TCRLA_Public/140506.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, May 6, 2014, Vol. 15, No. 88


A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: IMF Completes First Post-Program Monitoring


BANCO INDUSTRIAL: Seeks Solicitation of Consent from Noteholders
BANCO PINE: Fitch Affirms Short-term IDRs at 'B'
BRAZIL: To Get US$170.8MM IDB Loan For Water and Sewage System
FIBRIA CELULOSE: Seeks to Raise US$500MM From Overseas Bonds Issue

C A Y M A N  I S L A N D S

CSL ENERGY: Shareholder to Hear Wind-Up Report on May 15
DINTON CAPITAL: Shareholder to Hear Wind-Up Report on May 30
ESTATE HOLDING: Shareholders' Final Meeting Set for May 14
GETTYSBURG MUNICIPAL: Shareholder to Hear Wind-Up Report on May 30
KENWITH UK: Shareholder to Hear Wind-Up Report on May 30

KINGSWAY HOLDING: Shareholders' Final Meeting Set for May 15
LG ASIAN: Shareholders' Final Meeting Set for May 22
MLR CAPITAL: Shareholders' Final Meeting Set for May 16
SUNHILL LIMITED: Shareholder to Hear Wind-Up Report on May 30


LATAM AIRLINES: Fitch Affirms 'BB' Issuer Default Rating




JAMAICA: Set to Receive US$510 Million from World Bank
UC RUSAL: LME Seeking to Appeal Ruling Involving Firm


BANCO MERCANTIL: S&P Affirms 'BB+' Rating on $120MM Jr. Sub. Notes


AES PANAMA: Fitch Lowers Rating on USD300MM Notes to 'BB+'


INKIA ENERGY: Enersis SA Deal No Impact on Moody's 'Ba3' Rating


Large Companies With Insolvent Balance Sheets

                            - - - - -

A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: IMF Completes First Post-Program Monitoring
On April 21, 2014, the Executive Board of the International
Monetary Fund (IMF) concluded the first Post Program Monitoring
discussion for Antigua and Barbuda.

On June 5, 2013, the Board concluded the tenth and final review of
the 36-month Stand-By Arrangement (SBA).  Given that outstanding
Fund credit was 500 percent of quota, Directors agreed that post-
program monitoring should be initiated.

Antigua and Barbuda's economy is facing headwinds.  In 2013,
economic growth was somewhat lower than projected at the time of
the SBA review and the fiscal deficit widened substantially.  This
year, the economy is expected to grow by 1.6 percent, up from 0.5
percent in 2013; and inflation is expected to remain subdued at
around 1 percent.  However, risks to this outlook are high,
stemming in particular from the country's unsustainable fiscal
situation, and the large share of nonperforming loans in the
banking system.

Executive Board Assessment
Executive Directors noted with concern that the macroeconomic
performance has deteriorated in the months following the
conclusion of the SBA with the Fund, weakening the growth outlook
and exacerbating downside risks.

Directors recognized the progress made in bank resolution, but
stressed that delays in reforms are exacerbating fiscal risks and
undermining the stability of the banking system.  They urged the
authorities to move quickly to resolve the Antigua and Barbuda
Investment Bank, in close collaboration with the Eastern Caribbean
Central Bank.  Directors cautioned that the resolution strategy
should not weaken the fiscal position further.

Directors stressed the importance of swiftly reversing fiscal
slippages and encouraged the authorities to articulate a
comprehensive medium-term fiscal consolidation program to put the
public debt on a sustainable path.

Directors called for a redoubling of efforts to implement pending
tax administration reforms, including the long-delayed Tax
Administration and Procedures Act, and scale back tax exemptions.
They also recommended that wage restraint to reduce personnel
costs should be an important element of the authorities' fiscal
strategy.  More broadly, the recent increase in current
expenditure should be reversed and transfers to state-owned
enterprises reduced, while protecting capital spending.

Directors considered that the recently launched Citizenship by
Investment Program (CIP) could bring benefits to Antigua and
Barbuda, if managed prudently.  Noting the inherent uncertainty
associated with income from such a program, they recommended that
CIP revenues be targeted primarily for paying down debt and for
creating a buffer to smooth spending in the event of adverse

Directors stressed the importance of measures to improve the
business climate and external competitiveness over the medium
term, and welcomed the initiatives underway in this area.


BANCO INDUSTRIAL: Seeks Solicitation of Consent from Noteholders
Banco Industrial e Comercial S.A. announced the solicitation of
consents relating to the US$400,000,000 5.25 per cent Notes due
2015 (the "Notes") issued under a US$1,000,000,000 Euro Medium-
Term Note Programme.

Banco Industrial is soliciting the consents of the holders of the
Notes to amend the terms and conditions of the Notes under the
Amended and Restated Fiscal Agency Agreement, dated October 6,
2010 as supplemented or amended on April 17, 2014, by and between,
inter alios, the Bank, The Bank of New York Mellon Trust (Japan),
Ltd., The Bank of New York Mellon, London Branch, The Bank of New
York Mellon, New York Branch and The Bank of New York Mellon
(Luxembourg) S.A. upon the terms and subject to the conditions set
forth in the Consent Solicitation Statement dated April 17, 2014
prepared by the Bank and subject to distribution restrictions and
as more fully described in the Consent Solicitation Statement. The
Solicitation Agent is Citigroup Global Markets Inc.

The purpose of the Consent Solicitation is to obtain the consent
of the holders of the Notes at a duly convened meeting of the
Noteholders to vary Condition 6(g) (Repurchase at the Option of
the Noteholders - Change of Control) of the Terms and Conditions
by passing an extraordinary resolution amending the definition of
"Change of Control" so as to designate CCB as the controlling
shareholder of the Bank  following the acquisition of control of
the Bank by China Construction Bank Corporation ("CCB") (the
"Proposed Amendment"). Upon becoming effective, the Proposed
Amendment would ensure that no change of control put right would
be triggered under Condition 6(g) of the Notes following the
acquisition of control of the Bank by CCB.

Notice convening the Meeting to be held at 11.00 a.m. (GMT) on 9
May 2014 at the offices of Hogan Lovells International LLP,
Atlantic House, Holborn Viaduct, London EC1A 2FG, United Kingdom,
has been given to Noteholders in accordance with the Terms and
Conditions on the date of the Consent Solicitation Statement. At
the Meeting, Noteholders will be invited to consider and, if
thought fit, pass an extraordinary resolution (the "Extraordinary
Resolution") to approve the implementation of the Proposed
Amendment as more fully described in the Notice.

A copy of the Consent Solicitation Statement is available for free


Based in Sao Paulo, Brazil, Banco Industrial e Comercial S.A., -- through its subsidiaries, provides
various banking products and services.

