TCRAP_Public/140331.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Monday, March 31, 2014, Vol. 15, No. 63


                            Headlines



A R G E N T I N A

ARGENTINA: Central Bank Close to US$1 Billion Loan, Report Says
COMPANIA DE TRANSPORTE: S&P Affirms 'CCC' CCR; Outlook Negative
EDENOR SA: Pablo Burkett Serving as Regular Director
* ATFA Launches Ad Over Argentina's Contempt for U.S. Courts


B R A Z I L

FIBRIA CELULOSA: S&P Revises Outlook to Pos. & Affirms BB+ Rating


C A Y M A N  I S L A N D S

ACTEIA LIMITED: Members' Final Meeting Set for April 8
AEOLUS HOLDINGS: Members' Final Meeting Set for March 31
BEACH HORIZON: Shareholders' Final Meeting Set for April 24
CALVO MULTI-CURRENCY: Member to Hear Wind-Up Report on April 8
FINSON INVESTMENTS: Members' Final Meeting Set for April 8

JADE V INC: Members' Final Meeting Set for April 7
MIZU RYU: Shareholders' Final Meeting Set for April 1
PCAM UI_HF_P001: Shareholders' Final Meeting Set for April 11
STRAT HSE 5 AC: Members' Final Meeting Set for April 2
THOR II: Shareholders' Final Meeting Set for April 11


C O L O M B I A

AVIANCA HOLDINGS: S&P Revises Outlook to Pos. & Affirms 'B+' CCR


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Economy up 5% on Construction, Banker Says


J A M A I C A

UC RUSAL: Reports Massive Increase in Net Losses


M E X I C O

SERVICIOS CORPORATIVOS: S&P Affirms 'B+' CCR; Outlook Stable


X X X X X X X X X

BOND PRICING: For the Week From March 24 to March 28, 2014


                            - - - - -


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


ARGENTINA: Central Bank Close to US$1 Billion Loan, Report Says
---------------------------------------------------------------
Pablo Gonzalez at Bloomberg News reports that Argentina's central
bank may be close to securing a US$1 billion loan from Goldman
Sachs Group Inc. to rebuild reserves that are at a seven-year low,
Pagina/12 reported.

The loan would be for two years at a 6.5% annual interest rate,
the Buenos Aires-based newspaper said, citing an unidentified
government official, according to Bloomberg News.  It could pave
the way for a larger facility of as much as US$5 billion to settle
holdout creditors' claims, Pagina/12 also said, Bloomberg News
relays.

Locked out of international debt markets since its record $95
billion default in 2001, President Cristina Fernandez de
Kirchner's government is seeking to repair relations with the
International Monetary Fund, World Bank and the Paris Club to
obtain new financing, Bloomberg News notes.  President Fernandez,
Bloomberg News relays, also agreed to compensate Repsol SA for the
expropriation of its 51% stake in energy producer YPF SA.

Reserves stood at US$27.1 billion on March 28.

Bloomberg News notes that about 93% of creditors accepted losses
of 70 cents on the dollar in the nation's 2005 and 2010 debt
restructurings.  Holdout investors, including Paul Singer's
Elliott Management Corp., have sued for full repayment, Bloomberg
News discloses.

Argentina has appealed to the U.S. Supreme Court a lower court
ruling that blocks the country from making payments to
restructured bondholders without settling the US$1.5 billion claim
from those holding out, Bloomberg News adds.


COMPANIA DE TRANSPORTE: S&P Affirms 'CCC' CCR; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC' corporate
credit and senior unsecured ratings on Compania de Transporte de
Energia Electrica en Alta Tension TRANSENER S.A. (Transener).  The
outlook remains negative.

The ratings on Transener reflect S&P's expectation that unless
there is a major change in its business conditions, the company's
very poor financial performance will continue in 2014.  The
ratings also reflect Transener's exposure to high regulatory
uncertainties and to foreign exchange risk resulting from its
mostly Argentine peso-denominated revenues and dollar-denominated
debt.

