TCRLA_Public/190107.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

               Monday, January 7, 2019, Vol. 20, No. 4



BRAZIL: Deploys Federal Troops in State Suffering Wave of Violence

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Achieves Record Int'l. Reserves of US$7.6BB
DOMINICAN REPUBLIC: Economic Growth in 2018 Was Only 3.7%


ASEGURADORA PATRIMONIAL: A.M. Best Gives C++ Fin. Strength Rating

P U E R T O    R I C O

BARRANQUITAS ULTRASOUND: Taps Jimenez Vazquez as Accountant
RGE CARIBBEAN: Seeks to Hire Figueroa Y Morgade as Counsel
TOYS R US: Jan. 24 Propco I Plan Confirmation Hearing

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Challenges Continue


VENEZUELA: Calls in UN Human Rights Commission


* BOND PRICING: For the Week December 31 to January 4, 2018

                            - - - - -


BRAZIL: Deploys Federal Troops in State Suffering Wave of Violence
EFE News reports that some 300 federal troops began deploying in
the Brazilian state of Ceara, which this past week has been
ravaged by a wave of vandalism that may be orchestrated by gang
leaders operating from within the country's prisons.

The deployment of troops from the National Public Security Force
in the northeastern region was authorized by the government of
President Jair Bolsonaro after dozens of firebomb attacks and
other incidents of arson that local authorities fear may be coming
in response to measures to tighten regulations in the prisons,
according to EFE News.

As reported in the Troubled Company Reporter-Latin America,
Egan-Jones Ratings Company, on October 8, 2018, withdrew its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by the Federative Republic of Brazil.

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Achieves Record Int'l. Reserves of US$7.6BB
Dominican Today reports that international reserves have reached
an unprecedented level in the economic history of the Dominican
Republic, reaching US$7.6 billion, taking out free zones,
according to the latest official data.

The amount represents more than four months of imports, according
to Dominican Today.

It is estimated that this extraordinary level of reserves, in
addition to marking a historic milestone, will contribute to the
stability of the foreign exchange market and will allow it to
successfully face any external shock that could arise in the
economy, as a result of an anticipated global and regional
slowdown, the report notes.

The country's monetary authorities reported that some US$30
billion in foreign exchange had entered the economy, the report

"Foreign currency revenues to the Dominican Republic during the
year 2018, for exports of goods, tourism, remittances, direct
foreign investment and other services revenues would be around US
$ 30 billion, facilitating the accumulation of Gross International
Reserves, which reached US $7,2 billion as of December 26, 2018,
equivalent to 4.1 months of imports, excluding free zones, "said
the preliminary report on the economy's behavior during 2018, the
report notes.

The flow of foreign currency contributes to the exchange rate
stability that at the end of last year had only depreciated by
3.8%, a percentage lower than that registered in the other
countries of the Latin American and Caribbean region, the report

The external sectors, such as tourism, remittances, and exports,
maintain a remarkable dynamism, which also contributes to closing
the year with a lower current account deficit in the balance of
payments, the report relays.

Tourism alone, entered US $ 7.6 billion in 2018, for a growth of
6%; remittances amounted to US $ 6,5 billion, for an increase of
10.4%, while foreign direct investment is estimated to end around
US $ 2.5 billion at the end of 2018, 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.

DOMINICAN REPUBLIC: Economic Growth in 2018 Was Only 3.7%
Dominican Today reports that the economist Guillermo Caram
affirmed that the Dominican Republic's economic growth consisted
of 3.7% and not 7% as announced by the Central Bank when deducting
the consolidated public debt.

The former Central Banker also noted that calculated in the same
way, the annual growth of the economy during the six years that
make up the period of President Danilo Medina's government was
2.1%, according to Dominican Today.

The report notes that Mr. Caram said the GDP value for 2018 was
estimated based on the 7% GDP growth disclosed by the Central Bank
based on the amount of GDP in 2017.

