TCRLA_Public/140812.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, August 12, 2014, Vol. 15, No. 158


                            Headlines



A R G E N T I N A

ARGENTINA: U.S. Judge Threatens Argentina With Contempt
ARGENTINA: Banks Said to Be Arranging Debt Buyer Group
ROMBO COMPANIA: Moody's Assigns B2 Corporate Family Rating
TRANSPORTADORA DE GAS: Posts Ps.115MM Net Income in Second Quarter


B A H A M A S

ULTRAPETROL (BAHAMAS): Will Release 2Q 2014 Results on Aug. 14


B A R B A D O S

BARBADOS: S&P Affirms 'BB-' Sovereign Credit Rating; Outlook Neg.


B R I T I S H  V I R G I N  I S L A N D S

SCRUB ISLAND: FirstBank Puerto Rico Renews Bid to End Exclusivity


C A Y M A N  I S L A N D S

ARAMID ENTERTAINMENT: Files Schedules of Assets and Liabilities
ARAMID ENTERTAINMENT: Gets OK to Joint Administration of Cases
AURIUM CAPITAL: Shareholders' Final Meeting Set for Aug. 20
AURIUM REAL: Shareholders' Final Meeting Set for Aug. 20
CAPRICORN CURRENCY: Shareholders' Final Meeting Set for Aug. 18

CEDAR PARTNERS: Member to Receive Wind-Up Report on Aug. 19
DEX GLOBAL: Shareholder to Hear Wind-Up Report on Aug. 28
KEYTEX HOLDINGS: Shareholder to Hear Wind-Up Report on Aug. 19
NIAGARA ELITE: Shareholder to Hear Wind-Up Report on Aug. 20
PALM BEACH: Members' Final Meeting Set for Aug. 25

REVERIO CAPITAL: Shareholders' Final Meeting Set for Aug. 20
REVERIO SECURITIES: Shareholders' Final Meeting Set for Aug. 20
UNIVERSA BLACK: Members' Final Meeting Set for Aug. 25
UNIVERSA BLACK OFFSHORE: Members' Final Meeting Set for Aug. 25


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: Exporters Need Measures to Boost Competitiveness


J A M A I C A

* JAMAICA: Coffee Exports See Major Decline


P U E R T O  R I C O

PUERTO RICO: Municipal Bankruptcy Proposed in U.S. House Bill


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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


ARGENTINA: U.S. Judge Threatens Argentina With Contempt
-------------------------------------------------------
Alexandra Stevenson, writing for The New York Times' DealBook,
reported that U.S. District Judge Thomas P. Griesa in Manhattan
told Argentina to cease making "false and misleading" statements
that it did not default on July 30.  He added that if Argentina
continued to defy his orders, he would have to consider it in
contempt of court, the report related.


ARGENTINA: Banks Said to Be Arranging Debt Buyer Group
------------------------------------------------------
Erik Schatzker, Katia Porzecanski and Dakin Campbella at Bloomberg
News report that international banks are looking to put together a
group of investors to buy disputed Argentine debt and resolve a
U.S. lawsuit that is blocking the country from servicing any of
its foreign bonds.

The banks are seeking investors willing to purchase bonds left
over from the nation's 2001 default held by firms led by Elliott
Management Corp., said Eduardo Eurnekian, an Argentine billionaire
who has been approached by bankers, according to Bloomberg News.

Bloomberg News notes that while Elliott Management has a court
order for full repayment, a banker familiar with the talks
speculated the New York-based hedge fund would accept a settlement
worth about 80 cents to 85 cents on the dollar.

At stake for the banks, which include Citigroup Inc.(C), is an
opportunity to help Argentina resume payment on its bonds and
regain access to overseas markets, bolstering the value of the
debt and earning good will that could lead to underwriting
business when the country starts issuing notes again, Bloomberg
News discloses.  For now, Argentina finds itself back in default,
having been forced to miss a $539 million interest payment last
month on restructured bonds when a U.S. court ruled it couldn't
service those notes without also making good on its $1.5 billion
debt with Elliott and other holdouts, Bloomberg News relays.