The company is exposed to an uncertain regulatory framework,
including a still pending (since 2002) renegotiation of its
concession contract and erratic tariff adjustments amid increasing
operating costs.  In December 2010, Transener and its subsidiary,
Transba, signed an Instrumental Agreement with the government that
recognized the companies' right to collect credits resulting from
cost variations between June 2005 and November 2010, among others.
As part of the agreement, Compania Administradora del Mercado
Mayorista Electrico Sociedad Anonima (CAMMESA), a nonprofit
company that coordinates the payment and settlement of energy
transactions carried out in the spot market, is responsible for
making those payments to the companies.  In addition, in May 2013,
Transener and Transba signed another agreement to recover cost
increases from December 2010 to December 2012, and created a cost
recognition mechanism from January 2013 through December 2015.
Also, the agreement established an ambitious capex plan for
Transener and Transba's in 2013 and 2014.  S&P believes these
agreements somewhat improved both companies' cash flow generation,
but they won't be sufficient to turn Transener's operations
profitable.

Assuming no additional tariff increases for the regulated segment,
sustained inflation, maintenance capital expenditures of about $40
million, S&P believes Transener will post a negative EBITDA of
about $40 million in 2014.  Although S&P's base case incorporates
government's  cash disbursement through CAMMESA to Transener of
about $70 million during 2014, we believe that Transener will be
challenged to honor its financial obligations, in particular the
$13.3 million amortization of its Series 1 Notes in December.

Transener is the largest power transmission company in Argentina.
Transener and Transba operate and maintain about 95% of the high-
tension transmission lines in Argentina through exclusive long-
term concessions until 2088 and 2092, respectively.  The
government also awarded Transener the operation and maintenance of
the 1,300-kilometer high-tension transmission line that the
company built between the Comahue region and Buenos Aires until
December 2014.  A holding company, Citelec S.A. (not rated),
controls Transener.

S&P assess Transener's liquidity as "weak," mainly due to its
tight cash-flow generation and limited financial flexibility.
Absent any additional agreements with CAMMESA or any tariff
adjustment, S&P believes that the company will struggle to honor
its financial obligations during 2014.

Principal liquidity sources for 2014 include:

   -- ARP555.6 million (about $70 million) as part of the cost
      recognition mechanism agreed with CAMMESA.

   -- ARP73.6 million (about $11 million) of cash and short-term
      investments.

Principal liquidity uses for 2014 include:

   -- Funds from operations of approximately -$60 million.
   -- Capital expenditures of about $40 million.
   -- Debt maturities of about $13.3 million.

The negative outlook on Transener reflects its deteriorating
financial performance.  S&P could lower the ratings if the
company's tight cash flow generation continues to worsen.  S&P
could upgrade Transener, or revise the outlook to stable, if its
cash flow generation improves thanks to disbursements from
CAMMESA, allowing Transener to fund its liquidity uses during the
next 12-18 months.


EDENOR SA: Pablo Burkett Serving as Regular Director
----------------------------------------------------
In a regulatory filing with the U.S. Securities and Exchange
Commission, Edenor SA disclosed that its Board of Directors, at
its meeting held March 7, 2014, resolved that Mr. Pablo Martinez
Burkett will take office as regular director in lieu of Mrs.
Marcela Sacavini, whose resignation was timely informed.  Mr.
Pablo Martinez Burkett was appointed alternate director by the
General Ordinary and Extraordinary Shareholders' Meeting held on
April 25, 2013.

In addition, the Company's Board of Directors resolved to call a
General Shareholders' Meeting to be held on April 29, 2014, at
11:00 a.m. on first call and one hour later on second call should
the first call fail, at its registered office at Avenida del
Libertador 6363, ground floor, City of Buenos Aires.

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

Edenor S.A. disclosed a loss of ARS1.01 billion on ARS3.72 billion
of revenue from sales for the year ended Dec. 31, 2012, as
compared with a net loss of ARS291.38 million on ARS2.80 billion
of revenue from sales for the year ended Dec. 31, 2011.

The Company's balance sheet at Sept. 30, 2013, showed ARS 7.72
billion in total assets, ARS 6.50 billion in total liabilities and
ARS 1.21 billion in total equity.