BANCO PINE: Fitch Affirms Short-term IDRs at 'B'
Fitch Ratings has completed a peer review of the following five
Brazilian mid-sized banks: Banco ABC Brasil S.A. (ABC Brasil),
Banco Daycoval S.A. (Daycoval), Banco Pine S.A. (Pine), Banco Alfa
de Investimentos S.A. (Alfa) and Banco Industrial e Comercial S.A.
(Bicbanco).  The ratings of the first four banks were affirmed,
while Bicbanco's ratings remains on Rating Watch Positive; see the
full list of rating actions at the end of this release.

The mid-sized Brazilian banks reviewed today are banks with total
assets ranging from R$10 billion to R$17 billion.  The five banks
reviewed count on well-defined strategic objectives and business
models adjusted to their size, and largely rely on wholesale
funding to support their retail, SME and low-ticket corporates
portfolios.  These banks continued to face challenges stemming
from a sluggish economic cycle in the Brazilian economy and have
relied on disciplined credit risk appetite and good asset and
liability management to counterbalance the impact on margins of
subdued loan growth and stronger competition.

Despite the current volatility of the operating environment, Fitch
views the banks included in this peer review as well positioned to
cope with the lackluster economic performance and the challenges
arising from a prolonged period of subdued loan growth.  Since
2008, these banks have shown improvements in their risk profile,
which is evidenced by more comfortable liquidity positions, better
asset and liability management, overall lower average funding
costs combined with longer average tenor and a slightly more
diversified funding composition.

The investment grade ratings of ABC Brasil and Daycoval reflect
the solid franchises and overall sound financial profiles of these
banks, which also can be said about Alfa, which has the same long-
term National ratings. Pine also has consistently enhanced its
franchise based on a focused business model and a consistent
performance track, which resulted in upgrades to its Issuer
Default Rating (IDR) in 2012 and 2013.  Bicbanco's credit profile
is expected to benefit from its new controlling shareholder after
periods of meager profits as a result of asset quality
deterioration that led the bank to reshuffle its commercial
strategy and credit risk management function over the last couple
of years.  The current rating levels of these banks recognize that
at some level, all of them have withstood the cycles while
fortifying both balance sheets and their respective franchises.

A common characteristic of these banks is their well-defined
strategies to focus on lending to SMEs and small corporate
clients.  More recently, there has been increased focus on the
upper-end of the SME segment / lower-end of the corporate segment
(annual sales above BRL250 million).  Among the banks reviewed,
Daycoval and Alfa are exceptions, as both count on growing retail
operations (auto and payroll deductible loans); the former also
focuses on smaller SME clients while the latter's corporate
lending is concentrated on large corporates.

Asset quality of these banks has slightly improved in 2013 when
compared to 2012, mostly as a result of their selective
origination and constrained risk appetite.  Alfa has low
delinquency ratios, despite the relatively higher and still
growing share of the retail loans (non-performing loans [NPL] 90
days were 0.1% at December 2013).  ABC Brasil and Pine report a
low level of NPLs over 90 days (0.2 and 0.1%, respectively), which
is a reflection of their focus on lower risk and larger companies.
Benefiting from the strict regulatory provisioning rules, all
banks reviewed in this peer boast solid reserve coverage ratios,
with average reserve coverage of 5.0x over NPL 90 days.

Daycoval, due to the relevance of its SME portfolio which is
composed of clients of a smaller size, continued to show the
highest delinquency ratios (NPL 90 days of 2.2%).  Counting on
good collateral coverage, Daycoval has a good track record of
credit recoveries and that should somewhat counterbalance the
effects of the deterioration presented in 2012 and 2013.  Also,
the change in Daycoval's loan mix, with the expansion of its
payroll deductible loans, should also offset the SME portfolio
deterioration.  Also focused on the SME segment, Bicbanco's asset
quality showed improvement after three periods of adjustments and
a full reshuffle of its credit function and, while the acquisition
is not completed, risk appetite should continue to be limited.

These banks' main revenue source continues to be their lending
activity.  All of them continue developing new strategies and
products aiming to increase fee income and foster cross selling
initiatives.  Fitch continues to consider this a positive trend
though it recognizes that the contribution of non-interest income
is still modest (roughly 10% of total revenues on average for this
peer group) when compared to the large retail banks, which have
more than a third of their revenues stemming from non-interest

Fitch expects that these banks, like most in the Brazilian
financial system, will continue to face margin pressures due to
the lackluster economic scenario and the continued subdued loan
growth.  In 2013, the average Operating ROAA for these five banks
fell to 1.58%, which still compares favorably with the average of
the market and is still slightly above similarly rated banks
around the world.  Profitability of four out of the five banks
included in this peer review has proven to be resilient to market
volatility.  Daycoval's performance suffered from the
deterioration of its SME portfolio and conservative provisioning
but its performance record of recovering bad credits due to its
strong collateral coverage is expected to compensate at least
partially for 2013's higher credit costs.  Bicbanco's asset
quality problems seem to be under control and the bank's
performance continued to be the weakest in this peer group.  In
2014, Bicbanco's performance is expected to remain flat as the
acquisition process should be concluded after final approval by

The evolution of these banks' liquidity controls and asset and
liability management practices continue to be a positive factor.
All of them count on good liquidity profiles; reasonably
diversified funding bases with midterm tenors and controlled
refinancing risk.  The increase of the share of letras financeiras
and the continued reduction of the portion of deposits with daily
withdrawal clauses has been a characteristic of all these banks,
except for Bicbanco, which relied heavily on DPGE I as its funding
costs escalated prior to the announcement of its acquisition by
China Construction Bank Corporation (CCB; LT IDR 'A'; Outlook
Stable; Viability Rating (VR) 'bb') .

The reviewed banks, including those with more leveraged balance
sheets, have comfortable capital ratios (Fitch core capital ratio
average for the group was 14.19% and 13.30% in 2013 and 2012,
respectively).  Fitch does not expect capitalization to be a
constraint for growth or earnings generation for any of these
banks.  ABC continues to present the more tight capital ratios
while Daycoval and Alfa continue to stand out as the best
capitalized bank in the group (Fitch core capital ratio of 17.90%
and 19.45% in 2013, respectively).


ABC Brasil:
ABC Brasil's IDRs are driven by its VR and are based on the bank's
low risk profile, which is underpinned by its low funding cost,
sound risk management, and consistent profitability over the years
even while facing a fierce and volatile competitive environment.
Over the last few years, improvements included a further
diversification of its funding profile leading to stronger asset
and liability management as it continues to expand its corporate
and middle-market operations.  Its credit portfolios are
conservatively matched and continue to show strong liquidity.  Its
continued high-quality assets and liquidity combined with its
satisfactory profitability and capital adequacy are evidence of
the bank's overall solid financial strength.

