/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/170109.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 9, 2017, Vol. 18, No. 6 Headlines C A Y M A N I S L A N D S AQR EMERGING: Placed Under Voluntary Wind-Up AVERY CAPITAL: Creditors' Proofs of Debt Due Dec. 13 FLEMING ASSET: Placed Under Voluntary Wind-Up HITS AFRICA: Creditors' Annual Meeting Set for Dec. 14 LOCKINGTON HOLDINGS: Commences Liquidation Proceedings MC 1 - SPV 1: Creditors' Proofs of Debt Due Dec. 30 SPROTT MASTER: Placed Under Voluntary Wind-Up SPROTT MASTER II: Placed Under Voluntary Wind-Up SPROTT OFFSHORE: Placed Under Voluntary Wind-Up SPROTT OFFSHORE II: Placed Under Voluntary Wind-Up WCG MASTER: Commences Liquidation Proceedings WCG OFFSHORE: Commences Liquidation Proceedings H O N D U R A S HONDURAS: S&P Puts 'B+' Issue Rating on US$500MM Sr. Unsec. Bond J A M A I C A JAMAICA: Borrowing Less Money Than Projected NATIONAL COMMERCIAL BANK: Launches Pilot for Loan at ABM Solution M E X I C O BANK OF MEXICO: Sells Dollars as Peso Reaches New Lows MEXICO: Block Roads, Stations to Protest Gasoline Hikes P A R A G U A Y BANCO CONTINENTAL: S&P Affirms 'BB' ICR on Good Business Position P E R U VOLCAN COMPANIA: Moody's Hikes Corp. Family Rating to Ba3 P U E R T O R I C O MACY'S INC: To Cut 6,200 Jobs & Close 68 Stores PUERTO RICO: Seeks Proposals for Legal, Financial Advisers T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Records Decline in Guyanese Passengers V E N E Z U E L A PETROLEOS DE VENEZUELA: Sued Over Latest Citgo Deal X X X X X X X X X * BOND PRICING: For the Week From Jan. 2 to Jan. 6, 2017 - - - - - ========================== C A Y M A N I S L A N D S ========================== AQR EMERGING: Placed Under Voluntary Wind-Up -------------------------------------------- On Nov. 11, 2016, the sole shareholder of AQR Emerging Defensive Equity Offshore Fund Ltd. resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: AQR Capital Management, LLC c/o Joanne Huckle 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 AVERY CAPITAL: Creditors' Proofs of Debt Due Dec. 13 ---------------------------------------------------- The creditors of Avery Capital Ltd. are required to file their proofs of debt by Dec. 13, 2016, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 11, 2016. The company's liquidator is: Benno Hafner Sonnenhof 8 Lucerne 6004 Switzerland Telephone + 41 44 201 95 01 Facsimile: + 41 201 95 41 FLEMING ASSET: Placed Under Voluntary Wind-Up --------------------------------------------- On Oct. 28, 2016, the sole shareholder of Fleming Asset Management (Cayman) Ltd. resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Kenneth Stewart c/o Apex Fund Services (Cayman) Ltd. 161a Artillery Court, Shedden Road P.O. Box 10085 Grand Cayman KY1 1001 Cayman Islands Telephone: (345) 747 2739 HITS AFRICA: Creditors' Annual Meeting Set for Dec. 14 ------------------------------------------------------ The creditors of Hits Africa Ltd will hold their annual meeting on Dec. 14, 2016, at 10:00 a.m. The company's liquidator is: Mr. Keiran Hutchison c/o Sophie Hill Ernst & Young Ltd. One Montague Place, East Bay Street P.O. Box N-3231 Nassau Bahamas Telephone: (242) 502 6067 Facsimile: (242) 502 6090 LOCKINGTON HOLDINGS: Commences Liquidation Proceedings ------------------------------------------------------ On Nov. 11, 2016, the sole shareholder of Lockington Holdings Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Frances Holliday c/o Jasmine Amaria Walkers 6 Gracechurch Street London EC3V 0AT UK Telephone: +1 44 207 2204975 MC 1 - SPV 1: Creditors' Proofs of Debt Due Dec. 30 --------------------------------------------------- The creditors of MC 1 - SPV 1 are required to file their proofs of debt by Dec. 30, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 3, 2016. The company's liquidator is: Victor Murray MG Management Ltd. P.O. Box 30116 Grand Cayman KY1-1201 Landmark Square, 2nd Floor 64 Earth Close Seven Mile Beach Cayman Islands Telephone: +1 (345) 749 8181 Facsimile: +1 (345) 743 6767 SPROTT MASTER: Placed Under Voluntary Wind-Up --------------------------------------------- On Nov. 10, 2016, the sole shareholder of Sprott Master Fund, Ltd. resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Samgenpar, Ltd. c/o Joanne Huckle Ogier 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 SPROTT MASTER II: Placed Under Voluntary Wind-Up ------------------------------------------------ On Nov. 10, 2016, the sole shareholder of Sprott Master Fund II, Ltd. resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Samgenpar, Ltd. c/o Joanne Huckle Ogier 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 SPROTT OFFSHORE: Placed Under Voluntary Wind-Up ----------------------------------------------- On Nov. 10, 2016, the sole shareholder of Sprott Offshore Fund, Ltd. resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Samgenpar, Ltd. c/o Joanne Huckle Ogier 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 SPROTT OFFSHORE II: Placed Under Voluntary Wind-Up -------------------------------------------------- On Nov. 10, 2016, the sole shareholder of Sprott Offshore Fund II, Ltd. resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Samgenpar, Ltd. c/o Joanne Huckle Ogier 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 WCG MASTER: Commences Liquidation Proceedings --------------------------------------------- On Nov. 10, 2016, the sole shareholder of WCG Master Fund, Ltd. resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Barry Wittlin Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Telephone: (345) 914 6386 WCG OFFSHORE: Commences Liquidation Proceedings ----------------------------------------------- On Nov. 10, 2016, the sole shareholder of WCG Offshore Fund, Ltd. resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Barry Wittlin Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Telephone: (345) 914 6386 =============== H O N D U R A S =============== HONDURAS: S&P Puts 'B+' Issue Rating on US$500MM Sr. Unsec. Bond -----------------0---------------------------------------------- S&P Global Ratings assigned its 'B+' issue rating on the Republic of Honduras' US$500 million senior unsecured bond due in 2027. The proceeds from the issuance will be loaned to the National Electric Energy Company (ENEE) for the repayment of account payables owed to suppliers and to repay other indebtedness of ENEE. The rating on the bond is the same as the long-term foreign currency sovereign credit rating on Honduras. S&P's ratings on Honduras reflect the Honduran government's commitment to maintaining disciplined public finances, which could continue improving the country's fiscal flexibility. Moreover, Honduras continues to make efforts to address its major challenges related to overall weak institutions, crime, and high poverty. The positive outlook on Honduras reflects S&P's view that strengthening revenue management and tighter controls of current expenditures could improve Honduras' fiscal flexibility faster and, as a result, contain the expected annual increase in its debt. RATINGS LIST Republic of Honduras Sovereign Credit Rating B+/Positive/B New Rating Republic of Honduras Senior Unsecured US$500 mil. bond due 2027 B+ ============= J A M A I C A ============= JAMAICA: Borrowing Less Money Than Projected -------------------------------------------- RJR News reports that the Government of Jamaica has been borrowing less money than it said it would. Total borrowings from the April to November period of the current fiscal year were J$2.5 billion below