TCRLA_Public/140722.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, July 22, 2014, Vol. 15, No. 143


                            Headlines



A R G E N T I N A

BUENOS AIRES: Fitch Affirms 'B-' IDR; Outlook Negative


B R A Z I L

BROOKFIELD INCORPORACOES: Appraised at Price Below Buyout Offer
BANCO BTG: Moody's Affirms D+ Bank Financial Strength Rating
COMPANHIA ENERGETICA: Petrobras Sells $270MM Stake in Gas Asset
OI S.A.: S&P Lowers CCR to 'BB+' & Removes from CreditWatch Neg.


C A Y M A N  I S L A N D S

BBH ALTERNATIVE: Creditors' Proofs of Debt Due Aug. 14
CLASS OPPORTUNITY: Creditors' Proofs of Debt Due Aug. 4
FIRST STATE: Creditors' Proofs of Debt Due Aug. 4
FIRST STATE: Shareholders' Final Meeting Set for Aug. 5
LYKAION IAM: Creditors' Proofs of Debt Due Aug. 5

SC GF V TT: Creditors' Proofs of Debt Due Aug. 4
SC USV 2010: Creditors' Proofs of Debt Due Aug. 4
SC USV XIV: Creditors' Proofs of Debt Due Aug. 4
SCGF GENPAR: Creditors' Proofs of Debt Due Aug. 4
SCGGF (TTGP): Creditors' Proofs of Debt Due Aug. 4


J A M A I C A

* JAMAICA: Tells IMF it Intends to Strengthen Securities Industry


P A R A G U A Y

BANCO BILBAO: S&P Affirms 'BB' Rating; Outlook Stable


P E R U

CORPORACION PESQUERA: Consent Solicitation No Impact on B2 CFR


T R I N I D A D  &  T O B A G O

VMCOTT: More Than 200 PTSC Workers Locked Out of Firm
HINDU CREDIT UNION: No Pressure on Harry to Diversify Firm


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -

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


BUENOS AIRES: Fitch Affirms 'B-' IDR; Outlook Negative
------------------------------------------------------
Fitch Ratings has affirmed its ratings on the City of Buenos Aires
(the CBA) as follows:

   -- Long-term and local currency Issuer Default Rating (IDR) at
      'B-', Outlook Negative;

   -- Short-term and local currency IDR at 'B'.

In addition, Fitch has affirmed the outstanding issues of the CBA.

KEY RATING DRIVERS

The affirmation of CBA's ratings considers its adequate fiscal and
budgetary performance, generating sound operating margins over the
last years despite the pressures on operating expenditures; it
maintains high financial flexibility, adequate leverage and
sustainability ratios; and it is Argentina's primary economic and
financial center.  The CBA's unfavorable debt structure, having
98.6% in foreign currency, as well as the sovereign rating;
constrains the rating.

In 2013, an improvement was recorded in the operating margin
(14.9% versus 11% in 2012), based on a very good income dynamics
that surpassed the evolution of operational expenditure.  Fitch
estimates that by 2014 it will not be less than 10%, incorporating
a more conservative scenario of the evolution of income and
expenses, while according to the budget it will be 15.6%.

The city has a high financial flexibility.  About 89.2% of total
revenues are collected and administered locally.  This shows a low
reliance on federal transfers for the city's revenues and compares
very favorably with the provincial average of 38.7%.  However, the
revenue structure is exposed to economic fluctuations.

Regarding debt, despite the considerable nominal debt increase in
recent years, leverage and sustainability ratios are still very
adequate, compared with peers.  In 2013, the consolidated debt
accounted for 24.7% of current revenues and 1.8x the current
balance.  Fitch expects the city's debt indicators will be
adequate, even considering the authorized new debt and the use of
the credit budgeted for 2014.  In a conservative scenario, Fitch
estimates debt will represent about 28.4% of the current revenues
and 2.7x the current balance.

