TCRLA_Public/140605.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

           Thursday, June 5, 2014, Vol. 15, No. 110


                            Headlines



B E R M U D A

ALAMO RE: Fitch Expects to Rate Variable Rate Notes 'Bsf(EXP)'
BERMUDA: Sovereign Ratings Cut Does Not Impact Insurers' Ratings
MAIDEN HOLDINGS: A.M. Best Affirms 'bb' Preferred Stock Rating


B R A Z I L

BRAZIL: Cuts Dollar Loan Tax as Weak Real Threat to Inflation
INDUSTRIA E COMERCIO: Fitch Assigns National LT 'B (bra)' Rating
OGX PETROLEO: Restructuring Plan Garners Support From Creditors


C A Y M A N  I S L A N D S

BTG PACTUAL: Shareholder to Receive Wind-Up Report on June 13
EAGLE INVESTOR: Members' Final Meeting Set for June 11
EAGLE INVESTOR II: Members' Final Meeting Set for June 11
EAGLE INVESTOR III: Members' Final Meeting Set for June 11
EAGLE INVESTOR IV: Members' Final Meeting Set for June 11

EAGLE INVESTOR IX: Members' Final Meeting Set for June 11
EAGLE INVESTOR V: Members' Final Meeting Set for June 11
ION ISRAEL: Members' Final Meeting Set for June 20
NAAMAN LIMITED: Members' Final Meeting Set for June 24
WOLFGANG INTERNATIONAL: Members' Final Meeting Set for June 6


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Agency Seeks Competitive Business Climate
DOMINICAN REPUBLIC: Big Business, Labor Dig in as Talks Languish


J A M A I C A

JAMAICA: Survey Shows Slight Return of Confidence in Currency


M E X I C O

AXTEL SAB: Fitch Affirms Issuer Default Rating at 'B'
BANCO NACIONAL: Moody's Places 'C-' BFSR on Review for Downgrade


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B E R M U D A
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ALAMO RE: Fitch Expects to Rate Variable Rate Notes 'Bsf(EXP)'
--------------------------------------------------------------
Fitch Ratings expects to rate the series 2014-1 principal at-risk
variable rate notes issued by Alamo Re Ltd., a duly formed
special-purpose insurer in Bermuda, as follows:

  --Principal at-risk variable rate notes with amount to be
determined by sponsor; expected maturity June 7, 2017 'Bsf(EXP)',
Outlook Stable.

TRANSACTION SUMMARY

The notes are exposed to insured catastrophe losses, solely to
wind damage, due to 'named storms' on an indemnity basis from
subject business written by the Texas Windstorm Insurance
Association (TWIA).  The subject business covers the 14 first-
tier, seacoast counties of Texas (and a small portion of Harris
County).  This represents $84.4 billion (as of Dec. 31, 2013) of
total insured value that is primarily residential (85%) and
commercial (15%) with very little exposure to mobile homes.
Galveston and Brazoria counties represent 50% of the total insured
value.

On a historical basis, there have been 37 hurricanes that have
made landfall in Texas since 1900. Recent hurricanes, Dolly and
Ike (two events in 2008) would have caused an estimated 26%
principal loss to the notes.  Hurricane Rita (2005) would not have
caused any losses.  Four hurricanes prior to 1933 would have
totally exhausted the notes.

Initially, noteholders are subject to principal loss (and reduced
interest) if annual aggregate ultimate net losses exceed the
attachment point of $1.90 billion and a total loss of principal
occurs if the severity reaches $3.25 billion in the first 12-month
risk period.  A named storm must generate at least $50 million in
ultimate net losses to be included in the aggregate total.  Based
on the profile of the initial attachment point, the modeled annual
aggregate exceedance probability is estimated at 3.80%, which
implies a 'Bsf' rating per Fitch's criteria.

There are three annual risk periods over the term of the note.
Thus, the notes will 'reset' on June 1, 2015 and June 1, 2016
using an escrow software model and TWIA providing updated subject
business data.  At each reset date, TWIA may exercise an option to
adjust the attachment levels within an exceedance probability
range of 4.40% to 1.75%.  The implied rating under Fitch's
criteria at a 4.40% exceedance probability is 'Bsf', and the
implied rating at 1.75% is 'BB-sf'.  If such an option is
exercised by TWIA at either reset date, the risk interest spread
will be recalculated to reflect the increased (or decreased) level
of risk assumed by the noteholders.  If TWIA does not elect to
reset the attachment levels, the reset agent will adjust the
attachment points to maintain the initial 3.80% exceedance
probability using the updated subject business profile.

The notes may be extended for three additional years if certain
qualifying events occur, or at the discretion of Hannover Ruck SE,
a reinsurance company that acts as a transformer and sits between
TWIA and Alamo Re.  However, the notes are not exposed to any
further catastrophe events during this extension.  The notes may
be redeemed at any time due to regulatory or tax law changes or
partially by TWIA during the extension period or under early
redemption events.  The repayment of the notes to the noteholders
occurs subsequent to any qualified payments to TWIA for covered
events.  Noteholders have no recourse to TWIA (or to its
transformer, Hannover Ruck, SE).

KEY RATING DRIVERS

The rating is based on the weakest link amongst the evaluation of
the natural catastrophe risk, the business profile of TWIA, the
counterparty risk of the transformer (Hannover Ruck SE) and the
credit risk of the collateral assets.  The natural catastrophe
risk represents the weakest link and currently drives the note
rating.

The rating analysis in support of the evaluation of the natural
catastrophe risk is highly model-driven.  As with any model of
complex physical systems, particularly those with low frequencies
of occurrence and potentially high severity outcomes, the actual
losses from catastrophic events may differ from the results of
simulation analyses.  Fitch is neutral to any of the major
catastrophe modeling firms that is selected by the issuer to
provide the model analysis, and thus Fitch did not include any
explicit margins or qualitative haircuts to the probability of
loss metric provided by the modeling firm.

