/raid1/www/Hosts/bankrupt/TCRLA_Public/190122.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

             Tuesday, January 22, 2019, Vol. 20, No. 15


                            Headlines



A R G E N T I N A

ARGENTINA: President Makes Official Visit to Brazil
ELECTROINGENIERIA SA: Moody's Pulls Ca CFR for Business Reasons


B R A Z I L

BANCO DAYCOVAL: S&P Affirms 'BB-/B' ICRs, Outlook Remains Negative
BRASKEM SA: Petrobras Supply Contract Talks Delays Lyondell Deal
SUL AMERICA: Fitch Puts B+ LT IDR on Under Criteria Observation
VOTORANTIM CIMENTOS: Moody's Rates $1.15BB Notes Due 2041 'Ba2'


M E X I C O

ADAMANTINE SERVICIOS: BRHCCB 07-2U Certs. Gets Caa1 Moody's Rating
MEXICO: President Rejects Downbeat Economic Forecast


P U E R T O    R I C O

LAS AMERICAS 74-75: Jan. 25 Hearing on Plan Confirmation
LA TRINIDAD: Jan. 29 Hearing on Disclosure Statement
LUBY'S INC: Two Current Directors Will Step Down
MONITRONICS INT'L: Ascent Hires Moelis for Strategic Review
PUERTO RICO: Locals Protest Gov't Agreement With Creditors

THAI LEMAR: Seeks to Hire JPC Law Office as Attorney


V E N E Z U E L A

VENEZUELA: Claims at UN That President is Facing an Attempted Coup


                            - - - - -



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


ARGENTINA: President Makes Official Visit to Brazil
---------------------------------------------------
EFE News reports that Argentine President Mauricio Macri become
the first foreign leader to make an official visit to Brazil since
that nation's new head of state, Jair Bolsonaro, took office on
Jan. 1.

As he did nearly two years ago when visiting Brazil's then-
president, Michel Temer, Macri walked past 330 members of the
presidential honor guard toward Bolsonaro, who welcomed the
Argentine leader at the top of a ramp that leads to the inside of
the Planalto presidential palace, according to EFE News.

In statements to the media after a private meeting, the two
conservative presidents both criticized the leftist leader of
Venezuela, Nicolas Maduro, who was sworn in for a second six-year
term, the report notes.

Venezuela is suffering from widespread poverty and hyperinflation
and the United States, the European Union and several countries of
the Americas refuse to recognize Maduro's election victory last
May, the report relays.

"We both share a concern for the Venezuelan people," Macri said
alongside Bolsonaro, adding that "Maduro is a dictator who is
trying to remain in power through fictitious elections," the
report discloses.

Mr. Bolsonaro chose more mild language in his remarks on
Venezuela, the report says.

He stressed the commitment of Argentina and Brazil to the "defense
of freedom and democracy in the region" and said their
"cooperation on the Venezuelan question is a clear example" of
that, the report notes.

The Brazilian president also emphasized the need to perfect the
Mercosur South American trade bloc and quickly finalize a trade
deal with the European Union that has been in the works for nearly
two decades, the report relays.

The rightist head of state also said that Mercosur needs to value
its "original tradition" based on commercial openness, reduction
of trade barriers and the elimination of bureaucracy, the report
relays.

In that regard, the president of Mercosur's largest member called
for a "reduced" bloc that "continues to have meaning and
relevance," the report discloses.

The report notes that he also stressed his desire to further
strengthen ties with Argentina, one of Brazil's leading trade
partners, and said he was convinced bilateral relations would
continue on the right road.

As reported in the Troubled Company Reporter-Latin America on
Nov. 14, 2018, S&P Global Ratings lowered its long-term foreign
and local currency ratings on Argentina to 'B' from 'B+' and
affirmed its short-term foreign and local currency ratings at 'B'.
S&P said, "We also removed the long-term ratings from CreditWatch,
where we placed them on Aug. 31, 2018, with negative implications.
The outlook on the long-term ratings is stable. At the same time,
we lowered our national scale ratings to 'raAA-' from 'raAA'. We
also lowered our transfer and convertibility assessment to 'B+'
from 'BB-'."

S&P said, "The stable outlook reflects our expectation that the
government will implement difficult fiscal, monetary, and other
measures to stabilize the economy over the coming 18 months,
gradually staunching the deterioration in the sovereign's
financial profile and debt burden, reversing inflation dynamics,
and restoring investor confidence. The combination of lower
government financing needs, declining inflation and interest
rates, and expectations of continuity in key economic policies
after national elections in October 2019 could set the stage for
economic recovery and contain external vulnerability.

Fitch Ratings affirmed on May 8, 2018, Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and revised
the Outlook to Stable from Positive.

On December 4, 2017, Moody's Investors Service upgraded the
Government of Argentina's local and foreign currency issuer and
senior unsecured ratings to B2 from B3. The senior unsecured
shelves were upgraded to (P)B2 from (P)B3. The outlook on the
ratings is stable.  At the same time, Argentina's short-term
rating was affirmed at Not Prime (NP). The senior unsecured
ratings for unrestructured debt were affirmed at Ca and the
unrestructured senior unsecured shelf affirmed at (P)Ca.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30- grace
period on a US$539 million interest payment.  Earlier that ,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago. On March 30, 2016, Argentina's Congress
passed a bill that will allow the government to repay holders of
debt that the South American country defaulted on in 2001,
including a group of litigating hedge funds that won judgments
in a New York court. The bill passed by a vote of 54-16.