Alfa's ratings reflect its very conservative lending strategy and
risk management, excellent asset quality, good liquidity,
relatively low leverage, comfortable capital ratios and its
adequate performance track record.  On the other hand, they also
reflect the concentrated funding base, appropriate for its
activities.  The growth of its retail lending business,
particularly since 2010, has provided additional business
diversification and further enhanced the bank's sound financial
profile.  A focused strategy on the retail lending side that
targets high income individuals, and the long-term relationship of
the bank with its large and upper-middle market corporate clients
underpin the asset quality and performance.  The bank has
consistently maintained a very comfortable liquidity position and
has prolonged the average funding maturity in recent years at an
attractive cost, somehow offsetting the concentration of its
funding base.

Bicbanco was placed on Rating Watch Positive in November 2013,
following the announcement of the acquisition of a 72% stake in
Bicbanco by CCB from its current controlling shareholders.  The
transaction is still subject to necessary regulatory approvals in
Brazil and China.

The Positive Watch reflects Fitch's belief that once the
acquisition is complete, Bicbanco's ratings will benefit from
support from CCB, should this be required.  CCB's IDR reflects
Fitch's opinion that there is an extremely high probability that
the Chinese authorities will support CCB if needed.  CCB is 57%
owned by the Chinese government, and is an important player in the
Chinese banking system in addition to being the eighth largest
bank in the world.

Should the proposed acquisition be concluded, Bicbanco's National
Scale ratings would be driven by the expected support from CCB,
while the inclusion of a highly rated institutional parent may
also result in synergies and other benefits that may enhance
Bicbanco's business model.  After the transaction is completed,
Fitch will assess the importance of Bicbanco to CCB and decide the
appropriate level of support to be applied to Bicbanco's ratings.

Daycoval's IDRs reflect the bank's consistent track record of
performance, maintained through different cycles of the local
economy, along with higher business diversification and
comfortable liquidity and capitalization positions.  The bank has
recorded consistent profitability, even under stress scenarios,
sustained by adequate asset pricing, strong cost control and low
funding cost.  It continues to adopt prudent liquidity management
and adequate asset and liability management strategies that help
to mitigate the burden of a less diversified funding base compared
to larger peers.  Business diversification to payroll deductible
loans have allowed the bank to compensate the impact on margins of
its more limited risk appetite for SME loans over the last two

Pine's IDR reflects the bank's overall good credit profile and
good performance in the last several years in the midst of a
deteriorating and relatively volatile operating environment. Also,
the ratings reflect Pine's consistent performance, higher funding
diversification, and sound asset quality and liquidity.
Concentrations on the asset and funding sides have been maintained
at acceptable levels and ALM continues to be good.  Pine has
managed its growth in the low corporate segment carefully with a
strategy of revenue diversification and cross-selling aimed at
reducing the dependence of revenues on lending and increase the
participation of its derivatives desk and advisory services in the
revenues composition.

Rating Sensitivities

ABC Brasil
Given its funding profile and narrow business niche, an upgrade of
ABC's ratings is limited under its current business model.
Although unlikely in Fitch's view, significant deterioration of
ABCBr's asset quality that results in credit costs that severely
limit its profitability and ability to grow its capital, combined
with a reduction on its liquidity or capitalization position could
lead towards a reduction of the bank's ratings.  A decline in the
Fitch core capital to risk-weighted assets ratio below 9% along
with a reduction in the operating income to average asset ratio
below 2% could result in a ratings review.

The concentration of Alfa's funding base is higher compared to the
other mid-sized banks reviewed.  Improvements in funding
concentration and a more robust performance could affect ratings
positively, although this scenario may be unlikely considering the
business model of the bank.  Conversely, in the unlikely scenario
of significant deterioration in asset quality and performance, its
ratings would be negatively affected.  Rapid loan growth not
followed by proper capital generation that could result in a drop
in the Fitch core capital to risk-weighted assets ratio below 12%,
along with a deterioration in its operating income to an average
asset ratio below 1.0%, could result in a negative rating action.

The Positive Watch will be resolved once regulatory approval for
the acquisition is received and the transaction is completed.
Upon completion of the necessary approvals, Bicbanco's long-term
National Rating could be upgraded reflecting CCB's propensity to
support Bicbanco.

In the case the acquisition is not completed, Fitch will reassess
the impact of such situation on Bicbanco's ratings, which may
result in a downgrade of the bank if its franchise and funding
position were to be affected by such event.

Given its current business model, with asset and liability
concentrations inherent to its size, including its wholesale
funding nature, the potential for an upgrade to Daycoval's ratings
is limited.

The ratings could be negatively affected by continued asset
quality deterioration which result in pressure on the bank's
results (operating income to average asset ratio below 2%) and on
capital (Fitch core capital ratio lower than 11%), which could be
triggered by larger than expected asset quality deterioration
and/or aggressive asset growth or cash dividend policy.

The potential for a rating upgrade is limited in the short term as
the bank needs to improve its income, asset and liability
diversification.  Ratings may be negatively affected by continued
asset quality deterioration which could undermine its earnings and
capital base.

A deterioration of the asset quality ratios to levels below its
peers' average or a decline in Fitch core capital to risk-weighted
assets ratio below 10%, along with a reduction in operating income
to average asset ratio below 1.5% could result in a negative
rating review.

Fitch's rating actions are as follows:

ABC Brasil:
-- Long-term foreign and local currency IDRs affirmed at 'BBB-',
Outlook Stable;
-- Short-term foreign and local currency IDRs affirmed at 'F3';
--Viability rating affirmed at 'bbb-';
-- Long-term national rating affirmed at 'AA(bra)', Outlook
-- Short-term national rating affirmed at 'F1+(bra)';
--Support rating affirmed at '3'.
--Senior unsecured BRL notes due 2016 foreign currency rating
affirmed at 'BBB-'

--National Long-term Rating affirmed at 'AA(bra)', Outlook Stable;
--National Short-term Rating affirmed at 'F1+(bra)'.

--National Long-term Rating at 'A+(bra)', Rating Watch Positive
--National Short-term Rating at 'F1(bra)'; Rating Watch Positive

--Long-term foreign and local currency IDRs affirmed at 'BBB-',
Outlook Stable;
--Short-term foreign and local currency IDRs affirmed at 'F3';
--Viability rating affirmed at 'bbb-';
--Long-term national rating affirmed at 'AA(bra)', Outlook Stable;
--Short-term national rating affirmed at 'F1+(bra)';
--Support rating affirmed at '5';
--Support rating floor affirmed at 'NF';
--Senior unsecured USD notes due March 2015, foreign currency
rating affirmed at 'BBB-';
--Senior unsecured USD notes due January 2016, foreign currency
rating affirmed at 'BBB-'.
--Senior unsecured USD notes due March 2019, foreign currency
rating affirmed at 'BBB-'
--Senior unsecured BRL letras financeiras due 2015 and 2016
affirmed at 'AA(bra);.