The main risk or limitations for CBA is the structure of debt.
Despite CBA's low level of indebtedness, its debt structure is
largely composed of debt in foreign currency (mainly U.S.
dollars).  This constitutes one of the major rating weaknesses due
to the high exposure to the foreign exchange rate risk.  In March
2014, foreign currency debt accounted for 98.6% compared to 97.7%
in 2013.  After the devaluation taken place in January 2014, most
of the increase in debt registered in March compared to year-end
2013 was due to the peso's depreciation.

The CBA is the country's major economic and financial center.
According to preliminary information, in 2013, the city's
contribution to Argentina's GDP reached about 23.3% and was mainly
driven by the real estate and commerce sectors.  CBA's GDP per
capita is three times the national average.  Fitch does not expect
significant changes in the city's production structure and its
social and economic indicators.

RATING SENSITIVITIES

CBA's Negative Outlook reflects a high correlation between the
credit risk of subnationals and the sovereign.  A country ceiling
downgrade would lead to a negative rating action.  Besides, a
sharp deterioration in fiscal and financial indicators, along with
an aggressive and unsustainable borrowing policy, might have an
adverse effect on ratings.

Fitch affirms the following ratings for the CBA:

   -- Euro medium-term note programme (EMTN) up to USD2,290
      million: long-term rating at 'B-';
   -- Series 7 for USD50 million: long-term rating at 'B-';
   -- Series 8 for USD475 million: long-term rating at 'B-';
   -- Series 10 for USD415 million: long-term rating at 'B-';
   -- Programme of Short-Term Treasury Bills up to ARP950 million:
      short-term rating at 'B'.


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


BROOKFIELD INCORPORACOES: Appraised at Price Below Buyout Offer
---------------------------------------------------------------
Reuters reports that Banco Santander Brasil appraised the value of
Brazilian homebuilder Brookfield Incorporacoes SA at a range of
BRL1.29 to BRL1.42 per share, below the BRL1.60 per share offered
by the company's controlling shareholder to take the company
private.

According to a securities filing released, controlling shareholder
Brookfield Brasil Participacoes SA will go ahead with the buyout
offer, announced in February, Reuters relates.

Headquartered in Rio de Janeiro, Brookfield Incorporacoes S.A.
(Brookfield) is the result from the combination of Brascan,
Company and MB Engenharia, all strong brand names with over 25
year experience in the Brazilian homebuilding market. Brookfield
develops, builds, and sells residential projects in virtually all
price segments, as well as, office buildings. The largest
shareholder is Brookfield Asset Management (Baa2/Stable) with an
indirect stake of 44.17% of the shares. The company currently has
91 projects under development to be delivered between 2014 and
2016, mainly in the states of Sao Paulo, Rio de Janeiro, Paran
and the mid-west region of Brazil, including the Federal District.
In the twelve months that ended 31 March 2014, Brookfield reported
net revenues of BRL2.8 billion (USD1.2 billion) and net losses of
BRL713 million (USD316 million).

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 18, 2014, Moody's America Latina has confirmed the ratings
assigned to Brookfield Incorporacoes S.A. (Brookfield) and its
unsecured debentures at B1 on the global scale and Baa2.br on the
Brazilian national scale. The outlook for all the ratings is
negative.


BANCO BTG: Moody's Affirms D+ Bank Financial Strength Rating
------------------------------------------------------------
Moody's Investors Service affirmed Banco BTG Pactual S.A. (BTG
Pactual)'s standalone bank financial strength rating (BFSR) of D+,
which maps to Baa3 in the global scale. In addition, Moody's
affirmed the long-term global local and foreign currency deposit
ratings of Baa3, as well as the Aaa.br deposit rating in the
Brazilian national scale. At the same time, Moody's affirmed BTG's
Grand Cayman Branch's long-term foreign currency senior unsecured
and subordinated debt ratings of Baa3 and Ba1, respectively. The
short-term ratings remained unchanged. The outlook on all ratings
is stable.

The rating action follows the announcement that BTG Pactual
entered a binding agreement to acquire 100% shares of BSI Group SA
(unrated), including Swiss private bank BSI AG (BSI, Baa1 stable;
C-/baa1 stable), from Assicurazioni Generali S.p.A. (Baa1 stable).
The announcement was made on 14 July 2014, and the transaction is
subject to final approval by regulatory authorities in Brazil and
Switzerland.