"The banks are working to try to bring people closer," Eurnekian,
who runs Corporacion America holding group, which manages
businesses ranging from airports to energy, said in an interview
on Radio Mitre, Bloomberg News discloses.  "It's very complex. I
don't know how it gets resolved.  It's an issue for lawyers and
financiers.  But there's no doubt that we want to fix this," Mr.
Eurnekian said.

                           JPMorgan, HSBC

In addition to Citigroup, JPMorgan Chase & Co. (JPM), HSBC
Holdings Plc and Deutsche Bank AG (DBK) have also been in
discussions with investors to resolve the dispute, according to a
person familiar with the meetings who asked not to be identified
because the talks are private, Bloomberg News says.  The banks are
the four biggest underwriters of Latin American bonds in
international markets this year, according to data compiled by
Bloomberg.

Bloomberg News says that among the incentives for banks and
outside investors to take part in a deal is the impact a
resolution could have on the country's restructured bonds.  Those
securities, which were issued in 2005 and 2010 to creditors
holding 93 percent of the defaulted debt, would rally.  Not only
would a settlement allow the government to make the blocked
interest payment, but it would clear the way for the country to
start issuing in international markets for the first time since
2001, giving it access to financing to shore up the government's
finances, Bloomberg News relays.

                       Billionaire's Money

Bloomberg News discloses that the banks may provide financing for
a part of the debt purchases, according to the banker, who asked
not to be identified because the discussions are fluid and subject
to change. The deal has been difficult to complete because the
buyers don't know how much Argentina will eventually pay for the
debt, the person said.

Bloomberg News relays that Mr. Eurnekian said in the radio
interview that he's willing to put up money to reach a deal.  Mr.
Eurnekian also said other Argentine companies are willing to help
fund the effort in a bid to keep their businesses from suffering
the fallout from an extended default, Bloomberg News notes.

"It seems like everybody is trying to come up with an idea to
resolve this problem," Bloomberg News quoted Tom Mullen, a partner
at TWM Capital in Westport, Connecticut, which owns Argentine
restructured bonds, as saying.  "There is clearly an interest in
getting a solution done but there's so many different twists that
it's going to be difficult," Mr. Mullen said, reports Bloomberg
News.

                      'Vulture' Funds

The report said Argentine benchmark bonds due 2033 had rallied
3.19 cents on the dollar in the three days through Aug. 8 to 86.18
cents, paring their losses since the July 30 default, on
speculation the banks will manage to pull off a deal.  The notes
slipped to 86.17 cents Aug. 9 as of 1:05 p.m. in New York.  They
traded at 95.57 cents the day before the default.

Peso forwards showing traders' expectations for the currency in
three months are headed for their biggest weekly increase since
March, climbing 2.3 percent to 8.945 per dollar last week,
Bloomberg News recalls.  The official peso was little changed at
8.2712 on Aug. 9.

Bloomberg News discloses that President Cristina Fernandez de
Kirchner, Economy Minister Axel Kicillof and other government
officials call the hedge funds "vultures," saying they prey on
countries in distress and seek massive profits by squeezing
governments through embargo attempts and lengthy litigation.

                        RUFO Clause

Bloomberg News says that Argentina said it can't pay the holdout
creditors more than the 30 cents on the dollar it gave to
investors who agreed to the two restructurings.  Still, Mr.
Kicillof said as recently as Aug. 6 that the government wouldn't
oppose a third-party solution to its dispute, Bloomberg News
relays.

One potential advantage for Argentina of a fix that doesn't
directly involve the government is avoiding having to improve
terms for investors who restructured in 2005 and 2010, Bloomberg
News notes.  A rights upon future offers clause, known as RUFO,
that was included as part of the debt restructurings bars the
nation from making a better offer to the holdouts without also
improving terms for those who accepted the original deals,
Bloomberg News relays.

Violating the clause may trigger claims of more than $120 billion,
according to Mr. Kicillof.

