TCRLA_Public/140211.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, February 11, 2014, Vol. 15, No. 29


                            Headlines



B E R M U D A

FAIRMONT HAMILTON: Restructures Operations, Lays Off 10 Workers


C A Y M A N  I S L A N D S

AM INVESTMENT V: Shareholders Receive Wind-Up Report
AM INVESTMENT E: Shareholders Receive Wind-Up Report
AM INVESTMENT GP: Shareholders Receive Wind-Up Report
AM INVESTMENT PARTNERS: Shareholders Receive Wind-Up Report
BLUE EDGE: Shareholders Receive Wind-Up Report

CICC SECURITIES: Shareholders Receive Wind-Up Report
DYNASTY INTERNATIONAL: Shareholders Receive Wind-Up Report
FINANCIAL INSTITUTION: Shareholders Receive Wind-Up Report
FUTURA FUND: Shareholders Receive Wind-Up Report
JAPAN REALTY: Shareholders Receive Wind-Up Report

JAPAN REALTY II: Shareholders Receive Wind-Up Report
JAPAN REALTY VI: Shareholders Receive Wind-Up Report
MACRITCHIE RESOURCE: Shareholders Receive Wind-Up Report
MSREF VI SPECIAL A: Shareholders Receive Wind-Up Report
MSREF VI SPECIAL B: Shareholders Receive Wind-Up Report

MSREF VI T: Shareholders Receive Wind-Up Report
MSREF VI TE: Shareholders Receive Wind-Up Report
P2 HOLSTEN: Members Receive Wind-Up Report
P2 HOLSTEN NARA: Members Receive Wind-Up Report
STAR DREAMS: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

BANCO MULTIPLE LEON: Fitch Hikes LT Issuer Default Rating to 'B'


J A M A I C A

* JAMAICA: Courting Diaspora and Others to Invest in Market


P A N A M A

* PANAMA: IDB Supports Integrated Risk Management


P U E R T O   R I C O

PUERTO RICO ELECTRIC: Moody's Cuts Rating on $8.8BB Bonds to Ba2


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


=============
B E R M U D A
=============


FAIRMONT HAMILTON: Restructures Operations, Lays Off 10 Workers
---------------------------------------------------------------
Caribbean360.com reports that Bermuda's ailing tourism industry
suffered a fresh blow when the historic Fairmont Hamilton Princess
laid off at least 10 of its workers.

"Due to changes in our business needs, we are restructuring our
operations.  As part of this decision, I can confirm that the
hotel has made redundant 10 positions," the report quoted hotel
General Manager Len Czarnecki as saying.

The report notes that the Bermuda Industrial Union (BIU) held
talks with the hotel representatives and another was scheduled.

The hotel, the oldest in the Fairmont chain, opened its doors on
January 1, 1885.


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


AM INVESTMENT V: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of AM Investment V Fund, Ltd received on Jan. 10,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Mark Friedman
          c/o AM Investment Partners, LLC
          One Liberty Plaza, 27th Floor
          New York New York 10006
          United States of America
          Telephone: +1 (347) 735 5113


AM INVESTMENT E: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of AM Investment E Fund Ltd received on Jan. 10,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Mark Friedman
          c/o AM Investment Partners, LLC
          One Liberty Plaza, 27th Floor
          New York New York 10006
          United States of America
          Telephone: +1 (347) 735 5113


AM INVESTMENT GP: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of AM Investment Partners GP, Ltd. received on
Jan. 10, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mark Friedman
          c/o AM Investment Partners, LLC
          One Liberty Plaza, 27th Floor
          New York New York 10006
          United States of America
          Telephone: +1 (347) 735 5113


AM INVESTMENT PARTNERS: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of AM Investment Partners GP II, Ltd received on
Jan. 10, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mark Friedman
          c/o AM Investment Partners, LLC
          One Liberty Plaza, 27th Floor
          New York New York 10006
          United States of America
          Telephone: +1 (347) 735 5113


BLUE EDGE: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Blue Edge Fund Management Co. Ltd. received on
Jan. 6, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Blue Edge Advisors Pte Ltd.
          c/o Lau Cheng Hock
          #17-81 Office 2
          The Central 8 Eu Tong Sen Street
          Singapore 059818
          Telephone: (203) 554-5166


CICC SECURITIES: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of CICC Securities (HK) Limited received on
Jan. 10, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Thomas Andrew Corkhill
          Iain Ferguson Bruce
          Gloucester Tower, 8th Floor
          The Landmark
          15 Queen's Road Central
          Hong Kong


DYNASTY INTERNATIONAL: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Dynasty International received on Jan. 23,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Ian D. Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


