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        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, November 13, 2017, Vol. 18, No. 225


                            Headlines



A R G E N T I N A

AMES XI: Moody's Rates ARS26,521,713 Certificates 'Ca(sf)'
ARGENTINA: Ex-Leader Says Corruption Charges Baseless
GST AUTOLEATHER: Committee Opposes DIP Loan, Quick Sale


B R A Z I L

RB CAPITAL: Moody's Affirms Ba2 Global Scale Rating on Certs.
ODEBRECHT OLEO: Files Chapter 15 After $5B Plan Okayed in Brazil
ODEBRECHT OLEO: Chapter 15 Case Summary


E L  S A L V A D O R

BANCO AGROMERCANTIL: S&P Affirms 'BB-/B' Ratings, Outlook Stable


P U E R T O    R I C O

LIBERTY CABLEVISION: Moody's Affirms B3 Corporate Family Rating
PUERTO RICO: PREPA Bondholders Group Disclose Updated Holdings
PUERTO RICO: U.S. to Defend Constitutionality of PROMESA
PUERTO RICO: Oppenheimer, et al., Still Own $4.6-Bil. of Bonds
VILLAGE DEVELOPMENT: Hearing on Plan, Disclosures Set for Dec. 8

VILLAGE DEVELOPMENT: Unsecured Claims Grouped into 2 Classes


V E N E Z U E L A

VENEZUELA: Opposition Ready to Resume Dialogue with Government
VENEZUELA: Sets High-Profile Location for Debt Talks
VENEZUELA: Electric Company Corpoelec Declared in Default of Debt


X X X X X X X X X

* BOND PRICING: For the Week From November 6 to 10, 2017


                            - - - - -



=================
A R G E N T I N A
=================


AMES XI: Moody's Rates ARS26,521,713 Certificates 'Ca(sf)'
----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
(Moody's) rates Fideicomiso Financiero AMES XI, a transaction that
will be issued by TMF Trust Company (Argentina) S.A. - acting
solely in its capacity as Issuer and Trustee.

This credit rating is subject to the fulfillment of contingencies
that are highly likely to be completed, such as finalization of
documents and issuance of the securities. This credit rating is
based on certain information that may change prior to the
fulfillment of such contingencies, including market conditions,
financial projections, transaction structure, terms and conditions
of the issuance, characteristics of the underlying assets or
receivables, allocation of cash flows and of losses, performance
triggers, transaction counterparties and other information
included in the transaction documentation. Any pertinent change in
such information or additional information could result in a
change of this credit rating.

- ARS44,014,758 in Class A Floating Rate Debt Securities (VRD)
   of "Fideicomiso Financiero AMES XI", rated Aaa.ar (sf)
   (Argentine National Scale) and Ba3 (sf) (Global Scale).

- ARS26,521,713 in Certificates of "Fideicomiso Financiero AMES
   XI" (CP), rated Ca.ar (sf) (Argentine National Scale) and Ca
   (sf) (Global Scale).

RATINGS RATIONALE

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 1,451 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by the
Asociacion Mutual de la Economia Solidaria ("AMES"), for a
principal amount of ARS 35,609,643.

The VRD will bear a floating interest rate (BADLAR plus 300 bps).
The VRD's interest rate will never be higher than 30.0% or lower
than 22.0%.

These personal loans are granted to employees of the City of
Buenos Aires (rated B3/Baa1.ar) using a "Codigo de Descuento". The
"Codigo de Descuento" is an identifier granted by a government-
related entity (in this case the City of Buenos Aires) that allows
deducting a personal loan's installment directly from the
borrowers' paycheck.

The originator accesses an Internet-based system to verify the
borrower's disposable income and originate the personal loan. The
maximum DTI ratio established by the City of Buenos Aires is 50%.
In this transaction, the City of Buenos will be instructed to
send, on a monthly basis, the scheduled principal and interest on
the securitized loans directly to the trust account. In turn, the
trustee, based on the master servicer's reports will reconcile any
amounts that belong to the originator.

The automatic deduction of the loans' installments reduces
significantly the probability of default of the loans, which is
not dependent on the borrower's willingness to pay.

In this type of loan the main causes of delinquency are: (i)
termination of the work relationship between the borrower and the
Government of the City of Buenos Aires, (ii) judicial embargos,
that may limit the maximum disposable income that can be deducted
by the GCBA, (iii) increases in the Minimum Wage that increases
the minimum disposable income that the employee must receive net
of deductions, (iv) variable components of the wages that are not
collected in a particular month and therefore decreases the
disposable income (v) and unpaid work licenses.

Initial negative overall credit enhancement is mitigated by a
turbo sequential structure, which allows for the building of
credit enhancement since first coupon payment. In addition the
transaction has various reserve funds and excess spread.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that may lead to a downgrade of the ratings include an
increase in delinquency and prepayment levels higher than Moody's
original expectations, or a disruption in the flow of payments
from the City of Buenos Aires.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis:

Moody's considered the historical performance of AMES's portfolio,
factors common to consumer loans securitizations such as
delinquencies, prepayments and losses; as well as specific factors
related to the Argentine market, such as the probability of an
increase in losses if there are changes in the macroeconomic
scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 7% and a coefficient of variation of 70%. Also, Moody's assumed
conditional prepayment rate (CPR) of 20.5%. These assumptions are
derived from the historical performance to date of AMES' pools and
prior transactions.

The model results showed 0.6% expected loss for the Class A
Floating Rate Debt Securities and 58.0% for the Certificates.

Stress Scenarios:

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3% from
the base case scenario for the pool (i.e., mean of 10% and a
coefficient of variation of 70%) and the CPR assumptions were
increased 6.5% to 27%, the ratings of the Class A Floating Rate
Debt Securities would likely decreased to B1 (sf). The rating of
the Certificates would be unchanged.

Moody's also applied a stress to the cash flows by assuming an
interruption of the salary payments of the City of Buenos Aires.
The assigned ratings are consistent with this stress scenario.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS " published in
September 2015.


ARGENTINA: Ex-Leader Says Corruption Charges Baseless
-----------------------------------------------------
EFE News reports that an Argentine former president testified in
federal court that the conspiracy and money-laundering charges she
faces are arbitrary and groundless.

Cristina Fernandez, in office from 2007 to 2015, published her
written testimony on Facebook after delivering it in court to
Judge Julian Ercolini, according to EFE News.

"It's impossible to know the precise, concrete and specific
criminal action that's been attributed to me, beyond the re-
printing of the story the pro-government media incessantly goes on
about," the text reads, the report notes.

The report relays that Mr. Ercolini is investigating alleged
illegal payments to the Kirchner family (Fernandez's late husband,
Nestor Kirchner, preceded her in office) by construction company
officials.

They purportedly made those payments by renting out rooms (that
were never used) at a hotel administered by Hotesur, a company
belonging to the 64-year-old former president and her adult
children, the report notes.

The report says that Mr. Fernandez, a senator-elect, currently
faces three indictments -- one for allegedly overseeing
irregularities in the sale of dollar futures contracts by the
Central Bank at below-market rates during her tenure as president
and two others for alleged conspiracy in the awarding of public-
works contracts.

She says she is a victim of judicial persecution by current head
of state Mauricio Macri, who ended 12 years of Kirchnerismo when
he took office in late 2015, the report discloses.

Mr. Ercolini also summoned more than a score of other people to
testify in the Hotesur case: Fernandez's children, Maximo and
Florencia Kirchner; Lazaro Baez, a construction magnate in Santa
Cruz province (where Nestor Kirchner served as governor from 1991
to 2003) who has been jailed for a year and a half in a separate
money-laundering case; and 20 other defendants, the report notes.

Mr. Fernandez appeared in court as a suspect in a terrorism cover-
up case.

The ex-president is accused of conspiring to ensure impunity for
Iranian officials suspected of involvement in a deadly 1994
terrorist attack on a Jewish organization in Buenos Aires, the
report relays.

Special prosecutor Alberto Nisman, who died almost three years
ago, said that a 2013 deal between Ms. Fernandez's administration
and Iran to jointly investigate the suicide bombing at the offices
of the AMIA organization, an attack that left 85 dead, was in fact
aimed at providing impunity for top Iranian officials, the report
notes.

The deal involved a quid pro quo whereby the two nations were to
boost bilateral trade and Iran was to supply oil to energy-hungry
Argentina, Mr. Nisman alleged, the report notes.

Mr. Nisman was found dead in his apartment of a gunshot wound to
the head on Jan. 18, 2015, just days after leveling the bombshell
allegations, the report says.  Mr. Ercolini also is handling the
Nisman death case and must decide whether to accept a prosecutor's
request that it be declared a murder investigation the report
adds. It is currently classified as a "suspicious death."

