TCRLA_Public/140113.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 13, 2014, Vol. 15, No. 8


                            Headlines



A R G E N T I N A

ALTO PALERMO: Fitch Affirms IDR at 'B-'; Outlook Negative
CRESUD S.A.C.I.F: Fitch Affirms IDR at 'B-'; Outlook Negative


C A Y M A N  I S L A N D S

BELIZE MORTGAGE: Commences Liquidation Proceedings
EDDINGTON TRIPLE: Commences Liquidation Proceedings
EPIC SPECIAL: Commences Liquidation Proceedings
GLOBAL DYNAMIC: Creditors' Proofs of Debt Due Jan. 30
ILION DIVERSIFIED: Placed Under Voluntary Wind-Up

IONIC CONVERTIBLE: Commences Liquidation Proceedings
NEWCASTLE CDO VIII: Fitch Keeps CCCsf Rating on 7 Classes of Notes
NEWCASTLE CDO IX: Fitch Affirms CCCsf Rating on 4 Classes of Notes
NOMAR INVESTMENT: Placed Under Voluntary Wind-Up
OLD MILL: Commences Liquidation Proceedings

PACIFIC STAR: Commences Liquidation Proceedings
PLANECO: Placed Under Voluntary Wind-Up
RHP MASTER: Placed Under Voluntary Wind-Up
ROCK HILL: Placed Under Voluntary Wind-Up
SIB MANAGEMENT: Commences Liquidation Proceedings

VICTORY PARK: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Haiti Seeks to Close Most Border Crossings


J A M A I C A

DIGICEL GROUP: To Rebate Customers Affected by Outage
SUPREME VENTURES: Cuts Management Team


P A R A G U A Y

BANCO REGIONAL: Moody's Assigns Ba2 Rating to Senior Debt Issuance


P E R U

PERU: Fitch Says Framework for Subnationals is Evolving


T R I N I D A D  &  T O B A G O

PETROTRIN: Financial Fallout Won't Affect Firm, Howai Says


X X X X X X X X X

BOND PRICING: For the Week From Jan. 6 to Jan. 10, 2014


                            - - - - -


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


ALTO PALERMO: Fitch Affirms IDR at 'B-'; Outlook Negative
---------------------------------------------------------
Fitch Ratings has affirmed the following ratings of Alto Palermo
S.A. (APSA):

-- Foreign currency Issuer Default Rating (IDR) at 'B-',
-- Local currency IDR at 'B+',
-- USD120 million senior unsecured notes due in 2017 at 'B/RR3'.

The Rating Outlook is Negative.

APSA's ratings reflect the company's exposure to Argentina's
business climate and economic conditions, its credit profile, and
the credit linkage with its parent company, IRSA Inversiones y
Representaciones S.A. (IRSA).

Key Rating Drivers

APSA's foreign currency (FC) IDR continues to be constrained at
'B-' by the 'B-' country ceiling assigned to Argentina by Fitch.
The company's local currency (LC) IDR remains at 'B+' due to the
high degree of risk associated with operating in Argentina's real
estate industry.  The Negative Outlooks on the FC and LC IDRs are
in line with those assigned to Argentina's sovereign ratings and
reflect the high degree of uncertainty about the business climate
and economic conditions.

The 'RR3' Recovery Rating reflects good recovery prospects in the
event of default.  The notching above the soft cap of 'RR4' for
bonds issued by Argentine corporates reflects the company's very
strong credit profile.

APSA has a strong business position in the Argentine shopping
center industry.  The company operates 13 shopping centers with
gross leasable space of approximately 308,000 square meters.  The
high quality of these malls and their strategic locations has
resulted in sales per square meter that exceed the market average
and occupancy rates of around 98%.  APSA's revenues are partially
hedged against consumer inflation, as the company receives a
percentage of the sales made by tenants in its malls.  The
company's high operating margins are due to leases that result in
the tenants paying direct expenses and a percentage of the common
expenses.

APSA shows some near-term concentration in its lease agreements;
39% of lease contracts expire in fiscal 2014, as the contracts are
generally for 36 months.  While this ratio is high for the
industry, APSA's strong market position enables it to renew
contracts updating leasing terms.  Devaluation risk is also
present for APSA as most of its cash flow is denominated in
Argentine pesos and a substantial part of its debt is in U.S.
dollars. This risk is partially mitigated by APSA's dollar-
denominated asset portfolio and its long-term debt profile.

APSA's revenues and EBITDA were USD311 million and USD162 million,
respectively, during the LTM ended Sept. 30, 2013. The company's
EBITDA margin has remained stable at around 53% during the last
several years.  As of Sept. 30, 2013, the company had USD200
million in total debt (total net debt was USD163 million), the
total debt-to-EBITDA ratio was 1.2x, while the EBITDA-to-interest
ratio was 8.2x during the period.