Likewise, it indicated that the amount of the consolidated public
debt to 2018 was estimated based on that published by the Central
Bank as of September 2017, increasing it at the same rate that
increased between September and December of 2017, 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.


ASEGURADORA PATRIMONIAL: A.M. Best Gives C++ Fin. Strength Rating
AM Best has assigned a Financial Strength Rating of C++
(Marginal), a Long-Term Issuer Credit Rating of "b+" and a Mexico
National Scale Rating of "bbb.MX" to Aseguradora Patrimonial Vida,
S.A. de C.V. (Patrimonial Vida) (Mexico). The outlook assigned to
these Credit Ratings (ratings) is stable.

The ratings reflect Patrimonial Vida's balance sheet strength,
which A.M. Best categorizes as weak, as well as its adequate
operating performance, limited business profile and appropriate
enterprise risk management (ERM).

Patrimonial Vida's balance sheet strength is underpinned by risk-
adjusted capitalization at a weak level, as measured by Best's
Capital Adequacy Ratio (BCAR). The ratings also reflect the
company's significant underwriting leverage, business profile
limited by concentration in a single business line and
distribution channel and the company's relatively small size
within Mexico's life insurance industry. Partially offsetting
these factors are Patrimonial Vida's improving operating
performance and well-structured reinsurance program.

Patrimonial Vida initiated operations in Mexico City in 2014,
providing short-term life insurance coverage for the private and
public sectors. As of year-end 2017, the company held a 0.4%
market share in the life segment. Patrimonial Vida operates for
the most part through a network of agents.

AM Best expects the company's risk-adjusted capitalization, which
has been pressured by a large volume of sums assured, to improve
in the short term through gradual increases in Patrimonial Vida's
capital base, consistently supported by positive bottom-line
results. Additionally, these positive results will enable gradual
improvements in Patrimonial Vida's underwriting leverage and
further efficiency in capital management. The company's has a
considerable dependence on reinsurance, but it is well-supported
by a structure placed with highly rated entities.

In AM Best's view, the insurer was able to achieve rapid premium
expansion while maintaining profitable underwriting practices in
2017, as reflected by premiums sufficiency levels. Moreover, the
company's conservative investment strategy has provided a steady
flow of revenues, which in conjunction with technical results,
have significantly enhanced profitability, as reflected by a 5.2%
return on assets and 41.9% return on equity at year-end 2017.

AM Best expects Patrimonial Vida to further strengthen its ERM
framework through improvements in systems, an embedded value tool
and an internal economic capital model.

Positive movement in the ratings or outlooks could take place if
the company sustains improvements in its operating performance
that enhances risk-adjusted capitalization levels. Negative rating
actions could occur if the expected operating performance deviates
considerably or weakens, affecting the company's risk-adjusted

P U E R T O    R I C O

BARRANQUITAS ULTRASOUND: Taps Jimenez Vazquez as Accountant
Barranquitas Ultrasound and Mammography Center, Inc. received
approval from the U.S. Bankruptcy Court for the District of Puerto
Rico to hire Jimenez Vazquez & Associates, PSC as its accountant.

The firm will assist the Debtor in the preparation of monthly
operating reports, financial projections and tax returns; provide
consulting services; assist in the preparation of a reorganization
plan; and provide other accounting services related to its Chapter
11 case.

Jose Jimenez, the firm's accountant who will be providing the
services, charges an hourly fee of $155.  The retainer fee is

Mr. Jimenez disclosed in a court filing that he and other
employees of the firm are "disinterested" as defined in section
101(14) of the Bankruptcy Code.

The firm can be reached through:

     Jose V. Jimenez
     Jimenez Vazquez & Associates, PSC
     P.O. Box 3774
     Bayamon, PR 00958
     Phone: 787.447.0098
     Fax: 1-831-309-7425

                 About Barranquitas Ultrasound and
                      Mammography Center Inc.

