TCRLA_Public/131216.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, December 16, 2013, Vol. 14, No. 248


                            Headlines



C A Y M A N  I S L A N D S

AB2 FUND: Commences Liquidation Proceedings
ARTRADIS BARRACUDA: Commences Liquidation Proceedings
ASIAN CRC: Commences Liquidation Proceedings
ASIAN LEADERS: Placed Under Voluntary Wind-Up
CIBC BRAZIL: Commences Liquidation Proceedings

DIALECTIC OFFSHORE: Placed Under Voluntary Wind-Up
EFG-HERMES: Placed Under Voluntary Wind-Up
HARBERT CREDIT: Placed Under Voluntary Wind-Up
HEALTH INSURANCE: Placed Under Voluntary Wind-Up
ICBC CREDIT: Creditors' Proofs of Debt Due Dec. 18

NORTHWEST ASSURANCE: Placed Under Voluntary Wind-Up
PUMA SPHERA: Commences Liquidation Proceedings
PUMA SPHERA MASTER: Commences Liquidation Proceedings
ROSINUS FINANCIAL: Commences Liquidation Proceedings
STEMATIX (CAYMAN): Placed Under Voluntary Wind-Up


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Economy Will Grow 5% in 2014, ECLAC Says


J A M A I C A

DIGICEL GROUP: Blames Revenue Drop on Taxes & Other Policies


M E X I C O

BANCO SANTANDER: S&P Assigns 'BB' Rating on $1BB Hybrid Instrument
GRUPO POSADAS: S&P Affirms 'B' Rating on $200 Million Notes


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: No Decision to Increase Fares, Airline Says
PETROLEUM COMPANY: Cheap Gas in US Affects Firm's Margin


X X X X X X X X X

BOND PRICING: For the Week From Dec. 9 to Dec. 13, 2013


                            - - - - -


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


AB2 FUND: Commences Liquidation Proceedings
-------------------------------------------
On Nov. 6, 2013, the members of AB2 Fund resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Stephen Charles Diggle
          One George Street, Floor 07, Unit 03
          Singapore 049145


ARTRADIS BARRACUDA: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 6, 2013, the members of Artradis Barracuda Fund resolved
to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Stephen Charles Diggle
          One George Street, Floor 07, Unit 03
          Singapore 049145


ASIAN CRC: Commences Liquidation Proceedings
--------------------------------------------
On Nov. 8, 2013, the members of Asian CRC Hedge Fund resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Lachlan Campbell
          3311-3313 Two IFC, 8 Finance Street
          Central
          Hong Kong


ASIAN LEADERS: Placed Under Voluntary Wind-Up
---------------------------------------------
On Nov. 6, 2013, the sole shareholder of Asian Leaders Fund
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 10, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jonathan Turnham
          Telephone: (345) 815-1839
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


CIBC BRAZIL: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 5, 2013, the sole shareholder of CIBC Brazil Management I,
LDC resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          CIBC Private Equity Management, Inc.
          Kathryn Casparian/Peter Martin
          c/o CIBC World Markets Corp.
          425 Lexington Avenue, 2nd Floor
          New York
          United States of America
          Telephone: +1 (416) 594 7506


DIALECTIC OFFSHORE: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 6, 2013, the sole shareholder of Dialectic Offshore L2,
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 10, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jonathan Turnham
          Telephone: (345) 815-1839
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


EFG-HERMES: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 7, 2013, the sole shareholder of EFG-Hermes Mena (Cayman)
Holdings Limited resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 9, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Piers Dryden
          Telephone: 815-1842
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


HARBERT CREDIT: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 6, 2013, the sole shareholder of Harbert Credit
Opportunities Offshore Fund, Ltd. resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 9, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Madeleine Welham
          Telephone: (345) 815-1750
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


HEALTH INSURANCE: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 6, 2013, the sole shareholder of Health Insurance
Processors SPC resolved to voluntarily wind up the company's
operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Handsel B. Minyard
          c/o Marsh Management Services Cayman Ltd.
          23 Lime Tree Bay Avenue
          Governors Square, Building 4, Floor 2
          P.O. Box 1051 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: +1 (345) 949 7988
          Facsimile: +1 (345) 949 7849


ICBC CREDIT: Creditors' Proofs of Debt Due Dec. 18
--------------------------------------------------
The creditors of ICBC Credit Suisse China Opportunity Fund SPC are
required to file their proofs of debt by Dec. 18, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Nov. 6, 2013.