-- Long-term foreign and local currency IDRs affirmed at ' BB+',
Outlook Stable;
-- Short-term foreign and local currency IDRs affirmed at 'B';
-- Viability rating affirmed at 'bb+';
-- Long-term national rating affirmed at 'AA-(bra)', Outlook
-- Short-term national rating affirmed at 'F1+(bra)';
-- Support rating affirmed at '5';
-- Support rating floor affirmed at 'NF';
-- Subordinated USD notes due 2017 affirmed at 'BB-';
-- Senior unsecured BRL letras financeiras due 2014 and 2015
affirmed at 'AA-(bra)';
--Huaso bonds program expiring in 2022 affirmed at 'A(cl)';
-- Huaso bonds due 2017 affirmed at 'A(cl) '.

BRAZIL: To Get US$170.8MM IDB Loan For Water and Sewage System
Residents of Brazil's Federal District, in particular those living
in the districts of Sobradinho I and II, Jardim Botanico, Lago
Sul, Incra 8 and Brazilandia, will benefit from an easing of the
overburdened water supply grids of Compania de Saneamiento
Ambiental do Distrito Federal (CAESB) and better utilization of
these systems through a $170.8 million loan from the Inter-
American Development Bank (IDB).

CAESB's Environmental Cleanup Program will help reduce the risk of
water rationing and provide the company with the tools needed for
future expansion.

The project is expected to help connect 13,498 homes to the
drinking water supply, overhaul four water treatment plants,
interconnect three supply grids and upgrade seven urban
reservoirs.  In addition, 17,118 homes will be connected to the
sewage grid, 45.8 kilometers of which will be upgraded.

The plan was designed so that CAESB can meet water demand from the
growing population of Brasilia and nearby districts and towns
through measures that guarantee the water supply, particularly in
periods of drought.  It also will expand the sewage system and the
grid for shipping and treating waste water, while strengthening
the operational management of the company.

As for initiatives to fight global warming, renewable energy and
environmental sustainability, the program calls for the purchase
and installation of 418.000 hydrometers, the forestation of 150
hectares of a conservation unit so as to offset the emission of
49,000 tons/year of CO2 from the waste water treatment plants;
implementation of the system of environmental management developed
by CAESB and ISO certification processes in specific units of the

The IDB loan is over 25 years with a grace period of 5.5 years and
an interest rate based on LIBOR.  Brazil is providing $115.5
million in matching funds.

FIBRIA CELULOSE: Seeks to Raise US$500MM From Overseas Bonds Issue
Rogerio Jelmayer at The Wall Street Journal reports that Fibria
Celulose SA is planning to raise around US$500 million from an
overseas bond issue as part of its ongoing strategy to reduce its
debt-service costs.

In the meantime, Fibria announced a cash tender offer for all of
its 2021 senior unsecured notes, which currently has an
outstanding amount worth US$549 million, according to major rating
agencies, notes the Journal.

"We expect the company will fund the tender offer with the
proceeds from the (current) proposed bond," said Standard & Poor's
Ratings Services in a press release obtained by the news agency.

In the last two years, Fibria embarked on an effort to reduce its
debt in order to reach an investment-grade status and then to
reduce its debt service costs, The Wall Street Journal notes.

In February it saw the first results of this strategy, after Fitch
Ratings upgraded its notes to investment-grade level at triple-B-
minus, the report relates.  For other major rating agencies,
Fibria still maintains a speculative rating, at double-B-plus by
Standard & Poor's and Ba1 by Moody's Investors Service, in both
cases one notch below investment grade, the report discloses.

In the first quarter, the company expended BRL303 million
repurchasing its overseas bond issue due in 2020, The Wall Street
Journal relays.

"Besides reducing absolute debt levels, the recent 2020 bond pre-
payment and the proposed tender for the 2021 notes will together
result in lower annual interest expenses of about US$57 million,
contributing to a stronger free cash flow generation," said
Moody's Investors Service, the report adds.

Headquartered in Sao Paulo, Brazil, Fibria Celulose S.A. engages
in the production, sale, and export of short fiber pulp. The
company primarily offers bleached eucalyptus kraft pulp used in
the manufacture of toilet paper; uncoated and coated paper for
printing and writing; and coated cardboard for packaging.

As reported in the Troubled Company Reporter-Latin America on
March 31, 2014, Standard & Poor's Ratings Services revised its
outlook on Fibria Celulosa S.A. to positive from stable.  At the
same time, S&P affirmed its 'BB+' ratings on the company.

C A Y M A N  I S L A N D S

CSL ENERGY: Shareholder to Hear Wind-Up Report on May 15
The shareholder of CSL Energy Offshore Fund, Ltd will hear on
May 15, 2014, at 11:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          c/o Joanne Huckle
          Telephone: (345) 815-1895
          Facsimile: (345) 949-9877

DINTON CAPITAL: Shareholder to Hear Wind-Up Report on May 30
The shareholder of Dinton Capital will hear on May 30, 2014, at
9:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943-3100

ESTATE HOLDING: Shareholders' Final Meeting Set for May 14
The shareholders of Estate Holding Cayman Limited will hold their
final meeting on May 14, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Poon Wai Hung, Richard
          Harbour Centre, Room 1409
          25 Harbour Road, Wanchai
          Hong Kong

GETTYSBURG MUNICIPAL: Shareholder to Hear Wind-Up Report on May 30
The shareholder of Gettysburg Municipal Trading Offshore Fund Ltd
will hear on May 30, 2014, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877

KENWITH UK: Shareholder to Hear Wind-Up Report on May 30
The shareholder of Kenwith UK Investments will hear on May 30,
2014, at 10:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943-3100

KINGSWAY HOLDING: Shareholders' Final Meeting Set for May 15
The shareholders of Kingsway Holding Corporation will hold their
final meeting on May 15, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          John T. Connors
          UBS AG Investment Bank
          677 Washington Boulevard
          Stamford, 8th Floor
          CT 06901
          United States of America
          Telephone: +1 (203) 719 4737

LG ASIAN: Shareholders' Final Meeting Set for May 22
The shareholders of LG Asian Natural Resources Fund will hold
their final meeting on May 22, 2014, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          William Walter Raleigh Kerr
          The Dower House, Melbourne
          Derbyshire DE73 8JH
          United Kingdom

MLR CAPITAL: Shareholders' Final Meeting Set for May 16
The shareholders of MLR Capital Offshore Master Fund, Ltd will
hold their final meeting on May 16, 2014, at 10:15 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          MLR Capital Management, LLC
          c/o Michael Layden
          49 Engert Avenue, #3
          Brooklyn, New York 11222
          United States of America
          Telephone: +1 (917) 450 9221

SUNHILL LIMITED: Shareholder to Hear Wind-Up Report on May 30
The shareholder of Sunhill Limited will hear on May 30, 2014, at
9:15 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943-3100


LATAM AIRLINES: Fitch Affirms 'BB' Issuer Default Rating
Fitch Ratings has affirmed the 'BB' FC IDRs and LC IDRs of Latam
Airlines Group S.A. (LATAM), TAM S.A. (TAM) and TAM Linhas Aereas
S.A. Fitch has simultaneously affirmed the Primera Clase Nive 2
(cl) equity rating of LATAM and the 'A+ (bra)' national scale
ratings of TAM and TAM Linhas Aereas S.A

A full list of ratings affirmations is shown below.

