TCRLA_Public/171012.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Thursday, October 12, 2017, Vol. 18, No. 203



BRAZIL: IMF Raises 2017 GDP Growth Forecast to 0.7%, From 0.3%
OI SA: Board Approves Restructuring Proposal

C A Y M A N   I S L A N D S

CAMAC INTERNATIONAL: Chapter 15 Case Summary
CAMAC INT'L: Liquidators Seek US Recognition of Cayman Proceeding


DOMINICA: Relief Operation Going in the Right Direction


* PERU: Gets $50MM-IDB Loan to Improve Civil Registry Procedures

S T. V I N C E N T & G R E N A D I N E S

BUCCAMENT BAY: To Reopen a Year After Controversial Closure

T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Has a New Chief Executive Officer
LIAT: Says Should Be Considered for Hurricane Relief Aid Too


LATAM: Leaders Stress Commitment to Fighting Poverty, Corruption

                            - - - - -


BRAZIL: IMF Raises 2017 GDP Growth Forecast to 0.7%, From 0.3%
RTTNews reports that the Brazilian economy is expected to grow
0.7% in 2017 and 1.5% in 2018, said the International Monetary
Fund (IMF), raising its estimates for the South American country.
In the previous report, IMF projected a 0.3% growth in 2017 and a
1,3% rise in 2018.

According to the IMF, its upwards revision for the Brazilian
economic growth is due to the performance of the agribusiness and
higher consumption, RTTNews notes.

"In Brazil, strong export performance and a slowing down in
domestic demand have allowed the economy to resume growth in the
first quarter of 2017 after eight quarters of decline," the IMF
noted in the report, RTTNews relays.

RTTNews says that the Fund mentions the release of mandatory
workers savings as one of the factors that helped boost the
Brazilian economy but points out that the increasing political
uncertainty and the weakening of investments still weigh on the
country's economy.

"The gradual restoration of confidence -- with the implementation
of key reforms to ensure fiscal sustainability over time -- should
push growth to 2% over the medium term," the IMF said, RTTNews

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."

OI SA: Board Approves Restructuring Proposal
Reuters reports that Brazilian phone carrier Oi SA's board has
approved a plan to cut a BRL65.4 billion (US$21 billion) debt
burden that includes a capital injection, in an effort to emerge
faster from bankruptcy protection and avert a government
intervention, a person with knowledge of the matter said.

According to the person, who requested anonymity because the
matter remains private, Oi's largest shareholders have agreed with
a management proposal to inject BRL9 billion into the carrier,
part of it through a debt-for-equity swap, Reuters notes.  Oi had
until Oct. 11 to deliver the so-called recovery plan to a
commercial court in Rio de Janeiro, according to Reuters.

Oi's in-court reorganization, which begun in June 2016 and is
Latin America's largest on record, has been marked by disputes
between shareholders led by Pharol SGPS SA and SocietEe Mondiale
FIA, and bondholders represented by the Ad Hoc Group of
Bondholders and the International Bondholder Committee, Reuters

A press officer at Oi declined to comment.

The board's plan aims to prevent more legal wrangling ahead of the
Oct. 23 creditor vote, while ensuring that the government does not
cancel Oi's operating licenses, the source said, Reuters relays.
Late last month, Communications Minister Gilberto Kassab said that
creditors and shareholders needed to be at peace for Oi to avoid
losing its licenses, the report notes.

Reuters says common shares of Rio de Janeiro-based Oi added 2
percent to BRL4.99 on Oct. 11, extending gains this year to 90
percent. Preferred shares of Brazil's No. 4 wireless carrier added
3.3 percent to 3.71 percent, the report adds.

                          About Oi SA

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

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

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

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

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

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

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

C A Y M A N   I S L A N D S

CAMAC INTERNATIONAL: Chapter 15 Case Summary
Chapter 15 Debtor: CAMAC International Limited
                   - in official liquidation
                   Suite 4208, 38 Market Street
                   P.O. Box 776
                   Camana Bay, KY1-9006
                   Cayman Islands

in Which
of Foreign
Occurred:             In the Grand Court of the Cayman Islands,
                      Financial Services Division, in the matter
                      of the Companies law (2016 Revision) and in
                      the Matter of CAMAC International Limited
                      Cause No. FSD 72 of 2017 (RMJ)

Chapter 15
Petition Date:        October 9, 2017

Chapter 15 Case No.:  17-12827

Court:                United States Bankruptcy Court
                      Southern District of New York (Manhattan)