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


NORTHWEST ASSURANCE: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Nov. 7, 2013, the sole shareholder of Northwest Assurance
Company, Ltd. resolved to voluntarily wind up the company's
operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          James K. Anderson
          c/o Kane (Cayman) Limited
          171 Elgin Avenue
          Willow House, Cricket Square, George Town
          P.O. Box 10233 Grand Cayman KY1-1002
          Cayman Islands
          Telephone: +1 (345) 949 5263
          Facsimile: +1 (345) 949 6021


PUMA SPHERA: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 4, 2013, the sole shareholder of Puma Sphera resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Puma Sphera Management (Cayman) Limited
          c/o Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman, KY1-9005
          Cayman Islands


PUMA SPHERA MASTER: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 4, 2013, the sole shareholder of Puma Sphera Master Fund
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Puma Sphera Management (Cayman) Limited
          c/o Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman, KY1-9005
          Cayman Islands


ROSINUS FINANCIAL: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 7, 2013, the sole shareholder of Rosinus Financial Fund
Ltd. resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Michael F. Rosinus
          c/o Ogier
          89 Nexus Way, Camana Bay
          Cayman Islands KY1-9007
          Grand Cayman


STEMATIX (CAYMAN): Placed Under Voluntary Wind-Up
-------------------------------------------------
On Oct. 28, 2013, the members of Stematix (Cayman) Ltd. resolved
to voluntarily wind up the company's operations.

The company's liquidator is:

         Christopher Kennedy
         Telephone: (345) 949 7576
         Facsimile: (345) 949 8295
         RHSW (Cayman) Limited
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


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


* DOMINICAN REPUBLIC: Economy Will Grow 5% in 2014, ECLAC Says
--------------------------------------------------------------
Dominican Today reports that Dominican Republic's economy will
grow 5 percent in 2014, Economic Commission for Latin America and
the Caribbean, ECLAC forecasted.

In a report released in Santiago de Chile, the UN agency projected
a 3.2% growth for Latin American and Caribbean economies in 2014,
more than the 2.6 percent projected for this year, according to
Dominican Today.

ECLAC said that the preliminary overview of the regional economies
says the modest economic performance in 2013, initially predicted
at around 3% in July, stems from a sluggish external demand,
heightened international financial volatility and a fall in
consumption, Dominican Today notes.

"The scenario of the world economy to poses opportunities and
threats Latin America and the Caribbean in 2014," said ECLAC
Executive Secretary Alica Barcena, Dominican Today discloses.


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


DIGICEL GROUP: Blames Revenue Drop on Taxes & Other Policies
------------------------------------------------------------
The Gleaner reports that amid reports of falling revenue in
Jamaica and across its markets, Digicel Group Limited blamed taxes
and other policies of the Jamaican government while coming out in
strong defense of its customer base.

Digicel Group revenues reportedly fell by US$7 million to US$691
million (J$71 billion) in the three months to the end of September
2013, according to a November report in the Irish Times, according
to The Gleaner.

"While overall revenues fell slightly, it was an improved
performance on the previous three months to the end of June, when
Digicel Group made a net loss of about US$11 million (J$1.132
billion)," the Irish Times reported, saying its story was based on
financial statements which, it said, were sent to the company's
bondholders, The Gleaner notes.

Digicel Group distanced itself from the news report when
questioned by The Gleaner.

"In terms of your specific questions on our financials, we don't
comment publicly on our financial affairs and we don't know where
the Irish Times received its information from--since we don't
circulate financials publicly," the report quoted Antonia Graham,
head of group public relations, as saying.

The report notes that revenues in Jamaica were reported to have
fallen by nine per cent to US$107 million (J$11 billion).

Digicel Group told the Gleaner that government taxes and policies
had also contributed to the decline.

"Our Jamaica business has been adversely impacted by the
depreciation of the Jamaica dollar against the US dollar, the
impact of government taxes imposed on the telecommunications
industry, and the impact of imposed reductions in mobile
termination rates by the Office of Utilities Regulation Jamaica,"
Ms. Graham said, the report relates.

"That said, our subscriber base is as strong as it ever was and
our loyal customers clearly recognize the value, network quality
and technical superiority we are proud to continuously deliver,"
Ms. Graham said, the report discloses.

Headquartered in Jamaica, Digicel Group Limited provides mobile
telecommunications services in the Caribbean and the Central
American markets.   The company's services include rollover
minutes, GPRS data services, prepaid roaming, SMS to e-mail, and
multimedia messaging, as well as broadband.