Fitch has revised the Rating Outlook of LATAM, TAM S.A. and TAM
Linhas Aereas S.A. to Negative from Stable.  The Outlook revision
reflects the high leverage of LATAM versus its global peers within
the rating category, as well as weak economic conditions in the
region that will make it more difficult for the company to
deleverage as quickly as anticipated.

The ratings of LATAM and TAM and their subsidiaries take into
account the credit linkage between the two companies, which stems
from their legal, operational, and strategic ties.  These links
are reflected in the existence of cross-guarantee and cross-
default clauses related to the financing of aircraft acquisitions
for both LATAM and TAM.

Key Rating Drivers:

Leading Regional Market Position Incorporated:

Fitch views LATAM's strong business position as sustainable in the
medium term based on its business diversification, as well as its
extremely strong business position both within Latin America and
in the international routes between Latin America and either North
America or Europe. LATAM's International Passenger, Domestic
Brazilian, Spanish Speaking Countries and Cargo divisions
represents 39%, 30%, 14% and 14%, respectively, of the company's
total revenues in 2013.  The ratings incorporate the company's
leading market share in Brazil's domestic and international
markets, as well as the volatility in operating results associated
within these markets through the economic cycle.  Currently,
economic conditions in Brazil remain relatively weak.  LATAM also
maintains leading position in the domestic markets of Chile and
Peru, and it is one of the main players in Colombia.

Adequate Liquidity:

LATAM improved its liquidity during 2013, as its cash and
marketable securities increased from USD1.1 billion at the end of
2012 to USD2.6 billion by Dec. 31 2013.  This level of cash and
marketable securities is equivalent to approximately 19% of the
company's 2013 revenues.  The sharp improvement in LATAM's
liquidity position was primarily a result of its USD1 billion
equity offering during 2013.  In addition to the aforementioned
liquidity position, LATAM has unused committed credit lines of
approximately USD185 million.  The company's cash exposure to
Venezuela and Argentina of approximately USD163 million and USD59
million, respectively, represents 10% of its liquidity and it is
not expected to materially increase during 2014.

High Gross Adjusted Leverage:

Fitch views the company's leverage as high for the rating
category.  LATAM's gross adjusted leverage ratio, as measured by
total adjusted debt versus EBITDAR, was 6.1x for 2013, while it
net adjusted leverage ratio was 4.9x and its FFO adjusted leverage
ratio was 5.5x.  LATAM's revenues, EBITDAR and an EBITDAR margin
were USD13.3 billion and USD2.2 billion, respectively, while its
EBITDAR margin expanded to 16% from 12% during 2013.  LATAM's
total adjusted debt was approximately USD12.8 billion at the end
of December 2013.  This debt includes USD9.9 billion in on-
balance-sheet debt and USD3 billion in off-balance-sheet
obligations related to operating leases with combined rental
payments of around USD441 million for 2013.

Limited FCF Generation:

LATAM's capex plan remains relatively aggressive despite the fact
that it has revised down its capex plan for 2014 through 2015 by
USD1 billion.  These investments in addition to weaker macro-
economic conditions in the region than previously projected by
Fitch should limit the company's ability to generate strong FCF
during 2014 and 2015.  LATAM initiated a fleet restructuring plan
during 2013 in which it intends to phase out less efficient models
and reallocate aircrafts throughout its markets to better optimize
the use of its fleet.  LATAM's capex related to aircraft equipment
for 2014 and 2015 is expected to reach levels of USD738 million
and USD968 million, respectively.  The company's total capex -
including spare parts, engines and other items - for the period
should be approximately USD2.5 billion.  During 2013, LATAM's FCF
was negative USD364 million, representing a FCF margin (LTM
FCF/LTM revenues ratio) of negative 2.7%.

Modest to Flat Improvements Projected for 2014 and 2015

Fitch's base case for 2014 results in FCF improving to
approximately USD100 million due to a USD300 million improvement
in cash flow from operations (CFFO).  This level of FCF would not
be material enough to reduce debt significantly absent asset sales
or the issuance of additional equity by the company.  A key driver
in the CFFO improvement is a sharp reduction in working capital
outflows, as FFO is projected to remain relatively unchanged at
approximately USD 1.4 billion.  For 2014, Fitch projects an
increase in LATAM's EBITDAR to USD2.3 billion from USD2.1 billion.
LATAM's consolidated capacity is expected to remain flat during
2014.  By segments, LATAM plans capacity increases in 2014 of
between 0% and 2% in the international segment, 0% in Brazil's
domestic segment, between 6% and 8% in the Spanish Speaking
Domestic segment, and from 0% to 2% in the cargo segment.  At
Dec. 31, 2014, LATAM's fleet totaled 339 aircrafts (211 owned),
this includes 323 passenger (201 owned) and 16 dedicated cargo (10
owned) aircrafts.  The company maintains flexibility to adjust the
physical size of its fleet as between 2014 and 2016, it has 25
operating lease expiring in its wide-body passenger fleet, which
can be terminated without cost.

Rating Sensitivities:

Negative Rating Actions: Fitch would consider downgrading LATAM's
ratings if its net debt/EBITDAR ratio and/or its FFO adjusted
leverage ratio were not expected to decline to around 4.5x by the
first half of 2016.  A total debt/EBITDAR ratio above 5.0x during
this time period could also result in negative rating actions.

Positive Rating Actions: A rating upgrade is not anticipated in
the near term.  The company's Outlook could be revised to Stable
from Negative if it achieves some of the aforementioned targets.

Fitch has taken the following rating actions:

LATAM Airlines Group S.A.:
--Long-term Issuer Default Rating (IDR) affirmed at 'BB';
--National Equity Rating affirmed at Primera Clase Nivel 2 (cl).
--Long-term IDR affirmed at 'BB';
--Local currency IDR affirmed at 'BB';
--National long-term rating affirmed at 'A+(bra)'.
Tam Linhas Aereas S.A.
--Long-term IDR affirmed at 'BB';
--Local currency IDR affirmed at 'BB';
--National long-term rating affirmed at 'A+(bra)'. .
Tam Capital Inc.
--Long-term IDR affirmed at 'BB';
--Local currency IDR affirmed at 'BB';
--USD300 million senior unsecured note due 2017 affirmed at 'BB'.
Tam Capital Inc. 2
--Long-term IDR affirmed at 'BB';
--Local currency IDR affirmed at 'BB';
--USD300 million senior unsecured note due to 2020 affirmed at
Tam Capital Inc. 3
--Long-term IDR affirmed at 'BB';
--Local currency IDR affirmed at 'BB';
--USD500 million senior unsecured note due affirmed at 'BB'.

