TCRLA_Public/140114.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Tuesday, January 14, 2014, Vol. 15, No. 9



                            Headlines



A R G E N T I N A

BUENOS AIRES: Moody's Gives B3 Local Curr. Rating to Class 6 Notes
GESTIONAR FCI: Moody's Assigns B-bf/Baa-bf.ar Bond Fund Rating
GRUPO SUPERVIELLE: Moody's Rates B3 LC Rating to New Senior Debt
TRANSPORTADORA DE GAS: S&P Rates $374MM Sr. Unsecured Notes 'CCC+'
* ARGENTINA: Bonds Plunge Most in Year on Investor Sentiment


B R A Z I L

OI SA: Merger With Portugal Telecom Hits Snag


C A Y M A N  I S L A N D S

BATTERY PARK: Commences Liquidation Proceedings
BLACKSTONE PACIFIC: Commences Liquidation Proceedings
BLACKSTONE PARK: Commences Liquidation Proceedings
FLAGSTICK ENHANCED MASTER: Placed Under Voluntary Wind-Up
FLAGSTICK ENHANCED OFFSHORE: Placed Under Voluntary Wind-Up

GLASNOST ASSET: Commences Liquidation Proceedings
GLASNOST FEEDER: Commences Liquidation Proceedings
GLASNOST SPC: Commences Liquidation Proceedings
HOLLY POND: Placed Under Voluntary Wind-Up
KARSCH CAPITAL: Placed Under Voluntary Wind-Up

KARSCH CAPITAL II: Commences Liquidation Proceedings
KCM LONG: Placed Under Voluntary Wind-Up
KCM PLUS: Placed Under Voluntary Wind-Up
NORMAN INDUSTRIES: Placed Under Voluntary Wind-Up
PARAGON CAPITAL: Placed Under Voluntary Wind-Up

STRAT HSE 5: Commences Liquidation Proceedings
TEIP (CAYMAN): Placed Under Voluntary Wind-Up
TEIP ENVIRONMENTAL: Placed Under Voluntary Wind-Up
VIETNAM VALUE: Commences Liquidation Proceedings
VINTAGE ARGONAUT: Commences Liquidation Proceedings


C O L O M B I A

BANCO BAC: S&P Raises Issuer Credit Rating From 'BB+'


T R I N I D A D  &  T O B A G O

* T&T: Poor Productivity 'Driving Costs Up,' Minister Says


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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


BUENOS AIRES: Moody's Gives B3 Local Curr. Rating to Class 6 Notes
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned B3 global local currency rating and A3.ar Argentina
National Scale Rating to Class 6 notes for up to USD150 million to
be issued by the City of Buenos Aires under their Local Financing
Program.

Ratings Rationale

The creation of the Local Financing Program was authorized by Law
4315 of 2012 and Laws 4810 and 4885 of 2013. The notes to be
issued under the program constitute direct, unconditional,
unsecured and unsubordinated obligations of the city, ranking at
all times pari passu without any preference among themselves.

The assigned ratings are in line with the city's local currency
debt ratings. The Class 6 notes to be issued under the program,
will be subscribed and payable in Argentine pesos at the specified
exchange rate and sold in the local capital market. As a result,
the US dollar will be a currency of reference and not a means of
payment. For that reason, the transaction is considered to be
denominated in local currency.

According to the term sheet reviewed by Moody's, Class 6 will
reach up to USD150 million, approximately 1.7% of the City's
revenues in 2014 and final maturity in six years. The notes will
pay interest at a fixed rate. After the issuance, Moody's
anticipates that the City of Buenos Aires' debt will reach 25% of
total revenues from 21% at the end of fiscal year 2012.

The assigned ratings are in line with the city's B3 (global scale)
and A3.ar (Argentina National Scale) local currency debt ratings.

What Could Change The Rating Up/Down

Moody's does not expect upward pressures on the City of Buenos
Aires' ratings in the near to medium term. The city could be
further downgraded if the negative outlook on the sovereign rating
materializes into a rating downgrade. Additionally, any action
taken by the federal government that would negatively affect the
ability of the city to repay its financial obligations could lead
to a further downgrade.


GESTIONAR FCI: Moody's Assigns B-bf/Baa-bf.ar Bond Fund Rating
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo assigned a
bond fund rating of B-bf/Baa-bf.ar to GestionAr FCI Abierto Pymes,
a new bond fund managed by Nativa SASGFCI. The rating, expressed
on both global and national rating scales, reflects Moody's
expectation that the Fund will maintain a weighted average credit
quality of its portfolio consistent with B global rating level.
The rating also reflects that it is a new fund that is managed by
a new asset manager, and hence has no track record. The Fund is
expected to be launched within the next two weeks.

The bond fund rating is also based on Moody's expectations that
the Fund will hold a minimum of 50% of its portfolio in securities
issued by SMEs and guaranteed by local financial guarantors (SGR),
the majority of them rated B2/B3 by Moody's. The balance of the
Fund portfolio is expected to be invested in rated corporate notes
and asset-backed securities, mostly issued by Argentinean SMEs.

"The key investors in the Fund are expected to be local insurance
companies, which, according to the local regulation, are obligated
to invest a portion of their assets in Argentinean SMEs,"
commented Moody's Assistant Vice President-Analyst, Carlos de
Nevares.

Gestionar SASGFI is a new local asset manager in the Argentinean
mutual fund industry, and the Fund will be the first financial
instrument managed by the fund advisor. However, the asset
manager's key partners, such as Cesar Tortorella and Hector
Orlando have a long track record in the Argentinean capital
markets, with specific experience in the SME financing industry.


