TCRLA_Public/140617.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, June 17, 2014, Vol. 15, No. 118



BUENOS AIRES: Moody's Assigns Caa1 Global Scale Debt Rating
TRANSPORTADORA DEL GAS: Total Said Discussing Sale of Stake


OGX PETROLEO: Brazilian Court Clears Restructuring Plan

C A Y M A N  I S L A N D S

ADDED ALPHA: Shareholder to Receive Wind-Up Report on June 30
ARTEMIS HOLDINGS: Shareholder to Hear Wind-Up Report on June 30
GUANAY FINANCE: Fitch Affirms BB+ Rating on USD450MM Senior Notes
HCP BEIJING: Shareholders' Final Meeting Set for June 25
LYNDHURST HOLDINGS: Shareholder to Hear Wind-Up Report on June 30

MJC FINANCE: Shareholder to Receive Wind-Up Report on July 18
ORION CONSTELLATION: Shareholder to Hear Wind-Up Report on June 24
OYSTER POINT: Shareholder to Receive Wind-Up Report on July 18
RIO REAL: Shareholder to Hear Wind-Up Report on June 30
THE MARINER: Shareholders' Final Meeting Set for June 25

ZINSURERE INC: Shareholders' Final Meeting Set for June 30


ECUADOR: Greylock Says It Negotiated Defaulted Bond Buyback
ECUADOR: Fitch Assigns 'B(EXP)' Rating to US$-Denom. Global Bonds


JAMAICA DIVERSIFIED: Fitch Affirms 'BB' Rating on $125MM Notes


* HONDURAS: IMF Concludes 2014 Article IV Consultation


CEMEX SAB: Environment Agency OKs Waste Plant in UK


Large Companies With Insolvent Balance Sheets

                            - - - - -


BUENOS AIRES: Moody's Assigns Caa1 Global Scale Debt Rating
Moody's Latin America Agente de Calificacion de Riesgo has
assigned Caa1 global scale local currency rating and
Argentina national scale rating in local currency to Class 8 and
Class 9 notes for a total amount of USD90 million to be issued by
the City of Buenos Aires under their Local Financing Program.

Ratings Rationale

The creation of the Local Financing Program was authorized by Laws
4315, 4431 and 4472 of 2012, Laws 4810 and 4885 of 2013 and by Law
4949 of 2014. The notes to be issued under the program constitute
direct, unconditional, unsecured and unsubordinated obligations of
the city, ranking at all times pari passu without any preference
among themselves.

The assigned ratings are in line with the city's Caa1 (global
scale) and (Argentina national scale) local currency debt
ratings. The Class 8 notes to be issued under the program, will be
denominated in US dollars but subscribed and payable in Argentine
pesos at the specified exchange rate and sold in the local capital
market. As a result, the US dollar will be a currency of reference
and not a means of payment. For that reason, the transaction is
considered to be denominated in local currency. On the other hand
Class 9 will be both denominated and payable in ARG Pesos.

According to the term sheet reviewed by Moody's, Classes 8 and 9,
will reach up to USD90 million, approximately 1.2% of the City's
total revenues budgeted for 2014. Class 8 will pay interest at a
fixed rate whereas Class 9 will bear variable interest rate. Both
classes have will have a maturity of 2 years. After the issuance
of these 2 classes, Moody's anticipates that the City of Buenos
Aires' total debt will reach approximately 28% of total expected
revenues from 25% at the end of fiscal year 2013.

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

What Could Change The Rating Up/Down

Moody's does not expect upward pressures on the City of Buenos
Aires' global ratings in the near to medium term. Conversely,
further systemic deterioration, or a sharp deterioration in the
City's idiosyncratic risks --especially a sharp increase in the
debt to revenues ratio-would exert downward pressure on the
ratings assigned.

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

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks.NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in June 2014 "Mapping Moody's National Scale Ratings to
Global Scale Ratings".

TRANSPORTADORA DEL GAS: Total Said Discussing Sale of Stake
Pablo Gonzalez at Bloomberg News reports that Total SA (FP) is
holding talks to sell its indirect stake in Transportadora del Gas
del Norte, three people with knowledge said.

