TCRLA_Public/140714.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

            Monday, July 14, 2014, Vol. 15, No. 137


                            Headlines



A R G E N T I N A

PAMPA ENERGIA: Incurs ARS719.77-Mil. Net Loss in First Quarter


B R A Z I L

* BRAZIL: Rio Grande to Get $50MM IDB Loan for Crime Prevention


C A Y M A N  I S L A N D S

BOUTON LTD: Creditors' Proofs of Debt Due July 21
CALIBRE FUND: Creditors & Contributories to Meet on July 24
CARILLON GREENFIELD: Creditors' Proofs of Debt Due July 30
DYNAMIC ALPHA: Commences Liquidation Proceedings
DYNAMIC ALPHA OFFSHORE: Commences Liquidation Proceedings

GE CAPITAL: Shareholders' Final Meeting Set for July 22
HITS AFRICA: Creditors to Hold Meeting on July 17
NEXUS ADVISORS: Sole Member to Hear Wind-Up Report on July 29
OPTIMA CREDIT: Creditors' Proofs of Debt Due July 21
SERENGETI RAPAX: Shareholders' Final Meeting Set for July 24


J A M A I C A

ALCOA INC: Posts US$138 Million Profit in Second Quarter


P A N A M A

PETAQUILLA MINERALS: Posts $11.62-Mil. Net Loss for First Quarter


T R I N I D A D  &  T O B A G O

CL FIN'L: Howai Hopes for Success in CLF Arbitration


X X X X X X X X X

LATAM: World Bank Commits US$10.2 Billion to the Region
* BOND PRICING: For the Week From July 7 to July 11, 2014


                            - - - - -


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


PAMPA ENERGIA: Incurs ARS719.77-Mil. Net Loss in First Quarter
--------------------------------------------------------------
Pampa Energia S.A. reported a net loss of ARS719.77 million on
ARS1.43 billion of sales for the three months ended March 31,
2014, compared with a net loss of ARS606.02 million on ARS1.39
billion of net sales for the same period in 2013.

The Company's balance sheet at March 31, 2014, showed ARS13.18
billion in total assets, ARS2.26 billion in total liabilities, and
stockholders' equity of ARS10.92 billion.

Given the fact that the realization of the projected measures to
revert the manifested negative trend depends, among other factors,
on the occurrence of certain events that are not under its
subsidiary Edenor's control, such as the requested electricity
rate increases, the Board of Directors has raised substantial
doubt about Edenor's ability to continue as a going concern in the
term of the next fiscal year, being obliged to defer certain
payment obligations, as previously mentioned, or unable to meet
expectations for salary increases or the increases recorded in
third-party costs.

A copy of the Form 6-K filed with the U.S. Securities and Exchange
Commission is available at http://is.gd/FdhSx1

Pampa Energia S.A., is an Argentina-based company primarily
engaged, through its subsidiaries, in the generation, transmission
and distribution of electric power.


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


* BRAZIL: Rio Grande to Get $50MM IDB Loan for Crime Prevention
---------------------------------------------------------------
The Brazilian state of Rio Grande do Sul will seek to reduce
violent crime (homicide and robbery) through a new integrated
prevention program targeting at-risk youths aged 15 to 24.  The
project will be financed in part by a loan of $50 million from the
Inter-American Development Bank.

Crime rates have risen in recent years in Rio Grande do Sul, with
nearly 7 in 10 residents saying they fear being murdered.

The program will focus on cities with the highest proportions of
youths considered to be at risk of engaging in violence: Alvorada,
Porto Alegre and Viamao.  In those cities, the rates of school
dropouts and students having to repeat grades are above state and
national averages, hindering young people's ability to get jobs.

The program aims to create opportunities and protect the rights of
these youths, which account for the largest number of crime
victims.

Another problem is that the military and civil police lack
information that would help them prevent crime effectively. So the
project will help upgrade police information technology in an
effort to improve police files and promote training in the
gathering and analysis of crime-related data.

One innovative feature of the project is to encourage a greater
state presence in Brazilian society, calling for action at the
different levels of government, the private sector and civil
society. This will be done by addressing the problem in a holistic
way and focusing investment on geographic areas with the highest
crime rates (3 of the state's 496 municipalities).

