TCRLA_Public/140325.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, March 25, 2014, Vol. 15, No. 59


                            Headlines



A R G E N T I N A

ENTRE RIOS: Moody's Assigns (P)Caa1 Rating to Note Program


B R A Z I L

BRAZIL: Biggest Fund Manager Says Local Bonds 'Very Attractive'
COMPANHIA DE SANEAMENTO: Moody's Assigns Ba1 Rating to Debentures
MINERVA S.A.: S&P Assigns 'BB-' Rating on $300MM Perpetual Notes


C A Y M A N  I S L A N D S

EAGLE INVESTOR I: Creditors' Proofs of Debt Due April 10
EAGLE INVESTOR II: Creditors' Proofs of Debt Due April 10
EAGLE INVESTOR III: Creditors' Proofs of Debt Due April 10
EAGLE INVESTOR IV: Creditors' Proofs of Debt Due April 10
EAGLE INVESTOR IX: Creditors' Proofs of Debt Due April 10

EAGLE INVESTOR V: Creditors' Proofs of Debt Due April 10
MAPLE LEAF 11: Placed Under Voluntary Wind-Up
MAPLE LEAF 12: Placed Under Voluntary Wind-Up
MAPLE LEAF 13: Placed Under Voluntary Wind-Up
MAPLE LEAF 14: Placed Under Voluntary Wind-Up


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Union Vows to Stage Strikes to Protest Fuel Prices


P A R A G U A Y

BANCO CONTINENTAL: S&P Affirms 'BB-' ICR; Outlook Stable
LOS PORTALES: S&P Assigns 'B+' CCR & Rates $200MM Sr. Notes 'B+'


U R U G U A Y

* URUGUAY: To Get US$14.5MM IDB Loan to Improve Fin'l. Management


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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


ENTRE RIOS: Moody's Assigns (P)Caa1 Rating to Note Program
----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a (P)Caa1 (global scale local currency) and Ba3.ar
(Argentina National Scale) ratings to the 2014 Short-Term Treasury
Note Program of the Province of Entre Rios. The ratings are in
line with the province's long term local currency issuer ratings,
which carry a stable outlook.

Ratings Rationale

The 2014 program, authorized by provincial's Decree N 4891/13
considers a maximum issuance of ARS641.7 million. Each individual
series can carry a maturity of up to 365 days.

The assigned debt ratings reflect Moody's view that the total
amount considered under this program, which represents less than
3% of the province's 2014 expected revenues, is already
incorporated in the Caa1/Ba3.ar issuer ratings assigned to the
province of Entre Rios.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
nor anticipates changes in the main conditions that the notes will
carry. Should issuance conditions and/or final documentation of
any of the series under this program deviate from the original
ones submitted and reviewed by the rating agency, Moody's will
assess the impact that these differences may have on the ratings
and act accordingly.

What Could Change The Rating Up/Down

Moody's does not expect upward pressures in the Province of Entre
R°os's ratings in the near to medium term. Further systemic
deterioration or idiosyncratic risks arising in the rated issuer
could exert downward pressure on the ratings assigned.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in October 2012
entitled "Mapping Moody's National Scale Credit Ratings to Global
Scale Credit Ratings.


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


BRAZIL: Biggest Fund Manager Says Local Bonds 'Very Attractive'
---------------------------------------------------------------
Ney Hayashi at Bloomberg News reports that Brazil's sovereign and
corporate local bonds are "very attractive" following increases in
the target lending rate, according to Banco do Brasil SA's asset
management unit.

While Brazil's growth is forecast by economists to slow, long-term
bonds returning 7 percentage points above the annual inflation
rate are good opportunities, said Carlos Takahashi, the head of BB
DTVM, the nation's biggest fund manager, which oversees BRL512
billion (US$220 billion) in Brazil including bonds and equities,
according to Bloomberg News.

"Fixed-income assets look very attractive," Mr. Takahashi told
Bloomberg News in a phone interview from Sao Paulo.  "There are
some issues in Brazil, but you shouldn't make the mistake of
thinking that things are worse than they really are," Mr.
Takahashi said, Bloomberg News relays.

Bloomberg News says that Mr. Takahashi said recent equity declines
have created opportunities, with exporters and financial
institutions poised to outperform the Ibovespa stock index.
Investors whose portfolios mirror the gauge will probably end up
"disappointed" this year, Mr. Takahashi said, Bloomberg News
discloses.

