TCRLA_Public/181113.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

          Tuesday, November 13, 2018, Vol. 19, No. 225



BARBADOS: Gets $100MM-IDB Loan to Regain Macroeconomic Stability
BARBADOS: Regional Gov'ts. Could Be Losing Mil. From Concessions


COMPANHIA DE SANEAMENTO: Moody's Assigns Ba2 Debt Rating
IPIRANGA PRODUTOS: Moody's Rates BRL900M Sr. Unsec. Debentures Ba1
SAM INDUSTRIAS: Chapter 15 Case Summary
VERT COMPANHIA: Moody's Rates Agribusiness Certs (P)Ba1

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Shippers Say Their Hub's Time Has Come


GUATEMALA: Growth in 2018 to Remain Subdued at 3%, IMF Says


PROMERICA FINANCIAL: S&P Rates $300MM New Sr. Sec. Notes 'B+'

P U E R T O    R I C O

E. MENDOZA & CO: Dec. 11 Disclosure Statement Hearing Set
PUERTO RICO: Judge Approves Consensual Debt Restructuring Deal
TOYS R US: Bid Procedures for Sale of Shared Services Biz Okayed

                            - - - - -


BARBADOS: Gets $100MM-IDB Loan to Regain Macroeconomic Stability
Relying upon a $100 million loan from the Inter-American
Development Bank (IDB), the Government of Barbados seeks to regain
macroeconomic stability, implement fiscal adjustment measures that
foster a sustainable fiscal balance in the short and medium term,
and protect social spending programs for the most vulnerable
Barbadians. The structure and content of the IDB loan program are
aligned to the recently approved International Monetary Fund (IMF)
Extended Fund Facility (EFF) for Barbados.

The Government of Barbados is seeking financial and technical
assistance from the IDB and the IMF to help formulate a
comprehensive economic reform program to stabilize public finances
after years of increasing debt and to address the country's
macroeconomic and fiscal crisis. This financing, in conjunction
with corrective economic and fiscal measures introduced by the
government, aims to give short-term relief and allow the
government to advance on important and difficult reforms to place
the public finances on sustainable footing. This support is part
of a broader effort to stabilize the Barbadian economy in
coordination with the IMF and the Caribbean Development Bank (CDB)
during the four-year program.

The key elements of the program are as follows: (1) fiscal reforms
to address structural weaknesses in the nation's fiscal framework;
(2) restructuring and privatization of state-owned enterprises;
(3) protecting vulnerable groups by strengthening the nation's
safety nets; (4) reform of the Central Bank of Barbados to grant
it with more autonomy and limit financing to the government; (5)
debt restructuring; and (6) the liberalization of labor, product
and service markets to promote growth.

The loan is funded from the IDB's Ordinary Capital, will disburse
in a single tranche within one year, with a grace period of 3
years, and an interest rate based on LIBOR. The executing agency
will be Barbados Ministry of Finance, Economic Affairs and
Investment (MOFEI).

As reported in the Troubled Company Reporter-Latin America on Oct.
19, 2018, S&P Global Ratings lowered its issue-level
ratings on Barbados' local currency issues outstanding to 'D'
(default) from 'CC'. At the same time, S&P Global Ratings affirmed
its 'SD/SD' (selective default) long- and short-term foreign and
local currency sovereign credit ratings on the country, and its
'D' (default) ratings on Barbados' rated foreign-currency issues.
Finally, S&P Global Ratings affirmed its 'CC' transfer and
convertibility assessment on the country.

BARBADOS: Regional Gov'ts. Could Be Losing Mil. From Concessions
---------------------------------------------------------------- reports that a top official of the International
Monetary Fund (IMF) has suggested that Barbados and other
Caribbean islands review the tax incentives they currently grant
individuals and businesses.

Deputy Division Chief in the Caribbean Division 1 of the IMF's
Western Hemisphere Department Dr. Arnold McIntyre, expressed
concern that regional governments could be losing millions of
dollars in revenue from these concessions, according to

This, he said, was not healthy given that the region was
struggling economically, the report notes.

"When we look at what is underpinning these large deficits and we
look at the revenue side, we have pervasive tax incentives,"
McIntyre told the 33rd Adlith Brown Memorial Lecture at the
Central Bank of Barbados, the report relays.

He said IMF estimates suggested that legislative and discretionary
tax incentives being granted by some Eastern Caribbean states were
leading to revenue losses of between four and nine per cent of
gross domestic product (GDP), the report says.

"We have significantly undermined our revenue base. In many ways,
the granting of tax incentives has been seen as a single panacea
to overcome the widespread distortions and inefficiencies in the
countries.  That is, we have provided a solution but we haven't
tackled the problem," the report quoted Mr. McIntyre as saying.

Pointing to Mauritius, he said that country's parliament had
decided some time ago to remove the ability to grant tax
incentives from the authority of the minister, adding that "there
is a lesson there" for the region, the report notes.

He said Caribbean economies also had weak expenditure controls,
pointing out that there was especially "significant" fiscal risk
in relation to state-owned enterprises, the report notes.

He explained that in the region central government finances
amounted to about eight per cent of GDP, compared to the five per
cent of GDP in emerging markets, the report relays.

However, the economist said when government expenditure extended
beyond central government to include the non-financial public
sector, that wage bill could reach up to 20 per cent of GDP, the
report notes.

"We have built up a very large state and what has happened, it has
become costly and we don't have the growth rates and associated
revenue streams to maintain it," he said, the report adds.


