TCRLA_Public/140106.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, January 6, 2014, Vol. 15, No. 3


                            Headlines



A R G E N T I N A

ICBC ARGENTINA: Moody's Assigns Ba3 Rating to ARS300MM Notes


B R A Z I L

MARFRIG ALIMENTOS: Marfrig Guidance Sees Positive Free Cash Flow
OGX PETROLEO: To Pay Offshore Block Debt, Owner Says


C A Y M A N  I S L A N D S

CONOCOPHILLIPS LITHUANIA: Placed Under Voluntary Wind-Up
DELTA ENVIRONMENTAL: Placed Under Voluntary Wind-Up
DI INTERNATIONAL: Placed Under Voluntary Wind-Up
DIA MALAGA: Commences Liquidation Proceedings
DIA SEVILLA: Commences Liquidation Proceedings

FOTO INVESTMENTS: Placed Under Voluntary Wind-Up
GLOBAL PRIVATE: Placed Under Voluntary Wind-Up
GLOBAL TARGETS: Placed Under Voluntary Wind-Up
GLOBAL UNDERVALUED: Commences Liquidation Proceedings
GMS CHINA: Commences Liquidation Proceedings

GRATTACIELLO INVESTMENT: Placed Under Voluntary Wind-Up
MAVERICK OFFSHORE: Placed Under Voluntary Wind-Up
N.S. JAPAN: Placed Under Voluntary Wind-Up
PCM SPC: Placed Under Voluntary Wind-Up
PETROEXPORT LIMITED: Appoints Pearson as Additional Liquidator

PEX INVESTMENT: Placed Under Voluntary Wind-Up
PJM CAPITAL: Commences Liquidation Proceedings
SHK DYNAMIC: Commences Liquidation Proceedings
TROTA INTERNATIONAL: Placed Under Voluntary Wind-Up
VINCI GAS: Placed Under Voluntary Wind-Up


S T.  L U C I A

CARIBBEAN DIVERSIFIED: Delays Filing of Financial Statements


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Optimistic About 2014 Prospects


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Output Drops as Funds Slow to Arrive


X X X X X X X X X

BOND PRICING: For the Week From Dec. 30 to Jan. 3 2013


                            - - - - -


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


ICBC ARGENTINA: Moody's Assigns Ba3 Rating to ARS300MM Notes
------------------------------------------------------------
Moody's Latin America assigned a Ba3 global local currency debt
rating to ICBC (Argentina) S.A.'s (ICBC) expected issuance of up
to ARS300 million, which will be due in 18 months under the bank's
$250 million medium-term note program. At the same time, Moody's
Latin America assigned a Aaa.ar national scale local currency debt
rating to the expected issuance.

The outlook for all ratings is negative, following the negative
outlook on the sovereign ratings.

The following ratings were assigned to ICBC S.A.'s expected
issuance under the debt program:

Expected Issuance of up to ARS300 million:

Ba3 Global Local Currency Debt Rating, negative outlook

Aaa.ar Argentina National Scale Local Currency Debt Rating,
negative outlook

RATINGS RATIONALE

Moody's explained that the local currency senior unsecured debt
rating derives from the bank's Ba3 global local currency deposit
rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

The Ba3 global local currency deposit rating of ICBC incorporates
the bank's b3 standalone baseline credit assessment (BCA) and
Moody's assessment of a high probability of parental support to be
provided by its shareholder, Industrial & Commercial Bank of China
Ltd, rated Ba1 with stable outlook, in situation of stress. Such
assessment results in three notches of uplift from the BCA. The
standalone rating captures ICBC's well-defined footprint in the
corporate and retail banking segments, as well as its prudent risk
management practices, adequate capitalization and liquidity level,
and good profitability metrics, despite low quality efficiency
indicators. The ratings also incorporate the uncertainties of the
Argentinean operating environment.

ICBC is headquartered in Buenos Aires, with assets of ARS 24.81
billion and equity of ARS 2.9 billion as of September 2013.


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


MARFRIG ALIMENTOS: Marfrig Guidance Sees Positive Free Cash Flow
----------------------------------------------------------------
Paul Kiernan at Dow Jones Newswires reports that Marfrig Alimentos
SA said its free cash flow could turn positive this year, thanks
to a plan to roll over debt with national development bank BNDES.

Marfrig expects free cash flow, which is a measure of financial
performance after capital expenditures, to range between neutral
and BRL100 million ($42 million) in 2014, up from a previous
forecast of zero to negative BRL150 million, according to Dow
Jones Newswires.

The report relates that the change came as Marfrig said it will
hold a board meeting to confirm the issuance of BRL2.15 billion in
three-year debentures later this month, with the proceeds to be
used to roll over existing debt with BNDES.