As reported in the Troubled Company Reporter on Dec 13, 2013,
Moody's Investors Service has affirmed Digicel Group Limited B2
Corporate Family Rating (CFR), B2-PD Probability of Default Rating
and the existing debt instrument ratings at DGL and Digicel
Limited ("DL") following the company's recent announcement that it
plans to issue up to $500 million of add-on notes to DGL's
existing $1.5 billion 8.25% senior unsecured notes due 2020. The
rating outlook remains stable.


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


BANCO SANTANDER: S&P Assigns 'BB' Rating on $1BB Hybrid Instrument
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue-level
rating to Banco Santander (Mexico) S.A. Institucion de Banca
Multiple Grupo Financiero Santander Mexico's (BBB/Positive/A-2)
approximately $1 billion Tier 2 hybrid instrument, according to
Basel III framework.

"The rating on the bank's hybrid instrument, which are three
notches below the issuer credit rating, reflects its subordination
status to other senior debt, the risk of partial or untimely
payment (given its potential deferability of coupon payments), and
the possibility of trigger-based principal write-down," said
Standard & Poor's credit analyst Arturo Sanchez.

S&P is also assigning minimal equity content to Banco Santander
Mexico's Tier 2 hybrid instrument primarily because, in S&P's
view, this issuance doesn't have characteristics of a going-
concern contingent capital, as well as its short term in the
capital structure, of only 10 years.

The issuer credit ratings on Banco Santander Mexico reflect its
"adequate" business position, "strong" capital and earnings,
"adequate" risk position, and "average" funding with "adequate"
liquidity (as our criteria defines them).

RATINGS LIST

Banco Santander (Mexico) S.A. Institucion de Banca Multiple Grupo
Financiero
Santander Mexico
  Issuer credit rating             BBB/Positive/A-2

Rating Assigned

Banco Santander (Mexico) S.A. Institucion de Banca Multiple Grupo
Financiero
Santander Mexico
$1B Tier 2 hybrid instrument      BB


GRUPO POSADAS: S&P Affirms 'B' Rating on $200 Million Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' global scale
corporate credit rating on Grupo Posadas (Posadas).  S&P also
affirmed its 'B' ratings on the company's $200 million notes due
2015 ($83 million of which is outstanding) and $275 million due
2017.  The recovery rating on the notes is unchanged at '3'.  The
outlook on the corporate credit rating is stable.

"The ratings on Posadas reflect its 'highly leveraged' financial
profile and 'fair' business risk profile, based on our
expectations that the company will maintain a 'fair' competitive
position in Mexico although posting a negative free operating cash
flow during its hotel remodeling program.  The ratings also
consider its 'less than adequate' liquidity and an improved
capital structure given its liability management," said Standard &
Poor's credit analyst Sandra Tinoco.


===============================
T R I N I D A D  &  T O B A G O
===============================


CARIBBEAN AIRLINES: No Decision to Increase Fares, Airline Says
---------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited (CAL) has
declared that no decision has been made to raise fares at the
height of the Christmas Season.

This was confirmed by the airline's communication manager, Clint
Williams, according to RJR News.  The report relates that Mr.
Williams told the Trinidad and Tobago Guardian newspaper that
market forces are responsible for higher ticket prices being
encountered by some travellers.

Mr. Williams explained that if passengers are booking early and
flights are heavy, fares closer to the travel date would be more
expensive, RJR News notes.

Mr. Williams said that as a general rule, there are a range of
ticket prices on any flight, the report relates.

In the meantime, Mr. Williams said Caribbean Airlines' search for
a new chief executive officer and senior executives is still an
on-going process, RJR News notes.

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on May
20, 2013, Caribbean360.com said Trinidad and Tobago Finance
Minister Larry Howai said Caribbean Airlines Limited recorded
losses estimated at US$70 million in 2012.  In 2011, CAL had
recorded losses of US43.7 million.


PETROLEUM COMPANY: Cheap Gas in US Affects Firm's Margin
--------------------------------------------------------
Joel Julien writing for Trinidad Express reports that the multi-
million-dollar cost overruns incurred during the establishment of
the Gas Optimization Project (GOP) have created a situation where
Petroleum Company of Trinidad and Tobago (Petrotrin) needs a
margin of around US$9 on each barrel of oil refined just to break
even.

Achieving this margin has been difficult, however, because the
United States market has been flooded with shale gas and shale
oil, Petrotrin President Khalid Hassanali told the Parliament's
Public Accounts (Enterprises) Committee (PA(E)C), according to
Trinidad Express.

The report relates that Mr. Hassanali and Petrotrin Chairman
Lindsay Gillette led a group to the Parliament's J Hamilton
Maurice Room for PA(E)C to examine the company's audited financial
statements.

