TCRLA_Public/140415.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 15, 2014, Vol. 15, No. 74



RCI BANQUE: Moody's Downgrades Long-Term Issuer Rating to B1


STRATUS TECHNOLOGIES: Moody's Assigns 'B2' Corp. Family Rating


OGX PETROLEO: Batista Denies Using Inside Information
PARANAPANEMA SA: Moody's Assigns Ba3 CFR; Outlook Stable

C A Y M A N  I S L A N D S

ANTHRACITE BALANCED (JR-47): Creditors' Proofs of Debt Due May 8
ANTHRACITE BALANCED (JR-52): Creditors' Proofs of Debt Due May 8
ASSET MANAGERS: Creditors' Proofs of Debt Due April 28
DMG INC: Creditors' Proofs of Debt Due April 28
HUTCHIN HILL MASTER: Commences Liquidation Proceedings

HUTCHIN HILL OFFSHORE: Commences Liquidation Proceedings
HUTCHIN HILL TRADING: Commences Liquidation Proceedings
NOBEL BRAZIL: Creditors' Proofs of Debt Due May 1
PANORAMA MEDIA: Creditors' Proofs of Debt Due April 28
TELLUS LIMITED: Creditors' Proofs of Debt Due April 28

D O M I N I C A N   R E P U B L I C

XSTRATA NICKEL: Takes Mine Case to Media as Opponents Surge


CAMPOSOL S.A.: Discloses Commencement of Consent Solicitation
CAMPOSOL S.A.: Moody's Assigns B3 Rating to $75MM Add-on Notes

T R I N I D A D  &  T O B A G O

HILTON HOTELS: Workers to 'Rest' if Demands Are Not Met


Large Companies With Insolvent Balance Sheets

                            - - - - -


RCI BANQUE: Moody's Downgrades Long-Term Issuer Rating to B1
Moody's Investors Service has downgraded the long-term issuer
rating of RCI Banque Sucursal Argentina to B1 from Ba3, whilst at
the same time maintaining its stable outlook.

Ratings Rationale

RCI Banque Sucursal Argentina is a branch of RCI Banque (Baa3
stable, D+/baa3 stable), the auto captive bank of the Renault
Group (Renault S.A., Ba1 stable). While RCI Banque's long-term
debt and deposit ratings are Baa3, the issuer rating of its branch
in Argentina is capped by the local currency deposit ceiling
assigned to the country, which has been lowered to B1 from Ba3.

What Could Change The Rating Up / Down

Any further lowering of Argentina's local currency deposit ceiling
would trigger a downgrade of the rating for RCI Banque Sucursal
Argentina, as the rating of all banks are capped by the country's
local currency deposit ceiling. In addition, any downgrades of the
rating on RCI Banque to a lower level than the country ceiling,
would result in a downgrade of the ratings on RCI Banque Sucursal

Any increase of Argentina's local currency deposit ceiling would
likely result in a similar rating change for RCI Banque Sucursal
Argentina, as Argentina's local currency deposit ceiling is
currently positioned four notches below RCI Banque.

Principal Methodology

The principal methodology used in this rating was Global Banks
published in May 2013.


STRATUS TECHNOLOGIES: Moody's Assigns 'B2' Corp. Family Rating
Moody's Investors Service has assigned corporate family and
probability of default ratings ("CFR" and "PDR", respectively) of
B2 and B3-PD, respectively, to Stratus Technologies Bermuda Ltd.
("Stratus").  Concurrently, Moody's assigned B2 ratings to the
proposed $20 million senior secured revolving credit facility due
2019 and $225 million first lien term loan due 2021. The rating
outlook is stable.

The proceeds from the financing will be used by an affiliate of
Siris Capital Group, LLC to acquire Stratus in a transaction
valued at about $352 million. Upon the closing of the transaction,
the existing ratings for Stratus Technologies Bermuda Ltd. (old)
will be withdrawn.