The following ratings assigned to Banco BTG Pactual S.A. were
affirmed:

- Bank financial strength rating - D+, stable outlook

- Long-term global local currency deposit rating of Baa3, stable
outlook

- Long-term foreign currency deposit rating of Baa3, stable
outlook

- Long foreign currency senior unsecured debt rating assigned to
MTN program of (P)Baa3, stable outlook

- Brazilian long-term national scale deposit rating of Aaa.br

The following ratings assigned to Banco BTG Pactual S.A., Grand
Cayman Branch were affirmed:

- Long-term foreign currency senior unsecured debt rating assigned
to MTN program of (P)Baa3, stable outlook

- Long-term foreign currency senior unsecured debt rating of Baa3,
stable outlook

- Foreign currency subordinated debt rating of Ba1, stable outlook

Rating Rationale

In affirming BTG Pactual's Baa3 rating with a stable outlook,
Moody's acknowledges the benefits that the BSI acquisition will
bring to revenue synergies, earnings stability, and business
diversification, although it will consume capital that will need
to be replenished. The acquisition is in line with BTG Pactual's
international expansion strategy and it will provide opportunities
to enhance the group's fee-based business contribution that
accounted for 27% of total revenues in 1Q14. BSI will contribute
$100 billion to BTG Pactual's assets under management, which were
$115 billion in the first quarter 2014, and will add an ample
client base as well as European distribution capabilities to
complement BTG Pactual's strong asset-origination platform. Upon
conclusion of the transaction, BTG Pactual's consolidated asset
size will increase by roughly $28 billion.

Moody's said that the combination with BSI offers BTG Pactual only
modest cost synergies because of high regulatory costs in the
Swiss market and high operating expenses primarily in the form of
personnel expenses. BSI's lower profitability on a risk-adjusted
basis compared to BTG Pactual's will reduce the Brazilian bank's
consolidated performance metrics as the transaction materializes.
BTG Pactual will also be faced with increasing competition in the
Swiss private banking industry from global banks, which will
require fast evolution in management's depth and international
corporate governance. However, the Swiss bank's future
profitability will benefit from lower credit costs and technology
investments given its recent push to upgrade its systems. The deal
is also shielded from potential fines resulting from the outcome
of BSI's participation in the US-Swiss tax program.

Moody's noted that the CFH1.5 billion acquisition is BTG Pactual's
largest investment to date, and it will reduce its capitalization
ratio by more than 250 basis points, according to Moody's
estimates, from 17.1% reported in 1Q14. BTG Pactual will pay
CFH1.2 billion or 80% of the purchase price in cash, and will
issue BTG stock units for the remaining CFH300 million. The
Brazilian firm's strong internal capital generation capacity will
help cover the cost of this acquisition, to the extent that BTG
Pactual retains a higher level of earnings. In the absence of
additional capital, however, BTG Pactual's organic growth and
international expansion plans could be curtailed. The stable
outlook on the ratings, therefore, incorporates Moody's
expectation that capital will be restored to current levels within
the outlook horizon.

Moody's notes that the Baa3 global local- currency deposit rating
assigned to Banco BTG Pactual derives from the standalone credit
assessment of baa3 (mapped from the D+ BFSR), and therefore, it
does not benefit from uplift due to systemic support.

The principal methodology used in this rating was Moody's Global
Banks methodology published in July 2014.

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

The last rating action on Banco BTG Pactual was on 28 March 2013,
when Moody's affirmed all ratings assigned to BTG Pactual and BTG
Pactual Cayman Branch. The outlook on all ratings remained stable.

Banco BTG Pactual S.A. is headquartered in Sao Paulo, Brazil and
had total consolidated assets of BRL133.6 billion (US$58.9
billion) and equity of R$13.1 billion (US$5.8 billion) as of 31
March 2014 (BRGAAP).