* ATFA Launches Ad Over Argentina's Contempt for U.S. Courts
------------------------------------------------------------
On March 26, 2014, the America Task Force Argentina (ATFA) placed
a full-page ad in Politico, Roll Call, The Hill and National
Journal exposing Argentina's ongoing, massive violations of U.S.
and international law.  The ad specifically depicts the
February 2013 incident in which Argentina told a panel of U.S.
Court of Appeals judges that it would disregard orders from that
court.  The courtroom exchange was captured on video and is
available at www.atfa.org

"These ATFA ads will appeal to all Americans.  Argentina's
continual violation of U.S. laws and defiance of U.S. judges does
not go over well with the American people," said ATFA Director
Robert Raben.  "Argentina has consistently defied over 100 U.S.
court judgments, despite having waived its sovereign immunity and
its prior agreement to submit to the U.S. court system when it
issued bonds under New York law.  Make no mistake: Argentina has
never offered to negotiate a fair settlement.  Its defiance of the
U.S. legal system now threatens to undermine New York as a global
financial center."

ATFA's ad coincides with intense scrutiny of Argentina on Capitol
Hill.  Several Members of the U.S. Congress have recently
expressed concern about Argentina's treatment of the U.S. judicial
system.  In response to these concerns, Secretary of State John
Kerry stated on March 12 that the State Department would not side
with Argentina in its legal disputes and urged Argentina to repay
its debts to the U.S. government and to engage with creditors,
both public and private.

The American Task Force Argentina (ATFA) -- http://www.atfa.org--
is an alliance of organizations united for a just and fair
reconciliation of the Argentine government's 2001 debt default and
subsequent restructuring.  Its members work with lawmakers, the
media, and other interested parties to encourage the United States
government to vigorously pursue a negotiated settlement with the
Argentine government in the interests of American stakeholders.

ATFA is led by Executive Director Robert Raben, a former Assistant
Attorney General at the U.S. Department of Justice, and co-chaired
by The Honorable Robert J. Shapiro, former Under Secretary of
Commerce for Economic Affairs in the Clinton Administration, and
Ambassador Nancy Soderberg, Ambassador at the U.S. Mission to the
United Nations in New York from 1997 to 2001.


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


FIBRIA CELULOSA: S&P Revises Outlook to Pos. & Affirms BB+ Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Fibria
Celulosa S.A. to positive from stable.  At the same time, S&P
affirmed its 'BB+' ratings on the company.

S&P expects the company to continue using most of its excess cash
generation to reduce debt, leading to a gradual strengthening of
its balance sheet.


==========================
C A Y M A N  I S L A N D S
==========================


ACTEIA LIMITED: Members' Final Meeting Set for April 8
------------------------------------------------------
The members of Acteia Limited will hold their final meeting on
April 8, 2014, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


AEOLUS HOLDINGS: Members' Final Meeting Set for March 31
--------------------------------------------------------
The members of Aeolus Holdings (Cayman) Limited will hold their
final meeting on March 31, 2014, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Timothy Le Cornu
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


BEACH HORIZON: Shareholders' Final Meeting Set for April 24
-----------------------------------------------------------
The shareholders of Beach Horizon (Cayman) Limited will hold their
final meeting on April 24, 2014, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


CALVO MULTI-CURRENCY: Member to Hear Wind-Up Report on April 8
--------------------------------------------------------------
The member of Calvo Multi-Currency Bond Fund, Ltd. will hear on
April 8, 2014, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Alexander C. Calvo
          55 Ocean Lane Drive, Key Biscayne
          Florida 33149
          USA
          Telephone: +1 (305) 978 8755
          Facsimile: +1 (888) 577 4462


FINSON INVESTMENTS: Members' Final Meeting Set for April 8
----------------------------------------------------------
The members of Finson Investments Limited will hold their final
meeting on April 8, 2014, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


JADE V INC: Members' Final Meeting Set for April 7
--------------------------------------------------
The members of Jade V, Inc. will hold their final meeting on
April 7, 2014, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


MIZU RYU: Shareholders' Final Meeting Set for April 1
-----------------------------------------------------
The shareholders of Mizu Ryu Investment, Ltd. will hold their
final meeting on April 1, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stanley Emmett Thomas III
          2710 The Centre, 99 Queen's Road Central
          Hong Kong