"The revision of the guidance for 2014 reflects the new schedule
of interest payments to debenture holders," Marfrig said, adding
that the first interest payment would take place in 2015, the
report notes.

The report discloses that BNDES owns nearly 20% of Marfrig's
shares and agreed to subscribe to the new debentures amid
discussions by the firm to sell its Seara Foods unit to domestic
rival JBS SA last year.  The new debentures, like the old ones,
will be convertible to Marfrig stock, the report relays.

With chronically high debt levels and persistent net losses in
recent years, Marfrig's shares have struggled to find their
footing, falling 57% in the past 12 months to a Friday close of
BRL3.97, the report adds.

                      About Marfrig Alimentos

Marfrig Alimentos SA (formerly Marfrig Frigorificos e Com de
Alimentos SA) is a Brazil-based company engaged in the processing
and distribution of meat and poultry products.  Its products
include cooked beef, bacon, sausages, beef cubes, minced
knuckles, steaks and other food items including pre-cooked and
frozen potato, frozen vegetables, canned meat, fish and ready
meals.  The Company operates in 13 countries, and exports its
products to more than 100 destinations worldwide.

                          *     *     *

As reported in the Troubled Company Reporter - Latin America on
May 13, 2013, Standard & Poor's Ratings Services lowered its
global scale corporate credit rating to 'B' from 'B+' and its
national scale rating to 'brBBB-' from 'brBBB+' on Marfrig
Alimentos S.A.  The outlook is negative.


OGX PETROLEO: To Pay Offshore Block Debt, Owner Says
----------------------------------------------------
Luciana Magalhaes at Dow Jones Newswires reports that Oleo e Gas
Participacoes SA, formerly known as OGX Petroleo e Gas
Participacoes SA -- the distressed oil companyof Brazilian
entrepreneur Eike Batista -- said it expects to honor payments for
work done at the BS-4 block, in Brazil's offshore Santos Basin,
despite its ongoing financial problems.

Oleo e Gas Participacoes owes around $30 million for its share of
work done at the BS-4 block and earlier last week was given 15
days to settle the debt, according to Dow Jones Newswires.

The report notes that OGP filed for bankruptcy protection in late
October and has struck a preliminary deal with creditors at the
end of December to exchange some $5.8 billion in debt for shares.

The deal also envisages the possibility that some creditors could
provide the firm more cash to meet its operating commitments and
OGP is banking on that extra capital to meet its BS-4 commitments,
the report relates.

So far, however, the company hasn't received any cash from its
creditors, the report discloses.  Bondholders have until later
this month to make a decision on the investment, which would give
them control of Oleo e Gas, the report notes.

OGP holds a 40% stake in BS-4 block, while QGEP Participacoes
operates the block with 30% and closely held Barra Energia owns
the remaining 30%, the report adds.

                       About OGX Petroleo

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes
S.A. is an independent exploration and production company with
operations in Latin America.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than $30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29 that the talks concluded
without an agreement. The company's cash fell to about $82 million
at the end of September, not enough to sustain operations further
than December.


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


CONOCOPHILLIPS LITHUANIA: Placed Under Voluntary Wind-Up
--------------------------------------------------------
On Nov. 8, 2013, the shareholders of Conocophillips Lithuania 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:

          Trident Liquidators (Cayman) Ltd
          c/o Mrs. Eva Moore
          Trident Trust Company (Cayman) Limited
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


DELTA ENVIRONMENTAL: Placed Under Voluntary Wind-Up
---------------------------------------------------
At an extraordinary general meeting held on Nov. 18, 2013, the
sole shareholder of Delta Environmental and Educational Grand
Holding Limited resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Royhaven Secretaries Limited
          Name: Julie Reynolds
          Telephone: +1 (345) 914 1344
          Facsimile: +1 (345) 945 4799
          Coutts & Co (Cayman) Limited
          Coutts House, 1446 West Bay Road
          P.O. Box 707 Grand Cayman KY1-1107
          Cayman Islands


DI INTERNATIONAL: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 13, 2013, the sole shareholder of DI International 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:

          Turners Management Ltd.
          Per: Charlotte Hoffman
          Strathvale House, 90 North Church Street
          P.O. Box 2636 Grand Cayman, KY1-1102
          Cayman Islands
          Telephone: +1 (345) 814 0701


DIA MALAGA: Commences Liquidation Proceedings
---------------------------------------------
Dia Malaga Leasing Ltd commenced liquidation proceedings.

