TCRLA_Public/140624.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 24, 2014, Vol. 15, No. 123


                            Headlines



A R G E N T I N A

ARGENTINA: Wants to Settle With Holdout Creditors
ARGENTINA: DBRS Cuts LT Foreign Currency Issuer Rating to 'CC'


B A R B A D O S

REDJET CARIBBEAN: Former Director Admits to Making Mistakes


C A Y M A N  I S L A N D S

CARL LIMITED: Commences Liquidation Proceedings
CGMA SPECIAL: Creditors' Proofs of Debt Due July 17
DELRAY LIMITED: Creditors' Proofs of Debt Due July 17
HUANGPU LEASING: Creditors' Proofs of Debt Due July 18
LR LIMITED: Commences Liquidation Proceedings

MIA AIR: Creditors' Proofs of Debt Due July 28
OVS CAPITAL: Commences Liquidation Proceedings
OVS CAPITAL MASTER: Commences Liquidation Proceedings
TRAFALGAR SPECIAL: Commences Liquidation Proceedings
WHITE OAK: Creditors' Proofs of Debt Due July 17


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: ADITEX Concerned With 'Made in US' Label


G U A T E M A L A

GUATEMALA: Fitch Lowers IDRs to 'BB' & Revises Outlook to Stable


T R I N I D A D   &  T O B A G O

PETROTRIN: Fires Back at Oilfields Workers' Trade Union
* TRINIDAD & TOBAGO: Manufacturers Not Getting Enough US Dollars


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -



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A R G E N T I N A
=================


ARGENTINA: Wants to Settle With Holdout Creditors
-------------------------------------------------
Ken Parks and Nicole Hong at The Wall Street Journal reports that
Argentine President Cristina Kirchner said she wants to reach a
settlement with a small group of bondholders suing to collect on
defaulted debt and plans to ask a U.S. court for its help in
making a deal possible.

Her comments, which analysts say mark the first time Mrs. Kirchner
has publicly said she was willing to negotiate, sent Argentina's
bonds surging. Investors said her conciliatory approach made a
default less likely, according to the WSJ.

The report notes that a small group of hedge funds is holding out
for full payment on bonds caught up in the country's 2001 default.
U.S. courts have ruled that Argentina must compensate these
creditors or it can't make payments to bondholders who accepted
restructured debt in 2005 and 2010, the report relates.  Missing
those payments could lead to another default.

In her annual Flag Day speech, President Kirchner said Argentina
would enter talks with the help of U.S. courts, the report notes.
"We only ask they create negotiating conditions that are just and
in accordance with the Argentine constitution, laws and contracts
we signed with 92.4% of our creditors," Mrs. Kirchner said,
referring to investors who accepted the restructured bonds, the
report relates.

The country's restructured bonds jumped during President
Kirchner's speech on Friday, June 20, nearly wiping out their
losses, notes WJS.  The dollar bond maturing in 2033, whose
interest payment is due June 30, rose to around 83 cents on the
dollar-close to where it traded before the U.S. Supreme Court on
June 16, declined to review the lower court ruling ordering
Argentina to pay the holdouts, the report notes.  They had traded
below 75 cents earlier in last week, the report relays.

Investors "are assigning a greater chance of a real negotiation
with holdouts, which would be a big positive," said Jeff Williams,
an emerging-markets strategist at Citigroup Inc. in New York, the
report discloses.  Mr. Williams, the report notes, said
negotiation would be the first step for Argentina to regain access
to international debt markets.

The report relates that the president's speech, which analysts
said was more conciliatory than expected, underscores her recent
efforts to improve relations with investors.  It comes after
Argentina resolved conflicts with Spanish oil company Repsol and
agreed to settle almost $10 billion owed to members of the Paris
Club of creditor nations, the report discloses.

Settling with holdouts also would help YPF, Argentina's state-run
oil firm, which is eager to tap international financial markets to
fund exploration programs, the report relates.

The offer to negotiate comes less than two weeks before Argentina
has to make the next interest payment on its restructured bonds,
which U.S. courts have said the country isn't allowed to pay
unless it also pays the holdout creditors, the report notes.  If
Argentina misses the interest payment on June 30, the country
sinks into technical default and will have another 30-day grace
period to avoid an outright default, the report notes.

