/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/170213.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, February 13, 2017, Vol. 18, No. 031 Headlines B R A Z I L BRAZIL: Fiscal Reform Faces Headwinds Amid Scandals CAMPOSOL SA: S&P Raises CCR to 'B-' After Full Notes Redemption ODEBRECHT SA: Judge Orders Arrest of Ex-Peru President on Case C A Y M A N I S L A N D S AES EL: Commences Liquidation Proceedings ASIA STAR: Commences Liquidation Proceedings AVENUE ASIA: Commences Liquidation Proceedings AVENUE STRATEGIC: Commences Liquidation Proceedings AVENUE STRATEGIC FEEDER: Commences Liquidation Proceedings BALLISODARE INVESTMENTS: Commences Liquidation Proceedings DENDERA LTD: Commences Liquidation Proceedings EJF GREATER: Commences Liquidation Proceedings GENTING SINGAPORE: Commences Liquidation Proceedings GRANITE INVESTORS: Commences Liquidation Proceedings GREAT FORTUNE: Placed Under Voluntary Wind-Up H A I T I HAITI: IMF Okays SDR30.7125 Million Disbursement J A M A I C A * JAMAICA: Projected to Achieve Over 2% Growth M E X I C O BANCA MIFEL: S&P Affirms 'BB/B' Global Scale Ratings EMPRESAS ICA: S&P Affirms 'D' CCR & Sr. Unsecured Debt Ratings MEXICO: Mexicans Vow to Fight Trump by Jamming U.S. Courts P U E R T O R I C O BS PUERTO RICO: Financial Buffers Improved Amid PR's Recession ECRA GROUP: Court Conditionally Approves Disclosure Statement ERGON CARIBBEAN: Taps Jimenez Vazquez as Accountant OLIVER C&I: Needs Until May 15 to Submit Plan of Reorgnization SPANISH BROADCASTING: Reports Select Financial Results for 2016 X X X X X X X X X * BOND PRICING: For the Week From Feb. 6 to Feb. 10, 2017 - - - - - =========== B R A Z I L =========== BRAZIL: Fiscal Reform Faces Headwinds Amid Scandals --------------------------------------------------- Paulo Trevisani at The Wall Street Journal reports that Brazilian President Michel Temer's efforts to rein in state spending faced new headwinds this week as some key allies of the administration were hit by accusations of corruption. In the past few days, several top politicians backing Mr. Temer's unpopular economic reform proposals became embroiled in scandals related to Operation Car Wash, the sprawling corruption investigation centered on state oil company Petroleo Brasileiro SA, or Petrobras, according to The Wall Street Journal. The distractions come as lawmakers began discussions this week on controversial pension and labor reforms, the report notes. The latest accusations of wrongdoing have been denied and investigations are under way, but they could weaken the reform agenda, said Andre Cesar, a political analyst in Brasilia, the report relays. "The reforms are very sensitive and any noise has the potential to derail them," Mr. Cesar said. "And anything related to Car Wash makes a lot of noise," he added. A spokesman for Mr. Temer said the administration is focused on keeping the government moving despite the crisis. Mr. Temer's week of troubles first centered on Wellington Moreira Franco, a longtime economic adviser to the president's Brazilian Democratic Movement Party (PMDB) and whom Mr. Temer nominated for a ministerial position earlier this month, the report notes. Some lower-court judges are working to block the nomination, saying the administration is trying to make Mr. Franco a minister only to give him the protection from prosecution granted to cabinet members by Brazilian law, the report discloses. The judges cited unconfirmed local media reports that Mr. Franco had been mentioned by a state witness in the Petrobras probe as having solicited illegal payments in exchange for channeling government contracts to favored firms, the report relays. Mr. Franco has denied wrongdoing. The administration has appealed the attempt to block Mr. Franco's nomination, and the case is now before the Supreme Court, which is expected to rule on it sometime, the report says. Mr. Franco declined to comment, through a spokesman. The administration's legal team said in court documents his nomination was legal and not aimed at protecting him, the report notes. Other key members of the PMDB, including House Speaker Rodrigo Maia and Rio de Janeiro Governor Luiz Fernando de Souza, were also accused by investigators of taking bribes in separate cases, the report relays. Messrs. Maia and Souza both have denied the accusations. Mr. Souza is appealing an electoral court order for him to step down and will remain in office while judges consider his request, which could take months, the report says. The slew of legal troubles gave ammunition to an opposition eager to defeat Mr. Temer's agenda, which includes raising the retirement age to try to prop up the country's insolvent pension system and more flexible labor laws intended to reduce labor costs, the report says. "These reforms are very contentious by nature [and some] are even cruel," said Representative Paulo Teixeira, of the leftist Workers' Party, or PT, which was forced out of the presidential palace last year when former President Dilma Rousseff was removed from office following an impeachment trial supported by Mr. Temer and the PMDB, the report notes. "Approving these proposals requires legitimacy, and the scandals sap the administration's legitimacy," Mr. Teixeira said, the report discloses. To be sure, the odds are still high that Congress will approve pension and other reforms, thanks to Mr. Temer's solid coalition in the legislature and the fact that key members of the PT are also under investigation, said Geraldo Tadeu Monteiro, a political analyst at the State University of Rio de Janeiro, the report notes. The administration's base of support in Congress is strong, he said. "The scandals give some ammunition to the opposition, but the opposition is also enmeshed in Car Wash," he added. Members of the various parties in Congress that support the administration's proposals have expressed confidence the reforms will proceed, the report relays. "This is just one more crisis" out of many jolting Brazil's establishment over the past few years, said PMDB member Rep. Darcisio Perondi. "We've managed to keep the [governing coalition in Congress] together and we are advancing," Mr. Perondi added. But in Brazil's cutthroat political environment, any signs of vulnerability could be damaging, says Paulo Carlos