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/raid1/www/Hosts/bankrupt/TCRLA_Public/171012.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 Thursday, October 12, 2017, Vol. 18, No. 203 Headlines B R A Z I L BRAZIL: IMF Raises 2017 GDP Growth Forecast to 0.7%, From 0.3% OI SA: Board Approves Restructuring Proposal C A Y M A N I S L A N D S CAMAC INTERNATIONAL: Chapter 15 Case Summary CAMAC INT'L: Liquidators Seek US Recognition of Cayman Proceeding D O M I N I C A DOMINICA: Relief Operation Going in the Right Direction P E R U * PERU: Gets $50MM-IDB Loan to Improve Civil Registry Procedures S T. V I N C E N T & G R E N A D I N E S BUCCAMENT BAY: To Reopen a Year After Controversial Closure T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Has a New Chief Executive Officer LIAT: Says Should Be Considered for Hurricane Relief Aid Too X X X X X X X X X LATAM: Leaders Stress Commitment to Fighting Poverty, Corruption - - - - - =========== B R A Z I L =========== BRAZIL: IMF Raises 2017 GDP Growth Forecast to 0.7%, From 0.3% -------------------------------------------------------------- RTTNews reports that the Brazilian economy is expected to grow 0.7% in 2017 and 1.5% in 2018, said the International Monetary Fund (IMF), raising its estimates for the South American country. In the previous report, IMF projected a 0.3% growth in 2017 and a 1,3% rise in 2018. According to the IMF, its upwards revision for the Brazilian economic growth is due to the performance of the agribusiness and higher consumption, RTTNews notes. "In Brazil, strong export performance and a slowing down in domestic demand have allowed the economy to resume growth in the first quarter of 2017 after eight quarters of decline," the IMF noted in the report, RTTNews relays. RTTNews says that the Fund mentions the release of mandatory workers savings as one of the factors that helped boost the Brazilian economy but points out that the increasing political uncertainty and the weakening of investments still weigh on the country's economy. "The gradual restoration of confidence -- with the implementation of key reforms to ensure fiscal sustainability over time -- should push growth to 2% over the medium term," the IMF said, RTTNews adds. As reported in the Troubled Company Reporter-Latin America on Aug. 17, 2017, S&P Global Ratings removed its 'BB' long-term foreign and local currency sovereign credit ratings on the Federative Republic of Brazil from CreditWatch, where it had placed them with negative implications on May 22, 2017. S&P said, "At the same time, we affirmed the 'BB' long-term ratings, and the outlook is negative. We also affirmed our 'B' short-term foreign and local currency ratings on Brazil. The transfer and convertibility assessment is unchanged at 'BBB-'. In addition, we removed the 'brAA-' national scale rating from CreditWatch with negative implications and affirmed the rating with a negative outlook. This incorporates the revision of the mapping table for Brazil national scale ratings, published Aug. 14, 2017." OI SA: Board Approves Restructuring Proposal -------------------------------------------- Reuters reports that Brazilian phone carrier Oi SA's board has approved a plan to cut a BRL65.4 billion (US$21 billion) debt burden that includes a capital injection, in an effort to emerge faster from bankruptcy protection and avert a government intervention, a person with knowledge of the matter said. According to the person, who requested anonymity because the matter remains private, Oi's largest shareholders have agreed with a management proposal to inject BRL9 billion into the carrier, part of it through a debt-for-equity swap, Reuters notes. Oi had until Oct. 11 to deliver the so-called recovery plan to a commercial court in Rio de Janeiro, according to Reuters. Oi's in-court reorganization, which begun in June 2016 and is Latin America's largest on record, has been marked by disputes between shareholders led by Pharol SGPS SA and SocietEe Mondiale FIA, and bondholders represented by the Ad Hoc Group of Bondholders and the International Bondholder Committee, Reuters recalls. A press officer at Oi declined to comment. The board's plan aims to prevent more legal wrangling ahead of the Oct. 23 creditor vote, while ensuring that the government does not cancel Oi's operating licenses, the source said, Reuters relays. Late last month, Communications Minister Gilberto Kassab said that creditors and shareholders needed to be at peace for Oi to avoid losing its licenses, the report notes. Reuters says common shares of Rio de Janeiro-based Oi added 2 percent to BRL4.99 on Oct. 11, extending gains this year to 90 percent. Preferred shares of Brazil's No. 4 wireless carrier added 3.3 percent to 3.71 percent, the