The report relays that many holders of Argentina's restructured
bonds had expected the country would ultimately soften its stance
toward the holdouts.  Even if Argentina misses the June 30
payments, investors say they expect Argentine officials will be
able to reach a settlement in July and find a way to make up the
late interest payments.

"This will have to be resolved one way or the other by the end of
July," the report quoted Gorky Urquieta, co-head of emerging-
markets debt at Neuberger Berman, which manages $247 billion and
holds Argentine bonds, as saying.  Mr. Urquieta said he hasn't
sold the bonds this week because he feels he is adequately
compensated for the risk of a default with Argentina's high
yields.

Argentina's lawyers will ask U.S. District Judge Thomas Griesa,
who issued the original ruling in the case, to create the
conditions to reach an agreement that will be "beneficial and
equal for 100% of creditors," President Kirchner said, WJS notes.

Argentina is seeking Mr. Griesa's goodwill after her ministers in
recent days slammed the judge for trying to unravel Argentina's
debt restructurings, also accusing him of bias in the case, the
report relates.

Earlier last week, says WSJ, Argentina's economy minister said the
country would take steps to pay restructured bond owners in
Argentina under Argentine law.  Mr. Griesa said this would violate
the rules and procedures now in place in New York and prohibited
Argentina from making such a move.

In her speech, Mrs. Kirchner referenced the dire condition of
Argentina's economy when her husband and predecessor, Nestor
Kirchner, took office in 2003, less than two years after the
default, the report relays.  Analysts say Argentina is ill
prepared for a second default, as high inflation and dollar
shortages already have the economy on the brink of recession, WJS
relates.


ARGENTINA: DBRS Cuts LT Foreign Currency Issuer Rating to 'CC'
--------------------------------------------------------------
DBRS Inc. has downgraded Argentina's long-term foreign currency
issuer rating from CCC (high) to CC.  The long-term local currency
issuer rating has been confirmed at B (low), and the short-term
local and foreign currency ratings have been confirmed at R-5.
The long-term foreign and local currency ratings have been placed
Under Review Negative (URN).  The trend on the short-term ratings
remains Stable.

The downgrade of Argentina's long-term foreign currency rating was
triggered by the Supreme Court's June 16 decision to reject
Argentina's appeal of the New York Southern District Court ruling,
and by the Argentine government's response to the ruling.  As
noted in DBRS' last report on the Republic of Argentina, published
on 24 February 2014, the lower court ruling effectively compels
Argentina to choose between paying holdout bondholders and ceasing
payments on its exchange bonds issued under New York law.  DBRS
ratings apply to these performing exchange bonds.

Given the uncertainty regarding the government's next course of
action, the long-term ratings have been placed under review (URN).
DBRS expects to resolve the URN by end-July, by the expiration of
the 30-day grace period on Argentina's June 30 interest payments.
Any course of action short of reaching a prompt settlement with
the holdouts appears virtually guaranteed to trigger a selective
default on Argentina's exchange bonds issued under New York law.

The government of Argentina has reiterated its willingness to
honor debts owed to holders of bonds issued in its 2005 and 2010
debt exchanges.  The government has also made recent progress in
normalizing relations with other creditors as well, reaching an
agreement on a rescheduling of its obligations to the Paris Club
official creditors in May.  Nonetheless, the Argentine government
has insisted that paying NML would be unfair to Argentina and its
other creditors.  Given current reserve levels and the additional
creditors that would seek similar treatment, the government is
also concerned about macroeconomic and financial implications of
complying with the orders.

On June 17, the Minister of Finance announced plans to proceed
with a new debt exchange that could allow holders of New York law
exchange bonds to accept local law bonds and receive payment in
Buenos Aires, thus attempting to circumvent the U.S. financial
system and the effects of the court ruling.  On June 18, the
district court lifted the stay on enforcement of its February 2012
orders.  This is likely to imply that the government will not make
the upcoming June 30 interest payments on its New York law bonds,
since any payments made on the bonds could be attached by the
plaintiffs in satisfaction of their claims.  Representatives of
NML have emphasized their willingness to accept a settlement
involving bonds, possibly modeled after the recent Repsol
settlement and Paris Club deal.  Despite the limited alternatives,
whether the government will respond to this proposal remains
unclear.