Ratings Rationale

Moody's views Stratus' small scale and the challenges associated
with the business transition from a declining legacy platform
business to more of a software focus to be key factors in the B2
CFR. Currently, Stratus is in the midst of a product transition
from the declining legacy Continuum servers to the ftServer lines
and the newer software offerings. While high-availability software
has considerable growth prospects with the trend towards
virtualized environments and cloud computing, Stratus faces
substantial competition for a relatively nascent offering. To
accelerate software revenue, Stratus will likely need to invest
heavily in sales and technological capabilities, which could weigh
on profits over the next several years.

The stable outlook reflects Moody's view that Stratus will
generate adjusted EBITDA greater than $50 million with modest free
cash flow over $20 million for the fiscal year ending February
2015. Moody's anticipates that revenues will remain flat as the
growth in software will generally offset the declines in the
legacy server business.

The ratings could be upgraded if Stratus were to achieve at least
mid-single digit organic revenue growth with operating margins
maintained at over 20%, and reduce leverage to below 4 times
(Moody's adjusted debt/EBITDA) on a sustained basis. The ratings
could be downgraded if Stratus were to experience significant
declines in revenue (greater than 10%), negative cash flow, or
higher financial leverage in excess of low 5 times on a Moody's
adjusted basis.

The following first-time ratings/assessments were assigned:

  Corporate Family Rating -- B2

  Probability of Default Rating -- B3-PD

  Senior Secured Revolving Credit Facility -- B2 (LGD3, 35%)

  Senior Secured First Lien Term Loan -- B2 (LGD3, 35%)

The following ratings of Stratus Technologies Bermuda Ltd. (old)
will be withdrawn upon close:

  Corporate Family Rating -- Caa1

  Probability of Default Rating -- Caa1-PD

  Senior Secured Notes due 2015 -- B3 (LGD-3, 35%)

The principal methodology used in this rating was the Global
Technology Hardware Industry Methodology published in October

Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Stratus Technologies Bermuda Ltd., with projected annual revenues
over $200 million, is a provider of fault-tolerant server and
software products and related services for mission-critical


OGX PETROLEO: Batista Denies Using Inside Information
Juan Pablo Spinetto at Bloomberg News reports that Eike Batista,
the Brazilian former billionaire, denied having used inside
information when selling stock of his oil company last year amid
an investigation by the nation's securities regulator.

Mr. Batista sold shares of the oil unit, then known as OGX
Petroleo e Gas Participacoes SA, because they were pledged as
collateral for maturing loans of his holding company EBX Group
Co., EBX said in an e-mailed statement obtained by Bloomberg News.
Mr. Batista, Bloomberg News notes, will explain the case and
present his defense as the Brazilian market regulator, or CVM,
still needs to reach a verdict, it said.

"At no point was there bad faith or use of privileged information
by the controller of OGX," EBX said in the April 11 statement,
Bloomberg News relates.  "The share sale questioned by the
technical area of CVM took place because those shares were
compromised in maturing debt to creditors of EBX.  The proceeds
from the sale were used to pay back these debts," Bloomberg News

CVM is investigating whether Mr. Batista, as controlling
shareholder and chairman of OGX, failed to comply with insider
trading rules and for alleged price manipulation, the regulator
said in a statement April 11, Bloomberg News notes.  The entity is
also probing eight additional procedures against companies that
were part of Batista's conglomerate, CVM said, Bloomberg News

Mr. Batista sold 70.5 million shares of OGX between May 24 and May
29, 2013, his first divestment in the company, OGX said on June
10, three weeks before announcing the cancellation of offshore
projects and the possible closure of its only producing wells,
Bloomberg News recalls.  OGX stock and bonds plummeted to record
lows after the July 1 announcement.  The oil producer filed for
bankruptcy protection in October as most of its oil deposits once
valued by Batista at US$1 trillion turned out to be duds,
Bloomberg News notes.