Bloomberg News notes that policy makers raised the benchmark
lending rate last month for an eighth straight time, increasing it
to 10.75 percent as inflation remained faster than the
government's target.   Brazil's economic growth will slow to 1.7
percent this year after an expansion of 2.3 percent in 2013,
according to a central bank survey of economists published, notes
the report.

Bloomberg News says that Brazil's main equity gauge entered a bear
market on March 14 after falling 20 percent from its October high
through that day.  The measure has since pared the drop to 16
percent, Bloomberg News adds.


COMPANHIA DE SANEAMENTO: Moody's Assigns Ba1 Rating to Debentures
-----------------------------------------------------------------
Moody's America Latina Ltda. assigned a Ba1 rating on the global
scale, and an Aa2.br Brazilian National Scale Rating ("NSR") to
the BRL250 million senior unsecured, non-convertible debentures
(the "Seventh Issuance") that the Companhia de Saneamento de Minas
Gerais S.A.(COPASA) plans to issue in April 2014. At the same
time, Moody's affirmed the Ba1 and Aa2.br ratings for both the
outstanding senior unsecured debentures, which were rated in 2012,
as well as the Corporate Family Rating ("CFR") on the global and
NSR, respectively. The outlook remains positive for all ratings.

The proceeds of the Seventh Issuance will be used to finance
COPASA's CAPEX program as well as extend its financial debt
maturities. COPASA expects to issue the securities in up to two
tranches with maturities of 5 and 7 years, depending on market
conditions.

Ratings Rationale

The Ba1 and Aa2.br corporate family ratings reflect COPASA's
strong credit metrics for the rating category along with its
stable operating cash flows derived from long-term concession
contracts executed with 73.4% of the municipalities of the State
of Minas Gerais (Baa3; stable), high operating efficiency, low
delinquency rates, secure access to adequate water supply,
diversified customer base, and strong support from the State
Government given COPASA's role as provider of essential services
in the State of Minas Gerais (MG).

The positive outlook reflects the rating of the State of Minas
Gerais (Baa3/stable), our expectation that the current
uncertainties in the regulatory framework will be resolved in the
first half of 2014, and that the Company will continue to stay
focused on its core business (i.e. the provision of water and
sewage services) by continuing to grow its portfolio of water and
sewage concessions and customers, while meeting their expectations
by delivering high quality services in an efficient manner.

However, the ratings continue to be constrained by: (i) the lack
of definition of and the timing for the implementation of the
methodology for tariff revisions, including the definition of the
productivity factor, which affects tariff adjustments, and is yet
to be defined by the State regulatory agency (ARSAE-MG); (ii) the
high CAPEX investment program; and (iii) the potential for
political interference given the importance of the services
provided by COPASA to 69% of the State's population.

The recent track record of tariff adjustments shows that, at least
since 2005, MG's State Government has supported COPASA by granting
adjustments indexed to domestic inflation (as measured by the IGPM
index). In 2009, the adjustment was suspended by MG's courts until
MG's State regulatory agency was created (August 2009). In 2010,
the tariff adjustment defined by ARSAE-MG was 3.96%. In February
2011, ARSAE-MG published the Normative Resolution 03/2011 and the
Technical Note 03/2011, which defined the parametric formula for
tariff adjustments, but not the formula for tariff revisions. In
March 2011, the tariff adjustment was 7.02%, following the
aforementioned Resolution and Note (the IGPM index was 10.95%).
Thereafter, ARSAE-MG authorized tariff adjustments of 4.34% (April
2012; IGPM index of 3.65%), and 5.25% (May 2013; IGPM index of
5.53%).

The tariff adjustment formula also includes a productivity factor;
however, this factor still needs to be defined by ARSAE-MG, which
has temporarily set the value of the productivity factor for the
tariff adjustments to zero, until the first tariff revision takes
place.

The CAPEX program is another factor that constrains the ratings,
given that historically COPASA has made large investments (around
BRL800 -- 900 million per year), which is expected to continue in
the medium to long-term. Given that the water and sewage sectors
in Brazil require significant investments, which typically carry
low margins, there is a clear need for COPASA to continue to
access low cost, long-tenor financing.