DBRS believes that Argentina will continue making scheduled
payments on local law bonds, including those denominated in U.S.
Dollars.  However, DBRS believes that the technical difficulties
associated with the government's proposed exchange are likely, at
a minimum, to result in extensive delays.  It will be virtually
impossible to obtain 100% participation before interest payments
come due on the outstanding New York law bonds.  Furthermore, the
terms of the exchange are likely to be viewed as coercive, given
the explicit threat of non-payment.  The government has not made
any indication as to whether participants in the new exchange will
be compensated for the increased liquidity, legal and other risks
associated with local law bonds.

DBRS would likely change Argentina's long-term foreign currency
rating to Selective Default (SD) in the event of missed interest
payments on any outstanding bonds.  Completion of a successful
exchange could also trigger a default.  Conversely, if a
resolution is found to the dispute between NML and the government,
DBRS is likely to raise the rating to at least CCC.
Macroeconomic, fiscal and external developments could also have an
impact on Argentina's ratings, as discussed in DBRS' February 2014
report.  Notwithstanding some progress in curbing monetary growth,
DBRS believes that a failure to address growing fiscal imbalances
is likely to further jeopardize macroeconomic stability.  Currency
and reserve pressures appear likely to resurface in coming months,
as export receipts decline.


===============
B A R B A D O S
===============


REDJET CARIBBEAN: Former Director Admits to Making Mistakes
-----------------------------------------------------------
RJR News reports that more than two years after REDjet Caribbean
Ltd., operating as REDjet, ceased flying to Jamaica and other
regional destinations, a former director of the airline has
admitted that the carrier's management made mistakes, but he
insists that sabotage played a role in its demise.

While not calling names, Ralph "Bizzy" Williams charged that
REDjet's main competitor Leeward Islands Air Transport (LIAT) was
allowed to get away with predatory pricing, according to the RJR
News.

Mr. Williams, the report relates, said that aviation authorities
in some countries put obstacles in the way of the former airline
that its collapse was inevitable.

REDjet first tried to set up operations in Jamaica but moved to
Barbados after being denied permission by the Jamaican Government,
the report recalls.  It lasted just under 12 months in the skies
and ceased operations on March 16, 2012 after falling into deep
financial trouble, notes the report.

                       Predatory Pricing

The former REDjet director revealed that the region was unlikely
to get the private sector to fund the creation of another airline
unless there were fundamental changes to the current structure,
the report discloses.

Mr. Williams said it was incumbent that regulations be established
to prevent carriers from introducing predatory pricing as soon as
a new competitor comes on the market, the report relates.

In the meantime, notes the report, the former REDjet director gave
examples of some of the mistakes made by the airline.

Mr. Williams admitted that the management lacked enough experience
in the airline industry, says RJR News.

Mr. Williams also expressed misgivings about the extremely low
introductory rates that REDjet brought to the market, the report
relates.

Mr. Williams said instead of going with $9.99 cents it should have
gone with $19.99 cents, the report adds.

REDjet Caribbean Ltd., operating as REDjet (Airone
Caribbean/Airone Ventures Limited), was a startup low-cost carrier
(LCC) based at the Grantley Adams International Airport in Christ
Church, Barbados, near Bridgetown.  The privately owned airline,
incorporated in Barbados featured a fleet of McDonnell Douglas MD-
82 and MD-83 aircraft.


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


CARL LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
On May 26, 2014, the shareholders of Carl Limited resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          Delta FS Limited
          c/o Janeen Aljadir
          Telephone: (345) 743 6626
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 11820 Grand Cayman KY1-1009
          Cayman Islands


CGMA SPECIAL: Creditors' Proofs of Debt Due July 17
---------------------------------------------------
The creditors of CGMA Special Accounts II, LLC are required to
file their proofs of debt by July 17, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 28, 2014.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


DELRAY LIMITED: Creditors' Proofs of Debt Due July 17
-----------------------------------------------------
The creditors of Delray Limited are required to file their proofs
of debt by July 17, 2014, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 2, 2014.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


HUANGPU LEASING: Creditors' Proofs of Debt Due July 18
------------------------------------------------------
The creditors of Huangpu Leasing Limited are required to file
their proofs of debt by July 18, 2014, to be included in the
company's dividend distribution.