While debt at APSA is low in relation to cash flow, Fitch has
linked the credit quality of APSA with its more highly leveraged
parent company, IRSA (APSA is 95.67% owned by IRSA).  On a
consolidated basis, IRSA had USD416 million of sales and generated
USD239 million of EBITDA during LTM September 2013.  At Sept. 30,
2013, IRSA had USD651 million of consolidated debt, resulting in a
total debt-to-EBITDA ratio of 2.7x. APSA accounted for only 32% of
IRSA's consolidated debt.

APSA maintains a manageable debt payment schedule with,
respectively, USD51 million, USD24 million and USD9 million due
during the next 12, 24, and 36 months ended September 2014, 2015,
and 2016.  The company had USD37 million of cash and marketable
securities at the end of September 2013.  The company also
maintains other liquid assets for a total amount of approximately
USD40 million. In addition, APSA's portfolio of assets is strong,
with book capital of approximately USD300 million as of Sept. 30,
2013.  This value would be higher at market value.  These assets
are mostly unencumbered, as secured debt represents less than 5%
of its total debt load.  The large pool of unencumbered assets at
APSA provides financial flexibility and results in above-average
recovery prospects in the event of default.

Rating Sensitivities

The ratings are expected to be driven primarily by developments in
Argentina's business climate and economic conditions.  Fitch
expects APSA will manage its balance sheet to a targeted debt-to-
EBITDA ratio under 1.5x.

Headquartered in Buenos Aires, Argentina, Alto Palermo S.A.
engages in the ownership, acquisition, development, leasing,
management, and operation of shopping centers, as well as
residential and commercial complexes in Argentina.


CRESUD S.A.C.I.F: Fitch Affirms IDR at 'B-'; Outlook Negative
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Cresud S.A.C.I.F. y A.
(Cresud) as follows:

-- Foreign Currency Issuer Default Rating (IDR) at 'B-';
-- Local Currency IDR at 'B-';
-- USD60 million senior unsecured bullet notes due in 2014 at 'B-
    /RR4'.

The Rating Outlook is Negative.

Cresud's ratings reflect the company's exposure to Argentina's
business climate and economic conditions and its leading business
position in the real estate and agribusiness sectors.

Rating Drivers

Cresud's foreign currency (FC) IDR continues to be constrained at
'B-' because of the 'B-' country ceiling of Argentina.  Cresud's
'B-' local currency (LC) IDR is held back by above-average risks
associated with operating in the real estate segment in Argentina
and by the volatile cash flow of its agribusiness division, which
is subject to weather conditions and commodity prices.

The Negative Rating Outlooks on Cresud's FC and LC IDRs are in
line with those assigned to Argentina's sovereign ratings and
reflect the high degree of uncertainty surrounding Argentina's
business climate and economic conditions.

Cresud's ratings consider its position as a leading company in the
real estate and agribusiness sectors in Argentina.  Cresud owns
64.5% of IRSA Inversiones y Representaciones S.A. (IRSA; rated
with a 'B+' LC IDR by Fitch), a leading real estate company in
Argentina dedicated to real estate development, office rentals,
and shopping mall operations through Alto Palermo (APSA), which is
a 95.68% owned subsidiary of IRSA.  Cresud has an important
portfolio of farms in Argentina and also has a presence in
Bolivia, Paraguay, and in Brazil through its 39.64% stake in
BrasilAgro.  The results from the agribusiness segment were
negatively affected during the last fiscal year ended June 30,
2013 by poor weather conditions.

Fitch links the ratings of Cresud and IRSA. Cresud's 'B-' LC IDR
is notched down from IRSA's 'B+' LC IDR because of the structural
subordination of its debt and its weaker stand-alone financial
profile. This linkage reflects factors such as strong strategic
and operational ties and the fact that IRSA's upstream dividends
represent a significant part of Cresud's cash flow from
operations.  The dividend flow to Cresud from IRSA is expected to
be relatively stable.  During fiscal 2013, Cresud received
dividends of approximately USD15 million.

The ratings also reflect moderate consolidated leverage, as well
as manageable liquidity, as a result of unencumbered assets and
land that could be sold.  Regarding the real estate industry, the
emphasis of Fitch's methodology is on portfolio quality,
diversity, and the size of the asset base.  Cresud's consolidated
portfolio of real estate assets is strong, with USD 1.1 billion of
book value as of Sept. 30, 2013. This would be higher if valued at
market value.  These assets are mostly unencumbered and provide
Cresud and its direct and indirect subsidiaries with a degree of
financial flexibility.