The probability of loss was initially estimated at 3.80% based on
a one-year simulated period as calculated by a third-party
modeler, AIR Worldwide (AIR) using their methodology and
proprietary models, but as noted, could be adjusted by TWIA to
range between 1.75% and 4.40% at each reset period.  Results from
other possible modelers or from TWIA were not provided.
Sensitivity analysis provided by AIR indicated the implied rating
would be no worse than 'Bsf'.

The risk modeling included certain stresses for economic demand
surge, storm surge and a loss adjustment expense factor of 1.10.
Debris removal was not explicitly modeled but is implicit in the
claim data history.  The modeled results did not include the
possibility that the average annual loss may increase by 1.10 in
any annual risk period.  The model simulates only hurricane
activity making landfall, thus it understates claim losses to
named storms not recognized as hurricanes or hurricanes that
become degraded.  Noteholders are exposed to this basis risk or
the difference between actual net losses incurred by TWIA and the
AIR modeled net losses.

Alamo Re ultimately 'follows the fortunes' of TWIA in regards to
underwriting of new business over the next three years and claim
management practices.  TWIA was established by the Texas
Legislature in 1971 as a residual insurer of last resort.
Although applicants must have been denied coverage by at least one
commercial insurer, all properties insured by TWIA must be
certified as built to specified building codes, must have flood
insurance coverage in specified flood areas and have maximum
limits per residential dwelling of $1,773,000 (higher limits are
available for commercial structures).

Fitch believes certain other safeguards are in place for
noteholders: TWIA is subject to review, oversight and approval by
the Texas Department of Insurance (though it receives no federal,
state or local funds for support); there is an independent claim
reviewer and loss reserve specialist (Deloitte & Touche Ltd.,
Bermuda) for Alamo Re; and the data quality of the subject
business provided to AIR appears adequate.

For this catastrophe bond structure, TWIA will retain at least 5%
of the aggregate ultimate net loss on a first-dollar basis.  It
also has the ability to issue up to $1.5 billion of public
securities funded by premium surcharges levied against
policyholders and member assessments to commercial insurance
companies.  Above the initial modeled attachment of $1.9 billion,
claim losses are shared between noteholders and traditional
reinsurers on a pro-rata basis depending on the ultimate deal
size.

Hannover Ruck SE (IDR 'A+', Outlook Positive) acts as the
transformer for TWIA and Alamo Re. Noteholders are exposed to the
risk that Hannover Ruck SE does not pass along retrocession
premiums to Alamo Re.  These premiums are a key component in the
coupon payment to noteholders.

Proceeds from this issuance will be held in a collateral account
and used to purchase highly-credit-quality money market funds
meeting defined eligibility criteria; otherwise funds will be held
in cash.  Investment yields generated from these permitted
investments are passed directly to noteholders.  A downgrade of a
permitted investment will not necessarily lead to a replacement of
that investment.  Further, noteholders are exposed to possible
market value risk if the net asset value of a money market fund
falls below $1.00.  Finally, certain actions may be required if
the collateral account is invested in money market funds and
Foreign Account Tax Compliance Act (FATCA) is deemed to apply in
late 2016.

RATING SENSITIVITIES

This rating is sensitive to the occurrence of a qualifying
event(s), TWIA's election to reset the note's attachment levels,
changes in the data quality or purpose of TWIA, the counterparty
rating of Hannover Ruck SE and the rating on the assets held in
the collateral account.

If a qualifying covered event occurs, Fitch will downgrade the
note to reflect an effective default, and issue a Recovery Rating.
In the case of a reset election by TWIA, the rating would not be
sensitive to a movement from the initial 3.80% exceedance
probability to a probability as high as 4.40%, since both
probabilities imply a 'Bsf' rating.  However, if as of the June 1,
2016 reset date TWIA elects to move closer to an exceedance
probability of 1.75%, the notes at that time could be upgraded to
as high as 'BB-sf'.

The escrow model may not reflect future methodology enhancements
by AIR which may have an adverse or beneficial effect on the
implied rating of the notes were such future methodology
considered.

Fitch's expected rating is based on a review of a draft Offering
Circular (dated May 17, 2014), a Rating Agency Presentation (dated
May 21, 2014) and AIR Expert Risk Analysis and Results (dated May
20, 2014).  The final rating is contingent upon receipt of signed
legal documents pertinent to this transaction that do not
materially change what has currently been reviewed.  Any changes
could lead Fitch to an alternative rating or inability to rate the
note.


BERMUDA: Sovereign Ratings Cut Does Not Impact Insurers' Ratings
----------------------------------------------------------------
Fitch Ratings commented that its recent downgrade of Bermuda's
sovereign ratings does not currently impact Fitch's ratings of
Bermuda-domiciled insurance companies. Fitch generally views
Bermuda-based (re)insurance organizations as being highly isolated
from country-related risks in Bermuda.

Under Fitch's rating methodologies, it could rate certain
insurance and reinsurance companies at levels at least four
notches higher than the sovereign rating of Bermuda. In contrast,
in most other countries, insurance company ratings are limited to
that of the sovereign, or up to one to two notches above the
sovereign.

Fitch provides these comments following the agency's May 30, 2014
downgrade of Bermuda's long-term local currency (LC) Issuer
Default Rating (IDR) to 'A+' from 'AA-'. This downgrade reflects a
fifth consecutive year of economic contraction, continued fiscal
deficits, and a rising government debt burden. The revision of the
Outlook to Stable from Negative reflects Fitch's expectation that
Bermuda's economic growth will gain pace and that the authorities'
commitment to a reduction in the fiscal deficit will be sustained
in 2014-2016.