The plan will aim to reduce young people's exposure to
circumstances and behaviors that put them at risk, and generate
opportunities for them to use their time productively.  This
includes the building of six youth centers for young people who
are socio-economically vulnerable. The program will also train
police in conflict-resolution and encourage community-based
policing.  Training of police investigators will also be
strengthened.

Over the next four years, the goal is to help 32,000 young people
avoid dropping out of school and aid 51,000 in finding their first
job.

The loan is over 25 years and has an interest rate pegged to the
Libor. Brazilian authorities will contribute $6 million.


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


BOUTON LTD: Creditors' Proofs of Debt Due July 21
-------------------------------------------------
The creditors of Bouton Ltd. are required to file their proofs of
debt by July 21, 2014, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 9, 2014.

The company's liquidator is:

          Ogier
          c/o Justin Savage
          Telephone: (345) 815 1816
          Facsimile: (345) 949-9877
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


CALIBRE FUND: Creditors & Contributories to Meet on July 24
-----------------------------------------------------------
The creditors and contributories of Calibre Fund, SPC will hold a
meeting on July 24, 2014, at 7:30 a.m.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


CARILLON GREENFIELD: Creditors' Proofs of Debt Due July 30
----------------------------------------------------------
The creditors of Carillon Greenfield SPC are required to file
their proofs of debt by July 30, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 16, 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


DYNAMIC ALPHA: Commences Liquidation Proceedings
------------------------------------------------
On June 19, 2014, the sole shareholder of Dynamic Alpha
Performance Master, 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:

          1832 Asset Management L.P.
          Simon Mielniczuk
          40 King Street West, 52nd Floor
          Toronto, Ontario, M5H 1H1
          Canada
          Telephone: +1 (416) 365 5142


DYNAMIC ALPHA OFFSHORE: Commences Liquidation Proceedings
---------------------------------------------------------
On June 19, 2014, the sole shareholder of Dynamic Alpha
Performance Offshore, 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:

          1832 Asset Management L.P.
          Simon Mielniczuk
          40 King Street West, 52nd Floor
          Toronto, Ontario, M5H 1H1
          Canada
          Telephone: +1 (416) 365 5142


GE CAPITAL: Shareholders' Final Meeting Set for July 22
-------------------------------------------------------
The shareholders of GE Capital Nobu Holdings, Ltd. will hold their
final meeting on July 22, 2014, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Richard Fear
          c/o Daniel Woolston
          Telephone: (345) 814 7782
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


HITS AFRICA: Creditors to Hold Meeting on July 17
-------------------------------------------------
The creditors of Hits Africa Ltd. will hold their meeting on
July 17, 2014, at 7:30 a.m.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


NEXUS ADVISORS: Sole Member to Hear Wind-Up Report on July 29
-------------------------------------------------------------
The sole member of Nexus Advisors Limited will hear on July 29,
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:

          SGD. Margaret Chin-Wolf
          341 Bukit Timah Road
          #08-02 Honolulu Tower
          259719, Singapore


OPTIMA CREDIT: Creditors' Proofs of Debt Due July 21
----------------------------------------------------
The creditors of The Optima Credit Special Investment Fund are
required to file their proofs of debt by July 21, 2014, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 19, 2014.

The company's liquidator is:

          Richard Fear
          c/o Daniel Woolston
          Telephone: (345) 814 7782
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SERENGETI RAPAX: Shareholders' Final Meeting Set for July 24
------------------------------------------------------------
The shareholders of Serengeti Rapax Fund Ltd will hold their final
meeting on July 24, 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:

          Marc Baum
          Serengeti Asset Management LP
          632 Broadway, 12th Floor
          New York
          NY 10012
          United States of America
          Telephone: +1 (212) 466 2331


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


ALCOA INC: Posts US$138 Million Profit in Second Quarter
--------------------------------------------------------
RJR News reports that Alcoa Inc., which is pulling out of Jamaica
after 55 years, has reported a second-quarter profit of US$138
million.  The profit reverses a loss from a year ago.

Alcoa Inc. said the positive result was due to strong performance
in its engineered-products business, which makes parts for
industrial customers, according to RJR News.

Alcoa has struggled in recent years as low aluminum prices hit its
bottom line, the report relates.

The company, which owns a 55 per cent stake in Clarendon based
alumina refinery, Jamalco, is selling its shares to Noble
Resources UK, but will continue to manage the refinery for a
further two years, the report notes.