PCAM UI_HF_P001: Shareholders' Final Meeting Set for April 11
-------------------------------------------------------------
The shareholders of PCAM UI_HF_P001 Fund Limited will hold their
final meeting on April 11, 2014, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


STRAT HSE 5 AC: Members' Final Meeting Set for April 2
------------------------------------------------------
The members of Strat HSE 5 AC Limited will hold their final
meeting on April 2, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Rachel Williams
          Deloitte & Touche
          Citrus Grove Building, 4th Floor, Goring Avenue
          George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 3302
          Facsimile: +1 (345) 949 8258
          e-mail: rachelwilliams@deloitte.com


THOR II: Shareholders' Final Meeting Set for April 11
-----------------------------------------------------
The shareholders of Thor II Asset Purchase Company Limited will
hold their final meeting on April 11, 2014, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


===============
C O L O M B I A
===============


AVIANCA HOLDINGS: S&P Revises Outlook to Pos. & Affirms 'B+' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Avianca
Holdings S.A. to positive from stable.  At the same time, S&P
affirmed its 'B+' corporate credit rating on the company and its
'B' issue rating on its $300 million senior unsecured notes.

The outlook revision reflects S&P's view that Avianca will
continue improving its key financial ratios.  Stronger credit
metrics reflect the company's well-integrated operations with
increasingly larger and more efficient fleet, its leading position
in certain markets and routes in which it operates, especially in
the Colombian market, and our expectations of steady growth and
favorable operating margins.

The ratings on Avianca reflect its "weak" business risk profile,
"aggressive" financial risk profile, and "adequate" liquidity as
per S&P's rating criteria.

S&P believes that because of our expectation of continued strong
operating performance, the company will be able to continue
improving its key financial ratios in the next few quarters, which
could result in a better assessment of its financial risk profile.


===================================
D O M I N I C A N   R E P U B L I C
===================================


* DOMINICAN REPUBLIC: Economy up 5% on Construction, Banker Says
----------------------------------------------------------------
Dominican Today reports that Dominican Republic's economy grew 5%
of GDP with inflation at 0.58% in the first two months, which
Central Banker Hector Valdez Albizu affirms ensures economic and
exchange rate stability, and 4.5% projected inflation for the rest
of the year.

Mr. Albizu said construction jumped 20%, hotels, bars and
restaurants grew 10.3%, mining 29% and agriculture 8.1%, according
to Dominican Today.

Speaking at the National Young Business Leaders Association (ANJE)
luncheon, the official also said as the result of the global
economic recovery especially industrialized countries such as U.S.
and of the Eurozone, "we must expect this behavior will bring good
winds to the Dominican economy, Dominican Today relates.

Mr. Valdez said, "the monthly economic activity index (IMAE)
reveals that the country's GDP of the has been rising in keeping
with its potential growth of from 5% to 5.5% while January to
February inflation reached the lowest recorded during the past 14
years," Dominican Today says.


=============
J A M A I C A
=============


UC RUSAL: Reports Massive Increase in Net Losses
------------------------------------------------
RJR News reports that UC Rusal reported a massive increase in net
losses in the year to December 31.

This was due mainly to a large impairment cost and one-off
restructuring charges combined with lower production and a fall in
aluminum prices, according to RJR News.

The report notes that the company reported a net loss of US$3.2
billion.  It suffered a US$528 million loss in 2012.

RJR News says that UC Rusal, which cut aluminum production by 7.6%
in 2013, reported a 10.4% fall in revenue to US$9.7 billion due to
weaker metal prices and a reduction in sales volumes.

RJR News relates that UC Rusal scored a surprise victory over the
London Metal Exchange, LME, winning a U.K. court ruling that
threatens, for now, key parts of the exchange's plans to overhaul
its metals-warehousing system.

RJR News discloses that the High Court said the LME's consultation
process about changes designed to address delays in accessing
metals was unfair and unlawful.  The ruling could usher in a
period of uncertainty for the metals markets, the report relays.

The LME had proposed that from April 1, its roughly 700 affiliated
warehouses would be required to ship more metal out than they take
in if wait times for deliveries exceed 50 days, RJR News notes.

