/raid1/www/Hosts/bankrupt/TCRLA_Public/140408.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, April 8, 2014, Vol. 15, No. 69


                            Headlines



A R G E N T I N A

ARGENTINA: S&P Affirms 'CCC+' Rating; Outlook Negative
TMF TRUST: Moody's Rates ARS17.5MM Certificates 'C'


B R A Z I L

BROOKFIELD INCORPORACOES: Fitch Lowers IDR to 'B'; Outlook Stable
OGX PETROLEO: Bondholder Opposes Batista's Oil Firm Recovery Plan
SCHAHIN OIL: S&P Revises Outlook to Negative & Affirms 'BB+' CCR
* BRAZIL: Firm Magnifies Focus on Distressed Debt


C A Y M A N  I S L A N D S

ACUMA LIMITED: Commences Liquidation Proceedings
AGILITY HOLDINGS: Creditors' Proofs of Debt Due April 23
AURIUM REAL: Commences Liquidation Proceedings
CIHC LIMITED: Creditors' Proofs of Debt Due April 24
DEMI CORPORATE: Creditors' Proofs of Debt Due April 24

HITS AFRICA: Creditors and Contributories Hold First Meeting
HURLSTONE GENERAL: Commences Liquidation Proceedings
INNOFIDEI INC: Commences Liquidation Proceedings
LANCELOT FUND: Placed Under Voluntary Wind-Up
UTOPIA PARK: Creditors' Proofs of Debt Due April 15


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Lawmakers Approve US$1.5 Billion Bond


J A M A I C A

ADVENTURA PLAZA: JMB Selling Shops to Recover Debts
DIGICEL GROUP: Takes One of Three Bands on 700 MHz Spectrum


P A R A G U A Y

BANCO REGIONAL: S&P Affirms 'BB-' ICR; Outlook Remains Stable


P U E R T O   R I C O

PUERTO RICO: Finance Arm Hires Bankruptcy Lawyers


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
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ARGENTINA: S&P Affirms 'CCC+' Rating; Outlook Negative
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' unsolicited
long-term foreign and local currency sovereign credit ratings and
its 'raBB+' national scale rating on the Republic of Argentina.
The outlook on the long-term ratings remains negative.  At the
same time, S&P affirmed its short-term foreign and local currency
ratings on Argentina at 'C'.  S&P also affirmed its transfer and
convertibility (T&C) assessment at 'CCC+'.

RATIONALE

Standard & Poor's sovereign credit ratings on Argentina reflect
fiscal and monetary rigidities and weak external liquidity, as
well as significant risks to debt service stemming from the
lawsuit in the U.S. courts over debt the government of Argentina
maintains in default.  Falling international reserves, limited
access to market funding, high inflation, a de facto dual exchange
rate, and decelerating economic activity have all contributed to
worsen Argentina's credit profile over the last quarter of 2013
and early 2014.

The government's reliance on the central bank to finance a
significant share of its fiscal deficits in recent years has
undermined the effectiveness of monetary policy and contributed to
inflation, which has in turn eroded the real exchange rate.  The
depreciation of the Argentine peso to $8 per U.S. dollar in
January this year from $6.50 helped stabilize the loss of
international reserves but will contribute to further inflation.
S&P estimates that inflation could be 35% this year.  The
government faces a politically difficult task in reaching moderate
wage increases and in reducing subsidies this year to contain
inflation and avoid further loss of external liquidity.  Failure
to contain and gradually reduce the rate of inflation, combined
with the government's track record of unorthodox economic policies
that have undermined investor confidence, could contribute to
further loss of foreign exchange reserves and greater
macroeconomic instability.