COMPANHIA ENERGETICA: Petrobras Sells $270MM Stake in Gas Asset
---------------------------------------------------------------
Juan Pablo Spinetto at Bloomberg News reports that Petroleo
Brasileiro SA agreed to sell a stake in a Brazilian natural gas
distributor as it seeks to raise cash and divest lower return
assets.

Petrobras is selling a 40 percent stake in Gasmig to controller
Cia. Energetica de Minas Gerais (CEMIG) for BRL600 million (US$270
million), the company said in a statement, according to Bloomberg
News.

Cemig currently owns 59.6 percent of Gasmig, which is the only
distributor of piped natural gas in the southeast Brazilian state
of Minas Gerais, Petrobras said.

"This transaction is part of the Petrobras gas and energy
portfolio restructuring process," the company said, adding that
the transaction needs to be approved by antitrust authorities,
Bloomberg News notes.

Bloomberg News relays that Chief Executive Officer Maria das
Gracas Foster is looking to counter more than $40 billion in
operational losses at the company's refining and distribution unit
since 2011 when President Dilma Rousseff started using Petrobras
to subsidize fuel imports to rein in inflation.

Ms. Foster has sought to close the gap between domestic and
foreign prices, while cutting operating expenses, increasing
production and selling less profitable assets, Bloomberg News
discloses.

Petrobras said it will retain its current long-term contracts to
supply natural gas to Gasmig as part of the agreement, Bloomberg
News relates.

Companhia Energetica de Minas Gerais a.k.a. Cemig --
http://www.cemig.com.br/-- is an electric energy utility in
Brazil.  Cemig's concession area extends throughout nearly 96.7%
of Minas Gerais.  Cemig owns and operates 52 power plants, of
which six are in partnership with private enterprises, relying on
a predominantly hydroelectric energy matrix.  Electric energy is
produced to supply more than 17 million people living in the
state's 774 municipalities.  In addition to those 52 plants,
another three are currently under construction.

Cemig is also active in several other states, through ventures for
the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 18, 2013, Standard & Poor's Ratings Services raised its
corporate credit ratings on Companhia Energetica de Minas Gerais
S.A. (Cemig) and its operating subsidiaries, Cemig Distribuicao
S.A. (Cemig D) and Cemig Geracao e Transmissao S.A. (Cemig GT), to
'BB+' from 'BB' on global scale.  S&P also raised its ratings on
these companies to 'brAA+' on national scale.  The outlook is
stable.  The stand-alone credit profile (SACP) of these companies
is 'bb+'.


OI S.A.: S&P Lowers CCR to 'BB+' & Removes from CreditWatch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and debt ratings on Oi S.A. to 'BB+' from 'BBB-' on global scale
and to 'brAA+' from 'brAAA' on national scale, and removed them
from CreditWatch with negative implications, where they were
placed on July 4, 2014.  The outlook on the corporate credit
ratings is stable.

S&P also lowered the issue-level ratings on Portugal Telecom
International Finance (PTIF) to 'BB+' from 'BBB-', in line with
the downgrade of Oi, which provides a senior unconditional
guarantee to PTIF bonds.

The downgrade reflects the somewhat weaker credit metrics than S&P
previously expected in its base-case scenario, following the
nonpayment of the EUR897 million commercial paper from Rio Forte
Investments S.A. (Rio Forte) held by Portugal Telecom (PT), Oi's
subsidiary.  S&P incorporated this amount in its previous forecast
as part of PT's cash position that would be used to prepay debt on
the merger between Oi and PT.  As a result, S&P now expects a
lower debt reduction at Oi, pressuring its credit metrics, which
were already tight for the 'BBB-' ratings.  Prior to the
CreditWatch placement, the outlook on Oi was negative, given that
S&P's expectations of debt reduction were contingent on certain
actions.  This event will delay Oi from achieving stronger credit
metrics.

