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        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, March 2, 2018, Vol. 19, No. 44


                            Headlines



A R G E N T I N A

QBE SEGUROS: Moody's Affirms Ba2 IFS Rating Outlook Still Stable


B R A Z I L

BRAZIL: GDP Expands After Two Years of Contraction


C O L O M B I A

EMPRESA DE TELECOMUNICACIONES: Fitch Affirms BB+ Long-Term IDRs


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Peso Stable Against Dollar
DOMINICAN REPUBLIC: Central Bank Foresees 5%-6% GDP Growth
DOMINICAN REPUBLIC: AMCHAMDR Wants Check on Public Spending


J A M A I C A

BLUE POWER: 2017 Profit Decline to $92.5 Million


P U E R T O    R I C O

CESAR QUINONES: Court Won't Review Dec. 29 IRS Ruling


                            - - - - -


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A R G E N T I N A
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QBE SEGUROS: Moody's Affirms Ba2 IFS Rating Outlook Still Stable
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
affirmed the insurance financial strength (IFS) ratings of QBE
Seguros La Buenos Aires S.A. -- at Ba2 global local-currency (GLC)
and Aaa.ar on Argentina's national scale (NS). The outlook remains
stable.

This rating action follows the announcement on February 25, 2018
that Zurich Insurance Company Ltd (Aa3 stable) entered into an
agreement to acquire the operations of QBE Insurance Group Limited
(Baa1 negative) in Latin America.

RATINGS RATIONALE

The IFS ratings' affirmation reflects Moody's view that La Buenos
Aires' credit fundamentals are largely preserved by the
transaction. In aggregate, the transaction will strengthen La
Buenos Aires' overall business profile and lead to one of the
largest property and casualty insurer in Argentina. Moody's noted
that upon the closing the transaction, La Buenos Aires will
increase its footprint and market position in the Argentinean
insurance industry, as well as marginally improve its product
diversification. That said, Moody's will continue to closely
monitor the developments of the transaction to evaluate the
ability of the consolidated company to sustain profitability and
capitalization levels. The rating agency noted that a sustained
decrease in capitalization levels that increase the exposure of La
Buenos Aires capital to sovereign investments could lead to a
rating downgrade.

La Buenos Aires' Ba2 IFS rating benefits from two notches of
uplift from its stand-alone credit profile due to the company's
affiliation with QBE Insurance Group Limited, as demonstrated by
the sharing of the parent's brand name and explicit financial
support -- e.g. through capital contributions in recent years and
reinsurance support. Moody's expects that future changes to the
group's organizational structure will largely replace current
parental support characteristics and not meaningfully change the
credit profile of the subsidiary. However, in case of any material
modification of the group's strategy towards La Buenos Aires in
the future (e.g. exiting a specific country), Moody's will assess
its impact on the company's credit profile.

Moody's emphasized that the credit profile of La Buenos Aires is
meaningfully influenced by the country's sovereign credit profile
and insurance operating environment, which will remain a key
credit challenge following the completion of the transaction.

Factors that could lead to an upgrade of La Buenos Aires' rating
include the following: 1) significant upgrade of Argentina's
sovereign bond rating or an improvement in Argentina's operating
environment; 2) improved capitalization and sustained reduction in
leverage, for example, gross underwriting leverage below 8x; 3)
Improved product diversification, for example, premium; and 4)
further explicit parental support (for example, through
significant ongoing risk-transfer intercompany reinsurance from
its parent, or a guarantee or keepwell agreement). Conversely,
among the factors that could lead to a downgrade of the company's
ratings are the following: 1) downgrade of Argentina's government
bond rating or deterioration in Argentina's operating environment,
or both; 2) exposure of the company's capital to Argentine
sovereign bonds and bank deposits consistently above 200%; 3) a
reduction in market presence (for example, to below 4% of the
general insurance market on a sustained basis); 4) continued
deterioration in overall profitability, with returns on capital
consistently below 10%; 5) gross underwriting leverage
consistently above 12x shareholders' equity; and 6) operating
losses leading to a decline in capital of 15% or more over a one-
year period.

The principal methodology used in these ratings was Global
Property and Casualty Insurers published in May 2017.

