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/raid1/www/Hosts/bankrupt/TCRLA_Public/170329.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 Wednesday, March 29, 2017, Vol. 18, No. 63 Headlines B A R B A D O S PAYLESS: Preparing to Close Hundreds of Stores B E R M U D A WILLOWBANK HOTEL: Set to Reopen in May B R A Z I L BRAZIL: Health and Environmental Controls Guarantee Meat Quality NEONERGIA SA: S&P Affirms 'BB' Global Scale Corp. Credit Rating VOTORANTIM SA: S&P Affirms 'BB+' Global Scale Corp. Credit Rating C A Y M A N I S L A N D S ASHMOORE MANAGERS: Commences Liquidation Proceedings CATALUNA INC: Commences Liquidation Proceedings CGFSP MARGIN: Commences Liquidation Proceedings CHELSEA CREEK: Commences Liquidation Proceedings CMDA HARD: Commences Liquidation Proceedings ENSURE INVESTMENT: Commences Liquidation Proceedings FLEXION MONEY: Commences Liquidation Proceedings HYPERION MANAGERS: Commences Liquidation Proceedings N7 JUMA: Commences Liquidation Proceedings N7 MARLIN: Commences Liquidation Proceedings NORTH AMERICAN ASHMOORE: Commences Liquidation Proceedings OKURA LIMITED: Commences Liquidation Proceedings TRACTON CAPITAL: Commences Liquidation Proceedings VISIONCHINA MEDIA: Placed in Liquidation, Shares Delisted WESVAALSO LTD: Commences Liquidation Proceedings D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Labor Chief Says All Wages Are Too Low V E N E Z U E L A VENEZUELA: OAS Members to Meet in U.S. to Discuss Crisis - - - - - =============== B A R B A D O S =============== PAYLESS: Preparing to Close Hundreds of Stores ---------------------------------------------- Caribbean360.com, citing Bloomberg News, reports that Payless shoe store, which operates several branches in at least four Caribbean countries, is preparing to file for bankruptcy soon. Sources told the news outlet that the company is initially planning to close 400 to 500 stores as it reorganizes operations, according to Caribbean360.com. Payless' bankruptcy comes at the height of a troubling year in retail for the company, the report notes. Back in January, Reuters reported that Payless was trying to restructure approximately US$665 million in debt, the report relays. A month later, credit rating agency Moody's Investors Service downgraded its debt rating, saying the decision reflected "weaker than anticipated operating performance". Payless was bought by private equity firms Golden Gate Capital and Blum Capital Partners in 2012, as part of the breakup of publicly traded Collective Brands Inc, the report discloses. The company, founded in 1956 in Topeka, Kansas, employs almost 22,000 people, according to its website. It has more than 4,000 stores in 30 countries. Payless operates stores in Barbados, St Lucia, Jamaica and Trinidad and Tobago. ============= B E R M U D A ============= WILLOWBANK HOTEL: Set to Reopen in May -------------------------------------- Scott Neil at The Royal Gazette reports that six years after it closed its doors, the Willowbank Hotel is to reopen in May. The 56-year-old hotel enjoys stunning ocean views in Sandys and is expected to be busy during the America's Cup period and beyond, according to The Royal Gazette. The report notes that Glenn Jones, director of public and stakeholder relations at the Bermuda Tourism Association, said: "Our chief executive officer Kevin Dallas and our chief product and experiences development officer Pat Phillip-Fairn visited Willowbank and were delighted to see a property on the eve of a new beginning with a team of staff and managers motivated to welcome visitors very soon. "Our expectation is that Willowbank will reopen its doors formally on May 1. It's especially good news to have additional hotel inventory online ahead of the America's Cup." The 64-room hotel closed in November 2011 during the economic downturn, the report recalls. It was a family-run Christian hotel, which also had a conference center, the report relays. The closure of the hotel has continued to be lamented online at websites such as TripAdvisor, by former guests asking if it will ever reopen, the report notes. During the past few years the conference centre has been used occasionally, however, the hotel remained closed, the report relays. The property has undergone refurbishment and the expectation is it will reopen for business in the early part of May, the report notes. A website for the hotel at Willowbank.bm currently advises visitors to check back for updates. The report notes that Mr. Jones said: "The Bermuda Tourism Authority is encouraging Willowbank to reposition itself as a 64- room family hotel, leveraging its secluded beaches, green space and the surrounding neighbourhood which has a family-friendly feel -- all while remaining true to the hotel's original mission. "The team here on-island and in New York will work with Willowbank to assist with its reintroduction to the Bermuda hospitality industry. "We're excited about what they've done so far and look forward to the opening in about six weeks." The Royal Gazette has approached Willowbank regarding the reopening and is awaiting a response. =========== B R A Z I L =========== BRAZIL: Health and Environmental Controls Guarantee Meat Quality ---------------------------------------------------------------- EFE News reports that Brazil said that its health and environmental controls are "rigorous" and that the investigation into some 20 meatpacking plants is focusing on "bureaucratic" matters that do not call into doubt the quality of its meat products. "What is being investigated is neither the quality of the products nor their health condition, but rather the conduct of several public agents linked to auditing, to bureaucratic matters," said Agriculture Minister Blairo Maggi in a telephone conference with foreign correspondents, notes the report. He also reiterated that of the country's 4,837 meat processing plants, just 21 are being investigated and "none for the quality of their products, but rather for bureaucratic questions involving a few (officials) who have already been removed from their posts," says EFE News. The report relays that Maggi said doubts about Brazil's meat quality arose due to the way in which the Federal Police, which is responsible for the investigations, presented the case, when it reported on the busting of a criminal group that was adulterating meat products. In addition to exposing assorted irregularities in meat processing, the Federal Police said that about 30 health officials were accepting bribes from companies in exchange for allowing spoiled or mislabled meat to be shipped to retail markets. "The way in which it was discussed implied that the quality of the product was being investigated and that's not true. Bureaucratic procedures are being investigated," the report quoted Mr. Maggi as saying. "It was said that they were using prohibited meats in cold cuts and that's not true. The possible use of cardboard packaging was confused with the possibility that the cardboard was mixed with meat and that's not true either, along with the falsehood that they were using carcinogenic substances." The Federal Police made the same assertion in an official statement three days after the scandal erupted, the report discloses. "The deeds are linked directly with the divergent professional conduct practices by some officials and do not represent generalized poor functioning of the Brazilian health integrity system," the police said, notes the report. The report adds that Mr. Maggi reiterated that the government's main concern is proving to the importers of Brazilian meat products that there are no quality problems, although he admitted that the matter does impact on the country's credibility and is causing a significant loss of market share. According to estimates, the scandal could cost Brazil, one of the world's largest meat exporters, some 10 percent of its foreign market and annual losses amounting to about $1.5 billion. He said that he will remain in contact with all countries that want to buy Brazilian meat to try and minimize the impact and demonstrate the "excellence" of the country's products, EFE relates. 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'. NEONERGIA SA: S&P Affirms 'BB' Global Scale Corp. Credit Rating --------------------------------------------------------------- S&P Global affirmed its 'BB' global scale and 'brAA-' national scale long-term corporate credit ratings on Neonergia S.A. and its core subsidiaries, Companhia de Eletricidade do Estado da Bahia (Coelba), Companhia Energetica de Pernambuco -- CELPE, and Companhia Energetica do Rio Grande do Norte (Cosern). The outlook remains negative. S&P also affirmed its 'brA-1' short-term national scale rating on Neoenergia. Nevertheless, S&P lowered the SACP on the company to 'bb' from 'bb+'. At the same time, S&P affirmed its 'brA+' issue-level ratings on Neoenergia's subsidiaries, NC Energia S.A., Termopernambuco S.A. and Itapebi Geracao de Energia S.A., based on the parent company's unconditional and irrevocable guarantee of these entities' notes. S&P also assigned a 'brA+' rating to Neoenergia's proposed three- year R$250 million unsecured debentures. The one-notch difference between the long-term corporate credit rating and the issue-level ratings--at the holding level as well as for these that are based on the guarantee of Neoenergia--reflects structural subordination. The SACP revision reflects S&P's view that Neoenergia's credit metrics will worsen, as a result of higher debt to fund the group's sizeable capex plan amid Brazil's still weak economy. In S&P's view, Brazilian electricity distributors are vulnerable to the weakening of economic activity because it depresses electricity consumption, and may lead to power surpluses and higher delinquencies from end-users. Given that Neoenergia's SACP is now at the same level as Brazil's foreign currency rating, the negative outlook on the company mirrors the one on the sovereign. In S&P's view, Brazil's electricity sector is highly regulated, especially the distribution and transmission segments, because the regulator, Agencia Nacional de Energia Eletrica (ANEEL), sets the rates. S&P believes that Neoenergia, like other regulated utilities in Brazil, could be subject to