GRUPO SUPERVIELLE: Moody's Rates B3 LC Rating to New Senior Debt
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo assigned a
B3 global local currency senior debt rating to Grupo Supervielle
S.A.'s twelfth expected issuance for an amount up to
ARS100 million, which will be due in 18 months, and thirteenth
expected issuance for an amount up to ARS100 million, which will
be due in 5 years. Both issuances together should not exceed
ARS100 million. At the same time, on the National Scale, Moody's
assigned A2.ar local currency debt rating to the expected
issuances.

The outlook on the ratings is negative following the negative
outlook on the sovereign ratings.

The following ratings were assigned to Grupo Supervielle S.A.:

Twelfth Issuance up to ARS100 million expected debt issuance:

B3 Global Local Currency Senior Debt Rating, negative outlook

A2.ar Argentina National Scale Local Currency Senior Debt Rating,
negative outlook

Thirteenth Issuance up to ARS 100 million expected debt issuance:

B3 Global Local Currency Senior Debt Rating, negative outlook

A2.ar Argentina National Scale Local Currency Senior Debt Rating,
negative outlook

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from Grupo Supervielle's B3 global local currency
issuer rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Moody's said that the B3 issuer rating captures GS's consistent
profitability indicators derived from its operating subsidiaries.
Incorporated in Argentina, Grupo Supervielle is the holding
company for a group of financial services companies, including
Banco Supervielle (rated E+, B2), Cordial Compa¤Ħa Financiera
(rated E+, B2); Tarjeta Autom tica S.A. (a credit card company,
unrated), Cordial Microfinanzas S.A. (a microfinance company,
unrated), Supervielle Asset Management S.A., Adval S.A. (call
center), and more recently, Espacio Cordial de Servicios. The B3
rating for the GS' debt is anchored on the B2 global deposit
rating of Banco Supervielle, the group's largest earnings
generator. In addition, the bank's expanding positioning and
market penetration in the commercial (SME) and consumer finance
segments were considered. Moody's said that the one-notch
differential between the B2 deposits rating for Banco Supervielle
and the B3 debt rating of GS reflects the structural subordination
of GS' bondholders to all liability holders of Banco Supervielle.

Grupo Supervielle S.A. is headquartered in Buenos Aires,
Argentina, and reported assets of ARS1,571 million, and equity of
ARS1,239 million as of September 2013.


TRANSPORTADORA DE GAS: S&P Rates $374MM Sr. Unsecured Notes 'CCC+'
-------------------------------------------------------p----------
Standard & Poor's Ratings Services assigned its 'CCC+' issue-level
rating to Transportadora de Gas del Sur S.A.'s (TGS) proposed
senior unsecured notes for up to $374 million due 2020 to be
offered in exchange for TGS' existing $374 million notes due 2017.
At the same time, S&P affirmed its 'CCC+' corporate credit rating
on TGS.  The outlook remains negative.

The rating action follows TGS' plan to issue senior unsecured
notes for up to $374 million due 2020, which it expects to offer
in exchange for the existing senior unsecured notes due 2017.  The
company intends to conduct this exchange to improve the maturity
profile of its debt.  The new notes will amortize in four equal
installments in 2014, 2018, 2019, and 2020, compared with 2014,
2015, 2016, and 2017 under the current maturity schedule.
Following the completion of this transaction, S&P's forecast for
leverage for 2014 remains unchanged.

S&P considers TGS' proposed exchange to be a purely liability
management operation, rather than distressed, based on S&P's
belief that the bondholders that adhere to the exchange won't
receive less than originally promised.  S&P also take into
consideration that regardless of the exchanged amount, TGS will
still make the May 2014 payment of about $93.5 million, which
shows its willingness and ability to continue honoring its
financial obligations in the short term.  Finally, S&P believes
that even if the restructuring wouldn't occur, TGS will comply
with its financial obligations during the term of the existing
notes, given its good cash flow generating capacity and current
cash holdings of about $140 million.


* ARGENTINA: Bonds Plunge Most in Year on Investor Sentiment
---------------------------------------------------------------
Camila Russo at Bloomberg News reports that Argentine government
dollar bonds tumbled last week the most in a year after the state
pensions agency sold notes to prop up the parallel peso rate and
investors began to lose confidence in government measures.

Argentine bonds lost 7.3 percent last week, the biggest drop since
the five days ended Jan. 11, 2013, according to JPMorgan Chase &
Co.'s EMBIG index.  Yields on global 2017 bonds surged 1.8
percentage points to 13.77 percent, the biggest jump in a year.
Similar notes in Latin America declined an average 0.3 percent
during the same period, Bloomberg News says.

Bloomberg News discloses that prices fell as the state pensions
agency Anses sold bonds to local investors, including 2018 notes
for the first time, in an attempt to strengthen the peso rate that
is implied from financial transactions, known as the blue-chip
swap.  Investors also dumped the country's notes as the central
bank's foreign currency reserves and the parallel peso tumbled in
spite of government measures, reversing December gains, Bloomberg
News relays.  The black market exchange rate, known as the dollar
blue, touched a record low 10.9 per dollar last week, Bloomberg
News relays.

"Not a good way to the start the year," Russell Dallen, the head
trader at Caracas Capital Markets, said in an e-mailed response to
questions.  "We are seeing selling by local institutions, and
buyers who are skittish about the falling blue FX rate are staying
away," Bloomberg News quoted Mr. Dallen as saying.



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


OI SA: Merger With Portugal Telecom Hits Snag
---------------------------------------------
Christiana Sciaudon at Bloomberg News reports that Brazil's most
indebted telecommunications company Oi SA's merger with Portugal
Telecom SGPS SA hit a snag after minority shareholders won an
early victory in their fight for more favorable terms.

In a preliminary decision obtained by Bloomberg News, Brazilian
securities regulator CVM said Oi's controlling ownership group
can't participate in calculating the price of some assets involved
in the transaction.  Oi and Portugal Telecom had planned to use
asset prices approved by their biggest investors to help determine
the distribution of shares in the new company, according to
Bloomberg News.