The (re)insurance companies that Fitch rates that are either
Bermuda-domiciled or have significant subsidiaries in Bermuda are
generally strong international organizations, with a large and
diverse global profile. These companies' assets, insurance
premiums and underwriting exposures are spread across many
countries, with very little originating in Bermuda.

Bermuda-based insurers tend to hold very little if any Bermuda
sovereign debt or Bermuda currency. They also maintain relatively
minor investments in Bermuda banks and other Bermuda-based
companies. While most Bermuda insurers have some level of deposits
held at Bermuda banks, these amounts are generally quite limited.
In addition, investment custodians are typically located outside
of Bermuda.

As a result of this very limited linkage of Bermuda-based
(re)insurers to the island's fiscal issues and local economy,
Fitch believes stress experienced by Bermuda would have minimal
impact on the credit quality of its (re)insurers.

Following the recent downgrade, several insurance groups within
Fitch's rated universe currently have Bermuda domiciled ratings at
or above Bermuda's LC IDR rating of 'A+'. These include operating
and holding company ratings for PartnerRe Ltd. ('AA-' Insurer
Financial Strength [IFS], 'A+' IDR), and operating company ratings
for ACE Limited ('AA' IFS), Allied World Assurance Company
Holdings, Ltd. ('A+' IFS), Arch Capital Group Ltd. ('A+' IFS),
Axis Capital Holdings Limited ('A+' IFS), Everest Re Group, Ltd.
('AA-' IFS) and RenaissanceRe Holdings, Ltd. ('A+' IFS).

Fitch would not expect to lower any of these ratings in the event
that Bermuda's LC sovereign rating was downgraded up to at least
an additional two notches to 'A-'. In the event of a more
significant downgrade to Bermuda's sovereign rating to 'BBB+' or
below, Fitch would consider the circumstances at that time to
determine if it would be appropriate to rate Bermuda insurance
organizations more than four notches above Bermuda's LC sovereign
rating.


MAIDEN HOLDINGS: A.M. Best Affirms 'bb' Preferred Stock Rating
--------------------------------------------------------------
A.M. Best Co. has revised the outlook to positive from stable and
affirmed the financial strength rating (FSR) of A- (Excellent) and
issuer credit ratings (ICR) of "a-" of the property/casualty
subsidiaries of Maiden Holdings, Ltd. (Maiden Holdings) (Hamilton,
Bermuda) [NASDAQ: MHLD], also known as Maiden Group (Maiden).
Concurrently, A.M. Best has revised the outlook to positive from
stable and affirmed the ICR of "bbb-" of Maiden Holdings and the
debt rating of "bb" on its preferred stock.  A.M. Best has also
revised the outlook to positive from stable and affirmed the ICR
and senior debt ratings of "bbb-" of Maiden Holdings North
America, Ltd. (Maiden NA) (Delaware), a direct, wholly owned
subsidiary of Maiden Holdings.  Maiden NA's senior notes are fully
and unconditionally guaranteed by Maiden Holdings.

Additionally, A.M. Best has affirmed the FSR of A- (Excellent) and
ICR of "a-" of Maiden Specialty Insurance Company (MSIC) (Raleigh,
NC).  The outlook for this rating is stable.
The revised outlook reflects Maiden's consistently profitable
underwriting and operating performance within its niche market
segments, serving small- to medium-size insurance companies
underwriting traditional lines of business.  This helps
distinguish Maiden from other reinsurers that have a greater
proportion of their book of business in higher volatility segments
such as catastrophe-exposed property reinsurance.  Maiden's non-
cat property and casualty book is a well-diversified, low-
volatility portfolio that generates more predictable and
profitable performance, and has generated very consistent
underwriting and operating returns.  In addition, Maiden's ratings
also reflect its strong risk-adjusted capitalization, due in part
to capital contributions from Maiden Holdings and the operational
benefits that Maiden derives as a quota share partner with AmTrust
Financial Services, Inc.'s (AFSI) Bermuda reinsurance subsidiary,
AmTrust International Insurance, Ltd. (AII), and National General
Holdings Corp. (NGHC).  The NGHC quota share was terminated
effective Aug. 1, 2013, and it is currently in run-off.

Partially offsetting these positive rating factors are the
continuing execution risk faced by Maiden in achieving its
business plans, the competitive environment in its core
reinsurance markets and its client concentration, as AFSI and NGHC
account for approximately 63% of the group's 2013 total gross
premiums.

Maiden Holdings' adjusted debt-to-total capital, excluding
accumulated other comprehensive income (AOCI) of 27.1% and
adjusted debt-to-total tangible capital (excluding AOCI) of 28.8%
at March 31, 2014, were within A.M. Best's guidelines for the
company's ratings.  In addition, Maiden Holdings' interest
coverage ratio remains adequate for its ratings.  Additionally,
Maiden Holdings paid off the remaining balance of their trust
preferreds in January 2014, which will lower the group's cost of
capital and improve earnings going forward.
The ratings of MSIC reflect its run-off status following the 100%
quota share reinsurance arrangement of Maiden's excess and surplus
unit, including the transfer of MSIC staff and underwriting
platform to Brit Insurance.

Key rating factors that may lead to positive rating actions
include the organization producing operating results that exceed
its peers for an extended period, along with the strengthening of
its risk-adjusted capitalization.  Factors that may lead to
negative rating actions include a trend of increasingly
deteriorating underwriting and operating performance to a level
below the group's peers, or an erosion of surplus that causes a
significant decline in risk-adjusted capitalization.

The FSR of A- (Excellent) and ICRs of "a-" have been affirmed and
the outlook revised to positive from stable for the following
property/casualty subsidiaries of Maiden Holdings, Ltd.:

* Maiden Reinsurance Ltd.

