TCRLA_Public/140306.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

           Thursday, March 6, 2014, Vol. 15, No. 46


                            Headlines



C A Y M A N  I S L A N D S

ANTHRACITE BALANCED: Members' Final Meeting Today
ARROWHEAD FUND: Shareholder to Receive Wind-Up Report on March 12
ASIAN CENTURY MASTER: Shareholder Receives Wind-Up Report
ASIAN CENTURY OFFSHORE: Shareholder Receives Wind-Up Report
ASIAN CENTURY SMALLER: Shareholder Receives Wind-Up Report

CLAY HOUSE: Shareholder to Receive Wind-Up Report on March 24
PHOEBUS LEASING: Shareholder to Receive Wind-Up Report on March 14
RUSSVET FUND: Shareholder to Receive Wind-Up Report on March 24
SHERIDAN OPPORTUNITY: Members' Final Meeting Set for March 27
SHORT STOP 2: Shareholder to Receive Wind-Up Report on March 24

TESLA INC: Shareholder to Receive Wind-Up Report on March 11
TRACKSTAR ENTERPRISES: Members Receive Wind-Up Report
VIMO INTERNATIONAL: Members Receive Wind-Up Report
ZUCCHINA INVESTMENT: Members Receive Wind-Up Report


J A M A I C A

KLE GROUP: Incurs J$56 Million Loss in 2013
RBC JAMAICA: Royal Bank of Canada Sets Aside CDN$40MM for Payouts


M E X I C O

CEMEX SAB: Disclose Conversion of Approx. US$280MM 2015 Notes
GRUMA S.A.B.: S&P Raises CCR to 'BB+'; Outlook Stable


P U E R T O   R I C O

PUERTO RICO: Fitch Assigns 'BB' Rating to $3.5BB GO Bonds of 2014


                            - - - - -


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


ANTHRACITE BALANCED: Members' Final Meeting Today
-------------------------------------------------
The members of Anthracite Balanced Company (IR-16) Limited will
hold their final meeting today, March 6, 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 liquidator is:

          Ian Stokoe
          c/o Andrew Nembhard
          Telephone: (345) 914 8779
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


ARROWHEAD FUND: Shareholder to Receive Wind-Up Report on March 12
-----------------------------------------------------------------
The shareholder of Arrowhead Fund will receive on March 12, 2014,
at 10:00 a.m., the liquidators' 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 KY1-1106
          Cayman Islands
          Telephone: (345) 945 3466
          Facsimile: (345) 945 3470


ASIAN CENTURY MASTER: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Asian Century Quest Smaller Companies Master
Fund, Ltd. received on March 4, 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) 815-1779
          Facsimile: (345) 949-9877


ASIAN CENTURY OFFSHORE: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The shareholder of Asian Century Quest Offshore Fund, Ltd.
received on March 4, 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) 815-1779
          Facsimile: (345) 949-9877


ASIAN CENTURY SMALLER: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The shareholder of Asian Century Quest Smaller Companies Offshore
Fund, Ltd. received on March 4, 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) 815-1779
          Facsimile: (345) 949-9877


CLAY HOUSE: Shareholder to Receive Wind-Up Report on March 24
-------------------------------------------------------------
The shareholder of Clay House Ltd will receive on March 24, 2014,
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Robert P. Shaw
          Calle 20b Sur. No.27-237, Casa 106
          Medellin, Antioquia, Colombia
          Telephone: 57 311 229 8057
          Calle 20b Sur. No.27-237, Casa 106
          Medellin, Antioquia, Colombia
          Telephone: 57 311 229 8057


PHOEBUS LEASING: Shareholder to Receive Wind-Up Report on March 14
------------------------------------------------------------------
The shareholder of Phoebus Leasing Limited will receive on
March 14, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


RUSSVET FUND: Shareholder to Receive Wind-Up Report on March 24
---------------------------------------------------------------
The shareholder of Russvet Fund Ltd will receive on March 24,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


SHERIDAN OPPORTUNITY: Members' Final Meeting Set for March 27
-------------------------------------------------------------
The members of Sheridan Opportunity Fund, Ltd will hold their
final meeting on March 27, 2014, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


SHORT STOP 2: Shareholder to Receive Wind-Up Report on March 24
---------------------------------------------------------------
The shareholder of Short Stop 2 Limited will receive on March 24,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


