TCRLA_Public/140225.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 25, 2014, Vol. 15, No. 39


                            Headlines



B R A Z I L

CENTRAIS ELETRICAS: Fitch Affirms 'B-' Issuer Default Ratings
COSAN SA: To Split Into Energy, Logistic Units in ALL-America Deal


C A Y M A N  I S L A N D S

CHAMP MARLIN: Creditors' Proofs of Debt Due Feb. 27
CLIFF COMPANY: Commences Liquidation Proceedings
DILSTON TRADE: Placed Under Voluntary Wind-Up
EASTERN ADVISORS: Shareholders Receive Wind-Up Report
ESTATE HOLDING: Placed Under Voluntary Wind-Up

FORETREND INVESTMENTS: Placed Under Voluntary Wind-Up
GMS CHINA: Members Receive Wind-Up Report
GULLIVER MARINE: Placed Under Voluntary Wind-Up
JH INTERNATIONAL: Sole Member Receives Wind-Up Report
PARTNER INVESTMENT: Placed Under Voluntary Wind-Up

PINGUINO LTD: Placed Under Voluntary Wind-Up
QUARTET THREE: Shareholders Receive Wind-Up Report
QUARTET TWO: Shareholders Receive Wind-Up Report
SEMPER GLOBAL: Commences Liquidation Proceedings
SEMPER GOVERNMENT: Commences Liquidation Proceedings

SOLUS CORE: Shareholder to Receive Wind-Up Report on May 15
SOLUS CORE FUND: Shareholder to Receive Wind-Up Report on May 15
SVG INVESTMENTS: Shareholder Receives Wind-Up Report
UFFA INTERNATIONAL: Placed Under Voluntary Wind-Up
VISUAL CHINA: Members to Receive Wind-Up Report on Feb. 26


J A M A I C A

JAMAICA DIVERSIFIED: Fitch Affirms 'BB' Rating on $125MM Notes
* JAMAICA: Dollar Slide Hurting Equities Market Says Data


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBABGO: Minister Says State Contractors Will Be Paid


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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


CENTRAIS ELETRICAS: Fitch Affirms 'B-' Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed Centrais Eletricas do Para S.A.
(Celpa)'s ratings (Celpa) as follows:

-- Foreign and Local currency Issuer Default Ratings (IDRs) at
    'B-';

-- National scale rating at 'BB+(bra)'.

Fitch has also revised the Rating Outlook to Positive from Stable.

KEY RATING DRIVERS

Celpa's ratings reflect its still high financial leverage and
reduced operating cash generation. Fitch believes that the
company's progress, achieved mainly in the third quarter of 2013,
is in accordance with the agency's initial expectations.

The ratings also incorporate how the extended debt maturity
schedule and reduced financial cost benefit the company's credit
profile. Fitch views as positive Celpa's parent Equatorial Energia
S.A. (Equatorial)'s support through capital injections,
capitalization of debts and loans guarantee. Regulatory risk of
the power sector is considered moderate and hydrological risk in
the sector is currently above average.

The Positive Outlook reflects Fitch's expectation that Celpa will
succeed in its challenge to improve operational efficiency,
particularly with regards to the high level of energy losses. It
also incorporates potential new capitalization of debt from the
parent, bringing its credit metrics to more conservative levels.

Weak Cash Generation to Improve

Fitch expects Celpa to generate a more robust operational cash
generation in the coming years. The company's credit metrics were
weak for the rating category until September 2013. Equatorial, the
new shareholder that acquired Celpa on November 2012, has been
taking several actions to improve the company's operational and
financial performance, which still need to mature. In the last
twelve months ended on September 2013, EBITDA was negative at
BRL331 million. Improvements achieved along 2013 took the EBITDA
of the third quarter of 2013, excluding the non-recurring items
and regulatory assets, to a positive BRL69 million. The agency
expects an EBITDA of around BRL350 million and a net leverage of
9.0x in 2014, declining to 5.0x - 6.5x at the following three
years.

Lengthened Debt Maturity Profile

Celpa's debt profile benefits from an extended maturity schedule,
low financial cost and reduced foreign exchange risk as a result
of the debt renegotiation under the bankruptcy protection process.
At the end of September 2013, short-term debt of BRL673 million
represented 24% of total debt of BRL2.8 billion, with 50% maturing
beyond 2018. The company further improved its debt maturity
profile in the last quarter of 2013 through a BRL375 million bank
loan to refinance short-term debt and is expected to have no cash
disbursement regarding its BRL150 million of short-term debt with
Equatorial. Based on both actions, the pro forma short-term debts
is reduced to BRL148 million.