Munib Islam, a partner at Third Point LLC, said he's bullish on
Argentina's prospects beginning next year as Pres. Fernandez
leaves office because of term limits and as the government reaches
a resolution in the Elliott case, Bloomberg News adds.


ROMBO COMPANIA: Moody's Assigns B2 Corporate Family Rating
----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a B2 corporate family rating (CFR) and a Aa2.ar national
scale corporate family rating to Rombo Compania Financiera S.A.
(Rombo). Moody's has also assigned a (p)B2 global local-currency
debt rating and a Aa2.ar national scale debt rating on the
Argentine national scale to two Rombo's ARS 1,000 million MTN
multicurrency debt programs. To these programs Moody's has also
assigned a (p)Caa1 global scale foreign currency debt rating and a
Baa1.ar national scale foreign currency debt rating. In addition,
Moody's has assigned a global local currency debt rating of B2 and
a national scale local currency debt rating of Aa2.ar to issuances
under the ARS 1,000 million MTN program.

The ratings carry a negative outlook, in line with Moody's
negative outlook on Argentina's Caa1 government bond rating.

Moody's assigned the following ratings to Rombo Compania
Financiera S.A.:

Standalone baseline credit assessment: caa1

Corporate Family Rating: B2

National Scale Issuer Rating: Aa2.ar

MTN Debt Program of ARS 1,000 million:

(P)B2 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

(P)Caa1 Global Foreign Currency Debt Rating

Baa1 Argentina National Scale Foreign Currency Debt Rating

Debt issuance 16 up to ARS 150 million

B2 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

Debt issuance 18 up to ARS 125 million

B2 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

Debt issuance 20 up to ARS 90 million

B2 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

Debt issuance 22 up to ARS 90 million

B2 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

Debt issuance 24 up to ARS 140 million

B2 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

Debt issuance 25 up to ARS 140 million

B2 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

Debt issuance 26 up to ARS 150 million

B2 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

Debt issuance 27 up to ARS 150 million

B2 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

MTN Debt Program of ARS 1,000 million:

(P)B2 Global Local Currency Debt Rating

Aa2.ar Argentina National Scale Local Currency Debt Rating

(P)Caa1 Global Foreign Currency Debt Rating

Baa1.ar Argentina National Scale Foreign Currency Debt Rating

Ratings Rationale

Moody's said that the B2 corporate family rating assigned to Rombo
Compania Financiera is based on a standalone baseline credit
assessment (BCA) of caa1, which receives two notches of uplift
reflecting the assessment of a moderate probability of support
from the company's main parent, RCI Banque International (Baa3,
stable) in case of stress. Rombo is 60% owned by RCI Banque
International and 40% by BBVA Banco Franc‚s (unrated), and
together with RCI Banque International forms the principal
financial arm of its ultimate owner, Renault S.A. (Ba1, stable) in
Argentina.

In assigning the caa1 BCA to Rombo, Moody's noted the company's
monoline business model, its predominantly wholesale funding
structure, and the increasing level of competition within the car-
financing industry in Argentina. These risks are balanced in part
by the company's satisfactory risk management practices that are
aligned to those of its parent companies as well as its adequate
capitalization.

The negative outlook on the company's ratings is in line with the
negative outlook Caa1 rating for Argentina's government bond
rating and incorporates the deteriorating operating environment in
the country, including economic deceleration and high inflation,
that is negatively affecting the business and earnings prospects
of financial companies and banks in Argentina.

Moody's said that the automobile industry in Argentina is
suffering a deceleration of loan growth and revenues because of
the current economic environment. Despite slowing loan growth,
Rombo recorded net income of ARS 55.8 million for the three months
ended March 2014, up from ARS 31.1 million in the prior year
period and earned a solid net interest margin of 5.14%, up from
3.87%. Rombo's cost-income metrics have also improved, declining
to 13.2% as of March 2014 from 18.8% in 2013 and 19.3% in 2012,
reflecting strong cost controls.

However, Moody's expects lending rate caps imposed two months ago
by regulators on auto lending and the heavier tax burden for
automobiles in force since early 2014 to challenge the entity's
business and earnings prospects in the coming quarters.

