be reached at:

     Alexis Fuentes-Hernandez, Esq.
     FUENTES LAW OFFICES, LLC
     P.O. Box 9022726
     San Juan, PR 00902-2726
     Tel: (787) 722-5215
     Fax: (787) 722-5206
     E-Mail: alex@fuentes-law.com

               About Girard Manufacturing, Inc.

Girard Manufacturing Inc. provides office furniture in San Juan,
Puerto Rico. The Company offers desks chairs, modular systems,
bookshelves, filing systems, and accessories, as well as online
service and support.

Girard Manufacturing, Inc., based in San Juan, PR, filed a Chapter
11 petition (Bankr. D.P.R. Case No. 17-05975) on August 24, 2017.
Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, LLC,
serves as bankruptcy counsel.

In its petition, the Debtor estimated $2.36 million in assets and
$3.83 million in liabilities. The petition was signed by Jose A.
Casal Seibezzi, president.


MANUEL MEDIAVILLA: Hires Rodriguez-Binet Law as Notary Public
--------------------------------------------------------------
Manuel Mediavilla, Inc., seeks authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ
Rodriguez-Binet Law Offices as Notary Public.

The Debtor requires Rodriguez-Binet to assist the Debtor in the
preparation of all documents needed to obtain government permits
required for the segregation and grouping of portions of its real
estate properties located at Humacao, Puerto Rico, and the
revision of property documents for the property.

The Debtor will compensate Rodriguez-Binet at the rate of $125 per
hour plus any costs and expenses.

A retainer in the amount of $200 from fees and costs has been
required in this case and was paid by the Debtor.

Enid S. Rodriguez. Esq., from Rodriguez-Binet Law Offices, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

Rodriguez-Binet may be reached at:

      Enid S. Rodriguez. Esq.
      Rodriguez-Binet Law Offices
      1645 Adams Street Summit Hills
      San Juan, Puerto Rico 00920
      Tel: 787-793-4745
      E-mail: erb@rodriguezbinetlaw.com

                   About Manuel Mediavilla, Inc.

Manuel Mediavilla, Inc., aka Muebleria Mediavill, sought
protection under Chapter 11 of the Bankruptcy Code on April 11,
2013 (Bankr. D.P.R., Case No. 13-02800).  The case is assigned to
Judge Mildred Caban Flores.

The Debtor's counsel is Carmen D. Conde Torres, Esq., at C. Conde
& Assoc., in San Juan, Puerto Rico.

The Debtor's scheduled assets is $2,191,098, while the scheduled
liabilities is $2,484,529.

The petition was signed by Manuel Mediavilla Garcia, president.


MINI MASTER: Oct. 31 Disclosure Statement Hearing Set
-----------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico will convene a hearing on Oct. 31, 2017,
at 9:00 a.m., to consider and rule upon the adequacy of the
disclosure statement filed by Mini Master Concrete Services, Inc.

Objections to the form and content of the disclosure statement
should be in writing and filed with the court and served upon
parties in interest not less than 14 days prior to the hearing.

As previously reported by the Troubled Company Reporter, Class 4,
the holders of allowed general unsecured claims, now has an
estimated amount of $1,114,383.72 in allowed claims.

With the sale of substantially all of its assets to Master
Concrete and Aggregates, LLC, the sale of other assets, as
approved by the Court and the transfer of the real estate, Debtor
will be able to satisfy the claims of Holders of Allowed
Administrative Expense Claims, Holders of Allowed Priority Tax
Claims, Holders of Other Priority Claims and to Classes 1, 2, 3, 4
and 5, as provided for in the Plan.

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

     http://bankrupt.com/misc/prb16-09956-11-175.pdf

             About Mini Master Concrete Services

Mini Master Concrete Services, Inc. filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 16-09956) on December 22, 2016.
The Hon. Mildred Caban Flores over the case. Charles A. Cuprill,
PCS Law Offices represents the Debtor as counsel.

The Debtor disclosed total assets of $15.78 million and total
liabilities of $5.46 million. The petition was signed by Carmen M.
Betancourt, president


OLIVER C&I: Dec. 13 Plan Confirmation Hearing Set
-------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico approved Oliver C & I Corp.'s disclosure
statement referring to their chapter 11 plan filed on June 14,
2017.

Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on/or before 14 days prior to the date
of the hearing on confirmation of the Plan.