target since J$58 billion was borrowed in the period and not the J$60.6 billion the Government had indicated it needed to borrow, according to RJR News. More From Income Tax In the meantime, the Government has indicated that even with the increase in the income tax threshold, it is collecting more from personal income tax than was expected, the report notes. The Government hiked the income tax threshold to more than J$1 million in July and said it expected inflows from those who were still paying the tax to amount to J$40 billion, the report relays. It however said the actual inflow has so far amounted to almost J$43 billion, the report notes. By comparison, in the previous fiscal year, the inflow from personal income tax between April and November was J$46 billion, the report relays. As reported in the Troubled Company Reporter-Latin America on Sept. 28, 2016, S&P Global Ratings affirmed its 'B' long-term and short-term foreign and local currency sovereign credit ratings on Jamaica. The outlook on the long-term sovereign credit ratings remains stable. In addition, S&P affirmed its transfer and convertibility assessment at 'B+'. NATIONAL COMMERCIAL BANK: Launches Pilot for Loan at ABM Solution ----------------------------------------------------------------- RJR News reports that National Commercial Bank Jamaica Limited recently launched the pilot of its Loan at ABM solution. It is a first not only in Jamaica but also the English-speaking Caribbean, says the report. This availability of pre-approved loans at the ABM builds on NCB's 'Bank on the Go' program, which makes a range of service options available to customers via their intelligent ABMs and Kiosks, according to RJR News. Customers have benefited from shorter wait times and lower fees by conducting transactions through this channel, the report notes. The funds will be deposited directly into the accounts associated with their Midas card, the report adds. As reported in the Troubled Company Reporter-Latin America on Oct 25, 2016, S&P Global Ratings affirmed its 'B' long- and 'B' short- term issuer credit ratings on National Commercial Bank Jamaica Ltd (NCBJ). The stand-alone credit profile (SACP) is 'b'. The outlook is stable. =========== M E X I C O =========== BANK OF MEXICO: Sells Dollars as Peso Reaches New Lows ------------------------------------------------------ Anthony Harrup at The Wall Street Journal reports that the Bank of Mexico stepped into the exchange market for the first time in almost a year to support the peso, which hit new lows against the U.S. dollar on fears that protectionist measures by the incoming administration of U.S. President-elect Donald Trump could hurt the country's trade and investment. The foreign-exchange commission, formed by central bank and Finance Ministry officials, said the dollar sales were to provide liquidity and ease the exchange volatility of recent days, and kept open the possibility of additional interventions, according to The Wall Street Journal. A central-bank official confirmed the bank was active in the exchange market early Jan. 4. The peso sank to a new all-time low against the dollar last week after Ford Motor Co. said it was canceling a planned $1.6 billion investment in a new assembly plant in Mexico that had been criticized by Mr. Trump. The decision led to concerns that other investments could be discouraged, limiting an important source of foreign income in Mexico, the report notes. The Bank of Mexico last intervened in the exchange market in February 2016, when it sold $2 billion after the peso reached new lows on the decline in oil prices, which affect Mexico's trade balance and federal government revenue, the report relays. At that time, the central bank also raised interest rates and suspended its scheduled dollar auctions in favor of spot interventions, the report notes. The scheduled auctions, which took effect if the peso depreciated a set amount in a day, were depleting reserves without any notable benefit for the currency, the report discloses. Mexico's foreign reserves ended 2016 at $176.5 billion, little changed from the end of 2015, the report says. The amount of the dollar sales will be reflected in this week's reserves report. The decision to intervene was justified as the peso is excessively undervalued, Goldman Sachs economist Alberto Ramos said in a note, WSJ reports. Mr. Ramos estimated that the real effective exchange rate -- which takes into account a basket of currencies, trade and inflation --has depreciated 41% since mid-2013. "The current peso weakness is unprecedented outside the grip of a major crisis and is also visibly weaker than the level reached during the 2008-09 global financial crisis," the report quoted Mr. Ramos as saying. The peso gave back some of its initial gains and was trading in Mexico City at around 21.4365 to the dollar around 1:15 p.m. EST, according to Infosel, compared with 21.5260 at the close Jan. 3. It touched an all-time low of 21.6220 on Jan. 3, Banco Base said. According to the report, the peso depreciated 17% against the dollar in 2016, affected by a widening trade deficit, increasing public debt levels that prompted ratings firms to change the sovereign credit outlook to negative and the impact of lower oil prices on the finances of state oil company Petroleos Mexicanos. Mr. Trump's rise in polls and eventual election victory also put pressure on the peso, the report notes. Concerns about the impact that a weaker currency could have on inflation, which accelerated toward the end of last year, prompted the Bank of Mexico to raise interest rates five times in 2016, increasing the overnight rate target to 5.75% from 3.25%, the report adds. MEXICO: Block Roads, Stations to Protest Gasoline Hikes ------------------------------------------------------- The Associated Press reports that small groups of protesters blockaded some roads and gasoline stations in Mexico to protest a government price deregulation that sent the price of fuel up by as much as 20 percent last weekend. According to The Associated Press, one group blockaded a privately owned gasoline station on Mexico City's main boulevard, shouting: "The people, united, will never be defeated!" "This will increase the cost of living for all Mexicans. It will make more expensive transportation, basic food stuffs, food, and it will ultimately hit Mexican families," said Rafael Sotocruz, a nurse who was protesting at the station. On a busy highway leading into the capital from the west, another group blocked traffic and held up a banner reading "Enough already!" Reports on social media and local newspaper sites suggested small, intermittent protests popped up at a half dozen other sites across the country, the report notes. The Mexican government said the deregulation had long been planned, but unfortunately coincided with rising world oil prices, the report says. The deregulation is aimed at ending subsidies that the government says largely benefit wealthier Mexicans and at attracting interest in private participation in the newly opened fuel market, the report discloses. "Unfortunately, it coincided with a significant increase in international oil prices," said Miguel Messmacher, Mexico's assistant finance secretary, the report notes. That, and a drop in the value of the Mexican peso against the dollar in 2016, probably would have resulted in gas price hikes last year, but the government was still setting prices then. Mexico imports much of its gasoline, even though it exports crude oil, the report relays. "It was precisely because