TCRLA_Public/140430.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Wednesday, April 30, 2014, Vol. 15, No. 84


                            Headlines



A R G E N T I N A

BANCO DE LA NACION: Fitch Puts FC LT IDR at 'CC'; Outlook Negative
BUENOS AIRES: Moody's Rates Class 7 Notes for Up to US$100MM Caa1


B R A Z I L

BES INVESTIMENTO: Moody's Affirms D- Financial Strength Rating
CEAGRO AGRICOLA: S&P Affirms 'B' CCR; Outlook Stable
CENTRAIS ELETRICAS: Moody's Hikes Corporate Family Rating to B2
COMPANHIA DE ENERGIA: Moody's Hikes Corporate Family Rating to B2
GOL LINHAS: PRASK Grows by 19% in March and 18% in 1Q14

OGX PETROLEO: Gets US$44 Million Offer for Colombian Oil Rights
SIFCO SA: May 6 Hearing on U.S. Preliminary Injunction


C A Y M A N  I S L A N D S

BLUE STONE: Creditors' Proofs of Debt Due May 5
CAC CENTURY: Creditors' Proofs of Debt Due May 23
CIS EQUITY: Creditors' Proofs of Debt Due May 13
HSBC MASTER: Creditors' Proofs of Debt Due May 13
KAUAI HOLDING: Commences Liquidation Proceedings

MAOMING FUND: Creditors' Proofs of Debt Due May 14
NAPIER PARK: Creditors' Proofs of Debt Due May 13
RESAT LIMITED: Placed Under Voluntary Wind-Up
RICAL INVESTMENTS: Creditors' Proofs of Debt Due May 14
RIVERSIDE GLOBAL: Creditors' Proofs of Debt Due May 22


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Opens Books on Dual-Currency, Dual-Tranche Bond


M E X I C O

METALSA S.A.: S&P Affirms 'BB+' CCR; Outlook Stable


S U R I N A M E

SURINAME: S&P Affirms 'BB-' Rating & Revises Outlook to Stable


U R U G U A Y

COOPERATIVA DE AHORRO: Fitch Affirms LT IDRs at 'B'


                            - - - - -



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A R G E N T I N A
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BANCO DE LA NACION: Fitch Puts FC LT IDR at 'CC'; Outlook Negative
------------------------------------------------------------------
Fitch Ratings has assigned the following ratings to Banco de la
Nacion Argentina (Sucursal Uruguay) S.A. (BNAUY):

-- Foreign Currency Long-Term Issuer Default Rating (IDR) 'CC';
-- Local Currency Long-Term IDR 'B-';
-- Support Rating '5'.

The Rating Outlook for the Local Currency IDR is Negative.

Key Rating Drivers

BNAUY's Support and Issuer Default Ratings (IDRs) reflect the high
probability of receiving support, if it were needed, from the
Republic of Argentina (rated Foreign Currency IDR 'CC' and Local
Currency IDR 'B-'; Negative Outlook by Fitch).

BNAUY is a branch of Banco de la Nacion Argentina (BNA), so it is
fully integrated with the latter.  BNA is the largest commercial
bank in Argentina, with 28% deposit and 20% loan market shares,
with the largest nationwide coverage and is a leader in most
business lines.  Similar to other government-owned banks, BNA has
a sizable exposure to both loans and investments in government
securities while enjoying the best funding base in its home
country.  Foreign branches are used by BNA (including BNAUY) to
foster trade finance operations and the operations of Argentinean
companies abroad.  BNA liabilities (including its branches abroad)
are fully guaranteed by the Republic of Argentina.

BANUY's Support Rating of '5' considers that external support,
although possible (and backed by an explicit guarantee), cannot be
relied upon due to the very limited financial flexibility of the
sovereign, and ample and developing economic imbalances.

Rating Sensitivities

BNAUY's ratings are sensitive to Argentina's sovereign rating and
its capacity and willingness to provide support to BNA and its
branches.

Credit Profile

BNAUY is the smallest bank in Uruguay.  As of Dec. 31, 2013, the
bank has a 0.85% and 0.81% share of total assets and deposits of
private banks, respectively.  BNAUY's main target is to facilitate
foreign trade between Argentina and Uruguay.  Given the weak
franchise and narrow business focus, BNAUY's concentrations on
both sides of the balance sheet are ample; however, the bank has a
captive clientele.

In Fitch's opinion, BNAUY's low profitability results from its
business strategy, low income diversification and small size.
Given the limited profile of its operations, the BNAUY's ability
to generate income is highly correlated with the flow of trade
between the two countries.  Also, the branch operates with highly
liquid credit exposures (mainly interbank loans and letters of
credit with bank counterparties), but low-risk return that makes
it difficult for BNAUY to diversify its revenue structure.

BNAUY's capital levels are influenced by its low-risk business
focus. As of Dec. 31, 2013, the Fitch Core Capital ratio remains
healthy at (34.5%) and above that of its peers.  Despite BNAUY's
relatively high capital ratios, further growth is limited due to
its parent's restrictions (to maintain a minimum capital adequacy
at 12%).

The focus on corporate banking and foreign trade support the good
asset quality of BNAUY.  At the end of 2013, non-performing loans
accounted for a low 0.39% of total loans (2012: 0.37%), with ample
coverage of loan loss reserves.  In Fitch's view, BNAUY's asset
quality will continue to be good and influenced by the stable
macroeconomic environment.