COMPANHIA DE SANEAMENTO: Moody's Assigns Ba2 Debt Rating
Moody's America Latina Ltda. has assigned a Ba2 global scale and national scale debt ratings to Companhia de Saneamento do
Tocantins - Saneatins's third debentures issuance due 2022. The
senior secured debentures were issued in two tranches of BRL50
million and BRL140 million respectively, both maturing in July
2022. The debentures are backed by a corporate guarantee from
Saneatins' controlling parent company BRK Ambiental Participacoes
S.A and are secured by concession rights associated with all the
concessions that Saneatins operate. The outlook is stable.


The Ba2/ ratings assigned to Saneatins' debentures issuances
are in line with BRK Ambiental's Ba2/ Corporate Family
Ratings, reflecting the credit quality of BRK Ambiental's
consolidated group. The rationale for the alignment is based on
(i) the high degree of financial links between BRK Ambiental and
its controlled subsidiaries through cross default provisions
embedded in subsidiaries debt documents, as well as cash pooling
mechanisms promoting the flow of cash between subsidiaries; and on
(ii) the senior secured nature of the debentures which in Moody's
view brings their recovery rate at the same level as a large
majority of BRK Ambiental's consolidated debt, around 80% of which
being directly or indirectly backed by water and wastewater

The debentures are secured by pledges over receivables and
concession rights, shares and dividends. They also benefit from an
equity support commitment from BRK Ambiental until full repayment
of the debt and/or the achievements of certain ratings and
financial targets. The debentures documents also contain
acceleration events including change of control, bankruptcy filing
or reorganization at BRK Ambiental, termination of concessions
representing over 10% of revenues or failure to meet financial
covenants based on Net Debt / EBITDA and Debt Service Coverage

The Ba2/ CFR at BRK Ambiental reflects (1) the group's solid
business profile, which is supported by a well-diversified
customer base with long term contracts, low demand elasticity, and
contractual arrangements mitigating revenue risk in public-private
partnerships and take-or-pay contracts; (2) the group's adequate
liquidity and debt maturity profile and good access to debt
markets; and (3) the debt at the subsidiaries, which offer
contractual features that provide creditors with additional
protection on a significant portion of the group's consolidated

However, these credit strengths are mitigated by (1) BRK
Ambiental's weak credit metrics, as shown by its funds from
operations (FFO)/net debt of 5.4% and FFO interest coverage of
1.5x for the twelve months period ended in June 2018, (2) the
significant portion of BRK Ambiental's projects that are in the
ramp-up phase (driving the group's high capital spending needs),
which Moody's expects to result in negative free cash flow
generation in the next three to five years; and (3) BRK
Ambiental's exposure to political intervention risk in its area of
concession, although this factor is mitigated by the group's
revenue diversification.

BRK Ambiental's credit profile also takes into consideration its
expectation that the group's ultimate controlling sponsor,
Brookfield Asset Management Inc. (Brookfield, Baa2 stable), will
contribute positively to the implementation of its cost saving
strategy through shared services and the optimization of the
group's debt structure.

The stable outlook for Saneatins' ratings reflects the stable
outlook to the CFR assigned to BRK Ambiental which in turn
reflects Moody's expectation that BRK Ambiental will be successful
in (1) improving its operating performance and implementing its
capital spending plan, with minimal cost overruns; and (2)
bringing its FFO interest coverage toward 2.0x and FFO/net debt
above 8% over the next 12 to 18 months.

Moody's views Saneatins' liquidity profile as adequate. As of June
2018, the company had BRL17 million in available cash and BRL 57
milllion in debt in short term debt maturities. While Moody's
expects the very large capital expenditures program will result in
Saneatins generating negative free cash flow generation in the
foreseeable future, the agency anticipates that the company will
be able to cover those cash needs through pre-approved bank loans
mainly from Caixa Economica Federal. Moody's also takes comfort
from BRK Ambiental's adequate liquidity profile and Saneatins
ability to access funds through intercompany loans, given the
group's centralized cash management policy and corporate
guarantees. At the level of BRK Ambiental Moody's expects the
group will continue to have good access to debt and capital
markets to cover upcoming debt maturities in a timely manner.


The ratings could be upgraded upon an upgrade to the BRK
Ambiental's CFR ratings. An upgrade of BRK Ambiental's CFR could
be considered following (1) faster-than-anticipated improvements
in the group's operating cash flow generation, and (2) a reduction
in the group's leverage such that its FFO interest coverage rises
above 2.0x and its FFO/net debt remains above 15% on a sustained
basis. An upgrade would also require the group to maintain a solid
liquidity profile and conservative financial policy.

On the other hand, the ratings can be downgraded upon a downgrade
to the CFR of BRK Ambiental. A deterioration in BRK Ambiental's
operating performance or significant capital spending overruns,
such that FFO interest coverage and FFO/net debt remain below 1.8x
and 8%, respectively, by 2019, could result in a downgrade of BRK
Ambiental's CFR. Perceptions of a more aggressive financial policy
or a deterioration of Brazil sovereign credit quality, or both,
could also exert negative pressure on the CFR.