ELECTROINGENIERIA SA: Moody's Pulls Ca CFR for Business Reasons
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A., has
withdrawn Electroingenieria S.A.'s Ca/Ca.ar corporate family
rating for business reasons. The stable outlook was also
withdrawn.

The following ratings were withdrawn:

  - Corporate Family Rating: Ca/Ca.ar

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

Founded in 1977 and based in the city of Cordoba in Argentina,
Electroingenieria offers engineering, construction, operation and
maintenance of large electromechanical, civil, architectural,
road, sanitation, and water works and services. It also engages in
the engineering and construction of power systems, transformer
stations, interconnections and nuclear power plants. For the 12
months ended September 30, 2018, the company's total revenue was
ARS3.5 billion (approximately $162 million).

On November 24, 2017, Moody's downgraded Electroingenieria's
ratings to Ca in the global scale and to Ca.ar in the national
scale, outlook stable.


===========
B R A Z I L
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BANCO DAYCOVAL: S&P Affirms 'BB-/B' ICRs, Outlook Remains Negative
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' global scale and
'brAA+/brA-1+' Brazilian national scale issuer credit ratings on
Banco Daycoval S.A. (Daycoval). The outlook remains negative. The
bank's stand-alone credit profile (SACP) is 'bb-'.

The ratings on Daycoval reflect its somewhat concentrated business
profile compared to the large banks operating in the country,
given its focus on middle-market and payroll lending. This
concentration is counterbalanced by the bank's solid expertise in
its core businesses and its sound earnings stability. S&P said,
"We also base our analysis on our expectation that the bank will
accelerate loan growth in the next two years, if the political and
economic landscape allows for it, leading to a forecasted risk-
adjusted capital (RAC) ratio of about 6.0%-6.5% for the next two
years. Moreover, the bank has kept a diversified client base and
stable asset quality metrics without having to restructure loans
to avoid losses like other midsize Brazilian banks. The ratings
also incorporate our view that the bank's funding structure still
lacks broader depositor and funding source diversification
relative to the industry average, and that we predict its
liquidity position will provide adequate cushion to cope with cash
outflows over the next 12 months. Daycoval's SACP is 'bb-'."


BRASKEM SA: Petrobras Supply Contract Talks Delays Lyondell Deal
----------------------------------------------------------------
Carolina Mandl and Tatiana Bautzer at Reuters report that Brazil's
recent change of government has further delayed the long-awaited
finalization of LyondellBasell Industries NV's plan to buy
Brazilian petrochemical company Braskem SA, three sources with
knowledge of the matter said.

Netherlands-based LyondellBasell first said it had entered into
exclusive talks to acquire control of Braskem from Brazilian
conglomerate Odebrecht SA in June, according to Reuters.  However,
the deal's price depends on a long-term naphtha supply contract
with state-controlled Petroleo Brasileiro SA, which also owns
shares in Braskem, the report notes.

The current contract with the state-controlled oil company, known
as Petrobras, expires in December 2020, the report relays.

The sources, who requested anonymity to discuss private talks,
said a draft naphtha supply agreement was reached in December
under former Petrobras Chief Executive Officer Ivan Monteiro, the
report discloses.  But Monteiro declined to ratify the deal when
it became clear he would be replaced under the newly elected
administration of far-right President Jair Bolsonaro, the people
said, the report relays.

Lyondell representatives are now waiting to hear whether there
will be any changes to the Petrobras team that was negotiating the
contract and for the talks to resume, one of the sources added,
the report relays.  Jorge Celestino Ramos, Petrobras' refining and
natural gas director, who had headed the team, was replaced
earlier this month by Anelise Lara, the report notes.

Odebrecht and Petrobras expect a premium on the value of their
stakes, the report says.  Braskem's current market capitalization
on the Sao Paulo stock exchange is around BRL38.5 billion ($10
billion), the report relays.

The delay in negotiations is putting additional pressure on
corruption-ensnared Odebrecht SA, which is trying to restructure
around BRL70 billion in debt, the report notes.  The conglomerate
has managed so far to avoid filing for bankruptcy protection, but
a fourth source with knowledge of the matter said the alternative
cannot be ruled out completely, the report discloses.

Still, Odebrecht expects to receive a formal bid by the end of
March, a fifth source with knowledge of the matter said, adding
that it hopes Petrobras' new management will ratify the previously
negotiated supply agreement, the report relays.

Petrobras, Odebrecht and LyondellBasell all declined to comment.

Shares of Braskem, which were down before the Reuters report,
extended losses.  Common shares were 2.9 percent down at BRL46.90
in Jan. 18 trading and preferred shares were down 1.64 percent, at
BRL47.40, says the report.

Another deal that was hinging on the political change, the tie-up
between Embraer SA and Boeing Co, has already been approved by the
new Bolsonaro government, the report notes.

                         Deal Hurdles

Any deal to sell Odebrecht's 38 percent controlling stake in
Braskem needs to be approved by the conglomerate's creditors, the
report notes.  The stake is pledged as collateral for Odebrecht's
largest banking loans.

Local banks such as Banco Bradesco SA and Itau Unibanco Holding SA
also hold the rights over all of Braskem's dividends to service
the debt, the report relays.

Banks claim they would own the Braskem stake if Odebrecht were to
default on the loans, the report discloses.  Under Brazilian law
covering this type of collateral, creditors become formal owners
of the stake in the case of a default, the report says.