Calmon, a political scientist at University of Bras°lia, the report notes. "This week's blows could increase mistrust in the government," he said. "These reforms have a high political cost, which rises if the administration supporting them loses credibility, he added. As reported in the Troubled Company Reporter-Latin America on Nov. 15, 2016, Fitch Ratings has affirmed Brazil's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB'/ Negative Outlook. Brazil's senior unsecured Foreign- and Local- Currency bonds are also affirmed at 'BB'. The Country Ceiling is affirmed at 'BB+' and the Short-Term Foreign and Local-Currency IDRs at 'B'. CAMPOSOL SA: S&P Raises CCR to 'B-' After Full Notes Redemption --------------------------------------------------------------- S&P Global Ratings raised its corporate credit rating on Camposol S.A. to 'B-' from 'CCC'. The outlook is positive. At the same time, S&P raised its issue-level rating on the company's $147.5 million senior secured notes due 2021 to 'B-' from 'CCC-'. The upgrade of Camposol follows the full redemption of its senior unsecured notes due Feb. 2, 2017. On that date, the company made a $47 million payment on the remaining balance of the notes that were not validly tendered in the exchange offer completed in May 2016, nor redeemed in December 2016. The company funded this debt repayment with cash on balance and a $15 million mid-term bank loan. Upon redemption of the notes, Camposol has eased S&P's concerns on refinancing risk. In addition, the company has improved its liquidity, which will continue supporting its growth plans, while it is better positioned to continue fulfilling its short-term financial commitments. Camposol's business risk profile reflects its limited scale of operations compared with those of its global rated peers, limited product diversification, and its asset concentration in Peru. The assessment also encompasses the company's vulnerability to risks beyond its control such as adverse weather conditions and international terms of trade. Mitigating factors include Camposol's improving operating performance and profitability as a result of increasing production of blueberries (its highest-margin crop), and higher average prices at its seafood business segment. Based on these factors, along with likely steady harvest yields, S&P expects EBITDA margins of nearly 25% for the next 12 months, higher than in previous years. Camposol's financial risk profile incorporates volatile cash flow stemming from the cyclical nature of the business and significant price fluctuations of the company's products. Nonetheless, if S&P's expectations of steady top-line growth, improved profitability, and lower working capital requirements materialize, Camposol will gradually boost operating cash flows and reduce leverage in the next 12 months. By the end of 2016, S&P expects debt to EBITDA and EBITDA interest coverage near 3.6x and 2.8x, respectively, outperforming S&P's previous estimates. S&P also expects these ratios to reach below 3.0x and above 3.0x, respectively, by the end of 2017. S&P's base-case scenario assumes these factors for 2017 and 2018: -- Mid- to low-single digit annual GDP growth in the U.S., Europe, and Asia, which are markets that S&P expects to represent together more than 80% of Camposol's total sales. In S&P's view, GDP growth and higher income per capita in these markets will continue to support purchases of exotic fruits and vegetables, which are discretionary in nature. -- Revenue growth of 13.0% in 2017, primarily supported by increasing sales volumes of blueberries and seafood, stabilizing to 5.8% in 2018. -- Annual capital expenditures (capex) between $50 million and $60 million for 2016 and 2017, mainly to support the higher output of blueberries and seafood. -- Moderate dividend distributions. Based on these assumptions, S&P arrives at these credit metrics for 2017 and 2018: -- EBITDA margins close to 25%; -- Debt to EBITDA of 2.8x and 2.5x; -- Funds from operations (FFO) to debt of more than 20%; and -- EBITDA to interest coverage above 3.0x. S&P is revising its assessment of Camposol's liquidity to less than adequate from weak following the timely payment of the remaining amount of its senior unsecured notes due February 2017. Although S&P forecasts that Camposol's cash sources-over-uses ratio will remain below 1.2x for the next 12 months as of September 2016, S&P expects higher cash flow generation to gradually improve the company's liquidity in the next few quarters. Principal Liquidity Sources: -- Cash and cash equivalents of $31.5 million as of Sept. 2016; -- FFO of about $51 million for the next 12 months; and -- Working capital inflow of about $3.2 million for the next 12 months. Principal Liquidity Uses: -- Short-term debt of $81.2 million as of September 2016, which include $52.5 million that have already been paid; and -- Maintenance capex of about $15 million for the next 12 months. Camposol's covenants are of incurrence and set a maximum net debt to EBITDA of 3.25x, which the company is currently in breach and can't raise any additional debt, except for working capital financing up to 25% of total revenue, debt repayment, and up to $20 million for other needs. The positive outlook reflects the potential for a further upgrade if Camposol's favorable growth prospects, stemming from increasing blueberry production and an improving operating performance of its seafood business segment, lead to stronger credit metrics and liquidity in the next 12 months. Under such a scenario, debt to EBITDA would consistently be less than 3.0x and EBITDA interest coverage more than 3.0x. S&P could revise the outlook to stable in the next 12 months if Camposol pursues an aggressive investment and compensation strategy that further tightens its liquidity and/or if risks beyond control such as less favorable international terms of trade and adverse weather conditions constrain cash flow generation, leading to debt to EBITDA consistently above 3.0x, an EBITDA to interest coverage below 3.0x, and tighter liquidity. ODEBRECHT SA: Judge Orders Arrest of Ex-Peru President on Case -------------------------------------------------------------- Ryan Dube at The Wall Street Journal reports that a judge on Thursday ordered the arrest of former Peruvian