Companhia de Saneamento do Tocantins- Saneatins is a private water
utility company providing water and sewage services to 52
municipalities, 47 in the state of Tocantins and 5 in the state of
Para, in the northern region of Brazil. The company offers water
services to 1.2 million people and wastewater services to around
400,000 people. Saneatins operate though concessions contracts
which on average have a remaining life of 17 years. The company is
controlled by BRK Ambiental Participacoes S.A. (Ba2/ stable)
which indirectly holds 51% of equity participation, with the 49%
remaining stake held by FI-FGTS an infrastructure fund controlled
by the government of Brazil (Ba2, stable)

The principal methodology used in these ratings was Regulated
Water Utilities published in June 2018.

IPIRANGA PRODUTOS: Moody's Rates BRL900M Sr. Unsec. Debentures Ba1
Moody's America Latina assigned a Ba1/ rating to Ipiranga
Produtos de Petroleo S.A proposed up to BRL 900 million senior
unsecured debentures with series due in 2023 and 2025, irrevocably
and unconditionally guaranteed by Ultrapar Participacoes S.A. The
outlook for the rating is stable.

The proposed debentures will be fully subscribed by Vert Companhia
Securitizadora and will back an issuance of agribusiness
certificates - CRA. The proceeds will be directed to finance
purchases of ethanol. With the increased financial flexibility,
Ultrapar will pay down debt in order to complement its liability
management strategy.

The rating of the proposed debentures assumes that the final
transaction documents will not be materially different from draft
legal documentation reviewed by Moody's to date and assume that
these agreements are legally valid, binding and enforceable.

Ratings assigned as follows:

Issuer: Ipiranga Produtos de Petroleo S.A.

  -- up to BRL 900 million senior unsecured debentures with series
due in 2023 and 2025: Ba1/

The outlook for the ratings is stable.


Ultrapar's ratings reflect the company's solid business model,
low-risk profile, stable cash flow and leading positions in
different segments, such as fuel and liquefied petroleum gas
distribution, specialty chemicals, storage of liquid bulk and
retail drugstores. Over the past few years, the company has
demonstrated its ability to continue increasing sales and to
sustain conservative credit metrics and consistent cash generation
despite adverse market conditions and a sizable capital spending
plan. Nonetheless, EBITDA has been pressured by May 2018 trucker's
strike and losses on inventories following the introduction of
fuel subsidies by the Brazilian government.

At the same time, Ultrapar Ba1 rating is primarily constrained by
the Government of Brazil's Ba2 rating. The company's high capital
spending, acquisitive growth strategy and dependence on a few key
suppliers for raw materials are additional credit negative, along
with the cyclical nature of its specialty chemicals business.

The notching above Brazil's government bond rating (Ba2 stable) is
granted only on an exceptional basis. It represents a fundamental
corporate profile that is stronger than the sovereign's government
bond rating, as explained in Moody's methodology "How Sovereign
Credit Quality Can Affect Other Ratings", published on March 16,
2015. In the case of Ultrapar, this is evidenced by the resilient
nature of its cash flows and its financial flexibility.

The stable outlook on Ultrapar's rating mirrors Brazil's sovereign
ratings outlook.

Moody's expects Ultrapar to maintain its leading position in its
business segments and to sustain prudent financial policies
including the maintenance of solid liquidity and financial
leverage commensurate with its rating level. Although adjusted
leverage has peaked at 4.5x in the 3Q18, Moody's expects it reduce
toward 3.5x in the next 12 to 18 months stronger EBITDA generation
and liability management initiatives.

An upgrade could happen in case of an upgrade in Brazil's
sovereign rating, and is dependent on the company maintaining its
strong credit metrics and liquidity profile.

Negative actions on Brazil's sovereign rating could trigger a
downgrade of Ultrapar's ratings. Quantitatively, negative pressure
on the ratings could arise in case of a deterioration in the
group's liquidity position, an increase in leverage to > 4.0x
debt/EBITDA without prospects of deleveraging in the near term. A
drop in interest coverage, as measured by EBIT/interest expense,
to below 2.5x for a prolonged period and operating margins below
3.0%, could negatively pressure the rating.

Ultrapar Participacoes S.A., headquartered in Sao Paulo, Brazil,
is engaged in fuel and liquefied petroleum gas distribution,
specialty chemicals production, storage for liquid bulk and retail
drugstore. In the last twelve months ended September 30, 2018,
Ultrapar reported consolidated net revenues of BRL 89.1 billion
(about USD 25.5 billion). Ipiranga is the group's largest business
segment, representing 84% of consolidated net revenues and 80% of
EBITDA in the same period.

The principal methodology used in these ratings was Retail
Industry published in May 2018.

SAM INDUSTRIAS: Chapter 15 Case Summary

Chapter 15 Debtor:          SAM Industrias S.A.
                            Km 5 da RJ 115 - Rodovia Nova Iguacu
                            Adrianopolis, Santa Rita
                            Nova Iguacu, Rio de Janei 27700-000

Business Description:       SAM Industrias S.A. is engaged in the
                            manufacture of plated/laminated, wire
                            and bars made of copper.  Sam
                            Industrias also invests in other

Chapter 15 Petition Date:   November 8, 2018

Court:                      United States Bankruptcy Court
                            Southern District of Florida (Miami)

Chapter 15 Case No.:        18-23941

Judge:                      Hon. Robert A. Mark

Foreign Representative:     Carlos Magno, Nery e Medeiros
                            Sociedade de Advogados
                            Avenida Almirante Barroso, 97
                            Grupo 408
                            Rio de Janeiro, RJ 20031- 0050

Foreign Proceeding
in Which Appointment
of the Foreign
Occurred:                   Case No. 0002017-60.2007.8.19.0001,
                            2nd Business Court of the City of Rio
                            de Janeiro