But, one of the people said other creditors, such as bondholders
of the Odebrecht's construction unit, could try to challenge the
banks' claim on the stake if there is a bankruptcy protection
filing by the holding, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2017, Moody's Investors Service confirmed Braskem S.A.
corporate family rating at Ba1 and the ratings on the foreign
currency debt issuances of Braskem Finance Ltd and Braskem America
Finance Company, fully guaranteed by Braskem S.A, at Ba1. The
rating outlook is negative.


SUL AMERICA: Fitch Puts B+ LT IDR on Under Criteria Observation
---------------------------------------------------------------
Fitch Ratings has placed the following Latin American-based
insurance ratings Under Criteria Observation following publication
on Jan. 11, 2019 of its revised global master insurance criteria
titled Insurance Rating Criteria.

Sul America S.A. (SASA):

  -- Foreign- and Local-Currency, Long-Term Issuer Default Ratings
(IDRs) 'B+', Outlook Stable;

  -- Foreign- and Local-Currency, Short-Term IDRs 'B'.

Reaseguradora Patria, S.A. (Patria):

  -- Insurer Financial Strength 'A-', Outlook Negative.

Fitch will review all of the ratings designated as UCO as soon as
practical, but no later than six months.

KEY RATING DRIVERS

The revised criteria includes changes to the way Fitch captures
country-related risks in ratings, moving away from the use of "top
down" sovereign constraints, to defining how country risk is
captured within each key credit factor under a "bottom up"
analysis. The credit factors most impacted by this revised
approach include industry profile and operating environment,
business profile, debt service capabilities and financial
flexibility and investment and asset risk. The latter includes
introduction of new sovereign investment concentration risk
guidelines.

SASA's ratings designated as UCO will potentially be upgraded,
typically by one notch, and Patria's Rating Outlook designated as
UCO will potentially be revised to Stable, following further
analysis, based on Fitch's expectation that the removal of the top
down sovereign constraint will have a more positive impact than
any negative impact of the revised bottom up country risk
assessment.

The ratings listed above represent all insurance ratings in Latin
America in Fitch's rated universe that could potentially be
impacted by the changes in criteria. However, not all of the
ratings designated as UCO will necessarily experience rating
changes.

RATING SENSITIVITIES

The key rating sensitivity with respect the resolution of the UCO
status will be Fitch's completion of its analytic work reviewing
the country risk elements defined under its new criteria, and
assessing the balance between the removal of the top down
sovereign constraint and addition of new country risk elements in
the bottom up analysis of the various key credit factors.

For each rating, existing Rating Sensitivities defined in the
previously published rating action commentaries and/or published
issuer research also continue to apply to the rating more
generally, and should be referenced by interested parties.
However, any existing rating sensitivities related to sovereign
constraints and/or country risk generally are subject to change
when Fitch resolves the UCO status.


VOTORANTIM CIMENTOS: Moody's Rates $1.15BB Notes Due 2041 'Ba2'
--------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the proposed
USD500 million senior unsecured notes due 2041 to be issued by
Votorantim Cimentos' wholly owned subsidiary St. Marys Cement Inc.
and unconditionally guaranteed by Votorantim Cimentos S.A.
("VCSA", Ba2 stable). VCSA's existing ratings and its Ba2 CFR
(corporate family rating) remain unchanged. The ratings outlook
remains stable.

The proposed issuance is part of VCSA's corporate restructuring
and will be executed through a like-for-like exchange offer up to
USD500 million, conditioned to a minimum amount of USD300 million,
and consent solicitation on the existing USD1.15 billion notes
issued by Votorantim Cimentos International S.A. and guaranteed by
VCSA and Votorantim S.A. ("VSA", Ba2 stable) also due 2041. The
new issuance will not increase VCSA's leverage metrics since it
will replace existing indebtedness.

In addition to the exchange offered, the company is launching a
tender offer up to USD650 million for the VCI notes maturing in
2041, 2022 and 2021, conditioned to a minimum of USD500 million.
Proceeds for the tender offer is expected to come from a capital
increase of BRL2.0 billion from VSA, subject to the consummation
of Fibria sale. Any excess amount on the tender could be funded
with cash on hands from VCSA.

The rating of the proposed notes assumes that the issuance will be
successfully completed as planned and will replace existing debt,
and that the final transaction documents will not be materially
different from draft legal documentation reviewed by Moody's to
date and assume that these agreements are legally valid, binding
and enforceable.

Rating assigned:

Issuer: St. Marys Cement Inc.

USD500 million backed senior unsecured global notes due 2041:
Ba2- unconditionally guaranteed by Votorantim Cimentos S.A.

Stable Outlook

The company's existing ratings are unchanged:

Issuer: Votorantim Cimentos S.A.

Corporate Family Rating: Ba2

Stable Outlook

Issuer: Votorantim Cimentos International S.A.

EUR227 million backed senior unsecured global notes due 2021:
Ba2- unconditionally guaranteed by Votorantim Cimentos S.A.

EUR356 million backed senior unsecured global notes due 2022:
Ba- unconditionally guaranteed by Votorantim Cimentos S.A.

USD1,150 million backed senior unsecured global notes due 2041:
Ba2- unconditionally guaranteed by Votorantim Cimentos S.A. and
Votorantim S.A.

Issuer: St. Marys Cement Inc.

USD500 million backed senior unsecured global notes due 2027:
Ba2- unconditionally guaranteed by Votorantim Cimentos S.A.

RATINGS RATIONALE

VCSA's Ba2 ratings reflect its leading position in Brazil, its
adequate liquidity, its large scale and integrated operations, and
its affiliation with its parent Votorantim S.A. ("VSA", Ba2
stable), a company with established audit, finance and strategy
committees, as well as written financial policies that restrict
leverage and require a minimum cash position. VSA drew about 35%
of its total EBITDA in the 12 months ended September 2018 from the
cement subsidiary.