The Seventh Issuance debentures will have financial covenants of
EBITDA / Debt Service coverage ratio equal or higher than 1.5x,
and Net Debt / EBITDA equal or less than 3.0x, the same financial
covenants of the outstanding rated debentures.

An upgrade in the ratings would require that ARSAE-MG fully define
the implementation of a market-based tariff review methodology
combined with a positive track record in administering the water
and sewage regulatory framework in MG.

An upgrade would also require that COPASA show continued
strengthening of its credit metrics on a sustainable basis, as a
result of stronger cash flow generation and lower leverage, which
would result in Funds from Operations ("FFO") / Net Debt above
25%, and FFO Interest Coverage above 4.0x. A rating upgrade could
also be triggered by a rating upgrade of the State of Minas
Gerais, given that COPASA is a GRI.

Conversely, downward rating pressure could result from: (i) a
tariff review that does not remunerate current or future
investments in a fair manner; (ii) political interference that
could affect COPASA's operating and financial performance; (iii)
perceived weaker support from the State of Minas Gerais; (iv)
deteriorating liquidity; and (v) deteriorating metrics as a result
of increased leverage to finance CAPEX or high dividend payouts,
and/or lower cash generation, which would result in an FFO/Net
Debt ratio below 15%, and FFO Interest Coverage below 2.5x for an
extended period.

The methodologies used in this rating were Global Regulated Water
Utilities published in December 2009. Other methodologies used
include Government-Related Issuers: Methodology Update published
in July 2010.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings".

Companhia de Saneamento de Minas Gerais S.A. ("COPASA" or the
"Company") was founded in 1963, and is currently the incumbent
water and sewage company in the State of Minas Gerais ("MG" or the
"State"), Southeast Brazil. COPASA is controlled by the State of
Minas Gerais ("MG"), which owns 51.13% of COPASA's voting shares;
the remaining shares are listed on BM&FBOVESPA's stock exchange
(Symbol: CSMG3); 87.7% of the floated shares are held by foreign
investors.

As of December 31, 2013, on a consolidated basis, COPASA's water
services reached 14.55 million people, which corresponds to 69% of
MG's population, an increase of 3.4% as compared to 2012; sewage
services reached 9.3 million people, an increase of 6.2% over
2012. In 2013, sewage connections increased by 6.4% to 2.4
million, while water connections increased by 3.6% to 3.9 million.

COPASA's customers are spread across 626 municipalities, which
corresponds to 73.4% of the State's 853 municipalities. COPASA has
concessions to operate water-only services in 343 municipalities
(54.8% of covered municipalities), and water and sewage services
in 283 municipalities (remaining 45.2% of COPASA's coverage).
COPASA fully-owns three operating subsidiaries: (i) COPASA Aguas
Minerais de Minas S/A, which explores and commercializes mineral
water;(ii) COPASA Servicos de Saneamento Integrado do Norte e
Nordeste de Minas Gerais S/A - Copanor, which provides water and
sewage services to the northern region of MG; and (iii) COPASA
Servicos de Irrigacao S/A, which provides irrigation services for
the Jaiba project. In the fiscal year ended on December 31, 2013
(FY2013), these subsidiaries generated net operating revenues of
BRL18.6 million, which accounted for only 0.6% of COPASA's
consolidated operating revenues.

In 2013, COPASA had net operating revenues (excluding construction
revenues) from water and sewage services of about BRL3.02 billion,
an increase of 8.6% over net operating revenues in 2012 (BRL2.78
billion). According to Moody's standard adjustments, EBITDA stood
relatively flat at BRL1.19 billion in 2013 versus BRL1.21 billion
in 2012, while net income had a slight decrease to BRL419.8
million from BRL481.7 million in the previous year.


MINERVA S.A.: S&P Assigns 'BB-' Rating on $300MM Perpetual Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' issue-level
rating to Minerva S.A.'s proposed $300 million perpetual notes.
S&P also raised its national scale corporate credit rating on the
company to 'brA' from 'brA-'.  At the same time, S&P affirmed its
'BB-' global scale corporate credit rating on Minerva.  The
outlook on the corporate credit ratings is stable.  S&P expects
Minerva to use the proceeds to pay down short-term and higher
interest debt.