Bloomberg News notes that Oi Chief Executive Officer Zeinal Bava
is pushing for the merger to help the phone carrier compete with
America Movil SAB (AMXL) and Telefonica SA (TEF) in Brazil.  If
the CVM upholds its technical staff's decision, Bava will have to
sweeten the proposal for non-controlling investors who have balked
at the dilution of their stock, Bloomberg News relates.

"This is a fundamental step in the merger, and they're going to
have to convince minority shareholders of the advantages of the
operation, or it won't happen," Bloomberg News quoted Raphael
Martins, a lawyer representing Oi investor Tempo Capital, as
saying.  "If the base-case scenario for the merger is maintained,
there won't be an accord among shareholders for a capital
increase," Mr. Martins added, Bloomberg News relates.

Oi, based in Rio de Janeiro, had planned to raise at least BRL7
billion ($2.9 billion) by selling new shares -- diluting its stock
-- and to pay off $2 billion in debt for controlling shareholder
Telemar Participacoes SA, a holding company whose owners include
the Andrade-Gutierrez and Jereissati families, Bloomberg News
says.

Under the deal, Bloomberg News discloses that Portugal Telecom was
to participate in the capital increase by contributing all of its
assets, allowing itself to be absorbed in the new company.

Bloomberg News notes that while controlling holders will have
their debts paid off through the merger transaction, minority
shareholders who are getting diluted receive no payout.  On top of
that, smaller investors saw their shares fall 50 percent in 2013.
Now they've gained a way to negotiate the terms of the deal, said
Martins, a partner at law firm Faoro & Fucci Advogados, told
Bloomberg by phone from Rio de Janeiro.



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


BATTERY PARK: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 22, 2013, the sole shareholder of Battery Park High Yield
Opportunity Strategic Fund, Ltd resolved to voluntarily liquidate
the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 30, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Keiran Hutchison
          Robin Lee Mcmahon
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


BLACKSTONE PACIFIC: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 21, 2013, the sole shareholder of Blackstone Pacific
Opportunities Offshore 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:

          Grant Jackson
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


BLACKSTONE PARK: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 21, 2013, the sole shareholder of Blackstone Park Compass
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:

          Grant Jackson
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


FLAGSTICK ENHANCED MASTER: Placed Under Voluntary Wind-Up
---------------------------------------------------------
On Nov. 15, 2013, the sole shareholder of Flagstick Enhanced
Credit 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. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jacqueline Haynes
          Telephone: (345) 815-1759
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


FLAGSTICK ENHANCED OFFSHORE: Placed Under Voluntary Wind-Up
-----------------------------------------------------------
On Nov. 15, 2013, the sole shareholder of Flagstick Enhanced
Credit 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. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jacqueline Haynes
          Telephone: (345) 815-1759
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


GLASNOST ASSET: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 22, 2013, the shareholders of Glasnost Asset Management
Ltd. 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


GLASNOST FEEDER: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 22, 2013, the shareholders of Glasnost Feeder SPC 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


GLASNOST SPC: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 22, 2013, the shareholders of Glasnost SPC 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


HOLLY POND: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 22, 2013, the sole member of Holly Pond Partners 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 Ben Hart
          Telephone: (345) 814 7770
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


KARSCH CAPITAL: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 19, 2013, the sole shareholder of Karsch Capital, 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:

          Ogier
          c/o Jacqueline Haynes
          Telephone: (345) 815-1759
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


KARSCH CAPITAL II: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 19, 2013, the sole shareholder of Karsch Capital II, Ltd.
resolved to voluntarily liquidate the company's business.

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 Jacqueline Haynes
          Telephone: (345) 815-1759
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


KCM LONG: Placed Under Voluntary Wind-Up
----------------------------------------
On Nov. 19, 2013, the sole shareholder of KCM Long Only Fund 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:

          Ogier
          c/o Jacqueline Haynes
          Telephone: (345) 815-1759
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


KCM PLUS: Placed Under Voluntary Wind-Up
----------------------------------------
On Nov. 19, 2013, the sole shareholder of KCM Plus, 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:

          Ogier
          c/o Jacqueline Haynes
          Telephone: (345) 815-1759
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


NORMAN INDUSTRIES: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 21, 2013, the shareholder of Norman Industries 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:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


PARAGON CAPITAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 22, 2013, the sole shareholder of Paragon Capital 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:

          Ogier
          Name: Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


STRAT HSE 5: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Nov. 15, 2013, the member of
Strat HSE 5 AC Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 6, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

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


TEIP (CAYMAN): Placed Under Voluntary Wind-Up
---------------------------------------------
On Nov. 14, 2013, the sole shareholder of Teip (Cayman) Limited
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:

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


TEIP ENVIRONMENTAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 14, 2013, the sole shareholder of Teip Environmental
Investments 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:

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


VIETNAM VALUE: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 19, 2013, the shareholders of Vietnam Value Fund 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


VINTAGE ARGONAUT: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 22, 2013, the shareholders of Vintage Argonaut Offshore
Holdings Ltd 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



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


BANCO BAC: S&P Raises Issuer Credit Rating From 'BB+'
-----------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on Banco BAC de Panama S.A. (formerly BBVA Panama
S.A. y Subsidiarias) to 'BBB-' from 'BB+' and its short-term
rating to 'A-3' from 'B'.  At the same time, S&P removed them from
CreditWatch developing, where it placed them on July 25, 2013.
The outlook is stable.

The rating action follows the closing of Banco Bilbao Vizcaya
Argentaria's sale of Banco BAC de Panama to Grupo Aval and
reflects the bank's "core" status to its new ultimate parent,
Banco de Bogota S.A. y Subsidiarias (BBB-/Stable/A-3).  Banco BAC
de Panama is currently operating under the BAC brand and will be
merged with BAC International Bank Inc. (BBB-/Stable/A-3), a
"core" subsidiary of Banco de Bogota, in the short term.  S&P will
withdraw the ratings on Banco BAC de Panama once the merger is
completed.