Counsel:                    Gregory S. Grossman, Esq.
                            SEQUOR LAW PA
                            1001 Brickell Bay Drive, 9th Floor
                            Miami, FL 33131
                            Tel: (305) 372-8282

                              - and -

                            Nyana A. Miller, Esq.
                            SEQUOR LAW P.A.
                            1001 Brickell Bay Dr., 9th Floor
                            Miami, FL 33131
                            Tel: 305-372-8282x296

Estimated Assets:           Unknown

Estimated Debts:            Unknown

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


VERT COMPANHIA: Moody's Rates Agribusiness Certs (P)Ba1
Moody's America Latina has assigned provisional ratings of (P) Ba1
(Global Scale, Local Currency) and (P) (Brazilian National
Scale) to the 1st and 2nd series of agribusiness certificates
issued by Vert Companhia. The certificates are backed by two
series of senior unsecured debentures rated Ba1 (Global Scale,
Local Currency) and (Brazilian National Scale) issued by
Ipiranga Produtos de Petroleo S.A. and guaranteed by Ultrapar
Participacoes S.A. (Ultrapar; rated Ba1 long-term corporate family
ratings Global Scale, Local Currency, and, Brazilian
National Scale). Ipiranga, in agreement with the arranger, has the
option to issue additional CRA, up to a maximum issuance amount of
BRL 900 million. Any additional issuance will follow an additional
issuance of debentures. The proceeds of the issuance will be
directed to finance purchases of ethanol.

Issuer / Securitizadora: Vert Companhia Securitizadora

1st and 2nd Series of the 20th issuance, rated (P) Ba1 (Global
Scale, Local Currency) / (P) (Brazilian National Scale)

The provisional ratings address the structure and characteristics
of the transaction based on the information provided to Moody's.
Certain issues related to this transaction have yet to be
finalized. Upon conclusive review of all documents and legal
information as well as any subsequent changes in information,
Moody's will endeavor to assign definitive ratings to the CRA
issuances. If any assumptions or factors considered by Moody's in
assigning the ratings change, Moody's could change the ratings
assigned to the CRA.


The (P) Ba1 (Global Scale, Local Currency) and (P)
(Brazilian National Scale) ratings assigned to the CRA are
primarily based on the willingness and ability of Ultrapar (as
guarantor) to honor the payments defined in the transaction
documents, thich is reflected by the Ba1 (Global Scale, Local
Currency) and (Brazilian National Scale) ratings of the
underlying senior unsecured debentures backing the CRA issuances.
Any change in the ratings of the debentures will lead to a change
in the ratings of the CRA.

Each CRA series to be issued by Vert will be backed by a series of
debentures issued by Ipiranga and guaranteed by Ultrapar. The
underlying senior unsecured debentures are rated Ba1 and
Ipiranga and Ultrapar will be responsible for covering all
transaction expenses.

The 1st series of CRA are floating rate notes, indexed to a
percentage of the DI (interbank deposit rate); the percentage is
yet to be determined. Interest will be paid on a semiannual basis,
followed by a balloon payment of principal at the legal final
maturity in December 2023.

The 2nd series of CRA feature a fixed interest rate and a
principal balance that will be adjusted by the IPCA (Extended
National Consumer Price Index) inflation index and will pay a
coupon; the rate of interest is yet to be determined. Interest
will be paid on an annual basis, followed by a balloon payment of
principal at the legal final maturity in December 2025.

The sum of the two series will total BRL 750 million, without
considering the additional issuance.

The provisional ratings on the CRA are based on a number of
factors, among them the following:

  - The willingness and ability of Ultrapar (as guarantor) to make
payments on each series of the underlying debentures, rated Ba1

  - Pass through structure: the payment schedule of each series of
CRA replicates the scheduled cash flow of the underlying
debentures, with a one-day lag, which allows adequate timing to
make payments on the CRA. The CRA will make payments that mirror
the payments to be made by the underlying debentures. The floating
rate of DI to be paid under the 1st series will be determined
using the same DI period under the underlying debenture. The
principal balance of the 2nd series will be adjusted by the same
IPCA index used to adjust the underlying debentures. Also, the
coupon will be calculated considering the same interest rate and
accrual period. In addition, to mitigate the risk of the
additional one day of interest for the first interest payment on
the CRA, the debentures will initially feature one extra day of
interest accrual to address any potential interest rate mismatch.

  - The events of default (EOD) on the CRA mirror those of the
underlying debentures. Therefore, the risk of having an EOD on the
certificates while the underlying assets are current is

  - Ipiranga or Ultrapar, in the last instance, will pay the CRA
expenses: Ipiranga or Ultrapar will be responsible, under the
transaction documents, for all CRA expenses. Nonetheless, the
transaction has recourse to Ultrapar, in the event that Ipiranga
misses any payment of expenses.

  - Ipiranga's payment obligations, are covered by the guarantee
provided by Ultrapar, which is the holding company from Ipiranga,
under the terms of the debentures and trust expenses related to
the CRA issuance. The senior unsecured ratings assigned to the
underlying debentures issued by Ipiranga are the same as the
guarantor's senior unsecured debt ratings.

  - No commingling risk: Ipiranga will make the payments due on
the two series of debentures directly to the respective accounts
of each series of CRA held at Banco Bradesco S.A. (Ba2 long-term
bank deposit rating, Global Scale, Local Currency; and,
Brazilian National Scale).