report adds. About Oi SA Headquartered in Rio de Janeiro, and operating almost exclusively within Brazil, the Oi Group provides services like fixed-line data transmission and network usage for phones, internet, and cable, Wi-Fi hot-spots in public areas, and mobile phone and data services, and employs approximately 142,000 direct and indirect employees. On June 20, 2016, pursuant to Brazilian Law No. 11.101/05 (the "Brazilian Bankruptcy Law"), Oi S.A. and certain of its subsidiaries filed for recuperao judicial (judicial reorganization) in Brazil. On June 21, 2016, OI SA and its affiliates Telemar Norte Leste S.A. and Oi Brasil Holdings Cooperatief U.A. commenced Chapter 15 proceedings (Bankr. S.D.N.Y. Lead Case No. 16-11791). Ojas N. Shah, as foreign representative, signed the petitions. Coop and PTIF are also subject to proceedings in the Netherlands. The Chapter 15 cases are assigned to Judge Sean H. Lane. In the Chapter 15 cases, the Debtors are represented by John K. Cunningham, Esq., and Mark P. Franke, Esq., at White & Case LLP, in New York; and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and Laura L. Femino, Esq., at White & Case LLP, in Miami, Florida. On July 22, 2016, the New York Court recognized the Brazilian Proceedings as foreign main proceedings with respect to the Chapter 15 Debtors, and granted certain additional related relief. =========================== C A Y M A N I S L A N D S =========================== CAMAC INTERNATIONAL: Chapter 15 Case Summary -------------------------------------------- Chapter 15 Debtor: CAMAC International Limited - in official liquidation Suite 4208, 38 Market Street P.O. Box 776 Camana Bay, KY1-9006 Cayman Islands Foreign Proceeding in Which Appointment of Foreign Representatives Occurred: In the Grand Court of the Cayman Islands, Financial Services Division, in the matter of the Companies law (2016 Revision) and in the Matter of CAMAC International Limited Cause No. FSD 72 of 2017 (RMJ) Chapter 15 Petition Date: October 9, 2017 Chapter 15 Case No.: 17-12827 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Judge: Hon. Shelley C. Chapman Chapter 15 Petitioners: Tammy Fu and Eleanor Fisher, as Cayman Islands liquidators Chapter 15 Petitioners' Counsel: Madlyn Gleich Primoff, Esq. FRESHFIELDS BRUCKHAUS DERINGER US LLP 601 Lexington Avenue, 31st Floor New York, NY 10019-9710 Tel: 212-277-4000 Fax: 212-277-4001 E-mail: madlyn.primoff@freshfields.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free at http://bankrupt.com/misc/nysb17-12827.pdf CAMAC INT'L: Liquidators Seek US Recognition of Cayman Proceeding ----------------------------------------------------------------- The liquidators appointed to wind up CAMAC International Limited, a Cayman Islands-based company that traded gas and oil in African energy markets, filed a Chapter 15 petition in New York to seek recognition of liquidation proceedings in the Cayman Islands. The Debtor is a limited liability company incorporated under the laws of the Cayman Islands with a registered office In the Cayman Islands. Together with its subsidiaries, the Debtor forms a group ("CAMAC Group") that in 2015 primarily engaged in oil and gas exploration, development, and crude and condensate marketing activities in Nigeria, Kenya and The Gambia. The CAMAC Group has more recently focused on activities in Nigeria as well as investments in South Africa On April 19, 2017, one of CAMAC's creditors (known as Nigerian Agip Exploration Limited ("NAB")) filed a petition in the Grand Court of the Cayman Islands, Financial Services Division (the "Cayman Court") to wind up CAMAC. On June 7, 2017, the Cayman Court held a hearing on NAB's petition and entered a winding up order (the "Winding Up Order") providing for CAMAC to be wound-up in accordance with the provisions of Part V of the Cayman Islands Companies Law (2016 Revision) (the "Companies Law") and subject to the supervision of the Cayman Court (the "Foreign Main Proceeding"). Pursuant to the Winding Up Order, Tammy Fu and Eleanor Fisher (the "Foreign Representatives") were appointed to serve jointly and severally as joint official liquidators for CAMAC to oversee the liquidation of CAMAC and the winding up of its affairs in the Cayman Islands or elsewhere. The aim of the Cayman proceeding is to ensure the orderly liquidation of the Debtor's assets and the fair treatment of its creditors subject to the conditions and limitations under applicable law and regulations. Consistent with the aims of the Cayman proceeding, the Foreign Representatives require, on behalf of the Debtor, the protections afforded to foreign debtors under Chapter 15 of the Bankruptcy Code and, more specifically, recognition and relief under Sections 1520 and 1521 of the Bankruptcy