FINANCIAL INSTITUTION: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Financial Institution Partners, Ltd received
on Jan. 7, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Hovde Capital Advisors LLC
          c/o Eric D. Hovde
          122 W. Washington Ave. Suite 350
          Madison, WI 53703
          USA
          Telephone: (608) 255-5175


FUTURA FUND: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Futura Fund Limited received on Jan. 29, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ian D. Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


JAPAN REALTY: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Japan Realty Holding Company received on
Jan. 8, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands


JAPAN REALTY II: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Japan Realty Finance Company II received on
Jan. 8, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands


JAPAN REALTY VI: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Japan Realty Holding Company VI received on
Jan. 8, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands


MACRITCHIE RESOURCE: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Macritchie Resource Fund received on Jan. 10,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Alric Lindsay
          Telephone: (345)-926-1688
          Artillery Court Shedden Road
          P.O. Box 11371 George Town
          Grand Cayman KY1-1008
          Cayman Islands


MSREF VI SPECIAL A: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of MSREF VI Special A Finance Company received on
Jan. 7, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands


MSREF VI SPECIAL B: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of MSREF VI Special B Finance Company received on
Jan. 7, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands


MSREF VI T: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of MSREF VI T Finance Company received on Jan. 7,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands


MSREF VI TE: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of MSREF VI TE Finance Company received on
Jan. 7, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands


P2 HOLSTEN: Members Receive Wind-Up Report
------------------------------------------
The members of P2 Holsten Kyoto Holding KY LP Ltd. received on
Jan. 13, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


P2 HOLSTEN NARA: Members Receive Wind-Up Report
-----------------------------------------------
The members of P2 Holsten Nara Holding KY GP Ltd. received on
Jan. 13, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


STAR DREAMS: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Star Dreams received on Jan. 23, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ian D. Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


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


BANCO MULTIPLE LEON: Fitch Hikes LT Issuer Default Rating to 'B'
----------------------------------------------------------------
Fitch Ratings has upgraded Banco Multiple Leon's (BML) Issuer
Default Ratings (IDRs) and removed them from Rating Watch
Positive. The Rating Outlook is Stable.

Fitch placed BML's IDR on Positive Watch on Dec. 19, 2013, after
the announcement that Grupo Financiero Leon (GFL), BML's main
shareholder, had agreed, in an all-stock deal, to contribute its
financial companies (BML, Valores Leon and Compania Nacional de
Seguridad - CONASE) to Centro Financiero BHD (CFBHD).

On Jan. 31, 2014, the transaction was completed, thus GFL became
an important shareholder of the renamed 'Centro Financiero BHD
Leon' (CFBHDL).

BML's IDR and National Rating upgrades reflect that upon the
conclusion of the transaction among the shareholders of Grupo Leon
and CFBHD, BML is considered a core subsidiary of CFBHDL. Hence,
the IDRs and National Ratings for BML have been equalized with
those of Banco BHD.

KEY RATING DRIVERS

BANCO MULTIPLE LEON
IDRs, VR, SUPPORT AND NATIONAL RATINGS

Despite adequate capitalization and sound liquidity management,
the bank's Viability Rating (VR) reflects BML's still weak
profitability ratios relative to similarly rated international
peers (emerging market commercial banks with a VR of 'b-', 'b',
and 'b+').

Fitch has revised BML Support rating to '4' and removed it from
Rating Watch Positive to reflect the expected support to be
received from the renamed CFBHDL. Given that the source of support
has changed from the state to institutional, the Support Floor has
been withdrawn.

BML's subordinated debt rating has been upgraded to reflect the
expected support from its new shareholder, but remains one notch
down from the long-term National Rating of the bank, given its
subordination to all senior creditors.

VALORES LEON - NATIONAL RATINGS

Valores Leon's National Ratings have been removed from Rating
Watch Positive and upgraded to the same level as BML's ratings.
Valores Leon's ratings reflect the operational and financial
support provided by BML. In Fitch's view, the entity is important
to Grupo Leon, as it is a key and integral part of its business,
and provides some financial products to core clients. This will
continue to be the case once Valores Leon merges with BHD Valores.

RATING SENSITIVITIES

BML

BML's IDRs, VR, Support Rating and National Ratings will be
withdrawn once the actual merger with Banco BHD occurs. This is
expected to be completed during the first half of 2014. A change
in the capacity or propensity of CFBHDL to provide support could
result in a revision to BML's IDRs.

VALORES LEON

Valores Leon's National Ratings will be withdrawn once the actual
merger with BHD Valores occurs. This is expected to be completed
during the first half of 2014. A change in the capacity or
propensity of BML to provide support could result in a revision to
Valores Leon's ratings.