Banco de Bogota is the second-largest bank in Colombia (its
Colombian operations account for about 70% of its total
consolidated loans) and through BAC International Bank has a solid
market position in many Central American countries.  The ratings
on Banco de Bogota reflect S&P's view of its "strong" business
position, "moderate" capital and earnings, "adequate" risk
position, "average" funding and "adequate" liquidity, as S&P's
criteria define these terms.  The bank's stand-alone credit
profile is 'bbb-'.

The stable outlook on Banco BAC de Panama reflects that of Banco
de Bogota as a result of its status as a "core" entity.  The
ratings on Banco BAC Panama and BAC International Bank will move
in tandem with those of Banco de Bogota.



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


* T&T: Poor Productivity 'Driving Costs Up,' Minister Says
----------------------------------------------------------
Camille Bethel at Trinidad Express reports that Trinidad and
Tobago's low productivity levels are driving production costs up,
Minister of Labor Errol McLeod said.

"When we have low productivity levels then our costs are high.
Enough of us don't understand that low productivity levels are
high cost production.  We must strive to get the value out of
every dollar that we spend, whether it is on wages, whether it is
on procurement of raw materials, goods and services," Trinidad
Express quoted Mr. McLeod as saying.

"If we are not competitive in that regard then we find ourselves
at the end of the line and hands outstretched waiting for a fish
that someone may be charitable enough to give us, rather than
seizing the opportunity to learn to fish," Mr. McLeod said, the
report notes.

The report relates that Mr. McLeod also pointed out that Small and
Micro Enterprises (SMEs)-which account for more than 90 per cent
of all businesses in the country-must work diligently to succeed
and recognize the importance of innovation in business in order to
be competitive.

Mr. McLeod said the Ministry of Labor and Small and Micro
Enterprises had to consider seriously the proposals that came
before it for the investment of capital towards businesses, the
report discloses.

Mr. McLeod said that Government represented the largest purchaser
of goods and services and therefore will help to provide the
market to contribute to the expansion of small and medium
enterprises in the country, the report notes.

The report adds that Mr. McLeod said the Expo provided the
opportunity for SMEs to display their skills services and network.



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


Large Companies With Insolvent Balance Sheets
---------------------------------------------

                                                         Total
                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------