The company's dependence on wholesale market funding is also a
source of risk as this source is inherently less stable than core
deposit funding. Rombo mainly receives its funding from local
banks and has also issued debt in the domestic market, as in the
case of its peers in the industry. This risk is partly mitigated
by the bank's adequate and improving capitalization, with a Tier 1
ratio of 18.57% as of March 2014, which rose from 14.2% in 2013
and 13.2% in 2012.

While Rombo's nonperforming loan ratio rose to 2.54% as of March
2014 from 1.94% as of year- end 2013, above the 1.4% median for
the rated peers, Moody's noted that it expects it to remain
relatively contained as the company tightens its underwriting
standards amid a more challenging economic environment.

The principal methodology used in this rating was Finance Company
Global Rating Methodology published in March 2012.

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".


TRANSPORTADORA DE GAS: Posts Ps.115MM Net Income in Second Quarter
------------------------------------------------------------------
Transportadora de Gas del Sur S.A. reported a net income of Ps.115
million, or Ps.0.145 per share (Ps. 0.724 per ADS), for the second
quarter ended June 30, 2014, compared to a net loss of Ps. 20.8
million, or Ps.0.026 per share (Ps. 0.131 per ADS), in the same
period of 2013.

Net income for the first half of 2014 amounted to Ps. 37.3
million, or Ps. 0.047 per share (Ps. 0.235 per ADS), compared with
the net income of Ps.93.3 million, or Ps. 0.117 per share (Ps.
0.587 per ADS) recorded in the same period last year.
The positive variation in the results of the second quarter of
2014 is mainly due to the increase of Ps. 147.8 million in the
operating profit.

A full text copy of the company's financial result is available
free at:

                      http://is.gd/uA6knn

Headquartered in Buenos Aires, Argentina, TGS is the largest
transporter of natural gas within the country, delivering
approximately 60% of the total gas transported in Argentina. TGS
is also one of the largest natural gas processors and one of the
largest marketers of natural gas liquid products in Argentina.

                      *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 15, 2014, Moody's Investors Service affirmed its B3 and A2.ar
senior unsecured bond ratings of Transportadora de Gas del Sur
S.A. (TGS) following the company's announced exchange offer in
relation to its outstanding USD374 million 7.875% Notes, due 2017.
The rating outlook has been changed to stable from negative.


=============
B A H A M A S
=============


ULTRAPETROL (BAHAMAS): Will Release 2Q 2014 Results on Aug. 14
--------------------------------------------------------------
Ultrapetrol (Bahamas) Limited will release its second quarter 2014
financial results on Thursday, August 14, 2014, after the market
closes. Ultrapetrol will also host a related conference call on
Friday, August 15, 2014, at 10:00 a.m. Eastern Time, accessible
via telephone and Internet with an accompanying slide
presentation.

On the call, Mr. Felipe Menendez Ross, President and Chief
Executive Officer, and Ms. Cecilia Yad, Chief Financial Officer,
will discuss Ultrapetrol's results and the outlook for its three
core businesses. There also will be a question and answer session.

Ultrapetrol (Bahamas) Limited, headquartered in Nassau, Bahamas,
is a diverse international marine transportation company. The
company operates in three segments: River, Offshore Supply, and
Ocean. Last twelve months ended June 30, 2013, revenues totaled
$369 million.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 22, 2014, Standard & Poor's Ratings Services raised its
ratings on Ultrapetrol (Bahamas) Ltd., including the corporate
credit rating to 'B' from 'B-'.  The outlook is stable.


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


BARBADOS: S&P Affirms 'BB-' Sovereign Credit Rating; Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
and 'B' short-term sovereign credit rating on the government of
Barbados.  The outlook remains negative.

RATIONALE

The ratings on Barbados reflect its large fiscal deficits and high
debt burden, as well as its limited fiscal flexibility.  However,
the country has a stable, predictable, and mature political
system, which benefits from consensus on major economic and social
issues, including support from the private sector and trade unions
for the government's ongoing fiscal and structural adjustment
program.