The upgrade reflects S&P's expectation that Minerva will continue
to improve its credit metrics through higher cash flow generation,
while it maintains a long-term debt amortization profile and
strong liquidity.  The company has significantly expanded its
slaughtering capacity in the past few months through the
acquisitions of Frigorifico Carrasco and Jana£ba plant from
Frigorifico Kaiowa S.A. and the investment agreement with BRF S.A.
(BBB-/Stable/--) in which Minerva will acquire two beef plants
from BRF in exchange for a 15% stake in Minerva, which is still
subject to regulatory approval.  The company improved its capital
structure by extending debt maturities and lowering interest
rates, while it didn't incur additional debt nor committed cash
outflows to expand its capacity.  As a result, S&P estimates a
faster-than-expected deleveraging, as the company integrates the
operations and increases cash flow generation.


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


EAGLE INVESTOR I: Creditors' Proofs of Debt Due April 10
--------------------------------------------------------
The creditors of Eagle Investor I Inc are required to file their
proofs of debt by April 10, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 24, 2014.

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          Telephone: (345) 947 4700


EAGLE INVESTOR II: Creditors' Proofs of Debt Due April 10
---------------------------------------------------------
The creditors of Eagle Investor II Inc are required to file their
proofs of debt by April 10, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 24, 2014.

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          Telephone: (345) 947 4700


EAGLE INVESTOR III: Creditors' Proofs of Debt Due April 10
----------------------------------------------------------
The creditors of Eagle Investor III Inc. are required to file
their proofs of debt by April 10, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 24, 2014.

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          Telephone: (345) 947 4700


EAGLE INVESTOR IV: Creditors' Proofs of Debt Due April 10
---------------------------------------------------------
The creditors of Eagle Investor IV Inc. are required to file their
proofs of debt by April 10, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 24, 2014.

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          Telephone: (345) 947 4700


EAGLE INVESTOR IX: Creditors' Proofs of Debt Due April 10
---------------------------------------------------------
The creditors of Eagle Investor IX Inc. are required to file their
proofs of debt by April 10, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 24, 2014.

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          Telephone: (345) 947 4700


EAGLE INVESTOR V: Creditors' Proofs of Debt Due April 10
--------------------------------------------------------
The creditors of Eagle Investor V Inc. are required to file their
proofs of debt by April 10, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 24, 2014.

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          Telephone: (345) 947 4700


MAPLE LEAF 11: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on Feb. 19, 2014, the
shareholders of Maple Leaf Leasing 11 Limited resolved to
voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

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


MAPLE LEAF 12: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on Feb. 19, 2014, the
shareholders of Maple Leaf Finance 12 Limited resolved to
voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

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


MAPLE LEAF 13: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on Feb. 19, 2014, the
shareholders of Maple Leaf Leasing 13 Limited resolved to
voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

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


MAPLE LEAF 14: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on Feb. 19, 2014, the
shareholders of Maple Leaf Leasing 14 Limited resolved to
voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

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


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


DOMINICAN REP: Union Vows to Stage Strikes to Protest Fuel Prices
-----------------------------------------------------------------
Dominican Today reports that Transporters Union (CNTU) threatened
to stage a strike to protest the increasing price of natural gas,
which climbed for two consecutive weeks.

Drivers understand that the measure, which they describe as unfair
and out of context, has to do with the government conspiring
against the use of natural gas in passenger vehicles, according to
Dominican Today.

In the past two weeks the authorities have increased RD$2.00 to
the price of natural gas, which will cost RD$32.50 per cubic from
March 22 to 28, the report notes.


===============
P A R A G U A Y
===============


BANCO CONTINENTAL: S&P Affirms 'BB-' ICR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
issuer credit ratings and senior unsecured debt ratings on Banco
Continental S.A.E.C.A. (Banco Continental).  The outlook is
stable.

The ratings on Banco Continental reflect its "strong" business
position in the Paraguayan banking system, "weak" capital and
earnings, "adequate" risk position, "average" funding, and
"adequate" liquidity.  The 'BB-' issuer credit rating on the bank
reflects its 'bb-' stand-alone credit profile (SACP), as it does
not incorporate any external support.

S&P's bank criteria uses its Banking Industry Country Risk
Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating. Our anchor for a commercial bank operating
only in Paraguay is 'b+'.

