TCRLA_Public/140226.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

           Wednesday, February 26, 2014, Vol. 15, No. 40


                            Headlines



A R G E N T I N A

PELLEGRINI DESARROLLO: Moody's Puts 'B-bf' GS Bond Fund Rating


B R A Z I L

GOL LINHAS: Delays Filing of 4Q13 and 2013 Results
GOL LINHAS: Issues Guaranteed Notes to Finance Engine Maintenance


C A Y M A N  I S L A N D S

BLUEBIN LIMITED: Shareholder Receives Wind-Up Report
BRACKISH LIMITED: Shareholder Receives Wind-Up Report
CHEYENNE ASSETS: Member Receives Wind-Up Report
CLOVERFIELD LIMITED: Shareholder Receives Wind-Up Report
ENVI PROPERTIES: Shareholders Receive Wind-Up Report

FROIDE HOLDING: Shareholders Receive Wind-Up Report
ILION DIVERSIFIED: Members Receive Wind-Up Report
INVESTCORP INDUSTRIAL: Shareholders' Final Meeting Set for March 4
J. ZOROASTER: Member Receives Wind-Up Report
KOREA ACE: Shareholder to Receive Wind-Up Report on Feb. 27

MOUNTAIN CAPITAL: Shareholders' Final Meeting Set for Feb. 28
P2 GRENZE KYOTO: Members Receive Wind-Up Report
P2 GRENZE NARA: Members Receive Wind-Up Report
P2 MOZART FUKUOKA: Members Receive Wind-Up Report
P2 MOZART NAGOYA: Members Receive Wind-Up Report

P2 MOZART SAPPORO: Members Receive Wind-Up Report
PEPSY INTERNATIONAL: Members Receive Wind-Up Report
SAGUENAY EQUITY: Shareholder Receives Wind-Up Report
SPECIALISED POWER: Members Receive Wind-Up Report
VISUAL CHINA: Members to Receive Wind-Up Report Today


M E X I C O

* Reforms Neg. But Manageable for Corp. Credit Quality Says Fitch


P A N A M A

* PANAMA: IMF Concludes 2014 Article IV Mission


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Hyundai Plant Project Comes to Halt


                            - - - - -


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


PELLEGRINI DESARROLLO: Moody's Puts 'B-bf' GS Bond Fund Rating
--------------------------------------------------------------
Moody's has assigned a bond fund rating to Pellegrini Desarrollo
Argentino FCI (the Fund), a new bond fund domiciled in Argentina
that will be managed by Pellegrini SAGFCI.

The ratings assigned are as follows:

Global scale bond fund rating: B-bf

National scale bond fund rating: Baa-bf.ar

Ratings Rationale

The bond fund ratings are based on the expectation, founded on the
Fund's planned investment strategy, that it will invest over 70%
of its portfolio in Argentinean ABS backed by infrastructure
projects (mainly house planning, roads and energy), whose final
repayment is guaranteed by the Argentinean Central Government and
Provinces, with an average rating of B3 /A2.ar- Baa3.ar, and
average maturity of 5 years. Based on its planned investment
strategy, the Fund is expected to complement its portfolio with
liquid securities that include time deposits and short term bond
funds managed by Argentinean asset managers.

Moody's noted that the Fund is new and hence has no track record.
The fund analysis is based on a pro-forma portfolio received from
the fund manager. The Fund is expected to be launched within the
next two weeks.

The Fund's portfolio will attempt to follow the 'inciso K'
investment strategy, whose objective is to stimulate the
development of regional economies through investments in
securities associated with infrastructure projects. "The key
investors will be local insurance companies and the National
Pension Fund (ANSES), which are obligated by local regulations to
invest a portion of their assets in Argentinean infrastructure
projects," commented Moody's Assistant Vice President-Analyst,
Carlos de Nevares.

Moody's noted the high correlation between the credit profile of
the Fund portfolio and the credit quality of the Argentinean
sovereign, due to the guarantees provided to most of the
underlying securities.

The principal methodology used in this rating was the "Moody's
Bond Fund Rating Methodology" published in May 2013.

Pellegrini SAGFCI, owned by Banco de la Nacion Argentina, is a
leading asset manager in the Argentinean mutual fund industry, and
is part of Grupo BNA, the largest local financial group in
Argentina. As of December 2013, Pellegrini SAGFCI managed
approximately AR$7,394 million or USD 1.1 billion in assets under
management (AUM), which represents 9.95% of total market share.


