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        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, July 10, 2014, Vol. 15, No. 135


                            Headlines



A R G E N T I N A

ARGENTINA: Euro Bondholders Seek Exemption From US Courts


B R A Z I L

CAIXA ECONOMICA: Fitch Rates Proposed Sub. Securities 'BB+(EXP)'
INDUSTRIA DE ALIMENTOS: Trustee Cleared To Root Out US Assets


C A Y M A N  I S L A N D S

BLACKSTONE DEA: Commences Liquidation Proceedings
DAVIES LIMITED: Commences Liquidation Proceedings
HV DIVERSIFIED: Commences Liquidation Proceedings
MA LYNX: Commences Liquidation Proceedings
MA MARBLE BAR: Commences Liquidation Proceedings

MA ROTELLA: Commences Liquidation Proceedings
MARBLE BAR II: Commences Liquidation Proceedings
OASIS CAPITAL: Commences Liquidation Proceedings
RHYNO CBO 1997-1: Commences Liquidation Proceedings
SEAHUNTER OFFSHORE: Commences Liquidation Proceedings

SES INTERMEDIATE: Moody's Withdraws 'B1' Corporate Family Rating


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: Labor, Mgmt Distant as Workers' Wages Languish


J A M A I C A

DIGICEL GROUP: T&T Joins Criticism of Firm


P E R U

TERMINALES PORTUARIOS: S&P Affirms 'BB' Rating on $110MM Sr. Notes
* PERU: Gets $25MM Loan to Cut Vulnerability to Natural Disasters


P U E R T O   R I C O

PUERTO RICO: New Debt Law Usurps Congress, Funds Say
PUERTO RICO INFRASTRUCTURE: S&P Puts 'BB' Rating on Watch Neg.


T R I N I D A D  &  T O B A G O

FIRST CITIZEN BANK: Appoints New Directors


                            - - - - -


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


ARGENTINA: Euro Bondholders Seek Exemption From US Courts
---------------------------------------------------------
Law360 reported that investment firms that hold restructured bonds
issued by Argentina that are denominated in euros asked a New York
federal court to find that foreign banks that process interest
payments on these bonds are outside the reach of U.S. courts.

According to Law360, the investment firms claim that the euro
bonds are governed by the laws of England and Wales, and are
processed in euros by foreign entities outside of U.S.
jurisdiction. As such, the court should clarify that prior
injunctions restricting payment on Argentina's restructured debt
don't apply to foreign banks processing the euro-denominated
bonds, Law360 said, citing the euro bondholders.

Reuters reported that Argentina's Economy Minister Axel Kicillof
will head its mission to meet with a court-appointed mediator in
the country's dispute with holdout investors in its bonds.  The
economy ministry announced it would send a mission to New York to
meet with mediator Daniel Pollack, but said the composition of the
team had not been decided, raising questions over whether
Argentina would send an official with sufficient authority to
negotiate -- such as Kicillof, Reuters related.


===========
B R A Z I L
===========


CAIXA ECONOMICA: Fitch Rates Proposed Sub. Securities 'BB+(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned an expected long-term rating of
'BB+(EXP)' to Caixa Economica Federal's (Caixa) proposed
subordinate securities.  The expected ratings are two notches
below Caixa's long-term Issuer Default Rating (IDR) of 'BBB'.  The
final rating is contingent upon the receipt of final documents
conforming to the information already received.

The proposed subordinate notes will have a maturity of 10 years,
and can be called by Caixa after five years, subject to the prior
approval of the Central Bank of Brazil.  They are unsecured,
subordinated to senior debt and rank senior to Common Equity Tier
1 (CET1) and Additional Tier 1 (AT1) capital.  Coupons are not
deferrable.  They have a full and permanent write-down feature,
which will be triggered if Caixa's CET1 capital falls below 4.5%
of RWA or if the Central Bank determines that the notes should be
written-off.

Caixa expects to qualify these securities as Tier 2 (T2) capital
in accordance with Resolution 4192, subject to the Central Bank of
Brazil's approval.

Under the proposed terms, these subordinate notes will not receive
any equity credit from Fitch for the purposes of assessing capital
adequacy.