PROFILE

BML ranked fifth out of 15 commercial banks in the Dominican
Republic, with a 5% market share by total assets at December 2013.
Since Jan. 31, 2014, GFL is 99.36% owned by CFBHDL.

Fitch has taken the following rating actions:

Banco Multiple Leon SA:

-- Foreign and local currency long-term IDR upgraded to 'B' from
    'B-', Outlook Stable;
-- FC/LC short term IDR affirmed at 'B';
-- Viability Rating affirmed at 'b-';
-- Support Rating upgraded to '4' from '5';
-- Support Floor Rating withdrawn;
-- Long-term National Rating upgraded to 'AA-(dom)' from
    'A-(dom)', Outlook Stable;
-- Short-term National Rating upgraded to 'F1+(dom)' from
    'F2(dom)';
-- Long-term National subordinated debt upgraded to 'A+(dom)'
    from 'BBB+(dom)'.

Valores Leon S.A:

-- Long-term National Rating upgraded to 'AA-(dom)' from
    'A-(dom)', Outlook Stable;
-- Short-term National Rating upgraded to 'F1+(dom)' from
    'F2(dom)';
-- Long-term National senior unsecured debt rating upgraded to
    'AA-(dom)' from 'A-(dom)'.


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


* JAMAICA: Courting Diaspora and Others to Invest in Market
-----------------------------------------------------------
RJR News reports that Jamaica Finance Minister Dr. Peter Phillips
has disclosed that the Government of Jamaica is exploring avenues
to encourage greater participation in Jamaica's financial market,
including an engagement of the Diaspora.

Dr. Phillips, addressing a forum hosted for members of the
diplomatic corps, said the outreach was being undertaken in
collaboration with the World Bank and other agencies, according to
RJR News.

Dr. Phillips, the report notes, stressed that a substantial macro-
economic platform is fundamental to efforts to attract Diaspora
investments, and assure members of tangible dividends.

In that regard, he said that Arnaldo Brown, Minister of State in
the Ministry of Foreign Affairs & Foreign Trade, has been holding
discussions with the target groups in the overseas Jamaican
communities, the report relates.


===========
P A N A M A
===========


* PANAMA: IDB Supports Integrated Risk Management
-------------------------------------------------
The Inter-American Development Bank (IDB), has approved a loan for
up to US$300 million to the Ministry of the Economy and Finance of
Panama to reduce the fiscal risk of macroeconomic, financial, and
natural-disasters shocks by improving integrated risk management
(IRM).

Resources will strengthen sovereign asset and liability
management, as well as improve financial stability.  To this end,
the program is structured in three components; macroeconomic
stability, strengthening of sovereign asset and liability
management, and strengthening of financial stability.

Panama's financial and trading links with the rest of the world
are the strength of its economic model, but they also make it more
vulnerable to external financial and macroeconomic shocks.  The
country is also vulnerable to natural disasters capable of causing
heavy economic losses.  The loan includes the formulation of a
sovereign asset and liability strategy (SALM) and will strengthen
financial regulation and supervision.  The project will also
formulate a proposal for a national disaster-risk financial
management strategy, and the development of instruments allowing
for public investment in reducing fiscal liabilities associated
with natural disasters.

The IDB loan, will be executed by the Ministry of the Economy and
Finance of Panama, is for a 20-year term, with a 30-month grace
period and an interest rate based on LIBOR.



=====================
P U E R T O   R I C O
=====================


PUERTO RICO ELECTRIC: Moody's Cuts Rating on $8.8BB Bonds to Ba2
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings for $8.8
billion of the Puerto Rico Electric Power Authority's (PREPA,
Authority) Power Revenue Bonds to Ba2 from Baa3. This rating
action concludes the rating review that Moody's initiated on
December 20, 2013. PREPA's rating outlook is negative.

Summary Rating Rationale

The rating action considers Moody's recent rating action on the
Commonwealth of Puerto Rico's general obligation bonds, which were
downgraded to Ba2 from Baa3 with a negative outlook, along with
the ratings of related entities that are based on or capped at the
Commonwealth's GO rating, including the Government Development
Bank of Puerto Rico (GDB), an important source of liquidity for
PREPA. Moody's believes that the PREPA's rating is closely tied to
the rating of the Commonwealth given its reliance on GBD as a
source of working capital liquidity as well as the importance of
revenues from municipal authorities (estimated at 13% of PREPA's
revenues). Moreover, the continued weakness in the economy of
Puerto Rico, including the lack of economic growth drivers and
negative demographic trends, weigh heavily on the rating action
and on PREPA's ability to meet numerous strategic initiatives.