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


GOL LINHAS: Delays Filing of 4Q13 and 2013 Results
--------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. informed its shareholders and
the market in general that its events calendar has been altered.
The Board of Directors' Meeting that will resolve on the
disclosure of the Company's results for the fourth quarter and
full year of 2013, as well as the filing of the Annual Financial
Statements and Consolidated Financial Statements for the fiscal
year ended December 31, 2012, scheduled for February 26, 2014, and
the Conference Call for the Company's results for the fourth
quarter and full year of 2013, scheduled for February 26, 2014,
have been rescheduled for March 25, 2014 and March 26, 2014,
respectively. The Company said that these alterations to its
Annual Calendar were caused by the need for more time to compile
the results disclosure material.

GOL Linhas Aereas Inteligentes S.A. is a low-cost and low-fare
airline in Latin America, offers around 970 daily flights to 65
destinations in 10 countries in South America, Caribbean and the
United States under the GOL and VARIG brands, using a young,
modern fleet of Boeing.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 7, 2013, Fitch Ratings assigned an expected rating of
'B/RR5(exp)' to Gol Linhas Aereas Inteligentes S.A.'s proposed
unsecured notes.  Fitch also assigned a 'B+' rating to the
Company's foreign and local currency long-term Issuer Default
Ratings.


GOL LINHAS: Issues Guaranteed Notes to Finance Engine Maintenance
-----------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. has issued a single series of
Guaranteed Notes in the amount of US$40.7 million, priced through
a capital market operation with an all-in cost of 0.62% p.a.  The
transaction represents the continuation of engine maintenance
financing from the Export-Import Bank of the United States (Ex-Im
Bank).

The financing with financial guarantee from the Ex-Im Bank will
have a two-year term and will be used to finance the CFM56-7B
maintenance engines by Delta TechOps, the maintenance division of
Delta Air Lines, further reinforcing the strategic partnership
between the companies entered into at the beginning of 2011.

GOL Linhas Aereas Inteligentes S.A. is a low-cost and low-fare
airline in Latin America, offers around 970 daily flights to 65
destinations in 10 countries in South America, Caribbean and the
United States under the GOL and VARIG brands, using a young,
modern fleet of Boeing.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 7, 2013, Fitch Ratings assigned an expected rating of
'B/RR5(exp)' to Gol Linhas Aereas Inteligentes S.A.'s proposed
unsecured notes.  Fitch also assigned a 'B+' rating to the
Company's foreign and local currency long-term Issuer Default
Ratings.


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


BLUEBIN LIMITED: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Bluebin Limited received on Feb. 18, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BRACKISH LIMITED: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Brackish Limited received on Feb. 18, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CHEYENNE ASSETS: Member Receives Wind-Up Report
-----------------------------------------------
The member of Cheyenne Assets Limited received on Jan. 9, 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


CLOVERFIELD LIMITED: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Cloverfield Limited received on Feb. 18, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ENVI PROPERTIES: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Envi Properties Ltd. received on Jan. 30,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


FROIDE HOLDING: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Froide Holding Inc. received on Jan. 30, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


ILION DIVERSIFIED: Members Receive Wind-Up Report
-------------------------------------------------
The members of Ilion Diversified Fund SPC Ltd. received on
Jan. 21, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Spyridon Vasileiou
          267 Ionias Avenue, Athens 111 43
          Greece
          Telephone: +30 6944 907681


INVESTCORP INDUSTRIAL: Shareholders' Final Meeting Set for March 4
------------------------------------------------------------------
The shareholders of Investcorp Industrial Properties Limited will
hold their final meeting on March 4, 2014, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Ebrahim H. Ebrahim; or
          Ayman Al-Arrayed
          c/o Patricia Tricarico
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


J. ZOROASTER: Member Receives Wind-Up Report
--------------------------------------------
The member of J. Zoroaster Co. 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:

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


KOREA ACE: Shareholder to Receive Wind-Up Report on Feb. 27
-----------------------------------------------------------
The shareholder of Korea Ace Mortgage 2B Company will receive on
Feb. 27, 2014, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Roger Priaulx
          Edel Andersen
          c/o Genesis Trust & Corporate Services Ltd.
          Midtown Plaza, 2nd Floor
          Elgin Avenue, George Town
          Grand Cayman
          Cayman Islands KY1-1106
          Telephone: (345) 945 3466
          Facsimile: (345) 945 3470


MOUNTAIN CAPITAL: Shareholders' Final Meeting Set for Feb. 28
-------------------------------------------------------------
The shareholders of Mountain Capital CLO III Ltd. will hold their
final meeting on Feb. 28, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          P.O. Box 10632, 3rd Floor, Royal Bank House
          24 Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands


P2 GRENZE KYOTO: Members Receive Wind-Up Report
-----------------------------------------------
The members of P2 Grenze Kyoto Holding KY LP Ltd. received on
Feb. 25, 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 GRENZE NARA: Members Receive Wind-Up Report
----------------------------------------------
The members of P2 Grenze Nara Holding KY GP Ltd. received on
Feb. 25, 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 MOZART FUKUOKA: Members Receive Wind-Up Report
-------------------------------------------------
The members of P2 Mozart Fukuoka Holding KY GP Ltd. received on
Feb. 25, 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 MOZART NAGOYA: Members Receive Wind-Up Report
------------------------------------------------
The members of P2 Mozart Nagoya Holding KY LP Ltd. received on
Feb. 25, 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 MOZART SAPPORO: Members Receive Wind-Up Report
-------------------------------------------------
The members of P2 Mozart Sapporo Investment Holding KY Ltd.
received on Feb. 25, 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


PEPSY INTERNATIONAL: Members Receive Wind-Up Report
---------------------------------------------------
The members of Pepsy International Ltd. received on Jan. 30, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 949-9808
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


SAGUENAY EQUITY: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Saguenay Equity Offshore Fund, Ltd. received on
Feb. 19, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Desiree Jacob
          Telephone: (345) 949-9876
          Facsimile: (345) 949-9877


SPECIALISED POWER: Members Receive Wind-Up Report
-------------------------------------------------
The members of Specialised Power Investments Limited received on
Feb. 25, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Philip Mosely
          Cayman Management Ltd.
          42 North Church Street
          Harbour Centre, Ground Floor
          P.O. Box 1569 Grand Cayman KY1-1110
          Cayman Islands
          Telephone: +1 (345) 949 4018
          Facsimile: +1 (345) 949 7891


VISUAL CHINA: Members to Receive Wind-Up Report Today
-----------------------------------------------------
The members of Visual China Holding Limited will receive today,
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


===========
M E X I C O
===========


* Reforms Neg. But Manageable for Corp. Credit Quality Says Fitch
-----------------------------------------------------------------
Mexico's new reforms are expected to be negative but manageable
for corporates, despite a diminished potential for upgrades in
2014, according to a new Fitch Ratings report.

'While companies are expected to see a negative impact on cash
flow, mainly due to more taxes, in general these initiatives are
turning Mexico in the right direction,' said Sergio Rodriguez,
Senior Director at Fitch. 'Tax, energy and telecommunication
reform have the most immediate effect on corporates, with growth
in the medium term expected as a result of the overall reforms.
Long-term success will be determined by the secondary laws still
in the process to be passed or approved by Congress.'

Negatively, the fiscal reform did not increase the number of
taxpayers because it lacked enforcement for the informal sector -
which amounts to almost 60% of the total taxpayer pool. Existing
taxpayers and companies already paying taxes will be negatively
impacted.

Fiscal reform may dampen demand for consumer goods, and lower
profitability for newly-taxed beverages and high calorie foods.
Mexican bottler volumes will decline 5%-7%, while average sales
prices will increase 10%-15%. High-calorie food volumes are
expected to decline in the low single digits while prices should
increase to levels around 8%. Retailers with operations on the
U.S. border may be disadvantaged by the increased VAT tax.

Telecom reform will hurt dominant providers America Movil, S.A.B.
de C.V. and Televisa, S.A.B. de C.V., which may subject them to
asymmetrical reforms. Without approved secondary laws it is
difficult to quantify the impact and likelihood of credit quality
change.

Financial reform should support greater financial intermediation
and economic growth over the medium-to-long term. Financing from
private financial institutions and government-owned development
banks should increase. New bankruptcy rules should better protect
creditors on bad loans while precedents for new bankruptcy cases
should underpin an increase in lending.

Energy reform will improve competitiveness by reducing constraints
on Pemex and fostering natural gas production and infrastructure
development.

Labor and education reform are expected to have a limited impact
in the short term, but over the long term will support economic
growth.


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


* PANAMA: IMF Concludes 2014 Article IV Mission
-----------------------------------------------
An International Monetary Fund (IMF) mission, headed by Luca
Antonio Ricci, visited Panama City during February 11-21 to
conduct the country's annual Article IV consultation.

At the end of the discussions, Mr. Ricci issued the following
statement in Panama City:

"Panama's economic performance remains buoyant.  Growth averaged
about 8.5 percent over the past decade, the highest in Latin
America.  Panama's banking sector performance indicators are
healthy; banks remain well-capitalized, liquid and profitable.
The law issued in 2013 providing for the custody of bearer shares
as well as the publication of the 2014 IMF's Detailed Assessment
Report on Anti-Money Laundering and Combating the Financing of
Terrorism are positive steps towards improving the transparency of
the corporate and financial sectors.