Alcoa Inc. produces and manages primary aluminum, fabricated
aluminum, and alumina. The company operates in four segments:
Alumina, Primary Metals, Global Rolled Products, and Engineered
Products and Solutions.

                           *     *     *


As reported in the Troubled Company Reporter-Latin America, Fitch
Ratings has stated that Alcoa's ratings and Outlook are unaffected
by the company's announcement that it is acquiring Firth Rixson
for $2.85 billion.

Fitch currently rates Alcoa as follows:

-- Issuer Default Rating (IDR) 'BB+';
-- Senior unsecured debt 'BB+';
-- $3.75 billion revolving credit facility 'BB+';
-- Preferred stock 'BB-'.
-- Short-term IDR 'B';
-- Commercial paper 'B'.

The Rating Outlook is Stable.


===========
P A N A M A
===========


PETAQUILLA MINERALS: Posts $11.62-Mil. Net Loss for First Quarter
-----------------------------------------------------------------
Petaquilla Minerals Ltd. disclosed in a regulatory filing in the
U.S. that it had a net loss of $11.62 million on $5.75 million of
revenues for the three months ended March 31, 2014, compared with
a net income of $15.77 million on $28.46 million of revenues for
the three months ended Feb. 28, 2013.

The Company's balance sheet at March 31, 2014, showed $226.37
million in total assets, $194.13 million in total liabilities, and
stockholders' equity of $32.23 million.

The Company is in default of its Forward Gold and Silver Purchase
Agreements as the Company failed to meet its physical delivery
requirements and has either accrued for or settled such
obligations in cash.  The default persists as of the date of these
condensed interim consolidated financial statements for all
agreements with Deutsche Bank.  As a result of the default, all
balances owing to Deutsche Bank have been classified as current
liabilities as required under IAS 1.  This factor indicates the
existence of a material uncertainty that raises substantial doubt
about the Company's ability to continue as a going concern,
according to the regulatory filing.

A copy of the Form 6-K filed with the U.S. Securities and Exchange
Commission is available for free at http://is.gd/V2DJ6O

Petaquilla Minerals Ltd. is engaged in the mining of gold in
Molejon, Panama.  The British Columbia, Canada-Company also owns
gold exploration and development projects in Portugal and Spain.



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


CL FIN'L: Howai Hopes for Success in CLF Arbitration
----------------------------------------------------
Trinidad and Tobago Newsday reports that Finance Minister Larry
Howai remains hopeful arbitration over the sale of CL Financial
Limited subsidiary, Methanol Holdings, will be completed by the
end of July.

Giving an update on the status of CL Financial (CLF) and its
subsidiaries, among them insurance giant Clico, Minister Howai
said management of the conglomerate was "improving day by day" and
the major issue was what the decision of the arbitrators will be,
according to Trinidad and Tobago Newsday.  Arbitration proceedings
with respect to Methanol Holdings were ongoing but Minister Howai
still expects a resolution by month-end, the report notes.

Minister Howai said the CLF shareholders wanted to hear what the
arbitrator has to say before they "sign on the dotted line"
regarding the agreement which gives Government management control
of the conglomerate, the report notes.

"They want to know too that at the end of the day, if there is
anything due to them, they get what is due to them," the report
quoted Mr. Howai as saying.

In April, Mr. Howai first disclosed in the Senate the expected
deadline for an end to the arbitration process, the report
relates.  A tribunal is hearing the matter of the sale of CLF's
56.53 percent shareholding in Methanol Holdings to Consolidated
Energy (Trinidad and Tobago) Limited which includes foreign
partners Proman, Ferrostaal and Helm, the report notes.

"So I look forward to this being a successful exercise and us
coming out of this certainly everyone as far as possible, and
certainly the Government, coming out fully intact and made whole
for whatever we have put in," Mr. Howai said, the report relates.

Mr. Howai recalled the last discussion he had with Ernst and Young
on the CLF's values and liabilities, saying, "I was pretty
comfortable that we are in a good place right now," the report
discloses.

On the value, Minister Howai said he did not have the number off
the top of his head but it should be a total reversal of where
they were a year ago, the report notes.

"So it looks good but it is dependent on what we actually realise
when we start the process of divestment of assets," Minister Howai
said, the report adds.

                        About CLICO International

Colonial Life Insurance Company Ltd. (CLICO) is a member of the CL
Financial Group.