BNAUY's main liquidity is short-term with stable deposits and a
line of credit granted by BNA New York (USD18 million).  The ample
liquidity also benefits from a very low level of long-term loans,
which results in a good fit of the balance sheet.  As of Dec. 31,
2013, liquid assets accounted for a high 85.1% of short-term
obligations.

The high dollarization of its balance sheet exposes the bank to
exchange rate volatility.  Implicit FX risk is mitigated by
BNAUY's business model in working with exporters.  In addition,
BNAUY's credit and market risk associated with Argentine bonds is
low (14% of total assets).


BUENOS AIRES: Moody's Rates Class 7 Notes for Up to US$100MM Caa1
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned Caa1 global local currency rating and Ba1.ar Argentina
National Scale Rating to Class 7 notes for up to USD100 million to
be issued by the City of Buenos Aires under their Local Financing
Program.

Ratings Rationale

The creation of the Local Financing Program was authorized by Laws
4315, 4431 and 4472 of 2012 and Laws 4810 and 4885 of 2013. The
notes to be issued under the program constitute direct,
unconditional, unsecured and unsubordinated obligations of the
city, ranking at all times pari passu without any preference among
themselves.

The assigned ratings are in line with the city's Caa1 (global
scale) and Ba1.ar (Argentina National Scale) local currency debt
ratings. The Class 7 notes to be issued under the program, will be
subscribed and payable in Argentine pesos at the specified
exchange rate and sold in the local capital market. As a result,
the US dollar will be a currency of reference and not a means of
payment. For that reason, the transaction is considered to be
denominated in local currency.

According to the term sheet reviewed by Moody's, Class 7 will
reach up to USD100 million, approximately 1.4% of the City's total
revenues budgeted for 2014 and final maturity in two years. The
notes will pay interest at a fixed rate. After the issuance,
Moody's anticipates that the City of Buenos Aires' debt will reach
approximately 28% of total expected revenues from 25% at the end
of fiscal year 2013.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
or anticipates changes in the main conditions that the notes will
carry. Should issuance conditions and/or final documentation of
any of the series under this program deviate from the original
ones submitted and reviewed by the rating agency, Moody's will
assess the impact that these differences may have on the ratings
and act accordingly.

What Could Change The Rating Up/Down

Moody's does not expect upward pressures on the City of Buenos
Aires' global ratings in the near to medium term. Conversely,
further deterioration of Argentina's systemic risks or a sharp
impairment in the City's idiosyncratic risks could exert downward
pressure on the ratings assigned.

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

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks.

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



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B R A Z I L
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BES INVESTIMENTO: Moody's Affirms D- Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service affirmed all ratings assigned to BES
Investimento do Brasil S.A. ("BESI"), including the D- financial
strength rating (BFSR), which maps to a ba3 baseline credit
assessment in the global rating scale; the Ba3 and Not Prime long-
and short-term global local and foreign currency deposit ratings;
and the A2.br and BR-1 long- and short-term national scale deposit
ratings on the Brazilian national scale. The outlook on all
ratings was changed to stable from negative.

The following ratings assigned to BES Investimento do Brasil S.A.
were affirmed.

Bank financial strength of D-

Long- and short-term global local-currency deposit rating of Ba3
and Not Prime

Long- and short-term foreign currency deposit rating of Ba3 and
Not Prime

Senior unsecured foreign currency rating of Ba3

Long- and short-term Brazilian national scale deposit rating of
A2.br and BR-2

Ratings Rationale

Moody's Ba3 rating for BESI incorporates its adequate risk
management track record and capital position, as well as the
inherently volatile nature of its investment banking revenue
generation. The bank has adequately managed a growing loan book,
which now accounts for one third of the bank's total assets and is
predominantly related to its investment banking business, and
particularly to its focus on infrastructure projects. Loan
exposures are composed of short tenor bridge loans and acquisition
finance that are repaid via debt or equity capital markets
issuances or as permanent financing is raised. Because of
successful execution, BESI's asset quality has been stable, a
trend Moody's expect to continue, although loan concentration is
high. BESI maintains an appropriate capital level to sustain its
risk taking, with loan leverage ratio of around 3.0x, despite the
40% increase in the loan portfolio over last year.

Moody's also acknowledges BESI's defensive liquidity management,
which has led to the bank holding an amount of liquid assets,
equivalent to 24% of total assets as of December 2013, that
exceeds its internal targets. The liquid assets are primarily
invested in government securities, with exposures also to private
domestic and foreign securities. In part, the liquidity build up
addresses an upcoming bond maturity, which management plans to
repay. It is also a prudent strategy that helps the bank minimize
occasional adversities arising from lower global and domestic
liquidity.

At the same time, BESI's rating incorporates the inherent
volatility of its investment banking operations, particularly in
the currently challenging environment for domestic capital
markets. In fiscal year 2013, the bank's profitability was boosted
by larger loans and guarantees as part of its efforts to
participate in infrastructure auctions of airports and tollroads
in Brazil, which resulted in 32% higher year-over-year net income.
In 2012, BESI had reported a sharp decline in profits because of a
worsening operating environment. Although BESI's performance is
gradually recovering, it still lags its peak earning years of
2009-2011.