The PA(E)C was chaired by newly appointed Opposition Senator
Camille Robinson-Regis.

Mr. Hassanali, the report notes, said the GOP was originally
budgeted to cost US$600 million.

However, the report discloses that due to overruns Mr. Hassanali
said the estimated cost of the project had more than doubled and
was now US$1.4 billion.

Mr. Hassanali said the discovery of shale oil and gas in the
United States had a devastating effect on refineries in this
hemisphere, including the closure of two-one in St Croix and the
other in Aruba, the report relays.

Because of the cheap oil and gas, Mr. Hassanali said Petrotrin has
only been able to average a margin of US$6.66 per barrel for
fiscal year 2012 to 2013, the report notes.

Mr. Hassanali described that figure as "the mark of the devil",
the report relays.

"The entire refining market in the world has changed completely
right now," Mr. Hssanali said, the report notes.

The United States market is flooded with cheap gas and cheap oil,
shale oil and shale gas, Mr. Hssanali said, the report relays.

The report relates that Mr. Hssanali said this situation had
caused refineries to be "under stress".

"Refineries in this hemisphere are under stress and a good example
of that is, as you would recall, there were two refineries in the
Caribbean that have been shut down completely," the report quoted
Mr. Hssanali as saying.

"Those refineries were merchant refineries, meaning that they
relied 100 per cent on imported crude.  Our refinery at Petrotrin,
40 per cent of the import is local equity crude.  In other words
we have a buffer in terms of having our own crude where we make a
better margin.  However, given what has happened with the GOP cost
overruns and so on, we need a margin of around [US]$9 per barrel
to break even," Mr. Hssanali, the report relates.

The report relays that Mr. Hassanali said the margin for November
has been "US$1 and something cents," the report notes.

This situation has demanded a change in the refinery's economics.
"The entire refinery economics have changed, and we have gone
through an exercise within recent times given the fact that maybe
over the next five years refinery margins will be under pressure,"
Mr. Hassanali said, the report relays.

"We have had to do a lot of economic analysis over the last weeks
to come to an optimal purpose.  In other words, we are no longer
looking to fill out the refinery," the report quoted Mr. Hassanali
said as saying.

                           About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 20, 2013, Trinidad and Tobago News said a major
shutdown of Petroleum Company of Trinidad and Tobago (Petrotrin)'s
Trinmar operations is looming over claims by the Oilfields
Workers' Trade Union (OWTU) that the country's most productive
offshore oilfields were being leased for a new project -- Mature
Fields Rejuvenation Project.  Trinmar workers and some Point
Fortin residents staged a march through the borough, calling on
Government to respond, according to Trinidad and Tobago News.

On Aug. 8, 2013, the Troubled Company Reporter-Latin America,
citing Trinidad Express, reported that production levels at
Petrotrin's Trinmar operations in Point Fortin have been affected
by industrial action involving employees of the company's marine
transport contractors. Petrotrin stated that it was informed of
what it described as a stand-off between its marine contractors
and their employees, who cited issues, including their current
rates of remuneration, according to Trinidad Express.



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


BOND PRICING: For the Week From Dec. 9 to Dec. 13, 2013
-------------------------------------------------------