Only creditors who were able to file their proofs of debt by
Jan. 3, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Benjamin Booker
          69 Dr. Roy's Drive
          P.O. Box 1043, George Town
          Grand Cayman KY1 - 1102
          Cayman Islands


DIA SEVILLA: Commences Liquidation Proceedings
----------------------------------------------
Dia Sevilla Leasing Ltd commenced liquidation proceedings.

Only creditors who were able to file their proofs of debt by
Jan. 3, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Benjamin Booker
          69 Dr. Roy's Drive
          P.O. Box 1043, George Town
          Grand Cayman KY1 - 1102
          Cayman Islands


FOTO INVESTMENTS: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 18, 2013, the sole member of Foto Investments Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 20, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


GLOBAL PRIVATE: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 18, 2013, the sole member of Global Private Investment
Holdings Offshore Ltd resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Gene Dacosta
          c/o Tania Dons
          Telephone: (345) 814 7766
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


GLOBAL TARGETS: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 19, 2013, the sole member of Global Targets SPC resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 24, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Gene Dacosta
          c/o Ben Hart
          Telephone: (345) 814 7770
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


GLOBAL UNDERVALUED: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 18, 2013, the sole shareholder of Global Undervalued
Securities Fund, Ltd commenced liquidation proceedings.

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

The company's liquidator is:

          John B. Kleinheinz
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


GMS CHINA: Commences Liquidation Proceedings
--------------------------------------------
On Nov. 16, 2013, the sole shareholder of GMS China Management
Holdings Limited 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:

          William W. Gerrity
          Telephone: (858) 369-7000
          Facsimile: (858) 369-7099
          e-mail: wwg@gerritygroup.com
          c/o Gerrity Group
          977 Lomas Santa Fe Drive Ste A
          Solana Beach
          California 92075


GRATTACIELLO INVESTMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------------
On Nov. 18, 2013, the sole shareholder of Grattaciello Investment
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 20, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


MAVERICK OFFSHORE: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 13, 2013, the sole shareholder of Maverick Offshore Ltd
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Joseph Daniel Lugosch
          7014 SE Harbour Circle
          Stuart FL 34996, USA
          Telephone: 949 6258


N.S. JAPAN: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 7, 2013, the sole shareholder of N.S. Japan Fund resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Sumihiko Nakayama
          6-6-4 302 Shakujii-Choo
          Nerima-Ku
          Tokyo 177 Japan
          Telephone: 949 6258
          Facsimile: 949 8613


PCM SPC: Placed Under Voluntary Wind-Up
---------------------------------------
On Nov. 15, 2013, the sole shareholder of PCM SPC resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 31, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Florence Lo
          Telephone: (852) 6908 2833
          Facsimile: (852) 3602 3051
          Ogier Fiduciary Services (Cayman) Limited
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


PETROEXPORT LIMITED: Appoints Pearson as Additional Liquidator
--------------------------------------------------------------
On Oct. 8, 2013, the Grand Court of Cayman Islands appointed
Michael Pearson of Fund Solution Services Ltd as additional
liquidator of Petroexport Limited.

The company's liquidators are:

          Michael Pearson
          Fund Solution Services Ltd
          10 Market Street, Number 769
          Camana Bay, Grand Cayman KY1-9006
          Cayman Islands

              - and -

          Robin Lee Mcmahon
          Telephone: +1 (345) 814 9008
          c/o Ernst & Young Ltd
          62 Forum Lane, Box 510
          Camana Bay
          Grand Cayman KY1-1106
          Cayman Islands


PEX INVESTMENT: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 18, 2013, the sole member of Pex Investment Ltd. resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 20, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


PJM CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 18, 2013, the sole shareholder of PJM Capital Fund Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 2, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Attorneys-at-Law for the Company
          Reference: NDL
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647; or

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


SHK DYNAMIC: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 11, 2013, the sole shareholder of SHK Dynamic Fund Ltd
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 2, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Simon Conway
          Name: Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


TROTA INTERNATIONAL: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Nov. 18, 2013, the sole member of Trota International Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 20, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


VINCI GAS: Placed Under Voluntary Wind-Up
-----------------------------------------
On July 17, 2013, the sole shareholder of Vinci Gas Brazil
Equities Fund resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 815-1793
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


===============
S T.  L U C I A
===============


CARIBBEAN DIVERSIFIED: Delays Filing of Financial Statements
------------------------------------------------------------
Caribbean Diversified Investments Inc. (formerly 0924885 B.C.
Ltd.) on Dec. 30 disclosed that there will be a delay in the
filing of its audited financial statements, MD&A and AIF for the
year ended August 31, 2013 which were due to be filed on or before
December 30, 2013, pursuant to relevant securities laws.  The
delay is as a result of delays in the completion of a financing
transaction.