In changing the outlook on the ratings to stable, from negative,
Moody's acknowledges BESI's favorable earnings momentum as
indicated by a robust deal pipeline and an enhanced liquidity
buffer and favorable tenor matching that protects its balance
sheet. Management has been successful in diversifying funding
sources at lower cost, including more attractive domestic debt
issuances, which will support financial performance. Nevertheless,
Moody's noted that earnings generation continues to be influenced
by the operating conditions and the banks' ability to manage
costs, while maintained adequate liquidity and asset quality.
Moody's stable outlook on BESI's ratings now differs from the
negative outlook on Portugal-based parent bank, Banco Espirito
Santo S.A., and reflects the view that the subsidiary's
performance is less likely to be influenced by that of the parent
in light of its recovering earnings and liquidity buffers.

The Ba3 global-local currency deposit rating derives from BESI's
standalone baseline credit assessment of ba3, and does not benefit
from any support uplift because of the bank's modest market share
in local banking system deposits.

The last rating action on BESI was on 28 March 2012, when Moody's
downgraded the bank financial strength (BFSR) to D-, from D; the
long-term global local and foreign currency deposit ratings to
Ba3, from Ba2; the foreign currency senior unsecured rating to
Ba3, from Ba2; and the long- and short-term Brazilian national
scale deposit ratings to A2.br, from Aa3.br, and to BR-2, from BR-
1, respectively. This action followed the downgrade of the
standalone and supported ratings of its parent, Banco Esp¡rito
Santo S.A. BESI's outlook was also changed on 28 March 2012 to
reflect challenges it could face if the parent's financial
condition were to weaken further.

BES Investimento do Brasil S.A. is headquartered in Sao Paulo,
Brazil and reported total assets of BRL8.1 billion (USD3.5
billion) and equity of BRL665.7 million (USD284.2 million) as of
December 31, 2013.


CEAGRO AGRICOLA: S&P Affirms 'B' CCR; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' global scale
and 'brBBB-' Brazilian national scale corporate credit ratings on
Ceagro Agricola Ltda.  The outlook on the corporate credit ratings
is stable.

The affirmation reflects S&P's expectations that Ceagro will
continue to expand and post stronger EBITDA generation and cash
flow with adequate funding.  S&P expects it to increase the
volumes of higher-margin barter transactions through C&BI Agro
Partners, a joint venture between Ceagro's controlling shareholder
and Banco Indusval, which provides Ceagro with non-recourse, off-
balance sheet funding through the purchase of CPRs.  S&P believes
that it will still need additional debt to fund its needs, as it
has been requiring high working capital and capital expenditures
to support its growth.  However, S&P expects Ceagro to strengthen
its cash flows, as it benefits from the better operating
efficiency due to its barter transactions.


CENTRAIS ELETRICAS: Moody's Hikes Corporate Family Rating to B2
---------------------------------------------------------------
Moody's America Latina Ltda upgraded Centrais Eletricas
Matogrossenses S.A. (Cemat)'s corporate family ratings to B2 from
Ca on the global scale and to Ba2.br from Ca.br on the Brazilian
national scale. At the same time, Moody's changed the outlook to
positive from negative for all Cemat's ratings.

The B2/Ba2.br issuer rating reflects the company's current poor
liquidity position and uncertainties regarding the company's
ability to secure the long term financing and equity capital in a
timely and adequate manner to fund planned capital expenditures
and lengthen the company's existing debt profile. The rating also
considers the uncertainties as to whether Energisa will be able to
effectively reduce operating costs and turn around the company
financially in light of the potential negative effects that the
current drought period (potential electricity rationing and
exposure to the high cost thermo-energy) may generate on the
company's operating revenues, cash flow and liquidity.

The positive outlook reflects the perspectives that Energisa will
be successful in implementing some restructuring measures which
includes the payment of intercompany loans and equity infusion in
an amount superior to BRL500 million to improve CEMAT's capital
structure along with raising additional debt to fund needed
capital investments while also reducing the cost of the company's
debt and repositioning its debt maturity profile. It additionally
considers Energisa will be equally successful in improving
operational performance which includes the reduction of energy
losses and an improvement in the ratios of duration of energy
interruption and frequency of energy interruption.

Energisa is currently working to raise BRL450 million in a 7-year
financing with a 2 year grace period which will be used to prepay
a higher cost short term debt. It is also structuring a BRL351
million in securitization of receivables (FIDC) up to 20 years
with a 15 year grace period for the principal which will be used
to finance CAPEX investments. The company's management considers
BNDES will finance approximately 60% of the company's CAPEX
investments from 2015 and onwards, with 6 year tenor and a 2 year
grace period.

Moody's will closely monitor Cemat's financial and operating
performance over the short to medium horizon to evaluate its cash
flow generation and liquidity position, as well as Energisa's
ability to turnaround and stabilize Cemat's financial position.

Consequently, Moody's do not foresee any rating upgrade while the
announced restructuring plan is initially implemented until there
is a significant degree of change on the company's financial and
operational performance and the ratios CFO pre WC + Interest /
Interest and CFO pre WC / Debt achieve levels above 2.5x and 10%,
respectively, on a sustainable basis.

The rating could be downgraded if the company is not able to: (i)
raise adequate resources in terms of tenor and cost re-scheduling
the existing debt and making the necessary capital investments in
its existing infrastructure; (ii) the Company chooses to finance
its growth strategy with higher than anticipated leverage, which
would result in the ratio of retained cash flow (CFO Pre-W/C minus
Dividends) to debt falling below 7%, and/or cash flow interest
coverage (as measured by [CFO Pre-W/C plus Interest
Expense]/Interest Expense) falling below 2.0x for an extended
period, and (iii) the expected restructuring process fails and
there is a deterioration in the company's liquidity.