Judge:                Hon. Shelley C. Chapman

Chapter 15
Petitioners:          Tammy Fu and Eleanor Fisher, as
                      Cayman Islands liquidators

Chapter 15
Petitioners' Counsel: Madlyn Gleich Primoff, Esq.
                      601 Lexington Avenue, 31st Floor
                      New York, NY 10019-9710
                      Tel: 212-277-4000
                      Fax: 212-277-4001

Estimated Assets:     Unknown

Estimated Debt:       Unknown

A full-text copy of the Chapter 15 petition is available for free

CAMAC INT'L: Liquidators Seek US Recognition of Cayman Proceeding
The liquidators appointed to wind up CAMAC International Limited,
a Cayman Islands-based company that traded gas and oil in African
energy markets, filed a Chapter 15 petition in New York to seek
recognition of liquidation proceedings in the Cayman Islands.

The Debtor is a limited liability company incorporated under the
laws of the Cayman Islands with a registered office In the Cayman
Islands.  Together with its subsidiaries, the Debtor forms a group
("CAMAC Group") that in 2015 primarily engaged in oil and gas
exploration, development, and crude and condensate marketing
activities in Nigeria, Kenya and The Gambia.  The CAMAC Group has
more recently focused on activities in Nigeria as well as
investments in South Africa

On April 19, 2017, one of CAMAC's creditors (known as Nigerian
Agip Exploration Limited ("NAB")) filed a petition in the Grand
Court of the Cayman Islands, Financial Services Division (the
"Cayman Court") to wind up CAMAC.

On June 7, 2017, the Cayman Court held a hearing on NAB's petition
and entered a winding up order (the "Winding Up Order") providing
for CAMAC to be wound-up in accordance with the provisions of Part
V of the Cayman Islands Companies Law (2016 Revision) (the
"Companies Law") and subject to the supervision of the Cayman
Court (the "Foreign Main Proceeding").

Pursuant to the Winding Up Order, Tammy Fu and Eleanor Fisher (the
"Foreign Representatives") were appointed to serve jointly and
severally as joint official liquidators for CAMAC to oversee the
liquidation of CAMAC and the winding up of its affairs in the
Cayman Islands or elsewhere.

The aim of the Cayman proceeding is to ensure the orderly
liquidation of the Debtor's assets and the fair treatment of its
creditors subject to the conditions and limitations under
applicable law and regulations.

Consistent with the aims of the Cayman proceeding, the Foreign
Representatives require, on behalf of the Debtor, the protections
afforded to foreign debtors under Chapter 15 of the Bankruptcy
Code and, more specifically, recognition and relief under
Sections 1520 and 1521 of the Bankruptcy Code.

Several persons that hold records or have access to records of the
Debtor and its many subsidiaries are located in Houston, Texas and
conduct business out of the offices of CAMAC International
Corporation, an affiliated company based in Houston, Texas.  CAMAC
International Corporation appears to have common board members and
management with the Debtor. CAMAC International Corporation has
also entered into business transactions with the Debtor and its

To ensure an orderly liquidation, it is essential for the Foreign
Representatives to obtain access to all records of the Debtor,
including those held in Houston, Texas.  To date, despite the
Foreign Representatives' repeated requests, representatives of the
Debtor's subsidiaries and employees of CAMAC International
Corporation and its subsidiaries have failed to deliver the
information.  In some cases these individuals have failed to even
respond to the Foreign Representatives' inquiries about the Debtor
and its subsidiaries. To ensure an
orderly liquidation that is fair to all of the Debtor's creditors,
the Debtor requires the relief
requested in this Petition

                             Chapter 15

According to Madlyn Gleich Primoff, Esq., at Freshfields Bruckhaus
Deringer US LLP, U.S. counsel of the Liquidators, the crux of this
Chapter 15 filing is straightforward.

"The Debtor is part of a complex corporate structure that includes
U.S. and non-U.S. direct and indirect subsidiaries.  The Foreign
Representatives, in the short time since their appointment, have
become aware of various suspicious transactions concerning the
Debtor, its direct and indirect subsidiaries and affiliated
companies and assets of the Debtor and other members of the CAMAC
Group as well as affiliates of the Debtor," Ms. Primoff said in
court filings.

"Several of the people (including former directors of the Debtor)
with knowledge of the affairs of the Debtor and its subsidiaries
are subject to U.S. jurisdiction.  Such persons have not been
forthcoming with key information to date.  Therefore, in order to
conduct a proper investigation and to fulfill their duties under
Cayman Islands law, the Foreign Representatives need Chapter 15
relief to facilitate their investigation of the Debtor and its
assets, affairs, rights obligations and liabilities."