government interference under an unlikely sovereign default scenario, including tariff freezes, which could jeopardize the company's cash flow generation. The negative outlook on the national scale also reflects a possible downgrade amid further weakening of Neoenergia's financial performance, based on S&P's comparison to other 'brAA-' rated issuers. VOTORANTIM SA: S&P Affirms 'BB+' Global Scale Corp. Credit Rating ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' global scale and its 'brAA+' Brazilian national scale corporate credit ratings on Votorantim S.A. At the same time, S&P affirmed its 'BB+' global scale corporate credit rating on Votorantim Cimentos S.A. (VC) because S&P considers the cement division as the group's core subsidiary, with both entities bearing the same default risk. S&P also kept Votorantim's stand-alone credit profile (SACP) at 'bbb' and revised VC's SACP to 'bb' from 'bb+'. The outlook on the entities remains negative. In addition, S&P affirmed the issue-level ratings on the debt issued or guaranteed by Votorantim and VC. The recovery rating on this debt remains at '3', indicating S&P's expectation that lenders would receive meaningful (65%) recovery of their principal in the event of a payment default. The negative outlook on Votorantim reflects the one on Brazil. The group's high sensitivity to domestic economy (mainly through its cement and aluminum units) and its exposure to the banking business, which may create a contingent liability of high severity under a sovereign default scenario, currently constrains the ratings on Votorantim to one notch higher than the foreign currency rating on Brazil (BB/Negative/B). S&P's ratings on VC mirror those on its parent, because S&P considers the cement division as the group's core subsidiary, with both entities bearing the same default risk. ========================== C A Y M A N I S L A N D S ========================== ASHMOORE MANAGERS: Commences Liquidation Proceedings ---------------------------------------------------- The members of Ashmoore Managers on Feb. 13, 2017, passed a resolution to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by March 20, 2017, will be included in the company's dividend distribution. The company's liquidator is: Razorfish Limited Campbells Corporate Services (BVI) Limited Romasco Place, Floor 2 Road Town, Tortola, VG1110 PO Box 4541, British Virgin Islands Telephone: + 1 (284) 494 2423 Facsimile: + 1 (284) 494 2475 CATALUNA INC: Commences Liquidation Proceedings ----------------------------------------------- The members of Cataluna Inc. on Feb. 10, 2017, passed a resolution to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by March 27, 2017, will be included in the company's dividend distribution. The company's liquidator is: Peter Goulden Mourant Ozannes Cayman Liquidators Limited Mourant Ozannes Attorneys-at-Law for the Company Reference: NDL 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647 or CGFSP MARGIN: Commences Liquidation Proceedings ----------------------------------------------- The shareholder of CGFSP Margin Loan GP, Ltd. on Feb. 13, 2107, passed a resolution 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 CHELSEA CREEK: Commences Liquidation Proceedings ------------------------------------------------ The members of Chelsea Creek Holdings II Limited on Feb. 26, 2017, passed a resolution to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by March 27, 2017, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Dominique Massias Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands CMDA HARD: Commences Liquidation Proceedings -------------------------------------------- The members of CMDA Hard Tech Ltd on Feb. 13, 2017, passed a resolution to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by March 20, 2017, will be included in the company's dividend distribution. The company's liquidator is: Razorfish Limited Campbells Corporate Services (BVI) Limited Romasco Place, Floor 2 Road Town, Tortola, VG1110 PO Box 4541, British Virgin Islands Telephone: + 1 (284) 494 2423 Facsimile: + 1 (284) 494 2475 ENSURE INVESTMENT: Commences Liquidation Proceedings ---------------------------------------------------- The members of Ensure Investment Fund Limited on Feb. 13, 2017, passed a resolution to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by March 20, 2017, will be included in the company's dividend distribution. The company's liquidator is: Razorfish Limited Campbells Corporate Services (BVI) Limited Romasco Place, Floor 2 Road Town, Tortola, VG1110 PO Box 4541, British Virgin Islands Telephone: + 1 (284) 494 2423 Facsimile: + 1 (284) 494 2475 FLEXION MONEY: Commences Liquidation Proceedings ------------------------------------------------ The members of Flexion Money Market Fund on Feb. 13, 2017, passed a resolution to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by March 20, 2017, will be included in the company's dividend distribution. The company's liquidator is: Razorfish Limited Campbells Corporate Services (BVI) Limited Romasco Place, Floor 2 Road Town, Tortola, VG1110 PO Box 4541, British