Centrais Eletricas Matogrossenses S. A., headquartered in the city
of Cuiaba, has a 30-year concession contract that expires in 2027
to distribute electricity to 141 cities in the state of Mato
Grosso. On April 08, 2014, Energisa S.A. concluded the acquisition
of the control of Energisa. In 2013 Cemat sold 6.2 GWh to 1.2
million consumers with net revenues of BRL 2.0 billion which
excludes BRL323 million of construction revenues, and net loss of
BRL383 million.

Cemat is controlled by Rede Energia S.A. which in turn is
controlled by Energisa S.A. since April 08, 2014. ENERGISA is
listed on the Brazilian stock exchange (BM&FBOVESPA) and is
controlled by the Botelho family.


COMPANHIA DE ENERGIA: Moody's Hikes Corporate Family Rating to B2
-----------------------------------------------------------------
Moody's America Latina Ltda upgraded Companhia de Energia Eletrica
do Estado de Tocantins S.A. (Celtins)' corporate family ratings to
B2 from Caa3 on the global scale and to Ba2.br from Caa3.br on the
Brazilian national scale. At the same time, Moody's changed the
outlook to positive from negative for all Celtins' ratings.

Ratings Rationale

The B2/Ba2.br issuer rating reflects the company's current poor
liquidity position and uncertainties regarding the company's
ability to secure the long term financing and equity capital in a
timely and adequate manner to fund planned capital expenditures
and lengthen the company's existing debt profile. The rating also
considers the uncertainties as to whether Energisa will be able to
effectively reduce operating costs and turn around the company
financially in light of the potential negative effects that the
current drought period (potential electricity rationing and
exposure to the high cost thermo-energy) may generate on the
company's operating revenues, cash flow and liquidity.

The positive outlook reflects the perspectives that Energisa will
be successful in implementing some restructuring measures which
includes the infusion of approximately BRL150 million in equity to
improve Celtins' capital structure and the raising of additional
debt to fund needed capital investments while also reducing the
cost of the company's debt and repositioning its debt maturity
profile. It additionally considers that Energisa will be equally
successful in improving operational performance which includes
reduction of energy losses and the improvement in the ratios
duration of energy interruption and frequency of energy
interruption.

Energisa is currently working on raising BRL130 million in a 5-
year financing with 2 years of grace period that will be used to
prepay a higher cost short term debt. It is also structuring a
BRL136 million securitization of receivables (FIDC) to finance the
CAPEX of 2014. To finance the CAPEX of 2015 and onwards, the
company's management expects to raise funds from BNDES to finance
approximately 60% of the company's forecasted CAPEX, with 6 years
tenor and a two years grace period.

Moody's will closely monitor Celtins' financial and operating
performance over the short to medium horizon to evaluate its cash
flow generation and liquidity position, as well as Energisa's
ability to turnaround and stabilize Celtins' financial position.
Consequently, Moody's do not foresee any rating upgrade while the
announced restructuring plan is initially implemented until there
is a significant degree of change in the company's financial and
operational performance and the ratios CFO pre WC + Interest /
Interest and CFO pre WC / Debt achieves levels above 2.5x and 10%,
respectively, on a sustainable basis.

The rating could be downgraded if the company is not able to: (i)
raise adequate resources in terms of tenor and cost in re-
scheduling its existing debt and making the necessary capital
investments in its existing infrastructure; (ii) the Company
chooses to finance its growth strategy with higher than
anticipated leverage which would result in the ratio of retained
cash flow (CFO Pre-W/C minus Dividends) to debt falling below 7%,
and/or cash flow interest coverage (as measured by [CFO Pre-W/C
plus Interest Expense]/Interest Expense) falling below 2.0x for an
extended period, and (iii) the expected restructuring process
fails and there is a deterioration in the company's liquidity.

Companhia de Energia Eletrica do Estado do Tocantins (CELTINS),
headquartered in the city of Palmas, in the Brazilian state of
Tocantins, has a 20-year concession contract that expires in
January 2020 to distribute electricity to 139 cities in the state
of Tocantins. In 2013, CELTINS sold 1,777 GWh to 524.4 thousand
consumers, with net revenues of BRL598 million, which excludes
BRL75 million of construction revenues, and a BRL156 million net
loss.

Celtins is controlled by Rede Energia S.A. which in turn is
controlled by Energisa S.A. since April 08, 2014. ENERGISA is
listed on the Brazilian stock exchange (BM&FBOVESPA) and is
controlled by the Botelho family.

The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in December 2013.


GOL LINHAS: PRASK Grows by 19% in March and 18% in 1Q14
-------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. disclosed its preliminary air
traffic figures for March 2014 and consolidated results for the
first quarter of 2014.

PRASK, Yield and Fuel Prices

In March 2014 net PRASK moved up by 19% over the same month last
year, due to the 9.0 p.p. increase in the system load factor to
73.7%, along with a 4% increase in yield over March 2013.  In the
quarter, PRASK grew by 18% year over year, and yield increased by
4%.  The Company's new level of load factor of 76.1% in the first
quarter enabled this growth.

In March, the average jet fuel price moved up by around 10% year
over year, leading to an increase of around 10% in the quarter,
over the same period last year.

Domestic Market
In March, GOL's domestic market supply decreased 5.7% over March
2013, while demand grew by 7.4%, resulting in a 74.4% load factor,
9.1 p.p. up over prior year.  In 1Q14, supply increased by 1.6%,
while demand grew by 14.7% and load factor reached 76.8%, up 8.7
p.p. versus prior year.