KEY RATING DRIVERS

The expected rating of the subordinate notes is two notches below
Caixa's long-term foreign currency Issuer Default Rating (IDR)
'BBB'.  The notching is driven by the expected high loss severity
of the notes.  No notching for nonperformance is applied, because
coupons are not deferrable and the write-down trigger is close to
the point of non-viability.  As a result, Fitch believes that the
nonperformance risk is not material from the rating perspective.
In addition, as Caixa is a fully government owned domestic
systemically important bank, it would likely receive owner (i.e.
government) support before the loss absorption features of the
notes are triggered.  This also explains why the anchor rating for
the notes' rating is Caixa's IDR.

Caixa's long-term foreign and local currency IDRs are equal to
Brazil's sovereign rating and driven by support from the federal
government.  They reflect full ownership by the federal
government, its systemic importance, and the role it plays in the
implementation of government economic programs.  Fitch believes
the probability of support by the government would be high should
it be required.

Fitch's base case projections do not take into consideration any
potential change in government support nor a potentially negative
decision by the Brazilian Supreme Court regarding the
constitutionality of the monetary correction indices applied to
certain savings deposits in the past decades.  An unfavorable
decision would likely pressure Caixa's capital and, possibly, its
liquidity, depending on the specifics of the ruling's outcome.

Rating Sensitivities

Caixa's IDR and issue ratings would be affected by potential
changes in the sovereign ratings and/or its shareholder's
willingness to provide support.  As long as there is no change in
the propensity of support, the rating of these subordinate notes
will typically remain two notches below Caixa's long-term IDR.

Fitch currently rates Caixa as follows:

   -- Foreign and local currency long-term IDRs 'BBB', Outlook
      Stable;
   -- Foreign and local currency short-term IDRs 'F2';
   -- Support rating '2';
   -- Support rating floor 'BBB';
   -- National long-term rating 'AAA(bra)', Outlook Stable;
   -- National short-term rating 'F1+(bra)';
   -- Foreign currency long-term rating of senior unsecured USD
      notes maturing in 2017, 2018, 2019 and 2022 'BBB'.


INDUSTRIA DE ALIMENTOS: Trustee Cleared To Root Out US Assets
-------------------------------------------------------------
Law360 reported that a Florida bankruptcy judge granted
recognition of a foreign main proceeding to the trustee of a
bankrupt Brazilian dairy company so that it can investigate
possible assets the company's owner allegedly hid by transferring
them into the United States.  According to the report, the request
came from Dr. Alexandre Borges Leite, the court-appointed judicial
administrator and foreign representative for Industria de
Alimentos Nilza SA, which indicated in court filings that it has
assets and liabilities both ranging from $100 million to $500
million.

Dr. Alexandre Borges Leite sought protection for Industria de
Alimentos Nilza, SA, under Chapter 15 of the U.S. Bankruptcy Code
on May 30, 2014.  The case is In re Industria de Alimentos Nilza,
SA, Case No. 14-22549 (Bankr. S.D. Fla.).  The case is assigned to
Judge Robert A. Mark.  The Chapter 15 Petitioner's counsel are
Gregory S. Grossman, Esq., Edward H. Davis, Jr. Esq., and Daniel
M. Coyle, Esq., at Astigarraga Davis Mullins & Grossman, P.A., in
Miami, Florida.


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


BLACKSTONE DEA: Commences Liquidation Proceedings
-------------------------------------------------
On June 17, 2014, the sole shareholder of Blackstone Dea Offshore
Fund Ltd 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:

          Patrick Agemian
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


DAVIES LIMITED: Commences Liquidation Proceedings
-------------------------------------------------
On June 16, 2014, the shareholders of Davies 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:

          Blackstone Capital Partners Holdings Director L.L.C.
          The Blackstone Group
          345 Park Avenue, 31st Floor
          New York, New York 10154
          United States of America
          Telephone: +1 (212) 583 5892
          e-mail: lacxon.chan@blackstone.com


HV DIVERSIFIED: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on June 19, 2014, the members of
HV Diversified Strategies 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


MA LYNX: Commences Liquidation Proceedings
------------------------------------------
At an extraordinary meeting held on June 19, 2014, the members of
Ma Lynx 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