we were limiting these (price) movements in some ways that gave rise to this pent-up increase," Mr. Messmacher said, the report notes. "These things always create bad feelings," he added, says AP. "That is very clear, and very understandable. It is very clear to us that this is obviously an unpopular measure." When the deregulation took effect on New Year's Day, protesters snarled traffic on one of the country's main north-south highways, the report notes. Gasoline supplies have begun stabilizing after some stations were recently left dry due to what officials described as panic buying, increased holiday demand, unforeseen shipping delays and damage to pipelines that officials blamed on a surge in fuel thefts, the report discloses. Authorities still haven't explained why pipelines thefts increased so dramatically in early December, but the government was forced to increase military patrols by 60 percent to combat the thefts. Thieves steal about $1.4 billion worth of fuel products annually from pipelines operated by the state oil company, Pemex, according to official estimates, the report says. The 2017 price deregulation is part of a broader overhaul of Mexico's energy sector passed two years ago under President Enrique Pena Nieto allowing some private investment and ending more than seven decades of state monopoly over oil, the report relays. In a second phase later this year, other companies will be allowed to begin importing and distributing gasoline instead of Pemex handling the entire supply chain, the report adds. =============== P A R A G U A Y =============== BANCO CONTINENTAL: S&P Affirms 'BB' ICR on Good Business Position ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' long-term issuer credit on Banco Continental SAECA. The outlook remains negative. The rating on Banco Continental reflects its prominent business position, as one of the largest banks operating in Paraguay; its forecasted risk-adjusted capital (RAC) of about 6.1% in the next 12-18 months and good quality of capital and earnings; asset quality metrics that remain in line with the banking system average despite their weakening in 2016. The rating also reflects S&P's view of the bank's funding structure that benefits from a healthy deposit base, in line with the banking system, and its liquidity position that provides adequate cushion to cope with unexpected cash outflows in the next 12 months. The rating on the bank is at the same level as S&P's 'bb' stand- alone credit profile (SACP) because it excludes notching from external support, either from the government or group. ======= P E R U ======= VOLCAN COMPANIA: Moody's Hikes Corp. Family Rating to Ba3 --------------------------------------------------------- Moody's Investors Service has upgraded to Ba3 from B2 the corporate family rating of Volcan Compania Minera S.A.A. y Subsidiarias ("Volcan") and its senior unsecured notes due in 2022. The outlook is stable. Rating Actions: Issuer: Volcan Compania Minera S.A.A. y Subsidiarias Corporate Family Rating: upgraded to Ba3 from B2 Senior unsecured notes due 2022: upgraded to Ba3 from B2 RATINGS RATIONALE The upgrade to Ba3 reflects the improvement in Volcan's credit metrics observed during 2016, as a result of both higher metals prices, as well as the company's efforts to reduce costs and maintain an adequate liquidity profile. Volcan's credit metrics posted a significant recovery throughout 2016, with adjusted EBIT margins of 17.8% in LTM ended September 2016, and 24.6% in 3Q16 alone, which favorably compares to 6.8% in 2015. Part of the recovery in operational performance can be explained by market conditions -- in 2016 average realized zinc prices were USD 0.95/lb. (USD 1.08/lb. in 2H16), which compares to USD 0.88/lb. in 2015 (USD 0.79/lb. in 2H15). But the recovery can also be attributed to Volcan's cost reduction initiatives -- costs declined 26% in the 2013-2016 period, reflecting a number of initiatives which include mine optimization, personnel layoff, negotiation with contractors, and continued investments in its energy portfolio. Volcan's Ba3 ratings reflect the company's competitive cost position (first-quartile C1 zinc and silver cash costs), its operational diversity in terms of metals produced and number of mines -- 12 mines distributed in five operating units -- and the company's position as a leading producer of zinc, silver and lead globally. Constraining the company's ratings are its narrow liquidity position to cover its short-term debt and still relatively weak free cash flows, although we expect free cash flows to become and remain positive in the next quarters, provided prices do not fall to the low levels observed in December 2015/January 2016 and absent any material increase in capital expenditures and/or dividend distribution. Volcan's low geographic diversity and its relatively modest revenue size, as compared to global peers, are further constraints. The stable outlook reflects Moody's view that Volcan will be able to improve its liquidity and sustain adequate credit metrics. As well, it incorporates the expectation that zinc market fundamentals will remain solid, which will allow Volcan to generate positive free cash flows and reduce short term debt overtime. The stable outlook also considers that Volcan will target its pipeline of exploration projects, maintaining its discipline regarding costs, capex and dividend distribution. The outlook assumes that should prices retreat, the company will make the necessary adjustments in its operations and capital spending to maintain its financial profile. An upward rating movement would require Volcan to improve its liquidity cushion by reducing short-term debt levels, maintain its competitive cost position and continue to invest for growth without jeopardizing its liquidity and leverage metrics. To the extent that Volcan is able to maintain a sound liquidity profile, to reduce its reliance on short-term debt and to achieve cash flow metrics such as (CFO-Dividends)/debt above 20% on a sustained basis, the ratings could be positively impacted. Ratings could be negatively impacted if profitability and cash flow from operations materially weaken. A marked deterioration in the company's liquidity position could also precipitate a downgrade. Specifically, if EBIT margin falls below 6%, with negative free cash flow, ratings could be downgraded. Negative pressure could also result from increase in debt levels leading to total debt to EBITDA above 4x on a sustained basis. The principal methodology used in this rating was "Global Mining Industry" published in August 2014. Volcan is a Peruvian mining company with exploration, mining, concentrating and commercial operations. It primarily produces zinc and lead concentrate and some copper concentrate, all with high silver content. The company operates through five operational complexes with a total of 12 mines, 7 concentrate plants and one leaching plant for silver oxides production. All of Volcan's operations are located in Peru (A3 stable) and, for the LTM ended September 2016, it reported revenues of USD 777 million. Volcan is a holding company listed in the stock exchanges of Lima and Chile and in Madrid's Latibex. ====================== P U E R T O R I C O ====================== MACY'S INC: To Cut 6,200 Jobs & Close 68 Stores ----------------------------------------------- After disappointing holiday sales, Macy's on Jan. 4, 2017, released the locations of 68 of the 100 stores it plans to close and said that its workforce will be cut by 6,200. According to a statement by