On a consolidated basis, Cresud had USD699 million of sales and
generated USD230 million of EBITDA during the LTM ended September
2013.  These figures compare with USD1 billion of consolidated
debt (net debt was USD911 million), resulting in a net debt-to-
EBITDA ratio of 4.4x and an EBITDA-to-interest expense ratio of
2.5x.  Long-term debt accounts for 68% of total debt and includes
USD420 million of senior notes at APSA and IRSA that mature
between 2017 and 2020.  Cresud's consolidated EBITDA was USD230
million during LTM September 2013, mostly from operations in the
real estate segment.

The company's stand-alone debt reached USD313 million as of
Sept. 30, 2013.  Short-term debt accounted for 51% of Cresud's
stand-alone total debt.  During the period October-September 2013,
the company extended the average life of its debt through the
issuance of approximately USD110 million of senior unsecured notes
in the local market with a five-year tenor.  Cresud's debt is
supported by its asset portfolio.  Its main assets include
participations in IRSA and BrasilAgro, its portfolio of farms, and
its inventory of crops and livestock.  A significant portion of
Cresud's assets could be sold in traded markets, providing Cresud
with additional liquidity to support its short-term debt
obligations.

Rating Sensitivities

The ratings are expected to be driven primarily by positive
developments in Argentina's business climate and economic
conditions.  Fitch expects that Cresud will manage its balance
sheet to a consolidated net debt-to-EBITDA ratio of around 4.0x.

Cresud SACIF y A is an Argentina-based company engaged in the
production of basic agricultural commodities, livestock industry,
as well as in the development and sale of properties.


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


BELIZE MORTGAGE: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 21, 2013, the sole shareholder of Belize Mortgage Company
2002-1 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
          Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: Tracy Hylton
          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, George Town
          Grand Cayman KY1-1108
          Cayman Islands


EDDINGTON TRIPLE: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 15, 2013, the sole shareholder of Eddington Triple Alpha
Funds Ltd. 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 Doran
          Campbells, Attorneys At Law
          Willow House, Floor 4
          Cricket Square
          P.O. Box 884 Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949-2648


EPIC SPECIAL: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 19, 2013, the shareholders of Epic Special Purpose Vehicle
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 16, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


GLOBAL DYNAMIC: Creditors' Proofs of Debt Due Jan. 30
-----------------------------------------------------
The creditors of Global Dynamic Fund Limited are required to file
their proofs of debt by Jan. 30, 2014, to be included in the
company's final dividend distribution.

The company's liquidator is:

          Alan E.H. Bates
          Chartered Accountants
          Kings Court, Third Floor
          Bay Street Nassau
          Bahamas
          c/o M.K. Parnell F.C.A
          Telephone: (242) 324-8774 or (242) 424-0827


ILION DIVERSIFIED: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 13, 2013, the sole member of Ilion Diversified Fund SPC
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 27, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Spyridon Vasileiou
          267 Ionias Avenue, Athens 111 43
          Greece
          Telephone: +30-6944-907681
          c/o Higgs & Johnson
          P.O. Box 866 George Town Grand Cayman KY1-1103
          Cayman Islands


IONIC CONVERTIBLE: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 21, 2013, the sole shareholder of Ionic Convertible Master
Fund Ltd 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:

          David Stephen Sargison
          31 Woodland Drive, Lower Valley
          P.O. Box 414 Savannah Grand Cayman KY1-1502
          Cayman Islands
          Telephone: +1 (345) 946 7274


NEWCASTLE CDO VIII: Fitch Keeps CCCsf Rating on 7 Classes of Notes
------------------------------------------------------------------
Fitch Ratings has affirmed all classes of Newcastle CDO VIII 1,
Ltd./Newcastle CDO VIII 2, Ltd./ Newcastle CDO VIII, LLC
(collectively, Newcastle CDO VIII) reflecting Fitch's base case
loss expectation of 41.9%. Fitch's performance expectation
incorporates prospective views regarding commercial real estate
market value and cash flow declines.

Key Rating Drivers

The affirmations are due to relatively stable performance of the
collateral since the last rating action.  Since the last rating
action and as of the December 2013 trustee report, the transaction
has paid down by $257.1 million from the full repayment of eight
assets, the partial payoff of another asset, and the amortization
of several other assets in the pool.  The transaction has also
realized losses of approximately $44.2 million over the same
period from a partial loss on a corporate debt asset and a full
loss on a commercial mortgage-backed security (CMBS) bond.  As of
the December 2013 trustee report, all overcollateralization (OC)
and interest coverage tests were in compliance.