The downgrade also considers PREPA's recent and prospective credit
metrics which continue to remain weak with its adjusted debt
service coverage ratio (DSCR) hovering in most years at or below
1.0x. In light of the combination of high electric rates, a weak
economy, and the need to debt finance important capital
expenditures over the next several years, Moody's do not
anticipate any appreciable improvement in PREPA's DSCR or its very
high leverage over the next several years. Moody's view the
capital investment requirements, which are centered around the
conversion of existing fuel oil generation to natural-gas fired
generation, as an essential and important long-term investment
strategy. Completion of the program will reduce the Authority's
very high reliance on imported fuel oil as a generation fuel
resource, which should lower electric rates and serve as a
catalyst for economic growth within the Commonwealth. The capital
investment program is multi-year and challenges remain including
building a natural gas infrastructure to support the conversion.
In addition to other credit considerations, Moody's do not
anticipate any improvement in PREPA's credit metrics until much of
the transition to natural-gas fired generation occurs which
Moody's expect commencing in the 2017-2018 timeframe at the
earliest.

The rating action further recognizes PREPA's tight liquidity
profile as days cash on hand for year-end 2013 was only 11 days,
and PREPA's committed bank lines remain largely drawn, and in need
of renewal during 2014. Moody's also note that the aging of
accounts receivable has increased on a year-over-year basis,
particularly among municipal entities, reflecting the persistent
softness in the Puerto Rican economy. In that vein, the rating
action recognizes the importance of GDB as a provider of
additional liquidity for PREPA. While PREPA's liquidity position
has constraints, Moody's do recognize the sizeable amount of
restricted funds available to PREPA to satisfy annual debt service
and to prefund a portion of its capital investment program, such
that PREPA's need to access the debt capital markets is not
expected for the next two years.

Outlook

The negative outlook reflects the negative outlook for the
Commonwealth and the GDB as well as our belief that liquidity
pressures at PREPA will continue. The negative outlook also
considers the uncertainty and obstacles about executing the long-
term capital investment plan focused on converting oil-based power
generation to natural gas in the face of a very challenging
economic environment within the Commonwealth.

What could change the rating -- Up

In light of the negative outlook, the rating is not expected to
move upward over the near-to-medium term. The outlook could
stabilize if the rating outlook for the Commonwealth stabilizes
and/or PREPA shows substantial progress on the execution of its
fuel diversification and cost reduction strategy.

What could change the rating -- Down

The rating could be pressured downward if debt service coverage
ratios fall significantly below projected levels, or the ratings
of the Commonwealth and GDB decline further. In addition, the
rating could move down if PREPA fails to extend its bank
facilities, which will further weaken PREPA's liquidity position.

The principal methodology used in this rating was U.S. Public
Power Electric Utilities with Generation Ownership Exposure
published in November 2011.