                           *     *    *

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings, on Oct. 30, 2017, raised its long-term sovereign
credit ratings on the Republic of Argentina to 'B+' from 'B'. The
outlook on the long-term ratings is stable. S&P also affirmed its
short-term sovereign credit ratings on Argentina at 'B'. At the
same time, S&P raised its national scale ratings to 'raAA' from
'raA+'. In addition, S&P raised its transfer and convertibility
assessment to 'BB-' from 'B+', in line with its assessment of
sustained local access to foreign exchange.

In May 2017, Fitch Ratings affirmed Argentina's Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'B' with a
Stable Outlook. The issue ratings on Argentina's senior unsecured
Foreign and Local Currency bonds are also affirmed at 'B'. The
Country Ceiling is affirmed at 'B' and the Short-Term Foreign and
Local Currency IDRs at 'B'.  The Stable Outlook reflects Fitch's
expectation that macroeconomic variables will improve gradually
over the forecast horizon, but that the political environment
continues to pose relevant risks, as the policy shift underway
under the Macri administration does not count on broad-based
social and political support to ensure its resilience through
economic and electoral cycles.

In January 2017, Moody's Investors Service assigned a B3 rating
to the Government of Argentina's US$3.25 billion bond due 2022 and
the US$3.75 billion bond due 2027. The outlook on the Government
of Argentina's rating is stable. By March 2017, Moody's affirmed
Argentina's B3 issuer rating and changed the ratings outlook to
positive from stable. In a late September 2017 release, Moody's
said it expects the Argentine economy to grow by 3% in 2017 and by
3.5% in 2018.


GST AUTOLEATHER: Committee Opposes DIP Loan, Quick Sale
-------------------------------------------------------
Vince Sullivan, writing for Law360, reports that the proposed
post-petition financing package of GST AutoLeather Inc. is facing
an objection from the committee of unsecured creditor.

According to the report, the Creditors Committee said the terms of
the $40 million debtor-in-possession loan being offered by
prepetition lender Royal Bank of Canada only serve to put the
lenders in a better position to acquire the company's assets.
Among other things, the Committee is opposing the proposed roll-up
of prepetition indebtedness, which it says is not called for in
the case.  The Committee also takes issue with the lenders'
proposal to place liens on previously unencumbered assets of the
Debtor.

Law360 recounts that during a first-day hearing in October, U.S.
Bankruptcy Judge Laurie Selber Silverstein expressed her
reservations about approving the proposed DIP package on an
interim basis with the lenders adamantly requesting a first-day
roll-up of prepetition debt.

The Debtor's proposed sale and bid procedures also drew fire from
the Committee.  The eight-week sale schedule proposed is simply
too short to conduct a proper marketing campaign, the objection
said, according to the report.

As reported in the Oct. 9, 2017 edition of the TCR, the Debtors
sought approval of a senior secured superpriority priming debtor
in possession credit facility in the amount of $25 million on an
interim basis and $40 million in the aggregate on a final basis
provided by Royal Bank of Canada, as administrative agent and
collateral agent, and the lenders thereunder.  The maturity date
of the loan is six months after the Closing Date.  A copy of the
Debtors' Motion is available at:

            http://bankrupt.com/misc/deb17-12100-6.pdf

                      About GST AutoLeather

Headquartered in Southfield, Michigan, GST AutoLeather, Inc., was
founded in 1933, then known as Garden State Tanning, initially
operated as a tanning company that processed leather for the
upholstery and garment industries.  The Company entered the
automotive industry in 1946.

As of Oct. 3, 2017, the Company employs approximately 5,600 people
worldwide, including the United States, Mexico, Japan, China,
Korea, Germany, Hungary, South Africa, and Argentina.  The Company
supplies leather to virtually every major OEM in the automotive
industry, including Audi, BMW/Mini, Daimler, Fiat Chrysler, Ford,
General Motors, Hyundai, Honda, Porsche, PSA, Nissan, Kia, Toyota
and Volkswagen.

GST AutoLeather, Inc., and five of its affiliates filed voluntary
petitions for relief under chapter 11 of the United States
Bankruptcy Code (Bankr. D. Del. Lead Case No. 17-12100) on Oct. 3,
2017.  The Hon. Laurie Selber Silverstein is the case judge.

The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Pachulski Stang Ziehl & Jones LLP as local bankruptcy
counsel; Lazard Middle Market, LLC as financial advisor; Alvarez &
Marsal North America, LLC as restructuring advisor; and Epiq
Bankruptcy Solutions, LLC as claims and noticing agent.

On Oct. 13, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.  The Committee is
represented by Christopher M. Samis, L. Katherine Good, Aaron H.
Stulman, Christopher A. Jones and David W. Gaffey of Whiteford
Taylor & Preston LLP and Erika L. Morabito, Brittany J. Nelson,
John A. Simon, Richard J. Bernard and Leah Eisenberg of Foley &
Lardner LLP.

Royal Bank of Canada is represented by Andrew V. Tenzer of Paul
Hastings LLP.



===========
B R A Z I L
===========


RB CAPITAL: Moody's Affirms Ba2 Global Scale Rating on Certs.
-------------------------------------------------------------
Moody's America Latina Ltda. has affirmed the Ba2 (global scale,
local currency) and upgraded to Aa1.br from Aa2.br (national
scale) the ratings of the 97th, 98th and 99th series and 138th,
139th and 140th series of the first issuance of real estate
certificates ("certificados de recebiveis imobiliarios" or CRI)
issued by RB Capital Companhia de Securitizacao (RB Capita, not
rated). The rating action follows Moody's decision to upgrade BR
Malls Participacoes, S.A. (BR Malls, Ba2/Aa1.br, negative outlook)
national scale rating on November 7, 2017.

The full rating action is:

Issuer/Securitizadora: RB Capital Companhia de Securitizacao

97th, 98th and 99th Series of the first issuance of CRI: Affirmed
Ba2 (global scale, local currency) / Upgraded to Aa1.br from
Aa2.br (national scale) ratings;

138th, 139th and 140th Series of the first issuance of CRI:
Affirmed Ba2 (global scale, local currency) / Upgraded to Aa1.br
from Aa2.br (national scale) ratings

RATINGS RATIONALE

The 97th, 98th and 99th Series of CRI are backed by real estate
credits rights derived from two shopping malls located in Brazil
(real estate credits) and benefit from: (i) an irrevocable and
unconditional guarantee (fianca) provided by BR on the Real Estate
Credits, (ii) a pledge of the Real Estate Assets (alienacao
fiduciaria) in favor of the issuer, (iii) a pledge of cash flows
derived from the shopping mall operation, including the parking
lot (cessao fiduciaria), and (iv) a pledge of the escrow account
where rental payments are deposited (cessao fiduciaria). The
certificates ratings reflect the guarantee provided by BR Malls
and are based on its ability to make payments under the guarantee
(fianca), as reflected by its Ba2/Aa1.br (negative outlook) senior
unsecured rating.

The 138th, 139th and 140th Series of CRI are backed by a real
estate credit note ("cedula de credito imobiliario" or CCI), which
in turn represents a series of debentures issued by BR Malls. The
certificates ratings are primarily based on BR Mall's ability and
willingness to honor the payments of the underlying debentures,
rated Ba2 on the global scale and Aa1.br on the national scale.

Factors that would lead to an upgrade or downgrade of the ratings:

Any future changes in the ratings of BR Malls will lead to a
change in the CRI's ratings.

RATING METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating Repackaged Securities" published in June 2015


ODEBRECHT OLEO: Files Chapter 15 After $5B Plan Okayed in Brazil
----------------------------------------------------------------
Odebrecht Oleo e Gas S.A. and 10 other entities owned by Brazilian
engineering conglomerate Odebrecht SA have sought Chapter 15
bankruptcy protection in the United States to seek U.S. court
recognition of reorganization plans approved in extrajudicial
reorganization proceedings in the Federal Republic of Brazil.

Based in Rio de Janeiro, Brazil, OOG is a part of the Odebrecht
Group and was incorporated in Brazil in 2006 to house the
Odebrecht Group's oil field services activities after several
decades of operations under the conglomerate.