  - Segregated assets: The CRAs benefit from a fiduciary regime
whereby the assets backing each series of CRA are segregated.
These segregated assets are destined exclusively for payments on
the CRA as well as certain fees and expenses, and will be
segregated from all of the other assets on the issuer's balance
sheet. However, the transaction is subject to residual legal risk
because Vert agribusiness credits can be affected by the
securitization company's tax, labor and pension creditors.

Ultrapar is headquartered in Sao Paulo, Brazil, and engaged in
fuel and liquefied petroleum gas distribution, specialty chemicals
production, storage for liquid bulk and retail drugstore
(Extrafarma). In 2017 Ultrapar reported consolidated net revenues
of BRL 80 billion (about USD 25 billion). Ipiranga is the group's
largest business segment, representing 85% of consolidated net
revenues and 77% of EBITDA in the same period.

Ultrapar's ratings primarily reflect the company's solid business
model, low risk profile, stable cash flows and leading position in
different segments. Over the past few years the company
demonstrated its ability to post robust growth across all business
lines and to sustain conservative credit metrics and strong cash
generation even under adverse market conditions and sizable
investment plan.

On the other hand, the ratings are primarily constrained by the
Government of Brazil's Ba2 rating (outlook: stable). The company's
acquisitive growth strategy and its dependence on a few key
suppliers for raw materials are additional negative rating
considerations. To a lesser extent, the more cyclical nature of
its specialty chemicals business is also viewed as credit

Ultrapar's Ba1 Corporate Family Rating ratings stand one notch
above Brazil's Government rating. Granted only on an exceptional
basis, the notching represents a fundamental corporate profile
that is stronger than the sovereign's government bond rating. This
is evidenced by the resilient nature of Ultrapar's cash flows and
financial flexibility, which allow it to withstand Brazil's
weakened economic and fiscal condition.

Vert was established in 2016 and is headquartered in Sao Paulo.
The securitization company is focused on structuring CRA with
large and renowned sponsors in the agricultural industry. Vert is
audited by Grant Thornton and since the beginning of its
operations, the securitization company has issued 18 different
securitizations totaling BRL 5.5 billion.

The principal methodology used in these ratings was "Moody's
Approach to Rating Repackaged Securities" published in June 2015.

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Shippers Say Their Hub's Time Has Come
Dominican Today reports that Dominican Shipping Association, ANRD,
President Teddy Heinsen listed the local maritime sector's current
opportunities for the country to become the ideal and most
efficient logistics platform in the Americas.

The shippers hosted a conference with the keynote address by the
recently appointed president of the Caribbean Shipping
Association, Juan Carlos Croston, titled "The Valiant: A look at
the Regional Maritime Sector," according to Dominican Today.

Mr. Heinsen stressed that the Dominican Republic has all the
conditions to become the Regional Hub, the report relays.  "We're
working hard as a country.  We understand that there is the will
of the influential sectors of our nation to make this goal a
reality, we just need better coordination from everyone," the
report quoted Mr. Heinsen as saying.

The business leader cited advantages such as expeditious Customs
procedures, zero quotas to import to the local market, and
preferential market access to dozens of consumer countries
worldwide and free trade with 48 nations, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


GUATEMALA: Growth in 2018 to Remain Subdued at 3%, IMF Says
A staff team from the International Monetary Fund (IMF) led by
Esther Perez Ruiz visited Guatemala from November 5 to 9, 2018.
The visit took place as part of a regular dialogue with the
authorities to assess the performance of the Guatemalan economy.
Staff reviewed recent economic developments and discussed the
outlook, medium-term development strategy and the policy agenda.
The staff team met with members of the economic cabinet, central
bank officials, the Ministry of Finance, the Superintendence of
Banks, and other representatives of public and private sector

Ms. Perez Ruiz issued the following statement upon conclusion of
the visit.

"Underpinned by a solid macroeconomic framework, the economy
continues to navigate domestic political tensions and challenging
external conditions well. Growth in 2018 is expected to remain
subdued at 3.0 percent, due to terms of trade losses for key
export products, sub-par investment performance, and failure to
re-open a large mining company due to a judicial injunction.
Growth will pick up moderately to 3.3 percent next year, as the
deterioration in terms of trade starts reversing and ongoing
positive signals, namely building momentum in key sectors of the
economy, credit, and budgetary execution, firm up. Core inflation
has remained below the lower bound of the 4Ò1 target range
throughout 2018, and headline inflation is expected to close below
4 percent by year-end.

"Downside risks remain. On the external front they are mostly
linked to waning growth momentum in the region's main trading
partners from an escalation of ongoing trade disputes or
implementation of unsustainable macroeconomic policies in some
advanced economies, and scaled-up deportations of non-documented
migrants from the U.S. On the domestic front, risks stem from the
uncertainty and political fragmentation associated with the
electoral process, and the implementation of the anti-corruption
agenda. In addition, the permanent suspension of the lifting of
bank secrecy could undermine Guatemala's compliance with respect
to international transparency treaties.

"The gradual decline in the current account surplus and the
concurrent FX depreciation are broadly aligned with expectations
at the time of the Article IV Consultation of 2018, as the higher
trade deficit has been offset by somewhat stronger remittances. As
the quetzal came under pressure, the central bank, in line with
its rules-based FX policy, started selling dollars. Nonetheless,
international reserves remain at comfortable levels.