Any objection to confirmation of the plan shall be filed on/or
before 14 days prior to the date of the hearing on confirmation of
the Plan.

A hearing for the consideration of confirmation of the Plan and of
such objections as may be made to the confirmation of the Plan
will be held on Dec. 13, 2017, at 09:00 A.M. at the Jose V. Toledo
Federal Building and US Courthouse, 300 Recinto Sur Street,
Courtroom 3, Third Floor, San Juan, Puerto Rico.

The Troubled Company Reporter previously reported that unsecured
creditors under the plan will be paid in full plus interest within
60 days from Effective date.

The Disclosure Statement is available at:

            http://bankrupt.com/misc/prb16-08311-77.pdf

                     About Oliver C & I Corp.

Oliver C & I Corp., based in Guaynabo, Puerto Rico, is a profit
corporation organized under the laws of Puerto Rico.  It was
incorporated on Dec. 17, 2003.  The Debtor is wholly owned by
Maria del Carmen Magraner Folch.  The Debtor's main assets are
participations in certain limited partnerships and the
corporations which serve as general partners of the limited
partnerships.

The Debtor filed a Chapter 11 petition (Bankr. D.P.R. Case No.
16-08311) on Oct. 17, 2016.  The petition was signed by Max
Olivera, vice-president and treasurer.  The case is assigned to
Judge Mildred Caban Flores.  In its petition, the Debtor indicated
$29.94 million in total assets and $1.06 million in total
liabilities.

The Debtor is represented by Carmen D. Conde Torres, Esq., at C.
Conde & Assoc.  The Debtor employed Doris Barroso Vicens of RSM
Puerto Rico as its accountant; and Aurora Oti-Yvonnet of Villafane
& Oti, Certified Public Accountants, PSC, as its external auditor.


PUERTO RICO: Hurricane Maria Devastates Island Territory
--------------------------------------------------------
Reuters reports that Hurricane Maria destroyed buildings and
knocked out power across Puerto Rico.

Officials in Puerto Rico were still assessing the damage after
Maria slammed the island on Wednesday, Sept. 20, with winds of up
to 155 mph (250 kph), notes the report.  Ranked a Category 4 storm
when it made landfall, it was the strongest hurricane to hit the
island in nearly 90 years, the report relates.

U.S. President Donald Trump told reporters the island had been
"totally obliterated" and that he planned to visit, relays
Reuters.

According to Reuters, Puerto Rico Governor Ricardo Rossello said
there was one death reported so far, a man struck by a piece of
lumber hurled by high winds.

"It's nothing short of a major disaster," he told CNN, adding it
might take months for electricity to be completely restored to the
island, which has a population of 3.4 million, says the report. He
imposed a dusk-to-dawn curfew through Saturday.

Utility crews from the U.S. mainland were headed to Puerto Rico to
help try to restore the battered power grid and the U.S. military
sent ground forces and aircraft to assist with search and rescue,
notes Reuters.

Puerto Rico was already facing the largest municipal debt crisis
in U.S. history. A team of judges overseeing its bankruptcy has
advised involved parties to put legal proceedings on hold
indefinitely as the island recovers, according to a source
familiar with the legal proceedings, Reuters adds.

                      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.  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.


TOYS "R" US: Wins Court Approval of DIP Loan, First Day Motions
---------------------------------------------------------------
Toys "R" Us, Inc. said Sept. 20, 2017, that the U.S. Bankruptcy
Court for the Eastern District of Virginia granted either final or
interim approval for all of its first day motions related to its
Chapter 11 restructuring.

Specifically, the Court entered an order granting the Company
interim authorization to access up to $2.2 billion in
debtor-in-possession ("DIP") financing which will be available to
U.S., Canadian and international entities.  This DIP financing
will be available to support operations during the court-
supervised process.

The Company also received authorization to continue payment of
employee wages and benefits and to honor customer programs. Toys
"R" Us intends to pay vendors in full under normal terms for goods
and services provided after the filing date.

The orders granted by the Court at a hearing on Sept. 19 will help
ensure that the Company continues normal business operations
throughout the financial restructuring process, the Company said.