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

Aguas Andinas SA               4.15    12/1/2026    CLP    72.61
Almendral Telecomunicaciones SA3.5     12/15/2014   CLP    33.5
Argentina Bocon                2        1/3/2016    ARS     9.15
Argentina Bocon                2        3/15/2014   ARS     0.21
Argentina Bocon                2        3/15/2024   ARS    17.89
Argentina Bo                   2        9/30/2014   ARS   599.6
Argentina Bonar Bonds         21.792    1/30/2014   ARS    11.01
Argentina International Bond   4.33    12/31/2033   JPY    39
Argentina International Bond   4.33    12/31/2033   JPY    39
Argentinal International Bond  7.82    12/31/2033   EUR    69.5
Argentinal International Bond  1.18    12/31/2038   ARS     7.13
Argentinal International Bond  7.82    12/31/2033   EUR    72.75
Argentinal International Bond  7.82    12/31/2033   EUR    70
Argentinal International Bond  0.45    12/31/2038   JPY     8
BA-CA Finance Cayman 2 Ltd     1.838                EUR    60
Banco BPI SA/Cayman Islands    4.15    11/14/2035   EUR    55.5
Banif Finance Ltd              1.591                EUR    44
Bank Austria Creditanstalt
Finance Cayman Ltd             2.156                EUR    59.93
BCP Finance Co Ltd             5.543                EUR    45
BCP Finance Co Ltd             4.239                EUR    44.33
BES Finance Ltd                5.58                 EUR    72
BES Finance Ltd                4.5                  EUR    63.5
CA La Electricidad de Caracas  8.5      4/10/2018   USD    75.5
Caixa Geral De Depositos
Finance                        0.991                EUR    39.2
Caixa Geral De Depositos
Finance                        1.021                EUR    39.2
China Precious Metal Resources
Holdings Co Ltd                7.25      2/4/2018   HKD    68.67
Cia Cervecerias Unidas SA      4        12/1/2024   CLP    59.51
Cia Energetica de Sao Paulo    9.75      1/15/2015  BRL    66.27
CSAV                           6.4      10/1/2022   CLP    64.89
CLISA                          9.5      12/15/2016  USD    73
Edenor SA                      9.75     10/25/2022  USD    65.5
Edenor SA                     10.5      10/9/2017   USD    70
Edenor SA                      9.75     10/25/2022  USD    67.13
ERB Hellas Cayman Islands Ltd  1.825     6/8/2017   EUR    58.67
ERB Hellas Cayman Islands Ltd  9         3/8/2019   EUR    49.38
ESFG International Ltd         5.753                EUR    50
Formosa Province of Argentina  5         2/27/2022  USD    75.13
Gol Finance                    8.75                 USD    68.5
Gol Finance                    8.75                 USD    68.25
Hidili Industry International
Development Ltd                8.625    11/4/2015   USD    70.75
Hidili Industry International
Development Ltd                8.625    11/4/2015   USD    71.88
Inversiones Alsacia SA         8         8/18/2018  USD    78
Inversiones Alsacia SA         8         8/18/2018  USD    75.58
Inversora de Electrica
de Buenos Aires SA             6.5       9/26/2017  USD    45.25
Metro de Santiago              5.5       7/15/2027  CLP     3.635
MetroGas SA                    8.875    12/31/2018  USD    71.63
MetroGas SA                    8.875    12/31/2018  USD    68.5
NQ Mobile Inc                  4        10/15/2018  USD    70.2
Petroleos de Venezuela SA      5.25      4/12/2017  USD    71.75
Petroleos de Venezuela SA      9.75      5/17/2035  USD    69.85
Petroleos de Venezuela SA      5.375     4/12/2027  USD    55
Petroleos de Venezuela SA      9        11/17/2021  USD    72.5
Petroleos de Venezuela SA      5.5       4/12/2037  USD    52.5
Petroleos de Venezuela SA      5.125    10/28/2016  USD    76.25
Petroleos de Venezuela SA      5.125    10/28/2016  USD    73.75
Petroleos de Venezuela SA      9        11/17/2021  USD    71.36
Petroleos de Venezuela SA      9.75      5/17/2035  USD    69.63
Petroleos de Venezuela SA      6        11/15/2026  USD    49.63
Provincia del Chaco            4        12/4/2026   USD    38.63
Provincia del Chaco            4        11/4/2023   USD    66.13
Renhe Commercial Holdings
Co Ltd                         13        3/10/2016  USD    62.55
Renhe Commercial Holdings
Co Ltd                         11.75     5/18/2015  USD    71
Renhe Commercial Holdings
Co Ltd                         13        3/10/2016  USD    66.25
Renhe Commercial Holdings
Co Ltd                         11.75     5/18/2015  USD    71
Republic of Venezuela           9.25     9/15/2027  USD    72.92
Republic of Venezuela           7        3/31/2038  USD    59.17
Sifco SA                       11.5      6/6/2016   USD    42.63
SMU SA                          7.75     2/8/2020   USD    62.75
SMU SA                          7.75     2/8/2020   USD    62.24
Talca Chillan Sociedad
Concesionaria SA                2.75    12/15/2019  CLP    62.08
Transener                       9.75     8/15/2021  USD    65.75
Transener                       9.75     8/15/2021  USD    62.5
Venezuela Gov't
International Bond              9        5/7/2023   USD    71.5

Venezuela Gov't
International Bond              7.75    10/13/2019  USD    73.75
Venezuela Gov't
International Bond              9.25     5/7/2028   USD    70.5
Venezuela Gov't
International Bond              9.375    1/13/2034  USD    70.75
Venezuela Gov't
International Bond              7.65     4/21/2025  USD    65
Venezuela Gov't
International Bond              7        3/31/2038  USD    59.75
Venezuela Gov't
International Bond              6       12/9/2020   USD    64.75
Venezuela Gov't
International Bond              8.25    10/13/2024  USD    67.5


                            ***********


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, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  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.


                   * * * End of Transmission * * *