Macy's, these actions bolster the company's strategy to further invest in omnichannel capabilities, improve customer experience and create shareholder value. The actions include: * The closure of 68 stores and the reorganization of the field structure that supports the remaining stores, reinforcing the strategy of fewer stores with better customer experience. These store closures are part of the approximately 100 closings announced in August 2016. * The significant restructuring of the Macy's, Inc. operations to focus resources on strategic priorities, improve organizational agility and reduce expense. * The sale of properties consistent with the previously announced real estate strategy. The actions announced Jan. 4 are estimated to generate annual expense savings of approximately $550 million, beginning in 2017, enabling the company to invest an additional $250 million in growing the digital business, store-related growth strategies, Bluemercury, Macy's Backstage and China. These savings, combined with savings from initiatives implemented in early 2016, exceed the $500 million goal communicated in fall of 2015, one year earlier than expected. "Over the past year, we have been focused and disciplined about making strategic decisions to position us to gain market share and return to growth over time. While we are pleased with the strong performance of our highly developed online business, as well as the progress we have made on selling and visual presentation programs and expense reduction initiatives in 2016, we continue to experience declining traffic in our stores where the majority of our business is still transacted. Given the overall trends challenging us and the broader retail industry, and the time needed to execute new strategies, we expect our 2017 change in comparable sales to be relatively consistent with our November/December sales trend," said Terry J. Lundgren, chairman and chief executive officer of Macy's, Inc. "Our omnichannel strategies continue to evolve based on the changes in our customers' shopping behaviors, including a focus on buy online, pickup in store and mobile-enabled shopping. In addition, we have invested in and enlarged our customer data and analytics team, which will help drive our new marketing strategies for 2017. Whether it is improving corporate agility, enhancing our customer engagement strategies, or continuing to capitalize on the potential value of our real estate assets, we remain focused on the actions that will ultimately improve our financial results and provide the greatest return for our shareholders." In conjunction with the Jan. 4 announcement, approximately $250 million of charges or 50 cents per share (of which approximately $210 million is expected to be cash) are expected to be recorded in the fourth quarter of 2016. These charges were not previously included in earnings guidance provided by the company and are in addition to the $249 million recorded in the second quarter as an estimate of asset impairment and other charges primarily related to 2016 store closings. Store Portfolio Restructure The company announced 68 Macy's store closings (out of a current total of 730 Macy's stores). Of the 68, three closed mid-year, 63 will be closed in early spring 2017 and two will be closed in mid-2017. Three other locations were sold, or are to be sold, and are being leased back. The company intends to opportunistically close approximately 30 additional stores over the next few years as leases or operating covenants expire or sale transactions are completed. As a result of closing 63 Macy's stores in early 2017, along with the three closed mid-year 2016, the company's 2017 sales are expected to be negatively impacted by approximately $575 million. This reflects the company's ability to retain sales at nearby stores and on macys.com through targeted marketing and merchandising efforts. Associates displaced by store closings may be offered positions in nearby stores where possible. Eligible full-time and part-time associates who are affected by the store closings will be offered severance benefits. The company estimates that 3,900 associates will be displaced as a result of these closures. "As we've noted, it is essential that we maintain a healthy portfolio of the right stores in the right places. Our plan to close approximately 100 stores over the next few years is an important part of our strategy to help us right-size our physical footprint as we expand our digital reach. We are closing locations that are unproductive or are no longer robust shopping destinations due to changes in the local retail shopping landscape, as well as monetizing locations with highly valued real estate," Lundgren said. "These are never easy decisions, and we are committed to treating associates affected by these closings with respect and transparency." Four new Macy's and Bloomingdale's stores are currently planned and/or under construction, as previously announced. In addition, new Macy's and Bloomingdale's stores are planned to open in Abu Dhabi, and one Bloomingdale's store is planned to open in Kuwait, all under license agreements with Al Tayer Group. The company also plans to continue its expansion of Macy's Backstage (within Macy's stores) and Bluemercury (freestanding and within Macy's stores). Efficiency and Expense Reduction Initiatives To address the need for greater efficiency and productivity, Macy's, Inc. will implement the following changes in early 2017: * Restructuring its central organization with a focus on eliminating layers of management to reduce costs while improving decision making and agility. * Intensifying efforts to reduce non-payroll costs companywide by achieving lower pricing and reducing consumption to deliver sustainable savings. * Making changes to the way stores are operated and reducing field infrastructure given the reduced store sales and evolving customer behavior. The company estimates that these actions will result in a headcount reduction of approximately 6,200. Real Estate The company continues to drive shareholder value through ongoing real estate initiatives. As previously communicated, the three prongs of the real estate strategy are: flagship assets, closure of approximately 100 stores and creating value from the remaining real estate portfolio. Since the end of the third quarter, Macy's, Inc. has completed the following transactions that, in total, resulted in the receipt of approximately $95 million of cash proceeds and gain recognition of approximately $56 million: * Sale of the Stonestown store in San Francisco, CA, to General Growth Properties (GGP). Macy's, Inc. will lease this store back from GGP as that company develops plans for this location. * Sale of the downtown Portland, OR, store (announced in the third quarter release). In addition, the company has signed an agreement to sell the downtown Minneapolis store to the 601W Companies, whose intention is to redevelop the building into creative office space on the upper floors and to pursue retail opportunities on the street and skywalk levels. This transaction is expected to close by fiscal year end. Macy's Store Closings Already Completed 2016 Closings: * Laurel Plaza, North Hollywood, CA (475,000 square feet; opened in 1995; 105 associates); * Ala Moana Jewel Gallery, Honolulu, HI (2,000 square feet; opened in 1986; 9 associates); * Valley Fair, West Valley City, UT (106,000 square feet; opened in 1970; 53 associates); Already Announced Year-End 2016 Closings: Final clearance sales at the following Macy's stores closing in early 