Proceeds from the sale of the Argentine unit of the Paris-based
company will be used to boost oil and natural gas exploration in
Argentina, two of the people, who asked not to be identified, as
talks are private, said, according to Bloomberg News.

Total Austral said Oct. 24 that it would lead a $1.2 billion
project to produce gas in southern Argentina, Bloomberg News
notes.  On April 7, Total Americas Director Ladislas Paszkiewicz
said the company was seeking lower costs to boost shale investment
in Argentina's Vaca Muerta formation, the report relates.

Gasinvest SA is the holding company that has a 56 percent stake in
TGN.  Total's partners in Gasinvest include Tenaris SA (TEN)
controlled Tecpetrol SA and Cia. General de Combustibles, or CGC,
owned by Argentina's richest billionaire Eduardo Eurnekian.

Transportadora del Gas del Norte is a gas pipeline operator in

As reported in Troubled Company Reporter-Latin America on
Sept. 12, 2012, Fitch Ratings has upgraded Transportadora Gas del
Norte's (TGN) foreign and local currency Issuer Default Ratings
(IDRs) to 'CCC' from 'D'.  Fitch has also assigned TGN's USD170.45
million new step up notes and USD56.8 million claim protection
notes a 'CCC' final rating, with a recovery rating of 'RR4'.  The
national scale rating was also upgraded to 'CCC(arg)' from


OGX PETROLEO: Brazilian Court Clears Restructuring Plan
Luciana Magalhaes, writing for The Wall Street Journal, reported
that a Rio de Janeiro court ratified the restructuring plan for
the oil company of Brazilian businessman Eike Batista, according
to the firm's lawyer.

"The plan has been ratified without any changes," lawyer Sergio
Bermudes said in a telephone interview with the Journal. "This
ratification guarantees the company will not be liquidated and
even opens the door for Eike to think about new businesses."

According to the report, once the restructuring is completed,
bondholders that provided $125 million in funding to the company
earlier this year will emerge as the largest stakeholders.  Under
Brazilian law, OGX now has until October 2015 to implement the
restructuring plan, the Journal noted.

                        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, 2013 that the talks
concluded without an agreement.

C A Y M A N  I S L A N D S

ADDED ALPHA: Shareholder to Receive Wind-Up Report on June 30
The shareholder of Added Alpha Ltd will receive on June 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

ARTEMIS HOLDINGS: Shareholder to Hear Wind-Up Report on June 30
The shareholder of Artemis Holdings Ltd. will receive on June 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:

          c/o Piers Dryden
          Telephone: (345) 815 1842
          Facsimile: (345) 949-9877

GUANAY FINANCE: Fitch Affirms BB+ Rating on USD450MM Senior Notes
Fitch Ratings has affirmed the following rating assigned to the
2013-1 notes issued by Guanay Finance Limited, a special purpose
vehicle incorporated in the Cayman Islands and sponsored by LATAM
Airlines Group S.A. (LATAM):

   -- Series 2013-1 USD450 million senior secured fixed-rate notes
at 'BB+'.

The Rating Outlook is revised to Negative from Stable.

The issuance is backed by U.S. and Canadian dollar-denominated
ticket receivables originated by LATAM.  Purchased receivables
result from airline ticket sales and cargo charges by LAN Airlines
S.A. (LAN) under IATA code 045 that are purchased using a
qualified credit, debit or charge card in the U.S. and Canada.
Fitch's rating addresses the timely payment of interest and
principal on a quarterly basis.


The rating action follows Fitch's revision to the Rating Outlook
assigned to LATAM's Issuer Default Ratings (IDRs), and reflects
the following key rating drivers:

Credit Quality of the Originator: On May 2, Fitch affirmed LATAM's
local currency (LC) IDR at 'BB' and revised the Outlook to
Negative from Stable.  Fitch also affirmed the GCA score of 'GC3'
assigned to the operations of LATAM excluding TAM.  The credit
strength of the transaction is linked to the credit quality of

Coverage Ratios in Line with Expectations: The quarterly debt
service coverage ratio (DSCR) considering maximum quarterly debt
service for the life of the transaction averaged 3.9x during the
first two quarterly payment periods, in line with Fitch's base
case DSCR of 3.78x.  Growth in purchased receivables was flat in
2013 as competition drove down yields on key North American
gateway flights, but has resumed growth in 2014 thanks in part to
improvement of the U.S. economy.  Fitch's base case assumed no
growth in purchased receivables.