S&P expects gross external financing needs to represent 89% of
current account receipts plus usable reserves at year-end 2014.
Narrow net external debt will likely represent 78% of current
account receipts at the end of 2014.  However, the uncertainty
surrounding economic policy and the balance of payments this year
means that S&P's estimates are subject to substantial volatility.
The combination of more restrictions on imports and rising
earnings from a likely bountiful harvest may generate an
improvement in the trade balance despite an increasing deficit in
the energy sector.  Nevertheless, Argentina remains vulnerable to
a sudden loss of external liquidity, absent further steps to boost
investor confidence.

S&P projects real GDP will contract 1% this year, reflecting
higher interest rates, restrictions on some imports, and lower
activity in key sectors such as the automotive industry.  S&P
expects economic volatility to continue in the next two years
given the fragility of the overall macroeconomic environment.
According to official figures, GDP grew 3% in 2013, up from 1.9%
in 2012.  S&P estimates net general government debt to rise about
12% on average in the next three years, but this estimation is
subject to volatility because of uncertainty about GDP growth, the
exchange rate, and official inflation.  S&P expects that
government debt could reach 50% of GDP by the end of 2014, up from
45% last year. About 59% of the debt is owed to public-sector
creditors, reducing the rollover risk.  However, a similar share
of the debt is denominated in foreign currency, illustrating the
potential rise in the sovereign's debt burden in the event of
further exchange-rate depreciation.

The government has recently made some policy adjustments in the
face of worsening economic conditions, including introducing a new
measure of inflation that enjoys more market credibility, agreeing
to compensate Spain-based oil and gas company Repsol for the
expropriation of Argentine energy company YPF, and again
approaching the Paris Club of official bilateral creditors to
negotiate the defaulted debt owed to them.  The government also
issued new bonds in local currency in the domestic market (Bonar
2017), the first voluntary issue since 2008.  It has also
announced increases in utility tariffs and gasoline prices to
contain its subsidy bill, as well as letting the central bank
raise its policy interest rate.  Such steps could presage a return
to international capital markets, alleviating very tight external
liquidity.  Failure to boost external liquidity would raise the
risk of sovereign default, especially in light of the amortization
of a US$6 billion bond (Boden 2015) in October 2015.

In addition to economic constraints, the ratings on Argentina also
reflect the risk of an adverse court ruling in the U.S. that could
prevent the government from paying on debt issued under New York
law.  The government could, under such an adverse ruling, offer a
debt exchange to allow payment to the creditors under Argentine
law, an outcome that we would view as a distressed exchange.

S&P's 'CCC+' T&C assessment reflects the risk that the government
could further tighten its exchange control regime to the extent
that it impairs the ability of the private sector to service its
foreign currency debt.  The government already uses a variety of
exchange controls, and there is a wide disparity between the
official and parallel market exchange rates.

OUTLOOK

S&P could lower its rating on Argentina if external liquidity
worsens, further raising the risk of macroeconomic instability and
interruptions in debt service.  Similarly, S&P could downgrade
Argentina if it perceives legal risks to debt servicing have
increased or have become more imminent.  Among other developments,
a decision by the U.S. Supreme Court not to hear Argentina's
appeal of an earlier adverse lower court ruling could effectively
block the government's ability to service its debt.  Moreover, the
implementation of a debt exchange proposal that makes alternative
payment arrangements that, in S&P's view, materially alter the
terms of the bond indentures to the detriment of creditors could
prompt a downgrade to 'SD' (selective default).

On the other hand, the ratings could stabilize if the imminent
legal threats to debt servicing were to diminish substantially and
if the government could make more progress in stabilizing the
economy and boosting its access to external liquidity to meet
substantial external debt amortization next year.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.

RATINGS LIST
Ratings Affirmed

Argentina (Republic of) (Unsolicited Ratings)
Sovereign Credit Rating                CCC+/Negative/C
Argentina National Scale               raBB+/Negative/--
Transfer & Convertibility Assessment   CCC+


TMF TRUST: Moody's Rates ARS17.5MM Certificates 'C'
---------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo rates
Fideicomiso Financiero Supervielle Creditos 78, a transaction that
will be issued by TMF Trust Company (Argentina) S.A. -- acting
solely in its capacity as Issuer and Trustee.