The company's liquidator is:

          Benjamin Booker
          69 Dr. Roy's Drive
          P.O. Box 1043, George Town Grand Cayman KY1 - 1102
          Cayman Islands


LR LIMITED: Commences Liquidation Proceedings
---------------------------------------------
On May 26, 2014, the shareholders of LR Limited resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          Delta FS Limited
          c/o Janeen Aljadir
          Telephone: (345) 743 6626
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 11820 Grand Cayman KY1-1009
          Cayman Islands


MIA AIR: Creditors' Proofs of Debt Due July 28
----------------------------------------------
The creditors of Mia Air Ltd. are required to file their proofs of
debt by July 28, 2014, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 29, 2014.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Jewel Studenhofft
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


OVS CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
On June 2, 2014, the shareholders of OVS Capital Fund resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          Russell Smith
          c/o Derek Larner
          Telephone: (345) 815 4555
          e-mail: dlarner@bdo.ky
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2-Building 3
          23 Lime Tree Bay Ave, PO Box 31229
          Grand Cayman KY1 1205
          Cayman Islands


OVS CAPITAL MASTER: Commences Liquidation Proceedings
-----------------------------------------------------
On June 2, 2014, the shareholders of OVS Capital Master Fund
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Russell Smith
          c/o Derek Larner
          Telephone: (345) 815 4555
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2-Building 3
          23 Lime Tree Bay Ave, PO Box 31229
          Grand Cayman KY1 1205
          Cayman Islands


TRAFALGAR SPECIAL: Commences Liquidation Proceedings
----------------------------------------------------
On May 29, 2014, the sole shareholder of Trafalgar Special
Situations Fund (Offshore) Limited resolved to voluntarily
liquidate the company's business.

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

The company's liquidator is:

          Lee Robinson
          c/o Lee Robinson
          Standbrook House
          2-5 Old Bond Street
          London, W1S 4PD
          United Kingdom
          Telephone: +44 207 079 1094


WHITE OAK: Creditors' Proofs of Debt Due July 17
------------------------------------------------
The creditors of White Oak Strategic Master Fund II, LP are
required to file their proofs of debt by July 17, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 28, 2014.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: ADITEX Concerned With 'Made in US' Label
-------------------------------------------------------------
Dominican Today reports that the Dominican Association of Textile
Industries (ADITEX) asked the Customs Agency to investigate the
large volume of goods sold in the country with 'Made in America'
labels.

According to a Diario Libre report, ADITEX President David Cortes
said there is a suspicion that the items imported from the United
States may have origin in non-NAFTA countries, because these goods
have very competitive prices even though the cost of production is
higher in the US, according to Dominican Today.

Mr. Cortes pointed out the minimum wage in the country for 8-hours
daily work adds up to DOP473, while it is $58 in the US, which is
equivalent to DOP2,514, or about 5 times the wage in Dominican
Republic, Dominican Today notes.


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G U A T E M A L A
=================


GUATEMALA: Fitch Lowers IDRs to 'BB' & Revises Outlook to Stable
----------------------------------------------------------------
Fitch Ratings has downgraded Guatemala's long-term foreign and
local currency Issuer Default Ratings (IDRs) to 'BB' from 'BB+'.
Fitch has also downgraded the issue ratings on Guatemala's senior
unsecured foreign and local currency bonds to 'BB' from 'BB+'.
The Rating Outlooks on the long-term IDRs have been revised to
Stable from Negative.  In addition, Fitch has downgraded
Guatemala's Country Ceiling to 'BB+' from 'BBB-' and affirmed the
short-term foreign currency IDR at 'B'.

KEY RATING DRIVERS

Guatemala's downgrade and Stable Outlook reflect the following
rating drivers:
Guatemala has not been able to make sufficient progress to
materially enhance its growth prospects, widen its revenue base
and improve its fiscal flexibility.  As a result, Guatemala's
relative standing in the 'BB' category has been eroded over the
years.


Guatemala has the narrowest revenue base in the 'BB' category.  A
tax reform originally intended to raise 1% of GDP in extra revenue
in 2013 had a muted impact on tax collection due to deductions,
administrative hurdles at customs and court rulings against tax
compliance.  Weak tax-raising capacity and budget process limit
fiscal policy flexibility, debt tolerance and the authorities'
capacity to address social demands, reduce infrastructure gaps and
undertake growth-enhancing reforms.