TESLA INC: Shareholder to Receive Wind-Up Report on March 11
------------------------------------------------------------
The shareholder of Tesla, Inc. will receive on March 11, 2014, at
11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Marcos Donnabella Camano
          R. Gomes de Carvalho, 615
          Sao Paulo-SP
          CEP 047388-001
          Brazil
          Telephone: +55 11 98389 1569; or
                     +55 11 98389 1571


TRACKSTAR ENTERPRISES: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Trackstar Enterprises Inc. received on Feb. 28,
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


VIMO INTERNATIONAL: Members Receive Wind-Up Report
--------------------------------------------------
The members of Vimo International Ltd. received on Feb. 28, 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


ZUCCHINA INVESTMENT: Members Receive Wind-Up Report
---------------------------------------------------
The members of Zucchina Investment Ltd. received on Feb. 28, 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


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


KLE GROUP: Incurs J$56 Million Loss in 2013
-------------------------------------------
Jamaica Gleaner reports that entertainment company KLE Group made
a loss of $56 million last year, caused by spikes in the cost of
business and operational expenses.

The group said it was hit by an uncertain economic environment,
and that the reduced discretionary spend of its clientele, coupled
with the company's inability to pass on the increased costs of
business to its customers, further affected its margins, according
to Jamaica Gleaner.

"The impact of a hugely uncertain economic environment throughout
the year, but particularly in the earlier part of 2013, had a
direct effect on our top line," KLE said, the report notes.

"The uncertainty surrounding the IMF deal, compounded by the rapid
devaluation of the Jamaican dollar, resulted in discretionary
spend being seriously affected which, ultimately, caused a
reduction in transactions," the report discloses.

                         Operating Losses

The report notes that losses last year deepened fourfold from the
J$13-million net loss posted at year end December 2012,
notwithstanding stronger revenues of J$334 million, up from J$288
million.

In addition, the report relays, the J$10 million of operating
profit made in 2012 was completely erased, with the company
posting operating losses of J$24 million, which KLE linked to the
performance of the Fiction nightclub.

"While the Tracks and Records, Odyssey and Famous brands
contributed an operating profit for the group, Fiction suffered a
significant decrease in revenue in 2013, which resulted in an
operating loss," the financial report stated, the report says.

Efforts to reach KLE Chief Executive Officer Gary Matalon were
unsuccessful.

KLE has advised shareholders that it plans to continue
restructuring the business this year, a strategy that includes
franchising of the Tracks & Records sports bar and casual dining
outfit internationally, the report notes.

Mr. Matalon has previously said that the company was targeting 36
markets for franchises and that there was already interest coming
from New York, Hawaii, London and China, the report adds.


RBC JAMAICA: Royal Bank of Canada Sets Aside CDN$40MM for Payouts
-----------------------------------------------------------------
Jamaica Gleaner reports that Royal Bank of Canada has set aside
CDN$40 million for payouts to employees of subsidiary RBC Jamaica
and other restructuring charges in the Caribbean.

The bank booked the expected losses of CDN$60 million in its first
quarter ending January, and said other provisions had been made
for post-employment benefits to be finalized once the deal with
Sagicor Jamaica Group had closed, according to Jamaica Gleaner.
The report notes that the transaction is expected to get
regulatory approval within the second quarter.

RBC Jamaica employs about 500 staff.  Neither the local bank nor
RBC Caribbean head, Suresh Sookoo, responded to requests for
comment.

                           Redundancy

Earlier this year, the report notes, RBC cut 20 staff in Trinidad
& Tobago, and the union there expects more positions will be made
redundant.  There have also been reports of cuts coming in
Dominica, the report relays.

Sagicor has agreed to buy RBC Jamaica for JM$9.5 billion for the
operation with the bad debts stripped out, the report discloses.
To date, RBC has declined to shed light on the fate of the Wyndham
hotel property which it took over in 2011 and placed into
receivership on claims that a US$33-million loan had fallen into
arrears, the report relays.

The hotel owners, in turn, have countered that the bank breached
the loan agreement, the report adds.


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


CEMEX SAB: Disclose Conversion of Approx. US$280MM 2015 Notes
-------------------------------------------------------------
CEMEX, S.A.B. de C.V. disclosed that certain institutional holders
of CEMEX's 4.875% Convertible Subordinated Notes due 2015 are
expected to convert approximately US$280 million aggregate
principal amount of the Notes in exchange for an estimated 27.6
million American Depositary Shares of CEMEX.  CEMEX is not paying
any cash to these holders in connection with these conversions.