S&P also revised its management and governance (M&G) assessment on
the company to "fair" from "satisfactory" based on its view that
PT's investment in Rio Forte wasn't clearly communicated,
indicating a deficiency in internal controls and corporate
governance.  The M&G score revision by itself didn't result in the
downgrade, but weighed on S&P's view of a "negative" comparable
ratings analysis.  Following the memorandum of understanding
between Oi and PT, through which PT's current shareholders will
hold the commercial paper in exchange for an amount of shares to
be held at Oi's treasury, S&P now assumes the completion of the
merger can be somewhat delayed, but still completed during this
year.


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


BBH ALTERNATIVE: Creditors' Proofs of Debt Due Aug. 14
------------------------------------------------------
The creditors of BBH Alternative Strategies - USD are required to
file their proofs of debt by Aug. 14, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 27, 2014.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue
          George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943-3100


CLASS OPPORTUNITY: Creditors' Proofs of Debt Due Aug. 4
-------------------------------------------------------
The creditors of Class Opportunity Fund Limited are required to
file their proofs of debt by Aug. 4, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 27, 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


FIRST STATE: Creditors' Proofs of Debt Due Aug. 4
-------------------------------------------------
The creditors of First State Reinsurance Company Ltd are required
to file their proofs of debt by Aug. 4, 2014, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 30, 2014.

The company's liquidator is:

          Harry J. Thompson
          Telephone: (345) 946-4111
          Facsimile: (345) 946-4222
          P.O. Box 32315 Grand Cayman KY1-1209
          Cayman Islands


FIRST STATE: Shareholders' Final Meeting Set for Aug. 5
-------------------------------------------------------
The shareholders of First State Reinsurance Company Ltd will hold
their final meeting on Aug. 5, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on June 30, 2014.

The company's liquidator is:

          Harry J. Thompson
          Telephone: (345) 946-4111
          Facsimile: (345) 946-4222
          P.O. Box 32315 Grand Cayman KY1-1209
          Cayman Islands


LYKAION IAM: Creditors' Proofs of Debt Due Aug. 5
-------------------------------------------------
The creditors of Lykaion IAM Limited are required to file their
proofs of debt by Aug. 5, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 23, 2014.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


SC GF V TT: Creditors' Proofs of Debt Due Aug. 4
------------------------------------------------
The creditors of SC GF V TT, Ltd. are required to file their
proofs of debt by Aug. 4, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 27, 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


SC USV 2010: Creditors' Proofs of Debt Due Aug. 4
-------------------------------------------------
The creditors of SC USV 2010 TT, Ltd. are required to file their
proofs of debt by Aug. 4, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 27, 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


SC USV XIV: Creditors' Proofs of Debt Due Aug. 4
------------------------------------------------
The creditors of SC USV XIV (TTGP), Ltd. are required to file
their proofs of debt by Aug. 4, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 27, 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


SCGF GENPAR: Creditors' Proofs of Debt Due Aug. 4
-------------------------------------------------
The creditors of SCGF Genpar, Ltd. are required to file their
proofs of debt by Aug. 4, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 27, 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


SCGGF (TTGP): Creditors' Proofs of Debt Due Aug. 4
--------------------------------------------------
The creditors of SCGGF (TTGP), Ltd. are required to file their
proofs of debt by Aug. 4, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 27, 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


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


* JAMAICA: Tells IMF it Intends to Strengthen Securities Industry
----------------------------------------------------------------
RJR News reports that Jamaica has taken steps to strengthen the
local securities industry.

This is outlined in the Government's amended letter of intent to
the International Monetary Fund, IMF, according to RJR News.
According to the document, by the end of next month steps will be
taken to ensure the financial and operational readiness of
securities dealers based on a trust based operational framework,
the report notes.

The report relates that this will be supported by stress testing
by the Financial Services Commission and the Bank of Jamaica.  The
Simpson-Miller administration has also given the commitment to
continue working on contingency planning to maintain broader
financial stability, the report adds.


===============
P A R A G U A Y
===============


BANCO BILBAO: S&P Affirms 'BB' Rating; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term and
'B' short-term ratings on Banco Bilbao Vizcaya Argentaria Paraguay
S.A. (BBVA Paraguay).  The outlook remains stable.