                        About CAMAC Int'l

CAMAC International Limited, incorporated in the Cayman Islands on
May 8, 1996, is a holding company that is the ultimate parent of
the entities in the CAMAC Group, an international group of
companies in the energy sector.  The CAMAC Group's operating
companies have historically engaged in exploration and production,
engineering, and trading of gas and oil, particularly in African
energy markets.

On June 7, 2017, the Grand Court of the Cayman Islands entered a
winding up order (the "Winding Up Order") providing for CAMAC to
be wound-up in accordance with the provisions of Part V of the
Cayman Islands Companies Law (2016 Revision) (the "Companies

Tammy Fu and Eleanor Fisher, the Cayman Islands liquidators, filed
a Chapter 15 petition for CAMAC (Bankr. S.D.N.Y. 17-12827) on Oct.
9, 2017, to seek U.S. recognition of the Cayman proceedings.

Madlyn Gleich Primoff, Esq., and Abbey Walsh, Esq., at Freshfields
Bruckhaus Deringer US LLP, in New York, serve as counsel in the
U.S. case.


DOMINICA: Relief Operation Going in the Right Direction
------------------------------------------------------- reports that two weeks after Hurricane Maria
devastated Dominica, the island nation's recovery is becoming more
evident as the main port has reopened and supplies of food, water
and basic necessities are being regularly delivered to the people,
a United Nations Resident Coordinator in the region said, while
stressing that are still "major challenges" ahead.

Briefing reporters at UN Headquarters in New York via telephone
from Dominica, Stephen O'Malley, who is the UN Resident
Coordinator for Barbados and for the Organization of Eastern
Caribbean States, said "the [relief] operation is going in the
right direction," according to

According to the UN Office for Coordination of Humanitarian
Affairs (OCHA), this is the fifth time on record that Dominica has
taken a direct hit from a hurricane, but never has it faced a
storm of such ferocity and strength.  The hurricane brought life
in Dominica to a standstill, the report relays.

"What was shocking to me was that the island, which was known as
'the nature island of the Caribbean,' was almost totally brown [in
the wake of the category 5 storm].  But now, the green has started
to come back," Mr. O'Malley said, noting that this progress is
being matched on the ground, where the situation has begun to
stabilize, the report notes.

Garbage is now being collected and roads are opening up, noted Mr.
Mr. O'Malley, adding that power has come back to the capital,
Roseau, and a few other locations, the report relays.

"We are able to reach almost everybody now, and we are getting
food water and basic supplies out to people," he said, cautioning
at the same time that there will certainly be major challenges
ahead, the report discloses.

Mr. O'Malley explained that the World Food Programme (WFP),
working with the Government, distributed 60 metric tons of food to
about 30,000 people, which is about half the population, and that
more than 40 UN agency workers are on the ground to help the
population, the report relays.

The Government has asked the UN to work with it on a logistics
plan to ensure regular delivery of relief supplies, the report

"The Government is also focused on its recovery plan," said
O'Malley, noting that Dominican officials will head to Washington,
D.C., and present the details during the Fall Meetings of the
World Bank and the International Monetary Fund (IMF), the report

"What we need to do now in Dominica is to keep up this regular
supply of the basics for people.  Make sure the electricity comes
up; getting people's water supplies up; and getting markets open
again; as well as health centers," he explained, adding that the
Government was also looking at ways to "get the economy off the
ground," especially as the reconstruction effort would be massive,
the report notes.

He went on to recall that the UN, its partners and the Government
has launched an emergency appeal for US$31.1 million to reach
65,000 people over the next three weeks, the report says.

Responding to a question, he said that looking at the broad swathe
of devastation across Dominica, Antigua and Barbuda, Turks and
Caicos, and other islands and territories that were affected by
this summer's series of category five storms, O'Malley said the
recovery, over time, could cost as much as US$1 billion, though he
stressed there were no exact figures, the report notes.

"It's going to be a large-scale rebuilding effort that will take
time," he said, the report adds.


* PERU: Gets $50MM-IDB Loan to Improve Civil Registry Procedures
Citizens of Peru will have better access to civil registry and
identification services thanks to an $80-million-dollar project,
of which $50 million will be financed by the Inter-American
Development Bank (IDB).

The initiative seeks to lower the costs of obtaining
identification documents, with improved coverage for in-person
services, better attention for disadvantaged people and the
incorporation of digital technologies.