MA MARBLE BAR: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on June 19, 2014, the members of
MA Marble Bar II 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


MA ROTELLA: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on June 19, 2014, the members of
MA Rotella 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


MARBLE BAR II: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on June 19, 2014, the members of
Marble Bar II Feeder I 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


OASIS CAPITAL: Commences Liquidation Proceedings
------------------------------------------------
On June 17, 2014, the shareholders of Oasis Capital Advisors
(Texas) Holdings Ltd 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:

          Phillip Meyer
          c/o Oasis Management (Hong Kong) LLC
          Suite 2136, The Center
          99 Queen's Road Central
          Hong Kong


RHYNO CBO 1997-1: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on June 19, 2014, the members of
Rhyno CBO 1997-1 Ltd. 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          PO Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


SEAHUNTER OFFSHORE: Commences Liquidation Proceedings
-----------------------------------------------------
On June 16, 2014, the members of Seahunter Offshore Drilling
Holdings 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:

          Yao Chye Chiang
          4 Battery Road #34-01
          Bank of China Building
          Singapore 049908


SES INTERMEDIATE: Moody's Withdraws 'B1' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings
involving Saxon Enterprises LLC and its parent, SES Intermediate
Holdings Limited. The rating withdrawals follow Schlumberger Ltd's
(Aa3 stable) acquisition of the 50.5% of SES it did not already
own and the repayment and cancelation of Saxon's rated debt
facilities.

Ratings Withdrawn:

Issuer: SES Intermediate Holdings Limited

B1 Corporate Family Rating

B2-PD Probability of Default Rating

Issuer: Saxon Enterprises LLC

Ba3 Senior Secured Bank Credit Facility

Outlook Action:

Withdraw Ratings Under Review for Upgrade

Ratings Rationale

SES, through Saxon, provides land-based drilling and workover rigs
to global exploration and production companies. SES is
incorporated in the Cayman Islands with corporate headquarters in
Calgary, Alberta.

Schlumberger Limited is the industry's leading oilfield services
and technology company. It is registered in Curacao, Netherlands
Antilles, with principal offices located in Paris, The Hague, and
Houston, Texas.


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


* DOMINICAN REP: Labor, Mgmt Distant as Workers' Wages Languish
---------------------------------------------------------------
Dominican Today reports that the differences between labor and
management over how to amend the labor code and when to revise
wages continue, for which the workers unions grouped in the CASC
demanded that the Labor Ministry convene the National Wages
Committee (CNS) to start the three-way talks "urgently."

The talks would lead to a pay rise for all workers in accordance
with inflation, as the parties agreed to last year, according to
Dominican Today.

"Labor agreed to and accept a 17% increase on the minimum wage on
the condition of reviewing that percentage one year later and make
a further increase in line with inflation levels," the report
quoted CASC General Secretary Gabriel del Rio as saying.

Mr. del Rio said in the next few days the three major unions will
meet to discuss and agree on the wage proposal to submit to the
CNS, "without further delay," the report notes.

Mr. del Rio, the report relates, said the unions will propose an
automatic wage increase in January of each year.

                           Management

But Dominican Republic Industry Association (AIRD) President Ligia
Bonetti disagrees with that position, citing no basis to hike
wages, since in her view inflation levels are "well below"
estimates, adding that any decision to review salaries, should be
"according to law," the report adds.



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


DIGICEL GROUP: T&T Joins Criticism of Firm
------------------------------------------
RJR News reports that another regional country has reacted
negatively to the move by Digicel Group to block applications that
utilize the Voice Over Internet Protocol (VoIP) on its service.

Selby Wilson, Chairman of the Telecommunications Authority of
Trinidad and Tobago (TATT) has described the block as a retrograde
step, according to RJR News.

Digicel Group had already blocked its customers from accessing the
applications in Jamaica and Haiti, before imposing the ban in
Trinidad and Tobago, the report notes.  The services affected
include popular "free calls" applications Viber, Tango and
Nimbuzz.

Mr. Wilson, in an interview with the Trinidad Guardian newspaper,
said Viber and Tango were described within the industry as "over-
the-top" services, the report notes.  Mr. Wilson, the report
discloses, said they were provided by organizations that do not
have their own infrastructure and would often use those built by a
service provider.