As of the December 2013 trustee report and per Fitch
categorizations, the collateralized debt obligation (CDO) was
substantially invested as follows: real estate bank
loans/corporate debt (22.3%), CMBS (20.6%), commercial real estate
(CRE) mezzanine debt (19.1%), residential mortgage-backed
securities (RMBS: 11.2%), CRE CDOs (10.5%), whole loans (7.4%), B-
notes (5.5%), and principal cash (3.4%).  The percentage of
defaulted assets and Fitch Loans of Concern is 1.9% and 17.9%,
respectively, compared to 3% and 7.9% at the last rating action.

Two assets (1.9%) were reported as defaulted, which include one
CMBS (1.1%) and one RMBS (0.8%) bond.  Fitch classified four
additional assets (17.9%) as Loans of Concern.

The CRE loan portion of the collateral is comprised mostly of
subordinate debt (24.6% of the pool consists of either mezzanine
loans or B-notes).  In addition, the CRE loan collateral is
comprised entirely of non-traditional property types, which
include hotel (25.9%), golf (4.7%), and healthcare (1.4%), all of
which typically exhibit greater performance volatility than
traditional property types.  The weighted average Fitch derived
rating of the non-CRE loan portion of the collateral has remained
at 'B-/CCC+' since the last rating action.

Under Fitch's methodology, approximately 58% of the portfolio is
modeled to default in the base case stress scenario, defined as
the 'B' stress.  In this scenario, the modeled average cash flow
decline is 7% from, generally, trailing 12-month third and fourth
quarter 2013.  Modeled recoveries are below average at 27.8% due
to the high percentage of subordinate debt.

The largest component of Fitch's base case loss expectation is a
mezzanine loan (6.5% of the pool) secured by an interest in a
portfolio initially comprised of 12 full-service hotels totaling
4,718 keys located in Puerto Rico, Jamaica, and Florida.  Three
hotels have since been released. Performance has remained
significantly below underwritten expectations at issuance.  Fitch
modeled a term default and a full loss on this overleveraged
position in its base case scenario.

The second largest component of Fitch's base case loss expectation
is a mezzanine loan (4.7%) secured by an interest in a portfolio
of golf courses located across the United States.  Fitch modeled a
term default and a full loss on this overleveraged position in its
base case scenario.

The third largest component of Fitch's base case loss expectation
is a mezzanine loan (2.4%) secured by an interest in a 424-room
full-service hotel located in Boston, MA.  Fitch modeled a term
default and a full loss on this overleveraged position in its base
case scenario.

This transaction was analyzed according to the 'Surveillance
Criteria for U.S. CREL CDOs and CMBS Large Loan Floating-Rate
Transactions', which applies stresses to property cash flows and
debt service coverage ratio tests to project future default levels
for the underlying portfolio.  Recoveries for the CRE loan portion
of the collateral are based on stressed cash flows and Fitch's
long-term capitalization rates.  The non-CRE loan portion of the
collateral was analyzed in the Portfolio Credit Model according to
the 'Global Rating Criteria for Structured Finance CDOs'.  The
combined default levels were then compared to the breakeven levels
generated by Fitch's cash flow model of the CDO under the various
default timing and interest rate stress scenarios, as described in
the report 'Global Rating Criteria for Structured Finance CDOs'.

The breakeven rates for classes I-A through III are generally
consistent with the ratings listed below.

The 'CCCsf' ratings on classes V through XII are based upon a
deterministic analysis that considers Fitch's base case expected
loss for the pool and the current percentage of defaulted assets
and Fitch Loans of Concern factoring in anticipated recoveries
relative to each class' credit enhancement.

Newcastle CDO VIII is a CRE CDO managed by Newcastle Investment
Corp.  The CDO exited its reinvestment period in November 2011.
The CDO was originally issued as a $950 million CRE CDO; however,
in April and September 2009, notes with a face amount totaling
$80.19 million were surrendered to the trustee for cancellation,
which has resulted in greater cushion to the OC ratios.

Rating Sensitivities

The ratings of classes I-A and I-AR are expected to remain stable
and reflect the continued paydown of these classes and their
seniority in the capital structure.  If the transaction continues
to delever and the underlying collateral continues to repay at
higher than expected recoveries, the senior classes may be
upgraded, although adverse selection of the pool remains a
concern.

The Negative Outlooks on classes I-B through III reflects the
pool's collateral concentrations and the potential for future
downgrades if there is deterioration in loan performance or if the
ratings of the underlying rated securities migrate downward.  The
distressed classes are subject to downgrade as losses are realized
or if realized losses exceed Fitch's expectations.