President Alejandro Toledo as part of a region-wide corruption scandal tied to Brazilian construction giant Odebrecht SA. Judge Richard Concepcion said evidence presented by prosecutors pointed to a "high degree of probability" that Mr. Toledo allegedly took bribes from Odebrecht in exchange for public-works contracts during his administration, according to The Wall Street Journal. The report notes that Judge Concepcion ordered Mr. Toledo, who governed from 2001 to 2006, to be detained for 18 months as prosecutors prepare charges of money laundering and influence peddling. Prosecutors suspect Mr. Toledo took $20 million in bribes in exchange for steering to Odebrecht contracts for a highway project connecting southern Peru to Brazil, the report notes. Prosecutors say they have evidence that some of those funds were deposited into offshore bank accounts of a close associate of the former president, the report relays. Mr. Toledo, who rose to power leading protests against the corrupt regime of jailed former President Alberto Fujimori, has denied wrongdoing, the report discloses. His lawyer, Heriberto Benitez, argued in court that the arrest order for the 70-year-old Mr. Toledo was excessive, the report says. After the ruling, Mr. Benitez told reporters that Mr. Toledo would appeal the decision, the report notes. He said he would recommend to Mr. Toledo that he not return to Peru, claiming that he wouldn't receive a fair trial, the report relays. Mr. Toledo, a visiting scholar at Stanford University, is believed to be outside of Peru, the report says. Attorney General Pablo Sanchez said that an international arrest warrant would be issued if he doesn't return to Peru voluntarily, the report notes. The Odebrecht SA scandal has reverberated across Latin America after the company admitted in December that it paid almost $800 million in bribes to officials to win large public-works contracts, according to a settlement with the U.S. Department of Justice, the report adds. As reporter in the Troubled Company Reporter-Latin America on Dec. 2, 2016, The Wall Street Journal related that Marcelo Odebrecht, the jailed former head of Brazilian construction giant Odebrecht SA, agreed to sign a plea-bargain agreement in connection with Brazil's largest corruption probe ever, according to a person close to the negotiations. The move could roil the nation's political class yet again. The testimony of the former industrialist, which is part of the deal, has the potential to implicate numerous politicians who allegedly took kickbacks from contractors as part of a years-long graft ring centered on Brazil's state-run oil company, Petroleo Brasileiro SA, known as Petrobras, according to The Wall Street Journal. ========================== C A Y M A N I S L A N D S ========================== AES EL: Commences Liquidation Proceedings ----------------------------------------- The shareholders of AES EL Salvador Distribution Ventures, Ltd., on Dec. 6, 2016, 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: James Kostura c/o Maples and Calder Attorneys-at-law Ugland House P.O. Box 309 Grand Cayman KY1-1104 Cayman Islands ASIA STAR: Commences Liquidation Proceedings -------------------------------------------- The sole member of Asia Star Investments Holding Ltd., on Dec. 16, 2016, resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 24, 2017, will be included in the company's dividend distribution. The company's liquidator is: Richard Fear c/o Kevin Butler P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands Telephone: (345) 814 7374 Facsimile: (345) 945 3902 AVENUE ASIA: Commences Liquidation Proceedings ---------------------------------------------- The sole shareholder of Avenue Asia International Master Genpar, Ltd., on Dec. 16, 2016, 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: Sonia Gardner Walkers 190 Elgin Avenue George Town Grand Cayman KY1-9001 Cayman Islands Telephone: (345) 914 6386 AVENUE STRATEGIC: Commences Liquidation Proceedings --------------------------------------------------- The sole shareholder of Avenue Strategic Partners, Ltd., on Dec. 14, 2016, 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: Sonia Gardner Avenue Capital Group 399 Park Avenue, 6th Floor New York, NY 10022 United States of America Telephone: +1 (212) 878 3500 AVENUE STRATEGIC FEEDER: Commences Liquidation Proceedings ---------------------------------------------------------- The sole shareholder of Avenue Strategic Partners Feeder, Ltd., on Dec. 14, 2016, 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: Sonia Gardner Avenue Capital Group 399 Park Avenue, 6th Floor New York, NY 10022 United States of America Telephone: +1 (212) 878 3500 BALLISODARE INVESTMENTS: Commences Liquidation Proceedings ---------------------------------------------------------- The shareholder of Ballisodare Investments, on Dec. 12, 2016, resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 30, 2016, will be included in the company's dividend distribution. The company's liquidator is: Amicorp Cayman Fiduciary Limited c/o Nicole Ebanks-Sloley The Grand Pavilion Commercial Centre, 1st Floor 802 West Bay Road P.O. Box 10655 Grand Cayman KY1-1006 Cayman Islands Telephone: (345) 943-6055 DENDERA LTD: Commences Liquidation Proceedings ---------------------------------------------- The sole member of Dendera Ltd, on Dec. 15, 2016, resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 24, 2017, will be included in the company's dividend distribution. The company's liquidator is: Richard Fear c/o Kevin Butler Telephone: (345) 814 7374 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands EJF GREATER: Commences Liquidation Proceedings ---------------------------------------------- The sole shareholder of EJF Greater China Master Fund, Ltd., on Dec. 15, 2016, 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: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 GENTING SINGAPORE: Commences Liquidation Proceedings ---------------------------------------------------- The sole shareholder of Genting Singapore Aviation Management, on Dec. 15, 2016, 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: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 GRANITE INVESTORS: Commences Liquidation Proceedings ---------------------------------------------------- The