Mr. Wilson said it was unfortunate that the country's legislation
did not prevent Digicel Group from these maneuvers, the report
relays.

Following the imposition of the ban, Mr. Wilson said the TATT
would engage Digicel in dialogue to better understand the reason
for the block, the report notes.

                         Digicel's Response

And, in an e-mail exchange with the Trinidad Guardian, Digicel's
Communications Manager, Penny Gomez, said unlicensed VoIP
operators like Viber and Nimbuzz use networks to deliver their
services, but do not pay for the access, the report relays.  Ms.
Gomez said the unauthorized activity puts enormous pressures on
bandwidth, which means customers' data usage experience is
negatively affected.

According to RJR News, Ms. Gomez said Digicel has been forced to
take firm action to prevent what she described as parasitic
activity.  Ms. Gomez added that VoIP services, by their nature,
are network intensive and given priority in respect of delivery,
the report notes.

Ms. Gomez said, while Digicel invested millions in its network and
business, unlicensed VoIP reaped the benefits with no capital
investment, the report relays.

                      About Digicel Group

Headquartered in Jamaica, Digicel Group Limited provides mobile
telecommunications services in the Caribbean and the Central
American markets.   The company's services include rollover
minutes, GPRS data services, prepaid roaming, SMS to e-mail, and
multimedia messaging, as well as broadband.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on May
27, 2014, Fitch Ratings has affirmed the ratings of Digicel Group
Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred as 'Digicel' as:

DGL
--Long-term Issuer Default Rating (IDR) at 'B' with a Stable
  Outlook;
--USD 2 billion 8.25% senior subordinated notes due 2020 at 'B-
  /RR5';
--USD 1 billion 7.125% senior unsecured notes due 2022 at 'B-
  /RR5'.

DL
--Long-term IDR at 'B' with a Stable Outlook;
--USD 800 million 8.25% senior notes due 2017 at 'B/RR4';
--USD 250 million 7% senior notes due 2020 at 'B/RR4';
--USD 1.3 billion 6% senior notes due 2021 at 'B/RR4'.

DIFL
--Long-term IDR at 'B' with a Stable Outlook;
--Senior secured credit facility at 'B+/RR3'.


=======
P E R U
=======


TERMINALES PORTUARIOS: S&P Affirms 'BB' Rating on $110MM Sr. Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' issue-level
rating on Terminales Portuarios Euroandinos Paita S.A.'s (TPE or
the project) $110 million senior secured notes due 2037 based on
continued sound revenue and traffic performance, which remained in
line with S&P's expectations.  The outlook remains stable.

"Our 'BB' rating reflects the project's exposure to the volatile
commodity and container trade volumes industry, which we consider
risky in light of the potential declines in traffic levels and
regional production, which could hinder the TPE's revenues," said
Standard & Poor's credit analyst Candela Macchi.  Furthermore,
TPE's scale of operations is smaller than those of its regional
peers, and it has a relatively concentrated customer base.  As of
Dec. 2013, TPE's top 10 clients generated about 75% of its
consolidated revenues.  It's also exposed to adverse weather
conditions and natural disasters, such as the El Nino phenomenon.
Its backloaded amortization schedule, with about 55% of the
principal amortizing in the last quarter of the notes' term, is
also a rating weakness.


* PERU: Gets $25MM Loan to Cut Vulnerability to Natural Disasters
-----------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $25
million loan to support Peru's efforts to reduce its vulnerability
to disasters and to improve its ability to respond to them.

This is the third loan focusing on public policies to improve the
capacity of the government to respond to natural disasters.  These
flexible loans provide resources to governments to finance high-
priority programs.  The disbursements are made after the
government reaches the public policy reform goals agreed upon with
the IDB.

With the first loan, the IDB supported the Peruvian government in
the design of a strategic budgetary program that helped to expand
public investment in disaster prevention from $23 million in 2009
to $300 million in 2014.  The second loan targeted the design of a
law and regulations governing the National Disaster Risk
Management System (SINAGERD), placing Peru at the forefront of the
region in planning for disasters.