The ratings on BBVA Paraguay reflect the bank's "strong" business
position as the fourth-largest bank in Paraguay, "weak" capital
and earnings due to still weak adjusted capital ratios, "adequate"
risk position with asset quality in line with average system
figures, "average" funding to a greater extent based on deposits,
and "adequate" liquidity.

The issuer credit rating on BBVA Paraguay incorporates notching
from group support.  S&P believes BBVA Paraguay is a "moderately
strategically important" subsidiary for its Spain-based parent,
Banco Bilbao Vizcaya Argentaria S.A. (BBVA; BBB/Stable/A-2), which
owns 99.99% of the bank's equity.  BBVA Paraguay's strategy and
operations are aligned to those of its parent.  BBVA Paraguay's
subsidiary status allows the credit rating on the bank to be one
notch higher than its stand-alone credit profile (SACP) of
'bb-'. In S&P's view, the bank has "average" funding, based on a
funding structure that relies heavily on deposits.  As of March
2014, customer deposits represented 84% of the bank's funding
base.  S&P expects deposits to continue to be the bank's largest
funding source.  The bank has gradually diversified its funding
base with loans from first tier lenders (such as IFC, Proparco,
BID, and Citibank) and bonds (for $100 million that mature in
2016), that together account for 16% of its funding base.  As of
March 2014, the stable funding ratio of the bank presented
adequate levels of 109%.


=======
P E R U
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CORPORACION PESQUERA: Consent Solicitation No Impact on B2 CFR
--------------------------------------------------------------
Moody's Investors Service said that Corporacion Pesquera Inca,
S.A.C.'s consent solicitation is credit negative for Copeinca but
has no immediate impact on its B2 corporate family and senior
unsecured debt ratings or stable outlook. While the cross
guarantee structure will allow the company to have access to China
Fishery Group Limited's (B2 stable) EBITDA, Copeinca's leverage is
expected to increase but still remain below the downgrade trigger
of 5 times.

Corporacion Pesquera Inca S.A.C., headquartered in Lima, Peru, is
the second largest fishmeal and fish oil producer in Peru and is
owned by China Fishery Group Ltd. For the last twelve months ended
March 31, 2014, the company reported revenues of USD263 million.


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


VMCOTT: More Than 200 PTSC Workers Locked Out of Firm
-----------------------------------------------------
Marlene Augustine at Trinidad and Tobago Newsday reports that more
than 200 Public Transportation Service Corporation (PTSC) workers
were locked out from the Vehicle Management Corporation (VMCOTT)
compound, on the Beetham Highway, Port-of-Spain.

The cause of the lockout occurred because PTSC's management failed
to pay rental fees, to permit the workers to work at the VEMCOTT
compound, according to Trinidad and Tobago Newsday.

The report notes that the 200 plus angry workers protested in
front of PTSC's compound, to ask management what were they
supposed to do.

PTSC's north branch education secretary, Paul Smith, said after a
series of peaceful picketing on their lunch time to highlight
their problems faced almost on a daily basis, they were yet again
forced to deal with another matter, because PTSC failed to pay
rent for the housing of their workers, the report relates.

"What has happened is that VMCOTT has locked out the workers and
gave them an order to vacate the premises, so the workers cannot
work there, due to the rent being paid by PTSC was outstanding.
VMCOTT's management, in order to keep the workers at bay, brought
vehicles to cordon off the area so that no staff could gain access
to the compound," the report quoted Mr. Smith as saying.

Speaking with Newsday, Mr. Smith revealed the entire garage in
VMCOTT has been shut down because PTSC management was not paying
the rent, hence VMCOTT wanted the PTSC workers out.

Mr. Smith said they received an official letter for a meeting with
the Minister of Transport Stephen Cadiz, the report adds.


HINDU CREDIT UNION: No Pressure on Harry to Diversify Firm
----------------------------------------------------------
Trinidad Express reports that the Sir Anthony Colman Commission of
Enquiry report into the HCU has found out that there was no
evidence that former Hindu Credit Union President Harry Harnarine
was pressured by "rich Indians" to diversify the credit union into
a financial empire comprising a slew of businesses as he said he
was.