Based in Buenos Aires, Argentina, QBE Seguros La Buenos Aires is a
subsidiary of QBE Insurance Group Limited. For the first three
months of 2017/2018 fiscal year, ended September 30, 2017, La
Buenos Aires reported gross premiums written of ARS1.6 billion and
net income of ARS212 million. As of September 30, 2017, the
company reported total assets of ARS7.0 billion and shareholder's
equity of ARS1.4 billion.



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B R A Z I L
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BRAZIL: GDP Expands After Two Years of Contraction
--------------------------------------------------
Jeffrey T. Lewis at The Wall Street Journal reports that Brazil's
economy returned to growth in 2017 after two years of contraction,
as investment spending, agriculture and industrial production
helped pull the country out of its worst recession on record.

Gross domestic product expanded a seasonally adjusted 0.1% in the
fourth quarter from the third, and grew 1.0% during 2017,
Brazilian statistics agency IBGE said, according to The Wall
Street Journal.  GDP increased 2.1% in the fourth quarter of 2017
from the same period a year earlier, the report notes.

The long-awaited recovery came after confidence returned to the
country's businesses and consumers as price increases slowed,
interest rates fell and the country's tumultuous political
situation started to settle down, the report relays.

Investment, as measured by gross fixed-capital formation,
increased 2.0% in the fourth quarter from the third, and grew 3.8%
from a year earlier, IBGE said, The Wall Street Journal cites.
Industrial activity rose 0.5% and 2.7% over the same periods, the
report adds.

Brazil's motor-vehicle industry has been both a driver and a
beneficiary of the improving economy, the report discloses.  Car
production in Brazil jumped more than 25% in 2017 from 2016, as
domestic sales rose and exports surged, according to Brazil's
National Association of Motor Vehicle Makers, or Anfavea, the
report relays.  The group expects an even better year in 2018,
forecasting an increase in domestic car sales of 11.7% and a 5%
improvement in exports, the report notes.

Agriculture was another strong performer for Brazil's economy in
2017, according to The Journal. Though the sector experienced no
growth in the fourth quarter from the third, it expanded 6.1% in
the fourth quarter from the same period a year earlier, IBGE said,
the report relays.

Brazil, the world's biggest producer and exporter of sugar and
coffee and the second-biggest producer of soybeans after the U.S.,
grew several bumper crops last year and harvests this year are
also expected to be good, The Journal relays.

A sharp decline in the cost of borrowing in the past year and a
half is helping spur investment and consumer spending, and will
continue to boost growth this year, economists said, the report
notes.  As inflation has slowed rapidly, the country's central
bank has cut its benchmark interest rate to a record low of 6.75%
from 14.25% in October 2016, the report relays.

Brazil's GDP shrank 3.5% in 2015 and by the same percentage in
2016 amid political turmoil and a mammoth corruption investigation
that sent dozens of business executives to jail on charges of
bribery and related crimes, the report notes.  That investigation
contributed to the impeachment and removal from office of former
President Dilma Rousseff in 2016 and almost led to the impeachment
of her successor, Michel Temer, last year, the report says.

Brazil's Congress voted twice last year on whether to try Mr.
Temer on corruption charges, but the president won both times and
remains in office, the report notes.

Mr. Temer's effort to overhaul the country's insolvent pension
system, though, was a victim of his legal battles, and the
government recently admitted it is unlikely to get the changes
approved this year, The Journal relays. Without changes to a
generous pension system that represents nearly half of total
government expenses, Brazil's government faces growing fiscal
deficits and constraints on spending, the report notes.

The outlook for Brazil's economy is nevertheless positive,
executives say, The Journal notes. Import and export activity is
improving, and there are clear signs of growing interest in the
country among foreign investors, said Antonio Dominguez, East
Coast South America managing director for shipping company Maersk
Line, the report discloses.

As reported in the Troubled Company Reporter-Latin America on
Feb. 28, 2018, Fitch Ratings has downgraded Brazil's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'BB-' from 'BB'
and revised the Rating Outlook to Stable from Negative.



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C O L O M B I A
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EMPRESA DE TELECOMUNICACIONES: Fitch Affirms BB+ Long-Term IDRs
---------------------------------------------------------------
Fitch Ratings has affirmed Empresa de Telecomunicaciones de Bogota
S.A. E.S.P. 's (ETB) Long-Term Foreign and Local Currency Issuer
Default Ratings (IDRs) at 'BB+'. Fitch has also affirmed ETB's
National Long-Term Rating at 'AA+(col)' and its COP530 billion
senior notes due 2023 at 'BB+'. The Rating Outlook has been
revised to Stable from Negative.