Dave Brandon, Chairman and Chief Executive Officer, said, "The
Court's approvals of the First Day Motions are a positive and
important first step in the financial restructuring process that
will help allow Toys "R" Us to continue to operate as usual and
provide customers an outstanding experience in our physical and
web stores around the world.  We are using this financial
restructuring process to achieve greater financial flexibility to
invest in our business and allow us to be a strong champion of
play for all kids and a trusted friend to parents everywhere."

Mr. Brandon continued, "Our shelves are well-stocked with the
hottest toys as we prepare for the Holiday season, and we are
excited about the many events, new technology and features we'll
have in our stores and online. I want to thank our team members
for their continued focus and commitment to serving the millions
of customers who choose to shop with us for their toy and baby
product needs."

                        About Toys "R" Us

Toys "R" Us, Inc. is an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area.

Merchandise is sold in 880 Toys "R" Us and Babies "R" Us stores in
the United States, Puerto Rico and Guam, and in more than 780
international stores and more than 245 licensed stores in 37
countries and jurisdictions.  Merchandise is also sold at
e-commerce sites including Toysrus.com and Babiesrus.com.

On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.  Toys "R" Us is now a privately owned entity but still
files with the Securities and Exchange Commission as required by
its debt agreements.

The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders' deficit
of $1.319 billion as of April 29, 2017.

Toys "R" Us, Inc. and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.  Judge Keith L. Phillips is the case
judge.

In addition, the Company's Canadian subsidiary voluntarily
commenced parallel proceedings under the Companies' Creditors
Arrangement Act ("CCAA") in Canada in the Ontario Superior Court
of Justice.

The Company's operations outside of the U.S. and Canada, including
its 255 licensed stores and joint venture partnership in Asia,
which are separate entities, are not part of the Chapter 11 filing
and CCAA proceedings.

Kirkland & Ellis LLP is serving as principal legal counsel to Toys
"R" Us, Alvarez & Marsal is serving as restructuring advisor and
Lazard is serving as financial advisor.  Prime Clerk LLC is the
claims and noticing agent.

Grant Thornton is the monitor appointed in the CCAA case.


TOYS "R" US: To Hire 38,600 More Workers for Holiday Season
-----------------------------------------------------------
Although it has sought Chapter 11 bankruptcy protection, Toys "R"
Us, Inc., said in a court filing that it expects to hire an
additional 38,600 seasonal part-time employees for the holiday
season.

The toy retailer made the disclosure in a motion filed in
bankruptcy court wherein it is seeking approval to pay more than
$98 million for prepetition wages, salaries and other obligations.

Co-counsel to the Debtors, Michael A. Condyles, Esq., at Kutak
Rock LLP, explains that the Debtors employ over 11,150 individuals
on a full-time basis and 21,300 individuals on a part-time basis
in the United States and U.S. Territories.  Approximately 28,700
Employees are paid on an hourly basis, and approximately 3,750
Employees earn a salary.  The Employees are not party to any
collective bargaining agreements. In addition to the Employees,
the Debtors also periodically retain specialized individuals as
independent contractors, as well as temporary workers sourced from
various staffing agencies to complete discrete projects and
fulfill certain duties on a short- and long-term basis when the
Debtors are otherwise unable to fill required positions.  The
Temporary Staff are an important supplement to the efforts of the
Debtors' Employees.  At this time, the Debtors retain
approximately 1,010 Temporary Staff.

In addition, over the next four months, in preparation for and
during the holiday season, the Debtors anticipate that the number
of seasonal part-time Employees in their distribution centers and
stores will grow by approximately 38,600, increasing the total
number of hourly Employees to more than 67,200.  This growth is
consistent with historic annual headcount during this peak selling
period and the Debtors' financial projections.  The Debtors
endeavor to hire all part-time Employees directly, but in the
event that they are unable to fill all open positions in specific
stores, the Debtors will utilize the Staffing Agencies to ensure
they are able to maintain their operations.  These seasonal
Employees are all paid hourly, and are generally not entitled to
the benefits, with the exception of certain performance-based
bonuses.

In the Motion, the Debtors seek approval to (i) pay all
prepetition wages, salaries, reimbursable expenses, and other
obligations on account of the employee compensation and benefits
programs in the ordinary course of business and (ii) continue to
administer the employee compensation and benefits programs,
including payment of prepetition obligations related thereto.