AGRENCO LTD            AGRE LX          339244073      -561405847
AGRENCO LTD-BDR        AGEN33 BZ        339244073      -561405847
AGRENCO LTD-BDR        AGEN11 BZ        339244073      -561405847
ALL ORE MINERACA       AORE3 BZ         18737018.1     -11880129.9
ALL ORE MINERACA       STLB3 BZ         18737018.1     -11880129.9
ARTHUR LAN-DVD C       ARLA11 BZ        11642256.1     -17154462.1
ARTHUR LAN-DVD P       ARLA12 BZ        11642256.1     -17154462.1
ARTHUR LANGE           ARLA3 BZ         11642256.1     -17154462.1
ARTHUR LANGE SA        ALICON BZ        11642256.1     -17154462.1
ARTHUR LANGE-PRF       ARLA4 BZ         11642256.1     -17154462.1
ARTHUR LANGE-PRF       ALICPN BZ        11642256.1     -17154462.1
ARTHUR LANG-RC C       ARLA9 BZ         11642256.1     -17154462.1
ARTHUR LANG-RC P       ARLA10 BZ        11642256.1     -17154462.1
ARTHUR LANG-RT C       ARLA1 BZ         11642256.1     -17154462.1
ARTHUR LANG-RT P       ARLA2 BZ         11642256.1     -17154462.1
B&D FOOD CORP          BDFCE US         14423532       -3506007
B&D FOOD CORP          BDFC US          14423532       -3506007
BALADARE               BLDR3 BZ         159454013      -52992212
BATTISTELLA            BTTL3 BZ         174796731      -28588662.7
BATTISTELLA-PREF       BTTL4 BZ         174796731      -28588662.7
BATTISTELLA-RECE       BTTL9 BZ         174796731      -28588662.7
BATTISTELLA-RECP       BTTL10 BZ        174796731      -28588662.7
BATTISTELLA-RI P       BTTL2 BZ         174796731      -28588662.7
BATTISTELLA-RIGH       BTTL1 BZ         174796731      -28588662.7
BIOMM SA               BIOM3 BZ         11534236.1     -12761895.5
BIOMM SA-PREF          BIOM4 BZ         11534236.1     -12761895.5
BIOMM SA-RT            BIOM1 BZ         11534236.1     -12761895.5
BIOMM SA-RT            BIOM2 BZ         11534236.1     -12761895.5
BIOMM SA-RTS           BIOM9 BZ         11534236.1     -12761895.5
BIOMM SA-RTS           BIOM10 BZ        11534236.1     -12761895.5
BOMBRIL                BMBBF US         322039321      -20271461.5
BOMBRIL                FPXE4 BZ         19416016       -489914907
BOMBRIL                BOBR3 BZ         322039321      -20271461.5
BOMBRIL CIRIO SA       BOBRON BZ        322039321      -20271461.5
BOMBRIL CIRIO-PF       BOBRPN BZ        322039321      -20271461.5
BOMBRIL HOLDING        FPXE3 BZ         19416016       -489914907
BOMBRIL SA-ADR         BMBPY US         322039321      -20271461.5
BOMBRIL SA-ADR         BMBBY US         322039321      -20271461.5
BOMBRIL-PREF           BOBR4 BZ         322039321      -20271461.5
BOMBRIL-RGTS PRE       BOBR2 BZ         322039321      -20271461.5
BOMBRIL-RIGHTS         BOBR1 BZ         322039321      -20271461.5
BOTUCATU TEXTIL        STRP3 BZ         27663605.3     -7174512.12
BOTUCATU-PREF          STRP4 BZ         27663605.3     -7174512.12
BUETTNER               BUET3 BZ         97892219.8     -29984241.8
BUETTNER SA            BUETON BZ        97892219.8     -29984241.8
BUETTNER SA-PRF        BUETPN BZ        97892219.8     -29984241.8
BUETTNER SA-RT P       BUET2 BZ         97892219.8     -29984241.8
BUETTNER SA-RTS        BUET1 BZ         97892219.8     -29984241.8
BUETTNER-PREF          BUET4 BZ         97892219.8     -29984241.8
CAF BRASILIA           CAFE3 BZ         160938144      -149281093
CAF BRASILIA-PRF       CAFE4 BZ         160938144      -149281093
CAFE BRASILIA SA       CSBRON BZ        160938144      -149281093
CAFE BRASILIA-PR       CSBRPN BZ        160938144      -149281093
CAIUA ELEC-C RT        ELCA1 BZ         1068602117     -71011565.8
CAIUA SA               ELCON BZ         1068602117     -71011565.8
CAIUA SA-DVD CMN       ELCA11 BZ        1068602117     -71011565.8
CAIUA SA-DVD COM       ELCA12 BZ        1068602117     -71011565.8
CAIUA SA-PREF          ELCPN BZ         1068602117     -71011565.8
CAIUA SA-PRF A         ELCAN BZ         1068602117     -71011565.8
CAIUA SA-PRF A         ELCA5 BZ         1068602117     -71011565.8
CAIUA SA-PRF B         ELCA6 BZ         1068602117     -71011565.8
CAIUA SA-PRF B         ELCBN BZ         1068602117     -71011565.8
CAIUA SA-RCT PRF       ELCA10 BZ        1068602117     -71011565.8
CAIUA SA-RTS           ELCA2 BZ         1068602117     -71011565.8
CAIVA SERV DE EL       1315Z BZ         1068602117     -71011565.8
CELGPAR                GPAR3 BZ         224346596      -1034483222
CELPA                  CELP3 BZ         1983995394     -26345832
CELPA-PREF A           CELP5 BZ         1983995394     -26345832
CELPA-PREF B           CELP6 BZ         1983995394     -26345832
CELPA-PREF C           CELP7 BZ         1983995394     -26345832
CELPA-RCT              CELP9 BZ         1983995394     -26345832
CELPA-RTS              CELP1 BZ         1983995394     -26345832
CENTRAL COST-ADR       CCSA LI          355868840      -87473853.9
CENTRAL COSTAN-B       CRCBF US         355868840      -87473853.9
CENTRAL COSTAN-B       CNRBF US         355868840      -87473853.9
CENTRAL COSTAN-C       CECO3 AR         355868840      -87473853.9
CENTRAL COST-BLK       CECOB AR         355868840      -87473853.9
CIA PETROLIFERA        MRLM3 BZ         377602206      -3014291.81
CIA PETROLIFERA        MRLM3B BZ        377602206      -3014291.81
CIA PETROLIFERA        1CPMON BZ        377602206      -3014291.81
CIA PETROLIF-PRF       MRLM4 BZ         377602206      -3014291.81
CIA PETROLIF-PRF       MRLM4B BZ        377602206      -3014291.81
CIA PETROLIF-PRF       1CPMPN BZ        377602206      -3014291.81
CIMOB PARTIC SA        GAFP3 BZ         44047412.2     -45669964.1