The Outlook is revised to Negative from Stable.

Fitch has simultaneously withdrawn the Long-term Foreign Currency
and Local Currency IDRs of TAM Capital Inc., TAM Capital Inc. 2,
and TAM Capital Inc. 3.  These three entities are financing
vehicles for TAM.  The issue ratings remain outstanding.


Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Central America Bottling Corp. (CBC).  At the
same time, S&P affirmed the 'BB' rating on its senior unsecured
notes due 2022.  The outlook remains stable.

The rating affirmation follows CBC's improved profitability and
key credit metrics during 2013, although they continue to be in
line with the company's "significant" financial risk profile.
These improvements reflect the company's cost efficiencies,
pricing strategies, and good results in Ecuador, as the company
completed the integration of Grupo Tesalia, which it acquired in
2012.  S&P expects CBC will focus on integrating the recent
acquisition of Compa¤ia Tropical de Bebidas (CTB)--an Ecuador-
based beverage company that operates in the carbonated soft
drinks, bottled water and water jug segments--while it continues
strengthening its profitability and cash flow metrics in the next
two years.

"We assess CBC's business risk profile as "fair," reflecting the
"low" risk in the branded nondurables industry and the "high"
country risk as the company's operations are concentrated in
Guatemala, Ecuador, Jamaica, Honduras, and other countries in
Central America, most of which have a "high" or "very high"
country risk, in our view.  The business risk profile also
reflects CBC's "fair" competitive position, based on the company's
diversified portfolio, solid position in the markets in which it
operates, and its large distribution network.  The somewhat
offsetting factors are the challenging operating environments and
intense competition in most of the countries where the company
operates and its exposure to raw material price volatility and
foreign currency fluctuations, somewhat mitigated by the hedge
arrangements and long-term contracts with suppliers.  We assess
CBC's absolute profitability as "average," as EBITDA margins are
likely to remain in the 14.0% area for the next three years, as in
2013.  However, these margins still remain below those of the
company's industry peers," S&P said.

S&P also views the volatility of profitability as "fair,"
reflecting several one-time charges inherent to acquisitions and
joint ventures and foreign-currency fluctuation exposure, as
approximately 45% of CBC's revenues are in the local currencies.

S&P continues to assess CBC's financial risk profile as
"significant."  The company's key credit metrics improved in 2013
thanks to cost reductions and operating efficiencies, mainly
related to production and distribution, its pricing strategy, and
the increase in returnable packaging, lowering production costs
and increasing market penetration.


JAMAICA: Set to Receive US$510 Million from World Bank
RJR News reports that Jamaica is set to receive US$510 million
from the World Bank after its Board of Executive Directors
endorsed the new Country Partnership Strategy for 2014 to 2017.

It focuses on creating the conditions for growth, according to RJR

Then report relates that the strategy proposes a lending program
which is part of a comprehensive package of reforms led by the
Jamaican Government with the support of the international
community including the IMF's Extended Fund Facility and the
Inter-American Development Bank's program.

UC RUSAL: LME Seeking to Appeal Ruling Involving Firm
RJR News reports that the London Metal Exchange, LME, is seeking
permission from the U.K. Court of Appeal to appeal a ruling
against it last month involving aluminum giant UC Rusal which has
a major stake in Jamaica's mining sector.

UC Rusal scored a surprise victory when a UK High Court judge
quashed changes the LME had proposed to address delays in
accessing metals, according to RJR News.

The report relates that the company said the planned changes to
the LME's warehouse rule book would cost it at the very least tens
of millions of pounds.

LME had proposed that starting April 1 warehouses with wait times
for deliveries exceeding 50 days would be required to ship out
more metal than they take in, the report notes.

But a judge ruled the exchange's consultation with the industry
ahead of the changes was unfair and unlawful, the report

UC Rusal controls 65 per cent of Jamaica's alumina production
capacity and operates three of the island's four alumina

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 31, 2014, RJR News said that UC Rusal reported a massive
increase in net losses in the year to December 31.  This was due
mainly to a large impairment cost and one-off restructuring
charges combined with lower production and a fall in aluminum
prices, according to RJR News.

The report noted that the company reported a net loss of US$3.2
billion.  It suffered a US$528 million loss in 2012.


BANCO MERCANTIL: S&P Affirms 'BB+' Rating on $120MM Jr. Sub. Notes
Standard & Poor's Ratings Services affirmed its 'BBB' long-term
and 'A-2' short-term global scale ratings on Banco Mercantil del
Norte S.A. Institucion de Banca Multiple Grupo Financiero Banorte
(Banorte).  S&P also affirmed its 'mxAAA/mxA-1+' long- and short-
term national scale ratings.  The outlook on all ratings is

S&P also affirmed its 'BBB' issue-level rating on Banorte's $500
million senior unsecured notes due 2015, and its 'BB+' issue-level
ratings on its $120 million junior subordinated notes due 2020.

The issuer credit ratings on Banorte continue to reflect its
"adequate" business position and capital and earnings, as well as
S&P's view of its "average" funding and "adequate" liquidity.  S&P
is revising its assessment on the bank's risk position to
"adequate" from "moderate" (as our criteria define these terms)
and, as result, its stand-alone credit profile (SACP) to 'bbb'
from 'bbb-'.

"Our bank criteria use our Banking Industry Country Risk
Assessment (BICRA) economic and industry risk scores to determine
a bank's anchor, the starting point in assigning an issuer credit
rating. Our anchor for a commercial bank operating only in Mexico
is 'bbb'.  We believe that the main risk for banks operating in
Mexico is economic risk, resulting from the population's low
income level (from a global perspective) and the decline in
payment capacity because of low levels of domestic savings.
Mexico's banks also face challenges associated with lending within
a legal framework that is still establishing a track record of
creditor rights.  However, underwriting standards have improved,
and there currently are no asset bubbles in Mexico's economy.
Industry risk is not as high because of conservative regulation,
but supervision still needs to be strengthened.  Healthy
competitive dynamics fuels the lending system, funding is based on
stable deposits, and the domestic debt markets are expanding
rapidly.  We classify the Mexico's government as "supportive" to
its banking system, based the support it had provided to banks in
the past and our belief that it has the capacity to help banks
withstand problems," S&P said.

"The stable outlook on Banorte continues to reflect our
expectation that the bank will maintain its adequate market
position within the Mexican banking industry over the next 18 to
24 months," said Standard & Poor's credit analyst, Arturo Sanchez.
The outlook also incorporates S&P's expectation for "adequate"
capital and earnings, based on its forecasted RAC ratio at about
9% over the same timeframe, both at the bank and the group level.