* Maiden Reinsurance North America

The FSR of A- (Excellent) and ICR of "a-" have been affirmed with
a stable outlook for Maiden Specialty Insurance Company.
The following debt ratings have been affirmed, and the outlook
revised to positive from stable:

Maiden Holdings, Ltd.--
-- "bb" on $150 million 8.25% preferred stock
-- "bb" on $165 million 7.25% mandatory convertible preferred
stock, due 2016

Maiden Holdings North America, Ltd. (guaranteed by Maiden
Holdings, Ltd.)--
-- "bbb-" on $100 million 8.0% senior unsecured notes, due 2042
-- "bbb-" on $107 million 8.25% senior unsecured notes, due 2041
-- "bbb-" on $152 million 7.75% senior unsecured notes, due 2043

The following indicative ratings under the shelf registration have
been affirmed and the outlook revised to positive from stable:

Maiden Holdings North America, Ltd. (guaranteed by Maiden
Holdings, Ltd.)--
-- "bbb-" on senior unsecured debt
-- "bb+" on subordinated debt
-- "bb" on junior subordinated debt
-- "bb" on preferred stock


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B R A Z I L
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BRAZIL: Cuts Dollar Loan Tax as Weak Real Threat to Inflation
-------------------------------------------------------------
Felipe Pacheco and Raymond Colitt at Bloomberg News report that
Brazil further reduced taxes originally implemented to stem dollar
inflows as the government tries to support the real in an effort
to fight above-target inflation.

The 6 percent IOF tax, which previously was applied to foreign
loans with maturities of up to one year, will now only be charged
on loans and bonds with durations of up to six months, according
to a presidential decree published in the official gazette, notes
Bloomberg News. The last time the government changed rules for
such operations was December 2012, it added.

According to the report, the decision to stimulate dollar loans
follows a drop in the real in the past month that was the worst
among all major currencies after the New Zealand Dollar. A weaker
real could further stoke inflation that the central bank says has
a 40 percent chance of accelerating beyond the 6.5 percent upper
limit of the target range this year, Bloomberg News relays.

"The exchange rate in the short term is the available tool to
prevent consumer price gains from breaching the upper limit of the
target," the report qouted Roberto Padovani, chief economist at
Votorantim Ctvm Ltda, as saying in a phone interview from Sao
Paulo. "The currency devaluation can affect both confidence in the
economy and inflation."

The real weakened 0.2 percent to 2.2861 per U.S. dollar at 2:30
p.m. local time, extending its monthly decline to 2.8 percent,
notes Bloomberg News' June 5 report.

The central bank last week halted the world's longest tightening
cycle as President Dilma Rousseff's administration struggles to
tame consumer prices without further jeopardizing growth,
Bloomberg News relays. Policy makers kept the benchmark interest
rate unchanged at 11 percent, after raising it nine consecutive
times from a record-low 7.25 percent, the report adds.

Bloomberg News says inflation will quicken to 6.47 percent by year
end from 6.31 percent in the 12 months through mid-May, according
to the median estimate in a central bank survey of about 100
economists published this week.

The increase in the cost of living has reduced confidence in the
economy and eroded growth, notes Bloomberg News. The report,
citing a central bank survey, said Latin America's biggest economy
will expand 1.5 percent this year, down from 2.5 percent in 2013.

Speculation the central bank will scale back or eliminate a
program of daily swap auctions prompted traders to sell off the
real, notes Bloomberg News. The program that helped support the
currency this year is scheduled to expire by the end of the month,
it added.

The real gained 3.3 percent since the start of the year, the best
performance after the Australian dollar among the 16 most traded
currencies tracked by Bloomberg.

The report relays that the dollar loan tax cut will prompt an
increase in foreign currency inflows to the country, Camila
Abdelmalack, economist at CM Capital Markets, said by telephone
from Sao Paulo.

"The measure is an incentive to raise funds," the report quoted
Luis Otavio de Souza Leal, chief economist at Banco ABC Brasil, as
saying by telephone from Sao Paulo. "With high rates in Brazil, it
creates an alternative for companies to get funds abroad."

The report says Central bank President Alexandre Tombini signaled
last month that policy makers could reduce the amount of swaps the
bank uses to intervene in the currency market, saying that demand
for hedging had eased.

Finance Minister Guido Mantega said the government is eliminating
measures taken in the past four years amid what he called the
currency war to protect Brazilian manufacturers from cheaper
imports, adds the report.

"The currency market is functioning normally," Mantega told
reporters following the publication of the measure, notes
Bloomberg News. "There's no need for these instruments."


INDUSTRIA E COMERCIO: Fitch Assigns National LT 'B (bra)' Rating
----------------------------------------------------------------
Fitch Ratings has assigned the following ratings to Industria e
Comercio Ltda Mafferson. (Mafferson):

- National Long-term 'B (bra)';
- National Long-term rating of the Proposed first issuance of
debentures guaranteed by real assets, in the amount of BRL12
million, maturing in 2021, 'B (bra)'.

The successful placement of debentures in the market should lead
to elevation in up to a degree ('B + (bra)' (B plus (bra))),
ratings, depending on the conditions of the placement and use of
resources.

The ratings assigned to Mafferson reflect the high risk of their
business in the volatile and highly competitive textile and
jeanswear industry in Brazil. The ratings also incorporate the low
scale of its operations in industry and aggressive financial
profile of the company. The capital structure of Mafferson and
weak, coming from a generation history of negative operating cash
(CFFO), pressed by the high financial cost of its debt and the
dynamics of its structure unfavorable working capital.