Specifically, the Debtors seek authority to pay the following
aggregate amounts on account of the prepetition employee
compensation and benefits:

     Employee-Related Obligations    Interim Amount  Final Amount
     ----------------------------    --------------  ------------
Employee Compensation                   $7,330,000    $7,330,000
Temporary Staff Compensation            $2,820,000    $6,080,000
Payroll Processing Fees                   $732,000      $732,000
Withholding Obligations                $18,220,000   $24,600,000
Reimbursable Expenses                     $759,000    $1,275,000
Relocation Expenses                       $150,000      $300,000
Non-Insider Incentive Plans                     $-      $145,000
Health Insurance Programs               $4,333,000    $8,665,000
Life & AD&D Insurance, Disab. Benefits    $221,000      $239,000
Workers' Compensation Programs          $3,610,000   $27,380,000
Employee Assistance Programs               $28,000       $46,000
Paid Time Off                           $1,510,000   $18,100,000
Severance                                       $-    $3,137,000
                                       -----------   -----------
     Total                             $39,713,000   $98,029,000

The Debtors do not believe that amounts owed to any Employees on
account of the Employee Compensation and Benefits Programs will
exceed the statutory cap of $12,850 under Sections 507(a)(4) and
507(a)(5) of the Bankruptcy Code.

Bankruptcy Judge Keith L. Phillips has granted interim approval of
the Debtors' request.  A final hearing is scheduled for October
10, 2017 at 10:00 a.m.  A copy of the Interim Order is available
for free at:

     http://bankrupt.com/misc/Toys_R_Us_80_Ord_Wages.pdf


                       About Toys "R" Us

Toys "R" Us, Inc. is an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area.

Merchandise is sold in 880 Toys "R" Us and Babies "R" Us stores in
the United States, Puerto Rico and Guam, and in more than 780
international stores and more than 245 licensed stores in 37
countries and jurisdictions.  Merchandise is also sold at
e-commerce sites including Toysrus.com and Babiesrus.com.

On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.  Toys "R" Us is now a privately owned entity but still
files with the Securities and Exchange Commission as required by
its debt agreements.

The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders' deficit
of $1.319 billion as of April 29, 2017.

Toys "R" Us, Inc. and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.  Judge Keith L. Phillips is the case
judge.

In addition, the Company's Canadian subsidiary voluntarily
commenced parallel proceedings under the Companies' Creditors
Arrangement Act ("CCAA") in Canada in the Ontario Superior Court
of Justice.

The Company's operations outside of the U.S. and Canada, including
its 255 licensed stores and joint venture partnership in Asia,
which are separate entities, are not part of the Chapter 11 filing
and CCAA proceedings.

Kirkland & Ellis LLP is serving as principal legal counsel to Toys
"R" Us, Alvarez & Marsal is serving as restructuring advisor and
Lazard is serving as financial advisor.  Prime Clerk LLC is the
claims and noticing agent.

Grant Thornton is the monitor appointed in the CCAA case.



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


CL FIN'L: Multi-Million-Dollar Lawsuit Stayed Against Firm
----------------------------------------------------------
Trinidad Express reports that a multi-million-dollar claim for
payment against CL Financial Limited by one of its subsidiaries,
British American Company Ltd, has been stayed indefinitely.

Justice James Aboud, presiding at the Hall of Justice in Port of
Spain, continued the stay on the claim which first came into
effect in 2014 given that joint provisional liquidators have been
appointed to preserve and conserve the assets of the cash-strapped
company, according to Trinidad Express.

The $50 million debt being owed to British American stems from
Government's bailout of the conglomerate in 2009. But even though
the claim had been filed since 2011 at the High Court, British
American will now have to prove to the liquidators that it is
being owed the money, the report relays.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on July
26, 2017, CL Financial Limited shareholders have vowed to pay back
a TT$15 billion (US$2.2 billion) debt to the Trinidad Government
after scoring what it called a "major legal victory" against the
Keith Rowley administration.

Caribbean360.com said the Trinidad Government went to the High
Court with a petition to have the company liquidated.  Finance
Minister Colm Imbert had explained then that the move was
in response to attempts by the company's shareholders to take
control of the board.  However, after a near seven-hour hearing,
High Court Judge Kevin Ramcharan sided with the company
shareholders, ruling that the action by the Government was
premature.