Barranquitas Ultrasound and Mammography Center, Inc., filed a
Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 18-02225)
on April 25, 2018.  In the petition signed by its president Miriam
Alicea Aponte, the Debtor estimated assets and liabilities of less
than $500,000 each.

Judge Mildred Caban Flores presides over the case.  The Debtor
hired Carmen D. Conde Torres, Esq., at C. Conde & Assoc. as its
legal counsel.

The Debtor filed a disclosure statement in support of its Chapter
11 plan of reorganization on October 22, 2018.

RGE CARIBBEAN: Seeks to Hire Figueroa Y Morgade as Counsel
RGE Caribbean LLC seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire Figueroa Y Morgade Legal
Advisors as its legal counsel.

The firm will advise the Debtor regarding its duties under the
Bankruptcy Code and will provide other legal services related to
its Chapter 11 case.

Maria Mercedes Figueroa y Morgade, Esq., the attorney who will be
handling the case, charges an hourly fee of $225.  She was paid a
retainer of $8,000 prior to the petition date by RGE President
Miguel Roberto Camino Landron from his personal account.

Ms. Morgade disclosed in a court filing that she is
"disinterested" as defined in section 101(14) of the Bankruptcy

The firm can be reached through:

     Maria Mercedes Figueroa y Morgade, Esq.
     Figueroa Y Morgade Legal Advisors
     3415 Alejandrino Ave., Apt. 703
     Guaynabo, PR 00969-4856
     Tel: 787-234-3981

                       About RGE Caribbean

RGE Caribbean LLC is privately-held company in San Juan, Puerto
Rico, engaged in utility system construction.

RGE Caribbean sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. P.R. Case No. 18-07178) on Dec. 9, 2018.  At the
time of the filing, the Debtor disclosed $1,353,420 in assets and
$1,904,761 in liabilities.  The Hon. Edward A. Godoy is the case
judge.  The Debtor tapped Figueroa Y Morgade Legal Advisors as its
legal counsel, and Tamarez CPA, LLC as its accountant.

TOYS R US: Jan. 24 Propco I Plan Confirmation Hearing
Bankruptcy Judge Keith L. Phillips approved Toys "R" Us Property
Company I and affiliates' disclosure statement describing their
proposed chapter 11 plan.

Plan objection and voting deadline is on Jan. 18, 2019, at 4:00
P.M. Prevailing Eastern Time.

Confirmation hearing date is Jan. 24, 2019, at 1:00 P.M.
Prevailing Eastern Time.

                        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.

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Challenges Continue
Trinidad Express reports that business groups, owners and
economists all agree that 2018 was indeed a tough year for
Trinidad and Tobago. And they expect that 2019 will present its
owns challenges, the report adds.

The business groups shared with Express Business their goals,
hopes and expectations for the year ahead, the report adds.


VENEZUELA: Calls in UN Human Rights Commission
Carlos Camacho at The Latin American Herald reports that the
office of the United Nations' top official for human rights,
former socialist Chilean President Michelle Bachelet, said she has
been officially invited to visit humanitarian-crisis stricken
Venezuela, just as the opposition has begun announcing street
protests in the days leading to the polemical second inauguration
of embattled head of state Nicolas Maduro Jan. 10.

The UN has not disclosed a date for Bachelet's visit however.

Regional political action group "Grupo de Lima" is meeting also to
decide whether or not they will recognize Maduro's second term,
according to The Latin American Herald.  The dozen-plus nations
bloc is meeting without founding member Mexico, which is now
taking a neutral stance on Maduro under President Andres Manuel
Lopez Obrador, also a left winger, the report notes.

"Noticias ONU", the UN's web news service in Spanish, posted: "The
High Commissioner for Human Rights, Michelle Bachelet, has
received a formal invite by the Government of Venezuela to visit
the country," the report relays.