Future Flow Debt Relative to Company Liabilities: The issuance
represents approximately 4.9% of LATAM's consolidated debt and
7.2% of unconsolidated debt (excluding TAM).  While these
percentages are low relative to the balance sheet, the transaction
is large relative to the company's total unsecured debt, as most
of the company's debt relates to leases and secured debt.

Moderate Diversion Risk: While designated obligors have signed
notice and consent agreements (N&Cs), the transaction is exposed
to potential diversion risk.  Cash flows could be diverted from
the transaction by changing designated obligors or rerouting sales
through a different IATA code.  This risk limits differentiation
of the issuance rating from the originator's IDR.


The rating is sensitive to changes in the credit quality of LATAM.
A downgrade of LATAM's 'BB' IDR could lead to a downgrade of the
notes.  In addition, a contraction in LAN's North American gateway
business that would result in a decline in DSCRs could lead to
rating downgrades.

HCP BEIJING: Shareholders' Final Meeting Set for June 25
The shareholders of HCP Beijing Euro Company Limited will hold
their final meeting on June 25, 2014, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Gerald Yung
          Harvest Capital Partners Limited
          China Resources Building, 37th Floor
          26 Harbour Road, Wanchai
          Hong Kong

LYNDHURST HOLDINGS: Shareholder to Hear Wind-Up Report on June 30
The shareholder of Lyndhurst Holdings Ltd. will receive on
June 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:

          c/o Piers Dryden
          Telephone: (345) 815 1842
          Facsimile: (345) 949-9877

MJC FINANCE: Shareholder to Receive Wind-Up Report on July 18
The shareholder of MJC Finance Cayman Ltd. will receive on
July 18, 2014, at 8:45 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

ORION CONSTELLATION: Shareholder to Hear Wind-Up Report on June 24
The shareholder of Orion Constellation Partners Offshore Ltd will
receive on June 24, 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:

          Gene Dacosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          PO Box 2681 Grand Cayman KY1-1111
          Cayman Islands

OYSTER POINT: Shareholder to Receive Wind-Up Report on July 18
The shareholder of Oyster Point Finance Cayman Ltd. will receive
on July 18, 2014, at 8:30 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

RIO REAL: Shareholder to Hear Wind-Up Report on June 30
The shareholder of Rio Real Participacoes Ltd. will receive on
June 30, 2014, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          c/o Piers Dryden
          Telephone: (345) 815 1842
          Facsimile: (345) 949-9877

THE MARINER: Shareholders' Final Meeting Set for June 25
The shareholders of The Mariner Fund Limited will hold their final
meeting on June 25, 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:

          Fund Fiduciary Partners Limited
          c/o Andrew Childe
          Fund Fiduciary Partners Limited
          Telephone +1 (345) 947 5855

ZINSURERE INC: Shareholders' Final Meeting Set for June 30
The shareholders of Zinsurere Inc. will hold their final meeting
on June 30, 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:

          Strategic Risk Solutions (Cayman) Limited
          North Building, 2nd Floor, Caribbean Plaza
          878 West Bay Road
          P.O. Box 1159 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: +1 (345) 623 6611
          Facsimile: +1 (345) 946 6612


ECUADOR: Greylock Says It Negotiated Defaulted Bond Buyback
Katia Porzecanski and Nathan Gill at Bloomberg News report that
Greylock Capital Management LLC said it helped orchestrate a deal
between Ecuador and bondholders that will allow the country to buy
back about 80 percent of its remaining defaulted debt.

Greylock Chief Executive Officer Hans Humes, who has helped
negotiate restructurings from Belize to Greece, said Ecuador
agreed to better terms than the 35-cent offer it made in an
original buyback in 2009, according to Bloomberg News.  Mr. Humes
declined to give the exact value that Ecuador will pay for the
notes that were due in 2012 and 2030, Bloomberg News notes.  The
New York-based hedge fund, which oversees about $850 million, is
one of the debtholders, Mr. Humes said, Bloomberg News relates.

The accord would help pave the way for Ecuador to sell bonds in
international markets for the first time since the country's $3.2
billion default five years ago, Bloomberg News relates.