UC Rusal controls 65 per cent of Jamaica's alumina production
capacity and operates three of the island's four alumina
refineries.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 25, 2013, RJR News said UC Rusal disclosed its financial
losses for 2012 were bigger than initially reported.  The company
has revised its net loss to US$337 million from the US$55 million
US dollar loss reported the previous month, according to RJR News.
The report related that UC Rusal said the adjustment was made
after reviewing its share of profit from its subsidiary Norilsk
Nickel. UC Rusal, the report added, said the adjusted financial
statements have been reviewed by its auditor.


===========
M E X I C O
===========


SERVICIOS CORPORATIVOS: S&P Affirms 'B+' CCR; Outlook Stable
------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'B+' corporate
credit rating on Servicios Corporativos Javer, S.A.P.I. de C.V.
(Javer).  The outlook is stable.  At the same time, S&P affirmed
its 'B+' issue rating on the company's outstanding $290 million
notes due 2021.  The recovery rating on the notes is '4'.

The ratings on Javer reflect S&P's assessment of the company's
"weak" business risk profile, "aggressive" financial risk profile
and "strong" liquidity, as S&P's criteria define these terms.

"Although Javer lacks significant geographic diversification, we
believe its leading market position in key markets amid steady
demand for new homes and favorable subsidies allocation supports
its business model.  However, the company's significant
concentration in governmental programs could weaken its
sustainability in the long term.  The company's business model,
together with its well-known brand, effective marketing strategy,
and adequate land procurement, should support the company's growth
targets, in our view," said Standard & Poor's credit analyst
Fernanda Hernandez.


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


BOND PRICING: For the Week From March 24 to March 28, 2014
----------------------------------------------------------

Issuer                       Coupon   Maturity   Currency   Price
------                       ------   --------   --------   -----