Fitch affirms the following classes:

-- $180.9 million class I-A at 'BBsf'; Outlook Stable;
-- $23.5 million class I-AR at 'BBsf'; Outlook Stable;
-- $38 million class I-B at 'BBsf'; Outlook Negative;
-- $42.8 million class II at 'BBsf'; Outlook Negative;
-- $42.8 million class III at 'Bsf'; Outlook Negative;
-- $28.5 million class V at 'CCCsf'; RE 0%;
-- $22.6 million class VIII at 'CCCsf'; RE 0%;
-- $6 million class IX-FL at 'CCCsf'; RE 0%;
-- $7.6 million class IX-FX at 'CCCsf'; RE 0%;
-- $18.7 million class X at 'CCCsf'; RE 0%;
-- $24.1 million class XI at 'CCCsf'; RE 0%;
-- $28.5 million class XII at 'CCCsf'; RE 0%.

Class S has paid in full. Fitch previously withdrew the ratings on
classes IV, VI, and VII. Fitch does not rate the preferred shares.

Headquartered in George Town, Cayman Islands Newcastle CDO VIII 1,
Limited is managed by Newcastle Investment Corp.


NEWCASTLE CDO IX: Fitch Affirms CCCsf Rating on 4 Classes of Notes
------------------------------------------------------------------
Fitch Ratings has affirmed all classes of Newcastle CDO IX Ltd./
LLC (Newcastle CDO IX) reflecting Fitch's base case loss
expectation of 37.9%.  Fitch's performance expectation
incorporates prospective views regarding commercial real estate
market value and cash flow declines.

Key Rating Drivers

The affirmations are due to relatively stable performance of the
collateral since the last rating action.  Since the last rating
action and as of the December 2013 trustee report, the transaction
has paid down by $189.2 million from the full repayment of seven
assets, the partial payoff of another asset, and the amortization
of several other assets in the pool.  The transaction has also
realized losses of $19.1 million over the same period from a
partial loss on a corporate debt asset.  As of the December 2013
trustee report, all overcollateralization (OC) and interest
coverage tests were in compliance.

As of the December 2013 trustee report and per Fitch
categorizations, the collateralized debt obligation (CDO) was
substantially invested as follows: commercial real estate (CRE)
mezzanine debt (29.7%), corporate debt (19.2%), B-notes (14.9%),
CRE CDOs (10.3%), commercial mortgage-backed securities (CMBS;
9.5%), preferred equity (9.2%), whole loans/A-notes (3.1%),
principal cash (2.2%), and residential mortgage-backed securities
(RMBS; 1.8%).  The percentage of defaulted assets and Fitch Loans
of Concern has increased to 2.4% and 27.6%, respectively, compared
to 1.8% and 18.2% at the last rating action.  Two assets (1.4%),
both secured by the same property, were reported as defaulted,
which include one CMBS rake bond (0.3%) and a mezzanine loan
(2.1%). Fitch classified eight additional assets (27.6%) as Loans
of Concern.

The CRE loan portion of the collateral is comprised mostly of
subordinate debt (53.9% of the pool is comprised of mezzanine
loans, B-notes, or preferred equity).  In addition, the CRE loan
collateral is comprised mostly of non-traditional property types,
which include hotel (27.2%), construction (9.2%), and golf (6.8%),
all of which typically exhibit greater performance volatility and
uncertainty than traditional property types. The weighted average
Fitch derived rating of the non-CRE loan portion of the collateral
has improved slightly to 'B/B-' from 'B-/CCC+' at the last rating
action.

Under Fitch's methodology, approximately 60.5% of the portfolio is
modeled to default in the base case stress scenario, defined as
the 'B' stress.  In this scenario, the modeled average cash flow
decline is 7% from, generally, trailing 12-month third and fourth
quarter 2013.  Modeled recoveries are below average at 37.3% due
to the higher percentage of subordinate debt.

The largest component of Fitch's base case loss expectation is
preferred equity (9.2% of the pool) on a construction project of a
super-regional mall and retail/entertainment facility located in
East Rutherford, New Jersey.  The project's original business plan
was stalled due to the economic downturn and multiple delays and
cost overruns.  A replacement developer has been selected and
negotiations to secure minimum financing to continue the
construction of the project remain in progress.  The original loan
was recently restructured whereby the existing lender debt was
subordinated to additional debt from new construction financing
and new equity contributions by the replacement developer.

The second largest component of Fitch's base case loss expectation
is a mezzanine loan (6.8%) secured by an interest in a portfolio
of golf courses located across the United States.  Fitch modeled a
term default and a full loss on this overleveraged position in its
base case scenario.

The third largest component of Fitch's base case loss expectation
is a mezzanine loan (4.3%) secured by an interest in a portfolio
that was initially comprised of 12 full service hotels totaling
4,718 keys located in Puerto Rico, Jamaica, and Florida.  Three
hotels have since been released.  Performance has remained
significantly below underwritten expectations at issuance. Fitch
modeled a term default and a full loss on this overleveraged
position in its base case scenario.