"Ecuador is trying to resolve its issues with the international
financial community," Mr. Humes said in a telephone interview with
Bloomberg News from New York.  "Given that they approached the
issue in good faith and a willingness to meet halfway, we, as
creditors, felt we should approach a resolution in the same way,"
Mr. Humes added, Bloomberg News relates.

While the country bought back more than 90 percent of its
defaulted bonds months after it stopped payments, a portion
remains in the hands of investors who refused to tender them,
Bloomberg News says.  Retiring the securities would help protect a
new bond sale from any possible legal wrangling stemming from the
default, according to Moody's Investors Service.

                            50 Cents

Since the end of last year, Bloomberg News recalls, the government
has sought to reduce its outstanding debt by repurchasing the
defaulted securities, Sarah Glendon, a Moody's analyst, said May
6.  About $120 million remained outstanding as of March, Ms.
Glendon said, Bloomberg News relays.

Offers had topped 50 cents on the dollar, two investors with the
knowledge of the terms said earlier this month, Bloomberg News
notes.  The price on defaulted securities due 2030 has surged 7.9
cents on the dollar over the last 30 days to 54 cents, data
compiled by Bloomberg show.

The South American country hasn't publicly disclosed how much of
the defaulted bonds remain in investors' hands and didn't respond
to information requests made through the Finance Ministry's press
office, Bloomberg News relays.

President Rafael Correa, a 51-year-old former economics professor,
called the bonds "illegitimate" when he halted payments in 2008
after a commission he formed the year before said the debt showed
"serious signs of illegality," Bloomberg News notes.

The government kept making payments on bonds due in 2015, which
Correa helped structure during his time as finance minister in
2005, Bloomberg News adds.

ECUADOR: Fitch Assigns 'B(EXP)' Rating to US$-Denom. Global Bonds
Fitch Ratings has assigned Ecuador's forthcoming USD-denominated
global bonds an expected rating of 'B(EXP)'.  The final rating is
contingent on the receipt of final documentation conforming to
information already received.  The expected rating is in line with
Ecuador's Long-Term Foreign Currency Issuer Default Rating (IDR)
of 'B'/Stable Outlook.

The proceeds will be used for budgetary purposes in terms of
government programs and infrastructure.  Ecuador is returning to
the international capital market after the 2008 default and for
the first time since 2005.


Ecuador's ratings reflect the country's continued growth, monetary
and financial stability underpinned by dollarization, and a steady
easing of external and fiscal financing risks as a result of still
favorable international oil prices, improved prospects in the oil
sector, and continued availability of bilateral financing from
China and multilaterals.

Ecuador's creditworthiness balances the sovereign's relatively
strong fiscal and external solvency ratios and high GDP per capita
in relation to peers against key credit weaknesses such as a weak
record of debt service, high commodity dependence, and limited
sources of financing for the sovereign and the economy.


The rating would be sensitive to any changes in Ecuador's long-
term foreign currency IDR.  Fitch upgraded Ecuador's ratings to
'B' with a Stable Outlook on Oct. 18 2013.


JAMAICA DIVERSIFIED: Fitch Affirms 'BB' Rating on $125MM Notes
Fitch Ratings has affirmed the ratings assigned to the series
2013-1 notes issued by Jamaica Diversified Payment Rights Company
as follows:

   -- $125 million series 2013-1 notes at 'BB', Outlook Stable.

On April 25, 2014, pursuant to the series 2013-1 Indenture
Supplement, the noteholders holding more than 50% of the series
2013-1 balance (controlling party) opted to defer the repayment of
principal by 12 months, extending the first expected quarterly
amortization payment to Sept. 15, 2015 and the expected final
payment date to March 15, 2019.  The series controlling party has
the option to defer the principal payments by 12 months up to
three times over the life of the transaction, potentially
extending the expected final payment date by another 24 months.

The issuance is backed by existing and future USD-denominated
diversified payment rights (DPRs) originated by National
Commercial Bank Jamaica Ltd. (NCBJ) DPRs are defined as electronic
or other messages utilized by financial institutions to instruct
NCBJ to make a payment to a beneficiary.