On its most recent financial report, OOG disclosed an aggregate
amount of indebtedness of R$14.3 billion on its balance sheet as
of Dec. 31, 2016. The Debtors have issued: (1) US$1.500 billion of
6.35% Senior Secured Notes due 2021 under an indenture with
Deutsche Bank Trust Company Americas as trustee; (2) US$1.690
billion of 6.75% Senior Secured Notes due 2022 under an indenture
with Bank USA, National Association, as trustee, and (3) US$580
million of 6.625% Senior Secured Notes due 2022 under a
supplemental indenture with U.S. Bank as trustee.  Additionally,
US$550 million of unsecured perpetual notes were issued by
Odebrecht Oil & Gas Finance Limited ("OOFL") with OOG as guarantor
and Wilmington Savings Fund Society (as successor to HSBC Bank
USA,National Association) as the indenture trustee.

Rogerio Luis Murat Ibrahim, CFO of OOG, explains that OOG's
financial distress stems from general market conditions, the
global crisis facing the oil and gas industry and variations in
real exchange rates over the past years. Between 2010 and 2014,
the price of oil varied between US$75 and US$110 per barrel,
increasing the incentives for the construction and operation of
drilling rigs throughout the world and, consequently, increasing
the maintenance costs in U.S.-dollars terms for the Drilling Rigs.

In response to its liquidity crisis, the OOG Group took steps to
restructure its liabilities through negotiations with its main
creditors, which include certain holders of the 2021 Notes and
2022 Notes (the "Ad Hoc Group"), along with their financial and
legal advisors, Houlihan Lokey, Inc., and Cleary Gottlieb Steen &
Hamilton LLP.

On May 23, 2017, the Debtors jointly filed petitions for the
commencement of reorganization cases with the Brazilian Court and
concurrently submitted proposed reorganization plans.

The Brazilian Court on Oct. 19, 2017, approved reorganization
plans that provide that (i) holders of 2021 notes totaling
US$1.096 billion (as of May 5, 2017) and 2022 notes totaling
US$1.901 billion will receive replacement notes secured by the
same collateral; (ii) holders of Exchanged Financial Claims
totaling R$6.223 billion will receive new dollar-denominated
perpetual, convertible participating titles issued by OOFL with a
guarantee from OOG.

The Financial Claims include the Perpetual Notes, and other claims
relating to (a) letters of credit with a counter-guarantee
provided by OOG and/or OOG GmbH issued in connection with the
collateral for the 2021 Notes and amounts drawn by (i) Citibank
N.A. and (ii) Swiss Re International SE, through its Zurich
Contact Office for International Business comprising an aggregate
outstanding amount of US$101,776,960 as of May 5, 2017 (the "2021
LC Reimbursement Claim") (b) letters of credit with a counter-
guarantee provided by OOG and/or OOG GmbH issued in connection
with the collateral for the 2022 Notes and amounts drawn by (i)
Swiss Re, (ii) Credit Agricole Corporate and Investment Bank and
(iii) ING Bank N.V. ("ING Bank " and together with Citibank, Swiss
Re and Credit Agricole, the "LC Providers") comprising an
aggregate outstanding amount of US$175,132,040 as of May 5, 2017
(the "2022 LC Reimbursement Claim" and together with the 2021 LC
Reimbursement Claim, the "LC Reimbursement Claims"); (c) claims
arising from financial markets transactions held by (i) Banco do
Brasil S.A., through its large corporate agency (RJ), (ii) Banco
do Brasil S.A., New York Branch, (iii) Banco Bradesco S.A. and
(iv) Banco Bradesco S.A., Grand Cayman Branch (collectively, the
"Banks") comprising an aggregated amount of US $273.1 million and
R$867.2 million as of May 5, 2017 (the "Bank Claims"); (d) claims
comprising an aggregate amount of US$345,000,000 held by the
holders of 2021 Notes against OOG in connection with the
termination of that certain Equity Support Agreement dated as of
Nov. 18, 2010 executed by and between OOG, Odebrecht S.A., ODN
VIII, OOSL and the 2021 Trustee, as amended, and the cancellation
of the promissory notes related to funds provided to OOG to
support activities during the financial downturn by the holders of
the 2021 Notes (the "ESA Termination Claims"); and (e) claims
comprising an aggregate amount of US$230,000,000 held by holders
of the 2022 Notes against OOG, in connection with the termination
of that certain Undertaking Agreement dated as of Aug. 6, 2013
among OOG and the 2022 Trustee, as amended on Feb. 24, 2014, and
the cancellation of the promissory notes related to new funds
provided to OOG to support activities during the financial
downturn by the holders of the 2022 Notes (the "Undertaking
Termination Claims" and together with the Perpetual Notes, LC
Reimbursement Claims, Bank Claims and ESA Termination Claim, the
"Financial Claims").  The "Exchanged Financial Claims" means all
Financial Claims other than the LC Reimbursement Claims of the
Adhering LC Providers.

Project Noteholders representing 69.0% in aggregate principal
amount of the 2021 Notes, 63.5% in aggregate principal amount of
the 2022 Notes and 69.7% of the Financial Claims voted to support
the Brazilian Reorganization Plans.

Because of this significant creditor support, the Brazilian Court
overruled two minimal challenges filed by two of the Debtors'
creditors, Credit Agricole and Citibank, and confirmed the
Brazilian Reorganization Plans.

The Brazilian Reorganization Plans are a significant step towards
restructuring the OOG Group and resolving the issues with its
creditors.

The Debtors have determined, in consultation with the Trustees and
the Ad Hoc Group, that the Chapter 15 Cases are necessary to avoid
potentially irreparable harm to the Debtors' creditors and
businesses and to facilitate the Foreign Proceeding by ensuring
that creditors cannot attempt to circumvent the Foreign Proceeding
by taking action against the Debtors in the United States.

The Petitioner requests an immediate stay of potential proceedings
against the Debtors in the United States and to obtain the
cooperation of the Trustee and the Depository Trust Company (the
"DTC") in effecting the terms of the Brazilian Reorganization
Plans in the United States by (a) obtaining the Court's
recognition of the Foreign Proceeding as a foreign main proceeding
and (b) recognizing and enforcing the Brazilian Reorganization
Plans in the United States.

                   About Odebrecht Oil & Gas

Based in Rio De Janeiro, Brazil, Odebrecht Oleo e Gas S.A. is a
part of the Odebrecht Group and was incorporated in  Brazil in
2006 to house the Odebrecht Group's oil field services activities
after several decades of operations under the conglomerate
Odebrecht Oil & Gas renders services related to the charter and
operation of drilling rigs, floating production storage and
offloading  units (the "FPSOs") and pipe-laying support vessels
(the "PLSVs"), as well as maintenance activities in the oil and
gas industry in Brazil.  Petroleo Brasileiro S.A. ("Petrobras ")
is the main client and business partner of the OOG Group.

On May 23, 2017, OOG and its affiliates jointly filed petitions
before the 4th Commercial Court of the State of Rio de Janeiro in
the Federative Republic of Brazil for the commencement of
extrajudicial reorganization cases.  The Brazilian Court on Oct.
19, 2017, approved Debtors' reorganization plans.

OOG and 10 affiliates filed Chapter 15 cases (Bankr. S.D.N.Y. Lead
Case No. 17-13130) in Manhattan, in the United States on Nov. 3,
2017, to seek recognition of the Brazilian proceedings.  Rogerio
Luis Murat Ibrahim, CFO of OOG, signed the Chapter 15 petitions.

Law firm E. Munhoz Advogados, led by founding partner Eduardo
Secchi Munhoz, has been advising OOG in all legal aspects of its
reorganization since February 2016.

The Hon. James L. Garrity Jr. is the case judge in the U.S. case.
Davis Polk & Wardwell LLP represents OOG in the U.S. cases.


ODEBRECHT OLEO: Chapter 15 Case Summary
---------------------------------------

Lead Debtor: Odebrecht Oleo e Gas S.A.
             Av. Cidade de Lima 86
             offices 501 and 502
             Santo Cristo, Rio de Janeiro, RJ
             Brazil

Type of Business: Odebrecht Oil & Gas offers integrated solutions
                  for the oil and gas upstream industry in Brazil
                  and overseas in the investment and operations
                  phases of the offshore rig chartering and
                  operation, supply and installation of subsea
                  infrastructure, chartering and operation of
                  offshore production and maintenance units and
                  offshore services segments.  A private, closed
                  capital Brazilian company, 100% of its capital
                  is owned by Odebrecht S.A.  Its administrative
                  headquarters are in the city of Rio de Janeiro
                  (RJ) and it operates four Logistical Support
                  Bases: two of them are in Macae (RJ), one in
                  Itajai (SC) and another in Santos (SP), in
                  addition to an office in Austria.  Its assets
                  consist of six drill rigs, of which four are
                  drill ships and two are semi-submersible
                  platforms, as well as two Floating, Production,
                  Storage and Offloading Vessels (FPSO); and two
                  Pipe Laying Support Vessels (PLSVs).