The company presents a moderate liquidity level. The company
reported cash and marketable securities of BRL376 million at the
end of the third quarter of 2013, covering its short-term debt of
BRL673 million by 0.6x. For the same period, the cash + FFO-to-
short-term debt and cash + CFFO-to-short-term debt ratios were not
applicable, since the company's FFO and CFFO were negative in the
LTM ended on September 2013. On a pro forma basis, taking into
account the short-term debt lengthening and excluding the
intercompany loans, the short-term debt coverage increases to
2.5x.

Positive Shareholder Support

Equatorial has already injected BRL690 million in cash at Celpa as
equity contribution since November 2012, which has benefited its
liquidity position. In addition, the shareholder has capitalized
BRL433 million of an intercompany loan and is guaranteeing the
BRL375 million bank loan raised by Celpa in November 2013, with
the proceeds used to refinance short-term debt. Celpa reported
intercompany loans of BRL406 million with Equatorial at the end of
September 2013, which is not expected to be paid and could be used
to improve the company's capital structure. At the end of the
third quarter of 2013, Equatorial reported robust liquidity
position, with BRL616 million in cash and marketable securities
position and no debt on an individual basis.

FCF to Remain Negative

Celpa's free cash flow (FCF) should remain negative at least in
the next couple of years. The company's capital expenditures are
expected to be high in 2014 in order to support the ambitious
operational improvements expected for the coming years. In the LTM
ended on Sept. 30, 2013, cash flow from operations (CFFO) and free
cash flow (FCF) were negative at BRL642 million and 709 million,
respectively. The cash flow performance from 2015 on will largely
depend on the result of the tariff review process, which is
expected to have a net positive effect to the company.

Challenging Loss Reduction

The reduction of energy losses is an important challenge for
Celpa. The company's cash flow generation has been negatively
impacted by energy losses above the maximum levels established by
the regulatory agency and contemplated in its tariffs to end
consumers. Actions to reduce losses started effectively in August
2013 within this new management team period, with recent positive
results still limited. In the LTM ended September 2013, energy
losses of 36.5% compares unfavorably with regulatory losses of
28.5%. On a quarterly basis, Celpa reduced its losses to 36.1% in
the third quarter of 2013 from 37% in the fourth quarter of 2012.
Positively, Equatorial has a good track record in loss reduction
in its other subsidiary Companhia Energetica do Maranhao (Cemar -
National Long-term rating 'AA-(bra)').

Rating Sensitivities

The ratings can benefit from improvements in Celpa's operational
cash flow as expected, supported by losses reduction, combined
with growth of energy volumes invoiced and positive results in
cost control measures, which would result in more conservative
credit metrics. The ratings would be negatively impacted in case
of Celpa fails to improve its operating efficiency and cash flow
generation, resulting in a leverage reduction below Fitch's
expectations.


COSAN SA: To Split Into Energy, Logistic Units in ALL-America Deal
------------------------------------------------------------------
Bloomberg News reports that Cosan SA Industria & Comercio plans to
split into an energy and a logistics unit as it takes over ALL-
America Latina Logistica SA.

The company will merge its Rumo train operator with ALL-America
Latina, the companies said in regulatory filings, according to
Bloomberg News.  Shareholders of Rumo will hold a 36.5 percent
stake in the new company and name most board members, while ALL's
shareholder will own 63.5 percent.

Cosan will split into Cosan Energia and Cosan Logistica, and Cosan
Ltd. will be the parent to both.  The two companies will be listed
in Sao Paulo.

                          About Cosan SA

Headquartered in Sao Paulo, Brazil, Cosan S.A. Industria e
Comercio, through its subsidiaries, engages in the production and
sale of sugar and ethanol primarily in Brazil, Europe, the Middle
East, Asia, and North America.  Cosan S.A. is a subsidiary of
Cosan Limited.  The company was founded in 1936 and is
headquartered in Sao Paulo, Brazil.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 3, 2013, Standard & Poor's Ratings Services affirmed its 'BB'
corporate credit and debt ratings on Cosan S.A. Industria e
Comercio (Cosan), its subsidiary, Cosan Combustiveis e
Lubrificantes, and on its parent company, Cosan Ltd.  The outlook
on the corporate credit ratings is positive.