Following the closing of these transactions, approximately US$435
million aggregate principal amount of the Notes will remain
outstanding.  The Notes are not callable prior to maturity in
March 2015.

Fernando A. Gonzalez, Executive Vice President of Finance and
Administration, and CFO of CEMEX, said: "This transaction
contributes to the strengthening of our capital structure.  It
supports our stated objectives of reducing debt and interest costs
and reduces our short term contingent refinancing requirements."

The closing of these transactions are subject to customary closing
conditions.  The ADSs are being issued under private conversion
agreements and such issuance is exempt from registration pursuant
to Section 3(a)(9) under the U.S. Securities Act of 1933, as
amended.

                          About CEMEX SAB

Mexican corporation CEMEX, S.A.B. de C.V., is a holding company
of entities which main activities are oriented to the
construction industry, through the production, marketing,
distribution and sale of cement, ready-mix concrete, aggregates
and other construction materials.  CEMEX is a public stock
corporation with variable capital (S.A.B. de C.V.) organized
under the laws of the United Mexican States, or Mexico.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 30, 2013, Standard & Poor's Ratings Services raised its
ratings on CEMEX S.A.B. de C.V. (CEMEX) and its subsidiaries,
CEMEX Espana S.A., CEMEX Mexico S.A. de C.V., and CEMEX Inc., to
global scale 'B+' from 'B' and to national scale 'mxBBB' from
'mxBBB-'.  The outlook is stable.


GRUMA S.A.B.: S&P Raises CCR to 'BB+'; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services raised its global scale
corporate credit and debt ratings on Gruma, S.A.B. de C.V. (Gruma)
to 'BB+' from 'BB'.  The recovery rating on the bonds remains
unchanged at '3'.  The outlook is stable.

The upgrade reflects S&P's view of Gruma's financial policy, which
S&P believes has moderated during the past few years.  The
company's commitment to reduce debt and improve profitability,
especially after the buyout of the stake that Archer Daniels
Midland Co. used to hold in Gruma, strengthened its EBITDA margin
and key financial ratios by the end of 2013.  S&P expects this
trend will continue throughout 2014 until the company reaches its
leverage metric target of 2.0x.  Once this target is achieved, S&P
expects Gruma to maintain its financial policy in line with
expectations and keep its growth strategy conservative by focusing
on its core businesses and no significant external funding to
finance it.


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


PUERTO RICO: Fitch Assigns 'BB' Rating to $3.5BB GO Bonds of 2014
-----------------------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to the following general
obligation (GO) bonds of the Commonwealth of Puerto Rico:

   -- Up to $3.5 billion GO Bonds of 2014, Series A.

Fitch has also affirmed the 'BB' rating on $10 billion of
outstanding GO bonds of the commonwealth.
The Rating Outlook is Negative.

                             SECURITY

GO bonds are secured by the good faith, credit and taxing power of
the Commonwealth of Puerto Rico. Strong legal provisions for GO
debt include a constitutional first claim on commonwealth
revenues, including transportation-related and rum excise tax
revenues that are dedicated to specific authorities and other
bonds.  The commonwealth cannot file for bankruptcy.

                        KEY RATINGS DRIVERS

WEAK ECONOMY THE KEY CREDIT FACTOR: Puerto Rico's economy has been
in recession since 2006.  Although some recent information
suggests nascent improvement, results are mixed.  Fitch believes
that the ultimate success of efforts to put the commonwealth's
finances on a sustainable path will be dictated by the performance
of the economy.

DEBT AND RETIREE BENEFIT LIABILITIES HIGH: Puerto Rico's bonded
debt levels and unfunded pension liabilities are very high
relative to U.S. states, with a large amount of outstanding debt
issued for deficit financing purposes.  Pension funding will
remain exceptionally low even with the significant pension reform
effort undertaken by the current administration.

BUDGET IMPROVED, BUT CHALLENGES REMAIN: Following a long history
of significant budget deficits and a reliance on borrowing to fund
operations, the general fund gap has been reduced considerably and
the governor recently announced the intent to balance the budget
next year, one year earlier than previously expected.  Fitch
believes achieving and maintaining balance will remain
challenging.

FISCAL MANAGEMENT EFFECTIVE AND COMMITTED: The current
administration has made significant progress in addressing
longstanding credit issues and responded quickly and decisively to
challenges.  Fitch believes the commitment to achieving fiscal
balance and honoring commitments to bondholders remains strong.