"Guatemala's short-term challenge is to secure growth acceleration
in 2019, amidst general elections and greater global uncertainty.
In this context, policies should be oriented to support demand in
the short term. Supported by the recovery in the budget execution,
the fiscal stimulus as embedded in the 2019 budget proposal
currently in Congress, would underpin the recovery and represent a
first step towards the attainment of key Sustainable Development
Goals (SDGs). Over the medium term, to secure the desired
development outcomes out of scaled-up spending it is essential to
expand the healthcare and education workforce, tie their
remuneration to improvements in the coverage and quality of the
services provided, reform the Laws of Procurement and of Civil
Service, and foster results-based budgeting. Subdued demand
inflationary pressures provide room for continued monetary

"Over the medium term, economic development and poverty reduction
should be placed at the center of policymaking, with the aim of
fostering greater economic growth, productivity and
competitiveness, as well as improved social cohesion. The
additional investments in health, education, roads, water and
sanitation infrastructure consistent with attaining key SDGs reach
about 8´ percent of GDP by 2030. While substantial, these higher
spending needs are commensurate with a well-defined financing
strategy encompassing broad-based tax reform aligned with tax
parameters in the region, greater spending efficiency, the
promotion of public-private partnerships for the development of
economic infrastructure and stepped up efforts to improve tax
administration. In this context, the authorities' decision to
formally endorse the SDGs through the K'atun 2032 national
development plan is welcome, but additional efforts are needed to
improve execution and provision modalities, in order to deliver
these public goods to all Guatemalans, irrespective of their place
of residence, ethnic group, or ability to pay.

"Guatemala's healthy financial system would benefit from further
modernization and its contribution to growth should be enhanced.
The mission encourages the authorities to promote the approval of
the reforms to the law of banks and financial groups, the adoption
of a risk-based AML/CFT framework, and the achievement of tangible
results within the framework of the national financial inclusion

"The IMF team wishes to thank the authorities for their
cooperation and candor. The next Article IV mission is scheduled
to take place in April 2019."


PROMERICA FINANCIAL: S&P Rates $300MM New Sr. Sec. Notes 'B+'
S&P Global Ratings assigned its 'B+' global scale issue-level
rating to Promerica Financial Corporation's (PFC; B+/Stable/B)
proposed senior secured notes for up to $300 million. The tenure
of the notes will be between 5 and 10 years, and they will bear a
fixed rate with semiannual interest payments. The Panama-based
holding company will use the proceeds mostly for full refinancing
of its current debt structure and for business expansion. The
issue-level rating on the notes is at the same level as the long-
term global scale issuer credit rating on PFC.

The rating constraint on PFC is its capitalization levels, with a
projected risk-adjusted capital (RAC) ratio at about 4% for the
next two years. The ratings also reflect the company's business
stability, business line diversification, sound market share in
the region, stable asset quality metrics, and low-cost funding
structure primarily composed of retail deposits.

S&P said, "Our long-term 'B+' rating on PFC is one notch lower
than the 'bb-' group credit profile, given that PFC is a non-
operating company and its debt is structurally subordinated to
that of the operating companies. Due to PFC's exposure to Ecuador
(B-/Stable/B; 29% of loan portfolio), we ran a sovereign stress
test, which the company passes. The Ecuador sovereign rating won't
cap the ratings on PFC as long as the company continues to pass
our stress test.

"With the announcement of the proposed notes, our funding
assessment on the company remains unchanged, although the notes
will help provide more diversified funding while keeping core
deposits as the main funding source. As such, PFC'S new notes will
represent around 2% of its funding structure, while the retail
deposit base will continue to represent over 85%. The rest of the
funding base is made up of commercial banking credit lines and
multilateral banks (10%), and a small amount of subordinated debt.
PFC's stable funding ratio (SFR) was 98.3% as of June 2018 and
averaged 101% in the past three fiscal years. As of June 30, 2018,
its top 20 deposits represented around 8% of its total deposit
base. Additionally, PFC's expanding deposit base indicates the
loyalty of its customer base. The bank has been able to fully
match its various currency exposures--over 50% of its assets are
in dollarized economies.

"We base our liquidity assessment on PFC's broad liquid assets to
short-term wholesale funding ratio of 1.7x as of June 2018, with a
three-year average of 3.00x. PFC's short-term wholesale funding is
low--3.8% of its funding base--and is supported by manageable
refinancing risk over the next 12 months. We expect adequate
liquidity management to remain in the future."


  Promerica Financial Corporation
    Issuer credit rating               B+/Stable/B

  Rating Assigned

  Promerica Financial Corporation
    Senior secured                     B+

P U E R T O    R I C O

E. MENDOZA & CO: Dec. 11 Disclosure Statement Hearing Set
The Bankruptcy Court will convene a hearing to approve the
disclosure statement explaining E. Mendoza & Co. Inc.'s Chapter 11
Plan on December 11, 2018 at 10:00 a.m.

The Debtor intend to make these payments to its creditors through
the Plan:

   1. Payment of all administrative expenses on the later of the
Effective Date, the date the Administrative Claims become allowed,
or as agreed to with the holder of each Administrative Claim. At
least 50% of the payment of these expenses will come from the sale
of three vehicles (two Mercedes Benz and a Corvette).

   2. Payment of 100% of Secured portion of Creditor Condado 2
LLC, that is for approximately $655,000.00 through at least 16
payments of $4,093.75 in interest until the sale of two real
estate properties (during 16 months)that will yield the secured
amount.  The unsecured portion of 2,934,550.03 will receive 56.70%
of the amount allocated for the general unsecured claims.