This transaction was analyzed according to the 'Surveillance
Criteria for U.S. CREL CDOs and CMBS Large Loan Floating-Rate
Transactions', which applies stresses to property cash flows and
debt service coverage ratio tests to project future default levels
for the underlying portfolio.  Recoveries for the CRE loan portion
of the collateral are based on stressed cash flows and Fitch's
long-term capitalization rates.  The non-CRE loan portion of the
collateral was analyzed in the Portfolio Credit Model according to
the 'Global Rating Criteria for Structured Finance CDOs'.  The
combined default levels were then compared to the breakeven levels
generated by Fitch's cash flow model of the CDO under the various
default timing and interest rate stress scenarios, as described in
the report 'Global Rating Criteria for Structured Finance CDOs'.
The breakeven rates for classes A-1 through G are generally
consistent with the ratings listed below.

The 'CCCsf' ratings for classes H through L are based upon a
deterministic analysis that considers Fitch's base case expected
loss for the pool and the current percentage of defaulted assets
and Fitch Loans of Concern factoring in anticipated recoveries
relative to each class' credit enhancement.

Newcastle CDO IX is a CRE CDO managed by Newcastle Investment
Corp.  The CDO exited its reinvestment period in May 2012.  The
CDO was originally issued as an $825 million CRE CDO; however, in
April and September 2009, notes with a face amount of $64.525
million were surrendered to the trustee for cancellation, which
has resulted in greater cushion to the OC ratios.

Rating Sensitivities

The ratings of classes A-1 and A-2 are expected to remain stable.
The Stable Outlook on class A-1 reflects the continued paydown of
the class and its seniority in the capital structure.  The Stable
Outlook on class A-2 reflects positive cushion in Fitch's
modeling.  If the transaction continues to delever and the
underlying collateral continues to repay at higher than expected
recoveries, the senior classes may be upgraded, although adverse
selection of the pool remains a concern.

The Negative Outlooks on classes B through G reflects the pool's
collateral concentrations and the potential for future downgrades
if there is deterioration in loan performance or if the ratings of
the underlying rated securities migrate downward.  The distressed
classes are subject to downgrade as losses are realized or if
realized losses exceed Fitch's expectations.

Fitch affirms the following classes:

-- $111.1 million class A-1 at 'BBBsf'; Outlook Stable;
-- $115.5 million class A-2 at 'BBsf'; Outlook Stable;
-- $37.1 million class B at 'BBsf'; Outlook Negative;
-- $24.8 million class E at 'BBsf'; Outlook Negative;
-- $18.6 million class F at 'Bsf'; Outlook Negative;
-- $11.3 million class G at 'Bsf'; Outlook Negative;
-- $18.1 million class H at 'CCCsf'; RE 100%;
-- $21.7 million class J at 'CCCsf'; RE 100%;
-- $19.6 million class K at 'CCCsf'; RE 0%;
-- $23.7 million class L at 'CCCsf'; RE 0%.

Class S has paid in full.  Fitch has previously withdrawn the
ratings on classes C and D.  Fitch does not rate class M and the
preferred shares.

Headquartered in George Town, Cayman Islands Newcastle CDO VIII 1,
Limited is managed by Newcastle Investment Corp.


NOMAR INVESTMENT: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 20, 2013, the sole shareholder of Nomar 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


OLD MILL: Commences Liquidation Proceedings
-------------------------------------------
On Nov. 21, 2013, the shareholder of Old Mill Road Fund, Ltd
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:

          Marwood Alternative Asset Management LLC
          c/o Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


PACIFIC STAR: Commences Liquidation Proceedings
-----------------------------------------------
Pacific Star Growth Opportunities Fund SPC Ltd commenced
liquidation proceedings on Nov. 22, 2013.

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

The company's liquidator is:

          Keong Wen Hui
          3 Church Street #20-00 Samsung Hub
          Singapore 049483


PLANECO: Placed Under Voluntary Wind-Up
---------------------------------------
On Nov. 21, 2013, the shareholders of Planeco 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:

          Avalon Management Limited
          Reference: GL
          Telephone: +1 (345) 769 4422
          Facsimile: +1 (345) 769 9351
          Landmark Square, 1st Floor
          64 Earth Close West Bay Beach
          P.O. Box 715, George Town
          Grand Cayman KY1-1107
          Cayman Islands


RHP MASTER: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 21, 2013, the sole shareholder of RHP Master Fund, Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 27, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          Jonathan Roney
          Telephone: (345) 815-1404
          Facsimile: (345) 949-9877
          c/o Ogier Fiduciary Services (Cayman) Limited
          89 Nexus Way
          Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


ROCK HILL: Placed Under Voluntary Wind-Up
-----------------------------------------
On Nov. 21, 2013, the sole shareholder of Rock Hill International
Partners, Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 27, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          Jonathan Roney
          Telephone: (345) 815-1404
          Facsimile: (345) 949-9877
          c/o Ogier Fiduciary Services (Cayman) Limited
          89 Nexus Way
          Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


SIB MANAGEMENT: Commences Liquidation Proceedings
-------------------------------------------------
SIB Management Holding (Cayman) Limited commenced liquidation
proceedings on Nov. 19, 2013.