Because VCSA is a fully owned subsidiary of VSA, its ratings
reflect the likelihood of its support from its parent. The two
companies have cross-acceleration provisions and guarantees in
part of their outstanding debt, and VSA includes VCSA as a
material subsidiary in its financial statements.

In 2016 & 2017, VSA capitalized VCSA for a total BRL 2.7 billion
(~USD 725 mm); part of the resources came from the IPO of Nexa
Resources S.A. (Ba2 stable), demonstrating VSA's willingness and
ability to support its main subsidiaries.

A reduction in debt over time as well as the corporate
restructuring reflect VCSA's strategy of streamlining its
corporate organization in terms of cross-acceleration provisions
and corporate guarantees to and from other companies within VSA,
another step towards a potential equity offering of the cement
business. As of September 2018, 37% of VCSA's gross debt had
corporate guarantees from VSA, down from 89% at the end of 2013.
VCSA also guarantees around 3.6% of VSA's total debt. The proposed
new issuance will not have a guarantee from VSA further reducing
the amount of VCSA's debt guaranteed by VSA, but given the
importance of VCSA to VSA's operations, Moody's would expect to
see continued support from the parent.

A difficult environment for the cement business in Brazil, which
represents around 50% of the company's revenues/EBITDA, continues
to hold back VCSA's financial metrics, based on the country's
economic slowdown and corruption investigations against heavy
construction companies, which have elevated VCSA's leverage. Yet
for all of these risks, market conditions will stabilize in 2019
for cement producers in Brazil, with gradual recovery in demand ,
following a cumulative 25% decline since 2014. Moody's forecasts
that VCSA's adjusted debt/EBITDA will decline to around 5.5x in
2019 -- not considering the effects from the new capital
increase -- from 7.4x for the 12 months through September 30,
2018, a rise from 6.6x from December 31, 2017. Recent divestments
of non-core assets, capital injections from the parent, declining
capital spending, and a medium-term recovery of operations at home
will all help improve VCSA's consolidated leverage.

VCSA has strong liquidity, based on the maintenance of a large
cash balance in proportion to short-term debt. VCSA had BRL3.2
billion cash on hand as of September 30, 2018, covering its short-
term debt by 2.6x. Moreover, the company has USD500 million in
revolving credit facilities that mature in 2023. Moody's expects
that VCSA will generate more substantial positive free cash flow
starting in 2019, when its capital expansion program will ease
more significantly, almost dropping to maintenance levels of
around BRL1.0 billion from an average of around BRL1.5 billion in
the past 4 years.

The stable outlook on the company reflects its expectation that
market conditions for cement producers, mainly in Brazil, will
remain stable or increase slightly in 2019, following a cumulative
25% decline since 2014. Nonetheless, Moody's believes that VCSA
will continue to prudently manage its capital spending and
dividend distributions to maintain adequate liquidity to service
its financial obligations. The stable outlook also takes into
consideration the fact that if operations weaken further, the
company will make the necessary adjustments in its capital
spending to maintain its financial profile.

An upgrade of VCSA's ratings would depend on an upgrade of
Brazil's government bond rating, and improvements in the
conditions for the Brazilian cement industry in which the company
is able to improve its operating performance such that adjusted
EBIT to interest expense is sustained above 4.0x (0.9x for the 12
months through September 2018) and adjusted retained cash flow
("RCF") to net debt increases to levels above 20% (9.2% for the 12
months through September 2018), while decreasing leverage to below
3.5x (7.4x for the 12 months through September 2018). All ratios
incorporate Moody's standard adjustments.

The ratings could be downgraded if Brazil's government bond rating
should be further downgraded, or if the company's liquidity
profile deteriorates or if its capital structure weakens, with
adjusted Debt to Ebitda above 5.0x after the execution of the
expansion plans without prospects for reduction. Performance
falling below its expectations, indicated by retained cash flow to
net debt below 10% for a sustained period could also lead to
negative rating actions.

Headquartered in Sao Paulo and one of the main subsidiaries of
Votorantim S.A., Votorantim Cimentos S.A. is the sixth-largest
cement company worldwide in terms of installed capacity excluding
Chinese companies.  For the 12 months ended September 30, 2018,
VCSA reported consolidated revenue of BRL12.5 billion. The company
has operations in North and South America, Europe, Africa and
Asia.


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M E X I C O
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ADAMANTINE SERVICIOS: BRHCCB 07-2U Certs. Gets Caa1 Moody's Rating
------------------------------------------------------------------
Moody's de Mexico S.A. de C.V. takes rating actions on three
Mexican residential mortgage backed securities. The underlying
collateral consists of first-lien, fixed-rate mortgage loans
denominated in inflation-adjusted Unidades de Inversion and
granted primarily to low-income borrowers in Mexico.

The rating actions are as follows:

Servicer: Adamantine Servicios S.A. de C.V.

Issuer: HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo
Financiero HSBC, Division Fiduciaria.

  -- BRHCCB 07-2U Series A2 Certificates -- Affirm Current
Guaranteed ratings: Caa1 (sf) (Global Scale, Local Currency) /
B3.mx (sf) (Mexican National Scale) and Downgrade Underlying
ratings from Ca (sf) (Global Scale, Local Currency) / Ca.mx (sf)
(Mexican National Scale) to C (sf) (Global Scale, Local Currency)
/ C.mx (sf) (Mexican National Scale).