Guatemala's five-year average growth of 2.8% lags behind the 'BB'
median of 3.7% in 2013.  Despite demonstrated resilience through
the global financial crisis, high crime, low savings and
investment rates and low financial intermediation hinder growth
potential and faster income convergence with the 'BB' median.
Economic activity could accelerate depending on the U.S. recovery
and the pace of execution of a pipeline of USD7.6 billion (14% of
GDP) in public-private infrastructure projects in 2014-2019 but
not sufficient to materially outpace population growth of 2.5% and
bridge the per capita income gap with its peers.

Guatemala's credit profile is constrained by weak governance and
human development indicators.  A fragmented party system, divided
legislature and prolonged periods of congressional gridlock
(although eased somewhat recently) have slowed policymaking and
the reform agenda of the current administration.

Guatemala's Stable Outlook is underpinned by Fitch's expectations
that the country will maintain macroeconomic and financial
stability and fiscal deficits will remain relatively moderate.

Guatemala has a well-established track record of prudent monetary
and fiscal management.  The central bank continues to make
progress in its transition towards inflation targeting and foreign
exchange flexibility.  Consumer prices are expected to stay within
the target range of 3%-5% in 2014-2015.  Foreign exchange
interventions are rules based and mostly used to smooth
seasonality in agricultural trade flows and domestic import
demand.

General government debt (22.5% of GDP) and financing needs (3.4%)
are half the respective medians of the 'BB' category in 2014.
However, high interest and debt to revenue ratios constrain the
capacity to sustain higher debt levels.  The sovereign debt
portfolio benefits from a balanced currency composition, a high
share of fixed-rate instruments and multilateral loans contracted
at low borrowing costs and long maturities.  The legal
prioritization of debt service further reduces market and
refinancing risks.
Guatemala's external accounts have shown resilience to increased
financial markets volatility and the deterioration in terms of
trade.  Fitch expects the current account deficit to moderate at
an average 2.4% of GDP in 2014-2015 and be mostly financed by
foreign direct investment.  Adequate international reserves,
covering 14% of GDP and 4.2 months of current external payments,
provide a cushion against external shocks.

RATING SENSITIVITIES

The Stable Outlook reflects Fitch's view that upside and downside
risks to the rating are evenly balanced.  The main risk factors
that, individually or collectively, could trigger a rating action
are:

Positive:

   --Sustained improvements in tax collection and the budget
process resulting in greater fiscal policy flexibility;
   --Higher investment rates and economic growth prospects.
   --Progress on governance and human development indicators.

Negative:
--Policies that result in macroeconomic instability or a marked
deterioration in fiscal accounts;
--Material reductions in international reserves and external
sources of financing;
--Escalation of crime and social conflict that severely impact
investment and growth prospects.

KEY ASSUMPTIONS

The ratings and Outlooks are sensitive to a number of assumptions.

   -- Fitch's economic growth and external forecasts factor in a
mild recovery in the U.S., and therefore a moderate improvement in
trade, investment and remittance flows to Guatemala.

   -- International oil prices will gradually weaken to average
USD100p/bl in 2015. Thus, energy imports will not be a significant
source of additional pressure for economic growth and external
accounts.

   -- The authorities will continue with their track record of
prudent monetary and fiscal management throughout the upcoming
general elections in September 2015.


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T R I N I D A D   &  T O B A G O
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PETROTRIN: Fires Back at Oilfields Workers' Trade Union
-------------------------------------------------------
Trinidad and Tobago Newsday reports that the Oilfields Workers'
Trade Union (OWTU) has been accused by State-owned oil company,
Petroleum Company of Trinidad and Tobago, of contributing to
delays in the start up of the Fluid Catalytic Cracking Unit (FCCU)
or "Cat Cracker", which is currently undergoing an upgrade to
increase its capacity from 26,000 to 35,000 BPSD.

The upgrade would enable Petrotrin to produce more gasoline with
improved octane ratings for its gasoline pool and reduce the
production of less heavier distillates, according to Trinidad and
Tobago Newsday.

However, the report notes that OWTU president general, Ancel Roget
questioned the reasons behind the continued shutdown of the
catcracker at Petrotrin Pointe-a-Pierre refinery as well as the
status of a number of plants which had also been shut down.

"Why is the catcracker still down and why are we purchasing
products when there are so many cost overs on projects?" Mr. Roget
asked, the report relays.