KEY RATING DRIVERS

The rating affirmation and the Outlook revision to Stable reflect
ETB's recent credit metrics improvement, outperforming Fitch's
previous base case expectations, a trend expected to be maintained
in 2018 to 2020. The company has materially improved its EBITDA in
2017 through the reduction of its operational costs amid stable
revenue generation. In addition, the company's measured capex
execution in 2017 led to positive FCF generation and reduced debt
financing needs, with its adjusted net leverage expected to have
declined to 1.5x by December 2017 from 2.0x a year ago, which is
materially lower than Fitch's previous base case forecast of 2.6x.

ETB's credit quality is in line with a 'BB+' rating, based on
Fitch's expectation for the company to maintain its net leverage
below 2.5x in 2018 to 2020 due to its stable EBITDA generation,
rational capex strategy, and strong fiber network assets. Also,
the District of Bogota's decision to allow ETB to postpone COP 373
billion dividend distributions until 2020 is positive as it
reduced the pressure on ETB's projected FCF in 2018 to 2019 by an
average of COP 68 billion per year, resulting in more manageable
financial profile compared to Fitch's previous projection.

ETB's ratings are constrained by its limited geographic and
service revenue diversification, its still low FTTH network
penetration, and a relatively small subscriber base that could
limit the company's ability to achieve a meaningful revenue and
EBITDA growth in the short to medium term. Ongoing revenue
contraction for traditional copper fixed voice and internet
revenues, which accounted for 47% of the company's total sales in
2017, is also negative, although the impact is partially mitigated
by moderate growth of non-traditional service revenues.

Material EBITDA Improvement

ETB continued reversing the EBITDA contraction trend registered in
2013 to 2015 through the reduction of its operational costs, which
as a percentage of revenues fell from 71% in 2016 to 64% in 2017,
resulting in EBITDA margin improvement from 21.9% in 2016 to an
expected 30.4% in 2017. Although the company's EBITDA improvement
is positive, Fitch expects ETB's cash flow generation in the short
to medium term to improve only modestly due to relatively slow
non-traditional subscriber growth given the continuing competitive
landscape, while its traditional fixed-line copper operation
continues to shrink and its mobile business revenue contribution
remains modest (below 10% of total revenues). Fitch forecasts
ETB's average cash flow from operations generation to be COP 327
billion in 2018 to 2019, which compares with an estimated COP360
billion in 2017 and COP64 billion in 2016.

Low Leverage Expected

ETB's material EBITDA improvement, along with its decision to
taper its previously planned 2017 capex, positively contributed to
its deleveraging effort, with its adjusted net leverage expected
to have fallen to 1.5x by December 2017, well below Fitch's last
year's adjusted net leverage expectation of 2.6x. Fitch expects
the adjusted net leverage metric to remain close to 2.0x during
2018-2020, providing comfortable headroom at the current rating
level. The company's adjusted debt incorporates rentals
capitalized as off balance sheet debt. ETB's efforts to increase
its footprint in the 4G/LTE segment for its mobile business will
result in an incurrence of rental expenses of approximately 7.7%
of projected revenues, which Fitch capitalizes as adjusted off-
balance-sheet debt using a 5x multiple.

FCF Improves Marginally

ETB is expected to reduce its capex intensity (capital investment
as a percentage of revenues) from 27.8% in 2016 to 22.6%, which
together with the postponement of dividend payments may allowe the
company to post a positive FCF of COP30 billion in 2017. ETB plans
to execute an average capex intensity of approximately 25% of
projected revenues in 2018 to 2020 to strengthen its competitive
position. The bulk of this capex will be deployed to boost its
home business (51% of total investment) and to maintain its
existing infrastructure (26%). Fitch's base case projections
indicate ETB's CFFO will average close to COP 326 billion per
year, which will be modestly below Fitch's projected average capex
of COP 372 billion per year in 2018 to 2020. As a result, Fitch
estimates ETB to post an average negative FCF of approximately
COP75 billion per year during the projection year, which is
considered manageable compared to Fitch's 2017 base case
projection of negative COP 178 billion.