AES PANAMA: Fitch Lowers Rating on USD300MM Notes to 'BB+'
Fitch Ratings has downgraded AES Panama S.A.'s (AES Panama)
foreign and local currency Issuer Default Ratings (IDRs) to 'BB+'
from 'BBB-'  The company's USD300 million notes due in 2016 were
also downgraded to 'BB+'.  The Rating Outlook has been revised to
Negative from Stable.

The rating downgrades reflect the increased volatility in cash
flows evidenced during recent years, coupled with a weakening
operating environment due to energy transmission problems in the
country and the potential for debt increases in the short term to
finance capital expenditures.  The Negative Outlook reflects
ongoing hydrological problems in the country as well as continued
transmission constraints in the short term.

AES Panama's ratings are based on the company's strong portfolio
of assets with a competitive dispatch position, its multiple power
purchase agreements (PPAs), as well as its adequate historical
financial profile and no foreign-exchange risk.  The ratings also
reflect the company's exposure to hydrology risk given its
elevated contracted capacity, regulatory intervention, and
potential for long-term competitive price pressures.

Key Rating Drivers

Deteriorating Credit Metrics:

During recent years, AES Panama's financial profile has been
weakening as the company's cash flow generation has exhibited
increased volatility.  Cash flow generation has the potential to
deteriorate further over the next two years should hydrology
remain low.  In 2013, the company's credit metrics weakened as
result of non-planned purchases of energy in the spot market to
fulfill obligations derived from its PPAs.  The net impact of
these transactions on year's operating cash was approximately
USD117 million.  EBITDA declined to USD57 million in 2013 from
USD77 million in 2012, while leverage increased to 5.3x from 3.9x
in the same period.

AES Panama's results could deteriorate in the short-term due to
the ongoing drought in Panama and the possibility of another year
of abnormally low hydrology during 2015.  To mitigate the impact
of these adverse hydrological conditions, the company is working
to rebalance its generation portfolio and to reduce its
contractual structure.  The company is negotiating a PPA to sell
capacity and energy from a 72MW (megawatt) power barge, which the
company expects to start operating in early 2015.  AES Panama
expects this plant will add between USD37 million and USD50
million per year to the EBITDA in the next five years.  As per the
agreement with the Ministry of Finance, the company also expects
to receive compensation for future purchases in the spot market
for up to USD40 million in 2014 and up to USD30 million in the
next two years.  These actions could help the company to return to
its historical levels of leverage by 2016, if current financial
policies remain unchanged.

Cash Flow Supported by Contractual Position:

AES Panama's ratings reflect company's contractual position with
low counterparty risk.  Generation companies in Panama are
permitted to enter into PPAs for up to their firm capacity
allocation.  The regulations promote the use of PPAs by requiring
distribution companies to secure 100% of their peak regulated
demand for the following year.  AES Panama maintains PPAs for
approximately 90%, on average, of available capacity through 2018
and 73% thereafter and until 2030.  The company sells electricity
under separate PPAs with the country's three distribution
companies, Empresa de Distribucion Electrica Metro-Oeste S.A.
(Edemet), Elektra Noreste (Fitch IDR of 'BBB'), and Empresa de
Distribucion Electrica Chiriqui (Edechi), with various maturities.
Panamanian distribution companies appear to have the sufficient
credit quality and financial ability to support their respective
obligations under the PPAs with AES Panama.

AES Panama benefits from a competitive portfolio of low-cost
hydroelectric generating assets, including dam-based reservoirs
and run of the river units.  The diverse location of the company's
assets somewhat mitigates its exposure to hydrology risk as the
plants are located in different hydrology regions.  AES Panama is
the largest generation company in the country based on installed
capacity.  The company is composed of four hydroelectric plants
throughout the country with a total installed capacity of
approximately 482 MW and different dispatch priorities.  The
Bayano plant (260MW) operates during the peak load hours ahead of
the more expensive thermal units.  La Estrella (48MW) and Los
Valles (54MW) are run of the river facilities and the first units
to be dispatched in the system.  Esti (120MW) is normally
dispatched similar to run of the river facilities given the
limited size of its reservoir.

Weakening Liquidity and No Foreign Exchange Risk:

The company's liquidity position has been affected during recent
years as a result of weaker cash flow generation from operations
and the company's continued dividend payment policy.  The
amortization schedule has been manageable with the only debt
amortization coming due towards the end of 2016.  Cash on hand as
of Dec. 31, 2013 was approximately USD27 million, additionally the
issuer maintained restricted cash for approximately USD10 million
in the Debt Service Reserve Account.  The company's financial
policy is to maintain a minimum cash balance of USD20 million.
The ratings of AES Panama are not constrained by the sovereign
rating of Panama, as access to foreign exchange is not limited by
finite foreign-exchange reserves or controls.  Panama's track
record of using the U.S. dollar and allowing private-sector debt
repayment during periods of sovereign default allows entities in
Panama to be rated above the 'BBB' sovereign rating and up to a
country ceiling of 'A', based on the underlying corporate credit
rating of the entity.

Exposure to Regulatory Risk:

The company's ratings also reflect its exposure to regulatory
risk.  Historically, generation companies in Panama were
competitive unregulated businesses free to implement their own
commercial strategies.  In the past years, the increase in
electricity prices has resulted in increased government
intervention in the sector in order to curb the impact of high
energy prices for end-users.

Exposure to Hydrological risk

The company maintains PPAs that represent approximately 92% of its
firm capacity for 2014 (93% in 2013).  According to the local
regulator, firm capacity is calculated based on a 30-year
historical average.  This elevated level exposes AES Panama to
changes in hydrological conditions such as those observed in 2013
and 2014.  In 2013 spot prices increased to USD224/MWh from
USD205/MWh given the ongoing drought.  In first quarter 2014 spot
prices reached USD287/MWh as hydrological conditions worsened.
Prices considered in PPAs with distribution companies, the
company's largest clients, are below USD100/MWh.

Currently, AES Panama's operations are being pressured by delays
in expanding the country's transmission infrastructure.  This has
further exposed the company to purchases in the spot market and
has triggered the government to issue a resolution to mitigate
this risk for the affected generation companies.  The Panamanian
government agreed to compensate the issuer for future purchases in
the spot market; this agreement synthetically reduces the
company's contracted capacity by approximately 70MW or to 77% of
its firm capacity for 2014.  These compensations have a cap of
USD40 million in 2014, USD30 million in 2015 and USD30 million in

Rating Sensitivities

A downgrade could result from a combination of the following
factors: leverage above 4.0x on a sustained basis, increased
government intervention in the sector coupled with weakening
regulatory framework, inability to reduce exposure to the spot
market, and/or payment of dividends coupled with high leverage

Factors that could trigger a positive rating action include: a
sustained decrease in leverage below 3.0x coupled with an
effective diversification of revenues among different fuels, and
reduced exposure to the spot market.