The securities for this transaction have not yet been placed in
the market. The transaction is pending approval from the Comisi¢n
Nacional de Valores, If any assumption or factor Moody's considers
when assigning the ratings change before closing, the ratings may
also change.

ARS 232,500,000 in Floating Rate Debt Securities of "Fideicomiso
Financiero Supervielle Cr'ditos 78", rated Aa2.ar (sf) (Argentine
National Scale) and B1 (sf) (Global Scale, Local Currency)

ARS 17,500,000 in Certificates of "Fideicomiso Financiero
Supervielle Creditos 78", rated C.ar (sf) (Argentine National
Scale) and C (sf) (Global Scale, Local Currency)

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 23,520 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS 250,005,915.53.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administraci¢n Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

Overall credit enhancement is comprised of 7% of subordination for
the Class A Floating Rate Debt Securities. In addition the
transaction has various reserve funds and excess spread.

Factors that would lead to an upgrade or downgrade of the rating:

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction, and a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis:

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for prepayments with a mean of
25% and a coefficient of variation of 70%. These assumptions are
derived from the historical performance to date of the
Supervielle's pools. Servicer default was modeled by simulating
the default of the Banco Supervielle as the servicer consistent
with its current rating of Caa1/Ba1.ar. In the scenarios where the
servicer defaults, Moody's assumed that the defaults on the pool
would increase by 20 percentage points.

The model results showed 3.39% expected loss for the Floating Rate
Debt Securities and 78.47% for the Certificates.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
TMF Trust Company (Argentina) S.A. will be appointed as the back-
up servicer.

Stress Scenarios:

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3% from
the base case scenario for the pool (i.e., mean of 5.5% and a
coefficient of variation of 50%), the ratings of the Floating Rate
debt securities would likely be downgraded to B2 (sf). The ratings
of the Certificates would be unchanged.

The principal methodology used in this rating was "Moody's
Approach to Rating Consumer Loan ABS Transactions" published in
May 2013.

Potential Mapping Recalibration From Global Scale To National
Scale Ratings

With the recent downgrade of the government of Argentina on the
global rating scale and other issuers whose risk profiles are
affected by related credit considerations, the distribution of
ratings among issuers in Argentina has become compressed within
the bottom half of the national rating scale. As a result, the
current mapping of global scale ratings to national scale ratings
may no longer be adequately serving one of its intended purposes,
which is to provide substantially greater potential credit
differentiation among issuers in Argentina than is possible on the
global rating scale. Moody's is therefore assessing the
opportunity to revise its mapping from global scale ratings to
national scale ratings for Argentina. If the mapping is revised,
the new scale would likely imply that higher rated Argentine
issuers would be remapped to higher ratings on the national scale.

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 Ratings to Global Scale
Ratings".


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


BROOKFIELD INCORPORACOES: Fitch Lowers IDR to 'B'; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has downgraded the long-term foreign and local
currency Issuer Default Ratings (IDRs) of Brookfield Incorporacoes
S.A. (Brookfield Incorporacoes) to 'B', from 'B+', as well as the
long-term national rating to 'BBB+(bra)' from 'A(bra)'.  The
Rating Outlook for the corporate ratings is Stable.  The full list
of rating actions is at the bottom of this press release.

KEY RATING DRIVERS

The ratings downgrade reflects the continued and sharp weakening
of Brookfield Incorporacoes' credit metrics.  The company remains
showing high cash consumption, which implies an increased pressure
for refinancing of its corporate debt maturing in 2014 and 2015.
The company's operating result further deteriorated during 2013
and Fitch expects a final result for the year well below Fitch's
initial projections.  Relevant volumes of cost adjustments and
high sales cancellations remain negatively pressuring the
company's operating margins, as the losses arising from the review
process of costs of projects under development and internal
controls have been greater than initial expectations, thus
generating greater uncertainties.