Fitch's rating addresses the timely payment of interest and
principal on a quarterly basis in accordance with the transaction


The affirmation reflects (i) the principal repayment deferral,
which does not impact Fitch's rating; (ii) the credit quality of
NCBJ and its going concern assessment (GCA) score of 'GC1'; (iii)
coverage levels which include a significant portion of
domestically originated receivables or flows considered more
susceptible to diversion; (iv) the transaction structure, which
helps mitigate transfer and convertibility risk; and (v) the level
of future flow debt to total liabilities and long-term funding.

Fitch rates NCBJ foreign currency and local currency (LC) Issuer
Default Ratings (IDRs) 'B-' with a Stable Outlook.  NCBJ's GCA
score of 'GC1' reflects its position as the largest bank by total
assets in the Jamaican banking system.  The 'GC1' assigned to NCBJ
allows the transaction to achieve the maximum notching uplift from

The expected quarterly debt service coverage ratio (DSCR),
calculated according to the transaction documents, is
approximately 41x maximum quarterly debt service.  The calculation
considers average quarterly flows through designated depository
banks (DDBs) from 2011-2013 and excludes 65% of flows from certain
entities which have large levels of domestic flows and/or are
considered more susceptible to diversion.

The transaction structure benefits from notice and acknowledgment
agreements signed with DDBs irrevocably instructing the DDBs to
deposit DPR flows into offshore accounts controlled by the
indenture trustee.  The vast majority of DPR flows are processed
by DDBs.

The program's total outstanding future flow debt represents 3.26%
of NCBJ's total liabilities as of March 2014.  While NCBJ's future
flow debt as a percentage of total liabilities is similar to that
of many future flow programs in the region, the debt represents
100% of long-term funding, which is considerably higher.


The rating is sensitive to changes in the credit quality of NCBJ.
A downgrade of NCBJ's 'B-' LC IDR could lead to a downgrade on the
notes.  In addition, severe reductions in coverage levels could
also result in rating downgrades.


* HONDURAS: IMF Concludes 2014 Article IV Consultation
On June 9, 2014, the Executive Board of the International Monetary
Fund (IMF) concluded the Article IV consultation with Honduras.

Economic growth decelerated to 2.6 percent in 2013 (from about 4
percent in 2012), owing to lower private investment, a drop in
coffee output due to leaf-rust disease, and weaker trade-partner
growth.  Inflation declined to 5 percent (from 51/2 percent in
2012), driven by softer commodity prices, weaker economic
activity, and lower currency depreciation.  On the external front,
the current account deficit rose to about 9 percent of GDP in
2013, reflecting less favorable terms of trade and a drop in
coffee exports.  This deficit was financed by FDI inflows and the
placement of two global bonds totaling US$1 billion.  These
inflows allowed international reserves to rise to 3.7 months of

The fiscal accounts continued to weaken in 2013, driven by higher
primary spending and interest payments, and increased losses by
the state-owned electricity company.  The combined public sector
deficit reached 7.6 percent of GDP in 2013 (4.2 percent in 2012).
Given the magnitude of the deficit and tight domestic debt
markets, government cash-flow pressures persisted despite the
global bond placements.  Monetary conditions tightened, with
higher market interest rates and lower credit growth. The central
bank (BCH) kept the policy rate unchanged but withdrew liquidity
through open market operations.  In mid-2013, the BCH widened the
inner band of the exchange rate, but kept wide discretion on
setting its level.  Following this adjustment, the lempira's rate
of depreciation slowed (to 3.2 percent in 2013 compared to close
to 5 percent the previous year), leading to a small appreciation
in real effective terms.

The new government has started to implement measures to improve
fiscal discipline.  A substantial package of fiscal consolidation
measures focused on increasing revenue was approved by the
outgoing congress in December 2013.  This was followed by the
approval of legislation to implement electricity sector and
pension reforms, as well as by measures to strengthen tax
administration and improve discipline in the budget process.