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


CHAMP MARLIN: Creditors' Proofs of Debt Due Feb. 27
---------------------------------------------------
The creditors of Champ Marlin Holdings Limited are required to
file their proofs of debt by Feb. 27, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 17, 2014.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943-3100


CLIFF COMPANY: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Jan. 14, 2014, the
shareholders of Cliff Company SPC, Ltd. resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Graham Manchester
          Marsh Management Services Cayman Ltd.
          Governors Square, Building 4, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 1051, Grand Cayman
          Cayman Islands


DILSTON TRADE: Placed Under Voluntary Wind-Up
---------------------------------------------
On Jan. 6, 2014, the sole shareholder of Dilston Trade Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 28, 2014, 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


EASTERN ADVISORS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Eastern Advisors Capital, Ltd. received on
Feb. 21, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Giles S. Eyre
          405 Lexington Avenue, 32nd Floor
          New York
          New York 10174
          United States of America
          Telephone: +1 (212) 984 2339
          e-mail: giles@easternadvisors.com


ESTATE HOLDING: Placed Under Voluntary Wind-Up
----------------------------------------------
On Jan. 16, 2014, the shareholders of Estate Holding Cayman
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 28, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Poon Wai Hung, Richard
          Harbour Centre, Room 1409
          25 Harbour Road
          Wanchai
          Hong Kong


FORETREND INVESTMENTS: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Jan. 16, 2014, the sole shareholder of Foretrend Investments
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 30, 2014, 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


GMS CHINA: Members Receive Wind-Up Report
-----------------------------------------
On Feb. 19, 2014, the members of GMS China Management Holdings
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          William W. Gerrity
          Telephone: 858-369-7000
          Facsimile: 858-369-7099
          c/o Gerrity Group
          977 Lomas Santa Fe Drive Ste A
          Solana Beach, California 92075


GULLIVER MARINE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Jan. 14, 2014, the shareholders of Gulliver Marine Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 18, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Khairul E. Astwood
          20 Villet Drive, East Setauket, NY 11733
          U.S.A.
          Telephone: 631.689.8523
          Facsimile: 631.675.618


JH INTERNATIONAL: Sole Member Receives Wind-Up Report
-----------------------------------------------------
The sole member of JH International Limited received on Jan. 8,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          P.O. Box 71, Road Town Tortola
          British Virgin Islands


PARTNER INVESTMENT: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Jan. 16, 2014, the sole shareholder of Partner Investment Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 30, 2014, 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


PINGUINO LTD: Placed Under Voluntary Wind-Up
--------------------------------------------
On Jan. 16, 2014, the sole shareholder of Pinguino Ltd. resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 30, 2014, 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


QUARTET THREE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Quartet Three Limited received on Feb. 20,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Phang Thim Fatt
          8 Shenton Way #18-01
          Singapore 068811


QUARTET TWO: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Quartet Two Limited received on Feb. 20, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Phang Thim Fatt
          8 Shenton Way #18-01
          Singapore 068811


SEMPER GLOBAL: Commences Liquidation Proceedings
------------------------------------------------
On Jan. 15, 2014, the sole shareholder of Semper Global
Opportunistic Mortgage Strategy 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:

          Semper Capital Management, L.P.
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


SEMPER GOVERNMENT: Commences Liquidation Proceedings
----------------------------------------------------
On Jan. 15, 2014, the sole shareholder of Semper Government/Credit
Fixed Income 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:

           Semper Capital Management, L.P.
           c/o Walkers
           190 Elgin Avenue, George Town
           Grand Cayman KY1-9001
           Cayman Islands
           Telephone: (345) 914 6365


SOLUS CORE: Shareholder to Receive Wind-Up Report on May 15
-----------------------------------------------------------
The shareholder of Solus Core Opportunities Intermediate Fund Ltd
will receive on May 15, 2014, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877


SOLUS CORE FUND: Shareholder to Receive Wind-Up Report on May 15
----------------------------------------------------------------
The shareholder of Solus Core Opportunities Fund Ltd will receive
on May 15, 2014, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877


SVG INVESTMENTS: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of SVG Investments Ltd received on Feb. 13, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Probitas Limited
          Equitas Limited
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


UFFA INTERNATIONAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Jan. 6, 2014, the sole shareholder of Uffa International Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 30, 2014, 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


VISUAL CHINA: Members to Receive Wind-Up Report on Feb. 26
----------------------------------------------------------
The members of Visual China Holding Limited will receive on
Feb. 26, 2014, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Leung, Ming Shu
          Dian Tong Creative Square
          Building 2, Area A, No. 7
          Jiuxianqiao North Street
          Chaoyang District, Beijing 100015
          China
          Telephone: +8610 57950333
          Facsimile: +8610 56920112


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


JAMAICA DIVERSIFIED: Fitch Affirms 'BB' Rating on $125MM Notes
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings assigned to the Series
2013-1 notes issued by Jamaica Diversified Payment Rights Company
in light of an additional $25 million issuance under such series
as follows:

-- $125 million Series 2013-1 notes at 'BB', Outlook Stable.

Fitch's rating addresses the timely payment of interest and
principal on a quarterly basis in accordance with the transaction
documents. The expected final payment date is March 15, 2018 with
the option to extend the legal maturity date up to three years.