Intense Competition

Intense competitive pressures, coupled with the company's decision
to reduce its planned 2017 capex execution, continue to weigh on
ETB's market position in Bogota. Fitch expects the company's
competitive position to remain under pressure as local integrated
telecom operators push their commercial strategies to retain
and/or grow their subscriber base while ETB continues to lose its
customers on its legacy copper networks amid slow subscriber base
growth for its fiber networks. As of September 2017, Claro
overtook ETB as the leading fixed voice service provider in
Bogota, with a 43.6% market share, above ETB's 42% market share. A
similar trend is evident by recent fixed internet market dynamics
in Bogota as Claro's market share increased from 50.1% in 3Q16 to
51.1% in 3Q17 while ETB marginally contracted its market share
from 32.5% to 32.4% during the same period (based on MinTic data
2017).

Non Traditional Revenue Growth Expected

ETB's business strategy aims to materially increase its Fiber to
the Cabinet (FTTC) subscribers through an aggressive FTTC roll-out
and copper client retention strategy to compensate for its slow
penetration of its Fiber to the Home Network (FTTH) as of Dec.
2017 (16%). The company's goal is to increase its broadband and TV
subscriber base on its FTTC network by an average of 50% in 2018
to 2020 and to increase its broadband and TV subscribers connected
to its FTTH network by an average of 23% and 25%, respectively,
during the same period. The company's strategy is to decrease the
contribution of copper network derived revenues for the higher
ARPU non-traditional service revenue coming from its FTTC and FTTH
products; and to a lesser extent from its mobile service offering.
As of December 2017, ETB is expected to post 47% of total revenues
coming from its copper network services, a decrease from the 52%
contribution posted in 2016. For the period 2018 to 2020, Fitch
expects the contribution from the company's traditional copper
services to further decline to approximately 38% as non-
traditional higher ARPU products continue to grow on the back of
the company's strategy to penetrate its FTTH and FTTC networks.

Although ETB expects to grow its revenue base by an average of
7.9% during 2018 to 2020, Fitch remains cautious about the
company's ability to improve its revenue base in this magnitude.
Fitch projects an average revenue growth in the low single digits
and a lower subscriber growth rate than the company's target given
the tough competitive pressures expected in the sector amid a
relatively weak demand growth for telecom services in the short
term.

DERIVATION SUMMARY

ETB's ratings are well positioned against its regional telecom
peers in the 'BB' rating category, especially when considering its
more conservative capital structure. ETB is rated one notch above
its domestic peer, Colombia Telecomunicaciones S.A., E.S.P.
(Coltel, BB/Stable), mainly due to the former's lower leverage and
Coltel's weak network competitiveness in its fixed-line
operations. ETB is rated two notches above other regional fixed-
line operators, such as VTR Finance B.V. (BB-/Stable) and Axtel
S.A.B. de C.V. (BB-/Stable), mainly due to their highly leverage
capital structure than ETB. ETB exhibits a similar level of
leverage compared to Comcel Trust (BB+/Stable), which is the
leading mobile operator in Guatemala.

ETB lost its 'BBB-' investment grade rating in 2016 following a
two-year period of CFFO contraction as a result of insufficient
FTTH network penetration amid continued revenue erosion of its
traditional services. Fitch estimates ETB will find it difficult
to monetize its FTTH home passes to meaningfully improve EBITDAR
performance and regain its investment grade rating given the
current competitive landscape which will continue to weigh on the
company's cash flow generation.

ETB is rated on a standalone basis as any recurring support from
the District of Bogota (BBB/Stable), its controlling shareholder,
is unlikely. Fitch views the district's recent decision to
restructure ETB's dividend liability into a 10-year obligation
with a two-year grace period as an extraordinary support of the
company's cash position, that is not likely to reoccur in the
future. The district has historically relied on ETB's dividends to
fund its investment programs, and as a result Fitch does not
factor into the ratings additional shareholder measures to support
ETB's financial position. ETB operates in a highly competitive
telecom sector, with underpenetrated non-traditional services that
will require the company to continue investing in network
penetration, a condition Fitch expects to pressure the company's
FCF in 2018 to 2020. No Country Ceiling and/or operating
environment constraint were in effect for these ratings.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for ETB include:

-- Revenues grow at a 1.1% average per year in 2018 to 2020;

-- CFFO averages approximately COP320 billion per year below
    average capex needs of COP370 billion per year in 2018 to
    2020;

-- Projected average negative FCF of COP 75 billion per year,
    compounded by dividend distributions of COP88 billion in 2020
    require the company to contract new debt in 2020;

-- Adjusted net debt is forecast at 1.7x in 2018, 1.9x in 2019
    and 2.1 in 2020.