The Stable Outlook considers as important Fitch's assumption that
measures of financial re-equilibrium, to strengthen the company's
capital structure on a sustainable manner, are necessary and
therefore potentially should be implemented by the company within
a period of six months.  It also considers a gradual recovery of
the company's operating results in the medium term, to levels
nearer the industry average.  Frustrations regarding these
assumptions should result in new downgrading pressure.

Brookfield Incorporacoes' ratings continue supported by the
integration and support from the controlling shareholder,
Brookfield Asset Management (BAM, IDR 'BBB'), evidenced by the
BRL400 million capital increase in November 2012, and by the
recent announcement of a public offer for acquisition of the
shares in circulation in the market for the cancellation of its
registration as a public company.  On an individual basis, without
the support and integration of the company's business with the
controlling group, Brookfield Incorporacoes' ratings would be
lower in more than one notch.

High Corporate Debt Maturities in 2014 and 2015

Brookfield Incorporacoes' liquidity is pressured by high corporate
debt maturities.  At Sept. 30, 2013, the company reported cash and
equivalents of BRL950 million for a total debt of BRL4.0 billion,
of which BRL1.6 billion maturing up to end 2014 and BRL1.8 billion
up to end 2015.  The obligations with corporate debt were BRL814
million and BRL1.2 billion, respectively.  The company benefits
from the potential liquidity of receivables of concluded and sold
units not linked to debt amounting to BRL596 million.  A potential
capitalization or partial monetization of its long term land bank
is fundamental to strengthen its cash reserve and reduce debt
refinancing pressures.

Leverage Should Remain High in the Short Term

Brookfield Incorporacoes' leverage remains high and should not
reduce to conservative levels in the short term.  The weak EBITDA
generation resulted in high net debt/EBITDA ratio of 50.3x in the
LTM ended September 2013, well above Fitch's expectations and
industry peers.  The recovery of EBITDA margin, slower than
initial expectations, should contribute to maintain high leverage
in 2014.

When analyzed under cash flow basis the company also remains
highly leveraged.  The ratio total receivables on the balance
sheet plus total inventory plus revenue to be booked over net debt
plus acquisition of property for development plus cost to be
incurred of units sold also weakened, reaching 1.6x in September
2013, against 1.9x in December 2012 and 2.4x in December 2010.

Recovery of Operating Cash Generation in 2014

In LTM ended September 2013, Brookfield Incorporacoes reported
adjusted EBITDA of BRL80 million.  Funds from operations (FFO)
were negative BRL322 million and cash flow from operations (CFFO)
negative BRL366 million, which have been pressured by the
company's low operating margins and high interest expense of its
debt.  Since 2009, the company has reported negative CFFO due to
high working capital needs to support the business growth.  The
low EBITDA reflects the negative impact of the recognition of
additional project costs of BRL207 million and BRL590 million of
sales cancellations.

Fitch expects that the combination of a greater volume of project
deliveries in 2013 and 2014, with the reduction of project
launches in 2013, and with measures to increase sales speed,
measured by pre sales net of sales cancellations over supply, and
the transfer of homebuyer credits to banks, contribute for a
recovery of operating cash generation in 2014 and mainly in 2015.
The company's cash flow should benefit from around BRL4.1 billion
of receivables maturing up to end 2014 and BRL2.0 billion in 2015.
Despite an expected higher volume of cash inflows in 2014, it does
not appear sufficiently robust to sustain a high volume of
corporate debt maturing over the next 15 months and, at the same
time, finance the cash needs for the company's growth.