sole shareholder of Granite Investors, LLC, on Dec. 15, 2016, 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: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 GREAT FORTUNE: Placed Under Voluntary Wind-Up --------------------------------------------- The sole member of Great Fortune Asia Fund, on Dec. 16, 2016, resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 24, 2017, will be included in the company's dividend distribution. The company's liquidator is: Richard Fear c/o Kevin Butler P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands Telephone: (345) 814 7374 Facsimile: (345) 945 3902 ========= H A I T I ========= HAITI: IMF Okays SDR30.7125 Million Disbursement ------------------------------------------------ The International Monetary Fund (IMF) on Feb. 6, 2017, released the staff report prepared in connection with the approval of the Rapid Credit Facility (RCF) for Haiti in the wake of Hurricane Matthew. On November 18, 2016, the Board approved Haiti's request for a disbursement of 30.7125 million SDR (about US$41.6 million) in financial assistance under the RCF, to help with urgent balance of payments needs in the aftermath of the Category 4 hurricane that struck the nation on October 4. Since the approval of the RCF two months ago, Haiti has peacefully elected a new president, Jovenel Moise, who is due to be inaugurated February 7. During this period, and with the support of the RCF disbursement, the Banque de la Republique d'Haiti (BRH) has continued to rebuild its net international reserves. At the same time, the pace of currency depreciation has slowed, from 25 percent year-on-year through September 2016, to 17 percent year- on-year in December (10.5 percent quarter-on-quarter annualized rate). Despite the favorable impact of the slowdown in depreciation, increases in food prices -- due in part to the hurricane -- have pushed CPI inflation from 12.5 percent in September 2016 to 14.3 percent in December 2016. As a country with widespread development needs, Haiti continues to face substantial challenges. The successful conclusion of the recent presidential election provides Haiti with an opportunity to rebuild from the storm and to advance its reform agenda. The IMF looks forward to continuing to work together with the Haitian authorities in designing policies to support macroeconomic stability needed to boost economic growth. ============= J A M A I C A ============= * JAMAICA: Projected to Achieve Over 2% Growth ---------------------------------------------- RJR News reports that Jamaica is projected to achieve 2.3% growth during the 2017/2018 fiscal year. The projection is included in the Fiscal Policy Paper tabled yesterday in the House of Representatives, according to RJR News. It said the projection reflects improvement in most industries resulting from increased domestic and external demand, the report notes. The goods-producing and services industries are estimated to increase by 5.7% and 1.2 %. Mining and Quarrying as well as agriculture, forestry and fishing along with hotels and restaurants have been listed among the main drivers of growth, the report relays. As reported in the Troubled Company Reporter-Latin America on Feb. 9, 2017, Fitch Ratings has affirmed Jamaica's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B' with a Stable Outlook. The issue ratings on Jamaica's senior unsecured Foreign and Local Currency bonds are also affirmed at 'B'. The Outlooks on the Long-Term IDRs are Stable. The Country Ceiling is affirmed at 'B' and the Short-Term Foreign Currency and Local Currency IDRs at 'B'. =========== M E X I C O =========== BANCA MIFEL: S&P Affirms 'BB/B' Global Scale Ratings ---------------------------------------------------- S&P Global Ratings affirmed its 'BB/B' global scale and 'mxA/mxA-2' national scale ratings on Banca Mifel S.A. The outlook for both scales remains stable. At the same time, S&P affirmed its 'B' issue-level rating on the bank's fixed-rate cumulative subordinated preferred notes. S&P's issue credit ratings on Banca Mifel reflect it revenues stability although from a concentrated business mix that relies on commercial and housing loans. S&P's projected RAC ratio for the bank of about 7.4% for 2017 and 2018 incorporates a credit growth above the industry's expected average and stable internal capital generation. Banca Mifel's loan portfolio remains concentrated but its asset quality metrics are in line with the banking industry's average. The ratings also incorporate a lower proportion of deposits in the bank's funding structure than the industry's average and a stable funding ratio below that of the system. Banca Mifel's liquidity position provides adequate cushion to cope with unexpected cash outflows in the next 12 months. The stand- alone credit profile (SACP) remains at 'bb'. EMPRESAS ICA: S&P Affirms 'D' CCR & Sr. Unsecured Debt Ratings -------------------------------------------------------------- S&P Global Ratings said that it affirmed its 'D' global scale and national scale corporate credit and senior unsecured debt ratings on Empresas ICA S.A.B. de C.V. (ICA). At the same time, S&P's '5' recovery rating on the company's senior unsecured debt, indicating a modest recovery prospects (lower band of the 10%-30% range), remains unchanged. After ICA's Dec. 18, 2015 announcement of a missed interest payment on its 2024 notes, S&P downgraded the company to 'D'. ICA is still restructuring its defaulted obligations. Once it's completed, S&P will reassess company's credit quality. ICA expects to complete its restructuring process during 2017. -- S&P's assessment of the recovery prospects and issue-level ratings for the company results in a recovery rating of '5' unchanged from S&P's previous assessment. -- The company has already defaulted on its debt obligations. The decrease in public-sector spending has reduced the company's backlog. Also, heightened foreign exchange volatility has increased the company's debt outstanding denominated in US$. -- The company is still working on a restructuring plan and has begun the process of engaging with its creditors and other stakeholders. S&P has valued ICA on a going concern basis using a 4.0x multiple of its projected emergence EBITDA. -- For valuation purposes, S&P