INKIA ENERGY: Enersis SA Deal No Impact on Moody's 'Ba3' Rating
On May 1, 2014, Inkia Energy (Inkia; Ba3, stable) announced that
it had executed a Share Purchase Agreement (SPA) with Enersis SA.
(Baa2, stable; Enersis). Under the terms of the latter, Enersis
agreed to purchase Inkia's indirect economic interest in Edegel
SAA (Edegel; not rated) for US$413 million. Inkia holds this
interest through the holding company Southern Cone Power Peru S.A.
(SCPLtd), a Restricted Subsidiary under the terms of Inkia's
8.375% Senior Notes (Ba3, stable) due 2021. With 1,657 MW
installed capacity Edegel is the largest power generation company
in Peru (Baa2, positive). The completion of the transaction is
subject to the approval of the Peruvian competition authority,
INDECOPI. A decision is expected in the third or fourth quarter of

Ratings Rationale

Given the uncertainties surrounding the possible reinvestment
opportunities for the net proceeds coupled with the probable
implementation of Israel Corporation's proposed restructuring
later this year (see below) and their potential impact on Inkia's
business risk profile, financial policy and credit metrics going
forward, Moody's has decided not to take any rating action but to
wait and evaluate the specific steps or actions management may
undertake with regard to the reinvestment of proceeds and the
corporate reorganization. That said, Inkia's rating will be weakly
positioned within the Ba3-rating category at transaction close as
a result of the loss of Edegel's strong source of stable and
predictable cash flow along with the possible implementation of
more shareholder friendly policies during a period of substantial
capital outlays being undertaken for the construction of two new
power plants.

The transaction is credit negative because the disposal of this
ownership-stake will result in Inkia losing its second largest and
most consistent source of dividends (2013: around US$29million),
after its Peruvian power generation subsidiary Kallpa, while the
company is still in the middle of a significant capital
expenditure program. Inkia and its partner, Energ¡a del Pac¡fico
S.A. (25.1%), are building the 525MW hydro-electric plant Cerro
del Aguila, (investments: US$910 million) and the Samay I 600MW
diesel and natural gas (dual-fired) thermoelectric plant in
Mollendo (capex; US$380 million), South Peru. Delays in the
construction of the site access road has largely contributed to
the Cerro del Aguila project currently reporting only around 33%
progress compared to the expected 48% level albeit Inkia still
anticipates the project being commissioned in early 2016. The
Samay project's completion date is set for May 2016 which is a
particularly tight construction schedule, another credit concern.

Moody's acknowledges that under the terms of the senior notes
Inkia is required to fully repay its outstanding senior
indebtedness if it fails to re-invest the net divestiture proceeds
within 365 days from the date of the INDECOPI's approval in either
new assets (other than current assets), the purchase of capital
stock in a permitted business, and/or to undertake capital
expenditures in its existing bussinesses. Moody's notes that if
proceeds are invested to fund a greenfield project or an asset
with a restricted or limited ability to immediately distribute
dividends, Inkia's credit metrics could deteriorate even further
than currently captured within the Ba3-rating category. Although
Moody's gains comfort from the issuer's proven record of taking a
disciplined approach when pursuing investment opportunities which
typically require high internal rates of return, Moody's view the
likelihood of replacing Edegel's cash flow from equally strong,
stable and predictable new investments as low. The rating also
assumes that any new growth initiatives will be prudently funded.
Therefore, uncertainty remains about the overall credit quality of
any new investments given Inkia's acquisition during the first
quarter of AEI's generation assets in Nicaragua (B3, stable) and a
68% interest in Jamaica Private Power in Jamaica (Caa3, positive).
While the dividends of these subsidiaries are expected to
partially offset Edegel's distributions, the credit quality of
these cash flows is significantly weaker than those of Edegel
which increases Inkia's business risk profile, a credit negative.

In addition, Moody's notes that Israel Corporation (not rated) is
currently pursuing the split of the group's holdings such that it
will maintain its current holdings in Israel Chemicals Ltd. and
Oil Refineries Limited (ICE holdings) while spinning off its other
subsidiaries into a new company (non-ICE holdings) to be listed on
the New York Stock Exchange. This spin-off will affect the group's
energy investments, including its 100% ownership in IC Power,
Inkia's direct parent company. Uncertainty remains as of whether
this new corporate structure will result in the implementation at
Inkia of more shareholder friendly policies, including cash up-
streams despite its growth objectives, another credit negative.
Moreover, against Moody's initial expectations when Moody's first
assigned the rating in March 2011 Moody's notes that IC Power has
managed its two subsidiaries, Inkia and its sister company,
OPECRotem, as a single system. This is evidenced by the funding
provided by Inkia to IC Power in the form of a loan to its parent
for the latter to fund a cash collateralized guarantee needed for
OPECRotem's operations in Israel. That said, Moody's gains comfort
from the sound financial performance reported by OPECRotem after
its 440MW Combined Cycle facility in Israel successfully started
operations in July 2013.

Moody's will evaluate the potential impact on the issuer's credit
profile of management's decisions going forward with respect to
any changes in Inkia's financial policy and, particularly, in
terms of the quality of the cash flow to be generated from the re-
investment of the of the Edegel proceeds that will include a
determination of whether any further deterioration in Inkia's
credit metrics would be only of a temporary nature; for example,
until the completion of Cerro del Aguila in early 2016 or if the
weaken credit profile would be of a more permanent nature.
Depending upon the nature of the reinvested assets, Moody's will
also assess whether any perceived deterioration in Inkia's overall
business risk profile would require any readjustment of the
financial leverage credit metrics necessary for Inkia to maintain
its current Ba3-rating category.

Headquartered in Lima, Peru (Government bond: Baa2; positive),
Inkia Energy Limited (Inkia) is an international holding company
incorporated in Bermuda that holds ownership stakes in unregulated
power generation companies domiciled in several Central and South
American countries.

Israel Corporation (IC; not rated) is currently Inkia's 100%
indirect parent company via the holding company IC Power Ltd., set
up to hold the group's investments in power generation. In
addition to Inkia, IC Power has a 80%-stake in OPCRotem that
completed in July 2013 the construction of a 440MW CC facility in
Israel. On June 26, 2013, IC announced that it was considering a
split of the group's holdings such that it will maintain its
holdings in Israel Chemicals Ltd. and Oil Refineries Limited (IC
holdings) while spinning off its other subsidiaries into a new
company (non-IC holdings). If pursued, the spin-off would also
affect the group's energy investments, including its 100%
ownership in IC Power which could be implemented before mid-2014.
At the end of 2013, Inkia's recorded consolidated assets of around
US$1.8 billion and cash flow from operations of approximated
US$225 million for the year. At year-end 2013, Inkia holding
company reported a US$148 million cash balance, senior unsecured
debt of US$422 million after the US$160 million re-opening in
September 2013 and subordinated shareholder loans of US$164


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 * * *