Financial Guarantor: MBIA Mexico, S.A. de C.V. (MBIA Mexico,
Affirmed at Caa1 (Global Scale, Local Currency) / B3.mx (Mexican
National Scale) Insurance Financial Strength, Developing Outlook
on January 17, 2018).

Servicer: Proyectos Adamantine S.A. de C.V. SOFOM ER

Issuer: HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo
Financiero HSBC, Division Fiduciaria.

  -- MXMACFW 07U Series A Certificates -- Downgrade ratings from
Ca (sf) (Global Scale, Local Currency) / Ca.mx (sf) (Mexican
National Scale) to C (sf) (Global Scale, Local Currency) / C.mx
(sf) (Mexican National Scale).

  -- MXMACFW 07-3U Series A Certificates -- Affirm Guaranteed
ratings of Caa1 (sf) (Global Scale, Local Currency) / B3.mx (sf)
(Mexican National Scale) and Downgrade Underlying ratings from Ca
(sf) (Global Scale, Local Currency) / Ca.mx (sf) (Mexican National
Scale) to C (sf) (Global Scale, Local Currency) / C.mx (sf)
(Mexican National Scale).

Financial Guarantor for MXMACFW 07-3U Series A Certificates: MBIA
Insurance Corporation (MBIA, Affirmed at Caa1 (Global Scale, Local
Currency) Insurance Financial Strength, Developing Outlook on
December 12, 2018).

RATINGS RATIONALE

The rating affirmations reflect the credit quality of the related
financial guarantors. BRHCCB 07-2U Series A2 certificates benefit
from a financial guaranty insurance policy issued by MBIA Mexico,
that covers timely interest payment, and ultimate principal
payment by the certificates' final maturity date. MXMACFW 07-3U
Series A Certificates benefits from a financial guaranty insurance
policy issued by MBIA Insurance Corporation that covers timely
interest payment and ultimate principal payment by the
certificates final maturity date of the certificates.

The certificates' current guaranteed ratings are consistent with
Moody's approach to rating structured finance securities wrapped
by financial guarantors at the higher of (1) the guarantor's
insurance financial strength rating and (2) the underlying
ratings, which reflect the intrinsic credit quality of the
certificates in the absence of the guarantee. In the case of
MXMACFW 07-3U Series A Certificates, because MBIA's insurance
financial strength rating is higher than the certificates'
underlying ratings, the certificates' guaranteed ratings are in
line with MBIA's current rating.

The rating downgrades reflect the performance of the underlying
pools and Moody's updated loss expectations on the pools. The
rating downgrades are a result of the deteriorating performance of
the related pools and decreases in credit enhancement available to
the rated certificates. The downgrades also consider a severity
assumption of 100% and pool expected losses of 87% for the pool
associated with the BRHCCB 07-2U Series A2 Certificates and 86%
for the pool associated with the MXMACFW 07-3U Series A
Certificates. The pools backing the downgraded certificates have
shown consistent increase in REO balance, and the securitization
trusts has received relatively low recoveries from sales of real
estate owned associated with defaulted loans (REOs).

Rating Methodology

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

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

With respect to the guaranteed ratings reflecting the credit
quality of the financial guarantor, a downgrade in the financial
guarantor's insurance financial strength ratings could result in a
downgrade of the guaranteed ratings. Otherwise, the remaining
ratings are positioned at Moody's lowest rating levels on both the
global scale and national scale.

Improvement in the performance of the underlying collateral that
results in lower expected losses, significant improvement in the
level of recoveries on defaulted and REO loans, improved liquidity
and strengthening of the certificates' available credit
enhancement could result in a downgrade of the underlying ratings.


MEXICO: President Rejects Downbeat Economic Forecast
----------------------------------------------------
EFE News reports that Mexican President Andres Manuel Lopez
Obrador said that the Mexican economy would grow by at least 2
percent this year, more than double the estimate offered last week
by Bank of America.

"My data is different.  I respect those who say we won't reach our
economic growth goals, but I'm sure that we will do very well,"
the leftist leader said at his daily morning press conference,
according to EFE News.

Bank of America said that it expects Mexican gross domestic
product to grow just 1 percent in 2019 as a result of the spending
cuts by the government and the economic slowdown in the United
States, Mexico's No. 1 trading partner, the report notes.

Responding to questions, Lopez Obrador said the Mexican economy is
showing positive signs, such as the rise of the peso against the
dollar, the report relays.

"I only ask for seriousness from the analysts," he said, the
report notes.  "I say it's double (what Bank of America
estimates). And it's recorded."

Mexico's Finance Secretariat estimates GDP growth of between 1.5
percent and 2.5 percent in 2019, along with inflation of 3.4
percent and an exchange rate of 20 pesos to the dollar, the report
notes.

The peso was trading Jan. 16 at just under 19 to the dollar, the
report adds.


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


LAS AMERICAS 74-75: Jan. 25 Hearing on Plan Confirmation
--------------------------------------------------------
Bankruptcy Judge Edward A. Godoy issued an order approving Las
Americas 74-75, Inc.'s disclosure statement referring to an
amended Plan filed on Nov. 12, 2018.

Objections, acceptances or rejections of the Plan may be filed in
writing by the holders of all claims. The term under Bankruptcy
Rule 2002(b) is shortened to 10 days, to expire on Jan. 22, 2019.

A hearing for the consideration of confirmation of the Plan and of
such objections as may be made to the confirmation of the Plan
will be held on Jan. 25, 2019 at 9:30 AM at the United States
Bankruptcy Court, Jose V. Toledo Federal Building and U.S.
Courthouse, 300 Recinto Sur street, Courtroom #1, second floor,
Old San Juan, Puerto Rico.