International Market
International supply increased by 2.7% over March 2013, while
demand was up by 17.5%, leading to an 8.6 p.p. improvement in the
load factor.  For the quarter, supply increased 1.5%, while demand
increased by 18.4%, with a total load factor of 71.4%, up 10.2p.p.
over prior year.

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

                      *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 21, 2014, Fitch Ratings has affirmed the ratings of Gol
Linhas Aereas Inteligentes S.A.'s Foreign and local currency long-
term Issuer Default Ratings (IDRs) at 'B-'.


OGX PETROLEO: Gets US$44 Million Offer for Colombian Oil Rights
---------------------------------------------------------------
Jeb Blount at Reuters reports that OGX Petroleo e Gas
Participacoes S.A., now known as Oleo e Gas, received a $44
million offer for five oil exploration and production blocks in
Colombia, the company said.

The offer involves US$30 million in cash and the assumption of $14
million in future exploration obligations in Colombia, Oleo e Gas
said in a statement, according to Reuters.  The report relates
that it did not give the name of the investor or company making
the offer.

If approved by a bankruptcy judge, creditors and Oleo e Gas
shareholders, the sale will help the Rio de Janeiro-based company
pay for leases on offshore oil production ships and its share of
investments in output in Brazil, the company said, the report
notes.

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.


SIFCO SA: May 6 Hearing on U.S. Preliminary Injunction
------------------------------------------------------
Axle-supplier SIFCO SA commenced restructuring proceedings in
Brazil and is now asking the bankruptcy court in the U.S. to
recognize the Brazilian proceedings.

Rubens Leite, the foreign representative, explained in documents
filed in New York that over the course of the past few years,
SIFCO, like many other entities in a variety of industries
throughout the world, has faced significant challenges. The
worldwide recession that has taken hold since 2007 has created an
environment of economic distress for companies and individuals
alike, and that environment has impacted SIFCO's operations and
sales. In addition, SIFCO's operations were impacted over 2012-13
by an unexpected slowdown of the truck market where sales volume
fell by 36%. Trucks constitute SIFCO's main market, accounting for
72% of sales in 2011.

As a result, SIFCO faces financial and operational hurdles that
made it prudent for SIFCO to seek relief under the Brazilian
Restructuring Law in order to preserve its value as a going
concern and maximize the value of its assets for the benefit of
all creditors.

SIFCO shareholders authorized the commencement of the Brazilian
Proceeding, and on April 18, 2014, authorized the commencement of
a Chapter 15 proceeding in the U.S. SIFCO also empowered Rubens
Leite to act as SIFCO's foreign representative for the U.S.
proceeding.

SIFCO initiated the Brazilian Proceeding pursuant to the
provisions of Brazilian Restructuring Law, the recuperacao
judicial, Federal Law No. 11,101 of February 9, 2005, by
submitting a voluntary petition to the Brazilian Court.

The restructuring contemplated to be undertaken in the Brazilian
Proceeding will achieve a significant restructuring of SIFCO's
business, according to Mr. Leite.  "SIFCO anticipates that it will
emerge from this restructuring process a stronger, more
competitive company, and believes that the benefits to be gained
from the restructuring process will enable SIFCO to remain a
premier supplier of forged and precision machine parts for the
global truck and bus manufacturing industry."

Pending development and approval of a restructuring plan by the
Brazilian Court, SIFCO requires the protection afforded to foreign
debtors pursuant to Chapter 15 of the Bankruptcy Code in order to
protect its valuable assets in the United States.  For example,
SIFCO has interests in a certain collateral account maintained by
The Bank of New York Mellon in New York, as well as rights under
an exclusive supply contract with Westport Axle Corp. covering
100% of Westport's requirements for certain automotive products
sold in the United States.

Mr. Leite is asking the Court to recognize the Brazilian
proceeding as "foreign main proceeding."

Pending the Court's consideration of the motion, Mr. Leite has
filed an application with the U.S. Court for:

   a. immediate entry of an order to show cause with a temporary
      restraining order;

   b. after notice and a hearing, a preliminary injunction order
      that will remain in place pending the Court's consideration
      of the request for entry of an order recognizing the
      Brazilian Proceeding as a "foreign main proceeding"; and

   c. scheduling of a hearing on the application and request for
      a preliminary injunction at the earliest possible time,
      but in no event prior to the date that the Court sets
      for the expiration of the temporary restraining order that
      is requested by this application.

U.S. Judge Robert E. Gerber will convene a hearing at 9:45 a.m. on
May 6, 2014, at the United States Bankruptcy Court, Alexander
Hamilton Customs House, Room 523, One Bowling Green, New York, New
York 10004, or as soon thereafter, as counsel may be heard to show
why a preliminary injunction should not be granted, pending the
issuance of an order an order recognizing the Brazilian
Proceeding.  Objections to the application are due Friday, May 2
at 5:00 p.m. (Eastern Time).

                          About SIFCO SA

Brazilian company SIFCO SA began its operations in 1958, and today
it believes that it is the sole producer and supplier of front
axles and I-beams for trucks and buses in South America.  SIFCO's
management and engineers are located outside Sao Paulo, Brazil in
the City of Jundiai, Brazil, where it also maintains manufacturing
and foundry facilities.

In the 1960s, SIFCO was dedicated to supplying the then-recently
created domestic Brazilian automotive industry. Eventually, SIFCO
began producing high technology forging components in compliance
with the most comprehensive requirements of several automotive
industry segments, such as tractors and agricultural machines,
among others.