Weak Operating Performance

Brookfield Incorporacoes operating results continue to be strongly
affected by costs above budget and by high volume of cancellations
of sales contracts.  The company's sales speed remains weak and
below market average. The average ratio pre sales net of sales
cancellations/supply was of 14% by quarter, from January to
September 2013, compared with an average of 19% by quarter in
2012.  This reduction reflects the high volume of sales
cancellations of BRl492 million in the first nine months of 2013
and BRL423 million in 2012, which was partially mitigated by the
resale of units object of sales cancellations.  From January to
September 2013, around 60% of the units object of sales
cancellations were resold and the inventory of concluded units
represented 12% of the total inventory in September 2013.
Brookfield Incorporacoes has adopted a series of measures to
recover its operational efficiency.  However, lower margin
projects are still in the conclusion phase and continue to
pressure its results.  The company's strategy focuses on cash
generation, sales speed and transfer of homebuyer's credits to
banks, which Fitch considers positive for the current moment of
the company, despite the negative impact on its operating margins.
The recovery of these margins should be gradual given the industry
long cycle, but they should remain pressured by potential cost
adjustments and sales cancellations in the short term.  In the LTM
ended September 2013, the company reported adjusted EBITDA margin
of only 2.3%.

RATING SENSITIVITIES

The ratings of Brookfield Incorporacoes can be negatively affected
by continued cash consumption by the company, and by the
maintenance of operating margins at current levels over the next
18 months.  Frustrations regarding an improvement of the company's
capital structure over the next six months can pressure the
ratings.  Positive rating actions are not expected in the short
term.

Fitch has taken the following rating actions:

Brookfield Incorporacoes

   -- Long-term foreign and local currency IDRs downgraded to 'B'
      from 'B+';

   -- Long-term national rating downgraded to 'BBB+(bra)' from
      'A(bra);

   -- BRL366 million second debenture issuance, final maturity in
      2016, downgraded to 'BBB+(bra)'from 'A(bra);

   -- BRL300 million third debenture issuance, final maturity in
      2016, downgraded to 'BBB+(bra)'from 'A(bra)';

   -- BRL300 million fourth debenture issuance, final maturity in
      2016, downgraded to 'BBB+(bra)' from 'A(bra)'.

   -- BRL300 million third debenture issuance, first series of
      BRL150 million due in 2015, downgraded to 'BBB+(bra)' from
      'A(bra);

   -- BRL300 million fourth debenture issuance, first series of
      BRL76.76 million maturing 2015 downgraded to 'BBB+(bra)'from
      'A(bra)'.


OGX PETROLEO: Bondholder Opposes Batista's Oil Firm Recovery Plan
-----------------------------------------------------------------
Luciana Magalhaes at Daily Bankruptcy News reports that a creditor
of Brazilian businessman Eike Batista's struggling oil company,
OGX Petroleo e Gas Participacoes S.A., now known as Oleo e Gas,
opposed the firm's judicial recovery plan, a move that will delay
the firm's exit from bankruptcy.

Cayman Island-based Autonomy Master Fund Ltd. said in a filing
with the Brazilian corporate court that smaller bondholders have
been treated unfairly, according to Daily Bankruptcy News.

The report notes that one of the complaints is that they weren't
given an opportunity to participate in a new round of funding for
the firm, according to the document.

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than $30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29 that the talks concluded
without an agreement. The company's cash fell to about $82 million
at the end of September, not enough to sustain operations further
than December.


SCHAHIN OIL: S&P Revises Outlook to Negative & Affirms 'BB+' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Schahin
Oil & Gas Ltd. (Schahin O&G) to negative from stable.  S&P also
affirmed its 'BB+' corporate credit rating on the company.

The negative outlook reflects S&P's view of a higher refinancing
risk at the holding company level given the medium tenor of the
maturity profile that could pressure the company's liquidity in
the next 18 months.

"In 2013, the company postponed a corporate bond issuance due to
market conditions.  Proceeds from that bond were intended mainly
to refinance existing debt at the holding and subsidiaries level
and to extend its maturity profile.  After cancelling the bond
issuance, management raised medium-term loans that it mostly used
to cancel the 2013 and 2014 maturities at the holding level and to
repay subordinated debt at two operating subsidiaries," said
Standard & Poor's credit analyst Candela Macchi.  As of March
2014, Schahin O&G had a single loan due October 2015 at the
holding company level.  Although S&P understands that the company
is looking to extend its maturity profile, it's currently unclear,
therefore, S&P believes refining risk has increased.