Code. Several persons that hold records or have access to records of the Debtor and its many subsidiaries are located in Houston, Texas and conduct business out of the offices of CAMAC International Corporation, an affiliated company based in Houston, Texas. CAMAC International Corporation appears to have common board members and management with the Debtor. CAMAC International Corporation has also entered into business transactions with the Debtor and its subsidiaries. To ensure an orderly liquidation, it is essential for the Foreign Representatives to obtain access to all records of the Debtor, including those held in Houston, Texas. To date, despite the Foreign Representatives' repeated requests, representatives of the Debtor's subsidiaries and employees of CAMAC International Corporation and its subsidiaries have failed to deliver the information. In some cases these individuals have failed to even respond to the Foreign Representatives' inquiries about the Debtor and its subsidiaries. To ensure an orderly liquidation that is fair to all of the Debtor's creditors, the Debtor requires the relief requested in this Petition Chapter 15 According to Madlyn Gleich Primoff, Esq., at Freshfields Bruckhaus Deringer US LLP, U.S. counsel of the Liquidators, the crux of this Chapter 15 filing is straightforward. "The Debtor is part of a complex corporate structure that includes U.S. and non-U.S. direct and indirect subsidiaries. The Foreign Representatives, in the short time since their appointment, have become aware of various suspicious transactions concerning the Debtor, its direct and indirect subsidiaries and affiliated companies and assets of the Debtor and other members of the CAMAC Group as well as affiliates of the Debtor," Ms. Primoff said in court filings. "Several of the people (including former directors of the Debtor) with knowledge of the affairs of the Debtor and its subsidiaries are subject to U.S. jurisdiction. Such persons have not been forthcoming with key information to date. Therefore, in order to conduct a proper investigation and to fulfill their duties under Cayman Islands law, the Foreign Representatives need Chapter 15 relief to facilitate their investigation of the Debtor and its assets, affairs, rights obligations and liabilities." About CAMAC Int'l CAMAC International Limited, incorporated in the Cayman Islands on May 8, 1996, is a holding company that is the ultimate parent of the entities in the CAMAC Group, an international group of companies in the energy sector. The CAMAC Group's operating companies have historically engaged in exploration and production, engineering, and trading of gas and oil, particularly in African energy markets. On June 7, 2017, the Grand Court of the Cayman Islands entered a winding up order (the "Winding Up Order") providing for CAMAC to be wound-up in accordance with the provisions of Part V of the Cayman Islands Companies Law (2016 Revision) (the "Companies Law"). Tammy Fu and Eleanor Fisher, the Cayman Islands liquidators, filed a Chapter 15 petition for CAMAC (Bankr. S.D.N.Y. 17-12827) on Oct. 9, 2017, to seek U.S. recognition of the Cayman proceedings. Madlyn Gleich Primoff, Esq., and Abbey Walsh, Esq., at Freshfields Bruckhaus Deringer US LLP, in New York, serve as counsel in the U.S. case. =============== D O M I N I C A =============== DOMINICA: Relief Operation Going in the Right Direction ------------------------------------------------------- Caribbean360.com reports that two weeks after Hurricane Maria devastated Dominica, the island nation's recovery is becoming more evident as the main port has reopened and supplies of food, water and basic necessities are being regularly delivered to the people, a United Nations Resident Coordinator in the region said, while stressing that are still "major challenges" ahead. Briefing reporters at UN Headquarters in New York via telephone from Dominica, Stephen O'Malley, who is the UN Resident Coordinator for Barbados and for the Organization of Eastern Caribbean States, said "the [relief] operation is going in the right direction," according to Caribbean360.com. According to the UN Office for Coordination of Humanitarian Affairs (OCHA), this is the fifth time on record that Dominica has taken a direct hit from a hurricane, but never has it faced a storm of such ferocity and strength. The hurricane brought life in Dominica to a standstill, the report relays. "What was shocking to me was that the island, which was known as 'the nature island of the Caribbean,' was almost totally brown [in the wake of the category 5 storm]. But now, the green has started to come back," Mr. O'Malley said, noting that this progress is being matched on the ground, where the situation has begun to stabilize, the