adjusts the company's EBITDA by excluding its EBITDA associated with project-finance debt. In other words, S&P excludes EBITDA generated by those assets that carry non-recourse debt. Projected emergence EBITDA of approximately MXN1.7 billion. This estimate assumes that operating activities in the construction division are scaled back during the last quarter of 2016 and in 2017, which would bring the division's EBITDA close to zero. -- S&P's recovery rating on the company's $500 million, $700 million, and $350 million ($150 million outstanding) senior unsecured notes is '5', indicating S&P's expectation of a modest (lower part of the 10%-30% range) recovery for unsecured lenders in the event of a payment default with a 13.3% recovery. -- Net enterprise value (after 7% administrative costs): MXN6.3 Billion -- Recovery expectations: 10%-30% -- Total unsecured debt: MXN27.6 billion MEXICO: Mexicans Vow to Fight Trump by Jamming U.S. Courts ---------------------------------------------------------- Jose de Cordoba and Santiago Perez at The Wall Street Journal report that influential Mexicans are pushing an aggressive and perhaps risky strategy to fight a likely increase in deportations of their undocumented compatriots in the U.S. -- jam U.S. immigration courts in hopes of causing the already overburdened system to break down. The proposal calls for ad campaigns advising migrants in the U.S. to take their cases to court and fight deportation if detained, according to The Wall Street Journal. "The backlog in the immigration system is tremendous," said former Foreign Minister Jorge Castaneda. The idea is to double or triple the backlog, "until [U.S. President Donald] Trump desists in this stupid idea," he added. Mr. Castaneda is part of a group of Mexican officials, legislators, governors and public figures planning to meet with migrant groups Saturday in Phoenix to lay out plans to confront the Trump administration's deportation policy, the report notes. Mexico's government hasn't endorsed the strategy or the group's Phoenix mission, the report relays. But it recently allocated some $50 million to assist undocumented migrants facing deportation, and President Enrique Pena Nieto has instructed the country's 50 consulates in the U.S. to defend migrants, the report notes. The report notes that Mexico's Foreign Ministry said it has intensified efforts to protect Mexican migrants, "foreseeing the hardening of measures by immigration authorities in the U.S., as well as possible constitutional violations during raids or in due process," the report discloses. Several senators in the newly engaged group -- called Monarca after the butterflies that migrate across North America -- plan to meet with Phoenix Mayor Greg Stanton and Sen. Jeff Flake (R., Ariz.) to highlight the risks they said Mr. Trump's proposed policies pose to Mexican-U.S. relations, the report notes. "Mexico is helping on the fight on terror and that collaboration should be put under review given the attitude of Trump," said Armando Rios Piter, a senator with the leftist Party of the Democratic Revolution attending the weekend meetings. "It's important to make clear to them the possible consequences if Trump keeps a hostile and aggressive stance," he added. The issue of stepped-up deportations is moving to the forefront in bilateral relations that have fractured since Donald Trump's inauguration, the report notes. Mr. Trump's plans to deport undocumented Mexicans, renegotiate the countries' free-trade deal, and build a border wall at Mexico's expense have sparked a nationalist backlash south of the border, the report says. Along with confronting the Trump administration by overwhelming tribunals, Monarca is also exploring making the U.S. responsible for providing documentation that deportees are Mexicans, Mr. Castaneda says, rather than Mexico accepting them without that documentation, the report relays. Meanwhile, a group of senators said they were working on legislation to explicitly prohibit the government from allocating funds to build a border wall, the report notes. Other contemplated legislation could lay out retaliatory measures if the U.S. government seeks to tax or block remittances to Mexico from migrants in the U.S., or to levy a border tax on Mexican exports, senators from the three main parties said, the report discloses. "We want to be friends, but in the face of continued hostility we don't have to keep a friendly attitude forever," said Arturo Zamora, a senator with Mr. Pena Nieto's ruling Institutional Revolutionary Party, the report relays. The new U.S. administration's plans have put Mr. Pena Nieto in an uncomfortable position of defending Mexico's interest while keeping communications channels open with his mercurial American counterpart, the report relays. The fate of undocumented Mexicans in the U.S. is quickly becoming a major political issue, says pollster Ulises Beltran, the report discloses. Mr. Pena Nieto has begun meeting returning deportees at the airport, and leftist populist Andres Manuel Lopez Obrador is to tour U.S. cities with large Mexican populations, starting with a Sunday rally in Los Angeles to blast Mr. Trump's immigration policies, the report notes. Mr. Castaneda said it makes better sense for Mexico to work to keep migrants in the U.S. rather than resettling them in Mexico, where many would lack jobs, the report discloses. Going through the courts, however, entails risks for undocumented emigrants, who may be held in U.S. detention centers for months while the deportation process plays out instead of being quickly sent back to Mexico, says Mr. Castaneda, the report relays. Mexican government funds should be used by consulates to fund legal representation and pay bail if necessary, he added, and any court delays should be litigated as violations of due process, a move that could significantly delay deportation flows, the report notes. The Obama administration deported more illegal immigrants than any before it, the report recalls. But Mexico is concerned that the new administration is widening its range of targets, citing Thursday's deportation of Guadalupe Garc°a, a 36-year-old Mexican who lived in the U.S. for 22 years and has two U.S.