Barbados' economic fundamentals remain weak, with average annual
real GDP growth of just 0.3% during 2010-2013 (which is slightly
negative on a per capita basis).  S&P expects no growth in 2014
and a slow recovery in 2015-2016 based on a pickup in tourism and
construction (in both the private and public sectors).  The
government's fiscal adjustment strategy, announced in Dec. 2013,
will constrain domestic demand, raising the importance of
stimulating private investment (especially in tourism projects) to
achieve the projected higher GDP growth averaging 1.5%-2% over the
next several years.  With a slow recovery and public-sector
layoffs, unemployment will likely remain high, after reaching
11.7% in 2013.

Standard & Poor's expects the net general government debt burden
to rise to above 80% of GDP in fiscal 2014 (ending March 2015)
from 75% in fiscal 2013 and 67% in fiscal 2012.  Barbados uses
more than 15% of general government revenues to pay interest on
its debt.

Including National Insurance Scheme (NIS) surpluses, the general
government deficit rose to 9.7% of GDP in fiscal 2013 from 6.2% in
fiscal 2012.  S&P expects the deficit to fall to nearly 7% in
fiscal 2014 as a result of the government's fiscal consolidation
plan, and further to 4.4% in 2015.  However, risks remain from the
sluggish outlook for the country's main economic sectors,
especially in the context of the fiscal adjustment program already
underway, high unemployment, and mounting spending pressures.

External pressures remain as well.  However, Standard & Poor's
expects the Barbados dollar peg to hold--a key assumption
underpinning Barbados' creditworthiness.  The current account
deficit reached over 10% of GDP in 2013, which, in absence of
foreign direct investment and external financing, resulted in
pressures on international reserves.  A private placement at the
end of the year and further $75 million in March 2014 helped boost
international reserves.  The level of reserves has remained
relatively steady during 2014, and S&P expects it to remain
largely unchanged by year-end and over the next several years
because of S&P's expectations for a lower current account deficit
and increased foreign direct investment.  The banking sector has
deleveraged steadily since 2008, and the external debt of the
financial sector fell to $375 million in 2013 from more than $869
million in 2008.  S&P assumes this deleveraging has come to an
end.

OUTLOOK

The negative outlook reflects the potential for a downgrade if the
government fails to meet its fiscal adjustment targets or if there
are signs the economy may fail to grow next year--for example,
should planned tourism projects stall--resulting in further
increases in the sovereign's debt and interest burdens.  Mounting
external pressures that lead to a decline in reserves could also
lead to a downgrade.

S&P could revise the outlook to stable if the government
significantly reduces its general government fiscal deficits,
leading to a declining debt and interest burden in the next three
years.  Better economic growth prospects and a successful fiscal
consolidation program could also lead to a stable outlook.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.

RATINGS LIST

Ratings Affirmed

Barbados
Sovereign Credit Rating                BB-/Negative/B
Transfer & Convertibility Assessment   BB-
Senior Unsecured                       BB-



=========================================
B R I T I S H  V I R G I N  I S L A N D S
=========================================


SCRUB ISLAND: FirstBank Puerto Rico Renews Bid to End Exclusivity
-----------------------------------------------------------------
FirstBank Puerto Rico, prepetition secured lender to Scrub Island
Development Group Limited and Scrub Island Construction Limited,
will demonstrate at a hearing later this month in Bankruptcy Court
in Tampa, Florida, why the Debtors' exclusivity periods should be
terminated.

FirstBank on July 24 filed with the Court a request to terminate
the Debtors' exclusive solicitation period as to their First
Amended Joint Plan dated July 11, 2014, or alternatively, to find
that the Debtors' act of filing a bankruptcy-exit plan on July 11
caused the automatic termination of exclusivity, as a matter of
law.

The hearing is set for Aug. 26, 2014, at 9:30 a.m. at Tampa, FL -
Courtroom 8A, Sam M. Gibbons United States Courthouse, 801 N.
Florida Avenue.