report notes. Garbage is now being collected and roads are opening up, noted Mr. Mr. O'Malley, adding that power has come back to the capital, Roseau, and a few other locations, the report relays. "We are able to reach almost everybody now, and we are getting food water and basic supplies out to people," he said, cautioning at the same time that there will certainly be major challenges ahead, the report discloses. Mr. O'Malley explained that the World Food Programme (WFP), working with the Government, distributed 60 metric tons of food to about 30,000 people, which is about half the population, and that more than 40 UN agency workers are on the ground to help the population, the report relays. The Government has asked the UN to work with it on a logistics plan to ensure regular delivery of relief supplies, the report discloses. "The Government is also focused on its recovery plan," said O'Malley, noting that Dominican officials will head to Washington, D.C., and present the details during the Fall Meetings of the World Bank and the International Monetary Fund (IMF), the report relays. "What we need to do now in Dominica is to keep up this regular supply of the basics for people. Make sure the electricity comes up; getting people's water supplies up; and getting markets open again; as well as health centers," he explained, adding that the Government was also looking at ways to "get the economy off the ground," especially as the reconstruction effort would be massive, the report notes. He went on to recall that the UN, its partners and the Government has launched an emergency appeal for US$31.1 million to reach 65,000 people over the next three weeks, the report says. Responding to a question, he said that looking at the broad swathe of devastation across Dominica, Antigua and Barbuda, Turks and Caicos, and other islands and territories that were affected by this summer's series of category five storms, O'Malley said the recovery, over time, could cost as much as US$1 billion, though he stressed there were no exact figures, the report notes. "It's going to be a large-scale rebuilding effort that will take time," he said, the report adds. ======= P E R U ======= * PERU: Gets $50MM-IDB Loan to Improve Civil Registry Procedures ---------------------------------------------------------------- Citizens of Peru will have better access to civil registry and identification services thanks to an $80-million-dollar project, of which $50 million will be financed by the Inter-American Development Bank (IDB). The initiative seeks to lower the costs of obtaining identification documents, with improved coverage for in-person services, better attention for disadvantaged people and the incorporation of digital technologies. Peru has already made important progress in registering and identifying its population, with 4.4 percent of its citizens lacking registration, compared to an average of 8 percent in all of Latin America and the Caribbean. However, besides extending its coverage, Peru needs to enhance the quality of services provided by the National Registry of Identification and Civil Status (RENIEC). Among other factors, this level of quality is hampered by the fact that 75 percent of all registry records are not digitalized. This obliges people to go to a registry office when they need a copy of a document. In many cases people no longer live in the town where they were born, which entails long and costly trips to get the papers they need. In addition, Peruvians still need a paper photograph to get a new national identity document or renew an old one. Digitalization of registration records and the implementation of electronic registration will benefit nearly eight million Peruvians. People will also be able to get registration tasks done on-line, which will save them the trouble of going physically to a civil registry office. The requirement of purchasing a photo to obtain a national identity card will also be eliminated. This alone is expected to cut transaction costs by approximately 10 soles ($3), taking into account also the time that will be saved. Furthermore, the RENIEC agency will work more efficiently, reducing its use of paper and lowering the cost of sending registration documents, thanks to scanning and the decentralization of the printing of national identity cards. The IDB's $50 million loan will be disbursed over four years and has a repayment term that ends on December 15, 2027. The interest rate is pegged to the LIBOR. ======================================== S T. V I N C E N T & G R E N A D I N E S ======================================== BUCCAMENT BAY: To Reopen a Year After Controversial Closure ----------------------------------------------------------- Caribbean360.com reports that