Mr. Batista, once Brazil's richest person, has been divesting
stakes in his oil, logistics, utility and shipping ventures since
May as missed targets, mounting debt and accumulating losses
forced him to cancel projects and sell business assets, Bloomberg
News relays.  The entrepreneur also sold some of his luxury assets
including an Embraer Legacy 600 private jet, Bloomberg News notes.

"Eike Batista was the biggest individual shareholder of OGX, with
the biggest capital invested in the company, and the shareholder
that lost the most when its business plan failed," lawyer Darwin
Correa, who is representing Batista in the case, said in the
statement obtained by Bloomberg News.  "The accusation doesn't
resist a careful analysis of the facts and that will be proved
during the process," Mr. Correa added, Bloomberg News report.

                    About OGX Petroleo

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.

PARANAPANEMA SA: Moody's Assigns Ba3 CFR; Outlook Stable
Moody's Investors Service assigned a Ba3 Corporate Family Rating
to Paranapanema S.A. The outlook for the rating is stable.

Ratings assigned as follows:

Paranapanema S.A.

Corporate Family Rating: Ba3

The outlook for the rating is stable

Ratings Rationale

Paranapanema's Ba3 ratings reflect the company's leading position
in the Brazilian copper market, as well as its large scale and
partially-integrated operations that include access to high-grade
copper, its efficient logistics, and its long-term relationship
with copper suppliers and clients. The ratings also reflect
Paranapanema's exposure to the cyclicality of global copper
markets and foreign exchange, which has historically resulted into
margins and cash flows volatility. The ratings incorporate our
expectations that challenging fundamentals in the copper industry
will continue to pressure Paranapanema's credit metrics, as the
copper market is expected to be in a surplus position in 2014,
prices remain under downward pressure and new copper projects are
coming on stream in the next couple of years.

Constraining the ratings are the still weak operating performance,
partially resulting from strong competition from imports in the
past few years and heavy capital expenditures for capacity
expansion, which have pressured the company's free cash flow.
Imports remain a threat, but government measures such as
equalization of VAT taxes and the devaluation of the local
currency (BRL) should continue to help hinder imports. Exposure to
copper prices and foreign exchange volatility also constrain the

Paranapanema's credit metrics are expected to improve supported by
the recent investments in capacity expansion. The company's large
capex has been directed to expansion of smelting capacity to
280.000 tons per year and to a new plant for seamless copper tubes
production. With this new plant, total production capacity for
copper tubes will increase from 16.000 to 36.000 per year. The
focus on cost reduction is also incorporated in the rating.

The stable outlook reflects Moody's belief that Paranapanema will
benefit from the positive fundamentals of the infrastructure
sector in Brazil, supported by investments in logistics,
transportation, roads, and homebuilding, and that the company will
be able to post Ebitda margins above 6% on a sustained basis,
despite relatively weak copper markets.

The ratings could be upgraded if Paranapanema is able to improve
operating performance such that adjusted EBITA to interest expense
is sustained above 3.5x ( 2.6x at the end of 2013) and free cash
flow to debt sustained at above 7.5% (-40.1% at the end of 2013).
An improved liquidity profile and a lower concentration of debt in
the short term could support positive rating actions. All ratios
incorporate Moody's standard adjustments.

On the other hand, the ratings could be downgraded if
Paranapanema's liquidity profile deteriorates or if its capital
structure weakens, with adjusted Debt to Ebitda above 4.5x (3.2 x
at the end of 2013) for a continued period. Performance falling
below our expectations, indicated by free cash flow to debt below
5% (-40.1% at the end of 2013), could also lead to negative rating

The principal methodology used in this rating was Global
Manufacturing Industry published in December 2010.

Paranapanema S.A. (Pranapanema) is the largest refined copper
producer in Brazil, with an annual smelting production capacity of
280,000 tons. The company is also a leading producer of semi-
finished copper products, including wires, tubes, rolling, rods
and bars. In 2013, Paranapanema reported consolidated revenues of
BRL 5.5 billion ( USD 2.6 billion converted by the average foreign
exchange rate for the period). The company has four industrial
facilities in Brazil -- one in the state of Bahia, one in Espirito
Santo and two in the state of Sao Paulo.