According to FirstBank, the Debtors' July 11 Plan is based upon a
"new value," Effective Date contribution of $6 million by existing
shareholders -- including controlling shareholder, Joe Collier --
in exchange for a pre-determined, exclusive, 70% stake in the
Reorganized Debtors -- without any open market test or competitive
bidding in clear violation of Bank of America National Trust and
Savings Association v. 203 North LaSalle Street Partnership, 526
U.S. 434 (1999).

FirstBank said it is the largest creditor in the Debtors' cases,
holding claims against the estates in excess of $120 million, and
liens on substantially all of the Debtors' assets including,
without limitation, the Debtors' principal asset, the Scrub Island
Resort, Spa & Marina located in the British Virgin Islands.

FirstBank's claims against the Debtors arise under certain loan
documents entered into prior to the Petition Date.  The Debtors'
obligations to FirstBank are guaranteed by the Debtors'
controlling shareholder and insider, Joe Collier.

                          March 19 Plan

On March 19, 2014, the Debtors filed a proposed plan and an
accompanying disclosure statement.  The March 19 Plan proposed
that the Debtors' existing shareholders would acquire 40% of the
Reorganized Debtors, in exchange for a $6 million "new value"
contribution at closing, without any open market test or
competitive bidding.

On April 18, FirstBank filed a motion seeking termination of the
exclusive solicitation period as to the March 19 Plan.  That
request was supplemented on June 24 and 25.  FirstBank requested
termination of the Debtors' Solicitation Period for "cause"
pursuant to section 1121(d) of the Bankruptcy Code due to alleged
lack of progress and other factors.  The Initial Termination
Motion asserted that the Debtors' act of filing the March 19 Plan
terminated the Exclusive Solicitation Period as a matter of law --
due specifically to its proposed "new value" contribution by
existing shareholders in exchange for equity in the Reorganized
Debtors, without any open market test or competitive bidding, in
violation of LaSalle and certain progeny.

Shortly after the filing of the Initial Termination Motion, upon
motion of the Committee, the Court directed the Debtors,
FirstBank, and the Committee to participate in mediation, during
which time the Exclusive Solicitation Period was extended on a
consensual basis through June 27.  On June 24, the Mediation
resulted in an impasse.

On June 24, the Debtors filed an emergency motion seeking an
extension of the Exclusive Solicitation Period as to the March 19
Plan.  Although the pendency of the Mediation afforded the Debtors
two months to prepare a response to the arguments raised in the
Initial Termination Motion, FirstBank said the Debtors' Extension
Motion failed to address the separate legal issue of a LaSalle
Termination.

On June 25, the Court held a hearing on, among other things, the
Initial Termination Motion and the Extension Motion.  The Court
denied the Initial Termination Motion, and granted the Extension
Motion subject to the Debtors' filing of an amended Plan on or
before July 11.

                           July 11 Plan

On July 11, the Debtors filed an amended Plan and an accompanying
disclosure statement.  FirstBank noted that the alleged funding of
the July 11 Plan consists of a $12.5 million "loan" to SIDG by the
Plan Funder, and a $6 million "contribution" to SIDG by existing
shareholders, both payable on the Effective Date.

According to FirstBank, "nowhere in the July 11 Plan do the
Debtors disclose what their existing shareholders are to receive
in return for this $6 million investment (one would expect it is
not being provided for free). Nor do the Debtors provide even a
form of their alleged Plan Funder Loan Agreement (which is
incumbent upon the Debtors to disclose if it actually exists)."

"Rather, by piecing together various references and material
omissions in the July 11 Disclosure Statement, one arrives at the
logical conclusion: while the Plan Funder receives 100% of the
equity of Reorganized SIDG on the Effective Date on account of its
$12.5 million "loan," upon the Reorganized Debtors' repayment of
the $12.5 million loan to the Plan Funder, the Plan Funder will
retain only 30% of this equity. The remaining 70% of this equity
is to vest automatically with the Debtors' existing shareholders
on account of their $6 million "contribution"," said FirstBank.