-born children, the report says. Observers say her deportation from Phoenix was a first concrete example of the Trump administration's declared aim to broaden the categories of undocumented immigrants liable to deportation, from what the U.S. president has called "bad hombres" to migrants charged with less serious violations or seen as posing risks to community safety, the report notes. Ms. Garcia was convicted of identity theft, a felony, after being arrested in 2009 with a false social security card, but had been checking in with immigration agents every six months, the report relays. This week, when she reported to their Immigration and Customs Enforcement office in Phoenix, she was detained and, after hours of protests by demonstrators, deported to Mexico, the report adds. ====================== P U E R T O R I C O ====================== BS PUERTO RICO: Financial Buffers Improved Amid PR's Recession -------------------------------------------------------------- Moody's-rated Puerto Rican banks, Banco Santander Puerto Rico (BSPR, A2/Baa2 stable, ba3), Banco Popular de Puerto Rico (Popular, Ba2/B2 stable, b1) and FirstBank Puerto Rico (B1/Caa1 stable, b3) have improved their capitalization, reserves and core funding in the face of protracted economic recession in the Commonwealth of Puerto Rico (Caa3 developing), Moody's Investors Service says in a new report. On February 8, Moody's affirmed the ratings of BSPR, Popular, and FirstBank, and changed the outlook on the latter two banks to stable from negative, reflecting the three banks' success in improving their financial buffers against Puerto Rico's economic recession which began in 2004. Moody's believes that Puerto Rico's recession will abate in 2017 and 2018, helping to reinforce the improvements the three banks have made that strengthens their capacity to absorb credit losses. Under Moody's adverse stress scenario the banks' capital levels stay above the minimum regulatory requirements for CET1 and capital conservation buffer of 7%. "The three banks have been reducing their exposure to credit risk since 2011, which has helped boost their capitalization and liquidity," according to Jeanne Del Casino, a Moody's Vice President -- Senior Credit Officer. The banks have cut their loan and securities exposures to the debt-stretched Puerto Rican government and other public-sector entities, and have shifted their loan mix away from higher risk segments, lending more selectively to private-sector customers. "Problem loans remain high, but have declined and leveled off since a 2011-12 peak," Del Casino says. Moody's said that the rated banks have also strengthened their funding and liquidity by increasing the proportion of their stable core deposits in their funding mix. In so doing they have reduced their reliance on confidence-sensitive wholesale funding, particularly brokered deposits. Moody's believes that the increased legal and fiscal certainty created by the June 2016 Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), should help ease the severity of Puerto Rico's recession and improve the business climate and investor confidence. That said, Puerto Rico's weak economic growth outlook will remain a constraint on the banks' ability to materially improve their asset quality and earnings. Although there is a risk that non-performing assets will rise as long as the economy continues to contract, the banks' less risky loan mix and lower loan volumes will provide a buffer against losses returning to prior peak levels, said Moody's. NPLs arising from any debt restructuring of Puerto Rico's central government or its related entities would increase ratios only modestly as the banks have reduced their exposure to these entities. ECRA GROUP: Court Conditionally Approves Disclosure Statement ------------------------------------------------------------- Judge Edward A. Godoy of the U.S. Bankruptcy Court for the District of Puerto Rico issued an order conditionally approving the disclosure statement and chapter 11 plan filed by Ecra Group Corp. Acceptances or rejections of the Plan may be filed in writing by the holders of all claims on/or before 14 days prior to the date of the hearing on confirmation of the Plan. Any objection to the final approval of the disclosure statement and/or the confirmation of the Plan shall be filed on/or before 14 days prior to the date of the hearing on confirmation of the Plan. A hearing for the consideration of the final approval of the Disclosure Statement and the confirmation of the Plan and of such objections as may be made to either will be held on Feb. 17, 2017 at 09:30 A.M. at the Jose V. Toledo Federal Building & U.S. Courthouse, Courtroom 3, Third Floor, 300 Recinto Sur Street, San Juan, Puerto Rico. Class 4 under the plan consists of the general unsecured creditors. Each member of this class will receive a distribution equal to 3% of its allowed claim on monthly installments within a period not to exceed 60 months. The Plan will be funded through cash on hand at the Effective Date, and through selling the commercial real estate property. Future income from savings on reduction of operational expenses maintaining and increasing the sales to customers will also be used for the payment plan. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/prb16-04651-11-53.pdf About ECRA Group ECRA Group, Corp., is organized under the laws of the Commonwealth of Puerto Rico and organized on Nov. 16, 2005. Annette Cancel Lorenzana is the president of the corporation and co-owner with 45% of the stocks; Carlos I. Arce is the owner of 45% of the stocks; Iannette Arce Cancel is the secretary of the corporation and owner of 5% of the stocks, and Liannette Arce Cancel is the owner of 5% of the stocks of the corporation. The Debtor operates its business dba Ferreteria Arce at a rented commercial property dedicated to servicing and selling construction materials and hardware equipment and related materials to general customers and construction technicians.The store is located at road 670.23 Marginal Street, Parcelas Marquez, Vega Baja, Puerto Rico. The Debtor owns the real property dedicated for the leasing business operation. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-04651) on June 10, 2016.Luis D. Flores Gonzalez at The Law Offices of Luis D. Flores Gonzalez as bankruptcy counsel. As of the date of the filing of the Chapter 11 petition, the Debtor had assets of $545,500 and liabilities of $782,989. ERGON CARIBBEAN: Taps Jimenez Vazquez as Accountant --------------------------------------------------- Ergon Caribbean Corp. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire an accountant. The Debtor proposes to hire Jimenez Vazquez & Associates, PSC to assist in documenting the reorganization plan to be filed in its bankruptcy case, prepare tax returns, and provide other accounting services related to the case. Jose Victor Jimenez, a certified public accountant, will be paid an hourly rate of $155 for his services. Mr. Jimenez disclosed in a court filing that he and other employees of his firm are "disinterested persons" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Jose Victor Jimenez Jimenez Vazquez & Associates, PSC Calle 8 D-1 Valparaiso Toa Baja, PR 00949 Tel: 787.447.0098 Fax: 1.831.309.7425/939.338.2362 The Debtor is represented by: Carmen D. Conde Torres, Esq. C. Conde & Assoc. Best Guard Security Corp. 254 San Jose Street, 5th Floor San Juan, PR 00901-1523 Tel: 787-729-2900 Email: notices@condelaw.com About Ergon Caribbean Corp. Ergon Caribbean Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 17-00366) on January 25, 2017. The petition was signed by Juan Gabriel Pla, president. At the time of the filing, the Debtor estimated assets and liabilities of less than $500,000. OLIVER C&I: Needs Until May 15 to Submit Plan of Reorgnization -------------------------------------------------------------- Oliver C&I Corp. requests the U.S. Bankruptcy Court for the District of Puerto Rico to extend the exclusive period until May 15, 2017, to submit its Disclosure Statement and Plan of Reorganization, as well as the deadline to procure the votes under the plan for a period of 90 days after the order granting the approval of the Disclosure Statement is entered. The Debtor contends that it has moved forward in its reorganization process and has been in compliance with all of its duties under the Bankruptcy Code and the Guideline of the U.S. Trustee. Currently, the Debtor is engaged in conversations with the Controlling Managers of the entities where the Debtor has substantial interest. The companies and percentage of ownership of these entities are as follows: (a) Marina Developers Carolina GP, Inc., 50% (b) Mercantil Mayaguez GP, Inc., 50% (c) Mercantil San Patricio GP, Inc., 50% (d) Monacillos Center GP, Inv., 21% (e) Carolina Developers Assoc. S. en C. por A., S.E., 49.5% (f) Mercantil Mayaguez Assoc. S. en C. por A., S.E., 49.5% (g) Mercantil San Patricio Assoc. S. en C. por A., S.E., 45% (d) Monacillos Center Assoc. S. en C. por A., S.E., 21% The Debtor relates that the reason for its bankruptcy filing was directly related to the actions or inaction of the Controlling Managers of these related entities, which prompted an "embargo" of the Debtor's bank account. The Debtor asserts as part of its Plan of Reorganization, the Debtor needs to know what action to follow with these entities. The Debtor submits that even though its case may appear to be a simple one, due to the nature of its main asset -- which is the Debtor's participation in all these entities, and the fact that the Debtor is not the controlling party of these entities -- an extension of time is necessary in order for the Debtor to file an adequate disclosure and a viable plan. Moreover, the Debtor intends to submit a Disclosure Statement and Plan of Reorganization that considers all financial information of the Debtor and its subordinate entities. Just recently, the Debtor has received certain information required for the preparation of the reports of its related entities. Still, the Debtor needs additional information which the Debtor believes will be produced in the near future. In addition, with the requested extension, the Debtor expects that the negotiation with its related entities will settle all pending matters between the parties and allow it to move forward with its reorganization process. About Oliver C & I Corp. Oliver C & I Corp., based in Guaynabo, Puerto Rico, filed a Chapter 11 petition (Bankr. D.P.R. Case No. 16-08311) on October 17, 2016. The petition was signed by Max Olivera, vice-president and treasurer. The case is assigned to Judge Mildred Caban Flores. In its petition, the Debtor indicated $29.94 million in total assets and $1.06 million in total liabilities. The Debtor is represented by Carmen D. Conde Torres, Esq. at C. Conde & Assoc. The Debtor employs Doris Barroso Vicens of RSM Puerto Rico as its accountant; and Aurora Oti-Yvonnet of Villafane & Oti, Certified Public Accountants, PSC, as its external auditor. SPANISH BROADCASTING: Reports Select Financial Results for 2016 --------------------------------------------------------------- Spanish Broadcasting System, Inc., reported select preliminary financial results for the year-ended Dec. 31, 2016. For the full year 2016, the Company currently expects consolidated Adjusted OIBDA, which excludes non-cash stock-based compensation, to be approximately $47.5 million, an increase of 21% over 2015, and radio Adjusted OIBDA to be approximately $56.6 million, an increase of 14% over 2015. Adjusted OIBDA margins were approximately 33% for consolidated and 44% for radio for the full year 2016 compared to 27% and 37%, respectively, in 2015. Consolidated Operating Income will be approximately $42.2 million, representing a growth rate of 25% over 2015, and radio Operating Income will be approximately $54.7 million, representing a growth rate of 16% over 2015. "Our select preliminary results for 2016 highlight our strongest performance in over a decade, with our Adjusted OIBDA* growth and operating margins ranking among the best in our industry," commented Raul Alarcon, Chairman and CEO. "During 2016, we successfully and efficiently grew our key operating units in all of the Company's markets, while simultaneously launching and integrating a unique digital video platform and augmenting our radio networks and live events initiatives, thus paving the way for continued expansion. "Innovation" - "Adaptation" - "Integration": these are the cornerstone concepts that we will implement throughout and beyond 2017 to build upon our leadership position in Hispanic media and entertainment." A