C A Y M A N  I S L A N D S

ANTHRACITE BALANCED (JR-47): Creditors' Proofs of Debt Due May 8
The creditors of Anthracite Balanced Company (JR-47) Limited are
required to file their proofs of debt by May 8, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 18, 2014.

The company's liquidator is:

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

ANTHRACITE BALANCED (JR-52): Creditors' Proofs of Debt Due May 8
The creditors of Anthracite Balanced Company (JR-52) Limited are
required to file their proofs of debt by May 8, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 18, 2014.

The company's liquidator is:

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

ASSET MANAGERS: Creditors' Proofs of Debt Due April 28
The creditors of Asset Managers (China) Fund Co., Ltd. are
required to file their proofs of debt by April 28, 2014, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 21, 2014.

The company's liquidator is:

           Richard Fear
           c/o Daniel Woolston
           Telephone: (345) 814 7782
           Facsimile: (345) 945 3902
           P.O. Box 2681 Grand Cayman KY1-1111
           Cayman Islands

DMG INC: Creditors' Proofs of Debt Due April 28
The creditors of DMG Inc. are required to file their proofs of
debt by April 28, 2014, to be included in the company's dividend

The company commenced liquidation proceedings on March 17, 2014.

The company's liquidator is:

          Wenge Xiao
          Unit 5209
          Fortune Heights
          No.7 Dongsanhuan Middie Road
          Chaoyang District, Beijing
          Telephone: 8610 8565 3333
          Facsimile: 8610 8565 3555

HUTCHIN HILL MASTER: Commences Liquidation Proceedings
On March 19, 2014, the sole shareholder of Hutchin Hill Liquid
Credit Master Fund Ltd resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          Hutchin Hill Capital Credit Manager, LP
          c/o Joseph Lanzillotti
          Hutchin Hill Capital
          142 West 57th Street, 15th Floor
          New York, NY 10019
          United States of America
          Telephone: +1 (646) 616-2083

HUTCHIN HILL OFFSHORE: Commences Liquidation Proceedings
On March 19, 2014, the sole shareholder of Hutchin Hill Liquid
Credit Offshore Fund Ltd resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          Hutchin Hill Capital Credit Manager, LP
          c/o Joseph Lanzillotti
          Hutchin Hill Capital
          142 West 57th Street, 15th Floor
          New York, NY 10019
          United States of America
          Telephone: +1 (646) 616-2083

HUTCHIN HILL TRADING: Commences Liquidation Proceedings
On March 19, 2014, the sole shareholder of Hutchin Hill Liquid
Credit Trading Vehicle Ltd resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          Hutchin Hill Capital Credit Manager, LP
          c/o Joseph Lanzillotti
          Hutchin Hill Capital
          142 West 57th Street, 15th Floor
          New York, NY 10019
          United States of America
          Telephone: +1 (646) 616-2083

NOBEL BRAZIL: Creditors' Proofs of Debt Due May 1
The creditors of Nobel Brazil Fund SPC are required to file their
proofs of debt by May 1, 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:

          c/o Jacqueline Haynes
          Telephone: (345) 815-1759
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands

PANORAMA MEDIA: Creditors' Proofs of Debt Due April 28
The creditors of Panorama Media Investments Limited are required
to file their proofs of debt by April 28, 2014, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 17, 2014.

The company's liquidator is:

          Jie Zhang
          Room 1202, No. 5 Building, No. 54
          Dongsanhuan South Road
          Chaoyang District
          Beijing, PRC
          Telephone: 8610 8565 3333
          Facsimile: 8610 8565 3555

TELLUS LIMITED: Creditors' Proofs of Debt Due April 28
The creditors of Tellus Limited are required to file their proofs
of debt by April 28, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 20, 2014.