   3. Payment of 100% of Secured Creditor Banco Popular de Puerto
Rico in relation to the property at Boneville Terrace Caguas for
$155,203.45, with the sale of the property within 16 months.

   4. Payment of 100% of Secured Creditor CRIM's claim, $8,740.53,
through monthly payments of $161.96 during 5 years, that includes
annual interest of 4.25%.

   5. Payment of 100% of the expected allowed amount of priority
claims, such as CRIM, Personal Property, Internal Revenue Service,
Municipality of San Juan (Patente), PR Department of Treasury, PR
State Insurance Fund, for a total expected allowed amount of
$95,595.00. Debtors will pay a monthly payment of 1,560.43,854.,
during the five years of the plan, commencing on the Effective
Date. This treatment applies only to those claims recognized by
the debtor and/or those paid in full on the effective date, and/or
those settled with claimants.

   6. General unsecured creditors will receive one lump sum
payment, distributed in pro-rata basis from the amount allowed by
plan. The lump sum payment is of $5,000.00. The expected allowed
amount by plan of these claims approximately for $5,175,442.00.
This amount represents .10% of the total unsecured claims

   7. All holders of the Debtor's equity interests will keep their

The Plan is to be funded with the available funds originating from
the Debtor's operations.

A copy of the Disclosure Statement is available at from at no charge.

                About E. Mendoza & Co., Inc.

E. Mendoza & Co. Inc., based in San Juan, Puerto Rico, filed a
Chapter 11 petition (Bankr. D.P.R. Case No. 16-06661) on Aug. 22,
2016.  The petition was signed by Marta Fernandez Torres, its
secretary.  The Debtor estimated $0 to $50,000 in assets and $1
million to $10 million in liabilities at the time of the filing.
The Debtor is represented by Nelson Robles Diaz, Esq., at the
Nelson Robles Diaz Law Offices, PSC.

PUERTO RICO: Judge Approves Consensual Debt Restructuring Deal
Luis Valentin Ortiz at Reuters report that a U.S. judge approved
Puerto Rico's first consensual debt restructuring deal, helping
wind down the Government Development Bank (GDB), the island's
former fiscal agent.

Government lawyers called the confirmation hearing a "historic
moment" for the U.S. commonwealth's financial recovery, according
to Reuters.

"I'm glad we took this step forward toward a new foundation for
Puerto Rico," said Judge Laura Taylor Swain, who presides over the
island's bankruptcy cases under a federal law known as PROMESA,
the report notes.

The GDB deal addresses approximately $4 billion out of Puerto
Rico's $72 billion in existing debt, the report notes.  In total,
the bankrupt island has $120 billion in both debt and pension
obligations, the report says.

"The court's approval represents a major milestone in the
restructuring of Puerto Rico's debt obligations," said Natalie
Jaresko, executive director of the federally appointed Financial
Oversight and Management Board for Puerto Rico, the report relays.

The plan, overwhelmingly approved by creditors in September, will
transfer to a GDB Debt Recovery Authority the bank's municipal
loan portfolios, real estate assets and unencumbered cash, the
report notes.

The report discloses that the authority will issue new bonds
backed by a statutory lien on those assets in an amount equal to
55 percent of outstanding debt.  The deal also calls for
establishment of a Public Entity Trust, which would mostly receive
non-performing loans made by the GDB to other government entities
the report says.

During the approval hearing, only one party, Siemens
Transportation, opposed the transaction over a $13 million claim
against the government bank, the report notes.  The dispute was
settled during the lunch break, paving the way for Swain's final
approval of the restructuring deal, the report discloses.

GDB's president and executive director of the Financial Advisory &
Fiscal Agency Authority (FAFAA), Christian Sobrino, told Reuters
that the deal is "a moment of great satisfaction" and
"vindication" following years of negotiations with hedge funds,
island municipalities, local credit unions and other GDB
creditors.  The FAFAA became the island's fiscal agent following
the GDB's insolvency, the report relays.

"It is the first time that Puerto Rico or any other U.S. territory
uses Title VI of PROMESA," added Mr. Sobrino, in reference to the
federal law's consensual debt-restructuring mechanism, the report

He said "two or three" other Puerto Rico issuers could use the
same legal restructuring framework as the GDB, but did not name
them because work remains to be done, the report relays.

Puerto Rico's government and four of its public corporations last
year filed for a court-ordered bankruptcy process under Title III;
Swain will hold a general hearing on Nov. 14, the report notes.

Lead financial and legal advisers for the Ad Hoc Group of GDB
Bondholders are Ducera Partners and Davis Polk & Wardwell LLP,
respectively, the report discloses.  The government's lead legal
adviser was O'Melveny & Myers while Ankura provided financial
advice, the report relays.

Puerto Rico's defaulted benchmark general obligation bonds
maturing in 2035 with an 8 percent coupon weakened slightly but
held near 2 weeks ago's 16-month high to end at 60.25 cents on the
dollar, the report 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, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

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

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

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

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

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

Kramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet,
Rivera & Sifre, P.S.C. and serve as counsel to the Mutual Fund
Group, comprised of mutual funds managed by Oppenheimer Funds,
Inc., and the First Puerto Rico Family of Funds, which
collectively hold over $4.4 billion of GO Bonds, COFINA Bonds, and
other bonds issued by Puerto Rico and other instrumentalities.

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, and Monarch
Alternative Capital LP.

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).