SIFCO commenced a bankruptcy restructuring in Brazil on April 22,
2014.  A day later, on April 23, it filed a Chapter 15 petition in
U.S. Bankruptcy Court (Bankr. S.D.N.Y. Case No. 14-bk-11179) in
Manhattan, New York.

SIFCO distributes products in the U.S. through Westport Axle
Corp., which was a subsidiary until it was sold in late 2013.  The
petition shows assets of less than $500 million and debt exceeding
$500 million.  SIFCO has $75 million outstanding on senior secured
notes with Bank of New York Mellon Corp. as agent.

SIFCO is owned by Sifco Metals Participacoes S.A. which is a
privately owned company.

SIFCO is represented in the U.S. proceedings by Duane Morris LLP,
in New York.



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


BLUE STONE: Creditors' Proofs of Debt Due May 5
-----------------------------------------------
The creditors of Blue Stone Fund are required to file their proofs
of debt by May 5, 2014, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 3, 2014.

The company's liquidator is:

          Ogier
          c/o David Cooney
          Telephone: 815 1851
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


CAC CENTURY: Creditors' Proofs of Debt Due May 23
-------------------------------------------------
The creditors of CAC Century Holdings Ltd are required to file
their proofs of debt by May 23, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 31, 2014.

The company's liquidator is:

          Ian D. Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


CIS EQUITY: Creditors' Proofs of Debt Due May 13
------------------------------------------------
The creditors of CIS Equity are required to file their proofs of
debt by May 13, 2014, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 7, 2014.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


HSBC MASTER: Creditors' Proofs of Debt Due May 13
-------------------------------------------------
The creditors of HSBC Master India Fund, Ltd. are required to file
their proofs of debt by May 13, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 7, 2014.

The company's liquidator is:

          Ogier
          c/o Madeleine Welham
          Telephone: (345) 815-1750
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


KAUAI HOLDING: Commences Liquidation Proceedings
------------------------------------------------
On April 8, 2014, the sole shareholder of Kauai Holding 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 liquidators are:

          Kitagawa
          Hisayoshi Kitagawa
          c/o Mariko Kogo
          Telephone: +81 3 5219 8777
          Facsimile: +81 3 5288 6312
          CARD Corporate Services Ltd.
          Zephyr House, 122 Mary Street, George Town
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


MAOMING FUND: Creditors' Proofs of Debt Due May 14
--------------------------------------------------
The creditors of Maoming Fund are required to file their proofs of
debt by May 14, 2014, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 10, 2014.

The company's liquidator is:

          Julien Moulin
          c/o George Bashforth
          Telephone: +1 (345) 949 4900
          Appleby Trust (Cayman) Ltd.
          75 Fort Street
          P.O. Box 1350, George Town Grand Cayman KY1-1108
          Cayman Islands


NAPIER PARK: Creditors' Proofs of Debt Due May 13
-------------------------------------------------
The creditors of Napier Park Global Macro Cayman Ltd are required
to file their proofs of debt by May 13, 2014, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 8, 2014.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


RESAT LIMITED: Placed Under Voluntary Wind-Up
---------------------------------------------
On March 6, 2014, the sole shareholder of Resat Limited resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
April 24, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


RICAL INVESTMENTS: Creditors' Proofs of Debt Due May 14
-------------------------------------------------------
The creditors of Rical Investments Corporation are required to
file their proofs of debt by May 14, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 9, 2014.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd
          c/o George Bashforth
          Telephone: +1 (345) 949 4900
          75 Fort Street
          P.O. Box 1350, George Town
          Grand Cayman KY1-1108
          Cayman Islands


RIVERSIDE GLOBAL: Creditors' Proofs of Debt Due May 22
------------------------------------------------------
The creditors of Riverside Global Value Allocation Fund are
required to file their proofs of debt by May 22, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 1, 2014.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: NDL
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647; or

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands



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


DOMINICAN REP: Opens Books on Dual-Currency, Dual-Tranche Bond
--------------------------------------------------------------
Dominican Today, citing Reuters, reports that the Dominican
government has opened books on a new dual-currency, dual-tranche
(varying risk to investor) bond offering denominated in US dollars
and Dominican pesos.

It said the sovereign, rated B1/B+/B, "has set initial price
thoughts of 7.5% area on a US dollar 30-year bond," according to
Dominican Today.  It has also set initial price thoughts of
10.125% area on a Dominican peso five-year bond, though investors
will be paid in dollars, the report relates.

The news agency reports that the proceeds from the 144a/Reg S deal
will go towards financing infrastructure projects and to providing
support for other sectors of the Caribbean country's economy, the
report adds.



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


METALSA S.A.: S&P Affirms 'BB+' CCR; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
corporate credit rating on Metalsa S.A. de C.V. (Metalsa).  S&P
also affirmed its 'BB+' long-term issue rating on the company's
$300 million senior unsecured notes with a recovery rating of '3',
indicating its expectation of meaningful (50% to 70%) recovery in
the event of a payment default.  The outlook remains stable.

The ratings on Metalsa reflect its "fair" business risk profile,
"intermediate" financial risk profile, and "adequate" liquidity as
per S&P's rating criteria.