=================
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            AGRE LX          339244073      -561405847
AGRENCO LTD-BDR        AGEN33 BZ        339244073      -561405847
AGRENCO LTD-BDR        AGEN11 BZ        339244073      -561405847
ALL ORE MINERACA       AORE3 BZ         10519766.1     -18449684.9
ALL ORE MINERACA       STLB3 BZ         10519766.1     -18449684.9
ARTHUR LAN-DVD C       ARLA11 BZ        11642254.9     -17154460.3
ARTHUR LAN-DVD P       ARLA12 BZ        11642254.9     -17154460.3
ARTHUR LANGE           ARLA3 BZ         11642254.9     -17154460.3
ARTHUR LANGE SA        ALICON BZ        11642254.9     -17154460.3
ARTHUR LANGE-PRF       ARLA4 BZ         11642254.9     -17154460.3
ARTHUR LANGE-PRF       ALICPN BZ        11642254.9     -17154460.3
ARTHUR LANG-RC C       ARLA9 BZ         11642254.9     -17154460.3
ARTHUR LANG-RC P       ARLA10 BZ        11642254.9     -17154460.3
ARTHUR LANG-RT C       ARLA1 BZ         11642254.9     -17154460.3
ARTHUR LANG-RT P       ARLA2 BZ         11642254.9     -17154460.3
B&D FOOD CORP          BDFCE US         14423532       -3506007
B&D FOOD CORP          BDFC US          14423532       -3506007
BALADARE               BLDR3 BZ         159449535      -52990723.7
BATTISTELLA            BTTL3 BZ         161941587      -30698112.2
BATTISTELLA-PREF       BTTL4 BZ         161941587      -30698112.2
BATTISTELLA-RECE       BTTL9 BZ         161941587      -30698112.2
BATTISTELLA-RECP       BTTL10 BZ        161941587      -30698112.2
BATTISTELLA-RI P       BTTL2 BZ         161941587      -30698112.2
BATTISTELLA-RIGH       BTTL1 BZ         161941587      -30698112.2
BIOMM SA               BIOM3M BZ        14879155       -13567385
BIOMM SA               BIOM3 BZ         14879155       -13567385
BIOMM SA - RCT         BIOM9 BZ         14879155       -13567385
BIOMM SA-PREF          BIOM4 BZ         14879155       -13567385
BIOMM SA-RT            0905492D BZ      14879155       -13567385
BIOMM SA-RT            BIOM2 BZ         14879155       -13567385
BIOMM SA-RTS           0905518D BZ      14879155       -13567385
BIOMM SA-RTS           BIOM10 BZ        14879155       -13567385
BIOMM SA-RTS           BIOM1 BZ         14879155       -13567385
BOMBRIL                BMBBF US         324115454      -16635219.6
BOMBRIL                FPXE4 BZ         19416013.9     -489914853
BOMBRIL                BOBR3 BZ         324115454      -16635219.6
BOMBRIL CIRIO SA       BOBRON BZ        324115454      -16635219.6
BOMBRIL CIRIO-PF       BOBRPN BZ        324115454      -16635219.6
BOMBRIL HOLDING        FPXE3 BZ         19416013.9     -489914853
BOMBRIL SA-ADR         BMBPY US         324115454      -16635219.6
BOMBRIL SA-ADR         BMBBY US         324115454      -16635219.6
BOMBRIL-PREF           BOBR4 BZ         324115454      -16635219.6
BOMBRIL-RGTS PRE       BOBR2 BZ         324115454      -16635219.6
BOMBRIL-RIGHTS         BOBR1 BZ         324115454      -16635219.6
BOTUCATU TEXTIL        STRP3 BZ         27663605.3     -7174512.12
BOTUCATU-PREF          STRP4 BZ         27663605.3     -7174512.12
BUETTNER               BUET3 BZ         96231802.9     -32473494
BUETTNER SA            BUETON BZ        96231802.9     -32473494
BUETTNER SA-PRF        BUETPN BZ        96231802.9     -32473494
BUETTNER SA-RT P       BUET2 BZ         96231802.9     -32473494
BUETTNER SA-RTS        BUET1 BZ         96231802.9     -32473494
BUETTNER-PREF          BUET4 BZ         96231802.9     -32473494
CAF BRASILIA           CAFE3 BZ         160933830      -149277092
CAF BRASILIA-PRF       CAFE4 BZ         160933830      -149277092
CAFE BRASILIA SA       CSBRON BZ        160933830      -149277092
CAFE BRASILIA-PR       CSBRPN BZ        160933830      -149277092
CAIUA ELEC-C RT        ELCA1 BZ         1059986022     -76183286
CAIUA SA               ELCON BZ         1059986022     -76183286
CAIUA SA-DVD CMN       ELCA11 BZ        1059986022     -76183286
CAIUA SA-DVD COM       ELCA12 BZ        1059986022     -76183286
CAIUA SA-PREF          ELCPN BZ         1059986022     -76183286
CAIUA SA-PRF A         ELCAN BZ         1059986022     -76183286
CAIUA SA-PRF A         ELCA5 BZ         1059986022     -76183286
CAIUA SA-PRF B         ELCA6 BZ         1059986022     -76183286
CAIUA SA-PRF B         ELCBN BZ         1059986022     -76183286
CAIUA SA-RCT PRF       ELCA10 BZ        1059986022     -76183286