                          About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2013, Caribbean360.com said that over TT$8 billion worth
of Colonial Life Insurance Company Limited's (CLICO) profitable
business will be transferred to Atruis, a new company that will be
owned by the state.  CLICO is a subsidiary of CL Financial
Limited.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat, according to Caribbean360.com.

Caribbean360.com noted that CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

Caribbean360.com related that at its annual general meeting in
Sept. 2013, CL Financial shareholders voted to extend the
agreement with Government until August 25, 2014, while Cabinet
decides on a new framework accord to recover the debt owed to
Government through divestment of CL subsidiaries, including
Methanol Holdings, Republic Bank, Angostura Holdings, CL World
Brands and Home Construction Ltd.

Proceeds from the divestment of these assets will go toward
Government's recovery of the billions it pumped into CLICO,
Caribbean360.com said.



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


LATAM: World Bank Commits US$10.2 Billion to the Region
-------------------------------------------------------
Jamaica Observer reports that the World Bank said it has committed
US$10.2 billion this year to support efforts in Latin America and
the Caribbean to boost economic growth and maintain historic
social gains.

The Washington-based financial institution said that the amount
included resources from its International Bank for Reconstruction
and Development (IBRD), the International Development Association
(IDA), the International Finance Corporation (IFC), and the
Multilateral Investment Guarantee Agency (MIGA), according to
Jamaica Observer.

The report notes that the World Bank's IBRD and IDA "maintained
its strong support for the region" by approving more than US$5.1
billion in new loans in fiscal year 2014, US$4.6 billion from IBRD
and US$455 million from IDA, the bank's fund for the poorest
countries, the statement said.

"Support was aimed at generating opportunities for all through
public and private sector projects that expand public services,
improve regional productivity, competitiveness and integration,
create new quality jobs and assist those most in need," the bank
said, adding that Haiti received US$103 million in IDA grants, the
report relates.

Transportation, fiscal management and education received the most
IBRD funding, said the World Bank, with the region receiving one-
quarter of IBRD's total global new lending, the report discloses.

The bank said that this fiscal year, IFC, the private sector arm
of the World Bank Group, identified infrastructure as one of the
most urgent priorities to help boost competitiveness and job
creation, especially for the region's growing urban population,
the report notes.

In fiscal year 2014, the report relays, the World Bank said IFC
invested US$1.7 billion in 34 infrastructure projects, including
energy, ports, telecoms and more.

In total, the World Bank said IFC supported 148 projects in Latin
America and the Caribbean this fiscal year with US$5.1 billion in
investments, including US$1.1 billion mobilized from other
financial institutions, notes the report.

It said IFC clients help support jobs for more than 1,580,000
people and provide over 25 million people with connections to
power, water and telephone services, adds the report.


* BOND PRICING: For the Week From July 7 to July 11, 2014
---------------------------------------------------------

Issuer                       Coupon   Maturity   Currency   Price
------                       ------   --------   --------   -----