FINANCIAL FLEXIBILITY CONSTRAINED: The commonwealth's capital
markets access deteriorated steeply in 2013 and non-investment-
grade ratings potentially limit the market available for the
commonwealth's debt going forward.  Reliable external market
access in line with market norms is important to long-term
stability.

LINK TO U.S. A CREDIT POSITIVE: Puerto Rico's status as a
commonwealth of the U.S. and strong linkages to the U.S. economy
are credit strengths, although the application of U.S. law and
minimum wage standards may reduce competitiveness in some areas.

                       RATING SENSITIVITIES

MARKET ACCESS: The current rating assumes that the commonwealth
will be able to execute a sizable transaction in the near term to
bolster liquidity.  An inability to access the market would be a
significant credit concern and cause for a downgrade.

EVIDENCE OF ECONOMIC STABILIZATION: Maintenance of the current
rating will require stabilization in economic performance and
emergence from the long recessionary period.

ACHIEVABILITY OF BUDGET TARGETS: Failure to show continued
progress toward structural balance would pressure the rating.

                           CREDIT PROFILE

The 'BB' rating on the bonds reflects demonstrated weakness in the
Puerto Rico economy, very high liabilities including outstanding
debt and unfunded pensions, challenged though improving financial
operations, and limited financial flexibility.

The current transaction, the vast majority of which will replace
existing debt rather than adding to the commonwealth's debt load,
is designed to bolster liquidity at the GDB and remove potential
near-term liquidity stresses.  Fitch's rating assumes that the
commonwealth will be able to address liquidity pressures through
such borrowing, and the inability to do so could result in
significant credit deterioration.

Puerto Rico's current management has repeatedly shown its ability
and willingness to take quick action to address financial
challenges and external market concerns, much of which has
required legislative action.  However, underlying the need for
these measures is the very difficult economic, financial, and
market situation that management continues to confront.

                             ECONOMY

Although Puerto Rico's employment cycles historically have been
generally in line with those of the U.S., more recently the
commonwealth's economy fell into recession in 2006, long before
the U.S. recession started, and has yet to rebound.  Initial signs
of recovery in 2012 now appear to have been more a reflection of
economic stimulus than underlying growth and subsequent economic
performance has been weak.

Since the start of the recession, Puerto Rico has lost more than
10% of non-farm employment, and population has been declining.
Nonfarm employment was down 2.6% year-over-year in December 2013,
an improvement from prior months, but the unemployment rate
remained a high 15.5%.  The Government Development Bank for Puerto
Rico (GDB) Economic Activity Index (EAI), an indicator of the
general level of economic activity, was down year-over-year every
month in 2013, with the pace of decline accelerating in the first
half of the year and stabilizing in the latter half. The December
2013 EAI was 5.2% below December 2012.  The U.S. Bureau of Labor
Statistics is scheduled to release revised employment statistics
later this month; any change in historical numbers would have a
direct effect on the EAI, as employment is one of four variables
for that statistic.

Puerto Rico's status as a commonwealth of the U.S. and strong
linkages to the U.S. economy are a positive credit factor.
Federal transfer payments represented 25% of 2012 personal income,
mostly in the form of entitlements such as social security and
Medicare.  This serves as a stabilizing force but is also
illustrative of the comparative weakness of the overall economy.

As it struggles to emerge from a prolonged recession, Puerto Rico
faces a longer term question of how to grow and diversify its
economy, increase employment and workforce participation levels,
enhance wealth and income, and address longer term structural
contraction in its existing pharmaceutical and electronic
producing industries.  The ultimate test will be whether or not
Puerto Rico is able to find a sustainable path to the economic
growth that is necessary to support the commonwealth's high debt
levels and other long-term liabilities, as well as to achieve and
maintain a structurally balanced budget.

The commonwealth is focused on economic development, and has had
some notable successes.  However, making the current situation
more challenging, historical economic performance reflects
extensive use of federal and commonwealth selective tax
exemptions, financial and tax incentives, development loans, and
other economic initiatives. In addition, government austerity and
recent tax and utility rate increases could have a dampening
effect on economic performance.