S&P's assessment on Metalsa's "fair" business risk profile
reflects the "moderately high" industry risk, "intermediate"
country risk, and the company's "fair" competitive position.  The
business risk profile reflects the company's average operating
margins mainly due to its low and variable cost structure and its
strong market shares in North America and South America thanks to
long-term relationships with its main customers.  On the other
hand, S&P's view of Metalsa's relative small size, the
concentration of about 60% of its revenues in North America, of
about 55% in its top three customers (ToyotaMotor Corp., Ford
Motor Co., and Chrysler Group LLC), and of about 75% in the
production of chassis and body structures for light vehicles, the
challenges of integrating less profitable operations from its
latest acquisition, and the cyclical nature of the automotive
industry constrain the company's business risk profile.

S&P's assessment of Metalsa's "intermediate" financial risk
profile reflects the company's solid financial metrics, low
financial leverage--despite its growth strategy through partially
debt-financed acquisitions--comfortable debt maturity schedule,
and supportive financial policy framework.  Despite some weakening
in its operating margins and higher debt in 2013, Metalsa's key
financial ratios have remained in line with S&P's expectations.
Related Criteria And Research


===============
S U R I N A M E
===============


SURINAME: S&P Affirms 'BB-' Rating & Revises Outlook to Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' long- and
short-term foreign and local currency sovereign credit ratings on
the Republic of Suriname.  At the same time, S&P revised the
outlook to stable from positive. Our transfer and convertibility
(T&C) assessment remains 'BB'.

RATIONALE

S&P revised the outlook on the Republic of Suriname to stable from
positive.  S&P believes that the Suriname National Assembly could
postpone implementing the government's proposed sovereign wealth
fund (SWF) until after parliamentary elections in May 2015.
Furthermore, Suriname has a history of weak fiscal policy.  It
posted a general government fiscal deficit of 4.0% of GDP versus
S&P's expectation of a 1.5% of GDP deficit in 2013, pushing net
general government debt to 23% of GDP from 16% the previous year.
This deficit was partly financed by central bank advances.  Public
finances may come under renewed pressure as the election nears.

In the real economy, Suriname's growth prospects will be
significantly affected by a proposed $1.2 billion (more than 20%
of GDP) investment in a gold mine located in the Nassau Mountains
of Eastern Suriname at Merian.  In 2013, the government approved
the legal framework governing the investment.  The government has
the option to a take a 25% stake in a joint venture with Surgold,
a Suriname-based unit of Newmont Mining Corp. Newmont, in turn,
will decide this quarter whether to proceed with the mine,
although Barrick's offer for Newmont may delay the decision.  If
this joint venture proceeds, S&P expects the government to raise
$200 million to $250 million in secured external bank loans to
finance a portion of its minority stake.  S&P expects the Merian
gold mine investment would lift per capita GDP growth to over 3%
for the forecast horizon.  At the same time, the project would
increase the economy's dependence on extractive industries.  Gold
alone represents two-thirds of exports, 13% of government
revenues, and (through wildcat exploration) a large source of
informal employment.

S&P's ratings on Suriname reflect the constraints of the
narrowness of its small, open economy, the vulnerability of the
government's fiscal position to commodity price swings, its
history of bouts of inflation and currency devaluation reflecting
weak fiscal policy, its shallow domestic capital markets, and its
high dollarization.  Contrasting these factors, macroeconomic
stability has improved since 2000; medium-term growth prospects
led by foreign direct investment (FDI, including the Merian mine)
are strong; current account surpluses have built a foreign
exchange reserve, bolstering the external position; the government
maintains low debt and interest burdens and has improved debt
management; and the government has taken steps to strengthen the
tools and the effectiveness of monetary policy.

Suriname's external position has strengthened over the past
several years, thanks to current account surpluses.  The central
bank has built an international reserve cushion covering four
months of current account payments at the end of 2013 despite
having sold $250 million in the course of the year to support the
Suriname dollar.  Suriname's external debt burden is low.  Strong
gold prices put Suriname's current account and its international
investment position in surplus between 2009 and 2012.  However,
Suriname swung to a current account deficit in 2013, and S&P
expects that an external borrowing by the government for the
proposed gold equity stake will raise Suriname's net external
liabilities to more than 40% of current account receipts (CARs)
over 2014-2015.

The completion of the Staatsolie oil refinery expansion in the
fourth quarter of 2014 will improve Suriname's current account
balance by reducing refined oil imports. (It will also increase
government revenue.)  S&P expects that mining-related capital
goods imports during 2014-2015, however, will offset these savings
temporarily.  S&P projects that these factors will contribute to
current account deficits of 6% to 8% during 2014-2015 but that the
current account will return to a nearly balanced position
thereafter.  The government's financing of its equity stake with
an external commercial loan will raise Suriname's gross external
financing needs this year to more than 90% of CARs and usable
reserves.

Suriname retains a low net general government debt burden, 23% of
GDP at the end of 2013, thanks in part to bilateral debt
forgiveness during the 2000s.  The government's interest burden is
low, although S&P expects the government loan to finance its
mining shares will raise the general government interest expense
to near 10% of revenues this year.  A shallow domestic capital
market limits the government's domestic financing options.
Dollarization of Suriname's resident financial system remains
high.  Nearly half of other depository corporation deposits and
30% of claims on residents are denominated in foreign currency.

Suriname's monetary policy flexibility is limited by its de facto
pegged foreign exchange rate regime.  S&P, therefore, equalizes
the local currency ratings with the foreign currency ratings.

OUTLOOK

The stable outlook balances S&P's tempered view on public finances
with the country's robust growth prospects if the Merian mine goes
forward.  It also indicates that there is less than a one-in-three
chance that S&P will change its rating on Suriname in the next 12
months.