RATING SENSITIVITIES

Considerations that could lead to a negative rating action (rating
or Outlook):

-- Muted revenue growth due to a slower-than-expected subscriber
    growth in non-traditional services amid continued material
    revenue erosion in copper-based services;
-- Negative FCF generation with a low cash balance on a sustained
    basis;
-- Profitability deterioration with the adjusted net leverage
    increasing to above 2.5x on a sustained basis.

Considerations that could lead to a positive rating action (rating
or Outlook):

-- A positive rating action is unlikely given the difficulty
    faced by the company to achieve meaningful revenue growth in
    the short to medium term, which will continue to lead to
    negative FCF projection.

LIQUIDITY

ETB's liquidity profile improved moderately in 2017 due to its
successful efforts to implement cost efficiency measures, its
decision to reduce capex intensity in 2017 to 22.6% (27.8% in
2016) and the postponement of a 2017 dividend distribution (COP 62
billion) to preserve cash. As a result, the company is expected to
post positive free cash flow in 2017(COP 30 billion) by FY 2017.
Fitch expects FCF during 2018 to 2020 to drop to negative COP 75
billion per year as ETB reassumes its capex execution as it tries
to boost its revenue growth. Positively, ETB does not face any
material debt maturity until 2023 when its COP530 billion notes
become due. The company's liquidity is further bolstered by the
availability of non-committed local Bank Lines of Credit of
approximately COP 400 billion, which could be tapped in case of
additional organic cash generation deterioration.

Fitch has affirmed the following ratings:

Empresa de Telecomunicaciones de Bogota S.A. E.S.P.

-- Long-Term Foreign Currency IDR at 'BB+';
-- Long-Term Local Currency IDR at 'BB+';
-- COP530 billion senior notes due 2023 at 'BB+'
-- National Long-Term Rating at 'AA+(col)'.

The Rating Outlook is revised to Stable from Negative.



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


DOMINICAN REPUBLIC: Peso Stable Against Dollar
----------------------------------------------
Dominican Today reports that the Dominican peso continues to be
stable against the dollar in the country's currency market as of
Feb. 26, but a slow march that will take it to the RD$50.0
milestone within weeks is likely inevitable.

According to the Central Bank, sellers get RD$48.91 per dollar,
while buyers can expect to pay RD$48.98 per dollar, the report
notes.

The figures come amid the insistence of a dollar crunch by retail,
industry, importers and other sectors, according to Dominican
Today.

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2017, Fitch Ratings has affirmed Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


DOMINICAN REPUBLIC: Central Bank Foresees 5%-6% GDP Growth
----------------------------------------------------------
Dominican Today reports that the Central Bank projects that the
Dominican economy could be between 5.5% and 6% of its GDP and
announced that international reserves have reached the milestone
of US$8 billion.

The Central Bank said January prices climbed 0.29%, and that year-
on-year inflation stood at 3.86%, "slightly below the central
value of the target range of 4.0% Ò 1.0% established in the
Monetary Program," according to Dominican Today.

"The economy continues to react favorably to the monetary easing
measures implemented in the last two quarters of last year," the
Central Bank said in a statement obtained by the news agency.

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2017, Fitch Ratings has affirmed Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


DOMINICAN REPUBLIC: AMCHAMDR Wants Check on Public Spending
-----------------------------------------------------------
Dominican Today reports that American Chamber of Commerce
(AMCHAMDR) president David Fernandez said the Dominican Republic's
fiscal structure must be revised to ensure control on public
spending by passing a Fiscal Transparency and Accountability Law.

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2017, Fitch Ratings has affirmed Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.



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


BLUE POWER: 2017 Profit Decline to $92.5 Million
------------------------------------------------
RJR News reports that Blue Power Group Limited says profits from
operations for the third quarter and year to date have declined.

The Company's year to date profits, before net finance and other
income, dropped from $99.3 million to $92.5 million, according to
RJR News.

For the quarter, the decline was bigger moving from $37.3 million
to $30.4 million or 18.5 per cent, the report notes.

This was due to lower gross profit margins, especially in the Blue
Power soap division, the report relays.

Blue Power Group Limited manufactures and sells soaps in Jamaica.
The company operates through two segments, Soap and Lumber. It
also sells lumber, hardware supplies, and related products. The
company was formerly known as Lumber Depot Limited and changed its
name to Blue Power Group Limited in April 2010.