The ratings also include the limited financial flexibility of the
company and the challenges in maintaining adequate liquidity
profile against high short-term maturities, as well as to future
performance in a more weakened and the macroeconomic environment
of greater competition. Furthermore, the Mafferson has low level
of corporate governance in comparison with the average of the
companies analyzed by Fitch.

Main essentials Ratings
EBITDA Crescent Consumed By Working Capital and Interest Expenses
The Mafferson presented in 2013 CFFO and free cash flow (FCF)
negative in BRL 2, BRL 2 and 3 million, 5 million, respectively,
compared to BRL 2, 0 million and BRL 2, 3 million negative in
2012. The company has reported low levels of investment, due to
its relatively recent installations and the absence of
distribution of dividends.

Moreover, the consistent evolution Mafferson recorded in operating
margins in recent years as a result of the recent strategy of new
versions released during the year, as well as its business
diversification through new brands and sales channels. In 2013,
the generation of the company's EBITDAR strengthened and reached
BRL4, 7 million, compared to BRL 3, 8 million and BRL 3, 3
million, respectively, reported in 2012 and 2011. During the same
period, the EBITDAR margin reached 14.9 % in relation to 12.4% and
9.9% recorded respectively in 2012 and 2011.

Refinancing Risk High
The track record of the company's liquidity and weak and is
characterized by high debt maturing in the short term, compared to
reduced cash position. On December 31, 2013, the index box /
short-term debt was 0.1 times even level registered in 2012 and
2011.'s Current proposal for issuance of debentures aims to prepay
part of this debt and extend maturities the total debt.

The successful placement of debentures can generate an increase,
up to a degree, the ratings of the company, depending on the
conditions of the placement and use of resources. Major benefits
were linked mainly to a generation of CFFO positive and
sustainable basis and the strengthening of liquidity at a level
that sustains a relation cash / short-term debt above 1.0x.

The net leverage, from 4.1 times in 2013, and moderate and is
below the average of enterprises in the same rating category.
However, the greatest risks associated activities of Mafferson
combined their asset base - which is limited in comparison with
that of its main competitors - and the historic CFFO of negative
pressure the rating to a lower scale.

Weak industry fundamentals; Scale Limited Negocios
High risks linked to the textile industry and jeanswear were also
incorporated into the classifications. This is a highly
competitive industry, which demands constant investment in working
capital. The high degree of informality in the industry and the
presence of large competitors, with participation of consolidated,
better capitalized market and significantly larger asset base,
Mafferson put in a disadvantaged position.

The company has sought to mitigate risks through the industry of
its operations aimed at niche markets, working with over a
thousand active customers, including retailers small and medium
sized main regions of the interior of Brazil and corporate
clients. Despite the small size, the Mafferson good presence in
their area of expertise and a track record of long-term
relationship with its corporate clients, which reduces in part the
risk of high and increasing competition in the jeanswear industry.

Sensitivity Ratings of
positive rating actions could occur if the Mafferson be successful
in restructuring the short-term debt and improve its liquidity,
with an index cash / short-term debt above 1.0x. The strengthening
of the company CFFO also favor the classifications.

The ratings could be downgraded if there is increased leverage
with net debt / EBITDAR above 5.0 times, or reason for the
weakening economic environment and credit lines, involving
reduction of the company's access to debt capital - what sustains
currently divide the constant scrolling of Mafferson.


OGX PETROLEO: Restructuring Plan Garners Support From Creditors
---------------------------------------------------------------
Luciana Magalhaes at Daily Bankruptcy Review reports that more
than 80% of creditors present at a meeting voted to approve a
restructuring plan for Eike Batista's Oleo e Gas Participacoes SA,
formerly known as OGX Petroleo e Gas Participacoes SA.
Creditors in favor of the plan own more than 90% of the company
debt held by those present at the assembly, according to Daily
Bankruptcy Review.

As reported in the Troubled Company Reporter-Latin America on
June 3, 2014, Luciana Magalhaes at The Wall Street Journal said
that the rescue of the troubled oil firm founded by Brazilian
businessman Eike Batista is becoming a legal battlefield.

Two creditors have come forward to try to block the vote on the
plan to restructure Oleo e Gas Participacoes, which filed for
bankruptcy protection last year, WSJ said.  The latest was UK-
based Perenco, an independent service provider, which has asked a
judge in Rio de Janeiro to give the company's many bondholders
only a single vote on the restructuring plan.  Such a move would
give remaining creditors, mainly suppliers such as Perenco, more
influence in the vote and in shaping the future of Oleo e Gas, the
report disclosed.

WSJ said some smaller bondholders aren't happy with the plan to be
voted on.  They complained they weren't given the same opportunity
to invest in the company as the large ones, lawyer Felipe Galea
said last month, the report added.

                        About OGX Petroleo

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

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

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



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C A Y M A N  I S L A N D S
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BTG PACTUAL: Shareholder to Receive Wind-Up Report on June 13
-------------------------------------------------------------
The sole shareholder of BTG Pactual Special Purpose Fund III, Ltd.
will receive on June 13, 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:

          Ogier
          c/o Ben Gillooly
          Telephone: (345) 815 1764
          Facsimile: (345) 949-9877


EAGLE INVESTOR: Members' Final Meeting Set for June 11
------------------------------------------------------
The members of Eagle Investor I Inc will hold their final meeting
on June 11, 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:

          Krys Global VL Services Limited
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


EAGLE INVESTOR II: Members' Final Meeting Set for June 11
---------------------------------------------------------
The members of Eagle Investor II Inc will hold their final meeting
on June 11, 2014, at 10:10 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


EAGLE INVESTOR III: Members' Final Meeting Set for June 11
----------------------------------------------------------
The members of Eagle Investor III Inc will hold their final
meeting on June 11, 2014, at 10:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