                             FINANCES

One of the most notable aspects of Puerto Rico's recent credit
history has been the efforts to restructure fiscal operations and
bring structural balance to the budget in the context of a weak
economy.  Although the commonwealth has thus far failed to meet
the goal of budget balance, the efforts have yielded significant
results.  The general fund deficit has been reduced from more than
40% of general fund revenues in fiscal 2009 to a budgeted 9% in
fiscal 2014, even with increased funding for pensions in the
current fiscal year.  Moreover, the administration has reduced the
fiscal 2014 deficit forecast from $820 million to $650 million,
and intends to present a balanced budget proposal for fiscal 2015,
which begins on July 1.  This is one year earlier than previously
promised.

The commonwealth's tax structure has changed repeatedly and
significantly as part of various fiscal and economic policy
schemes, making it difficult to conduct robust trend analysis and
judge the degree of the relationship between particular economic
and revenue results.  The general fund now relies on three main
revenue sources: the personal income tax (30% of projected fiscal
2014 revenues), corporate income tax (26%), and the special 'Act
154' excise tax on transactions between manufacturers and
distributors that are part of the same holding group (20%).  The
commonwealth sales tax also generates significant revenues, but
the general fund receives sales tax revenue only after the amount
needed for COFINA debt service and as such only 6% of general fund
revenue is from this source.

Fiscal 2014 revenues through February are reported up 10% year-
over-year, reflecting tax increases enacted as part of the
current-year budget.  The January 2014 general fund revenue
forecast revision, while unchanged in aggregate at $9.5 billion,
reflects an even larger reliance than previously budgeted on
corporate taxes, which have been overperforming estimates.  The
sales tax changes included in the budget have failed to produce
all of the expected additional revenues.

Fitch believes that meeting the goal of structural balance remains
challenging, and notes the failure of plans under prior
administrations.  The commonwealth has to address extensive
expenditure demands, with more responsibility for local functions
than U.S. states have, and there are material spending increases
embedded in the budget.  However, efforts of recent years have
resulted in significant progress in rationalizing the
commonwealth's fundamental financial position, and the commitment
and effectiveness of the current administration appears strong.

                          DEBT & PENSIONS

Fitch's calculation of commonwealth net tax-supported debt as of
June 30, 2013 is $47 billion, a very high 76% of personal income.
Elevated bonded debt levels reflect extensive use of deficit
financing as well as the consolidated nature of the central
government's role in Puerto Rico.  The commonwealth has a complex
debt structure including GO, sales tax, guaranteed, and public
corporation debt.  The often-cited figure for Puerto Rico's debt -
$70 billion - includes not only debt supported by commonwealth tax
revenues but also debt of the electric and water and sewer
utilities and other revenue-supported debt that is not the
obligation of the central government.

Pension funding has been a longstanding credit challenge for
Puerto Rico. Funding is exceptionally low and will remain so even
with the significant pension reform effort undertaken by the
current administration.  The commonwealth passed a comprehensive
pension reform of the employees retirement system in 2013.  The
overhaul did not attempt to improve the actuarially determined
funded status, which will remain close to zero for many years, but
rather focused on achieving a predictable and manageable annual
funding scheme.  Importantly, the commonwealth quickly received
Puerto Rico Supreme Court validation of the reform, eliminating
the potential for legal challenge.  Reform with similar goals was
enacted for the teachers system late last year, and legal
challenges are currently being considered by the Supreme Court.

                             LIQUIDITY

Puerto Rico for many years relied on market solutions to fund
operations and refinance debt for current-year budget savings.
With a confluence of negative events, related to both the
commonwealth specifically and the municipal market in general,
Puerto Rico's market access deteriorated steeply in 2013 despite
the significant actions taken by the current administration to
address longstanding challenges.  As a result, Puerto Rico became
increasingly dependent on relatively short-term, privately placed
borrowing to meet its funding requirements.  This in turn created
its own liquidity pressure, and a reliance on the resources of
GDB, which has played an increasingly significant role in
commonwealth finances.

Recent downgrades of the commonwealth's debt to non-investment-
grade levels triggered potential new liquidity demands of about
$1 billion, although the commonwealth has worked with relevant
counterparties to mitigate the impact and expects to take out
variable-rate debt and fund swap termination payments with
proceeds of the current borrowing.  The administration has also
taken a variety of steps to improve GDB liquidity in recent
months.

The current borrowing is expected to alleviate liquidity
pressures, a significant credit factor for Fitch.  Fitch will
closely review the results of the transaction to determine its
impact on GDB liquidity and the commonwealth's overall financial
flexibility and debt service burden, noting that the vast majority
of the debt will refund existing obligations.


                            ***********


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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