The report discloses that Mr. Bachelet has replied to Mr. Maduro's
invite, arguing about the need for a "technical team" to visit the
oil-rich country before the High Commissioner, her office stated.
UN spokeswoman Ravina Shamdashani was quoted by "Noticias ONU" as
saying that the team will make sure Bachelet obtains access to
"all necessary areas" of Venezuela to do her job, the report

"Habitually, when a High Commisioner visits in-country, he or she
usually carries out journeys outside of the capital city, to zones
where there have been denounces of human rights violations, or to
detention centers", Shamdashani stated, the report says.
Venezuelan prisons are a notoriously violent part of an already
violent counry, and most of them run by pro-government prison
bosses, a figure known in Venezuelan vernacular as "pram", "pran"
or "principal," the report notes.

Mr. Maduro's winning of a second six-year term in mid-2017 was not
recognized by the international community or the local opposition,
with several countries (led by neighbor Colombia) saying they will
meet as the regional anti-Maduro political action group "Grupo de
Lima" days before the inauguration to decide whether they
recognize the embattled leader's new term or not, the report says.

As part of ongoing protest activity, the opposition's "Plataforma
de Conflicto" (conflict platform) group disclosed that Venezuelans
who oppose Maduro's rule should display the country's flag outside
their residences from January 5th onwards to "defend and express
support for" the National Assembly, the opposition-held
legislative Mr. Maduro has tried to gut of its role and functions
since 2016, but which remains the only power outside the executive
recognized by the international community, the report says.

Expressing support, even peacefully, for the opposition is a risky
proposition in Venezuela, where the government is being
investigated (by the UN and the International Penal Court) for
human rights abuses, including some 8,000 extra judicial
executions, where there are 1,551 political prisoners, citizens
have been arrested for tweeting and elected officials died while
in police custody, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2018, S&P Global Ratings affirmed its 'SD' global scale
issuer credit rating and 'D' issue-level ratings on Petroleos de
Venezuela S.A. (PDVSA).