EAGLE INVESTOR IV: Members' Final Meeting Set for June 11
---------------------------------------------------------
The members of Eagle Investor IV Inc will hold their final meeting
on June 11, 2014, at 10:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


EAGLE INVESTOR IX: Members' Final Meeting Set for June 11
---------------------------------------------------------
The members of Eagle Investor IX Inc will hold their final meeting
on June 11, 2014, at 11:20 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


EAGLE INVESTOR V: Members' Final Meeting Set for June 11
--------------------------------------------------------
The members of Eagle Investor V Inc will hold their final meeting
on June 11, 2014, at 10:40 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


ION ISRAEL: Members' Final Meeting Set for June 20
--------------------------------------------------
The members of Ion Israel Partners Ltd will hold their final
meeting on June 20, 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:

          Russell Homer
          c/o Tanya Armstrong
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town
          Grand Cayman KY1-1104
          Cayman Islands


NAAMAN LIMITED: Members' Final Meeting Set for June 24
------------------------------------------------------
The members of Naaman Limited will hold their final meeting on
June 24, 2014, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

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


WOLFGANG INTERNATIONAL: Members' Final Meeting Set for June 6
-------------------------------------------------------------
The members of Wolfgang International Inc. will hold their final
meeting on June 6, 2014, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


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


DOMINICAN REPUBLIC: Agency Seeks Competitive Business Climate
-------------------------------------------------------------
Dominican Today reports that the Dominican Republic Government
enacted the Competitiveness Table to improve the country's
business climate, formed by various agencies and private sector
representatives.

The Table, headed by the sitting President, includes the
ministries of the Economy, Industry and Commerce, Finance and
Public Works, the Central Bank; the National District City
Council, the Banks Superintendence, Securities Superintendence,
Supreme Court, Customs and the State-owned Electric Utility
(CDEEE), according to Dominican Today.

The report relates that representing the private sector will be
Dominican Republic's Industries Association (AIRD), Business
Council (CONEP), Young Business Leaders (ANJE), American Chamber
of Commerce (AMCHARD), Herrera Industries (AEIH), Commercial Banks
(ABA) and the Medium and Small Industries (CODOPYME).

Executive order 158-14 says that the Competitiveness Table will
coordinate actions to "significantly raise Dominican Republic's
competitiveness and improve its business climate," the report
notes.

"President Medina said the Government needs to transcend towards
policies based on programs and initiatives conducive to develop a
business climate and competitiveness in the country," the Economy
Ministry said in a statement, the report adds.


DOMINICAN REPUBLIC: Big Business, Labor Dig in as Talks Languish
-----------------------------------------------------------------
Dominican Today reports that the various labor unions, grouped in
the CNUS on June 2, said the pending talks on the labor code have
yet to conclude, contrary to statements by Business Council
(Conep) President Manuel Diez Cabral.

CNUS President Rafael Abreu called Mr. Diez's statements
confusing, "because they stoke a false idea which is very far from
being real and the right thing is not to plant false hopes of an
agreement," according to Dominican Today.

In a statement, Mr. Abreu said that three-way talks for the labor
reform have yet to begin, and denied having reached an agreement
on 70% of the topics, Mr. Diez said, the report relates.

Mr. Diez, the report notes, said labor awaits the Government to
convene the dialogue, adding that the Labor Code's 738 items,
management has objected around 37, which in Conep's view are
highly contradictory.

                    Formal Jobs for Development

For CONEP Executive Director Rafael Paz, on both labor and
management need to enter into open talks, "we need to have the
capacity to discuss any topic, regardless of how complex it might
be," the report relates.

Speaking on El Dia with Huchi Lora and Amelia Dechamps morning,
Mr. Paz added that formal jobs should be the cornerstone of the
country's development, the report adds.



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


JAMAICA: Survey Shows Slight Return of Confidence in Currency
-------------------------------------------------------------
RJR News reports that a month after Central Bank Governor Brian
Wynter said the pace of depreciation of the currency will decline,
business leaders have indicated they believe that will be the
case.  That was the finding of the latest survey done on behalf of
the Central Bank, according to RJR News.

The report notes that the survey, done among 234 chief executive
officers, managing directors and financial controllers in April,
shows that they believe the exchange rate will depreciate 2.4% in
the next three months.

That is slower than the 4.3% respondents said the dollar would
depreciate when the question was asked of them in February, the
report relates.

The report discloses that the respondents also said they now
expect the dollar to lose 4.7% of its value in six months, and
7.2% in 12 months.  Those are improvements on the 6.1% and 7.6 %
depreciation that was expected from the February survey, the
report notes.


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


AXTEL SAB: Fitch Affirms Issuer Default Rating at 'B'
-----------------------------------------------------
Fitch Ratings has affirmed the long-term national scale rating of
Axtel, SAB de CV to 'BB-(mex)' and global scale ratings of Issuer
Default Rating (IDR) in national currency and foreign to 'B'. The
Outlook is Stable.

In addition, Fitch has affirmed the following ratings on:
- Senior secured notes due 2020 at 'B + / RR3';
- Senior convertible notes secured notes due 2020 at 'B + / RR3'.
- Senior Notes Unsecured with due 2019 to 'B-/RR5';
- Senior Unsecured Notes due 2017 at 'B-/RR5'.

Ratings Key Factors

The ratings reflect the improvement in the level of liquidity
after the successful recapitalization in 2013 Axtel, by exchanging
bonds and selling towers, resulting in lower leverage and maturity
profile of debt more widespread. Total net debt of the company was
reduced to MXN6.6 billion at end-2013 from MXN10.9 thousand
million registered in 2012.

Axtel's ratings are constrained by weak cash generation, result of
high investment plans aimed at strengthening its enterprise
business segment and face the strong competitive environment.
Fitch does not anticipate significant improvements in cash flow
generation, or the leverage ratio in the medium term.