                  Web site: http://www.odebrechtoilgas.com

Foreign
Proceeding
in Which
Appointment
of the Foreign
Representative
Occurred:         Proceeding: 0121854-60.2017.8.19.0001, Rio
                  de Janeiro State Court, Rio de Janeiro,
                  State of Rio de Janeiro, Brazil

Chapter 15
Petition Date:    November 3, 2017

Affiliated debtors that simultaneously filed Chapter 15 bankruptcy
petitions:

       Entity                                   Case No.
       ------                                   --------
       Odebrecht Oleo e Gas S.A.                17-13130
       Odebrecht Oil & Gas GmbH                 17-13131
       Odebrecht Oil Services Ltd.              17-13132
       Odebrecht Oil & Gas Finance Limited      17-13133
       Odebrecht Drilling Norbe VIII/IX Ltd.    17-13134
       Odebrecht Drilling Norbe Eight GmbH      17-13135
       Odebrecht Drilling Norbe Nine GmbH       17-13136
       Odebrecht Offshore Drilling Finance Ltd. 17-13137
       ODN I GmbH                               17-13138
       Odebrecht Drilling Norbe Six GmbH        17-13139
       ODN Tay IV GmbH                          17-13140

Court:            United States Bankruptcy Court
                  Southern District of New York (Manhattan)

Judge:            Hon. James L. Garrity Jr.

Authorized
Representative:   Rogerio Luis Murat Ibrahim
                  Av. Cidade de Lima 86
                  offices 501 and 502
                  Santo Cristo, RJ Rio de Janeiro
                  Brazil

Authorized
Representatives'
Attorneys:        Eli J. Vonnegut, Esq.
                  DAVIS POLK & WARDWELL LLP
                  450 Lexington Avenue
                  New York, NY 10017
                  Tel: 212-450-4331
                  E-mail: eli.vonnegut@davispolk.com

Estimated Assets: Unknown

Estimated Debt: Unknown

A full-text copy of the Chapter 15 petition is available at:

            http://bankrupt.com/misc/nysb17-13130.pdf



====================
E L  S A L V A D O R
====================


BANCO AGROMERCANTIL: S&P Affirms 'BB-/B' Ratings, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long- and 'B' short-term
global scale issuer credit ratings (ICRs) on Banco Agromercantil
de Guatemala, S.A. (BAM). At the same time, S&P affirmed affirmed
'BB-' issue-level rating on Intertrust SPV (Cayman) Ltd.'s $300
million senior notes due April 10, 2019. Intertrust SPV acts as
trustee of the Agromercantil Senior Trust. BAM fully guarantees
the notes, so the rating on them is the same as the long-term ICR
on the bank. The outlook remains stable.

S&P said, "We continue view BAM as a core subsidiary for Grupo
Bancolombia because the bank operates in business lines integral
to the overall group strategy and its business risk is similar to
that of Bancolombia. Therefore, we don't consider that the bank
will be sold. Additionally, we expect BAM to be fully integrated
into the group in the intermediate term and that the bank will
represent a stable source of income through dividend payments. The
'BB-/B' foreign currency ratings on Guatemala limit the ICRs on
BAM.

"The stand-alone credit profile (SACP) on BAM continues to reflect
its large market share, particularly in the corporate lending
segment. The ratings incorporate our projected risk-adjusted
capital (RAC) ratio of 5.5% on average for the next two years
including a lending growth of around 3.8% in 2017. We still
consider the high share of dollar-denominated loans in the
portfolio as a significant vulnerability for the bank if the
Guatemalan quetzal weakens against the dollar. On the other hand,
despite the uncertain economic conditions that's slowing the
deposit growth, the bank's deposit-based funding is one of its
main strengths that also provide enough liquidity to face short-
term obligations."



======================
P U E R T O    R I C O
======================


LIBERTY CABLEVISION: Moody's Affirms B3 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service changed the outlook on the ratings of
Liberty Cablevision of Puerto Rico LLC (LCPR) to negative,
reflecting the effects of Hurricane Maria on its operations. At
the same time, Moody's affirmed LCPR's B3 corporate family rating
(CFR), its B3-PD probability of default rating, as well as the B2
and Caa2 ratings on its senior secured bank debt (first- and
second-lien).

Outlook Actions:

Issuer: Liberty Cablevision of Puerto Rico LLC

-- Outlook, Changed To Negative From Stable

Affirmations:

Issuer: Liberty Cablevision of Puerto Rico LLC

-- Probability of Default Rating, Affirmed B3-PD

-- Corporate Family Rating, Affirmed B3

-- Senior Secured First Lien Bank Credit Facility, Affirmed B2
    (LGD 3)

-- Senior Secured Second Lien Bank Credit Facility, Affirmed Caa2
    (LGD 6)

RATINGS RATIONALE

The change in rating outlook to negative incorporates the effects
on LCPR's operations and financial profile, arising from extensive
infrastructure damages and economic loss following Hurricane
Maria. Moody's expects the recovery of LCPR's network
infrastructure, which is dependent on the island's power
restoration process, to be gradual, resulting in very limited
revenue and earnings generation in Q4 2017. This will drive a
spike in leverage and weaken materially the company's liquidity
profile. In the next couple of years, Moody's anticipates that
LCPR's credit profile will have tighter margins, higher leverage
and lower levels of free cash flow than in recent years.

The affirmation of LCPR's ratings nevertheless reflects the strong
positioning of the company within its rating category pre-
hurricane effects, which provides some leeway to weather current
pressures. At the end of September 2017, LCPR had a cash balance
amounting to USD46 million and an available revolving credit
facility of USD40 million. While these liquidity sources will not
be sufficient to fund the company's immediate liquidity needs, the
agency expects that LCPR will be able to raise additional funds
and benefit from the support of its shareholders, if needed. As of
end-September 2017, LiLAC Group (Liberty Global's Latin American
and Caribbean operations) had USD531 million of cash and USD965
million available under its revolving credit facilities. In
addition, insurance will cover for a substantial portion of
hurricane-related costs to repair and replace infrastructure and
equipment, even though payments are unlikely to be received before
2018. LCPR has a comfortable maturity profile with its term loan
maturing in 2022 and 2023 and its revolving credit facility in
2020.

LCPR's ratings remain, however, constrained by the struggling
local economy in Puerto Rico, reflected in the insolvency and
default of Puerto Rico (Commonwealth of) (Ca negative), now facing
even greater distress and long-term challenges following the
severe destruction from Hurricane Maria.

As regards structural considerations, if LCPR were to raise any
additional debt to cover for its liquidity needs, Moody's would
need to review the updated capital structure and related notching
of the various classes of debt.

Moody's would consider a downgrade of LCPR's ratings if leverage
(Moody's adjusted Debt-to-EBITDA) was above 6.75x or free cash
flow negative for a prolonged period of time. A downgrade would
also occur immediately if LCPR fails to receive needed liquidity
support. Finally, negative ratings pressures would also occur if,
over the longer term, there is a reduction in the company's
revenue base. Puerto Rico's population has been declining for
several years and an acceleration of this decline due to the
hurricane would reduce the company's customer base and related
revenues.

Given the current pressures on LCPR's operations and credit
profile, a positive rating action is unlikely in the short term. A
stabilization of the outlook could be considered once the company
recovers a leverage well below 6.75x, flat to slightly positive
free cash flow and adequate liquidity. Over the longer-term,
Moody's would consider an upgrade if leverage was sustained below
5x and free cash flow-to-debt above 3%. At the same time, an
upgrade would also require substantial improvement in the credit
profile and economy of Puerto Rico or increased business scale
beyond the scope of Puerto Rico.

The principal methodology used in these ratings was Global Pay
Television - Cable and Direct-to-Home Satellite Operators
published in January 2017.

LCPR, which was created in 2012 following the merger of two Puerto
Rican broadband communications entities, is the largest cable
company in Puerto Rico, providing video, high speed data and
telephone services to residential and commercial customers. LCPR
is 60% owned by Liberty Global plc (Ba3 stable) and 40% by
Searchlight Capital Partners L.P. During the 12 months ended
September 2017, the company generated total revenues of USD409
million.