Upward pressure on Suriname's rating could build if the government
implements a stronger fiscal policy through the political cycle,
enhances its revenue flexibility through value-added tax
implementation, or begins to fund the proposed SWF to insulate its
fiscal position from adverse terms of trade.  The expected boost
to the economy and government revenues from the Merian mine would
give the government space to take such measures, if it so chooses.

On the other hand, downward pressure on the rating on Suriname
could emerge if the fiscal balance and debt burden notably
deteriorate or an external shock--such as a further fall in the
gold price--materially affects its external liquidity position.

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; Outlook To Stable
                                        To                 From
Suriname (The Republic of)
Sovereign Credit Rating                BB-/Stable/B       BB-
/Positive/B

Ratings Affirmed

Suriname (The Republic of)
Transfer & Convertibility Assessment   BB



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


COOPERATIVA DE AHORRO: Fitch Affirms LT IDRs at 'B'
---------------------------------------------------
Fitch Ratings has affirmed Cooperativa de Ahorro y Credito
FUCEREP's (FUCEREP) long-term Issuer Default Ratings (IDRs) at
'B'. The long-term Rating Outlook is Stable.

Key Rating Drivers

FUCEREP's ratings affirmation is driven by its adequate asset
quality benefited from its favorable business model, since a high
proportion of the total loans are debited directly from the
debtors' payroll mitigating credit risk.  Ratings also factor its
good liquidity management and its growing deposit base.  The
ratings also reflect the cooperative's week efficiency ratios and
the recent step back in financial performance mainly affected by
extraordinary regulatory impairment charges.

FUCEREP's ratings consider as well its sustained and solid capital
ratios.  Since July 2013, the cooperative is subject to a new
Minimum Net Equity (MNE).  However, at end-2013 FUCEREP exceeded
the required level, and it estimates that annual members'
contributions and future profits would allow it to reach future
requirements.  The company also has alternative plans to be
implemented, if needed, to sustain MNE at the regulatory levels.

FUCEREP has a historically well contained and manageable impaired
loan ratio (6.2% on average from 2009 - 2013).  Loan loss reserve
coverage reached 158.5% at end-2013. Concentrations by creditor
are not elevated, the 10 largest risks represents 6.1% of the
total portfolio (14.5% of the total equity), but there is some
concentration by employer.  Write-off ratio remains at low levels
and restructures are limited.  Fitch considers that some pressures
in asset quality ratios could arise in the future from projected
growth and planned expansion of the non-payroll deductible loans,
which at the moment show relatively high impairment levels above
the market median (14% for non-payroll deductible loans).

The last two years of improved financial performance, mainly
driven by FUCEREP's wide interest margins and asset quality,
reverted in 2013.  The entity registered net losses mainly
affected by extraordinary regulatory provisioning charges (UYU$7
million), a deteriorated cost to income ratio, a reduction in the
average loan interest rate (an impact of nearly UYU3.0 million)
and a lower than expected growth. Results were partly benefited by
an extraordinary net gain (UYU$2.4 million) on sovereign bonds
sale.  Net interest margin has been decreasing over the past five
years, although it remains wide and is the largest contributor to
operating profit.  Fitch does not expect profitability to continue
negative in 2014, although it is expected to remain pressured.

FUCEREP's operational cost base is high; staff costs account
nearly for two thirds of operating expenses which deteriorated in
2013 due to technology expenditures and a new branch opening,
among other extraordinary charges.  Fitch believes FUCEREP's still
has room to improve its cost to income ratio, increasing salaries
expenditures should ease in the next years given some recent
agreements in the sector.  However, the agency only expects the
ratio to return to its historical average (around 81%)
progressively, given the projected growth and expansion of the
operation throughout the country.

Liquidity risk is not a major concern given the significant
portion of liquid assets that represented 41.4% of the total
deposits (including regulatory requirements) at Dec. 31, 2013.
This level of liquidity is considered adequate given the entity's
comfortable gap analysis in addition to the reasonable contingency
liquidity plan.

The cooperative is taking some steps to gradually adapt its
business model to an increasing share of non-payroll deducted
loans and to expand operations inside the country.  FUCEREP's
ratings consider the risk that the entity could face, given the
increased competition and the risen indebtedness of the
population.  In 2013, the origination and collection processes
were strategically enhanced to direct its tactic to the new market
segment.

FUCEREP has a well balanced (among current and term) and low-cost
deposit base that has steadily grown (18.9% in 2013).  Deposit
concentration remains high; the top 10 depositors represented
16.1% of total deposits as of end-2013 (50 depositors were 39.2%
of the total base).  However, this is partially mitigated by the
liquidity management.

Support Rating And Support Rating Floor

Affirmation of the Support Rating and Support Rating Floor at '5'
and 'NF', respectively, reflects Fitch's opinion that
extraordinary external support if needed, although possible,
cannot be relied upon.

Rating Sensitivities

FUCEREP's ratings could benefit from sustained progresses in
efficiency (65%-70%) and profitability metrics that could arise
from expected portfolio growth and product diversification,
without deteriorating its asset quality.

On the other hand, the non-expected inability to recover its
profitability or material deteriorations in asset quality that
could result from planned changes in the portfolio composition
could cause negative rating actions.

Fitch affirms FUCEREP's ratings as follows:

-- Long-term foreign currency IDR at 'B', Stable Outlook;
-- Long-term local currency IDR at 'B', Stable Outlook;
-- Support rating '5';
-- Support floor at 'NF'.


                            ***********


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
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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202-241-8200.


                   * * * End of Transmission * * *