The company's liquidator is:

          Richard Fear
          c/o Daniel Woolston
          Telephone: (345) 814 7782
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands

D O M I N I C A N   R E P U B L I C

XSTRATA NICKEL: Takes Mine Case to Media as Opponents Surge
Dominican Today reports that Xstrata Nickel's plan to expand its
Dominican Republic mine faces mounting opposition from sectors
ranging from grass roots movements to the powerful Catholic
Church, for which its new president appears to have launched a
media campaign to make its case to an ever-skeptic country.

However, Xstrata Nickel Falcondo Chief Executive Officer David
Soares also appears willing to play hardball when hinting that the
Canadian company could force Dominican Republic into international
arbitration if its plan to mine Loma Miranda fails, according to
Dominican Today.

Mr. Soares, the report notes, questioned the push by opponents who
seek the creation of a national park at the site noting that the
area not only doesn't meet the requirements for such designation
but also the fact they own one third of Loma Miranda's land since

"In the event our property is declared as national park we would
have to analyze the legal aspect and how it would influence
mining.  If so we would analyze it and determine our legal
actions. Those who know our agreement with the State know that we
have mechanisms within those contracts to talk to the State and
reach an agreement, but I don't think that we will reach that
point.  We don't want to speak about international arbitration,"
the report quoted Mr. Soares as saying.

Meanwhile, the report relays that Mr. Soares affirmed that
Falcondo would earn US$6.4 billion net profits from a sustained
operation at Loma Miranda during 20 years, of which the State
would receive US$5.4 billion and the Canadian miner just US$1.0

Mr. Soares, the report discloses, said more than US$1.7 billion
would be tax revenue and dividends to the Government; more than
US$700 million in investment; more than US$800 million in
purchases to Dominican suppliers; more than US$700 million in
salaries and perks to local employees; and more than US$1.5
billion in savings to the national power grid.

"As a result of the 50% income tax rate and its 10% stake, the
State is our biggest partner, and 55% of our profits are paid to
the Dominican Government," Mr. Soares said, cautioning that in the
issue of Loma Mirada pitting environmentalists, lawmakers and
religious sectors against Falcondo, the State is judge and jury,
the report adds.


CAMPOSOL S.A.: Discloses Commencement of Consent Solicitation
Camposol S.A. has commenced a solicitation of consents upon the
terms and subject to the conditions set forth in a Notice of
Consent Solicitation and the related Consent Form, each dated as
of April 8, 2014, to a proposed waiver of certain provisions of
the Indenture, dated as of February 2, 2012, among the Company,
Camposol Holding Ltd., as Parent Guarantor, Campoinca S.A. and
Marinazul S.A., as Subsidiary Guarantors, and Wells Fargo Bank,
National Association, as trustee, registrar, transfer agent and
paying agent, governing its 9.875% Senior Notes due 2017 (the
"Notes") (CUSIP Nos. 134638AA3 (Rule 144A Global Note) and
P19189AA0 (Regulation S Global Note); ISIN Nos. US134638AA39 (Rule
144A Global Note) and USP19189AA04 (Regulation S Global Note)).

The Company is soliciting Consents from the holders of the Notes
to waive the covenant contained in Section 4.1(a)(i) of the
Indenture, "Limitation on Indebtedness and Disqualified Stock," so
as to permit the Company to incur up to US$75 million in principal
amount of new indebtedness on or before May 15, 2014, to fund its
planned capital expenditures, including investments in
plantations, particularly blueberries and shrimp plantations, as
well as investments to expand its infrastructure.  If the covenant
in Section 4.1(a)(i) of the Indenture is not waived as set forth
in the Notice, the financial test set forth in the Indenture would
not be satisfied in connection with the new indebtedness and the
new indebtedness would not be Permitted Indebtedness.