* BRAZIL: Firm Magnifies Focus on Distressed Debt
-------------------------------------------------
Vinod Sreeharsha, writing for The Wall Street Journal, reported
that the investment firm Jive Investments Holding Ltd., which
acquired some of Lehman Brothers Brazilian assets in 2010, is
raising a new $100 million distressed debt fund focused on
nonperforming corporate loans, according to people briefed on the
firm's plans.

According to the report, Jive, which is based in Sao Paulo,
expects to close the offshore fund this year, possibly as early as
the end of May, said these people, who spoke on the condition of
anonymity because they were not authorized to discuss the plans. A
Jive representative declined to comment.

The new fund is distinct from the distressed real estate funds
that Jive already runs, the report related.  Its structure is also
expected to be more traditional, with Jive acting as the general
partner and the largely foreign investors as limited partners. The
firm is in advanced discussions with United States and British
backers, one person said.

The move is likely to jump-start a still nascent market, the
report further related.  Brazil has few sellers of distressed
assets, especially nonperforming corporate loans. While foreign
banks, in particular Citigroup and Banco Santander Brasil, have
led the way, Brazil's highly liquid banks have so far not felt
pressure to follow suit.

Still, KPMG estimates sales of loan portfolios in Brazil are $10
billion to $20 billion a year, the report said.  In addition to
Jive, big players in the market here include Discovery, owned by
BTG Pactual, and RCB Investimentos.


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


ACUMA LIMITED: Commences Liquidation Proceedings
------------------------------------------------
On March 11, 2014, the shareholder of Acuma Limited resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

           Jean-Marc Lesieur
           10 Market St., Suite 711, Camana Bay
           Grand Cayman, KY1-9006
           Cayman Islands
           Telephone: 916 7948


AGILITY HOLDINGS: Creditors' Proofs of Debt Due April 23
--------------------------------------------------------
The creditors of Agility Holdings Limited are required to file
their proofs of debt by April 23, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 13, 2014.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345)949-0360
          P.O. Box 1170 George Town, Grand Cayman
          Cayman Islands KY1-1102


AURIUM REAL: Commences Liquidation Proceedings
----------------------------------------------
On March 23, 2014, the shareholder of Aurium Real Estate Holdings
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

           Reverio Capital Limited
           c/o Intertrust Corporate Services (Cayman) Limited
           190 Elgin Avenue, George Town
           Grand Cayman KY1-9005
           Cayman Islands


CIHC LIMITED: Creditors' Proofs of Debt Due April 24
----------------------------------------------------
The creditors of CIHC Limited are required to file their proofs of
debt by April 24, 2014, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 10, 2014.

The company's liquidators are:

           Benjamin Booker
           Jill Nelson
           c/o P.O. Box 1043
           Grand Cayman KY1-1102
           Cayman Islands
           Telephone: (345) 949-0050


DEMI CORPORATE: Creditors' Proofs of Debt Due April 24
------------------------------------------------------
The creditors of Demi Corporate Investments Ltd are required to
file their proofs of debt by April 24, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 28, 2014.

The company's liquidator is:

          Company Managers Ltd.
          Rue du Rhone 59
          1204 Geneva
          Switzerland


HITS AFRICA: Creditors and Contributories Hold First Meeting
------------------------------------------------------------
The creditors and contributories of Hits Africa Ltd. held their
first meeting on April 7, 2014.