PUERTO RICO: PREPA Bondholders Group Disclose Updated Holdings
--------------------------------------------------------------
A first supplemental statement was filed Nov. 7, 2017, pursuant to
Rule 2019 of the Federal Rules of Bankruptcy Procedure, by the Ad
Hoc Group of PREPA Bondholders, comprised of certain holders of
Power Revenue Bonds and Power Revenue Refunding Bonds
(collectively, the "Bonds") issued by the Puerto Rico Electric
Power Authority ("PREPA") under a trust agreement between PREPA
and U.S. Bank National Association, as successor trustee, dated
January 1, 1974, as amended and supplemented, in connection with
the case ("PREPA Title III Case") commenced by the Debtor on July
2, 2017 under Title III of PROMESA.

On or about June 26 and June 27, 2014, certain funds managed or
advised by OppenheimerFunds, Inc. and Franklin Advisers, Inc.
retained Kramer Levin Naftalis & Frankel LLP to challenge as
unconstitutional the recently passed and soon to be enacted Puerto
Rico Debt Enforcement and Recovery Act.  Over the course of the
next two months, certain holders of Bonds, including Franklin and
Oppenheimer, contacted and then engaged Kramer Levin to represent
a group of holders in connection with a potential restructuring of
the Bonds.  From time to time thereafter, certain additional
holders of the Bonds have joined the Ad Hoc Group.

On Aug. 2, 2017, counsel to the Ad Hoc Group submitted the
Verified Statement of the Ad Hoc Group of PREPA Bondholders
Pursuant to Bankruptcy Rule 2019.

Counsel to the Ad Hoc Group submits this First Supplemental
Statement to update the disclosable economic interests currently
held by the Ad Hoc Group.

The Members hold, or are the investment advisors or managers of
funds or accounts that hold, approximately $3.06 billion in
aggregate principal amount of the uninsured Bonds, and
approximately $70.87 million in aggregate principal amount of the
insured Bonds, both as of Oct. 31, 2017.

In accordance with Bankruptcy Rule 2019, the address, nature and
amount of all disclosable economic interests for each Member as of
Oct. 31, 2017, are:

   1. Angelo, Gordon & Co., L.P., on behalf
       of funds and/or accounts managed or advised by it.
      245 Park Avenue,
      New York, New York 10167

      Debtor        Economic Interests
      ------        ------------------
      Commonwealth  Uninsured: $165,000
                    Insured: $0
      COFINA        Uninsured: $0
                    Insured: $0
      HTA           Uninsured: $0
                    Insured: $0
      ERS           Uninsured: $0
                    Insured: $0
      PREPA         Uninsured: $321,932,716
                    Insured: $0

   2. BlueMountain Capital Management, LLC,
      on behalf of funds and/or accounts managed or advised by it.
      280 Park Ave., 12th Floor

      Debtor        Economic Interests
      ------        ------------------
      PREPA         Uninsured: $460,446,744
                    Insured: $0

   3. Franklin Advisers, Inc.,
      on behalf of accounts managed or advised by it.
      One Franklin Parkway, San Mateo, CA 94403

      Debtor        Economic Interests
      ------        ------------------
      Commonwealth  Uninsured: $288,785,000
                    Insured: $25,500,000
      COFINA        Uninsured Sr.: $53,825,000
                    Uninsured Jr.: $550,286,128
                    Insured: $0
      PREPA         Uninsured: $707,774,516
                    Insured: $5,000,000

   4. Knighthead Capital Management, LLC,
      on behalf of funds and/or accounts managed or advised by it.
      1140 Avenue of the
      Americas, 12th Floor,
      New York, New York 10036

      Debtor        Economic Interests
      ------        ------------------
      HTA           Uninsured: $3,830,000
                    Insured: $0
      PREPA         Uninsured: $257,919,843
                    Insured: $0

   5. Marathon Asset Management, LP,
      on behalf of funds and/or accounts managed or advised by it.
      1 Bryant Park, 38th
      Floor, New York,
      New York 10036

      Debtor        Economic Interests
      ------        ------------------
      Commonwealth  Uninsured: $50,000,000
                    Insured: $0
      HTA           Uninsured: $5,135,000
                    Insured: $0

      PREPA         Uninsured: $448,723,880
                    Insured: $0
                    $137,487,499.91 of term loan under
                      ScotiaBank fuel line credit facility

   6. OppenheimerFunds, Inc.,
      on behalf of funds and/or accounts managed or advised by it.
      350 Linden Oaks,
      Rochester, NY 14625

      Debtor        Economic Interests
      ------        ------------------
      Commonwealth  Uninsured: $1,532,330,181
                    Insured: $126,819,775
      COFINA        Uninsured Sr.: $525,306,552
                    Uninsured Jr.: $1,317,335,900
                    Insured Sr.: $135,568,996
      HTA           Uninsured: $249,095,000
                    Insured: $149,380,000
      PREPA         Uninsured: $862,528,283
                    Insured: $65,870,000

                      About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA").

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at:

           https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                      Bondholders' Attorneys

Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin
Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc.,
Franklin Advisers, Inc., and the First Puerto Rico Family of
Funds, which collectively hold over $3.5 billion in COFINA Bonds
and over $2.9 billion in other bonds issued by Puerto Rico and
other instrumentalities, including over $1.8 billion of Puerto
Rico general obligation bonds ("GO Bonds").

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual
Advisers LLC, Monarch Alternative Capital LP, Senator Investment
Group LP, and Stone Lion Capital Partners L.P.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).

                           Committees

The U.S. Trustee formed a nine-member Official Committee of
Retirees and a seven-member Official Committee of Unsecured
Creditors of the Commonwealth.  The Retiree Committee tapped
Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its
attorneys.  The Creditors Committee tapped Paul Hastings LLP and
O'Neill & Gilmore LLC as counsel.


PUERTO RICO: U.S. to Defend Constitutionality of PROMESA
--------------------------------------------------------
The United States submitted on Nov. 6, 2017, a notice to advise
the U.S. District Court for the District of Puerto Rico that the
United States will participate in the U.S. territory's bankruptcy
proceedings to defend the constitutionality of the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA"),
Pub. L. No. 114-187, 130 Stat. 549 (2016). Pursuant to the Court's
scheduling order, the United States will file its memorandum of
law in support of PROMESA's constitutionality on or before Dec. 6.

As reported in the Aug. 14, 2017 edition of the TCR, Aurelius
Investment, LLC, Aurelius Opportunities Fund, LLC, and Lex Claims,
LLC filed documents asking the U.S. District Court for the
District of Puerto Rico to dismiss the Commonwealth of Puerto
Rico's Title III petition, and grant them relief from the
automatic stay. Aurelius, et al. question the constitutionality of
the PROMESA on the grounds that the appointment of the Board
members of the Fiscal Management and Oversight Board for Puerto
Rico violates the Appointments Clause of the U.S. Constitution and
the separation of powers.

Attorneys for the United States of America:

       JEAN LIN
       Special Counsel
       CESAR A. LOPEZ-MORALES
       Trial Attorney
       U.S. Department of Justice, Civil Division
       Federal Programs Branch
       20 Massachusetts Ave., N.W.
       Washington, D.C. 20530
       Tel: (202) 514-3716
       Fax: (202) 616-8202
       E-mail: Jean.lin@usdoj.gov

                      About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA").

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at:

           https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                      Bondholders' Attorneys

Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin
Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc.,
Franklin Advisers, Inc., and the First Puerto Rico Family of
Funds, which collectively hold over $3.5 billion in COFINA Bonds
and over $2.9 billion in other bonds issued by Puerto Rico and
other instrumentalities, including over $1.8 billion of Puerto
Rico general obligation bonds ("GO Bonds").

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual
Advisers LLC, Monarch Alternative Capital LP, Senator Investment
Group LP, and Stone Lion Capital Partners L.P.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).

                           Committees

The U.S. Trustee formed a nine-member Official Committee of
Retirees and a seven-member Official Committee of Unsecured
Creditors of the Commonwealth.  The Retiree Committee tapped
Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its
attorneys.  The Creditors Committee tapped Paul Hastings LLP and
O'Neill & Gilmore LLC as counsel.


PUERTO RICO: Oppenheimer, et al., Still Own $4.6-Bil. of Bonds
--------------------------------------------------------------
The Mutual Fund Group, which is comprised of certain holders of
bonds issued by the Puerto Rico Sales Tax Financing Corporation
("COFINA") and other bonds issued by the Commonwealth of Puerto
Rico and its instrumentalities in connection with the Title III
cases, on Nov. 7, 2017, submitted a first supplemental verified
statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy
Procedure.

On June 26 and 27, 2014, certain funds managed or advised by
OppenheimerFunds, Inc. and Franklin Advisers, Inc., retained
Kramer Levin Naftalis & Frankel LLP to challenge as
unconstitutional the recently passed and soon to be enacted Puerto
Rico Debt Enforcement and Recovery Act.