The Solicitation will expire at 5:00 p.m., New York City time, on
April 16, 2014, or such later time and date to which the
Solicitation is extended (such time and date, the "Expiration
Time"), unless earlier terminated.  The Solicitation is subject to
customary conditions, including, among other things, the receipt
of valid Consents with respect to a majority in aggregate
principal amount of the outstanding Notes prior to the Expiration
Time (which Consents have not been validly revoked prior to the
earlier of the execution of the supplemental indenture (the
"Supplemental Indenture") giving effect to the Proposed Waiver and
the Expiration Time).

In the event that each of the conditions to the Solicitation
described in the Notice are satisfied, including, but not limited
to, the receipt of the Requisite Consents and the satisfaction of
the financing condition, the Company will pay to each person who
is the holder of record of Notes as of 5:00 p.m., New York City
time, on April 7, 2014, who has delivered a valid Consent in
respect of such Notes prior to the Expiration Time (and has not
validly revoked its Consent prior to the earlier of the execution
of the Supplemental Indenture and the Expiration Time), US$5.00 in
cash for each US$1,000 principal amount of such Notes in respect
of which a valid Consent was so delivered (and was not validly
revoked).  The Company will pay the Consent Fee at such time as
all of the conditions enumerated in the Notice have been satisfied
or waived by the Company.  Holders of Notes who deliver Consents
but validly revoke their Consent in accordance with the Notice
prior to the earlier of the execution of the Supplemental
Indenture and the Expiration Time, or who deliver Consents after
the Expiration Time, will not receive a Consent Fee.  Subject to
applicable law, the Solicitation may be abandoned or terminated
for any reason at any time, including after the Expiration Time
and prior to the Proposed Waiver becoming operative, as described
below, whether or not the Requisite Consents have been received,
in which case any Consents received will be voided and no Consent
Fee will be paid to any Holders.

If the Requisite Consents are received prior to the Expiration
Time (which Consents have not been validly revoked prior to the
earlier of the execution of the Supplemental Indenture and the
Expiration Time), the Company, the Parent Guarantor and each
Subsidiary Guarantor intend to execute the Supplemental Indenture
promptly following the receipt of the Requisite Consents, which
may be before the Expiration Time. If the Supplemental Indenture
is entered into by the Company, the Parent Guarantor, the
Subsidiary Guarantors and the Trustee and all of the other
conditions to the Solicitation are satisfied or waived by the
Company, the Proposed Waiver will become operative and will bind
all Holders of the Notes, including those that did not give their
Consent.  If the Requisite Consents are not received prior to the
Expiration Time, the Supplemental Indenture will not be executed,
the Proposed Waiver will not become operative and the Consent Fee
will not be paid.

The Company has engaged Credit Suisse Securities (USA) LLC and
Santander Investment Securities, Inc. to act as Solicitation
Agents and D.F. King & Co., Inc. to act as Information and
Tabulation Agent for the Solicitation.

                      About Camposol S.A.

Camposol is the leading agro industrial company in Peru, the
largest exporter of white asparagus and the largest producer of
Hass avocadoes in the world as measured by the number of planted
hectares.  It is involved in the harvest, processing and marketing
of high quality agricultural products such as avocadoes,
asparagus, grapes, mangoes, peppers, artichokes, tangerines and
blueberries; which are exported to key markets in Europe, the
United States and Asia.

CAMPOSOL S.A.: Moody's Assigns B3 Rating to $75MM Add-on Notes
Moody's Investors Service has assigned a B3 rating to Camposol
S.A.'s proposed up to USD 75 million add-on to its backed senior
unsecured notes due in 2017. The rating outlook is stable. The
proceeds of the notes will be used to satisfy the company's
capital expenditure program and for general corporate purposes.

Ratings Assigned:

Issuer: Camposol S.A.

Up to USD 75 million Backed Senior Unsecured notes: B3

Outlook: Stable

Ratings Unchanged:

Issuer: Camposol S.A.

USD 125 million Backed Senior Unsecured notes: B3.

Outlook: Stable

Issuer: Camposol Holding Plc.