CIMOB PARTIC SA        GAFON BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFP4 BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFPN BZ         44047412.2     -45669964.1
COBRASMA               CBMA3 BZ         75975325.5     -2148311127
COBRASMA SA            COBRON BZ        75975325.5     -2148311127
COBRASMA SA-PREF       COBRPN BZ        75975325.5     -2148311127
COBRASMA-PREF          CBMA4 BZ         75975325.5     -2148311127
D H B                  DHBI3 BZ         110495985      -162541778
D H B-PREF             DHBI4 BZ         110495985      -162541778
DHB IND E COM          DHBON BZ         110495985      -162541778
DHB IND E COM-PR       DHBPN BZ         110495985      -162541778
DOCA INVESTIMENT       DOCA3 BZ         273120349      -211736213
DOCA INVESTI-PFD       DOCA4 BZ         273120349      -211736213
DOCAS SA               DOCAON BZ        273120349      -211736213
DOCAS SA-PREF          DOCAPN BZ        273120349      -211736213
DOCAS SA-RTS PRF       DOCA2 BZ         273120349      -211736213
EDENOR-B               DNOR AR          1394532241     -3893195.34
EDENOR-B               EDN AR           1394532241     -3893195.34
EDENOR-B               EDNC AR          1394532241     -3893195.34
EDENOR-B               EDND AR          1394532241     -3893195.34
EDENOR-B C/E           DNORC AR         1394532241     -3893195.34
EDENOR-B US$           DNORD AR         1394532241     -3893195.34
ELEC ARG SA-PREF       EASA6 AR         1395153160     -106158748
ELEC ARGENT-ADR        EASA LX          1395153160     -106158748
ELEC DE ARGE-ADR       1262Q US         1395153160     -106158748
ELECTRICIDAD ARG       3447811Z AR      1395153160     -106158748
EMP DISTRIB-ADR        EDN US           1394532241     -3893195.34
EMP DISTRIB-ADR        PWD1 GR          1394532241     -3893195.34
EMPRESA DISTRI-A       0122196D AR      1394532241     -3893195.34
EMPRESA DISTRI-C       0122368D AR      1394532241     -3893195.34
ENDESA COST-ADR        CRCNY US         355868840      -87473853.9
ENDESA COSTAN-         CECO2 AR         355868840      -87473853.9
ENDESA COSTAN-         CECOD AR         355868840      -87473853.9
ENDESA COSTAN-         CECOC AR         355868840      -87473853.9
ENDESA COSTAN-         EDCFF US         355868840      -87473853.9
ENDESA COSTAN-A        CECO1 AR         355868840      -87473853.9
ESTRELA SA             ESTR3 BZ         71379818.6     -111239805
ESTRELA SA             ESTRON BZ        71379818.6     -111239805
ESTRELA SA-PREF        ESTR4 BZ         71379818.6     -111239805
ESTRELA SA-PREF        ESTRPN BZ        71379818.6     -111239805
F GUIMARAES            FGUI3 BZ         11016542.2     -151840378
F GUIMARAES-PREF       FGUI4 BZ         11016542.2     -151840378
FABRICA RENAUX         FTRX3 BZ         66603695.4     -76419246.3
FABRICA RENAUX         FRNXON BZ        66603695.4     -76419246.3
FABRICA RENAUX-P       FTRX4 BZ         66603695.4     -76419246.3
FABRICA RENAUX-P       FRNXPN BZ        66603695.4     -76419246.3
FABRICA TECID-RT       FTRX1 BZ         66603695.4     -76419246.3
FER HAGA-PREF          HAGA4 BZ         18875306.2     -40047314.2
FERRAGENS HAGA         HAGAON BZ        18875306.2     -40047314.2
FERRAGENS HAGA-P       HAGAPN BZ        18875306.2     -40047314.2
FERREIRA GUIMARA       FGUION BZ        11016542.2     -151840378
FERREIRA GUIM-PR       FGUIPN BZ        11016542.2     -151840378
GRADIENTE ELETR        IGBON BZ         381918698      -32078427.7
GRADIENTE EL-PRA       IGBAN BZ         381918698      -32078427.7
GRADIENTE EL-PRB       IGBBN BZ         381918698      -32078427.7
GRADIENTE EL-PRC       IGBCN BZ         381918698      -32078427.7
GRADIENTE-PREF A       IGBR5 BZ         381918698      -32078427.7
GRADIENTE-PREF B       IGBR6 BZ         381918698      -32078427.7
GRADIENTE-PREF C       IGBR7 BZ         381918698      -32078427.7
HAGA                   HAGA3 BZ         18875306.2     -40047314.2
HOTEIS OTHON SA        HOOT3 BZ         227432125      -70780169.8
HOTEIS OTHON SA        HOTHON BZ        227432125      -70780169.8
HOTEIS OTHON-PRF       HOOT4 BZ         227432125      -70780169.8
HOTEIS OTHON-PRF       HOTHPN BZ        227432125      -70780169.8
IGB ELETRONICA         IGBR3 BZ         381918698      -32078427.7
IGUACU CAFE            IGUA3 BZ         219009123      -69129785
IGUACU CAFE            IGCSON BZ        219009123      -69129785
IGUACU CAFE            IGUCF US         219009123      -69129785
IGUACU CAFE-PR A       IGUA5 BZ         219009123      -69129785
IGUACU CAFE-PR A       IGCSAN BZ        219009123      -69129785
IGUACU CAFE-PR A       IGUAF US         219009123      -69129785
IGUACU CAFE-PR B       IGUA6 BZ         219009123      -69129785
IGUACU CAFE-PR B       IGCSBN BZ        219009123      -69129785
IMPSAT FIBER NET       IMPTQ US         535007008      -17164978
IMPSAT FIBER NET       330902Q GR       535007008      -17164978
IMPSAT FIBER NET       XIMPT SM         535007008      -17164978
IMPSAT FIBER-$US       IMPTD AR         535007008      -17164978
IMPSAT FIBER-BLK       IMPTB AR         535007008      -17164978
IMPSAT FIBER-C/E       IMPTC AR         535007008      -17164978
IMPSAT FIBER-CED       IMPT AR          535007008      -17164978
LAEP INVES-BDR B       0163599D BZ      222902269      -255311026
LAEP INVESTMEN-B       0122427D LX      222902269      -255311026
LAEP INVESTMENTS       LEAP LX          222902269      -255311026
LAEP-BDR               MILK33 BZ        222902269      -255311026
LAEP-BDR               MILK11 BZ        222902269      -255311026