The company's liquidator is:

           Mr. Keiran Hutchison
           c/o Barry MacManus
           Ernst & Young Ltd.
           62 Forum Lane, Camana Bay
           P.O. Box 510 Grand Cayman KY1-1106
           Cayman Islands
           Telephone: (345) 814 8997
           Facsimile: (345) 814 8529


HURLSTONE GENERAL: Commences Liquidation Proceedings
----------------------------------------------------
On March 12, 2014, the shareholder of Hurlstone General
Contractors Ltd. resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          Michael Pearson
          c/o Caroline Moore
          Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 947 5855

Mail to:

          10 Market Street #769, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          e-mail: caroline.moore@fundsolutionservices.com


INNOFIDEI INC: Commences Liquidation Proceedings
------------------------------------------------
On March 13, 2014, the shareholder of Innofidei Inc. resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

           Yuan Kai Tsai
           Telephone: +8610 8215 1933
           Facsimile: +8610 8215 1813
           11th Floor, No. 79
           Sec. 1, Hsin Tai Wu Road
           His Chi, Taipei Hsien
           Taiwan, Province of China


LANCELOT FUND: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on Feb. 10, 2014, the
shareholders of The Lancelot Fund 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


UTOPIA PARK: Creditors' Proofs of Debt Due April 15
---------------------------------------------------
The creditors of Utopia Park Ltd. are required to file their
proofs of debt by April 15, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 10, 2014.

The company's liquidator is:

          Jehangir Pocha
          Dubai International Financial Centre
          Gate Village 4, Level 5
          P.O. Box 506807 Dubai
          United Arab Emirates
          Telephone: +9714 358 6700
          Facsimile: +9714 358 6900


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


DOMINICAN REPUBLIC: Lawmakers Approve US$1.5 Billion Bond
---------------------------------------------------------
Dominican Today reports that the Senate passed two bills in two
consecutive roll calls for the Finance Ministry to issue a US$1.5
billion bond and RD$33.6 million in securities, to contract public
debt for that amount.

The bond and securities are consigned in this year's Budget and
would be used in social programs and government commitments,
according to Dominican Today.

The report notes that the first bond authorizes the Finance
Ministry to seek a maximum nominal amount of US$1.5 billion or its
equivalent in Dominican pesos, according to the exchange rate in
effect.

The bills now go to the Chamber of Deputies where approval is
expected given the ruling PLD party's control of the lower house,
Dominican Today says.


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


ADVENTURA PLAZA: JMB Selling Shops to Recover Debts
---------------------------------------------------
Jamaica Gleaner reports that eighteen shops at Adventure Plaza in
Portmore have been put up for sale by the Jamaica Mortgage Bank
(JMB), to recover outstanding debts to the bank.

"Under the normal course of business, if an entity is selling
anything under the power of sale, it means that the entity has an
interest and is attempting to sell it to retrieve what they owe,"
said JMB's general manager, Courtney Wynter, according to Jamaica
Gleaner.

"I'm not able to say much or anything about the sale," the report
quoted Mr. Wynter as saying.

The report notes that the state-owned bank had earlier cited
banker-client confidentiality when asked about the nature of the
deal with Adventure Plaza Limited.

The bank lends to developers, but it also operates a secondary
mortgage market.

"JMB does not have any bad loans within our SMM (secondary
mortgage market) portfolio, however, to the extent that there are
delinquent loans within our overall portfolio, the JMB will
aggressively move to recover all outstanding amounts," Mr. Wynter
said, the report notes.

Adventure Plaza is located on the northern side of East Trade Way
in Portmore.  The eighteen shops for sale are located on two
floors, each ranging between 53 square meters and 180 square
meters in size.  Company documents for Adventure Plaza Limited
cite Laurel Bennett, Nellita Bennett, Karen Bennett McLeod and
Michelle Marcus-Bennett as directors, with Nellita as top
shareholder with 500 of 1,000 units.


DIGICEL GROUP: Takes One of Three Bands on 700 MHz Spectrum
-----------------------------------------------------------
RJR News reports that after a year of trying to sell three bands
on the 700 megahertz spectrum, Technology Minister Phillip
Paulwell disclosed that the government had finally managed to sell
one of the bands to Digicel Group Limited.