Only creditors who were able to file their proofs of debt by
Dec. 2, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jorge A. Kininsberg
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House Grand Cayman KY1-1104
          Cayman Islands


VICTORY PARK: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 22, 2013, the sole shareholder of Victory Park Credit
Opportunities Master Fund, Ltd. 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:

          Victory Park Capital Advisors, LLC
          Scott Zemnick
          227 W. Monroe
          Suite 3900
          Chicago IL 60606
          USA
          Tel: (312) 705-2786


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


* DOMINICAN REPUBLIC: Haiti Seeks to Close Most Border Crossings
----------------------------------------------------------------
Dominican Today reports that the Haiti Government asked Dominican
Republic to close 55 of 59 border crossings between the two
countries, as a way for Port-au-Prince to exert stricter tariff
controls and boost revenue from the goods that enter its
territory.

Haiti's proposal, which came during the high level talks held
between the two countries held in the Haitian town of Ouanaminthe,
also coincides with many Dominicans' demand for tighter border
controls, according to Dominican Today.

The report relates that Haiti's officials asked that only the
crossings at Ouanaminthe-Dajabon, Anse a Pitre-Pedernales,
Malpasse-Jimani and Belledere-Elias Pina should be kept open,
noting the opening of others mean losses "in the millions of
dollars" for the authorities.


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


DIGICEL GROUP: To Rebate Customers Affected by Outage
-----------------------------------------------------
RJR News reports that Digicel Group said it will rebate customers
affected by July 8's outage when its system was vandalized.

Senior Communications Manager at Digicel Group, Shelly Ann Harris,
said its 4G data customers have started receiving rebates,
according to RJR News.

Ms. Harris, the report notes, said the company will also put
measures in place to prevent a reoccurrence.

The report discloses that Digicel Group reported that saboteurs
cut both its primary and back up fibre optics on the Mandela
Highway in St Catherine, which affected close to a million
customers.

It has since offered a J$1 million reward to information leading
to a conviction in conjunction with Flow which was also affected
by the outage, the report relays.

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.


SUPREME VENTURES: Cuts Management Team
--------------------------------------
RJR News reports that Supreme Ventures has reduced the size of its
management team, following the closure of its Montego Bay
operations.

The company has made the position of Assistant Vice President
Facilities and Maintenance redundant, according to RJR News.  The
report relates that as a result, Supreme Ventures said Nigel
Warmington demitted office on Jan. 6.

On Jan. 3, the report relays, the company disclosed that it will
close its Acropolis Montego Bay operation to improve profitability
this year.

In the meantime, the company has declared its intentions to
enhance its Kingston based operations, the report says.

Headquartered in Kingston, Jamaica, Supreme Ventures Limited --
http://www.supremeventures.com/-- together with its subsidiaries,
engages in lottery and gaming operations.  It was founded in 1995.


===============
P A R A G U A Y
===============


BANCO REGIONAL: Moody's Assigns Ba2 Rating to Senior Debt Issuance
------------------------------------------------------------------
Moody's Investors Service assigned a Ba2 foreign currency debt
rating to Banco Regional S.A.E.C.A.'s (Regional) senior debt
issuance of up to $ 300 million and maximum tenor of up to 5
years.  The Notes will be governed by the laws of the State of New
York.

The outlook on the debt rating is stable.

The following ratings were assigned to Banco Regional S.A.E.C.A.:
Global Foreign-Currenc Debt Rating: Ba2, stable outlook

                         RATINGS RATIONALE

Moody's explained that the foreign currency senior unsecured debt
rating derives from Regional's Ba2 global local currency deposit
rating and takes into account the seniority of the notes.

Moody's ratings capture its established business model and well-
defined footprint in lending to corporations and small and medium
size companies (SMEs), that positions the bank as the second
largest in the Paraguayan banking system.  As of Sept. 2013,
Regional had a 16.8% market share in terms of deposits and 17.2%
in terms of loans .  The ratings also incorporate Regional's broad
access to stable and relatively inexpensive core customer
deposits, which supports a net interest margin of 3.8%, and
increasing non interest income.

Regional's governance and risk management benefits from the 40%
ownership of Netherlands's Rabobank since 2008, which provides
management services and technical assistance.  The rating is
challenged by the highly competitive environment in Paraguay,
particularly among the four largest banks in the system, as well
as by Regional's assets and earnings concentration within the
agribusiness segment, which however, is the basis of the
Paraguayan economy.