after closing its doors at the height of controversy in December last year, Buccament Bay Resort in St. Vincent and the Grenadines, could be back in business in early 2018. The revelation has come from Minister of Tourism Ces McKie, who was pressed by Opposition Leader Godwin for details on the future of the luxury property when Parliament convened, according to Caribbean360.com. "We have been advised the doors should be reopened and operations should commence early 2018," Minister Mckie told the House, the report relays. Last December, the six-year-old all-inclusive resort abruptly shut down after its electricity was disconnected, the report notes. The St Vincent Electricity Company had cut power to the property because of a massive electricity bill said to be more than EC$1 million (US$370,370), the report adds. The action came at the height of weeks of protests by disgruntled workers, the report says. The workers walked off the job on December 2, 2016 after receiving no pay for three months, the report relates. Guests had also publicly complained that service had deteriorated, the report discloses. Following the closure of the resort, David Ames, A British-born businessman who was managing the property fled Kingstown as the Government brought tax evasion charges against him, says the report. The High Court subsequently appointed accountant Brian Glasgow as the proposal trustee for Harlequin Property Limited, owners of the resort, the report discloses. Minister McKie revealed that the property remains in the hands of the trustee in bankruptcy, the report relays. "As I understand it, the trustee has received various submissions on interest. This is an ongoing process and the court would have to give approval to the entity which would eventually operate the facility," he explained, the report adds. ================================ T R I N I D A D & T O B A G O ================================ CARIBBEAN AIRLINES: Has a New Chief Executive Officer ----------------------------------------------------- RJR News reports that Caribbean Airlines has a new Chief Executive Officer. According to the report, the airline disclosed that Garvin Medera had taken up the post with immediate effect. Mr. Medera Medera recently served as CEO of the telecommunications firm, Digicel Play -- a position he held since December 2015, according to RJR News. He succeeds acting Chief Executive Officer Captain Jagmohan Singh who was in charge of Caribbean Airlines while the search was on for a permanent CEO, the report notes. 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. LIAT: Says Should Be Considered for Hurricane Relief Aid Too ------------------------------------------------------------ Caribbean360.com reports that Hurricanes Maria and Irma wreaked havoc on LIAT, operating as Leeward Islands Air Transport's already scarce financial resources and the airline's Chief Executive Officer Julie Reifer-Jones has called for financial relief for the cash-strapped carrier. "Frankly, the discussions about relief efforts going forward should include relief efforts for LIAT," she told reporters in Bridgetown, according to Caribbean360.com. The hurricanes' Category 5 winds have blown an at least US$4 million hole in LIAT's operations and Ms. Reifer-Jones suggested the figure was likely to rise, the report relays. "We are still in the process of refining these numbers, but I would have to say between four to six million US dollars," she said, the report notes. "We have been severely impacted by the removal of literally four territories out of the network overnight," the report relays. Ms. Reifer-Jones was speaking on the sidelines of a presentation of a US$550,000 cheque by CIBC FirstCaribbean to assist with evacuation flights and other forms of relief for the storm- battered territories of Anguilla, Antigua and Barbuda, the Bahamas, the British Virgin Islands, St Kitts and Nevis, St Martin and Turks and Caicos Islands, the report notes. The LIAT boss revealed that airline had already provided 54 relief flights to affected countries that were mostly "unfunded," the report discloses. She stressed that a review of the carrier's operations was imperative in the aftermath of the hurricanes, suggesting that the impact would be felt in months to come, the report relays. "The issue for us, and this is based on our experience with hurricanes over the years, is that the recovery at the market is not immediate," the report quoted Ms. Reifer-Jones as saying. "So, it's not just about the hurricanes. What you have to do is to look at the impact covering the next six to nine months," the airline CEO explained, while pointing out that it had taken Dominica nine months to a year to return to "a normal state" for travel after Tropical Storm