"Our baseline growth projections are favorable, with broadly
balanced risks.  Growth is moderating from the high levels of
2011-12 but remains strong - estimated at about 8 for 2013 and
projected at above 7 percent in 2014 - supported by robust public
and private investments.  Inflation is declining due to the
deceleration of international food and fuel price inflation, but
remains higher than in trading partners.  The current account
deficit remains large but continues to be financed mainly by
buoyant Foreign Direct Investment (FDI) inflows.

"Near-term risks arise mainly from shifts in global trade and
financial conditions, overheating pressures, and the risk of
further significant delays in the Canal expansion.  The
normalization - and the surrounding uncertainty - of U.S. monetary
policy may expose vulnerabilities, including through capital
outflows.  Other external risks relate to a protracted economic
slowdown in trading partners and persistent payment difficulties
in Venezuela.  Strong domestic fundamentals and the ability to
implement countercyclical fiscal policies would, however, mitigate
the impact of external shocks. Near-term domestic risks arise
mainly from the build-up of overheating pressures and a possible
loss of competitiveness, as well as the risk of further
significant delays in the Canal expansion.

"In this context, tighter fiscal policy in the near term would
help build policy space in case of serious deterioration of the
domestic or external environment.  Given strong domestic demand
and output above capacity, keeping the fiscal deficits below the
revised Social and Fiscal Responsibility Law (SFRL) ceilings would
also help contain domestic inflationary pressures and prevent them
from becoming entrenched in wage dynamics.

"Ongoing efforts to upgrade financial sector supervision and
transparency are welcome and should be accelerated.  Transparency
of the corporate and financial sectors needs to be improved
further, in line with the FATF's and Global Forum standards - a
particularly important task given Panama's role as a financial
center.  The authorities should continue to build up financial
safety nets and to enhance their capacity for monitoring systemic
risks, conducting macro-prudential policies, and supervising non-
bank financial institutions.  Credit growth, financial leverage,
and external exposures should continue to be closely monitored,
and gaps in data that are critical for conducting sound
macroeconomic policy should be closed.

"Our discussions of medium-term issues focused on structural
policies and institutional reforms to ensure a smooth transition
towards strong and sustainable medium term growth when large
public investment projects are completed.  In order to maintain
external sustainability and competitiveness, it is important to
contain inflationary pressures and prevent further appreciation of
the real exchange rate.

"In view of addressing the country's social challenges more
efficiently, we encourage the authorities to continue ensuring
that social programs reach the intended targeted groups and
effectively address social objectives.  We welcome the effort to
enhance the quality of public education and emphasize that
measures to increase the availability of vocational training and
stimulate female labor participation may raise labor productivity,
which in turn would contribute to achieving sustainable and
inclusive growth, further reducing poverty, and raising living
standards.

"The mission would like to express its gratitude to the Panamanian
authorities for their kind hospitality, excellent cooperation, and
candid discussions."


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


PETROLEOS DE VENEZUELA: Hyundai Plant Project Comes to Halt
-----------------------------------------------------------
Business Korea reports that Hyundai Engineering & Construction's
oil refining plant reconstruction project in Venezuela, which was
won from Petroleos de Venezuela two years ago, has been halted due
to the non-payment of construction costs.

With the completion of the US$2.995 billion plant expected to be
delayed by a year or so, Korean builders are increasingly
concerned over such suspensions that could follow the economic
recessions in some Latin American countries as of late, according
to Business Korea.

"The facility expansion and improvement project in Puerto la Cruz
has been almost halted due to non-payment since late last year,"
said an industry source, adding, "PDVSA has recently given notice
of a year of construction delay," the report notes.

The report recalls that Hyundai E&C won the project in June 2012
to renovate the facilities of the oil refining plant located 250
km to the east of Caracas.  It is the first project of Hyundai E&C
in the Venezuelan construction market.  The report discloses that
the company obtained the order jointly with Wison Engineering of
China and Hyundai Engineering.  Hyundai E&C's share amounts to
US$1.348 billion.

The report notes that a delay in construction in such a large
project inevitably brings about huge losses on the part of the
builder because the costs snowball with the payment from the
ordering body fixed.

Such delays have been one of the major reasons Korean construction
companies have recorded huge losses abroad for years, the report
discloses.

The report says that PDVSA is supposed to compensate for the
losses but has not come up with any official stance yet.

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

                     *     *     *

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


                            ***********


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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