CAIUA SA-RTS           ELCA2 BZ         1059986022     -76183286
CAIVA SERV DE EL       1315Z BZ         1059986022     -76183286
CELGPAR                GPAR3 BZ         204382297      -934172491
CENTRAL COST-ADR       CCSA LI          319571114      -114350021
CENTRAL COSTAN-B       CRCBF US         319571114      -114350021
CENTRAL COSTAN-B       CNRBF US         319571114      -114350021
CENTRAL COSTAN-C       CECO3 AR         319571114      -114350021
CENTRAL COST-BLK       CECOB AR         319571114      -114350021
CIA PETROLIFERA        MRLM3 BZ         377592596      -3014215.1
CIA PETROLIFERA        MRLM3B BZ        377592596      -3014215.1
CIA PETROLIFERA        1CPMON BZ        377592596      -3014215.1
CIA PETROLIF-PRF       MRLM4 BZ         377592596      -3014215.1
CIA PETROLIF-PRF       MRLM4B BZ        377592596      -3014215.1
CIA PETROLIF-PRF       1CPMPN BZ        377592596      -3014215.1
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         75391731.7     -2212560088
COBRASMA SA            COBRON BZ        75391731.7     -2212560088
COBRASMA SA-PREF       COBRPN BZ        75391731.7     -2212560088
COBRASMA-PREF          CBMA4 BZ         75391731.7     -2212560088
D H B                  DHBI3 BZ         100548065      -171900717
D H B-PREF             DHBI4 BZ         100548065      -171900717
DHB IND E COM          DHBON BZ         100548065      -171900717
DHB IND E COM-PR       DHBPN BZ         100548065      -171900717
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
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
ENDESA - RTS           CECOX AR         319571114      -114350021
ENDESA COST-ADR        CRCNY US         319571114      -114350021
ENDESA COSTAN-         CECO2 AR         319571114      -114350021
ENDESA COSTAN-         CECOD AR         319571114      -114350021
ENDESA COSTAN-         CECOC AR         319571114      -114350021
ENDESA COSTAN-         EDCFF US         319571114      -114350021
ENDESA COSTAN-A        CECO1 AR         319571114      -114350021
ESTRELA SA             ESTR3 BZ         71379826.3     -111239817
ESTRELA SA             ESTRON BZ        71379826.3     -111239817
ESTRELA SA-PREF        ESTR4 BZ         71379826.3     -111239817
ESTRELA SA-PREF        ESTRPN BZ        71379826.3     -111239817
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         18439489.1     -40509835.2
FERRAGENS HAGA         HAGAON BZ        18439489.1     -40509835.2
FERRAGENS HAGA-P       HAGAPN BZ        18439489.1     -40509835.2
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         18439489.1     -40509835.2
HOTEIS OTHON SA        HOOT3 BZ         227388586      -68129377.9
HOTEIS OTHON SA        HOTHON BZ        227388586      -68129377.9
HOTEIS OTHON-PRF       HOOT4 BZ         227388586      -68129377.9
HOTEIS OTHON-PRF       HOTHPN BZ        227388586      -68129377.9
IGB ELETRONICA         IGBR3 BZ         381918698      -32078427.7
IGUACU CAFE            IGUA3 BZ         224229556      -68866571
IGUACU CAFE            IGCSON BZ        224229556      -6886657
IGUACU CAFE            IGUCF US         224229556      -68866571
IGUACU CAFE-PR A       IGUA5 BZ         224229556      -68866571
IGUACU CAFE-PR A       IGCSAN BZ        224229556      -68866571
IGUACU CAFE-PR A       IGUAF US         224229556      -68866571
IGUACU CAFE-PR B       IGUA6 BZ         224229556      -68866571
IGUACU CAFE-PR B       IGCSBN BZ        224229556      -68866571
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
INVERS ELEC BUEN       IEBAA AR         260343959      -14950013.8
INVERS ELEC BUEN       IEBAB AR         260343959      -14950013.8
INVERS ELEC BUEN       IEBA AR          260343959      -14950013.8
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         38302784.1     -3417423475
LOJAS ARAPUA           LOARON BZ        38302784.1     -3417423475
LOJAS ARAPUA-GDR       3429T US         38302784.1     -3417423475
LOJAS ARAPUA-GDR       LJPSF US         38302784.1     -3417423475
LOJAS ARAPUA-PRF       LOAR4 BZ         38302784.1     -3417423475
LOJAS ARAPUA-PRF       LOARPN BZ        38302784.1     -3417423475
LOJAS ARAPUA-PRF       52353Z US        38302784.1     -3417423475
LUPATECH SA            LUPA3 BZ         665993697      -188699451
LUPATECH SA            LUPAF US         665993697      -188699451
LUPATECH SA -RCT       LUPA9 BZ         665993697      -188699451