Banco Regional S.A.E.C.A. is headquartered in Encarnacion,
Paraguay, and it had assets of $2,5 billion and equity for
$203 million as of September 2013.


=======
P E R U
=======

PERU: Fitch Says Framework for Subnationals is Evolving
-------------------------------------------------------
Fitch Ratings has updated its Institutional Framework for
Subnationals in Peru.  The framework for local and regional
governments (LRGs) is still at an early stage and evolving despite
significant devolution to the local level.  There is still a need
to clarify the functional spending responsibilities of each tier
of government.

The decentralization process in Peru commenced in 2002 and after
10 years the process is in some respects relatively advanced; the
legal framework covers most aspects of the system of
intergovernmental fiscal relations, and subnational governments
have become important players on fiscal policy.  Subnationals now
concentrate a growing quantity of public expenditure decisions and
they represented over 44% of total general government non-
financial expenditure in 2012.

Fitch believes that the institutional framework has a number of
strengths compared with its international peers, including tight
control and monitoring of indebtedness by the central government
and a solid level of transparency.  There are a number of
prudential regulations in place which limits the level of
liabilities at all tiers of subnationals.  These regulations are
necessary in a developing institutional framework system as the
local debt management capacity is still unsophisticated.

In addition, there are regular reporting requirements and high
transparency in relation to subnational budget execution and debt
levels.  Subnationals are required to submit budget settlement
data to the national Ministry of Economy and Finance. This data is
published on the ministerial website.  In addition, subnationals
have to produce a multi-year Fiscal Management Report which needs
to include the actual performance measured against target and
prudential regulations and projections for the following three
years.

Nevertheless, there are some weaknesses in the Peruvian
subnational institutional framework, including the lack of fiscal
flexibility by LRGs.  The local tax base and rates are established
and determined by the national government.  The lack of
flexibility makes subnationals wholly reliant on decisions taken
at the national level with little accountability to the local
population or the ability to increase fiscal revenues in case of
need.

Furthermore, the equalization revenue system does not fully take
into account the different costs of providing the services. In
light of the limited level of devolved responsibilities this is
not a major problem.  However, if large responsibilities, such as
the provision of health care, are devolved a failure to factor the
costs of providing these services into the equalisation mechanism
could lead to cost pressures, particularly in remote regions with
widely dispersed populations.  Also the assignment of revenue-
sharing, in the form of the minin and and other royalties do not
help address horizontal fiscal disparities among subnational
governments because these revenues accrue exclusively to LRGs
located in mining producing areas.  As a result there is a wide
fiscal imbalance among producing and non-producing areas.


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


PETROTRIN: Financial Fallout Won't Affect Firm, Howai Says
----------------------------------------------------------
Andre Bagoo at Trinidad and Tobago Newsday reports that any
financial fallout from the oil-spills at southwest Trinidad will
not hamper the operations of Petroleum Company of Trinidad and
Tobago (Petrotrin), Finance and Economy Minister, Larry Howai
said.

Mr. Howai said the issue is an environmental and social one, and
not a financial one, according to Trinidad and Tobago Newsday.
"It is really the clean-up cost for Petrotrin," the report quoted
Mr. Howai as saying.

"So far, it has not hampered the operations of the company per se.
The operations of the company continue, and that is the bulk of
the revenue for the company.  So we are not seeing it as a major
issue just yet, from a fiscal point of view," Mr. Howai said, the
report notes.

Of the Environmental Management Authority's decision to fine
Petrotrin $20 million, Howai said this was the EMA's own
prerogative, but it was also unlikely to affect the fiscal outlook
of the company, the report relates.

"I would not want to comment on the EMA's decision.  It is an
independent body.  It does what it thinks is right.  It imposed
what it thought was an appropriate penalty," Mr. Howai said, the
report notes.  "But you are dealing with a company whose revenues
are several billions of dollars.  It is a relatively manageable
number inside the total revenue figure," Mr. Howai added, the
report relays.

Mr. Howai said the real 'cost' of the current situation was
social, the report discloses.

"Certainly it is from an environmental point of view a source of
concern," Mr. Howai said, the report notes.  "Which is why the
Minister of Energy (Kevin Ramnarine) has been going all out to
ensure we put things in place to ensure we clean-up the spill,"
Mr. Howai added, the report says.

                         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
Aug. 8, 2013, Trinidad Express reports that production levels at
Petroleum Company of Trinidad and Tobago (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 a 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 Jan. 6 to Jan. 10, 2014
-------------------------------------------------------

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.


                   * * * End of Transmission * * *