The stability of the rating will depend on the ability to maintain
Axtel EBITDA growth, tied to the increase in data and internet
revenues, mainly in enterprise solutions; which could mitigate the
pressures on traditional wireline services. EBITDA growth in line
with the trend of 2013 and the first quarter of 2014 will help
provide funds to meet working capital requirements and investments
without recourse to external financing. Fitch sees positive
operating Axtel, in the medium term, the adoption of new
telecommunications laws in Mexico.

Improved Liquidity

* Upon successful recapitalization of Axtel in 2013, Fitch does
not provide liquidity pressures in the short to medium term as the
company will not face any significant debt maturity until 2017
Fitch believes that the cash balance of the company MXN828 million
at March 31, 2014, as well as committed credit line for USD35
million (equivalent to approximately MXN450 million) provide
sufficient support to the liquidity of the company.

At March 31, 2014, total debt was MXN7 Axtel, 981 million, mainly
composed MXN1 MXN659 million and 331 million unsecured notes due
2017 and 2019 respectively, and MXN5 164 million and MXN270
million guaranteed notes due 2020, including the convertible
notes. Other debt includes loans and leases.

Changing trend in EBITDA; and positive revenue mix:
Axtel resumed growth in EBITDA in 2013 and 1T14 as compared to the
prior year, Fitch believes that this trend will continue in the
medium term driven by strong performance in the business segments
/ public sector. Additionally, the company focus on the deployment
of fiber to the home (FTTH by its acronym in English) in
conjunction with the recent launch of IPTV services should enable
sustained growth in number of subscribers and revenues in the
broadband segment, while participation protects residential
customers. These segments will offset the contraction recurring
revenues from traditional telephone service, which have been
limited by competition and pricing pressure fixed.

The continuous change in the revenue mix Axtel is positive, since
the increase in the proportion of the business segment has a
stable demand perspective. The mass market segment, where
competitive pressure remains high, now only represents about 30%
of total revenues. This will allow a generation of cash from
operations more stable forward. In 2013 and 1T14, Axtel EBITDA
generated by MXN2, MXN728 million and 793 million, respectively,
representing increases over the previous year of 10% and 8%,
respectively. However, EBITDA margins may present a downward trend
and will fall below 25% as the proportion of higher gross margin
business, mainly traditional wireline services, continue to
decline.

Continued Strong Cash Generation:
Fitch believes that the generation of negative free cash flow
(FFL) continue in the medium term, the result of a high level of
investment (capex). Because the business enterprise Axtel is a key
area of growth, investment in infrastructure and equipment to
support this segment will remain at high levels during 2014 and
2015, in line with those recorded in 2013 by MXN2 016 million;
which represented approximately 20% of total revenues.
Additionally, working capital requirements will continue to
increase due to a larger volume of business with public entities,
adding some pressure on operating cash flow (FCO). However, Fitch
does not expect Axtel require significant external financing
because the amount of negative FFL will not be significant and FCO
generation of the company, in addition to the cash balance and the
credit line should be sufficient to cover it.

Leverage Relatively Stable:
Fitch believes that the leverage Axtel will remain stable in the
medium term indicator adjusted leverage around 4.0x. The level of
net debt is likely to increase modestly due to the negative FFL
but must be offset by an improvement in EBITDA. At December 31,
2013, total adjusted debt to EBITDAR improved to 3.9x from 5.0x at
end-2012. Excluding the expense for operating leases, the level of
total company debt to EBITDA improved to 2.9x from 4.5x, while net
debt to EBITDA improved to 2.4x from 4.3x over the same period,
reflecting a significant reduction in gross debt following the
recapitalization.

Secure qualified global scale ratings to 'B + / RR3' reflects good
recovery prospects given default. These notes have a first lien on
the shares of capital stock of the subsidiaries that guarantee
these bonds and substantially all of the assets of these.
Instruments rated RR3 considered good recovery prospects given
default and have characteristics consistent with securities
historically recovering between 51% -70% of principal and interest
thereon. Meanwhile, the rest of the notes rated 'B-/RR5' are
structurally subordinated to the senior debt. Qualified 'RR5'
instruments have characteristics consistent with securities
historically recovering 11% -30% between principal and interest
thereon.

Sensitivity Ratings

Negative rating actions may be considered in case of deterioration
in liquidity levels and weak operating results as a result of
increased competition that may lead to persistently negative FFL
and greater leverage.

A positive rating action is unlikely in the short term given the
recent exchange of forced debt, however positive factors in the
credit quality include performance improvements and operating
margins, generating free cash flow and competitive position.


BANCO NACIONAL: Moody's Places 'C-' BFSR on Review for Downgrade
----------------------------------------------------------------
Moody's de Mexico has placed on review for downgrade Banco
Nacional de Mexico, S.A.'s (Banamex) C- standalone bank financial
strength rating (BFSR). At the same time, Moody's lowered the
bank's standalone baseline credit assessment (BCA) to baa2 from
baa1. Moody's also downgraded Banamex's global local currency long
term deposits and senior unsecured debt ratings, and the local
currency provisional (P) senior debt program ratings to A3 from
A2. The local currency short-term deposit rating and the local and
foreign currency short-term provisional (P) senior debt program
ratings were downgraded to Prime-2, from Prime-1. The long- and
short-term A3/Prime-2 foreign currency deposit ratings and the
Aaa.mx/MX-1 Mexican National Scale deposits and senior unsecured
debt ratings were unaffected by the actions.

Moody's also downgraded Acciones y Valores, S.A.'s (Accival) long-
and short-term global local currency issuer ratings to A3/Prime2;
the outlook is stable. Accival's Aaa.mx/MX-1 Mexican National
Scale issuer ratings were unaffected by the actions.