Peru has already made important progress in registering and
identifying its population, with 4.4 percent of its citizens
lacking registration, compared to an average of 8 percent in all
of Latin America and the Caribbean. However, besides extending its
coverage, Peru needs to enhance the quality of services provided
by the National Registry of Identification and Civil Status

Among other factors, this level of quality is hampered by the fact
that 75 percent of all registry records are not digitalized. This
obliges people to go to a registry office when they need a copy of
a document. In many cases people no longer live in the town where
they were born, which entails long and costly trips to get the
papers they need. In addition, Peruvians still need a paper
photograph to get a new national identity document or renew an old

Digitalization of registration records and the implementation of
electronic registration will benefit nearly eight million
Peruvians. People will also be able to get registration tasks done
on-line, which will save them the trouble of going physically to a
civil registry office.

The requirement of purchasing a photo to obtain a national
identity card will also be eliminated. This alone is expected to
cut transaction costs by approximately 10 soles ($3), taking into
account also the time that will be saved. Furthermore, the RENIEC
agency will work more efficiently, reducing its use of paper and
lowering the cost of sending registration documents, thanks to
scanning and the decentralization of the printing of national
identity cards.

The IDB's $50 million loan will be disbursed over four years and
has a repayment term that ends on December 15, 2027. The interest
rate is pegged to the LIBOR.

S T. V I N C E N T & G R E N A D I N E S

BUCCAMENT BAY: To Reopen a Year After Controversial Closure
----------------------------------------------------------- reports that after closing its doors at the
height of controversy in December last year, Buccament Bay Resort
in St. Vincent and the Grenadines, could be back in business in
early 2018.

The revelation has come from Minister of Tourism Ces McKie, who
was pressed by Opposition Leader Godwin for details on the future
of the luxury property when Parliament convened, according to

"We have been advised the doors should be reopened and operations
should commence early 2018," Minister Mckie told the House, the
report relays.

Last December, the six-year-old all-inclusive resort abruptly shut
down after its electricity was disconnected, the report notes.
The St Vincent Electricity Company had cut power to the property
because of a massive electricity bill said to be more than EC$1
million (US$370,370), the report adds.

The action came at the height of weeks of protests by disgruntled
workers, the report says.  The workers walked off the job on
December 2, 2016 after receiving no pay for three months, the
report relates.

Guests had also publicly complained that service had deteriorated,
the report discloses.

Following the closure of the resort, David Ames, A British-born
businessman who was managing the property fled Kingstown as the
Government brought tax evasion charges against him, says the

The High Court subsequently appointed accountant Brian Glasgow as
the proposal trustee for Harlequin Property Limited, owners of the
resort, the report discloses.

Minister McKie revealed that the property remains in the hands of
the trustee in bankruptcy, the report relays.

"As I understand it, the trustee has received various submissions
on interest.  This is an ongoing process and the court would have
to give approval to the entity which would eventually operate the
facility," he explained, the report adds.

T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Has a New Chief Executive Officer
RJR News reports that Caribbean Airlines has a new Chief Executive

According to the report, the airline disclosed that Garvin Medera
had taken up the post with immediate effect.

Mr. Medera Medera recently served as CEO of the telecommunications
firm, Digicel Play -- a position he held since December 2015,
according to RJR News.

He succeeds acting Chief Executive Officer Captain Jagmohan Singh
who was in charge of Caribbean Airlines while the search was on
for a permanent CEO, the report notes.

                    About Caribbean Airlines

Caribbean Airlines Limited --
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited has quit after
just 17 months on the job. The 48-year-old Canadian national,
citing personal reasons, resigned with immediate effect.  His
resignation was accepted by the airline's board of directors. Mr.
DiLollo was appointed Caribbean Airlines CEO in May 2014,
following the sudden resignation of Robert Corbie in September

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.

LIAT: Says Should Be Considered for Hurricane Relief Aid Too
------------------------------------------------------------ reports that Hurricanes Maria and Irma wreaked
havoc on LIAT, operating as Leeward Islands Air Transport's
already scarce financial resources and the airline's Chief
Executive Officer Julie Reifer-Jones has called for financial
relief for the cash-strapped carrier.

"Frankly, the discussions about relief efforts going forward
should include relief efforts for LIAT," she told reporters in
Bridgetown, according to

The hurricanes' Category 5 winds have blown an at least US$4
million hole in LIAT's operations and Ms. Reifer-Jones suggested
the figure was likely to rise, the report relays.