Corporate Family Rating: B3

Outlook: Stable

Ratings Rationale

The B3 ratings reflect the company's small operating scale and
limited historical track record in its current business model. The
ratings also consider the sensitivity of the operations to the
volatility of the agribusiness industry, as well as cyclical
variations in demand for its food products. In addition, the
26,700 hectares of plantations owned by the company, out of which
8,200 are currently planted, are concentrated along the Northern
Peruvian coast, which exposes its operations to weather and
disease-related risks.

The ratings are supported by the company's position as the largest
fully integrated agribusiness corporation in Peru that includes
production, packaging and distribution of agricultural products.
The rating reflects Camposol's large holdings of arable land as
well as its diversified product mix comprised of a varied range of
fruits and vegetables which allows the company to drive growth
through expansion and product mix shifts without substantial
additional capital expenditures needs.

The stable ratings outlook is based on Moody's expectation that
Camposol will improve earnings trends over the near term,
especially in the growing avocadoes segment, which is benefiting
from tight global supply. The stable outlook also reflects our
assumption that the company will be able to fund its substantial
near-term investment program without increasing negative free cash
flow or requiring material further external funding.

An upgrade of the ratings could result if Camposol continues to
strengthen revenues while maintaining its operating margins.
Quantitatively, upward momentum could result if Camposol's total
adjusted debt to EBITDA is sustained below 3 times on a 3-year
average basis (4.7 times for the fiscal year ending December 2013)
and retained cash flow to adjusted net debt is sustained above 15%
on a 3-year average basis (17.6% for the fiscal year ending
December 2013).

A downgrade of the ratings could result from a prolonged slowdown
in its end markets that caused sustained agribusiness price
declines and a deterioration in operating margins. Quantitatively,
a downgrade in the ratings or outlook could be caused if adjusted
debt/EBITDA rises above 5.0x or EBITDA to interest expense is less
than 1.5 times on a 3-year average basis, both for an extended
period of time.

Camposol is a private company headquartered in Peru. The company
plants, harvests, processes and exports avocadoes, white and green
asparagus (fresh, frozen and preserved), blueberries, mangoes,
peppers, table grapes and shrimps for the fiscal year ending
December 2013, the company reported total revenues of USD 231

The principal methodology used in this rating was Global Protein
and Agriculture Industry published in May 2013.

T R I N I D A D  &  T O B A G O

HILTON HOTELS: Workers to 'Rest' if Demands Are Not Met
Janelle de Souza at Trinidad and Tobago Newsday reports that
Hilton workers may take "a couple days rest" over the next few
weeks if their demands for the removal of the General Manager,
Leroy Brown, a full audit of the Hilton, and the reinstatement of
approximately 60 part-time workers are not met.

On March 6, about 60 workers were issued letters saying they were
removed from the work roster for the next 90 days, with the
possibility of an extension of the period, according to Trinidad
and Tobago Newsday.

Communication Workers' Union (CWU) Secretary General, John Julien
said if the matter was not resolved, workers may be forced to take
action during the hotel's busy Easter Season, the report notes.
Mr. Julien noted there would be several banquet sessions at Hilton
and there may not be anyone to cook or serve food, the report

The report discloses that Mr. Julien said the union delivered a
four-page letter to Minister of Labour and Small and Micro
Enterprise Development, Errol Mc Leod highlighting the issue, yet
the Minister said he had not received their correspondence.  In
addition, Mr. Julien said the union delivered a letter to the
Ministry asking Mc Leod to address the matter as a Trade Dispute
but there was no response or even an acknowledgment, the report

Mr. Julien also noted that the union was expected to meet with the
Ministry on April 25 to address a separate trade dispute and said
if there is no resolution of the matter of the 60 part-time
workers by then, the matter would have to go to the Industrial
Court, the report says.

Hilton Hotels & Resorts is an international chain of full service
hotels and resorts.


Large Companies With Insolvent Balance Sheets

                                         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


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

                   * * * End of Transmission * * *