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P U E R T O    R I C O
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CESAR QUINONES: Court Won't Review Dec. 29 IRS Ruling
-----------------------------------------------------
Bankruptcy Judge Brian Tester entered an order denying the U.S.
Internal Revenue Service's motion for relief from order in the
adversary proceeding captioned CESAR IVAN VARGAS QUINONES,
Plaintiff, v. UNITED STATES OF AMERICA, INTERNAL REVENUE SERVICE;
COMMONWEALTH OF PUERTO RICO, DEPARTMENT OF TREASURY OF PUERTO
RICO; STATE INSURANCE FUND CORPORATION Defendant(s), Adversary No.
16-00108 (Bankr. D.P.R.).

The IRS has requested the court to reconsider its Opinion & Order
entered on Dec. 29, 2017, under Rule 9023 of the Federal Rules of
Bankruptcy Procedure. In their motion for relief from order filed
Jan. 12, 2018, the IRS asked the court to reconsider its ruling
regarding two issues of law: (1) the manner in which the IRS must
record a lien on personal property, and (2) whether Section 506 of
the Bankruptcy Code allows pre-confirmation lien stripping in the
context of a chapter 11 case.

As to the first issue of law, the IRS argues that their lien
should be attached to personal property, as well as real property,
as such liens were filed properly with the District Court of
Puerto Rico.  The IRS clarifies there is no state law designating
a registry for tax liens to be filed, thus, as per 26 U.S.C.
section 6323(f)(1), filing the tax lien with the clerk of the
District Court should suffice for the tax lien to attach not only
to real property but also to personal property.

As to the second issue of law submitted for the court's
reconsideration, the IRS acknowledges the court's authority to
lien-strip, but questions its ability to do so before the
confirmation of the chapter 11 plan. In short, the IRS argues that
allowing pre-confirmation lien stripping creates the potential to
deny a secured party "the value of its claim."

Upon review, the Court holds that IRS's motion for reconsideration
fails to provide convincing reasons why the court should revisit
its Opinion. Similarly, the IRS offers no compelling facts or
legal grounds in support of repealing the court's prior decision.
The IRS fails to present newly discovered evidence or any
intervening change in law. Rather, in disagreeing with the court's
Opinion, the IRS attempts to either confuse the court as to the
liens over which the Opinion ruled upon, or to raise new arguments
regarding their view on pre-confirmation lien stripping. For these
reasons, the IRS's arguments do not warrant reconsideration by the
court.

The bankruptcy case is in re: CESAR IVAN VARGAS  QUINONES, Chapter
11, Debtor(s), Case No. 14-09404 BKT (Bankr. D.P.R.).

A full-text copy of Judge Tester's Opinion and Order dated Feb.
13, 2018 is available at https://is.gd/kHaseK from Leagle.com

CESAR I VARGAS QUINONEZ, Plaintiff, represented by EDUARDO J.
CAPDEVILA DIAZ , GARCIA ARREGUI & FULLANA PSC & ISABEL M. FULLANA,
GARCIA ARREGUI & FULLANA PSC.

United States Of America, United States of America, Defendant,
represented by Kieran O. Carter -- Kieran.O.Carter@usdoj.gov --
Department of Justice, Tax Division & Nelson Wagner, U.S.
Department of Justice, Tax Division.

INTERNAL REVENUE SERVICE, Defendant, represented by Kieran O.
Carter, Department of Justice, Tax Division.

COMMONWEALTH OF PUERTO RICO & Department of the Treasury of Puerto
Rico, Department Of The Treasury for the Commonwealth of Puerto
Rico, Defendants, represented by MIGDA L. RODRIGUEZ COLLAZO,
DEPARTMENT OF JUSTICE.

CORPORACION DEL FONDO DEL SEGURO DEL ESTADO, State Insurance fund
Corporation, Defendant, pro se.

Based in San Juan, Puerto Rico Cesar I Vargas Quinones aka Cesar
Ivan Vargas Quinones filed for Chapter 11 bankruptcy protection
(Bankr. D.P.R. Case No.: 09-05248) on June 29, 2009, with
estimated assets of $1,000,001 to $10,000,000 and estimated assets
of $1,000,001 to $10,000,000. The petition was signed by Mr.
Quinones.


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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 2018.  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
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contact Peter A. Chapman at 215-945-7000.
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