LUPATECH SA-ADR        LUPAY US         665993697      -188699451
LUPATECH SA-RT         LUPA11 BZ        665993697      -188699451
LUPATECH SA-RTS        LUPA1 BZ         665993697      -188699451
MANGELS INDL           MGEL3 BZ         223698552      -29148696.3
MANGELS INDL SA        MISAON BZ        223698552      -29148696.3
MANGELS INDL-PRF       MGIRF US         223698552      -29148696.3
MANGELS INDL-PRF       MGEL4 BZ         223698552      -29148696.3
MANGELS INDL-PRF       MISAPN BZ        223698552      -29148696.3
MINUPAR                MNPR3 BZ         115960018      -93783465.1
MINUPAR SA             MNPRON BZ        115960018      -93783465.1
MINUPAR SA-PREF        MNPRPN BZ        115960018      -93783465.1
MINUPAR-PREF           MNPR4 BZ         115960018      -93783465.1
MINUPAR-RCT            9314634Q BZ      115960018      -93783465.1
MINUPAR-RCT            0599564D BZ      115960018      -93783465.1
MINUPAR-RCT            MNPR9 BZ         115960018      -93783465.1
MINUPAR-RT             9314542Q BZ      115960018      -93783465.1
MINUPAR-RT             0599562D BZ      115960018      -93783465.1
MINUPAR-RTS            MNPR1 BZ         115960018      -93783465.1
NORDON MET             NORD3 BZ         11025606.1     -32196764.5
NORDON METAL           NORDON BZ        11025606.1     -32196764.5
NORDON MET-RTS         NORD1 BZ         11025606.1     -32196764.5
NOVA AMERICA SA        NOVA3 BZ         21287488.9     -183535526
NOVA AMERICA SA        NOVA3B BZ        21287488.9     -183535526
NOVA AMERICA SA        NOVAON BZ        21287488.9     -183535526
NOVA AMERICA SA        1NOVON BZ        21287488.9     -183535526
NOVA AMERICA-PRF       NOVA4 BZ         21287488.9     -183535526
NOVA AMERICA-PRF       NOVA4B BZ        21287488.9     -183535526
NOVA AMERICA-PRF       NOVAPN BZ        21287488.9     -183535526
NOVA AMERICA-PRF       1NOVPN BZ        21287488.9     -183535526
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          66017869       -5551136.01
PORTX OPERACOES        PRTX3 BZ         976769385      -9407990.18
PORTX OPERA-GDR        PXTPY US         976769385      -9407990.18
PUYEHUE                PUYEH CI         23402631.8     -5029378.21
PUYEHUE RIGHT          PUYEHUOS CI      23402631.8     -5029378.21
RECRUSUL               RCSL3 BZ         42021562       -18866127
RECRUSUL - RCT         4529789Q BZ      42021562       -18866127
RECRUSUL - RCT         4529793Q BZ      42021562       -18866127
RECRUSUL - RCT         0163582D BZ      42021562       -18866127
RECRUSUL - RCT         0163583D BZ      42021562       -18866127
RECRUSUL - RCT         0614675D BZ      42021562       -18866127
RECRUSUL - RCT         0614676D BZ      42021562       -18866127
RECRUSUL - RCT         RCSL10 BZ        42021562       -18866127
RECRUSUL - RT          4529781Q BZ      42021562       -18866127
RECRUSUL - RT          4529785Q BZ      42021562       -18866127
RECRUSUL - RT          0163579D BZ      42021562       -18866127
RECRUSUL - RT          0163580D BZ      42021562       -18866127
RECRUSUL - RT          0614673D BZ      42021562       -18866127
RECRUSUL - RT          0614674D BZ      42021562       -18866127
RECRUSUL SA            RESLON BZ        42021562       -18866127
RECRUSUL SA-PREF       RESLPN BZ        42021562       -18866127
RECRUSUL SA-RCT        RCSL9 BZ         42021562       -18866127
RECRUSUL SA-RTS        RCSL1 BZ         42021562       -18866127
RECRUSUL SA-RTS        RCSL2 BZ         42021562       -18866127
RECRUSUL-BON RT        RCSL11 BZ        42021562       -18866127
RECRUSUL-BON RT        RCSL12 BZ        42021562       -18866127
RECRUSUL-PREF          RCSL4 BZ         42021562       -18866127
REDE EMP ENE ELE       ELCA4 BZ         1059986022     -76183286
REDE EMP ENE ELE       ELCA3 BZ         1059986022     -76183286
REDE EMPRESAS-PR       REDE4 BZ         1059986022     -76183286
REDE ENERGIA SA        REDE3 BZ         1059986022     -76183286
REDE ENERG-UNIT        REDE11 BZ        1059986022     -76183286
REDE ENER-RCT          3907731Q BZ      1059986022     -76183286
REDE ENER-RCT          REDE9 BZ         1059986022     -76183286
REDE ENER-RCT          REDE10 BZ        1059986022     -76183286
REDE ENER-RT           3907727Q BZ      1059986022     -76183286
REDE ENER-RT           REDE1 BZ         1059986022     -76183286
REDE ENER-RT           REDE2 BZ         1059986022     -76183286