The U.S. Trustee formed an official committee of retirees and an
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

TOYS R US: Bid Procedures for Sale of Shared Services Biz Okayed
---------------------------------------------------------------- reported that the Court hearing the Toys "R" Us
case approved bidding procedures in respect of the sale of its
shared services business.  Central to the bidding procedures
motion is the agreement of the Debtors' Term B Lenders to serve as
a stalking horse bidder with a credit bid of $57.5 million.

BankruptcyData noted that "Toys Delaware -- through its
Disinterested Directors -- has determined that a potential sale of
the Shared Services Business should be pursued prior to the
effective date of the Plan. The Debtor believes that the proposed
sale process will afford the most likely purchasers of the Shared
Services Business -- the now or soon-to-be independent regional
enterprises and the Taj Noteholders -- the opportunity to
competitively bid for the Assets and assume responsibility for the
operations of the Shared Service Business following the
consummation of the sale. As part of this decision to market and
sell the Shared Services Business, the Debtor and the
Disinterested Directors negotiated an agreement of various
significant terms and conditions, including, without limitation,
an agreement by the Ad Hoc Group of B-4 Lenders (a) to withdraw
their objections to entering into a Transition Services Agreement
with the purchaser of the France business; (b) to cap their credit
bid for the Shared Services Business at $57.5 million, subject to
a minimum overbid of $500,000; and (c) that the applicable
acquisition vehicle or Toys Delaware successor entity assume all
obligations under the various Transition Services Agreements in
connection with the Plan."

The order also approved the following general timeline: (i) a
November 8, 2018 deadline to submit qualified competing bids, (ii)
an auction date, if necessary, of November 9, 2018 and (iii) a
November 13, 2018 sale hearing.

All objections to the Bid Procedures Motion are overruled.

Before the Bankruptcy Court entered its ruling, the Ad Hoc Group
of Taj Noteholders filed an objection to the proposed sale of the
Debtors' Shared Services Business. The Noteholders asserted, "The
proposed sale of the Shared Services Business -- through which
Toys Delaware provides critical information technology and other
back-office services to its current and former affiliates around
the world -- is seemingly a sham process consistent with the B-4
Lenders' ongoing campaign of threatening to weaken the Toys "R" Us
operating businesses in an attempt to extract additional value for

                       About Toys "R" Us

Toys "R" Us, Inc., was an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area. Merchandise was 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 was also sold at e-commerce sites
including and

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

Toys "R" Us is a privately owned entity but still files with the
U.S. Securities and Exchange Commission as required by its debt

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.  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, were not part of the Chapter 11 filing and CCAA

Grant Thornton is the monitor appointed in the CCAA case.

Judge Keith L. Phillips presides over the Chapter 11 cases.

In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel.  Kutak Rock
LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal
North America, LLC as its restructuring advisor; and Lazard Freres
& Co. LLC as its investment banker.  It hired Prime Clerk LLC as
claims and noticing agent.  Consensus Advisory Services LLC and
Consensus Securities LLC, serve as sale process investment banker.
A&G Realty Partners, LLC, serves as its real estate advisor.

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.  The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C., as local counsel; FTI Consulting, Inc. as financial
advisor; and Moelis & Company LLC as investment banker.

                         Toys "R" Us UK

Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores
and 3,000 employees, was sent into administration in the United
Kingdom in February 2018.

Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88
Wood Street, London, EC2V 7QF were appointed Joint Administrators
on Feb. 28, 2018.  The Administrators now manage the affairs,
business and property of the Company.  The Administrators act as
agents only and without personal liability.

The Administrators said they will make every effort to secure a
buyer for all or part of the business.

                   Liquidation of U.S. Stores

Toys "R" Us, Inc., on March 15, 2018, filed with the U.S.
Bankruptcy Court a motion seeking Bankruptcy Court approval to
start the process of conducting an orderly wind-down of its U.S.
business and liquidation of inventory in all 735 of the Company's
U.S. stores, including stores in Puerto Rico.

                       Propco I Debtors

Toys "R" Us Property Company I, LLC and its subsidiaries own fee
and leasehold interests in more than 300 properties in the United
States.  The Debtors lease the properties on a triple-net basis
under a master lease to Toys-Delaware, the operating entity for
all of TRU's North American businesses, which operates the
majority of the properties as Toys "R" Us stores, Babies "R" Us
stores or side-by-side stores, or subleases them to alternative

Toys "R" Us Property was founded in 2005 and is headquartered in
Wayne, New Jersey.  Toys 'R' Us Property operates as a subsidiary
of Toys "R" Us Inc.

Company LLC, MAP Real Estate LLC, TRU 2005 RE I LLC, TRU 2005 RE
II Trust, and Wayne Real Estate Company LLC -- Propco I Debtors --
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
E.D. Va. Lead Case No. 18-31429) on March 20, 2018.  The Propco I
Debtors sought and obtained procedural consolidation and joint
administration of their Chapter 11 cases, separate from the Toys
"R" Us Debtors' Chapter 11 cases.

The Propco I Debtors estimated assets of $500 million to $1
billion and liabilities of $500 million to $1 billion.

Judge Keith L. Phillips presides over the Propco I Debtors' cases.

The Propco I Debtors hired Klehr Harrison Harvey Branzburg, LLP;
and Crowley, Liberatore, Ryan & Brogan, P.C., as co-counsel.  The
Debtors also tapped Kutak Rock LLP. They hired Goldin Associates,
LLC, as financial advisors.


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


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
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Chapman, Editors.

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