"We are still in the process of refining these numbers, but I
would have to say between four to six million US dollars," she
said, the report notes.  "We have been severely impacted by the
removal of literally four territories out of the network
overnight," the report relays.

Ms. Reifer-Jones was speaking on the sidelines of a presentation
of a US$550,000 cheque by CIBC FirstCaribbean to assist with
evacuation flights and other forms of relief for the storm-
battered territories of Anguilla, Antigua and Barbuda, the
Bahamas, the British Virgin Islands, St Kitts and Nevis, St Martin
and Turks and Caicos Islands, the report notes.

The LIAT boss revealed that airline had already provided 54 relief
flights to affected countries that were mostly "unfunded," the
report discloses.

She stressed that a review of the carrier's operations was
imperative in the aftermath of the hurricanes, suggesting that the
impact would be felt in months to come, the report relays.

"The issue for us, and this is based on our experience with
hurricanes over the years, is that the recovery at the market is
not immediate," the report quoted Ms. Reifer-Jones as saying.

"So, it's not just about the hurricanes. What you have to do is to
look at the impact covering the next six to nine months," the
airline CEO explained, while pointing out that it had taken
Dominica nine months to a year to return to "a normal state" for
travel after Tropical Storm Erika struck the island in August
2015, the report notes.

"So, during that time the number of flights we had to Dominica
were reduced from five to two and over time we increased to the
normal levels," she said, while highlighting the need for a robust
regional disaster planning system, the report relays.  "We need to
have a mechanism in place.  These things have a cost on the
regional air transportation services," she added.

It has already been a tough financial year for Liat which was
expected to record an EC$9.2 million (US$3.4 million) loss at the
end of this year, the report adds.

                           About LIAT

LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport
in Antigua.  It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean.  The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.

                         *     *     *

The Troubled Company Reporter-Latin America, citing Trinidad
Express, on November 24, 2016, reported that the Barbados
government defended the operations of the cash-strapped regional
airline, LIAT, even as opposition legislators called for it to be
stop being a financial burden on the island. Both Prime Minister
Freundel Stuart and his Finance Minister, Chris Sinckler, defended
the airline, whose major shareholders are Antigua and Barbuda,
Barbados, Dominica and St. Vincent and the Grenadines. Mr. Stuart,
speaking in Parliament, said despite the criticism the value of
the airline should not be underestimated that the Antigua-based
LIAT remains "important to Barbados.

According to the TCR-LA in May 8, 2015, the Daily Observer said
that LIAT was attempting to lose excess baggage as part of
measures to make the carrier "a smaller airline in 2015."  In a
document, signed by Director of Human Resources Ilean Ramsey,
eligible employees were asked to opt to apply for voluntary
separation or early retirement packages to avoid being
made redundant, according to The Daily Observer.

TCRLA reported on Dec. 2, 2014, citing, that
chairman of the shareholder governments of the financially
troubled regional airline LIAT, Dr. Ralph Gonsalves said while he
is unaware of the details regarding any possible retrenchment of
employees, the airline needs to deal with its high cost of

The TCR-LA on March 10, 2014, citing, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of
LIAT -- the Board and the Executive. Following the sudden
resignation of Chief Executive Officer Captain Ian Brunton, David
Evans replaced Mr. Brunton as chief executive officer.


LATAM: Leaders Stress Commitment to Fighting Poverty, Corruption
Aldia Daily reports that the Latin American Business Council
(CEAL) has pledged its continued commitment to promoting regional
integration, developing projects to reduce poverty and
disseminating practices that strengthen business ethics and

During CEAL's 28th plenary assembly, the president of that Panama
City-based network of Latin American business leaders, Camilo
Atala, and experts from the public and private sectors stressed
the importance of free-trade agreements for the region's
development, according to Aldia Daily.

"The organization has a crucial role to play as an agent of change
in facilitating the promotion of bolder projects, albeit without
leaving aside issues such as human rights, gender, poverty,
environment and health," Ms. Atala, whose tenure as CEAL
International president was extended for another year, said, the
report notes.

Mexican former President Felipe Calderon attended the gathering in
Los Cabos, Mexico, and stressed the importance of promoting Latin
American integration and achieving the region's goals through
concrete private-sector strategies, the report relays.

CEAL, which is currently made up of more than 500 corporate
leaders from 20 Latin American countries, was founded 28 years ago
to stimulate the active participation of the private sector in the
socio-economic development of its member countries, regional
integration and educational cohesion, the report notes.


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

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

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

This material is copyrighted and any commercial use, resale or
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

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