Kramer Levin later became engaged to represent Franklin and
Oppenheimer as a group in connection with a potential
restructuring of bonds issued by the Commonwealth of Puerto Rico
and its instrumentalities.  In February 2016, certain funds
managed or advised by Santander Asset Management, LLC, joined the
Mutual Fund Group in connection with a potential restructuring of
the Bonds.

The Members hold, or are the investment advisors or managers of
funds or accounts that hold, approximately $747 million in
aggregate amount of uninsured senior Bonds -- based on their
accreted value as of October 31, 2017 -- and approximately $2.1
billion in aggregate amount of uninsured subordinate bonds --
based on their accreted value as of Oct. 31, 2017 -- as of October
31, 2017.  The Members also hold, or are the investment advisors
or managers of funds or accounts that hold, approximately $1.8
billion in aggregate amount of uninsured bonds issued or
guaranteed by the Commonwealth of Puerto Rico.

The Members previously disclosed to holding as of Aug. 10, 2017, a
total of $759 million in aggregate amount of uninsured senior
Bonds, $2.1 billion in aggregate amount of uninsured subordinate
bonds, and 1.75 billion in aggregate amount of uninsured bonds
issued or guaranteed by the Commonwealth of Puerto Rico.

As of Oct. 31, 2017, the address, nature and amount of all
disclosable economic interests for each Member are:

   1. Franklin Advisers, Inc.
      One Franklin Parkway, San Mateo, CA 94403

      Debtor        Economic Interests
      ------        ------------------
      Commonwealth  Uninsured: $288,785,000
                    Insured: $25,500,000
      COFINA        Sr. Uninsured: $53,825,000
                    Sr. Insured: $0
                    Jr. Uninsured: $550,286,000
                    Jr. Insured: $0
      HTA           Uninsured: $0
                    Insured: $0
      ERS           Uninsured: $0
                    Insured: $0
      PREPA         Uninsured: $707,774,516
                    Insured: $5,000,000

   2. OppenheimerFunds, Inc.
      350 Linden Oaks, Rochester, NY 14625

      Debtor        Economic Interests
      ------        ------------------
      Commonwealth  Uninsured: $1,532,330,181
                    Insured: $126,819,775
      COFINA        Sr. Uninsured: $508,955,000
                    Sr. Insured: $131,601,930
                    Jr. Uninsured: $1,277,198,090
                    Jr. Insured: $0
      HTA           Uninsured: $249,095,000
                    Insured: $149,380,000
      ERS           Uninsured: $0
                    Insured: $0
      PREPA         Uninsured: $826,528,283
                    Insured: $65,870,000

   3. Santander Asset Management, LLC
      GAM Tower, Suite 200
      2 Tabonuco Street
      Guaynabo, PR 06968

      Debtor        Economic Interests
      ------        ------------------
      Commonwealth  Uninsured: $1,500,000
                    Insured: $1,105,000
      COFINA        Sr. Uninsured: $184,414,000
                    Sr. Insured: $36,710,000
                    Jr. Uninsured: $242,968,000
                    Jr. Insured: $0
      HTA           Uninsured: $0
                    Insured: $6,085,000
      ERS           Uninsured: $0
                    Insured: $0

The Mutual Fund Group's attorneys:

        Manuel Fernandez-Bared, Esq.
        Linette Figueroa-Torres, Esq.
        Jane Patricia Van Kirk, Esq.
        TORO, COLON, MULLET, RIVERA & SIFRE, P.S.C.
        P.O. Box 195383
        San Juan, PR 00919-5383
        Tel: (787) 751-8999
        Fax: (787) 763-7760
        E-mail: mfb@tcmrslaw.com
        E-mail: lft@tcmrslaw.com
        E-mail: jvankirk@tcmrslaw.com

               - and -

        Thomas Moers Mayer, Esq.
        Amy Caton, Esq.
        Philip Bentley, Esq.
        David E. Blabey, Jr., Esq.
        Douglas Buckley, Esq.
        KRAMER LEVIN NAFTALIS & FRANKEL LLP
        1177 Avenue of the Americas
        New York, New York 10036
        Tel: (212) 715-9100
        Fax: (212) 715-8000
        E-mail: tmayer@kramerlevin.com
                acaton@kramerlevin.com
                pbentley@kramerlevin.com
                dblabey@kramerlevin.com
                dbuckley@kramerlevin.com

A copy of the Verified Statement filed Aug. 16, 2017, is available
at http://bankrupt.com/misc/PR_1056_2019_MF_Group.pdf

                      About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion, a 68% debt-to-GDP ratio and negative economic growth in
nine of the last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of 2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ("PROMESA").

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may be referred to her by Judge Swain, including discovery
disputes, and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc. is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at:

           https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                      Bondholders' Attorneys

Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin
Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc.,
Franklin Advisers, Inc., and the First Puerto Rico Family of
Funds, which collectively hold over $3.5 billion in COFINA Bonds
and over $2.9 billion in other bonds issued by Puerto Rico and
other instrumentalities, including over $1.8 billion of Puerto
Rico general obligation bonds ("GO Bonds").

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP,
Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual
Advisers LLC, Monarch Alternative Capital LP, Senator Investment
Group LP, and Stone Lion Capital Partners L.P.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ
Management II LP (the QTCB Noteholder Group).

                           Committees

The U.S. Trustee formed a nine-member Official Committee of
Retirees and a seven-member Official Committee of Unsecured
Creditors of the Commonwealth.  The Retiree Committee tapped
Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its
attorneys.  The Creditors Committee tapped Paul Hastings LLP and
O'Neill & Gilmore LLC as counsel.


VILLAGE DEVELOPMENT: Hearing on Plan, Disclosures Set for Dec. 8
----------------------------------------------------------------
Judge Edward A. Godoy of the U.S. Bankruptcy Court for the
District of Puerto Rico conditionally approved The Village
Development Corporation's amended disclosure statement filed on
Oct. 26, 2017.

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 must 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 will be held
on Dec 8, 2017, at 9:30 A.M. at the United States Bankruptcy
Court, Jose V. Toledo Fed. Bldg. & U.S. Courthouse, 300 Recinto
Sur, Third Floor, Courtroom 3, San Juan, Puerto Rico.

                  About Village Development

Headquartered in San Juan, Puerto Rico, The Village Development
Corporation is a corporation and was organized under the laws of
the Commonwealth of Puerto Rico on Aug. 6, 1999. It is engaged in
the development, construction, and sale of residential units at
the project known as "The Village". The Debtor is a single asset
entity.

The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D.
P.R. Case No. 16-02021) on March 15, 2016, listing $84,862 in
total assets and $1.24 million in total liabilities. The petition
was signed by Rafael E. Rodriguez Torres, president.

William M. Vidal Carvajal, Esq., at William Vidal Carvajal Law
Offices serves as the Debtor's bankruptcy counsel.


VILLAGE DEVELOPMENT: Unsecured Claims Grouped into 2 Classes
------------------------------------------------------------
The latest version of Village Development Corporation's Chapter 11
plan of liquidation plan classifies general unsecured claims of
non-insiders into two classes.

Creditors holding Class 1 general unsecured claims of $10,000 or
less will be paid 90% of their claims on or before the effective
date of the plan.  Payments will come from VDC shareholders' cash
contribution of approximately $15,000.  The allowed amount of
Class 1 claims is estimated at $19,602.28.

Meanwhile, general unsecured claims of more than $10,000 are
classified in Class 2.  Creditors in this class will recover 5% of
their allowed claims estimated at $1,659,664.89.  Payments will
come from the proceeds of the sale of VDC's three parcels of land
in Ceiba, Puerto Rico, according to the latest disclosure
statement, which explains the plan.

A copy of the amended disclosure statement is available for free
at http://bankrupt.com/misc/prb16-02021-167.pdf

The U.S. Bankruptcy Court for the District of Puerto Rico is set
to hold a hearing on Dec. 8 to consider approval of the Debtor's
Plan. The court earlier issued an order conditionally approving
VDC's disclosure statement, allowing the company to start
soliciting votes from creditors. The order required creditors to
file their objections and ballots accepting or rejecting the plan
on or before 14 days prior to the hearing.

                   About Village Development

Headquartered in San Juan, Puerto Rico, The Village Development
Corporation is a corporation and was organized under the laws of
the Commonwealth of Puerto Rico on Aug. 6, 1999. It is engaged in
the development, construction, and sale of residential units at
the project known as "The Village". The Debtor is a single asset
entity.