The third loan enables implementation of the National Policy and
Plan for Risk Management, the Secretariat for Disaster Risk
Management in the Office of the President of the Council of
Ministers, the budgetary strategy for disaster risk, and the
planning of the continuous relief operations in emergency
situations.

The loan is for an 8-year term, with a 6.5 grace period and an
interest rate based on LIBOR.


=====================
P U E R T O   R I C O
=====================


PUERTO RICO: New Debt Law Usurps Congress, Funds Say
----------------------------------------------------
Law360 reported that two investment firms sued the commonwealth of
Puerto Rico, saying the law its government enacted over the
weekend providing debt restructuring options for public agencies
violates the U.S. Constitution.  According to the report, a
lengthy list of funds overseen by Franklin Templeton Investments
and OppenheimerFunds Inc. are seeking a declaratory judgment from
the U.S. District Court for the District of Puerto Rico finding
the law unconstitutional, saying it blatantly ignores Congress'
authority to determine who may and who may not file for
bankruptcy.

The case is Franklin California Tax-Free Trust et al v.
Commonwealth of Puerto Rico et al., Case No. 3:14-cv-01518
(D.P.R.).

                           *     *     *

The Troubled Company Reporter, on July 4, 2014, reported that
Moody's Investors Service has downgraded the Commonwealth of
Puerto Rico to B2 from Ba2, affecting $14.4 billion of outstanding
general obligation (GO) bonds. Concurrently, commonwealth agencies
and public corporations have been downgraded, affecting about $46
billion of non-GO bonds, including $15.6 billion of senior- and
subordinate-lien bonds issued by the Sales-Tax Financing
Corporation (COFINA), which respectively were lowered to Ba3 and
B1. The Puerto Rico Electric Power Authority (PREPA) was
downgraded to Caa2 from Ba3, while the Puerto Rico Aqueduct and
Sewer Authority (PRASA) was downgraded to Caa1 from Ba3. The
Puerto Rico Highway and Transportation Authority (PRHTA) was
downgraded to Caa1 (senior 1998 resolution and 1968 resolution)
from Ba3, and to Caa2 from B1 (subordinate 1998 resolution). For
PREPA, PRHTA and PRASA, the newly lowered ratings remain under
review for possible further downgrade. The debt of the Government
Development Bank (GDB) was downgraded to B3 from Ba2, and the debt
of the University of Puerto Rico was downgraded to Caa1 and Caa2.
The outlook for the GDB as well as for commonwealth GO and related
debt remains negative.


PUERTO RICO INFRASTRUCTURE: S&P Puts 'BB' Rating on Watch Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' rating on
Puerto Rico Infrastructure Financing Authority's series 2011B-
2011C revenue bonds, issued for the port authority project, on
CreditWatch with negative implications.

This action follows Standard & Poor's June 27, 2014, placement of
the Government Development Bank for Puerto Rico on CreditWatch
with negative implications.

          STANDARD & POOR's 17g-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties, and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties, and enforcement mechanisms in issuances of similar
securities.  There is no Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report because, in its view, there
are no representations, warranties, and enforcement mechanisms
available to investors.


===============================
T R I N I D A D  &  T O B A G O
===============================


FIRST CITIZEN BANK: Appoints New Directors
------------------------------------------
Trinidad and Tobago Newsday reports that First Citizens Bank
Limited informed the Trinidad and Tobago Stock Exchange (TTSE)
that at a special meeting of its board on July 3, Franka Costelloe
and Ryan Proudfoot were appointed as First Citizens directors.

First Citizens indicated the appointments of Costelloe and
Proudfoot were effective on July 3.

In addition, First Citizens advised the TTSE that Anil Seeterram,
Ramish Ramanand and Ved Seereeram resigned from the First Citizens
board of directors on July 4, July 5 and July 6 respectively,
according to Trinidad and Tobago Newsday.

First Citizens Bank Limited is a bank based in Trinidad and
Tobago.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 27, 2014, Moody's Investors Service has downgraded First
Citizens Bank Limited (FCBL) standalone bank financial strength
rating (BFSR) to D+ from C-, lowering the baseline credit
assessment (BCA) to baa3 from baa1.  The outlook has been revised
to stable from negative.


                            ***********


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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