The Troubled Company Reporter previously reported that under the
Plan, the total amount owed to general unsecured creditors, other
than owed by the Debtor to governmental units, is $9,422 and will
be paid in full without interest in a lump sum within two years
from effective date. The same terms will apply to payments for the
unsecured portion of the allowed claims of governmental units
which amounts to $25,759.

A full-text copy of the Second Amended Plan of Reorganization is
available at:

      http://bankrupt.com/misc/prb15-01527-318.pdf

                About Las Americas 74-75

Las Americas 74-75, Inc., was incorporated in 2004 by Porfirio
Guzman and Maria M. Benitez, and is the owner of certain real
estate property located at the Hato Rey Ward, in San Juan, Puerto
Rico, right next to the reorganized area of Plaza Las Americas.
Las Americas 74-75, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R., Case No. 15-01527) on March 2,
2015.

The petition was signed by Omar Guzman Benitez, vice president.
The case is assigned to Judge Edward Godoy.

Las Americas 74-75 tapped Carmen Conde Torres, Esq., at C. Conde &
Associates, in San Juan, Puerto Rico, as counsel; and Albert
Tamarez Vasquez as accountant.

Las Americas disclosed total assets estimated at $21.2 million and
total debt estimated at $18.7 million.

No official committee of unsecured creditors has been appointed in
the case.


LA TRINIDAD: Jan. 29 Hearing on Disclosure Statement
----------------------------------------------------
A hearing on approval of disclosure statement explaining La
Trinidad Elderly LP SE's Chapter 11 plan of reorganization is
scheduled for January 29, 2019 at 3:00 PM.

Objections to the form and content of the disclosure statement
should be in writing and filed less than fourteen (14) days prior
to the hearing.

Class 3 - General Unsecured Creditors.  Those who filed a proof of
claim and those secured creditors, who after the Debtor's efforts
have agreed to be considered part of their claim as unsecured, are
included in this class. The debt under this class has been
estimated by the Debtor in the amount of $1,200,000.  This class
will be paid in cash and in full on the later of (a) the Effective
Date of the Plan or (b) the Entry of a Court Order authorizing the
disbursement of sales proceeds realized upon transfer of the
property on the terms detailed in the Plan of Reorganization.

Class 5 - Loiza Ponce Holdings, LLC are impaired. This class is
comprised by the amounts claimed by Loiza Ponce, LLC.  The Debtor
schedules this creditor in the amount of $3,677,104 and classified
this as a disputed claim pending against this estate.  The Debtor
schedules and classified this creditor as a disputed claim which
is contested by way of the adversary proceeding filed by the
Debtor on December 5, 2018.  Any dividend to this class will only
after the entry of a final Judgment to be entered by the Honorable
Court and in accordance with the distribution provisions contained
in the Plan of Reorganization.

The Debtor will have sufficient funds to make all payments due
under this Plan. Upon Order to be entered by the Honorable Court
upon a Motion for Sale of Property to be filed, the Debtor will
complete an orderly transfer of the real property, the operations
and the existing rental agreements to a qualified operator subject
to the liens and restrictive covenants imposed by "PRHFA". With
the sales proceeds obtained from the sale, the Debtor will provide
lump sum payments for all classes to which the Plan proposes a
payment distribution.

A full-text copy of the Disclosure Statement dated December 24,
2018, is available at:

         http://bankrupt.com/misc/prb18-1805549ESL11-84.pdf

              About La Trinidad Elderly LP SE

La Trinidad Elderly LP SE is a privately-held company in San Juan,
Puerto Rico, engaged in activities related to real estate.

La Trinidad Elderly sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-05549) on Sept. 25,
2018.  In the petition signed by Jorge A. Rios Pulperio, president
and managing partner, the Debtor disclosed that it had estimated
assets of $1 million to $10 million and liabilities of $10 million
to $50 million.  Judge Brian K. Tester presides over the case.


LUBY'S INC: Two Current Directors Will Step Down
------------------------------------------------
Luby's, Inc. announced changes to its Board of Directors as well
as its corporate governance policies.  As part of its commitment
to ongoing board refreshment, in 2019 the Company will add two new
independent directors to replace two incumbent directors, and the
Board will choose a new chair.

"Luby's has recently been engaged in in-depth discussions with
many of our shareholders, and based on the feedback we have
received, we have chosen to accelerate our plans to transform the
Board and to move forward with several corporate governance
changes," said Gasper Mir, III, Independent Chairman of Luby's.
"With the planned addition of these two new directors and the
already-announced addition of Twila Day to our slate of nominees
for the 2019 Annual Meeting of Shareholders, we will have three
new independent directors added to the Board this year - ensuring
that we continue to have the right mix of experience and
skillsets, coupled with fresh perspectives, to help steer the
turnaround that is underway at Luby's and create value for all
shareholders.  As I am approaching the Board's retirement age
limit, I have also decided to hand over the chairmanship to
another independent director this year.  The Board will choose a
new chair in 2019."

Board Refreshment

The Board is searching for two new independent directors.  The
Company will solicit shareholder input throughout the director
identification process, with a focus on strong, hands-on
restaurant operating and turnaround experience.  The Board will
appoint the two new independent directors consistent with its
existing thorough review process.  At the time that each new
independent director is appointed to the Board, one incumbent
director will retire.

Board Leadership Change

The Luby's Board will also elect a new independent Chairman of the
Board in 2019.  Gasper Mir, III, will remain on the Board as an
independent director.