The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D.
P.R. Case No. 16-02021) on March 15, 2016, listing $84,862 in
total assets and $1.24 million in total liabilities. The petition
was signed by Rafael E. Rodriguez Torres, president.

William M. Vidal Carvajal, Esq., at William Vidal Carvajal
LawOffices  serves as the Debtor's bankruptcy counsel.

On October 26, 2016, the Debtor filed its proposed Chapter 11 plan
of reorganization.



=================
V E N E Z U E L A
=================


VENEZUELA: Opposition Ready to Resume Dialogue with Government
--------------------------------------------------------------
EFE News reports that Venezuela's opposition, which stumbled to a
lopsided defeat in regional elections last month despite the
nation's political turmoil and a severe economic crisis, is ready
to resume talks with President Nicolas Maduro's administration, a
lawmaker and government opponent said.

"We want to announce to Venezuela that we in Democratic Unity are
ready," Luis Florido, head of the opposition-controlled National
Assembly's foreign-policy committee, said in a press conference,
referring to the opposition MUD coalition, according to EFE News.

The report notes that Mr. Florido said the priority was to
establish "an effective international negotiation to bring clear
solutions to Venezuelans," above all on the electoral front.

The report notes that Mr. Maduro's leftist administration and the
opposition in September explored a possible resumption of dialogue
in the Dominican Republic, but the MUD backed out after accusing
the government of reneging on its commitments.

In October, the opposition was left in disarray when the ruling
United Socialist Party of Venezuela (PSUV) defied the polls to win
a vast majority of governor's offices (18 out of 23), the report
discloses.

The president of Venezuela's opposition-controlled legislature,
Julio Borges, said in an exclusive interview with EFE last month
that those elections had been marred by irregularities and further
eroded people's confidence in the voting process, the report says.

In that regard, Mr. Florido said the electoral issue was key to
resolving the crisis, although he added it also was necessary to
address the country's "humanitarian emergency," referring to
shortages of medicine and basic foodstuffs amid a steep recession
and sky-high inflation, the report relays.

He said the opposition also was demanding the release of political
prisoners and the restoration of the powers of the unicameral
National Assembly, which has been sidelined by the recently
installed plenipotentiary National Constituent Assembly, a body
made up exclusively of Maduro's allies, the report notes.

The report discloses that Florido said the opposition was waiting
to hear from the Dominican Republic, the government and a group of
guarantor countries with a view to setting a date for the start of
full negotiations.

Vatican-mediated negotiations late last year broke down when the
opposition accused the Maduro administration of reneging on
agreements, the report notes.

The opposition, however, is divided over the issue of resuming
talks with the government, the report relays.

The political organization led by prominent opposition leader
Maria Corina Machado has rejected the latest attempt at
negotiations as a "fraudulent dialogue designed to benefit the
regime and deceive the country," the report adds.

                           *   *   *

As reported in the Troubled Company Reporter-Latin America, Robin
Wigglesworth at The Financial Times related that Venezuela
appeared to have made a crucial bond repayment in late October.
The Latin American country and its state oil company PDVSA have
failed to make several debt payments in recent weeks, the report
noted. But the most important one was an $842 million instalment
due Oct. 29 on a PDVSA bond maturing in 2020, which, unlike most
of the other overdue debts, had no 'grace period' that allowed for
30 days to clean up any arrears without triggering a default, the
report notes.

On Nov. 3, 2017, S&P Global Ratings lowered its long-term foreign
currency sovereign credit rating on the Bolivarian Republic of
Venezuela to 'CC' from 'CCC-'. The long-term local currency
sovereign credit rating remains unchanged at 'CCC-'. The 'C'
short-term foreign and local currency sovereign credit ratings
also remain unchanged. S&P placed all ratings on CreditWatch
negative.


VENEZUELA: Sets High-Profile Location for Debt Talks
----------------------------------------------------
Deisy Buitrago and Andrew Cawthorne at Reuters report that
Venezuelan President Nicolas Maduro's socialist government has set
a high-profile location near the presidential palace in Caracas
for Nov. 13's hotly awaited meeting with investors to discuss
renegotiating $60 billion in foreign debt.

The newly created debt renegotiation committee will meet with
creditors at 2 p.m. (1800 GMT) at the government's 'White Palace'
opposite the presidential building, Finance Minister Simon Zerpa
said on Nov. 11, according to Reuters.

The report relays that market sources had said Finance Minister
Zerpa plus committee head and Venezuelan Vice President Tareck El
Aissami, who are both on U.S. sanctions lists for corruption and
drug-trafficking accusations respectively, would sit out the
meeting to allay any fears about legal repercussions for anyone
meeting them.

But Finance Minister Zerpa's exhortation to attend, plus the
location of the meeting right opposite the Miraflores presidential
palace, appear to indicate the meeting will not be a low-profile
affair, the report says.

"Once again, we invite investors to register their participation
in this meeting," Finance Minister Zerpa, who is also the finance
boss of state oil company PDVSA, said in a Tweet, the report
discloses.

A PDVSA source said both he and El Aissami would be present, but
there was no official confirmation, the report relays.

Mr. Maduro's move a week ago to summon bondholders for talks about
"restructuring" and "refinancing" roughly $60 billion in bonds has
spooked markets worried Venezuela may be heading for default amid
U.S. financial sanctions, the report notes.

Measures by U.S. President Donald Trump's administration against
the Maduro government, which it accuses of being a "dictatorship"
that has impoverished Venezuela's 30 million people through
corruption and incompetence, effectively bar U.S. banks from
rolling over the country's debt into new bonds, the report relays.

Venezuela did, however, appear to be honoring its most recent debt
payment, $1.2 billion due on a bond from PDVSA, the report
discloses.   Two investors told Reuters they had finally received
payment, albeit delayed, the report relays.

                            Who Will Come?

It is unclear how widespread investor participation in Nov. 13's
meeting will be. U.S.-based creditors are not prohibited from
attending the meeting, but are barred from dealings with officials
such as Zerpa and El Aissami, the report relays.

With those two on the government's committee and no sign of
reforms to overhaul a moribund economy, economists are puzzling
whether Maduro really wants to refinance the debt, the report
notes.

Rather, some speculate, he might be preparing the ground for an
inevitable default by the cash-strapped government after which he
would blame Washington, or he could be seeking to leverage foreign
investor pressure on Trump to ease sanctions, the report says.

"We do not hold big hopes on the bondholder meeting," New York-
based financial services company Stifel said in a report, the
report discloses.  "It likely will be just an information session,
in which bondholders probably would be more interested in hearing
whether the past-due coupons will be paid than how a restructuring
can be done," Stifel added.

On the streets, Venezuelans know little of the ins and outs of the
complex debt debate, but they are praying for an improvement to
dire hardships, the report relays.  Many are skipping meals during
a fourth year of recession that has seen shortages of basics,
soaring prices, and a collapsing bolivar currency, the report
notes.

In power since 2013 after the death of predecessor Hugo Chavez
from cancer, Maduro has so far prioritized debt payments over
imports, compounding Venezuelans' hardships, the report relays.

A default might give a short-term financial reprieve to the
government, enabling it to raise imports with a presidential
election approaching in 2018, the report notes.  But it could also
do further economic harm if investors pursue debts aggressively,
including going after assets in the all-important oil sector, the
report adds.

                           *   *   *

As reported in the Troubled Company Reporter-Latin America, Robin
Wigglesworth at The Financial Times related that Venezuela
appeared to have made a crucial bond repayment in late October.
The Latin American country and its state oil company PDVSA have
failed to make several debt payments in recent weeks, the report
noted. But the most important one was an $842 million instalment
due Oct. 29 on a PDVSA bond maturing in 2020, which, unlike most
of the other overdue debts, had no 'grace period' that allowed for
30 days to clean up any arrears without triggering a default, the
report notes.

On Nov. 3, 2017, S&P Global Ratings lowered its long-term foreign
currency sovereign credit rating on the Bolivarian Republic of
Venezuela to 'CC' from 'CCC-'. The long-term local currency
sovereign credit rating remains unchanged at 'CCC-'. The 'C'
short-term foreign and local currency sovereign credit ratings
also remain unchanged. S&P placed all ratings on CreditWatch
negative.


VENEZUELA: Electric Company Corpoelec Declared in Default of Debt
-----------------------------------------------------------------
Clifford Krauss at The Hindu reports that Venezuela showed new
signs of a financial unravelling, as the state electricity company
was declared in default.

The announcement of the country's first bond default came three
days before the government was to begin talks with investors to
refinance and restructure more than half its $120 billion in debt,
according to The Hindu.