2017 will begin on Monday, January 9, and run for approximately eight to 12 weeks (with the exception of Lancaster Mall*, where final clearance sales are already in progress): * Greenwood, Bowling Green, KY (124,000 square feet; opened in 1980; 63 associates); * Carolina Place, Pineville, NC (151,000 square feet; opened in 1993; 69 associates); * Douglaston, Douglaston, NY (158,000 square feet; opened in 1981; 144 associates); * Downtown Portland, Portland, OR (246,000 square feet; opened in 2007; 85 associates); * Lancaster Mall, Salem, OR (67,000 square feet; opened in 1980; 53 associates); * Oakwood Mall, Eau Claire, WI (104,000 square feet; opened in 1991; 55 associates) Year-End Closings * Mission Valley Apparel, San Diego, CA (385,000 square feet; opened in 1961; 140 associates); * Paseo Nuevo, Santa Barbara, CA (141,000 square feet; opened in 1990; 77 associates); * Lakeland Square, Lakeland, FL (101,000 square feet; opened in 1995; 68 associates); * Oviedo Marketplace, Oviedo, FL (195,000 square feet; opened in 2000; 83 associates); * Sarasota Square, Sarasota, FL (143,000 square feet; opened in 1977; 86 associates); * University Square, Tampa, FL (140,000 square feet; opened in 1974; 73 associates); * CityPlace, West Palm Beach, FL (108,000 square feet; opened in 2000; 72 associates); * Georgia Square, Athens, GA (121,000 square feet; opened in 1981; 69 associates); * Nampa Gateway Center, Nampa, ID (104,000, square feet; opened in 2009; 57 associates); * Alton Square, Alton, IL (180,000 square feet; opened in 1978; 54 associates); * Stratford Square, Bloomingdale, IL (149,000 square feet; opened in 1981; 87 associates); * Eastland, Bloomington, IL (154,000 square feet; opened in 1999; 55 associates); * Jefferson, Louisville, KY (157,000 square feet; opened in 1979; 52 associates); * Esplanade, Kenner, LA (188,000 square feet; opened in 2008; 101 associates); * Bangor, Bangor, ME (143,000 square feet; opened in 1998; 65 associates); * Westgate, Brockton, MA (144,000 square feet; opened in 2003; 79 associates); * Silver City Galleria, Taunton, MA (152,000 square feet; opened in 1992; 82 associates); * Lakeview Square Mall, Battle Creek, MI (102,000 square feet: opened 1983; 51 associates); * Eastland Center, Harper Woods, MI (433,000 square feet; opened in 1957; 121 associates); * Lansing, Lansing, MI (103,000 square feet; opened in 1979; 57 associates); * Westland, Westland, MI (334,000 square feet; opened in 1965; 106 associates); * Minneapolis Downtown, Minneapolis, MN (1,276,000 square feet; opened in 1902; 280 associates); * Northgate, Durham, NC (187,000 square feet; opened in 1994; 72 associates); * Columbia, Grand Forks, ND (99,000 square feet; opened in 1978; 53 associates); * Moorestown, Moorestown, NJ (200,000 square feet; opened in 1999; 107 associates); * Voorhees Town Center, Voorhees, NJ (224,000 square feet; opened in 1970; 77 associates); * Preakness, Wayne, NJ (81,000 square feet; opened in 1963; 72 associates); * Cottonwood, Albuquerque, NM (173,000 square feet; opened in 1996; 56 associates); * Las Vegas Boulevard, Las Vegas, NV (178,000 square feet; opened in 1966; 84 associates); * Great Northern, Clay, NY (88,000 square feet; opened in 1989; 55 associates); * Oakdale Mall, Johnson City, NY (140,000 square feet; opened in 2000; 58 associates); * The Marketplace, Rochester, NY (149,000 square feet; opened in 1982; 77 associates); * Eastland, Columbus, OH (121,000 square feet; opened in 2006; 73 associates); * Sandusky, Sandusky, OH (133,000 square feet; opened in 1979; 61 associates); * Fort Steuben, Steubenville, OH (132,000 square feet; opened in 1974; 59 associates); * Promenade, Tulsa, OK (180,000 square feet; opened in 1996; 58 associates); * Neshaminy, Bensalem, PA (211,000 square feet; opened in 1968; 89 associates); * Shenango Valley, Hermitage, PA (106,000 square feet; opened in 1976; 69 associates); * Beaver Valley, Monaca, PA (203,000 square feet; opened in 1987; 78 associates); * Lycoming, Muncy, PA (120,000 square feet; opened in 1995; 61 associates); * Plymouth Meeting, Plymouth Meeting, PA (214,000 square feet; opened in 1966; 74 associates); * Washington Crown Center, Washington, PA (148,000 square feet; opened in 1999; 67 associates); * Parkdale, Beaumont, TX (171,000 square feet; opened in 2002; 67 associates); * Southwest Center, Dallas, TX (148,000 square feet; opened in 1975; 68 associates); * Sunland Park, El Paso, TX (105,000 square feet; opened in 2004; 71 associates); * Greenspoint, Houston, TX (314,000 square feet; opened in 1976; 70 associates); * West Oaks Mall, Houston, TX (244,000 square feet; opened in 1982; 135 associates); * Pasadena Town Square, Pasadena, TX (209,000 square feet; opened in 1962; 78 associates); * Collin Creek, Plano, TX (199,000 square feet; opened in 1980; 103 associates); * Broadway Square, Tyler, TX (100,000 square feet; opened in 1981; 65 associates); * Layton Hills, Layton, UT (162,000 square feet; opened in 1980; 72 associates); * Cottonwood, Salt Lake City, UT (200,000 square feet; opened in 1962; 88 associates); * Landmark, Alexandria, VA (201,000 square feet; opened in 1965; 119 associates); * River Ridge, Lynchburg, VA (144,000 square feet; opened in 1980; 60 associates); * Everett, Everett, WA (133,000 square feet; opened in 1977; 109 associates); * Three Rivers, Kelso, WA (51,000 square feet; opened in 1987; 57 associates); * Valley View, La Crosse, WI (101,000 square feet; opened in 1980; 57 associates) OTHER 2017 CLOSINGS: * Simi Valley Town Center (men's/home/kids), Simi Valley, CA (190,000 square feet; opened in 2006; 105 associates); * Mall at Tuttle Crossing (furniture/home/kids/men's), Dublin, OH (227,000 square feet; opened in 2003; 52 associates) STORES SOLD (OR TO BE SOLD) AND LEASED BACK: These stores have been or will be sold, and Macy's will continue to operate them on leases from the owners: * Stonestown Galleria, San Francisco, CA (280,000 square feet; opened in 1952; 204 associates); * Union Square Men's, San Francisco, CA (248,000 square feet; opened in 1974; 256 associates; as previously announced); * Tyson's Galleria, McLean, VA (265,000 square feet; opened in 1988; 122 associates; as previously announced) (The number of associates given by store reflects the number of positions eliminated. Many of these associates will be placed in other positions.) Store Openings Four new Macy's and Bloomingdale's stores are currently planned and/or under construction, as previously announced. New Macy's stores will be opening in: * Westfield Century City, Los Angeles, CA (a 155,000 square- foot store to open in spring 2017; Macy's previously operated a 136,000 square-foot store in this location which closed in January 2016); * Fashion Place, Murray, UT (160,000 square feet; to open in spring 2017; approximately 150 associates) New Bloomingdale's stores will be opening in: * Westfield Valley Fair Shopping Center, San Jose, CA (150,000 square feet; to open in spring 2019; approximately 250 associates); * The SoNo Collection, Norwalk, CT (150,000 square feet; to openin fall 2019; approximately 200 associates) In addition, in the next two years, the company plans to open approximately 50 additional Macy's Backstage off-price locations (all of which will be inside existing Macy's stores) and about 50 Bluemercury beauty specialty stores (freestanding and shops inside existing Macy's stores). Internationally, under license agreements with Al Tayer Group, a new Bloomingdale's store is planned to open in 360 Mall in Al Zahra, Kuwait in Spring 2017 and new Macy's and