Aguas Andinas SA               4.15    12/1/2026    CLP    72.61
Aguas Andinas SA               4.15    12/1/2026    CLP    69.55
Almendral
Telecomunicaciones SA          3.5    12/15/2014    CLP    22.19
Argentina Bocon                2      1/3/2016      ARS     9.05
Argentina Bocon                2      3/15/2014     ARS    13.8
Argentina Boden Bonds          2      9/30/2014     ARS    55.13
Argentine International Bond   7.82  12/31/2033     EUR    67.75
Argentine International Bond   7.82  12/31/2033     EUR    66.7
Argentine International Bond   8.28  12/31/2033     USD    67.5
Argentine International Bond   1.18  12/31/2038     ARS    42.26
Argentine International Bond   8.28  12/31/2033     USD    70.5
Argentine International Bond   7.82  12/31/2033     EUR    67.63
Argentine International Bond   8.28  12/31/2033     USD    71.5
Argentine International Bond   4.33  12/31/2033     JPY    39.5
Argentine International Bond   4.33  12/31/2033     JPY    39.5
Argentine International Bond   0.45  12/31/2038     JPY    15.5
Argentine International Bond   8.28  12/31/2033     USD    69
Automotores Gildemeister SA    6.75  1/15/2023      USD    72.14
BA-CA Finance Cayman 2 Ltd     1.838                EUR    68.5
BCP Finance Co Ltd             5.543                EUR    50.75
BCP Finance Co Ltd             4.239                EUR    50.42
BES Finance Ltd                4.5                  EUR    71.17
Banco BPI SA/Cayman Islands    4.15  11/14/2035     EUR    57.38
Banco BVA SA                   9.125  2/7/2014      USD    10.01
Banif Finance Ltd              1.663                EUR    44
Bank Austria Creditanstalt
Finance Cayman Ltd             2.156                EUR    68.25
Bolivarian Republic
of Venezuela                   9.25   9/15/2027     USD    73.68
Bolivarian Republic of
Venezuela                      7      3/31/2038     USD    60.12
CA La Electricidad
de Caracas                     8.5    4/10/2018     USD    74.7
Caixa Geral De
Depositos Finance              1.064                EUR    41.14
Caixa Geral De
Depositos Finance              1.094                EUR    39
China Forestry
Holdings Co Ltd               10.25   11/17/2015    USD    38.6
China Forestry
Holdings Co Ltd               10.25   11/17/2015    USD    36.5
China Precious Metal
Resources Holdings Co Ltd      7.25     2/4/2018    HKD    69.78
Cia Cervecerias Unidas SA      4      12/1/2024     CLP    55.51
Cia Sud Americana
de Vapores SA                  6.4    10/1/2022     CLP    65.75
Transener S.A                  9.75   8/15/2021     USD    68
Transener S.A                  9.75   8/15/2021     USD    67.13
City of Buenos
Aires Argentina                3.95   5/17/2019     USD    73
ERB Hellas Cayman
ERB Hellas Cayman Islands Ltd  9      3/8/2019      EUR    56
ESFG International Ltd         5.753                EUR    59
Empresa Distribuidora
Y Comercializadora Norte       9.75  10/25/2022     USD    66.5
Empresa Distribuidora
Y Comercializadora Norte       10.5  10/9/2017      USD    64.5
Empresa Distribuidora
Y Comercializadora Norte        9.75 10/25/2022     USD    63.63
Formosa Province of Argentina   5     2/27/2022     USD    71.25
Gol Finance                     8.75                USD    67.5
Gol Finance                     8.75                USD    67.38
Hidili Industry International
Development Ltd                 8.6   11/4/2015     USD    75.63
Inversiones Alsacia SA          8     8/18/2018     USD    72.53
Inversora de Electrica
de Buenos Aires SA              6.5   9/26/2017     USD    43.75
MTR Corp Cayman Islands Ltd     3.25  3/12/2043     HKD    73.01
MTR Corp Cayman Islands Ltd     3.25  1/28/2043     HKD    72.13
Petroleos de Venezuela SA       6    11/15/2026     USD    55.75
Petroleos de Venezuela SA       5.37  4/12/2027     USD    53.25
Petroleos de Venezuela SA       5.25  4/12/2017     USD    72
Petroleos de Venezuela SA       9.75  5/17/2035     USD    70
Petroleos de Venezuela SA       9    11/17/2021     USD    73
Petroleos de Venezuela SA       5.5   4/12/2037     USD    50
Petroleos de Venezuela SA       6    11/15/2026     USD    55.16
Petroleos de Venezuela SA       9    11/17/2021     USD    71.46
Petroleos de Venezuela SA       9.75  5/17/2035     USD    68.66
Provincia del Chaco             4    11/4/2023      USD    62.38
Provincia del Chaco             4    12/4/2026      USD    33
Renhe Commercial Holdings
Co Ltd                         13    3/10/2016      USD    69.13
Renhe Commercial
Holdings Co Ltd                11.75 5/18/2015      USD    72.38
Renhe Commercial
Holdings Co Ltd                13    3/10/2016      USD    69.88
Renhe Commercial
Holdings Co Ltd                11.75 5/18/2015      USD    72.38
SMU SA                         7.75  2/8/2020       USD    73.03
SMU SA                         7.75  2/8/2020       USD    72.63
Sifco SA                      11.5   6/6/2016       USD    33.5
Talca Chillan Sociedad
Concesionaria SA               2.75 12/15/2019      CLP    55.64
Venezuela International Bond   7.75 10/13/2019      USD    71.75
Venezuela International Bond   9      5/7/2023      USD    70
Venezuela International Bond   9.375  1/13/2034     USD    69.75
Venezuela International Bond   7     12/1/2018      USD    73.75
Venezuela International Bond   9.25   5/7/2028      USD    69
Venezuela International Bond   8.25  10/13/2024     USD    66
Venezuela International Bond   7.65   4/21/2025     USD    64.25
Venezuela International Bond   6     12/9/2020      USD    64.25
Venezuela International Bond   9.25   9/15/2027     USD    72.25
Venezuela International Bond   7      3/31/2038     USD    60.5
Virgolino de Oliveira
Finance Ltd                   10.5    1/28/2018     USD    67
Virgolino de Oliveira
Finance Ltd                   11.75    2/9/2022     USD    66.45
Virgolino de Oliveira
Finance Ltd                   10.5    1/28/2018     USD    65
Virgolino de Oliveira
Finance Ltd                   11.75    2/9/2022     USD    65.13


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2014.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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