Virgin Islands Telephone: + 1 (284) 494 2423 Facsimile: + 1 (284) 494 2475 HYPERION MANAGERS: Commences Liquidation Proceedings ---------------------------------------------------- The members of Hyperion Managers on Feb. 13, 2017, passed a resolution to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by March 20, 2017, will be included in the company's dividend distribution. The company's liquidator is: Razorfish Limited Campbells Corporate Services (BVI) Limited Romasco Place, Floor 2 Road Town, Tortola, VG1110 PO Box 4541, British Virgin Islands Telephone: + 1 (284) 494 2423 Facsimile: + 1 (284) 494 2475 N7 JUMA: Commences Liquidation Proceedings ------------------------------------------ At an extraordinary meeting held on Feb. 7, 2017, the members of N7 Juma Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by March 8, 2017, will be included in the company's dividend distribution. The company's liquidator is: Captiva (Cayman) Ltd. c/o Margo Whittaker P.O. Box 32315 Grand Cayman KY1-1209 Cayman Islands Telephone: (345) 946-4111 Facsimile: (345) 946-4222 N7 MARLIN: Commences Liquidation Proceedings -------------------------------------------- At an extraordinary meeting held on Feb. 7, 2017, the members of N7 Marlin Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by March 8, 2017, will be included in the company's dividend distribution. The company's liquidator is: Captiva (Cayman) Ltd. c/o Margo Whittaker P.O. Box 32315 Grand Cayman KY1-1209 Cayman Islands Telephone: (345) 946-4111 Facsimile: (345) 946-4222 NORTH AMERICAN ASHMOORE: Commences Liquidation Proceedings ---------------------------------------------------------- The members of North American Ashmoore Investments on Feb. 13, 2017, passed a resolution to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by March 20, 2017, will be included in the company's dividend distribution. The company's liquidator is: Razorfish Limited Campbells Corporate Services (BVI) Limited Romasco Place, Floor 2 Road Town, Tortola, VG1110 PO Box 4541, British Virgin Islands Telephone: + 1 (284) 494 2423 Facsimile: + 1 (284) 494 2475 OKURA LIMITED: Commences Liquidation Proceedings ------------------------------------------------ The shareholder of Okura Limited on Feb. 13, 2107, passed a resolution 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: Graham Robinson c/o Tanya Armstrong P.O. Box 2499 Grand Cayman KYl-1104 Cayman Islands Telephone: (345) 946-0820 Facsimile: (345) 946-0864 TRACTON CAPITAL: Commences Liquidation Proceedings -------------------------------------------------- The members of Tracton Capital Fund on Feb. 13, 2017, passed a resolution to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by March 20, 2017, will be included in the company's dividend distribution. The company's liquidator is: Razorfish Limited Campbells Corporate Services (BVI) Limited Romasco Place, Floor 2 Road Town, Tortola, VG1110 PO Box 4541, British Virgin Islands Telephone: + 1 (284) 494 2423 Facsimile: + 1 (284) 494 2475 VISIONCHINA MEDIA: Placed in Liquidation, Shares Delisted --------------------------------------------------------- Borrelli Walsh (Cayman) Limited, representatives of VisionChina Media Inc announced that by order of the Grand Court made on March 2, 2017, Margot MacInnis of Borrelli Walsh (Cayman) Limited, G/F Harbour Place, 103 South Church Street, George Town, Grand Cayman, Cayman Islands and Cosimo Borrelli of Borrelli Walsh Limited of Level 17, Tower 1, Admiralty Centre, 18 Harcourt Road, Hong Kong have been appointed as joint official liquidators of the Company ("Liquidators"). Pursuant to Section 99 of the Companies Law (2016 Revision) of the Cayman Islands, once a winding up order has been made, any transfers of the Company's shares made after the commencement of the winding up is void, unless the Grand Court otherwise orders. Subsequent to the Grand Court's order on 2 March 2017, the trading of the Company's shares on the Nasdaq Stock Market has been suspended and the Liquidators are in the process of delisting its securities. WESVAALSO LTD: Commences Liquidation Proceedings ------------------------------------------------- The members of Wesvaalso Ltd. on Feb. 15, 2017, passed a resolution to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by March 27, 2017, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Labor Chief Says All Wages Are Too Low ---------------------------------------------------------- Dominican Today reports that Labor Minister Jose Ramon Fadul said if it were up to him, he would've raised wages long ago, "because everyone knows that current wages are deficient." "Wages in the country are deficient, and not only the minimum wage, but also those above," the report quoted Mr. Fadul as saying. Speaking after attending the release of a report on the country's labor market in the Sheraton Hotel, the official said if the minimum wage is increased, all other salaries should also be raised, the report notes. "We're saying that in large companies, the minimum wage is RD$12,800, in the medium-sized companies RD$8,800 and in small companies RD$7,700 and that tells us