Bloomingdale's stores are planned to open in Al Maryah Central in Abu Dhabi, United Arab Emirates, in 2018. About Macy's, Inc. Macy's, Inc. (NYSE:M), with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2015 sales of $27.079 billion. The company operates about 880 stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's, Bloomingdale's, Bloomingdale's Outlet, Macy's Backstage and Bluemercury, as well as the macys.com, bloomingdales.com and bluemercury.com websites. Bloomingdale's in Dubai is operated by Al Tayer Group LLC under a license agreement. Macy's reported $21.274 billion in assets against $17.483 billion in liabilities as of Oct. 29, 2016. Macy's posted $139 million of net income on $17.263 billion of net sales for the 39 weeks ended Oct. 29, 2016, compared with net income of $528 million on $18.210 billion of net sales for the 39 weeks ended Oct. 31, 2015. PUERTO RICO: Seeks Proposals for Legal, Financial Advisers ---------------------------------------------------------- Nick Brown at Reuters reports that Puerto Rico's new governor wasted no time seeking advisers to help the island restructure $70 billion in debt, requesting late in January 2 that firms submit their qualifications as legal and financial advisers. Governor Ricky Rossello, who was sworn in, had sharply criticized the financial policies of his predecessor, Alejandro Garcia Padilla, during the 2016 campaign, according to Reuters. Those policies were shaped in large part by law firm Cleary Gottlieb Steen & Hamilton and financial adviser Millstein and Co. Both firms have represented the island since 2014, as it descended into economic crisis, the report notes. The announcement from the Fiscal Agency and Financial Advisory Authority, the island's primary fiscal agent, could bring the firms' tenures to an end, the report relays. Garcia Padilla pushed for sharp reductions in debt payments to Puerto Rico's creditors and ordered several defaults during his term, the report discloses. Mr. Rossello, who favors U.S. statehood for the island, believes it should try to limit such cuts while imposing belt-tightening measures like consolidating public agencies, the report notes. Firms had until Jan. 5 to submit their qualifications. Those that have represented Puerto Rico's creditors are not barred from vying for a contract, the report notes. According to Puerto Rico's comptroller's office, Cleary and Millstein are under contract through this fiscal year, which ends on June 30, although Mr. Rossello can review those agreements, the report notes. Cleary was to be paid $11 million, and Millstein was to get $9 million under the deals, the report says. Puerto Rico owes $18 billion in general obligation debt, backed only by a constitutional promise; $15 billion in so-called COFINA debt backed by sales tax proceeds; and billions more in debt at public agencies like power authority PREPA and water utility PRASA, the report relays. Nearly half the island's 3.5 million residents live in poverty. Its unemployment rate is more than twice the U.S. average, and its population continues to fall as locals flock to the U.S. mainland, the report notes. Creditors are barred from suing Puerto Rico over missed debt payments at least through Feb. 15 under a federal rescue law known as PROMESA, the report discloses. The law, passed last year, calls for the island to try to reach consensual compromises with creditors in the meantime, the report notes. Facilitating those talks will fall to a federal oversight board that has hired its own advisers. It is unclear how much clout Puerto Rico's government advisers would have in those talks, the report adds. * * * The Troubled Company Reporter-Latin America reported on June 15, 2016, that the U.S. Supreme Court struck down a Puerto Rico law that would have let its public utilities restructure their debt over the objection of creditors leaving it to Congress to help the island resolve its fiscal crisis. Siding with bondholders challenging the law, the court ruled 5-2 that the measure was barred under federal bankruptcy law. Justice Clarence Thomas, writing for the majority in the 5-to-2 decision, said the law was at odds with the federal bankruptcy code, which bars states and lower units of government from enacting their own versions of bankruptcy law. Puerto Rico is struggling with $72 billion in debt and has argued that it needs to restructure at least some of it under Chapter 9, the part of the bankruptcy code for insolvent local governments. But Puerto Rico is not permitted to do so, because Chapter 9 specifically excludes it. The federal law, Justice Thomas wrote, "bars Puerto Rico from enacting its own municipal bankruptcy scheme to restructure the debt of its insolvent public utilities." Chief Justice John G. Roberts Jr. and Justices Anthony M. Kennedy, Stephen G. Breyer and Elena Kagan joined him. Consequently, Puerto Rico opted to default on $911 million in constitutionally guaranteed debt, or roughly half of the $2 billion in principal and interest that came due July 1, EFE News reported. The reported further noted that Puerto Rico enacted a debt moratorium due to liquidity restraints -- a move that coincided with a new U.S. law signed by President Obama that installs a financial control board to restructure the island's debt and provides a retroactive stay on lawsuits by bondholders. On July 11, 2016, the TCR-LA reported that S&P Global Ratings has downgraded the Commonwealth of Puerto Rico's general obligation secured debt to 'D' (default) from 'CC' following the commonwealth's default. On July 7, 2016, Fitch Ratings has downgraded the Commonwealth of Puerto Rico's Long-Term Issuer Default Rating (IDR) to 'RD' from 'C' and general obligation (GO) bond rating to 'D' from 'C' following the payment default on certain GO bonds on July 1, 2016. Both ratings are removed from Rating Watch. Ratings on securities that have not defaulted will remain at 'C' until the point of default. The ratings on non-defaulted bonds remain on Rating Watch Negative. =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIRLINES: Records Decline in Guyanese Passengers ---------------------------------------------------------- RJR News reports that Caribbean Airlines Limited has recorded a 10% decline in Guyanese passengers. According to a report from the Cheddi Jagan Airport, Guyanese passengers are choosing other airlines over CAL and avoiding transiting through Trinidad and Tobago, RJR News notes. The airport report said figures for Caribbean Airlines' competitors have soared, according to RJR News. The airport report revealed there was a 97 per cent increase in flights via Copa Airways from Guyana to Panama, while the Guyanese-owned Fly Jamaica Airways also saw an increase of 79 per cent, RJR News notes. Suriname Airways saw a 65 per cent increase, while Dynamic saw its passenger load go up by 23 per cent and Insel Air saw a 16 per cent rise in the passenger load from Guyana, RJR News says. In June last year, Guyanese passengers complained that they were not being allowed to check in duty-free purchases of alcohol when transiting through Trinidad and Tobago resulting in them having to destroy the items, RJR News relays. Additionally, the airline only allows passengers one checked bag at no cost, while many other airlines flying into Guyana allow for two checked bags weighing up to 50 pounds each, free of charge, and a carry-on with a weight allowance of up to 20 pounds, RJR News discloses. CAL said it was merely following US civil aviation rules. The airline has since introduced a system