Except for Banamex's BFSR, which is on review for possible
downgrade, the outlook on all the ratings remains stable.

List Of Affected Ratings

Banco Nacional de Mexico, S.A.

The following rating was placed on review for downgrade:

- Standalone bank financial strength rating of C-; baseline credit
assessment lowered to baa2, from baa1

The following ratings were downgraded:

- Long term local currency deposits downgraded to A3, from A2;
stable outlook

- Short term local currency deposits rating downgraded to Prime-2,
from Prime-1

- Long term local currency senior debt downgraded to A3, from A2;
stable outlook

- Long term local currency senior debt program downgraded to
(P)A3, from (P)A2

- Short term local currency senior debt program downgraded to (P)
Prime-2, from (P) Prime-1

- Short term foreign currency senior debt program downgraded to
(P)Prime-2, from (P)Prime-1

The following ratings were affirmed:

- Long term foreign currency deposits of A3, stable outlook

- Short term foreign currency deposits of Prime-2

- Long term Mexican National Scale deposits of Aaa.mx; stable
outlook

- Short term Mexican National Scale deposits of MX-1

- Long term Mexican National Scale senior unsecured debt of
Aaa.mx; stable outlook

- Short term Mexican National Scale senior unsecured debt of MX-1

- Long term Mexican National Scale senior unsecured debt program
rating of Aaa.mx

Acciones y Valores, S.A.

The following ratings were downgraded:

- Long term local currency issuer downgraded to A3, from A2;
stable outlook

- Short term local currency issuer downgraded to Prime-2, from
Prime-1

The following ratings were affirmed:

- Long term Mexican National Scale issuer rating of Aaa.mx, stable
outlook

- Short term Mexican National Scale issuer rating of MX-1

Ratings Rationale

Lowering Of Standalone Baseline Credit Assessment And Review For
Downgrade Of Standalone Bank Financial Strength Rating

In lowering Banamex's standalone baseline credit assessment (BCA)
to baa2 from baa1, and placing the C- standalone bank financial
strength rating on review for downgrade, Moody's took into account
the uncertainty surrounding Banamex's risk profile that derives
from a number of ongoing investigations and reviews by federal and
financial authorities both in Mexico and the U.S, as well as
Citigroup's and Banamex's internal reviews.

The rating actions reflect the severity of the fraud revealed in
March and the subsequent revelations about the deficiencies in
Banamex's risk management and auditing functions that permitted
this fraud to occur. Along with dismissal of senior local Banamex
staff, these disclosures signal that structural and cultural risk
management and governance issues might be broader than initially
thought, and generate concerns that other lines of business may be
affected as well. Moody's believes there is risk that additional
negative developments could lead to new charges to earnings or
capital, while the resulting damage to the company's reputation
may result in a loss of business and reduced profitability.

Moody's review will focus on the outcome of the ongoing
investigations and assess the impact on the bank's intrinsic
strength, including its risk profile, brand name and market
perception, business potential, and market positioning, among
others.

Banamex faces the difficult task of successfully executing an
overhaul of its risk management and auditing functions. This
entails strengthening of controls and monitoring, as well as
structural changes to its risk measurement and process automation
to bring them in line with Citigroup's global practices. It will
take time to fully implement these changes in governance, controls
and procedures, and for them to effectively permeate the
organization.

In light of these developments and challenges, Moody's concluded
that a baa1 intrinsic credit strength assessment was no longer
appropriate for Banamex and so the BCA was lowered to baa2.

The baa2 BCA continues to reflect a number of important credit
strengths, including strong financial metrics, particularly in
terms of capitalization and asset quality; good earnings
generation capacity that derives from the bank's large and well
diversified Mexican franchise; and ample access to stable core
deposits that supports high margins.

Downgrade Of Local Currency Deposits Ratings To A3 With Stable
Outlook

The global local currency deposit rating was downgraded by one
notch to A3, reflecting the lowering of Moody's assessment of the
bank's intrinsic strength to baa2. Banamex's A3 deposit rating
incorporates two notches of uplift derived from Moody's
assumptions regarding the probability of systemic support from the
Mexican government.

Moody's assigns a high probability of systemic support to Banamex
in case of stress given the bank's important role as a deposit-
taker and lender in Mexico, with market shares of around 17%, as
of 1Q2014. Even though Banamex is an important subsidiary for
Citigroup, contributing around 17% of the group's revenues, the A3
local currency deposits rating assigned to the Mexican subsidiary
incorporates no assumption of group or parental support as
Citibank, N.A.'s BCA is the same as Banamex's.

The outlook on the debt and deposit ratings remains stable because
even if Banamex's standalone ratings weaken further, its debt and
deposit ratings are expected to remain at A3 due to systemic
support.

Ratings On Accival

Accival's local currency issuer ratings were downgraded one notch
to A3/Prime-2, reflecting the downgrade of Banamex's long-term
global local currency deposit rating to A3. The stable outlook on
Accival's ratings reflects the stable outlook on Banamex's local
currency deposits rating.

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

The period of time covered in the financial information used to
determine Banamex's rating is between 01 Jan 2009 and 31 Mar 2014
(source: Moody's, Issuers' financial statements, CNBV and
Banxico).

The sources and items of information used to determine the rating
include 2013 and 2014 interim financial statements (source:
Moody's and Issuers' financial statements); year-end 2012 and 2013
audited financial statements (source: Moody's and Issuers' annual
audited financial statements); information on market position
(source: CNBV); regulatory capital information (source: Banxico).

Banamex is headquartered in Mexico City. As of 31 March 2014, the
bank reported Mx$1,142 billion in assets.


                            ***********


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
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                   * * * End of Transmission * * *