that these wages are very low," he said, the report relays. Mr. Fadul added that Central Bank figures reveal that small and medium-sized businesses create the most job, and "those wages aren't enough," the report notes. As reported in the Troubled Company Reporter-Latin America on Nov. 22, 2016, Fitch Ratings has taken the following rating actions on the Dominican Republic: -- Long-Term Foreign Currency Issuer Default Rating (IDR) upgraded to 'BB-' from 'B+'; assigned Stable Outlook; -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+'; assigned Stable Outlook; -- Senior unsecured Foreign and Local Currency bonds upgraded to 'BB-' from 'B+'; -- Short-Term Foreign Currency IDR affirmed at 'B'; -- Short-Term Local Currency IDR affirmed at 'B'. ================= V E N E Z U E L A ================= VENEZUELA: OAS Members to Meet in U.S. to Discuss Crisis -------------------------------------------------------- Jose De Cordoba at The Wall Street Journal reports that members of the Organization of American States will meet in Washington, D.C., to discuss the crisis in Venezuela, after a group of the hemisphere's largest countries called on President Nicolas Maduro to take measures to restore democracy. Venezuela, a member of the OAS, has asked for a meeting of foreign ministers and other diplomats, the organization said, according to The WSJ. Another special meeting would be held at the request of 18 member countries to discuss Venezuela's deepening political and economic crisis, the report relays. The report discloses that the flurry of diplomatic activity follows an unprecedented statement released by 14 nations calling for Venezuela to release political prisoners and re-establish the country's democratic order. The regional initiative came as a response to criticism by OAS Secretary-General Luis Almagro, who earlier this month called on the organization to suspend Venezuela's membership unless Mr. Maduro quickly moved to reinstate democratic governance, the report relays. "The situation is getting worse, and regional governments are starting to recognize that something needs to be done," said Eric Farnsworth, vice president of the Council of the Americas, a Washington think tank, the report notes. But observers say that Venezuela's suspension from the OAS, which would require a two-thirds vote of its 34 member states, is unlikely, the report says. Venezuela has many allies, mostly among the small Caribbean states to which Caracas long provided subsidized oil, the report discloses. Once a wealthy oil-producing nation, Venezuela has been pushed by mismanagement and corruption into an economic crisis marked by triple-digit inflation and widespread shortages of medicine and food, the report relays. Mr. Maduro has repeatedly rejected calls from his opponents to allow foreign humanitarian aid, the report relays. In a rare acknowledgment of the country's dire state, the president said that he had requested help from the United Nations to ease medicine shortages, the report notes. As Venezuela's economic woes have spiraled, Mr. Maduro has also stifled political opposition, says the Journal. Last year, he scuttled a recall election that potentially would have ended his rule, the report notes. Mr. Maduro also suspended gubernatorial elections that the ruling party was expected to lose. The government and its political allies have gained control of most mass-media outlets, largely gagging criticism, the report notes. Officials in Venezuela's information and foreign ministries didn't immediately return calls seeking comment, says the Journal. State Department spokesman Mark Toner said the U.S. shared Mr. Almagro's concerns. He said the OAS was the proper forum to discuss Venezuela's crisis, but the U.S. doesn't favor Venezuela's suspension from the organization at this time, the report relays. Foreign Minister Delcy Rodriguez responded on Twitter that Venezuela "won't admit any aggression against our sacred fatherland," the report notes. The statement signed by 14 countries, including the U.S., Mexico and Brazil, called on Venezuela to reschedule postponed elections and guarantee the authority of the country's opposition-dominated congress, whose decisions have been disregarded by the government or overturned by courts loyal to Mr. Maduro, the report adds. As reported in the Troubled Company Reporter-Latin America on Feb. 1, 2016, Reuters said a Brazilian bankruptcy court upheld a restructuring plan for embattled engineering conglomerate OAS Group, paving the way for a slew of asset sales aimed at helping pay over BRL8 billion ($2 billion) in liabilities. As reported by The Troubled Company Reporter-Latin America S&P Global Ratings, on Feb. 28, 2017, affirmed its 'CCC' long-term foreign and local currency sovereign credit ratings on the Bolivarian Republic of Venezuela. The outlook on both long-term ratings remains negative. S&P also affirmed its 'C' short-term foreign and local currency sovereign ratings. In addition, S&P affirmed its 'CCC' transfer and convertibility assessment on the sovereign. *********** 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 * * *