LATTENO FOOD COR       LATF US          14423532       -3506007
LOJAS ARAPUA           LOAR3 BZ         54968258.7     -3370955902
LOJAS ARAPUA           LOARON BZ        54968258.7     -3370955902
LOJAS ARAPUA-GDR       3429T US         54968258.7     -3370955902
LOJAS ARAPUA-GDR       LJPSF US         54968258.7     -3370955902
LOJAS ARAPUA-PRF       LOAR4 BZ         54968258.7     -3370955902
LOJAS ARAPUA-PRF       LOARPN BZ        54968258.7     -3370955902
LOJAS ARAPUA-PRF       52353Z US        54968258.7     -3370955902
LUPATECH SA            LUPA3 BZ         684389276      -151417630
LUPATECH SA            LUPAF US         684389276      -151417630
LUPATECH SA -RCT       LUPA9 BZ         684389276      -151417630
LUPATECH SA-ADR        LUPAY US         684389276      -151417630
LUPATECH SA-RT         LUPA11 BZ        684389276      -151417630
LUPATECH SA-RTS        LUPA1 BZ         684389276      -151417630
MINUPAR                MNPR3 BZ         119382337      -92195102.2
MINUPAR SA             MNPRON BZ        119382337      -92195102.2
MINUPAR SA-PREF        MNPRPN BZ        119382337      -92195102.2
MINUPAR-PREF           MNPR4 BZ         119382337      -92195102.2
MINUPAR-RCT            9314634Q BZ      119382337      -92195102.2
MINUPAR-RCT            0599564D BZ      119382337      -92195102.2
MINUPAR-RCT            MNPR9 BZ         119382337      -92195102.2
MINUPAR-RT             9314542Q BZ      119382337      -92195102.2
MINUPAR-RT             0599562D BZ      119382337      -92195102.2
MINUPAR-RTS            MNPR1 BZ         119382337      -92195102.2
NORDON MET             NORD3 BZ         11154278.4     -30655920.5
NORDON METAL           NORDON BZ        11154278.4     -30655920.5
NORDON MET-RTS         NORD1 BZ         11154278.4     -30655920.5
NOVA AMERICA SA        NOVA3 BZ         21287490.2     -183535537
NOVA AMERICA SA        NOVA3B BZ        21287490.2     -183535537
NOVA AMERICA SA        NOVAON BZ        21287490.2     -183535537
NOVA AMERICA SA        1NOVON BZ        21287490.2     -183535537
NOVA AMERICA-PRF       NOVA4 BZ         21287490.2     -183535537
NOVA AMERICA-PRF       NOVA4B BZ        21287490.2     -183535537
NOVA AMERICA-PRF       NOVAPN BZ        21287490.2     -183535537
NOVA AMERICA-PRF       1NOVPN BZ        21287490.2     -183535537
PADMA INDUSTRIA        LCSA4 BZ         388720096      -213641152
PARMALAT               LCSA3 BZ         388720096      -213641152
PARMALAT BRASIL        LCSAON BZ        388720096      -213641152
PARMALAT BRAS-PF       LCSAPN BZ        388720096      -213641152
PARMALAT BR-RT C       LCSA5 BZ         388720096      -213641152
PARMALAT BR-RT P       LCSA6 BZ         388720096      -213641152
PET MANG-RECEIPT       0229292Q BZ      155768607      -254677565
PET MANG-RECEIPT       0229296Q BZ      155768607      -254677565
PET MANG-RECEIPT       RPMG9 BZ         155768607      -254677565
PET MANG-RECEIPT       RPMG10 BZ        155768607      -254677565
PET MANG-RIGHTS        3678565Q BZ      155768607      -254677565
PET MANG-RIGHTS        3678569Q BZ      155768607      -254677565
PET MANG-RT            4115360Q BZ      155768607      -254677565
PET MANG-RT            4115364Q BZ      155768607      -254677565
PET MANG-RT            0229249Q BZ      155768607      -254677565
PET MANG-RT            0229268Q BZ      155768607      -254677565
PET MANG-RT            RPMG2 BZ         155768607      -254677565
PET MANG-RT            0848424D BZ      155768607      -254677565
PET MANG-RTS           RPMG1 BZ         155768607      -254677565
PET MANGUINH-PRF       RPMG4 BZ         155768607      -254677565
PETRO MANGUINHOS       RPMG3 BZ         155768607      -254677565
PETRO MANGUINHOS       MANGON BZ        155768607      -254677565
PETRO MANGUIN-PF       MANGPN BZ        155768607      -254677565
PETROLERA DEL CO       PSUR AR          64304554.3     -1269120.57
PORTX OPERACOES        PRTX3 BZ         976769385      -9407990.18
PORTX OPERA-GDR        PXTPY US         976769385      -9407990.18
PUYEHUE                PUYEH CI         23274759.4     -4575396.32
PUYEHUE RIGHT          PUYEHUOS CI      23274759.4     -4575396.32
RECRUSUL               RCSL3 BZ         41210099.9     -18423894.9
RECRUSUL - RCT         4529789Q BZ      41210099.9     -18423894.9
RECRUSUL - RCT         4529793Q BZ      41210099.9     -18423894.9
RECRUSUL - RCT         0163582D BZ      41210099.9     -18423894.9
RECRUSUL - RCT         0163583D BZ      41210099.9     -18423894.9
RECRUSUL - RCT         0614675D BZ      41210099.9     -18423894.9
RECRUSUL - RCT         0614676D BZ      41210099.9     -18423894.9
RECRUSUL - RCT         RCSL10 BZ        41210099.9     -18423894.9
RECRUSUL - RT          4529781Q BZ      41210099.9     -18423894.9
RECRUSUL - RT          4529785Q BZ      41210099.9     -18423894.9
RECRUSUL - RT          0163579D BZ      41210099.9     -18423894.9
RECRUSUL - RT          0163580D BZ      41210099.9     -18423894.9
RECRUSUL - RT          0614673D BZ      41210099.9     -18423894.9
RECRUSUL - RT          0614674D BZ      41210099.9     -18423894.9
RECRUSUL SA            RESLON BZ        41210099.9     -18423894.9
RECRUSUL SA-PREF       RESLPN BZ        41210099.9     -18423894.9
RECRUSUL SA-RCT        RCSL9 BZ         41210099.9     -18423894.9
RECRUSUL SA-RTS        RCSL1 BZ         41210099.9     -18423894.9
RECRUSUL SA-RTS        RCSL2 BZ         41210099.9     -18423894.9
RECRUSUL-BON RT        RCSL11 BZ        41210099.9     -18423894.9
RECRUSUL-BON RT        RCSL12 BZ        41210099.9     -18423894.9
RECRUSUL-PREF          RCSL4 BZ         41210099.9     -18423894.9