RJR News notes that Minister Paulwell explained that the offers
received from various interested parties "were way below the 25
(million); people were coming to us at ten!"

Minister Paulwell has asserted that he will maintain the price of
the other two bands at the US$25 million mark and is inviting
other companies to bid for them, according to RJR News.

The money, which has already been paid by Digicel Group for its
band, helped the country meet its key primary surplus target for
the 2013/2014 fiscal year, RJR News relates.

                     About Digicel Group

Headquartered in Jamaica, Digicel Group Limited provides mobile
telecommunications services in the Caribbean and the Central
American markets.   The company's services include rollover
minutes, GPRS data services, prepaid roaming, SMS to e-mail, and
multimedia messaging, as well as broadband.

As reported in the Troubled Company Reporter on Dec 13, 2013,
Moody's Investors Service has affirmed Digicel Group Limited B2
Corporate Family Rating (CFR), B2-PD Probability of Default Rating
and the existing debt instrument ratings at DGL and Digicel
Limited ("DL") following the company's recent announcement that it
plans to issue up to $500 million of add-on notes to DGL's
existing $1.5 billion 8.25% senior unsecured notes due 2020. The
rating outlook remains stable.


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


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

The ratings on Banco Regional reflect its "strong" business
position in the Paraguayan banking system, "weak" capital and
earnings, "adequate" risk position, "average" funding, and
"adequate" liquidity (as S&P's criteria define these terms).  The
'BB-' issuer credit rating on the bank reflects its 'bb-' stand-
alone credit profile (SACP), as it does not incorporate any
external support.  The bank is 40% owned by Rabobank Financial
Institutions Development B.V., but controlled by local
shareholders.

The stable outlook reflects S&P's expectation that the bank will
continue to expand its operations in the Paraguayan market while
maintaining a strong business position, and adequate liquidity (in
levels rather in line with peers in the country).  S&P expects the
bank to register a RAC ratio above 3% and to maintain manageable
asset quality metrics including restructured loans and relatively
low charge-offs (of about 1%).  Rating upside is limited at this
point, and will depend on improvements in sovereign ratings and in
economic and industry risks for the Paraguayan banking industry,
all other credit factors being equal.  S&P could lower the ratings
on the bank if the ratings on the sovereign deteriorate or if
economic and industry risks for Paraguayan banks increase.
Ratings could also be negatively affected by a weakening in
capitalization metrics (with RAC ratios declining to levels below
3%) resulting from a more aggressive than expected growth strategy
of the bank; and by a deterioration in risk position derived from
consistently adverse conditions in the agribusiness segment (in
terms of weather and/or international commodity prices), with
recurrent increases in restructured loans and credit losses.


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


PUERTO RICO: Finance Arm Hires Bankruptcy Lawyers
-------------------------------------------------
Michael Corkery, writing for The New York Times' DealBook,
reported that Puerto Rico's fiscal agent has hired another well-
known restructuring law firm, raising the specter that the
financially troubled island is preparing to revamp its finances.

According to the report, the Government Development Bank for
Puerto Rico, which oversees all of the commonwealth's debt deals,
said it had hired Cleary Gottlieb Steen & Hamilton.

The development bank declined to say whether Cleary had been hired
as part of an effort to restructure the commonwealth's debt, the
DealBook related.

"The G.D.B. regularly solicits advice and counsel from a number of
legal and financial advisers with respect to financing plans and
other related matters," a spokesman for the development bank said
in a statement, the report further related.  "Cleary Gottlieb
Steen & Hamilton were engaged by the G.D.B. as part of these
ongoing efforts."

The hiring of Cleary, which was first reported by The Wall Street
Journal, comes as Puerto Rico tries to jump-start a flagging
economy while also digging out from a mountain of municipal bond
debt, the report said.


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