From 2000 and onwards, Mr. Harnarine and his board incorporated a
number of companies, including firms involved in travel,
healthcare, financial services and media, according to Trinidad
Express.

The report discloses that portions of Section F of the July 16 HCU
Report detail how Mr. Harnarine grew the HCU membership and share
capital, how he divested the credit union's business and how the
commission could not find that he was pressured by certain HCU
depositors to diversify the failed credit union:

"In 1998, when Harry Harnarine became president, there were 3,618
members of HCU with a share capital of TT$4.5 million.  At the end
of February 2011 there were approximately 117,000 members with
deposits of TT$500 or less, 26,000 with deposits of TT$501 to
TT$74,000 and 1,487 with deposits holding at least TT$75,000."

"From the very outset of his presidency, Mr. Harnarine worked flat
out to increase the membership.  For example, the membership rose
from about 6,216 in 1999/2000 to 15,519 in 2000/2001.

"At this time, (1999/2000) HCU also increased its range of
products.  It introduced share deposit accounts, fixed deposit
share accounts and a commercial loan portfolio.  Interest rates
paid to share depositors were higher than the rest of the market
paid.

"The process of diversified investment through subsidiaries began
soon after Mr. Harnarine became president.

"Thus, HCU incorporated the following subsidiaries in 2000:

   -- Masala Radio Ltd;
   -- HCU Security Services Ltd;
   -- HCU Home Furnishings Ltd;
   -- HCU Financial Ltd;
   -- HCU World Travel Ltd; and
   -- HCU Auto Care Services Ltd.

HCU invested TT$250,000 in each and in the year to September 2001
it invested further sums totaling TT$1,783,971 in subsidiaries.
The above six companies were formed without the prior approval of
the CCD."

Trinidad Express notes that although in the course of his evidence
Mr. Harnarine said that the formation of these subsidiaries was
consistent with the Bye-Laws which empowered HCU to provide
services for its members, those subsidiaries being the vehicle for
the provision of such services, the Commission is not persuaded
that that was the main purpose.  The more likely explanation is
that this was the beginning of a concerted policy of investment in
service industries in the hope that they would eventually increase
the overall profits of the HCU Group, the report relates.

Mr. Harnarine's evidence was that he was under pressure from rich
Indians who had made large deposits to diversify by means of such
investments, the report says.

According to Trinidad Express, there is no independent evidence of
such pressure.  Mr. Harnarine said that he believed that, once
these subsidiaries were operating profitability, they might be
sold to some of those rich investors.  That would not qualify the
duty of the president and members of the BOD and of other officers
to act in the best interests of the whole of the existing
membership and with due regard to the protection of the members'
deposits and shares as distinct from any private investor
interest, the report discloses.

There is no evidence that any due diligence was exercised in
relation to any one of these subsidiaries or that any member of
the HCU management team or the HCU BOD had any prior experience of
managing any of the businesses sought to be established, the
report notes.

At a BOD meeting on April 3, 2000, attended by Messrs. Harnarine,
Ramnath and Lalchan, it was agreed that there should be formed a
company to be called HCU Financial, to look at investments and
businesses which HCU could not go into, the report adds.

                            About HCU

Hindu Credit Union Co-Operative Society Limited (HCU)
-- http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 4, 2012, Trinidad Express said that former Hindu
Credit Union President Harry Harnarine said that the Trinidad and
Tobago government is "fooling" depositors and shareholders with
its "Offer of Relief" and any attempt at payments would be
prevented by legal complications.  Trinidad Express related that
Mr. Harnarine also pointed out that the clause in the Offer of
Relief was for credit union members to transfer their rights to
the government.  Mr. Harnarine, Trinidad Express relayed, argued
that members would be in contempt of court if they gave up their
rights, as a credit union share was vested in the society, and
this would be blocked by the State Solicitor and attorneys.

The failed credit union was put into liquidation by the government
in 2009.  The High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit.  Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.


=================
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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