allowing passengers to make their duty-free purchases and then go to a secured part of the airport to place it into their checked bags, RJR News adds. About Caribbean Airlines Caribbean Airlines Limited -- http://www.caribbean-airlines.com/ -- provides passenger airline services in the Caribbean, South America, and North America. The company also offers freighter services for perishables, fish and seafood, live animals, human remains, and dangerous goods. In addition, it operates a duty free store in Trinidad. Caribbean Airlines Limited was founded in 2006 and is based in Piarco, Trinidad and Tobago. As reported in the Troubled Company Reporter-Latin America on November 2, 2015, RJR News said that Michael DiLollo, Chief Executive Officer of Caribbean Airlines Limited has quit after just 17 months on the job. The 48-year-old Canadian national, citing personal reasons, resigned with immediate effect. His resignation was accepted by the airline's board of directors. Mr. DiLollo was appointed Caribbean Airlines CEO in May 2014, following the sudden resignation of Robert Corbie in September 2013. In early February 2015, Larry Howai, then Finance Minister, told Parliament that unaudited accounts for 2014 showed the airline made a loss of US$60 million, inclusive of its Air Jamaica operations, and the airline planned to break even by 2017. Mr. Howai told the Parliament that a five-year strategic plan had been completed and was in the process of being approved for implementation. In an interview with the Trinidad & Tobago Guardian in early November 2015, Mr. DiLollo said CAL did not need a bailout just yet. Mr. DiLollo said the airline had benefited from extremely patient shareholders for years and he believed the airline was strategically positioned to break even in three years. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: Sued Over Latest Citgo Deal --------------------------------------------------- Andrew Scurria at The Wall Street Journal reports that Petroleos de Venezuela SA is facing new legal action from North American multinationals over financial maneuvers they say are designed to shield the state-owned oil giant's U.S. assets from seizure. Canadian mining company Crystallex International Corp. expanded an existing lawsuit in Delaware federal court against PdVSA, as the struggling national company is known, according to The Wall Street Journal. At issue is a loan transaction that PdVSA quietly undertook last month with Rosneft Trading SA, an affiliate of Russia's state-owned oil company that was also named as a defendant, the report notes. Lawyers for U.S. oil producer ConocoPhillips, another plaintiff suing PdVSA, also said that it would seek relief from the court, the report says. The two companies are seeking large awards from Venezuela in international arbitration tribunals over nationalizations carried out under the nation's deceased president, Hugo Chavez, the report notes. PdVSA, the major economic engine in recession-ravaged Venezuela, has drawn the companies' ire by taking steps they say are meant to mortgage the assets of its U.S. subsidiary Citgo Holdings and repatriate the proceeds to Venezuela, beyond the reach of the U.S. court system and the country's so-called judgment creditors, the report discloses. International arbitration awards must be enforced for judgment holders to collect anything, and Citgo, one of the largest U.S. refiners, is a logical candidate for seizure, the report relays. The report recalls that Crystallex and ConocoPhillips filed lawsuits in Delaware in October after PdVSA pledged its 50.1% stake in Citgo as collateral for investors as part of a $2.8 billion bond swap. In the transaction, which PdVSA struggled to complete, investors agreed to exchange $2.8 billion in bonds maturing in 2017 for $3.4 billion in bonds due in 2020, the report notes. The plaintiffs have asked the court to cancel the lien on Citgo's stock and declare the pledge a fraudulent transfer, the report relays. An attorney for PdVSA couldn't be reached for comment. The swap reduced the Venezuelan government's debt load between now and 2018 to $13 billion from about $15 billion, the report notes. It also gave the company "breathing space" to stabilize a decline in oil production and let investors collect juicy yields for longer, PdVSA President Eulogio del Pino told The Wall Street Journal at the time, the report relays. Mr. del Pino also said in the interview that Citgo could be used as collateral for other deals, the report notes. The following month, PdVSA filed financial documents in Delaware mortgaging its remaining 49.1% stake in Citgo to Rosneft, according to court papers submitted by the plaintiffs, the report relays. PdVSA confirmed in a Dec. 23 statement that it had used the remainder of its Citgo stake "to raise new financing," though it didn't detail what it received from Rosneft in return, the report discloses. "It is clear that Citgo continues to be owned by PdVSA, a company that has demonstrated to be absolutely sound, serious and solvent," the statement said, the report notes. A $3 billion tranche of 12.75% PdVSA bonds sold in 2011 and maturing in 2022 traded on Thursday, Jan. 5 at 63.5 cents on the dollar, according to FactSet, having recovered from their all-time low of 34.15 cents on the dollar last February, the report relays. Crystallex is also suing PdVSA to recoup a $2.8 billion dividend that Citgo allegedly transferred to its parent in 2015 using the proceeds of a U.S. bond sale, the report notes. That was after PdVSA abandoned plans in early 2015 to sell the subsidiary outright, the report adds. As reported in the Troubled Company Reporter-Latin America on Nov. 22, 2016, Moody's Investors Service assigned a Caa3 rating to Petroleos de Venezuela, S.A. (PDVSA)'s 8.5% $3.4 billion in senior secured notes due 2020. The outlook on the rating in negative. ================= X X X X X X X X X ================= * BOND PRICING: For the Week From Jan. 2 to Jan. 6, 2017 --------------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- Andino Investment Holding 11 70.85 11/13/2020 PE USD Andino Investment Holding 11 68.88 11/13/2020 PE USD Anton Oilfield Services G 7.5 69.03 11/6/2018 CN USD Anton Oilfield Services G 7.5 66 11/6/2018 CN USD BA-CA Finance Cayman 2 Lt 0.719 38.5 KY EUR BA-CA Finance Cayman Ltd 0.749 38.93 KY EUR Banco do Brasil SA/Cayman 6.25 62.84 KY USD Banco do Brasil SA/Cayman 6.25 59.51 KY USD BPI Capital Finance Ltd 2.29 40 KY EUR CA La Electricidad de Car 8.5 43.75 4/10/2018 VE USD Chile Government Internat 3.625 15.7 10/30/2042 CL USD CSN Islands XI Corp 6.875 61.25 9/21/2019 KY USD CSN Islands XI Corp 6.875 61.13 9/21/2019 KY USD CSN Islands XII Corp 7 48.8 BR USD CSN Islands XII Corp 7 47.75 BR USD Decimo Primer Fideicomiso 4.54 59.75 10/25/2041 PA USD Decimo Primer Fideicomiso 6 71.38 10/25/2041 PA USD Ecuador Government Domest 8.45 70.8 2/6/2034 EC USD Ecuador Government Domest 8.45 69.35 9/10/2034 EC USD Ecuador Government Domest 8.45 70.42 4/2/2034 EC USD Ecuador Government Domest 8.45 69.72 7/17/2034 EC USD Ecuador Government Domest 8.45 69.71 5/30/2034 EC USD Ecuador Government Domest 8.45 69.23 9/30/2034 EC USD Ecuador Government Domest 8.45 70.52 3/19/2034 EC USD Ecuador Government Domest 7.75 74.84 12/19/2028 EC USD Ecuador Government Domest 8.45 69.94 6/12/2034 EC USD Ecuador Government Domest 8.45 69.95 6/11/2034 EC USD Ecuador Government Domest 8.45 69.82 7/1/2034 EC USD Ecuador Government Domest 7.7 73.56 7/1/2029 EC USD Ecuador Government Domest 7.7 72.94 9/10/2029 EC USD Ecuador Government Domest 