The TCR-LA, citing Trinidad Express, reported on Aug. 6, 2015,
that the Constitution Reform Forum (CRF) has called on Finance
Minister Larry Howai to refrain from embarking on an "unnecessary
drain on the Treasury" by appealing the decision of a High Court
judge, who ordered that the Minister fulfil a request by president
of the Joint Consultative Council (JCC) Afra Raymond for financial
details relating to the bailout of CL Financial Limited.  The CRF
issued a release stating that if the decision is appealed, not
only will it be a waste of finance but such a course of action
will also demonstrate a "lack of commitment by the Government to
the spirit and intent of the Freedom of Information Act FOIA",
under which the request was made, according to Trinidad Express.

On July 7, 2014, Trinidad Express said that the Central Bank has
placed the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.

At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd.,
Caribbean360.com related.  Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.

TCRLA reported on Sep 22, 2011, Caribbean News Now, citing
Reuters, said that the cost of the Trinidad and Tobago
government bailout of CL Financial Limited is likely to rise to
more than TT$3 billion.



==========================
V I R G I N  I S L A N D S
==========================


US VIRGIN ISLAND: Category 5 Storm Devastates St. Croix
-------------------------------------------------------
The second major hurricane to rage through the Caribbean this
month, Maria has killed at least 18 people and devastated several
small islands, including St. Croix in the U.S. Virgin Islands,
Reuters reports.

Maria passed close by the U.S. Virgin Island of St. Croix, home to
about 55,000 people, early on Wednesday, Sept. 20, as a rare and
ferocious Category 5 storm, knocking out electricity and most
mobile phone service, Reuters relates.

"The worst is behind us," Virgin Islands Governor Kenneth Mapp
told reporters on Sept. 21, says the report.  "Now is (the) time
to march forward and build a better community, a better
territory."

About 600 people throughout the U.S. Virgin Islands are in
emergency shelters and many parts are without power, Mapp said,
notes the report.

"It's going to be a long road to recovery," the report quoted Mapp
as saying.  "It ain't going to happen in a week or two and it
definitely ain't going to happen in a few months."

Maria hit about two weeks after Hurricane Irma pounded two other
U.S. Virgin Islands: St. Thomas and St. John.



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


LATAM: Postponing Summit Threatens EU-LatAm Alliance
----------------------------------------------------
EFE News reports that the rescheduling of a meeting between the
Community of Latin American and Caribbean Countries (CELAC) and
the European Union "threatens the bi-regional alliance," a Spanish
member of the European Parliament said.

The summit had been scheduled for Oct. 26-27 in El Salvador, the
current occupant of CELAC's rotating presidency, but leaders of
CELAC states agreed to postpone the event until Spring 2018,
according to EFE News.

The decision resulted from what Ramon Jauregui described as an
"ideological fracture" between supporters and opponents of
Venezuelan President Nicolas Maduro, the report notes.

"I regret the decision, it worries me and I don't agree with it,
but I can understand why countries adopted the measure since they
expected that the Venezuela conflict would polarize the summit and
that is a weighty argument," the Spanish Socialist said, the
report relays.

The report notes that Mr. Jauregui, who is in El Salvador for the
Euro-Latin American Parliamentary Assembly, expressed concern over
"internal division within the Latin American region, because it's
a gap among nations who face common challenges and tasks."

The Lima Declaration, signed by the governments of Argentina,
Brazil, Canada, Chile, Colombia, Costa Rica, Guatemala, Honduras,
Mexico, Panama, Paraguay and Peru, repudiated Maduro's move to
install an all-powerful Constituent Assembly in Venezuela and it
was the Lima signatories who requested a postponement of the
CELAC-EU summit, the report relays.

"The thing that led them to make such a decision, the thing that
crossed the red line, was Maduro's convening a Constituent
Assembly and its absorption of legislative authority from the
National Assembly," the report quoted Mr. Jauregui as saying.

The EU is likewise unwilling to recognize the Constituent Assembly
and insisted that its delegates be excluded from the summit, the
Spaniard pointed out, the report notes.

"Even so, the (summit) postponement is not the right decision, it
entails many risks, as it is quite easy to postpone but quite
difficult to convene it again," Mr. Jauregui said, the report
relays.  "This carries grave risks for the common effort to
develop an EU-CELAC bi-regional alliance," the report adds.



                            ***********


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

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

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2017.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Joseph Cardillo at
856-381-8268.


                   * * * End of Transmission * * *