In a letter dated June 16, and addressed to OWTU general
secretary, David Abdulah, Petrotrin pointed out that a suggestion
to institute a temporary shift arrangement at the Cat Cracker was
refused by the union which had asserted that the Fractionator
Column was not fit for service and would put workers lives at
risk, notes the report.  "We restate our position that the
Fractionator Column is fit for continued service and that
specialised inspection monitoring strategies have been put in
place to assess the condition of the column during its operation,"
the report quoted Petrotrin as saying, adding, "the company has
taken all reasonable and practical steps to assure the integrity
of the column to be safely operated within its design range."

"The plant operators are well aware of the inspections carried out
and measures taken to monitor the column's performance during
operation, having been so informed by members of the Operations
and Inspection Services Department.

"In addition, on one occasion, in April 2014, details of the
Acoustic Emission Testing on the column were elaborate upon by one
of the principals of Stress Engineering Services Inc, as
preparations were being made for the latest pressurisation test,"
the company stated, notes Trinidad and Tobago Newsday.

"We trust that the union would understand that the refusal to
consult on the 12-hour shift arrangement means effectively that
plant start-up is delayed," the company added, says the report.

Petrotrin also acknowledged that it had convened the HSE committee
to investigate complaints by operators on the FCCU which had
claimed that the plant's restart could be life threatening, the
report adds.

                        About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2013, Trinidad Express reports that production levels at
Petroleum Company of Trinidad and Tobago (Petrotrin)'s Trinmar
operations in Point Fortin have been affected by industrial action
involving employees of the company's marine transport contractors.
Petrotrin stated that it was informed of a what it described as a
stand-off between its marine contractors and their employees, who
cited issues, including their current rates of remuneration,
according to Trinidad Express.


* TRINIDAD & TOBAGO: Manufacturers Not Getting Enough US Dollars
----------------------------------------------------------------
Verne Burnett at Trinidad and Tobago Newsday reports that a survey
conducted by the Trinidad and Tobago Manufacturers Association
(TTMA) has found that 80 percent of its members are still
complaining that they are not getting enough US dollars to pay for
goods they have imported and to meet the expenses of operating
their businesses.

The results of the survey were conveyed to the Central Bank of
Trinidad and Tobago, but reliable sources told Newsday that
Central Bank governor, Jwala Rambarran, had asked for additional
information, according to the report.

The survey was conducted last Monday, June 16, 2014.

Trinidad and Tobago Newsday relays that the chief executives of
the country's commercial banks met with Rambarran at the Central
Bank to discuss the problems the public and the business community
have been experiencing to get US dollars.  The banking executives
emerged from that meeting to issue guarantees that the US dollar
needs of the public and the business community would be fully met
and that no one would be turned away empty handed from any of the
commercial banks.

However, the report relates, while some businesspeople said their
needs had been met, several major importers were up to yesterday
still reporting difficulties in paying their foreign suppliers.
One of the banks mentioned as being unable to satisfy their needs
was Republic Bank's "Corporate North" department located at its
Promenade Centre branch in Port-of-Spain, the report relates.

In an emailed response to questions posed by Newsday, Republic
Bank's chief economist, Amar Ramlogan, said, " . . . the Central
Bank gave its assurance to the commercial banks to fulfill our
foreign exchange needs.  Consequently, the banks have begun
selling US$ to the market, as it did previously," the report
notes.

Mr. Ramlogan, economist-manager of Republic Bank's Economic
Intelligence Unit, continued, "However, continued anxieties in the
market is causing customers to make much larger US$ requests than
they usually do, the report notes.  While certain cash requests
can be satisfied over the counter at our branches, our Corporate
North operations at Promenade Centre has a large number of
business clients making significant US$ requests, the report
discloses.  Obviously we cannot fulfill all their requests on the
same day."

"This does not mean that their demands will not be met and we are
in the process of fulfilling our customers foreign exchange needs.
With the inflows of US$ coming in from the energy companies this
month, as well as the US$30 million injection by the Central Bank,
we see the situation settling down and anxieties (being) reduced,"
Mr. Ramlogan added, the report relates.


=================
X X X X X X X X X
=================


Large Companies With Insolvent Balance Sheets
---------------------------------------------

                                                         Total
                                         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 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
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
202-241-8200.


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