"This is the first drizzle in a huge thunderstorm," said Jose L.
Valera, an international energy lawyer in the Houston office of
the Mayer Brown law firm, the report notes.  "The whole country of
Venezuela is bankrupt," Mr. Valera added.

                            No Payment

The electricity company, Corpoelec, based in Caracas, was unable
to make a $28 million payment on a $650 million bond, the report
notes.  The bond was originally issued by Electricidad de Caracas
before it was nationalised as a Corpoelec subsidiary a decade ago,
the report relays.

The default was announced in a notice by Wilmington Trust after
bondholders complained that they had not received payment on a
coupon that was due October 10 but had a grace period that ended
on Nov. 9, the report relays.

Venezuela and its state-owned enterprises -- including the oil
company Petroleos de Venezuela, known as PDVSA -- have missed
roughly $350 million in interest payments over the past month, the
report discloses.

The grace period on many of them will end in the next few days,
the report says.

"There are going to be so many different debtors from the
sovereign to these different state-owned companies," Mr. Valera
said, "and they are all going to be defaulting at the same time,"
the report adds.

                         U.S. Sanctions

President Nicolas Maduro disclosed that the government would
refinance and restructure $63 billion in bonds, and invited
investors to meet with a government committee led by his Vice
President, the report relays.

It is uncertain how many investors will take part, since U.S.
sanctions restrict any negotiation or purchases of new bonds by
U.S.-regulated financial institutions, the report notes.

Nov. 13 could be a decisive day in Venezuela's credit crisis.

While Mr. Maduro's committee will offer restructuring proposals,
the International Swaps and Derivatives Association, a panel
formed by the derivatives industry, will meet to discuss the
Venezuelan debt situation, the report relays.

The panel will discuss whether late and partial payments of $1.2
billion due last week from PDVSA constituted a "credit event" that
could prompt bondholders to organize to seek payment, the report
relays.

The creditors could pursue legal action to confiscate Venezuelan
assets abroad, for instance, some oil tankers or even refineries
owned by the PDVSA subsidiary Citgo, the report adds

                          *   *   *

As reported in the Troubled Company Reporter-Latin America, Robin
Wigglesworth at The Financial Times related that Venezuela
appeared to have made a crucial bond repayment in late October.
The Latin American country and its state oil company PDVSA have
failed to make several debt payments in recent weeks, the report
noted. But the most important one was an $842 million instalment
due Oct. 29 on a PDVSA bond maturing in 2020, which, unlike most
of the other overdue debts, had no 'grace period' that allowed for
30 days to clean up any arrears without triggering a default, the
report notes.

On Nov. 3, 2017, S&P Global Ratings lowered its long-term foreign
currency sovereign credit rating on the Bolivarian Republic of
Venezuela to 'CC' from 'CCC-'. The long-term local currency
sovereign credit rating remains unchanged at 'CCC-'. The 'C'
short-term foreign and local currency sovereign credit ratings
also remain unchanged. S&P placed all ratings on CreditWatch
negative.



=================
X X X X X X X X X
=================


* BOND PRICING: For the Week From November 6 to 10, 2017
--------------------------------------------------------

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

BA-CA Finance Cayman Lt   0.518    62.07               KY    EUR
AES Tiete Energia SA      6.7842   1.109  4/15/2024    BR    BRL
Argentina Bogar Bonds     2       39.36   2/4/2018     AR    ARS
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    67      1/15/2023    CL    USD
Automotores Gildemeister  8.25    73.25   5/24/2021    CL    USD
Automotores Gildemeister  6.75    65.5    1/15/2023    CL    USD
CA La Electricidad        8.5     63.664  4/10/2018    VE    USD
Caixa Geral De Depositos  1.439   63.167               KY    EUR
Caixa Geral De Depositos  1.469                        KY    EUR
CSN Islands XII Corp      7       68                   BR    USD
CSN Islands XII Corp      7       66.266               BR    USD
Decimo Primer Fideicomiso 6       53.225 10/25/2041    PA    USD
Decimo Primer             4.54    43.127 10/25/2041    PA    USD
Dolomite Capital         13.217   73.108 12/20/2019    CN    ZAR
Enel Americas SA          5.75    56.172  6/15/2022    CL    CLP
Gol Linhas Aereas SA     10.75    35.861  2/12/2023    BR    USD
Gol Linhas Aereas SA     10.75    35.601  2/12/2023    BR    USD
Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
Inversora Electrica       6.5     67.625  9/26/2017    AR    USD
MIE Holdings Corp         7.5     64.78   4/25/2019    HK    USD
MIE Holdings Corp         7.5     64.982  4/25/2019    HK    USD
NB Finance Ltd            3.88    61.816  2/7/2035     KY    EUR
Noble Holding             7.7     74.433  4/1/2025     KY    USD
Noble Holding             5.25    56.279  3/15/2042    KY    USD
Noble Holding             8.7     71.881  4/1/2045     KY    USD
Noble Holding             6.2     60.129  8/1/2040     KY    USD
Noble Holding             6.05    58.38   3/1/2041     KY    USD
Odebrecht Finance Ltd     7.5     42.5                 KY    USD
Odebrecht Finance Ltd     5.125   56.938  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       68.053  4/21/2020    KY    USD
Odebrecht Finance Ltd     7.125   41.366  6/26/2042    KY    USD
Odebrecht Finance Ltd     4.375   40.002  4/25/2025    KY    USD
Odebrecht Finance Ltd     5.25    39.211  6/27/2029    KY    USD
Odebrecht Finance Ltd     6       44.75   4/5/2023     KY    USD
Odebrecht Finance Ltd     5.25    39.018  6/27/2029    KY    USD
Odebrecht Finance Ltd     7.5     42.95                KY    USD
Odebrecht Finance Ltd     4.375   40.363  4/25/2025    KY    USD
Odebrecht Finance Ltd     7.125   41.635  6/26/2042    KY    USD
Odebrecht Finance Ltd     6       52.625  4/5/2023     KY    USD
Odebrecht Finance Ltd     5.125   55.873  6/26/2022    KY    USD
Odebrecht Finance Ltd     7       67.368  4/21/2020    KY    USD
Petroleos de Venezuela    8.5     74.5   10/27/2020    VE    USD
Petroleos de Venezuela    6       30.458  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.517 11/15/2026    VE    USD
Petroleos de Venezuela    9.75    35.677  5/17/2035    VE    USD
Petroleos de Venezuela    9       39.279 11/17/2021    VE    USD
Petroleos de Venezuela    5.375   30.267  4/12/2027    VE    USD
Petroleos de Venezuela    8.5     72.5   10/27/2020    VE    USD
Petroleos de Venezuela   12.75    45.278  2/17/2022    VE    USD
Petroleos de Venezuela    6       30.367  5/16/2024    VE    USD
Petroleos de Venezuela    6       30.387 11/15/2026    VE    USD
Petroleos de Venezuela    9       39.316 11/17/2021    VE    USD
Petroleos de Venezuela    9.75    35.893  5/17/2035    VE    USD
Petroleos de Venezuela    6       28.346 10/28/2022    VE    USD
Petroleos de Venezuela    5.5     30.123  4/12/2037    VE    USD
Petroleos de Venezuela   12.75    45.23   2/17/2022    VE    USD
Polarcus Ltd              5.6     75      3/30/2022    AE    USD
Provincia del Chubut      4              10/21/2019    AR    USD
Siem Offshore Inc         4.04527 69.5   10/30/2020    NO    NOK
Siem Offshore             3.75176 65.75  12/28/2021    NO    NOK
STB Finance               2.05771 56.243               KY    JPY
Sylph Ltd                 2.367   64.438  9/25/2036    KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
US Capital                1.63611 54.774 12/1/2039     KY    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
USJ Acucar                9.875   67     11/9/2019     BR    USD
Venezuela                13.625   68.25   8/15/2018    VE    USD
Venezuela                 7.75    44.065 10/13/2019    VE    USD
Venezuela                11.95    40.785  8/5/2031     VE    USD
Venezuela                12.75    45.19   8/23/2022    VE    USD
Venezuela                 9.25    39.645  9/15/2027    VE    USD
Venezuela                11.75    40.005 10/21/2026    VE    USD
Venezuela                 9       36.285  5/7/2023     VE    USD
Venezuela                 9.375   37.69   1/13/2034    VE    USD
Venezuela                13.625   72.25   8/15/2018    VE    USD
Venezuela                 7       34.23   3/31/2038    VE    USD
Venezuela                 7       59.19  12/1/2018     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, 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.


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