Aguas Andinas SA               4.15    12/1/2026   CLP    70
Almendral
Telecomunicaciones SA          3.5     12/15/2014  CLP    22.55
Argentina Bocon                2       1/3/2016    ARS    68.5
Argentina Boden Bonds          2       9/30/2014   ARS    31.5
Argentina Government
Int'l Bond                     7.82   12/31/2033   EUR    75.5
Argentina Government
Int'l Bond                     7.82   12/31/2033   EUR    74
Argentina Government
Int'l Bond                     8.28   12/31/2033   USD    50
Argentina Government
Int'l Bond                     8.28   12/31/2033   USD    55
Argentina Government
Int'l Bond                     4.33   12/31/2033   JPY    36.5
Argentina Government
Int'l Bond                    0.45    12/31/2038   JPY    15
Argentina Government
Int'l Bond                    4.33    12/31/2033   JPY    36.5
Automotores
Gildemeister SA               8.25     5/24/2021   USD    69
Automotores
Gildemeister SA               6.75     1/15/2023   USD    65
Automotores
Gildemeister SA               8.25     5/24/2021   USD    68.4
Automotores
Gildemeister SA               6.75     1/15/2023   USD    64.02
Banco BPI SA/
Cayman Islands                4.15    11/14/2035   EUR    62.5
Banco Supervielle SA          7        8/20/2020   USD    74.12
Banif Finance Ltd             1.68                 EUR    35
Bank Austria
Creditanstalt
Finance Cayman Ltd            2.16                 EUR     74.8
BCP Finance Co Ltd            5.54                 EUR     62.82
BCP Finance Co Ltd            4.24                 EUR     60.37
Republic of Venezuela         7        3/31/2038   USD     65.59
Caixa Geral De
Depositos Finance             1.12                 EUR     42.5
CAM Global Finance            6.08     12/22/2030  EUR     64.87
China Forestry
Holdings Co Ltd              10.3      11/17/2015  USD     37
China Forestry
Holdings Co Ltd              10.3      11/17/2015  USD     37
China Precious Metal
Resources Holdings Co Ltd     7.25      2/4/2018   HKD     65.97
Cia Cervecerias Unidas SA     4        12/1/2024   CLP     57.05
Transener SA                  9.75     8/15/2021   USD     68
Transener SA                  8.88    12/15/2016   USD     67.6
Transener SA                  9.75     8/15/2021   USD     67.5
Cia Energetica de Sao Paulo   9.75     1/15/2015   BRL
Cia Sud Americana de
Vapores SA                    6.4     10/1/2022    CLP     61.42
City of Buenos
Aires Argentina               1.95     1/28/2020   USD     70.125
City of Buenos Aires
Argentina                     1.95    12/20/2019   USD     70.875
Daphne International
Holdings Ltd                  3.13     6/11/2014   CNY      5.25
Decimo Primer
Fideicomiso                   4.54    10/25/2041   USD     57.25
Decimo Primer Fideicomiso     6       10/25/2041   USD     69
Empresa Distribuidora
Y Comercializadora Norte      9.75    10/25/2022   USD     66.99
Empresa Distribuidora Y
Comercializadora Norte        9.75    10/25/2022   USD     66.125
ERB Hellas Cayman
Islands Ltd                   9         3/8/2019   EUR     68.375
Glorious Property
Holdings Ltd                 13.3       3/4/2018   USD     71.24
Hidili Industry
International
Development Ltd               8.63     11/4/2015   USD     53.25
Hidili Industry
International
Development Ltd               8.63     11/4/2015   USD     52.75
Inversiones Alsacia SA        8        8/18/2018   USD     65.25
Inversiones Alsacia SA        8        8/18/2018   USD
Inversora de Electrica
de Buenos Aires SA            6.5      9/26/2017   USD     43.25
MetroGas SA                   8.88    12/31/2018   USD     71.875
Mongolian Mining Corp         8.88     3/29/2017   USD     66
Mongolian Mining Corp         8.88     3/29/2017   USD     64.75
Petroleos de Venezuela SA     6       11/15/2026   USD     60.75
Petroleos de Venezuela SA     5.38     4/12/2027   USD     58
Petroleos de Venezuela SA     5.5      4/12/2037   USD     55
Petroleos de Venezuela SA     6       11/15/2026   USD     59.41
Provincia del Chaco           4        11/4/2023   USD     75
Provincia del Chaco           4        12/4/2026   USD     51.125
Renhe Commercial
Holdings Co Ltd              13        3/10/2016   USD     68.5
Renhe Commercial
Holdings Co Ltd              13        3/10/2016   USD     69.5
Ruta del Bosque Sociedad
Concesionaria SA              6.3      3/15/2021   CLP     73.66
Sifco SA                     11.5      6/06/2016   USD     29
SMU SA                        7.7       2/8/2020   USD     71.5
SMU SA                        7.75      2/8/2020   USD     69.21
Talca Chillan Sociedad
Concesionaria SA              2.75    12/15/2019   CLP     56.46
Uruguay Notas
del Tesoro                    2.5      9/27/2022   UYU     72.08
Venezuela Government
International Bond            6        12/9/2020   USD     72.75
Venezuela Government
International Bond            7.65      4/21/2025  USD     73
Venezuela Government
International Bond            7         3/31/2038  USD     65.75
Virgolino de Oliveira
Finance Ltd                   10.5      1/28/2018  USD     67.52
Virgolino de Oliveira
Finance Ltd                   11.8       2/9/2022  USD     67.2
Virgolino de Oliveira
Finance Ltd                   10.5       1/28/2018 USD     67.62
Virgolino de Oliveira
Finance Ltd                   11.8        2/9/2022 USD     66.75


                            ***********


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


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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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