7.75 74.95 11/8/2028 EC USD Ecuador Government Domest 7.7 73.74 6/11/2029 EC USD Ecuador Government Domest 7.7 73.73 6/12/2029 EC USD Ecuador Government Domest 7.7 72.77 9/30/2029 EC USD Empresa de Telecomunicaci 7 71.24 1/17/2023 CO COP Empresa de Telecomunicaci 7 71.24 1/17/2023 CO COP ESFG International Ltd 5.753 0.883 KY EUR General Exploration Partn 11.5 36.75 11/13/2018 CA USD General Shopping Finance 10 60.55 KY USD General Shopping Finance 10 60.63 KY USD Global A&T Electronics Lt 10 70.88 2/1/2019 SG USD Global A&T Electronics Lt 10 71.88 2/1/2019 SG USD Global A&T Electronics Lt 10 50.5 2/1/2019 SG USD Global A&T Electronics Lt 10 54 2/1/2019 SG USD Glorious Property Holding 13.25 74.56 3/4/2018 HK USD Gol Finance Inc 9.25 47.35 7/20/2020 BR USD Gol Finance Inc 8.75 37.75 BR USD Gol Finance Inc 7.5 61 4/3/2017 BR USD Gol Finance Inc 7.5 59.38 4/3/2017 BR USD Gol Finance Inc 7.5 59.38 4/3/2017 BR USD Gol Finance Inc 9.25 43.38 7/20/2020 BR USD Gol Finance Inc 8.75 36.88 BR USD Green Dragon Gas Ltd 10 63.75 11/20/2017 HK USD Greenfields Petroleum Cor 9 11.35 5/31/2017 US CAD Honghua Group Ltd 7.45 58.25 9/25/2019 CN USD Honghua Group Ltd 7.45 58 9/25/2019 CN USD Inversora Electrica de Bu 6.5 59.5 9/26/2017 AR USD MIE Holdings Corp 7.5 67.25 4/25/2019 HK USD MIE Holdings Corp 7.5 68.58 4/25/2019 HK USD NB Finance Ltd/Cayman Isl 3.38 60.22 2/7/2035 KY EUR Newland International Pro 9.5 24.13 7/3/2017 PA USD Newland International Pro 9.5 25.13 7/3/2017 PA USD Noble Holding Internation 6.2 65.42 8/1/2040 KY USD Noble Holding Internation 6.05 66.38 3/1/2041 KY USD Noble Holding Internation 5.25 64.71 3/15/2042 KY USD Ocean Rig UDW Inc 7.25 57.75 4/1/2019 CY USD Ocean Rig UDW Inc 7.25 55 4/1/2019 CY USD Odebrecht Drilling Norbe 6.35 27 6/30/2021 KY USD Odebrecht Drilling Norbe 6.35 28.5 6/30/2021 KY USD Odebrecht Finance Ltd 7.5 40 KY USD Odebrecht Finance Ltd 4.375 37.23 4/25/2025 KY USD Odebrecht Finance Ltd 7.125 33.5 6/26/2042 KY USD Odebrecht Finance Ltd 5.25 34.5 6/27/2029 KY USD Odebrecht Finance Ltd 5.125 36 6/26/2022 KY USD Odebrecht Finance Ltd 8.25 35 4/25/2018 KY BRL Odebrecht Finance Ltd 7 53.5 4/21/2020 KY USD Odebrecht Finance Ltd 6 41.51 4/5/2023 KY USD Odebrecht Finance Ltd 5.25 36 6/27/2029 KY USD Odebrecht Finance Ltd 4.375 36 4/25/2025 KY USD Odebrecht Finance Ltd 7.125 33.75 6/26/2042 KY USD Odebrecht Finance Ltd 7.5 42.5 KY USD Odebrecht Finance Ltd 8.25 35 4/25/2018 KY BRL Odebrecht Finance Ltd 5.125 35.38 6/26/2022 KY USD Odebrecht Finance Ltd 6 38.88 4/5/2023 KY USD Odebrecht Finance Ltd 7 44 4/21/2020 KY USD Odebrecht Offshore Drilli 6.75 17 10/1/2022 KY USD Odebrecht Offshore Drilli 6.625 17 10/1/2022 KY USD Odebrecht Offshore Drilli 6.75 17.38 10/1/2022 KY USD Odebrecht Offshore Drilli 6.625 17.38 10/1/2022 KY USD Petroleos de Venezuela SA 5.25 67.5 4/12/2017 VE USD Petroleos de Venezuela SA 12.75 56.1 2/17/2022 VE USD Petroleos de Venezuela SA 9 49.38 11/17/2021 VE USD Petroleos de Venezuela SA 9.75 44.57 5/17/2035 VE USD Petroleos de Venezuela SA 6 38.5 5/16/2024 VE USD Petroleos de Venezuela SA 6 36.75 11/15/2026 VE USD Petroleos de Venezuela SA 5.375 37 4/12/2027 VE USD Petroleos de Venezuela SA 5.5 36.75 4/12/2037 VE USD Petroleos de Venezuela SA 6 32.13 10/28/2022 VE USD Petroleos de Venezuela SA 6 36.4 11/15/2026 VE USD Petroleos de Venezuela SA 6 35.35 5/16/2024 VE USD Petroleos de Venezuela SA 9.75 41.7 5/17/2035 VE USD Petroleos de Venezuela SA 9 45.25 11/17/2021 VE USD Petroleos de Venezuela SA 12.75 46.15 2/17/2022 VE USD Polarcus Ltd 5.6 44.93 3/30/2022 AE USD Provincia de Rio Negro 1.6148 62 5/4/2024 AR ARS PSOS Finance Ltd 11.75 60.13 4/23/2018 KY USD Republic of Ecuador Minis 8.45 69.22 9/30/2034 EC USD Republic of Ecuador Minis 7.75 74.88 12/19/2028 EC USD Republic of Ecuador Minis 7.7 73.6 7/1/2029 EC USD Republic of Ecuador Minis 7.75 74.99 11/8/2028 EC USD Republic of Ecuador Minis 8.45 69.22 9/30/2034 EC USD Republic of Ecuador Minis 7.7 73.77 6/12/2029 EC USD Republic of Ecuador Minis 8.45 69.39 9/10/2034 EC USD Republic of Ecuador Minis 8.45 69.75 7/17/2034 EC USD Republic of Ecuador Minis 8.45 69.39 9/10/2034 EC USD Republic of Ecuador Minis 7.7 72.81 9/30/2029 EC USD Republic of Ecuador Minis 7.7 73.78 6/11/2029 EC USD Republic of Ecuador Minis 7.7 73.6 7/1/2029 EC USD Republic of Ecuador Minis 8.45 69.98 6/11/2034 EC USD Republic of Ecuador Minis 8.45 69.98 6/11/2034 EC USD Republic of Ecuador Minis 7.7 73.77 6/12/2029 EC USD Republic of Ecuador Minis 7.7 72.99 9/10/2029 EC USD Republic of Ecuador Minis 8.45 69.97 6/12/2034 EC USD Republic of Ecuador Minis 7.75 74.88 12/19/2028 EC USD Republic of Ecuador Minis 8.45 70.84 2/6/2034 EC USD Republic of Ecuador Minis 8.45 70.55 3/19/2034 EC USD Republic of Ecuador Minis 8.45 69.85 7/1/2034 EC USD Republic of Ecuador Minis 8.45 70.45 4/2/2034 EC USD Republic of Ecuador Minis 7.7 72.81 9/30/2029 EC USD Republic of Ecuador Minis 8.45 69.75 7/17/2034 EC USD Republic of Ecuador Minis 8.45 69.74 5/30/2034 EC USD Republic of Ecuador Minis 8.45 69.97 6/12/2034 EC USD Republic of Ecuador Minis 7.75 74.99 11/8/2028 EC USD Republic of Ecuador Minis 8.45 69.85 7/1/2034 EC USD Republic of Ecuador Minis 8.45 70.45 4/2/2034 EC USD Republic of Ecuador Minis 8.45 69.74 5/30/2034 EC USD Republic of Ecuador Minis 7.7 73.78 6/11/2029 EC USD Republic of Ecuador Minis 8.45 70.84 2/6/2034 EC USD Republic of Ecuador Minis 7.7 72.99 9/10/2029 EC USD Republic of Ecuador Minis 8.45 70.55 3/19/2034 EC USD Samarco Mineracao SA 4.125 37.25 11/1/2022 BR USD Samarco Mineracao SA 5.75 36.6 10/24/2023 BR USD Samarco Mineracao SA 5.375 35.38 9/26/2024 BR USD Samarco Mineracao SA 4.125 37.38 11/1/2022 BR USD Samarco Mineracao SA 5.75 39.63 10/24/2023 BR USD Samarco Mineracao SA 5.375 37.25 9/26/2024 BR USD Siem Offshore Inc 5.69 52.25 1/30/2018 NO NOK Siem Offshore Inc 5.49 51.75 3/28/2019 NO NOK Transocean Inc 5.05 74.75 10/15/2022 KY USD Transocean Inc 6.8 63.66 3/15/2038 KY USD Transocean Inc 7.5 65.78 4/15/2031 KY USD Transocean Inc 9.1 70.41 12/15/2041 KY USD Transocean Inc 7.45 74.9 4/15/2027 KY USD Transocean Inc 8 73.55 4/15/2027 KY USD Uruguay Notas del Tesoro 5.25 61.99 12/29/2021 UY UYU US Capital Funding IV Ltd 0.99305 43.92 12/1/2039 KY USD US Capital Funding IV Ltd 0.99305 43.92 12/1/2039 KY USD Venezuela Government Inte 9.25 49.03 9/15/2027 VE USD Venezuela Government Inte 11.75 49.5 10/21/2026 VE USD Venezuela Government Inte 11.95 49.5 8/5/2031 VE USD Venezuela Government Inte 7.75 47.38 10/13/2019 VE USD Venezuela Government Inte 13.625 65.25 8/15/2018 VE USD Venezuela Government Inte 9.375 45.85 1/13/2034 VE USD Venezuela Government Inte 7 52.85 12/1/2018 VE USD Venezuela Government Inte 7 42 3/31/2038 VE USD Venezuela Government Inte 9 45.5 5/7/2023 VE USD Venezuela Government Inte 9.25 45.5 5/7/2028 VE USD Venezuela Government Inte 8.25 44.38 10/13/2024 VE USD Venezuela Government Inte 6 43.5 12/9/2020 VE USD Venezuela Government Inte 13.625 56.5 8/15/2018 VE USD Venezuela Government Inte 7.65 43.25 4/21/2025 VE USD Venezuela Government Inte 13.625 59.69 8/15/2018 VE USD Venezuela Government Inte 12.75 53.5 8/23/2022 VE USD Venezuela Government TICC 5.25 53.23 3/21/2019 VE USD VRG Linhas Aereas SA 10.75 25.63 2/12/2023 BR USD VRG Linhas Aereas SA 10.75 25.63 2/12/2023 BR USD XLIT Ltd 6.5 70 IE 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. 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, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A. Chapman, Editors. Copyright 2017. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. * * * End of Transmission * * *