REDE EMP ENE ELE       ELCA4 BZ         1068602117     -71011565.8
REDE EMP ENE ELE       ELCA3 BZ         1068602117     -71011565.8
REDE EMPRESAS-PR       REDE4 BZ         1068602117     -71011565.8
REDE ENERGIA SA        REDE3 BZ         1068602117     -71011565.8
REDE ENERG-UNIT        REDE11 BZ        1068602117     -71011565.8
REDE ENER-RCT          3907731Q BZ      1068602117     -71011565.8
REDE ENER-RCT          REDE9 BZ         1068602117     -71011565.8
REDE ENER-RCT          REDE10 BZ        1068602117     -71011565.8
REDE ENER-RT           3907727Q BZ      1068602117     -71011565.8
REDE ENER-RT           REDE1 BZ         1068602117     -71011565.8
REDE ENER-RT           REDE2 BZ         1068602117     -71011565.8
REII INC               REIC US          14423532       -3506007
RENAUXVIEW SA          TXRX3 BZ         89516044.1     -84915135
RENAUXVIEW SA-PF       TXRX4 BZ         89516044.1     -84915135
RIMET                  REEM3 BZ         103098359      -185417651
RIMET                  REEMON BZ        103098359      -185417651
RIMET-PREF             REEM4 BZ         103098359      -185417651
RIMET-PREF             REEMPN BZ        103098359      -185417651
SANESALTO              SNST3 BZ         22323863.1     -3810831.28
SANSUY                 SNSY3 BZ         180592889      -139972527
SANSUY SA              SNSYON BZ        180592889      -139972527
SANSUY SA-PREF A       SNSYAN BZ        180592889      -139972527
SANSUY SA-PREF B       SNSYBN BZ        180592889      -139972527
SANSUY-PREF A          SNSY5 BZ         180592889      -139972527
SANSUY-PREF B          SNSY6 BZ         180592889      -139972527
SAUIPE                 PSEG3 BZ         18741726.8     -4445594.67
SAUIPE SA              PSEGON BZ        18741726.8     -4445594.67
SAUIPE SA-PREF         PSEGPN BZ        18741726.8     -4445594.67
SAUIPE-PREF            PSEG4 BZ         18741726.8     -4445594.67
SCHLOSSER              SCLO3 BZ         57116503.7     -55719510.4
SCHLOSSER SA           SCHON BZ         57116503.7     -55719510.4
SCHLOSSER SA-PRF       SCHPN BZ         57116503.7     -55719510.4
SCHLOSSER-PREF         SCLO4 BZ         57116503.7     -55719510.4
SNIAFA SA              SNIA AR          11229696.2     -2670544.86
SNIAFA SA-B            SDAGF US         11229696.2     -2670544.86
SNIAFA SA-B            SNIA5 AR         11229696.2     -2670544.86
STAROUP SA             STARON BZ        27663605.3     -7174512.12
STAROUP SA-PREF        STARPN BZ        27663605.3     -7174512.12
STEEL - RCT ORD        STLB9 BZ         18737018.1     -11880129.9
STEEL - RT             STLB1 BZ         18737018.1     -11880129.9
TEKA                   TKTQF US         371193871      -375865470
TEKA                   TEKA3 BZ         371193871      -375865470
TEKA                   TEKAON BZ        371193871      -375865470
TEKA-ADR               TEKAY US         371193871      -375865470
TEKA-ADR               TKTPY US         371193871      -375865470
TEKA-ADR               TKTQY US         371193871      -375865470
TEKA-PREF              TKTPF US         371193871      -375865470
TEKA-PREF              TEKA4 BZ         371193871      -375865470
TEKA-PREF              TEKAPN BZ        371193871      -375865470
TEKA-RCT               TEKA9 BZ         371193871      -375865470
TEKA-RCT               TEKA10 BZ        371193871      -375865470
TEKA-RTS               TEKA1 BZ         371193871      -375865470
TEKA-RTS               TEKA2 BZ         371193871      -375865470
TEXTEIS RENA-RCT       TXRX9 BZ         89516044.1     -84915135
TEXTEIS RENA-RCT       TXRX10 BZ        89516044.1     -84915135
TEXTEIS RENAU-RT       TXRX1 BZ         89516044.1     -84915135
TEXTEIS RENAU-RT       TXRX2 BZ         89516044.1     -84915135
TEXTEIS RENAUX         RENXON BZ        89516044.1     -84915135
TEXTEIS RENAUX         RENXPN BZ        89516044.1     -84915135
VARIG PART EM SE       VPSC3 BZ         83017833.2     -495721727
VARIG PART EM TR       VPTA3 BZ         49432124.7     -399290401
VARIG PART EM-PR       VPTA4 BZ         49432124.7     -399290401
VARIG PART EM-PR       VPSC4 BZ         83017833.2     -495721727
VARIG SA               VAGV3 BZ         966298048      -4695211008
VARIG SA               VARGON BZ        966298048      -4695211008
VARIG SA-PREF          VAGV4 BZ         966298048      -4695211008
VARIG SA-PREF          VARGPN BZ        966298048      -4695211008
VULCABRAS AZALEI       VULC3 BZ         591011112      -26163506.4
VULCABRAS AZ-PRF       VULC4 BZ         591011112      -26163506.4
VULCABRAS SA           VULCON BZ        591011112      -26163506.4
VULCABRAS SA-PRF       VULCPN BZ        591011112      -26163506.4
VULCABRAS-RCT          VULC9 BZ         591011112      -26163506.4
VULCABRAS-REC PR       VULC10 BZ        591011112      -26163506.4
VULCABRAS-RECEIP       0853207D BZ      591011112      -26163506.4
VULCABRAS-RIGHT        0853205D BZ      591011112      -26163506.4
VULCABRAS-RIGHT        VULC2 BZ         591011112      -26163506.4
VULCABRAS-RT PRF       VULC11 BZ        591011112      -26163506.4
VULCABRAS-RTS          VULC1 BZ         591011112      -26163506.4
WETZEL SA              MWET3 BZ         95682256.3     -5467518.71
WETZEL SA              MWELON BZ        95682256.3     -5467518.71
WETZEL SA-PREF         MWET4 BZ         95682256.3     -5467518.71
WETZEL SA-PREF         MWELPN BZ        95682256.3     -5467518.00


                            ***********


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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