Corporate Governance Changes

Based on feedback received from shareholders, the Board also
announced the following changes, all to be implemented following
the 2019 Annual Meeting:

   * Luby's will introduce a plurality voting standard for
     contested director elections moving forward.  For legal
     reasons, it is not possible to change the vote standard for
     the upcoming 2019 Annual Meeting.

   * In uncontested director elections, the Company will introduce
     a resignation policy, meaning that directors who do not
     receive a majority of the votes cast at the Annual Meeting
     will be required to tender their resignation.

Luby's recommends that shareholders vote FOR the election of ALL
of the Company's Board of Directors nominees on the WHITE proxy
card.

                        About Luby's

Houston, Texas-based Luby's, Inc. (NYSE: LUB) --
http://www.lubysinc.com/-- operates 142 restaurants nationally as
of Nov. 7, 2018: 82 Luby's Cafeterias, 59 Fuddruckers, and 1
Cheeseburger in Paradise.  The Company is also the franchisor for
104 Fuddruckers franchise locations across the United States
(including Puerto Rico), Canada, Mexico, Panama, and Colombia.
Luby's Culinary Contract Services provides food service management
to 30 sites consisting of healthcare, higher education, sport
stadiums, and corporate dining locations.

Luby's reported a net loss of $33.56 million for the year ended
Aug. 29, 2018, compared to a net loss of $23.26 million for the
year ended Aug. 30, 2017.  As of Aug. 29, 2018, Luby's had $199.98
million in total assets, $87.36 million in total liabilities, and
$112.6 million in total shareholders' equity.

Grant Thornton LLP, in Houston, Texas, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Aug. 29, 2018, noting that the
Company sustained a net loss of approximately $33.6 million and
net cash used in operating activities of approximately $8.5
million.  The Company's term and revolving debt of approximately
$39.5 million is due May 1, 2019.  The Company was in default of
certain debt covenants of its term and revolving credit agreements
maturing on May 1, 2019.  On Aug. 24, 2018, the lenders agreed to
waive the existing events of default resulting from any breach of
certain financial covenants or the limitation on maintenance
capital expenditures, in each case that may have occurred during
the period from and including May 9, 2018 until Aug. 24, 2018, and
any related events of default.  Additionally, the lenders agreed
to waive the requirements that the Company comply with certain
financial covenants until Dec. 31, 2018, at which time the Company
will be in default without an additional waiver or alternative
financing.  These conditions, along with other matters, raise
substantial doubt about the Company's ability to continue as a
going concern.


MONITRONICS INT'L: Ascent Hires Moelis for Strategic Review
-----------------------------------------------------------
Ascent Capital Group, Inc., the parent company of Monitronics
International, Inc. (doing business as "Brinks Home Security"),
issued a press release announcing that it has initiated a process
to consider potential strategic alternatives, including an
investment in the Company or its operating subsidiary Brinks Home
Security by a third party.  Moelis & Company LLC has been retained
as financial advisor to assist with this review.

The Company has not set a definitive timetable for completing the
review, and there can be no assurance that the process will result
in a transaction.  The Company does not intend to disclose
developments or provide updates on the progress or status of this
process unless and until further disclosure is appropriate or
required.

                       About Monitronics

Farmers Branch, Texas-based Monitronics International, Inc. --
http://www.mymoni.com/-- provides residential customers and
commercial client accounts with monitored home and business
security systems, as well as interactive and home automation
services.  The Company is supported by a network of independent
Authorized Dealers providing products and support to customers in
the United States, Canada and Puerto Rico.  Its wholly owned
subsidiary, LiveWatch is a Do-It-Yourself home security firm,
offering professionally monitored security services through a
direct-to-consumer sales channel.  Monitronics is a wholly-owned
subsidiary of Ascent Capital Group, Inc. Monitroics was
incorporated in the state of Texas on Aug. 31, 1994.  At Dec. 31,
2017, the Company had more than 1,330 full-time employees and over
100 part-time employees, all of which are located in the United
States.

Monitronics reported net losses of $111.3 million in 2017, $76.30
million in 2016 and $72.44 million in 2015.  As of Sept. 30, 2018,
the Company had $1.70 billion in total assets, $1.90 billion in
total liabilities and a total stockholders' deficit of $202.90
million.

                          *     *     *

In September 2018, S&P Global Ratings lowered its issuer credit
rating on Monitronics to 'CC' from 'CCC'.  The downgrade follows
Monitronics' announcement on Aug. 30, 2018, of a proposed
transaction to exchange its 9.125% senior unsecured notes due 2020
for a combination of new $585 million cash and paid-in-kind (PIK)
(7.75% cash and 3.75% PIK) unsecured notes due 2023, up to $100
million of cash from parent company Ascent and warrants.
Monitronics is also proposing amendments to eliminate the
restrictive covenants governing the 2020 notes, including certain
events of default.

In July 2018, Moody's Investors Service, Inc., downgraded
Monitronics International's Corporate Family Rating to 'Caa2',
from 'B3'.  The downgrade of Monitronics' CFR reflects strains on
the company's liquidity and capital structure caused by impending
maturities, as well as its continued lackluster operating
performance.


PUERTO RICO: Locals Protest Gov't Agreement With Creditors
----------------------------------------------------------
The Los Angeles Times reports that hundreds of protesters gathered
before the US federal courthouse in San Juan to express their
rejection of the agreement reached between the Puerto Rican
government and holders of debt issued by the Puerto Rico Sales Tax
Financing Corporation, known by the Spanish acronym Cofina.

The rally, called by the Puerto Rican Independence Party, followed
a vigil organized by a group representing retired teachers,
according to The Los Angeles Times.