REII INC               REIC US          14423532       -3506007
RENAUXVIEW SA          TXRX3 BZ         56213385.5     -85196762.8
RENAUXVIEW SA-PF       TXRX4 BZ         56213385.5     -85196762.8
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         21873314.7     -5053458.96
SANSUY                 SNSY3 BZ         189305928      -145401613
SANSUY SA              SNSYON BZ        189305928      -145401613
SANSUY SA-PREF A       SNSYAN BZ        189305928      -145401613
SANSUY SA-PREF B       SNSYBN BZ        189305928      -145401613
SANSUY-PREF A          SNSY5 BZ         189305928      -145401613
SANSUY-PREF B          SNSY6 BZ         189305928      -145401613
SAUIPE                 PSEG3 BZ         14685534.1     -4799640.46
SAUIPE SA              PSEGON BZ        14685534.1     -4799640.46
SAUIPE SA-PREF         PSEGPN BZ        14685534.1     -4799640.46
SAUIPE-PREF            PSEG4 BZ         14685534.1     -4799640.46
SCHLOSSER              SCLO3 BZ         51944742.3     -56657680.1
SCHLOSSER SA           SCHON BZ         51944742.3     -56657680.1
SCHLOSSER SA-PRF       SCHPN BZ         51944742.3     -56657680.1
SCHLOSSER-PREF         SCLO4 BZ         51944742.3     -56657680.1
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         10519766.1     -18449684.9
STEEL - RT             STLB1 BZ         10519766.1     -18449684.9
TEKA                   TKTQF US         375873311      -389045810
TEKA                   TEKA3 BZ         375873311      -389045810
TEKA                   TEKAON BZ        375873311      -389045810
TEKA-ADR               TEKAY US         375873311      -389045810
TEKA-ADR               TKTPY US         375873311      -389045810
TEKA-ADR               TKTQY US         375873311      -389045810
TEKA-PREF              TKTPF US         375873311      -389045810
TEKA-PREF              TEKA4 BZ         375873311      -389045810
TEKA-PREF              TEKAPN BZ        375873311      -389045810
TEKA-RCT               TEKA9 BZ         375873311      -389045810
TEKA-RCT               TEKA10 BZ        375873311      -389045810
TEKA-RTS               TEKA1 BZ         375873311      -389045810
TEKA-RTS               TEKA2 BZ         375873311      -389045810
TEXTEIS RENA-RCT       TXRX9 BZ         56213385.5     -85196762.8
TEXTEIS RENA-RCT       TXRX10 BZ        56213385.5     -85196762.8
TEXTEIS RENAU-RT       TXRX1 BZ         56213385.5     -85196762.8
TEXTEIS RENAU-RT       TXRX2 BZ         56213385.5     -85196762.8
TEXTEIS RENAUX         RENXON BZ        56213385.5     -85196762.8
TEXTEIS RENAUX         RENXPN BZ        56213385.5     -85196762.8
VARIG PART EM SE       VPSC3 BZ         83017828       -495721697
VARIG PART EM TR       VPTA3 BZ         49432119.3     -399290357
VARIG PART EM-PR       VPTA4 BZ         49432119.3     -399290357
VARIG PART EM-PR       VPSC4 BZ         83017828       -495721697
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         602662162      -27406558
VULCABRAS AZ-PRF       VULC4 BZ         602662162      -27406558
VULCABRAS SA           VULCON BZ        602662162      -27406558
VULCABRAS SA-PRF       VULCPN BZ        602662162      -27406558
VULCABRAS-RCT          0893211D BZ      602662162      -27406558
VULCABRAS-RCT          VULC9 BZ         602662162      -27406558
VULCABRAS-REC PR       VULC10 BZ        602662162      -27406558
VULCABRAS-RECEIP       0853207D BZ      602662162      -27406558
VULCABRAS-RIGHT        0853205D BZ      602662162      -27406558
VULCABRAS-RIGHT        VULC2 BZ         602662162      -27406558
VULCABRAS-RT PRF       VULC11 BZ        602662162      -27406558
VULCABRAS-RTS          0893207D BZ      602662162      -27406558
VULCABRAS-RTS          VULC1 BZ         602662162      -27406558
WETZEL SA              MWET3 BZ         96094336.6     -4635219.98
WETZEL SA              MWELON BZ        96094336.6     -4635219.98
WETZEL SA-PREF         MWET4 BZ         96094336.6     -4635219.98
WETZEL SA-PREF         MWELPN BZ        96094336.6     -4635219.98
WIEST                  WISA3 BZ         34107195.1     -126993682
WIEST SA               WISAON BZ        34107195.1     -126993682
WIEST SA-PREF          WISAPN BZ        34107195.1     -126993682
WIEST-PREF             WISA4 BZ         34107195.1     -126993682


                            ***********


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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