The issuance is backed by existing and future USD-denominated
diversified payment rights (DPRs) originated by National
Commercial Bank Jamaica Ltd. (NCBJ; long-term local currency (LC)
Issuer Default Rating (IDR) of 'B-'; Outlook Negative). DPRs are
defined as electronic or other messages utilized by financial
institutions to instruct NCBJ to make a payment to a beneficiary.

KEY RATING DRIVERS

The affirmation reflects (i) the credit quality of NCBJ and its
going concern assessment score of 'GC1'; (ii) coverage levels
which include a significant portion of domestically originated
receivables or flows considered more susceptible to diversion;
(iii) the transaction structure, which helps mitigate transfer and
convertibility risk; and (iv) the level of future flow debt to
total liabilities and long-term funding.

NCBJ is the largest bank by total assets in the Jamaican banking
system. The bank was well positioned to manage the fallout from
the government's recent debt restructuring, but the Negative
Outlook on its ratings reflects downside risks for a more
challenging operating environment if the government is not
successful at implementing its IMF programme.

Considering the amended outstanding debt size, the expected
quarterly debt service coverage ratio (DSCR), calculated according
to the transaction documents, is 41.3x maximum quarterly debt
service. The calculation considers average quarterly flows through
designated depository banks (DDBs) for the past three years and
excludes 65% of flows from certain entities which have large
levels of domestic flows and/or are considered more susceptible to
diversion.

The transaction structure benefits from notice and acknowledgment
agreements signed with DDBs, Bank of New York Mellon, Citibank,
HSBC, Barclays Bank PLC, and Wells Fargo, which irrevocably
instruct them to deposit DPR flows into offshore accounts
controlled by the indenture trustee. The percentage of DPR flows
processed by DDBs has averaged over 90% of total DPRs since 2007.

The program's total outstanding future flow debt represents 3.35%
of NCBJ's total liabilities. While NCBJ's future flow debt as a
percentage of total liabilities is similar to that of many future
flow programs in the region, the debt represents 100% of long-term
funding, which is considerably higher.

RATING SENSITIVITIES

The rating is sensitive to changes in the credit quality of NCBJ.
A downgrade of NCBJ's 'B-' LC IDR could lead to a downgrade on the
notes. In addition, severe reductions in coverage levels could
also result in rating downgrades.



* JAMAICA: Dollar Slide Hurting Equities Market Says Data
---------------------------------------------------------
RJR News reports that new data show the continuing slide in the
value of the Jamaican dollar and investor uncertainty are having a
dampening effect on the local equities market.

The Jamaica Stock Exchange, JSE, main index declined during the
December quarter and the Bank of Jamaica said this should be
viewed against the background of increased monthly returns on
foreign currency investments being a more attractive option to
investors, according to RJR News.

The report relates that the data said the decrease also occurred
in the context of uncertainty regarding Jamaica's structural
reforms and the country's performance in relation to IMF
benchmarks.

According to the BoJ's quarterly monetary policy report, the JSE
Main Index fell by 4.6 percent during the December quarter
following a 2-point-7 percent decline during the previous three
months, RJR News says.

The report notes that this performance was in contrast to a 5.6
percent increase for the corresponding period in 2012.


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


* TRINIDAD & TOBABGO: Minister Says State Contractors Will Be Paid
------------------------------------------------------------------
Carolyn Kissoon at Trinidad Express reports that Minister of Works
and Infrastructure Dr. Surujrattan Rambachan has assured that
contractors who have completed State jobs will be paid.

The report relates that Mr. Rambachan said the projects were
currently being audited to verify the work was completed.

Mr. Rambachan was responding to a group of contractors who staged
a protest outside Bhupsingh Park, Penal, where Prime Minister
Kamla Persad-Bissessar was attending the annual Siparia Women's
Association's Kiddies Carnival competition on  Feb 21.

The report notes that the contractors demanded outstanding
payments for several projects, including rehabilitation work
throughout the Chaguanas West constituency during the by-election
last July.

The group held up placards calling on the ministers of Food
Production and Works and Infrastructure to explain why they have
not yet received payments, the report relates.

The report discloses that spokesperson for the contractors, Danny
Persad, said they were attempting to meet Minister Persad-
Bissessar to discuss their concerns.

The report added that Mr. Persad, owner of JDR Construction Ltd,
said the contractors were hired to work on 289 projects valued at
TT$116 million.

Mr. Persad said several attempts to contact Rambachan and Food
Production Minister Devant Maharaj have proved futile.

"No one has contacted us since the protest.  We have not received
any money and we are not getting any appointments with the
ministers to discuss our concerns," the report quoted Mr. Persad
as saying.

Mr. Persad said the contractors needed the money to pay loans,
credit cards and hardware suppliers, among other expenses, the
report adds.


=================
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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