Inside the courthouse, US District Judge Laura Taylor Swain
reviewed the proposed debt restructuring, the report notes.

Opponents said the deal with Cofina will cost the people of Puerto
Rico a great deal since funds necessary for essential public
services will have to be reallocated to pay the creditors, the
report relays.

Should the judge approve the accord, the Puerto Rican government
will begin paying $420 million annually to Cofina's creditors
starting this year, the report relays.

The protesters denounced that what critics call "vulture funds"
which bought up defaulted Cofina bonds for pennies on the dollar
and now are demanding compensation far beyond their original
investment while the island finds itself in a critical economic
situation made worse in September 2017 by the devastation that
accompanied Hurricane Maria, the report adds.

                       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

Kramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet,
Rivera & Sifre, P.S.C. and serve as counsel to the Mutual Fund
Group, comprised of mutual funds managed by Oppenheimer Funds,
Inc., and the First Puerto Rico Family of Funds, which
collectively hold over $4.4 billion of GO Bonds, COFINA Bonds, and
other bonds issued by Puerto Rico and other instrumentalities.

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, and Monarch
Alternative Capital LP.

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 an official committee of retirees and an
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.


THAI LEMAR: Seeks to Hire JPC Law Office as Attorney
----------------------------------------------------
Thai Lemar Inc., seeks authority from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ JPC Law Office, as
attorney to the Debtor.

Thai Lemar requires JPC Law Office to:

   a. advise the Debtor with respect to its duties, powers and
      responsibilities in the case under the laws of the U.S. and
      Puerto Rico in which the debtor in possession conducts its
      Operations;

   b. advise the Debtor in connection with a determination on
      whether a reorganization is feasible and if not, help the
      Debtor in the orderly liquidation of its assets;

   c. assist the Debtor with respect to negotiations with
      creditors for the purpose of achieving a reorganization or
      an orderly liquidation;

   d. prepare necessary complaints, answers, orders, reports,
      memoranda of law and any other legal paper or document
      required in the above captioned case;

   e. appear before the Bankruptcy Court or any other court in
      which the Debtor asserts a claim, interest or defense
      related to the bankruptcy case;

   f. perform such other legal services for debtor as may be
      required in the proceeding or in connection with the
      operation of the Debtor's business including, but not
      limited to, notarial services; and

   g. employ other professional services, if necessary.

JPC Law Office will be paid at the hourly rate of $175.

JPC Law Office will be paid a retainer in the amount of $12,000.

JPC Law Office will also be reimbursed for reasonable out-of-
pocket expenses incurred.

Jose M Prieto Carballo, partner of JPC Law Office, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

JPC Law Office can be reached at:

     Jose M Prieto Carballo, Esq.
     JPC LAW OFFICE
     P.O. Box 363565
     San Juan, PR 00936-3565
     Tel: (787) 607-2066
     E-mail: jpc@jpclawpr.com

                      About Thai Lemar Inc.

Thai Lemar, Inc., sought Chapter 11 protection (Bankr. D.P.R. Case
No. 18-07263) on Dec. 13, 2018, estimating less than $1 million in
both assets and liabilities.  Jose M. Prieto Carballo, Esq., at
JPC Law Office, serves as counsel to the Debtor.


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


VENEZUELA: Claims at UN That President is Facing an Attempted Coup
------------------------------------------------------------------
EFE News reports that the Venezuelan Foreign Minister claimed,
while visiting the United Nations in New York, that the government
of Nicolas Maduro is facing an attempted coup backed by the United
States.

"We have told the Secretary-General, Antonio Guterres, that an
attempted coup in Venezuela is underway again," the Venezuelan
foreign minister, Jorge Arreaza, said at a press conference during
which he did not accept any questions, according to EFE News.

The report notes that Mr. Arreaza, who then also avoided
journalists in the corridors of the UN building, accused
Washington for trying to use Venezuela's Constitution to "organize
a coup" in the country.

Mr. Arreaza, who met Guterres in New York, said this after the US
Vice President, Mike Pence, promised to support the president of
the National Assembly of Venezuela, opposition leader Juan Guaido,
and also asked him to "build unity among the political groups" to
achieve the "restoration of democracy" in the Caribbean country,
the report relays.

The Venezuelan foreign minister also attacked his US counterpart,
Mike Pompeo, who praised the National Assembly for formally
declaring Maduro's "usurpation of the Presidency" and for
temporarily transferring the Executive's powers to the
Legislative, the report says.

Mr. Arreaza criticized that Pompeo cited articles of the
Constitution of Venezuela for trying to organize a coup and made
it clear that the country will resist any attempts to provoke a
"regime change by force," the report notes.

In his twenty-minute speech to journalists, the minister protested
the permanent interference, intrusion, interference of the United
States, its government, its dominant elite and the satellite
governments of the United States in Venezuela, the report relays.

He also denounced the "economic blockade" imposed by Washington
and said that it is complicated for his country to make some
essential products or otherwise has to pay high prices for them,
the report adds.

As reported in the Troubled Company Reporter-Latin America,
S&P Global Ratings in May 2018 removed its long- and short-term
local currency sovereign credit ratings on Venezuela from
CreditWatch with negative implications and affirmed them at
'CCC-/C'. The outlook on the long-term local currency rating is
negative. At the same time, S&P affirmed its 'SD/D' long- and
short-term foreign currency sovereign credit ratings on Venezuela.
S&P's transfer and convertibility assessment remains at 'CC'.


                            ***********


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 2019.  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.
.


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