* BOND PRICING: For the Week December 31 to January 4, 2018

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

Banco do Brasil SA/Cayman 6.25   75.043                 KY     USD
Rio Energy SA             6.875  71.638   2/1/2025      AR     USD
Cia Latinoamericana       9.5    60.447   7/20/2023     AR     USD
CSN Islands XII Corp      7      69.44                  BR     USD
Agua y Saneamientos       6.625  71.982   2/1/2023      AR     USD
Odebrecht Finance Ltd     7.5    39.15                  KY     USD
YPF SA                   16.5    50.96    5/9/2022      AR     ARS
Odebrecht Finance Ltd     4.37   35.715   4/25/2025     KY     USD
Banco Macro SA           17.5    50       5/8/2022      AR     ARS
Odebrecht Finance Ltd     7.12   37.293   6/26/2042     KY     USD
China Huiyuan             6.5    75.1     8/16/2020     CN     USD
Odebrecht Finance         5.125  45.754   6/26/2022     KY     USD
Noble Holding             6.2    74.46    8/1/2040      KY     USD
Noble Holding             5.25   70.444   3/15/2042     KY     USD
Odebrecht Finance         7      58.985   4/21/2020     KY     USD
Noble Holding             6.05   73.508   3/1/2041      KY     USD
Odebrecht Finance         5.25   36.2     6/27/2029     KY     USD
Rio Energy SA             6.875  71.551   2/1/2025      AR     USD
BCP Finance Co            1.751  74.397                 KY     EUR
Provincia del Chubut      4              10/21/2019     AR     USD
YPF SA                   16.5    50.96   5/9/2022       AR     ARS
Argentina                 7.125  76      6/28/2117      AR     USD
Automotores Gildemeister  6.75   62.759  1/15/2023      CL     USD
Odebrecht Finance         6      37.193  4/5/2023       KY     USD
Banco do Brasil           6.25   76.375                 KY     USD
Cia Latinoamericana       9.5    60.621  7/20/2023      AR     USD
Polarcus Ltd              5.6    70      7/1/2022       AE     USD
Argentina                 6.875  74.985  1/11/2048      AR     USD
Provincia del Chubut      7.75   72.304  7/26/2026      AR     USD
Banco Macro SA           17.5    50      5/8/2022       AR     ARS
CSN Islands XII Corp      7      74.375                 BR     USD
Provincia de Rio Negro    7.75   70.153  12/7/2025      AR     USD
Provincia de Entre Rios   8.75   71.083   2/8/2025      AR     USD
Argentina                 4.33   70      12/31/2033     AR     JPY
Provincia de Entre Rios   8.75   72.333   2/8/2025      AR     USD
Odebrecht Finance Ltd     4.375  35.242   4/25/2025      KY    USD
Ironshore Pharma         13      69.621   2/28/2024      KY    USD
Automotores Gildemeister  8.25   60.583   5/24/2021      CL    USD
Odebrecht Finance Ltd     7.125   38.674  6/26/2042      KY    USD
Odebrecht Finance Ltd     5.25    36.187  6/27/2029      KY    USD
Province of Santa Fe      6.9     74.177  11/1/2027      AR    USD
Provincia del Chubut      7.75    71.654  7/26/2026      AR    USD
Argentina                 6.25    72.711  11/9/2047      AR    EUR
Cia Energetica            6.1827   1.105  1/15/2022      BR    BRL
Odebrecht Finance         7.5     43.5                   KY    USD
Argentina                 0.45    31.75  12/31/2038      AR    JPY
SACI Falabella            2               7/15/2020      CL    CLP
Province of Jujuy         8.625   72.788  9/20/2022      AR    USD
Province of Santa Fe      6.9     73.44  11/1/2027       AR    USD
Ironshore Pharma         13       69.621  2/28/2024      KY    USD
Tanner Servicios         3.8      52.42   4/1/2021       CL    CLP
AES Tiete Energia SA     6.78      1.06   4/15/2024      BR    BRL
Odebrecht Finance Ltd    6        37.19   4/5/2023       KY    USD
Provincia de Rio Negro   7.75     70.15  12/7/2025       AR    USD
Odebrecht Finance        7        59.466  4/21/2020      KY    USD
Odebrecht Finance Ltd    5.12     47.298  6/26/2022      KY    USD
Provincia de Cordoba     7.12     74.286  8/1/2027       AR    USD
Argentina                7.125    75.752  6/28/2117      AR    USD
Automotores Gildemeister 8.25     60.583  5/24/2021      CL    USD
Enlasa Generacion        3.558           11/15/2023      CL    CLP
Metrogas SA/Chile       645               8/1/2024       CL    CLP
Automotores Gildemeister 6.75     62.759  1/15/2023      CL    USD
Provincia del Chaco      9.375    72.315  8/18/2024      AR    USD
Fospar S/A               6.53      1.034  5/15/2026      BR    BRL
Sociedad Concesionaria   2.9547           6/30/2021      CL    CLP
Esval SA                 3.453            3/15/2028      CL    CLP
Caja de Compensacion     7.75     35.23   3/27/2024      CL    CLP
Sociedad Austral       318.478            9/20/2019      CL    CLP
Provincia de Neuquen     7.5      74.753  4/27/2025      AR    USD
Caja de Compensacion     5.2              9/15/2018      CL    CLP
Empresa de Transporte    4.341            7/15/2020      CL    CLP
Corp Universidad         5.968           11/10/2021      CL    CLP
Provincia de Cordoba     7.125    74.802  8/1/2027       AR    USD
Provincia del Chaco      9.375    72.585  8/18/2024      AR    USD
Argentine Republic       7.125    75.322  6/28/2117      AR    USD
Sylph Ltd                2.367    61.194  9/25/2036      KY    USD
Banco Security SA      311                7/1/2019       CL    CLP
Sylph Ltd                2.657   73.081   3/25/2036      KY    USD


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

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

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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 2019.  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.

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