Erika struck the island in August 2015, the report notes. "So, during that time the number of flights we had to Dominica were reduced from five to two and over time we increased to the normal levels," she said, while highlighting the need for a robust regional disaster planning system, the report relays. "We need to have a mechanism in place. These things have a cost on the regional air transportation services," she added. It has already been a tough financial year for Liat which was expected to record an EC$9.2 million (US$3.4 million) loss at the end of this year, the report adds. About LIAT LIAT, operating as Leeward Islands Air Transport, is an airline headquartered on the grounds of V. C. Bird International Airport in Antigua. It operates high-frequency inter-island scheduled services serving 21 destinations in the Caribbean. The airline's main base is VC Bird International Airport, Antigua and Barbuda, with bases at Grantley Adams International Airport, Barbados and Piarco International Airport, Trinidad and Tobago. * * * The Troubled Company Reporter-Latin America, citing Trinidad Express, on November 24, 2016, reported that the Barbados government defended the operations of the cash-strapped regional airline, LIAT, even as opposition legislators called for it to be stop being a financial burden on the island. Both Prime Minister Freundel Stuart and his Finance Minister, Chris Sinckler, defended the airline, whose major shareholders are Antigua and Barbuda, Barbados, Dominica and St. Vincent and the Grenadines. Mr. Stuart, speaking in Parliament, said despite the criticism the value of the airline should not be underestimated that the Antigua-based LIAT remains "important to Barbados. According to the TCR-LA in May 8, 2015, the Daily Observer said that LIAT was attempting to lose excess baggage as part of measures to make the carrier "a smaller airline in 2015." In a document, signed by Director of Human Resources Ilean Ramsey, eligible employees were asked to opt to apply for voluntary separation or early retirement packages to avoid being made redundant, according to The Daily Observer. TCRLA reported on Dec. 2, 2014, citing Caribbean360.com, that chairman of the shareholder governments of the financially troubled regional airline LIAT, Dr. Ralph Gonsalves said while he is unaware of the details regarding any possible retrenchment of employees, the airline needs to deal with its high cost of operations. The TCR-LA on March 10, 2014, citing Caribbean360.com, reported that LIAT said it will take "decisive action" to deal with unprofitable routes as the Antigua-based airline seeks to make its operations financially viable. On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday, reported that there's much upheaval at the highest levels of LIAT -- the Board and the Executive. Following the sudden resignation of Chief Executive Officer Captain Ian Brunton, David Evans replaced Mr. Brunton as chief executive officer. ================= X X X X X X X X X ================= LATAM: Leaders Stress Commitment to Fighting Poverty, Corruption ---------------------------------------------------------------- Aldia Daily reports that the Latin American Business Council (CEAL) has pledged its continued commitment to promoting regional integration, developing projects to reduce poverty and disseminating practices that strengthen business ethics and transparency. During CEAL's 28th plenary assembly, the president of that Panama City-based network of Latin American business leaders, Camilo Atala, and experts from the public and private sectors stressed the importance of free-trade agreements for the region's development, according to Aldia Daily. "The organization has a crucial role to play as an agent of change in facilitating the promotion of bolder projects, albeit without leaving aside issues such as human rights, gender, poverty, environment and health," Ms. Atala, whose tenure as CEAL International president was extended for another year, said, the report notes. Mexican former President Felipe Calderon attended the gathering in Los Cabos, Mexico, and stressed the importance of promoting Latin American integration and achieving the region's goals through concrete private-sector strategies, the report relays. CEAL, which is currently made up of more than 500 corporate leaders from 20 Latin American countries, was founded 28 years ago to stimulate the active participation of the private sector in the socio-economic development of its member countries, regional integration and educational cohesion, the report notes. *********** 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, 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 Joseph Cardillo at 856-381-8268. * * * End of Transmission * * *