The Company said it intends to work diligently to file the
Financial Disclosure as soon as possible and it has applied for a
Management Cease Trade Order ("MCTO") under National Policy 12-203
pending the filing of the Financial Disclosure on SEDAR.  The
granting of an MCTO is at the discretion of the British Columbia
Securities Commission and there can be no guarantee that an MCTO
will be granted.

If an MCTO is granted under the Policy, it will be imposed against
some or all of the persons who have been directors, officers or
insiders of the Company instead of a cease trade order being
imposed against all securities of the Company.  An MCTO would not
generally affect the ability of persons who have not been
directors, officers or insiders of the Company to trade the
securities of the Company pending the filing of the Financial
Disclosure on SEDAR.

If the MCTO is granted, the Company intends to satisfy the
provisions of the Alternate Information Guidelines as set out in
the Policy for as long as it remains in default, including the
issuance of bi-weekly default status reports, each of which will
be issued in the form of a press release.

The Company is confident that the Financial Disclosure will be
filed in the next 30 days.

Caribbean Diversified Investments, Inc.
-- http://www.caribbeaninvestments.ca-- owns and operates St.
Helen University in St. Lucia, that offers medical educational
services.  The company was formerly known as Caribbean Diversified
Holdings Inc. and changed its name to Caribbean Diversified
Investments, Inc. in July 2013.  The company is headquartered in
Thornhill, Canada.


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


CARIBBEAN AIRLINES: Optimistic About 2014 Prospects
---------------------------------------------------
RJR News reports that Phillip Marshall, Interim Chairman of
Caribbean Airlines Limited, is expressing optimism that the entity
will achieve positive results in 2014.

In a message to stakeholders, Mr. Marshall said the Board will
continue to drive the new performance objectives, in keeping with
the Business Plan Strategies, according to RJR News.

The report notes that Mr. Marshall said this will ensure that
Caribbean Airlines proceeds on a sustainable path of improved
viability, cost efficiency and profitability over the long term.

The CAL Chairman added that the entity must achieve
transformational improvement and manage its costs, the report
adds.

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.


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


PETROLEOS DE VENEZUELA: Output Drops as Funds Slow to Arrive
------------------------------------------------------------
Guardian Media reports that Venezuela's oil production slid for an
eighth consecutive month in December, a Bloomberg survey showed,
as delays obtaining external financing hamper efforts by Petroleos
de Venezuela SA to arrest production declines.

Venezuela produced 2.45 million barrels a day in December, down
235,000 barrels from November, according to a Bloomberg survey of
oil companies, producers and analysts. Monthly output has been
falling since April, the survey showed, according to Guardian
Media.

PDVSA's ability to offset output declines at mature fields and
invest in new developments is slowed by the state-run producer's
increasing financial commitments with the Venezuelan government
coupled with delays obtaining financing from partners, Carlos
Rossi, president of Caracas-based EnergyNomics, told the news
agency in a telephone interview on December 31.

"The economic situation in Venezuela is very bad and the non-
petroleum sector is in desperate need of dollars, causing PDVSA to
have to dedicate more money to the Venezuelan Central Bank," the
report quoted Mr. Rossi, who is also a former petroleum economist
with the Caracas-based Venezuelan Hydrocarbon Association, as
saying.

The country expects to increase production to six million barrels
a day by the end of 2019, of which four million will come from the
Orinoco heavy-oil belt, PDVSA said, the report notes.

Petroleos de Venezuela S.A. -- http://www.pdvsa.com/-- engages in
the exploration, production, refining, transport, and commerce of
hydrocarbons.  The company was founded in 1975 and is based in
Caracas, Venezuela.

                     *     *     *

As reported in the Troubled Company Reporter-Latin America on Dec.
20, 2013, Moody's Investors Service downgraded the foreign
currency bond rating and global local currency rating of Petroleos
de Venezuela (PDVSA) to Caa1 from B2 and B1, respectively, and
maintained a negative outlook on the ratings. Moody's also
downgraded CITGO Petroleum Corporation's Corporate Family Rating
to B1 from Ba2; its Probability of Default rating to B1-PD from
Ba2-PD; and its senior secured ratings on term loans, notes and
industrial revenue bonds to B1, LGD3-43% from Ba2, LGD3-41%.
Moody's also assigned a rating of Ba3, LGD3-30% to CITGO's senior
secured bank credit facility. The rating outlook for CITGO is
negative. CITGO is PDVSA's wholly-owned US-based refining
subsidiary.


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


BOND PRICING: For the Week From Dec. 30 to Jan. 3 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, 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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