S&P's economic risk assessment on Paraguay reflects its very low-
income levels, developing and volatile economy, evolving political
institutions, and limited monetary flexibility.  Paraguay's
institutional framework is weak in terms of debt management and
financial supervision.  Economy is vulnerable to political
dynamics because Paraguay's political institutions are still
evolving.  Monetary flexibility suffers from the high, albeit
declining, level of dollarization in the economy (40% of loans are
dollar denominated as of mid-2013), rapid credit growth, and
customer and sector loan concentration.  S&P also considers
payment culture and rule of law as "very weak."

"Our industry risk assessment views Paraguay's regulatory
framework, although improving, as still lagging international
standards.  The government doesn't have a track record of
effective support to its banking sector.  Although the banking
sector's competitive dynamics, risk appetite, and asset quality
have remained stable during the past five years, the central bank
doesn't regulate or supervise deposit-taking financial
institutions (cooperatives) that have a large market share in
terms of loans and deposits.  We believe that these entities could
create market distortions by increasing their market shares.  The
banks mostly rely on deposits for funding, but they're
increasingly tapping external funding sources due to the rising
demand for export-oriented loans and the need to match balance
sheets," S&P said.

Banco Continental has a "strong" business position based on its
relevant presence as one of the largest financial entities in
Paraguay, which provides the bank with significant business
stability.  The entity has a wide coverage in the Paraguayan
market in diverse sectors of the economy and ranked first in the
system in term of loans with a market share of 18.4%, as of
Dec. 31, 2013.  By the end of 2013, it fell one position in terms
of assets and now occupies second place with a 17.43% market
share, and also fell to third place in terms of deposits with a
share of 15.94%.  However, the reductions in market participations
represent less than 100 basis points (bps) and, in the case of
deposits, the decline was mainly related to the bank's efforts to
optimize funding mix and costs.  "We expect deposits to continue
representing the bank's most important funding source and that the
bank will continue to be one of the largest players in the
country," said Standard & Poor's credit analyst Ivana Recalde.


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P E R U
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LOS PORTALES: S&P Assigns 'B+' CCR & Rates $200MM Sr. Notes 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to Los Portales S.A. (Portales).  The outlook is
stable.  S&P is also assigning a 'B+' issue-level rating to the
company's proposed $200 million seven-year bullet senior unsecured
notes.

Peru's strong economic fundamentals and its unique housing
industry characteristics (specifically its self-home-construction)
and relatively low banking penetration compared to other countries
in Latin America reflect Portales' "weak" business risk profile,
in our view.  Moreover, S&P believes that the company's business
model leads to less volatile cash flows compared to those of its
regional peers.  Although Portales has an established position in
the land development market, its expansion and shift towards
diversifying its product offering into real estate will require
significant investments, leading to a peak in debt levels in 2014
and negative free operating cash flow for at least another year.

"We assess Portales' financial risk profile as "aggressive."  The
company's land development segment generates the majority of its
EBITDA, including scheduled income from lot sales through non-
mortgage financing, which we believe represents a moderately high
industry risk as it is, in our view, the first phase of the
homebuilding platform.  Although the company is seeking to further
diversify into its rental divisions--including operating parking
lots and shopping malls--we believe its core business as a
developer will represent the greatest concentration during the
next two to three years.  However, compared to traditional home
developers in other Latin American countries, in our view,
Peruvian players enjoy lower execution risk, faster working
capital cycle, and higher predictability of receivables due to the
self-home-construction model and non-mortgage financing schemes,"
S&P said.


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U R U G U A Y
=============


* URUGUAY: To Get US$14.5MM IDB Loan to Improve Fin'l. Management
-----------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a US$14.5
million loan to Uruguay that will finance a program to implement
an integrated, state-of-the-art financial information system that
will improve government management of the budget, finances and
accounting.

Through this new system the Government Financial Management
Modernization Program aims to enhance operational efficiency in
the handling of public spending and yield timely, valuable
information that supports the decision-making process in the
budgetary cycle.

The program will benefit the people of Uruguay by contributing to
transparency and efficiency in public spending.  In particular it
will serve the public sector by generating information that will
support decision-making and monitoring during the budgetary cycle.

Plans include the development and implementation of the
integrated, state-of-the-art Financial Information System and the
institutional strengthening of Ministry of the Economy and Finance
offices and government agencies that are directly involved in the
budgetary process.

The IDB financing is composed of a US$14.5 million loan over 25
years with a 5.5-year grace period and an interest rate pegged to
the LIBOR.  The loan is being matched by a Uruguayan contribution
of US$12.3 million.


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