For 2014, economic activity is expected to grow at 3 percent,
supported in part by more favorable external conditions.
Inflation is projected to temporarily pick up, but should remain
under control and decline in 2015.  The combined public sector
deficit is expected to be reduced to 6.2 percent of GDP, supported
by higher tax revenues and lower primary spending.  The external
current account deficit would decline to slightly over 8 percent
of GDP, reflecting more favorable external conditions and fiscal

                     Executive Board Assessment

Executive Directors noted that Honduras's economic performance
weakened in 2013 and medium-term prospects are undermined by
fiscal imbalances and structural weaknesses.  Welcoming ongoing
consolidation and reforms in the fiscal and electricity sectors,
Directors encouraged the authorities to redouble their efforts to
strengthen the public finances, maintain the reform momentum, and
promote sustainable, inclusive growth.
Directors noted that while the authorities' fiscal plans envisage
significant adjustment for the period ahead, debt ratios would
continue to grow over the medium term in the absence of additional
measures.  Stronger efforts are required to safeguard the
sustainability of the fiscal position and open up policy space.
In particular, Directors considered that there is scope for
further rationalizing public expenditure, including by reducing
the wage bill and transfers to local governments, to make room for
priority social and infrastructure spending.  To further limit the
drain on the budget from the electricity sector, reducing
distribution losses and gradually adjusting tariffs remain policy

Directors welcomed ongoing efforts to improve tax administration
and strengthen the budget process.  Weaknesses in the current
framework for public-private partnerships should also be
addressed, including those arising from the possibility of issuing
government guarantees for debt contracted by private companies
involved in such partnerships.  Directors welcomed the approval of
legislation expected to strengthen the financial position of the
pension fund for public servants and encouraged the authorities to
follow through with a reform of the Social Security Institute.

Directors agreed that the monetary stance is broadly appropriate,
but encouraged the authorities to stand ready to tighten it to
protect international reserves or keep inflation in check.  They
took note of the staff's assessment that the lempira is somewhat
overvalued, and agreed that more exchange rate flexibility within
the current regime would strengthen the external position and ease
the costs of fiscal adjustment.  Over the medium term, the
authorities could also consider a more flexible regime as part of
the modernization of the monetary framework.  Directors welcomed
the ongoing recapitalization of the central bank.

Directors noted that the banking system is generally sound and
well capitalized.  Nonetheless, they expressed concern over rising
dollarization and lending to unhedged borrowers.  They encouraged
the authorities to consider additional measures to reduce currency
mismatches by borrowers.

Considering the pervasiveness of poverty in Honduras, Directors
highlighted the critical importance of reforms to bolster the
business climate, strengthen institutions, and improve
infrastructure and human capital.  These will be crucial to
raising competitiveness and ensuring durable inclusive growth.


CEMEX SAB: Environment Agency OKs Waste Plant in UK
Chris Smith at Rugby & Lutterworth Observer reports that a factory
that will process rubbish to power the cement works has been given
the go ahead by the Environment Agency.

It has said it would issue an environmental permit to CEMEX,
S.A.B. de C.V., saying it could find no problems with emissions,
smell and noise from the GBP18 million development at Malpass
Farm, according to Rugby & Lutterworth Observer.

"Our decision in this case has been reached following a program of
extended public consultation," an agency spokesman said, the
report notes.

"A draft environmental permit and decision document outlining how
the Environment Agency has reached its draft decision are now
available for public consideration.  Only after carefully taking
into account any additional and relevant matters raised, will a
final decision be made on whether to issue a permit," the
spokesman said, the report relates.

Work is expected to start later this summer with recycling firm
SITA UK set to run the plant, first proposed six years ago, on
behalf of Cemex, the report discloses.

The report says that Climafuel, as it is known, is made from paper
and cardboard, wood, carpet and textiles that cannot be recycled.

                          About CEMEX SAB

Mexican corporation CEMEX, S.A.B. de C.V., is a holding company
of entities which main activities are oriented to the
construction industry, through the production, marketing,
distribution and sale of cement, ready-mix concrete, aggregates
and other construction materials.  CEMEX is a public stock
corporation with variable capital (S.A.B. de C.V.) organized
under the laws of the United Mexican States, or Mexico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 27, 2014, Standard & Poor's Ratings Services assigned its
'B+' issue-level rating and a recovery rating of '3' to CEMEX
Finance LLC's proposed 10-year benchmark dollar bonds and EUR300
million senior secured notes due 2021.  The recovery rating of '3'
indicates that bondholders can expect a meaningful (50% to 70%)
recovery in the event of a payment default.


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 * * *