full-text copy of the press release is available for free at: https://is.gd/FAhHgI About Spanish Broadcasting Headquartered in Coconut Grove, Florida, Spanish Broadcasting System, Inc. (OTCQX:SBSAA) -- http://www.spanishbroadcasting.com/ -- owns and operates 21 radio stations targeting the Hispanic audience. The Company also owns and operates Mega TV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. Its revenue for the twelve months ended Sept. 30, 2010, was approximately $140 million. As of Sept. 30, 2016, Spanish Broadcasting had $451.7 million in total assets, $569.4 million in total liabilities and a total stockholders' deficit of $117.7 million. * * * As reported by the TCR on Feb. 1, 2016, Moody's Investors Service downgraded Spanish Broadcasting System's Corporate Family Rating to 'Caa2' from 'Caa1', Probability of Default Rating to 'Caa3-PD' from 'Caa1-PD', and lowered its Speculative Grade Liquidity Rating to SGL-4 from SGL-3. Spanish Broadcasting's 'Caa2' Corporate Family Rating and Caa3-PD Probability of Default Rating reflect very high debt+preferred stock-to-EBITDA of 10.4x estimated for LTM December 2015 (including Moody's standard adjustments, 6.9x excluding preferred stock and accrued dividends), the need to address the Voting Rights Triggering Event, and the heightened potential of a payment default given the near term maturity of the 12.5% senior secured notes due April 2017. As reported by the TCR on June 21, 2016, S&P Global Ratings said it lowered its corporate credit rating on Spanish Broadcasting System to 'CCC' from 'CCC+'. ================= X X X X X X X X X ================= * BOND PRICING: For the Week From Feb. 6 to Feb. 10, 2017 --------------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- BA-CA Finance Cayman 2 0.719 69.25 KY EUR BA-CA Finance Cayman Lt 0.518 62.07 KY EUR CSN Islands XII Corp 7 68 BR USD CSN Islands XII Corp 7 67.75 BR USD Decimo Primer Fideicomi 4.54 52.63 10/25/2041 PA USD Decimo Primer Fideicomi 6 63.5 10/25/2041 PA USD Dolomite Capital Ltd 13.26 67.2 12/20/2019 CN ZAR Empresa de Telecomunica 7 73.14 1/17/2023 CO COP Empresa de Telecomunica 7 73.14 1/17/2023 CO COP ESFG International Ltd 5.75 0.66 KY EUR General Shopping Financ 10 72.5 KY USD General Shopping Financ 10 71.7 KY USD Global A&T Electronics 10 74 2/1/2019 SG USD Global A&T Electronics 10 74.5 2/1/2019 SG USD Global A&T Electronics 10 65.5 2/1/2019 SG USD Global A&T Electronics 10 65 2/1/2019 SG USD Gol Finance 8.75 63 BR USD Gol Finance 8.75 63.88 BR USD Gol Linhas Aereas SA 10.75 34.63 2/12/2023 BR USD Gol Linhas Aereas SA 10.75 34.63 2/12/2023 BR USD Inversora Electrica de 6.5 55 9/26/2017 AR USD Inversora Electrica de 6.5 55 9/26/2017 AR USD MIE Holdings Corp 7.5 75.16 4/25/2019 HK USD MIE Holdings Corp 7.5 75.26 4/25/2019 HK USD NB Finance Ltd/Cayman I 3.88 58.01 2/7/2035 KY EUR Newland International P 9.5 19.88 7/3/2017 PA USD Newland International P 9.5 19.88 7/3/2017 PA USD Noble Holding Internati 5.25 72.98 3/15/2042 KY USD Ocean Rig UDW Inc 7.25 39 4/1/2019 CY USD Ocean Rig UDW Inc 7.25 38 4/1/2019 CY USD Odebrecht Drilling Norb 6.35 48.5 6/30/2021 KY USD Odebrecht Drilling Norb 6.35 47.25 6/30/2021 KY USD Odebrecht Finance Ltd 7.5 49 KY USD Odebrecht Finance Ltd 4.3 48.29 4/25/2025 KY USD Odebrecht Finance Ltd 7.12 48.2 6/26/2042 KY USD Odebrecht Finance Ltd 5.25 46.15 6/27/2029 KY USD Odebrecht Finance Ltd 7 57.02 4/21/2020 KY USD Odebrecht Finance Ltd 5.12 53.51 6/26/2022 KY USD Odebrecht Finance Ltd 8.25 70.88 4/25/2018 KY BRL Odebrecht Finance Ltd 6 51.47 4/5/2023 KY USD Odebrecht Finance Ltd 5.25 45.92 6/27/2029 KY USD Odebrecht Finance Ltd 7.1 47.82 6/26/2042 KY USD Odebrecht Finance Ltd 7.5 49.25 KY USD Odebrecht Finance Ltd 4.3 48.39 4/25/2025 KY USD Odebrecht Finance Ltd 6 51.77 4/5/2023 KY USD Odebrecht Finance Ltd 8.2 70.88 4/25/2018 KY BRL Odebrecht Finance Ltd 7 56.85 4/21/2020 KY USD Odebrecht Finance Ltd 5.1 52.99 6/26/2022 KY USD Odebrecht Offshore Dril 6.6 39.64 10/1/2022 KY USD Odebrecht Offshore Dril 6.7 36.44 10/1/2022 KY USD Odebrecht Offshore Dril 6.6 38.79 10/1/2022 KY USD Odebrecht Offshore Dril 6.7 38.75 10/1/2022 KY USD Petroleos de Venezuela 12.75 67.19 2/17/2022 VE USD Petroleos de Venezuela 9 58.28 11/17/2021 VE USD Petroleos de Venezuela 6 40.32 5/16/2024 VE USD Petroleos de Venezuela 9.75 50.15 5/17/2035 VE USD Petroleos de Venezuela 6 38.22 11/15/2026 VE USD Petroleos de Venezuela 5.37 37.39 4/12/2027 VE USD Petroleos de Venezuela 5.5 37.1 4/12/2037 VE USD Petroleos de Venezuela 6 41.25 10/28/2022 VE USD Petroleos de Venezuela 6 40.01 5/16/2024 VE USD Petroleos de Venezuela 9 58.11 11/17/2021 VE USD Petroleos de Venezuela 6 38.13 11/15/2026 VE USD Petroleos de Venezuela 12.75 67.2 2/17/2022 VE USD Petroleos de Venezuela 9.75 49.94 5/17/2035 VE USD Polarcus Ltd 5.6 60 3/30/2022 AE USD Siem Offshore Inc 5.8 49.75 1/30/2018 NO NOK Siem Offshore Inc 5.59 50.25 3/28/2019 NO NOK STB Finance Cayman Ltd 2.04 58.35 KY JPY Sylph Ltd 2.36 50.93 9/25/2036 KY USD Uruguay Notas del Tesor 5.25 68.02 12/29/2021 UY UYU US Capital Funding IV L 1.25 51.35 12/1/2039 KY USD US Capital Funding IV L 1.25 51.35 12/1/2039 KY USD USJ Acucar e Alcool SA 9.87 67.5 11/9/2019 BR USD USJ Acucar e Alcool SA 9.87 65.75 11/9/2019 BR USD Venezuela Government In 9.25 48.75 5/7/2028 VE USD Venezuela Government In 13.63 82.58 8/15/2018 VE USD Venezuela Government In 9 51.75 5/7/2023 VE USD Venezuela Government In 9.37 49 1/13/2034 VE USD Venezuela Government In 7 71.88 12/1/2018 VE USD Venezuela Government In 9.25 52 9/15/2027 VE USD Venezuela Government In 7.65 46.38 4/21/2025 VE USD Venezuela Government In 13.63 82.58 8/15/2018 VE USD Venezuela Government In 7.75 61.75 10/13/2019 VE USD Venezuela Government In 11.95 58.13 8/5/2031 VE USD Venezuela Government In 6 53.75 12/9/2020 VE USD Venezuela Government In 12.75 67 8/23/2022 VE USD Venezuela Government In 7 44 3/31/2038 VE USD Venezuela Government In 6.5 36.53 12/29/2036 VE USD Venezuela Government In 8.25 47.75 10/13/2024 VE USD Venezuela Government In 11.75 57.75 10/21/2026 VE USD Venezuela Government TI 5.25 69.59 3/21/2019 VE 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, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2017. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. * * * End of Transmission * * *