FirstBank argues that in LaSalle, the Supreme Court of the United
States ruled that a plan is "doomed" when it purports to vest
reorganized equity with existing shareholders "without extending
an opportunity to anyone else either to compete for that equity or
to propose a competing reorganization plan."  While LaSalle arises
in the plan confirmation context, courts applying LaSalle in the
exclusivity context have held that a debtor's act of filing a "new
value" plan causes automatic termination of exclusivity.
FirstBank contends that the Debtors' act of filing of the July 11
Plan compels the same conclusion.

FirstBank also noted that in In re Situation Management Systems,
Inc., which cites LaSalle, Judge Feeney held that debtor's act of
filing a "new value" plan triggered termination of exclusivity
under section 1121(d) of the Bankruptcy Code.  In that case, the
largest creditor of a chapter 11 debtor sought termination of the
debtor's exclusive solicitation period because the debtor's
proposed plan "provide[d] for the [d]ebtor to retain [its] assets
with a minimal contribution of new value."

The bank also said that in the 2011 decision of H.G. Roebuck &
Son, Inc. v. Alter Communs., Inc., the Maryland District Court
found the Situation Management Systems decision "instructive,"
concluding that "in order to satisfy the absolute priority rule
and the Supreme Court's mandate in LaSalle, the Bankruptcy Court's
confirmation of the [new value plan] must be reversed and this
case must be remanded with instructions to terminate exclusivity
and to allow competing reorganizations to be filed."  In Roebuck,
the debtor proposed a new value plan which "mandate[d] that [its]
existing shareholders . . . must own at least 85 percent of the
equity in the reorganized company"; the plan also specified the
aggregate purchase price for all of the equity interests in the
reorganized debtor.  In so ruling, the court framed the relevant
inquiry as whether "the act of filing a new value plan was
sufficient cause to terminate the old equity holders' exclusive
right to file a reorganization plan under the Bankruptcy Code."

FirstBank is represented by:

     W. Keith Fendrick, Esq.
     HOLLAND & KNIGHT LLP
     100 N. Tampa St., Suite 4100
     Tampa, FL 33602
     Tel: 813-227-8500
     Fax: 813-229-0134
     E-Mail: keith.fendrick@hklaw.com

          - and -

     Zachary H. Smith, Esq.
     MOORE & VAN ALLEN PLLC
     100 North Tryon Street, Suite 4700
     Charlotte, NC 28202-4003
     Tel: 704-331-1000
     Fax: 704-331-1159
     E-Mail: zacharysmith@mvalaw.com

                         About Scrub Island

Scrub Island Development Group Ltd., the owner of a British Virgin
Islands luxury resort, and its affiliate, Scrub Island
Construction Limited, sought bankruptcy protection (Bankr. M.D.
Fla. Case Nos. 13-15285 and 13-15286) on Nov. 19, 2013, to end a
receivership Scrub Island claims was secretly put in place by its
lender.  The bankruptcy case is assigned to Judge Michael G.
Williamson.

The 230-acre resort operates as a Marriott Autograph Collection
property.  It has 52 rooms and suites, a spa and a 55-slip marina.

Scrub Island Development Group scheduled $125,569,235 in total
assets and $130,695,731 in total liabilities.

The Debtors are represented by Charles A. Postler, Esq., and
Harley E. Riedel, Esq., at Stichter, Riedel, Blain & Prosser, in
Tampa, Florida.

FirstBank Puerto Rico, the prepetition secured lender, is
represented by W. Keith Fendrick, Esq., at Holland & Knight LLP,
in Tampa, Florida.

The Debtors are represented by Charles A. Postler, Esq., and
Harley E. Riedel, Esq., at Stichter, Riedel, Blain & Prosser, in
Tampa, Florida.

FirstBank Puerto Rico, the Debtor's prepetition secured lender, is
represented by W. Keith Fendrick, Esq., at Holland & Knight LLP,
in Tampa, Florida.

The Official Committee of Unsecured Creditors appointed in Scrub
Island's cases has retained Robert B. Glenn, Esq., Edwin G. Rice,
Esq., and Victoria D. Critchlow, Esq., at Glenn Rasmussen, P.A.,
as general counsel.


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


ARAMID ENTERTAINMENT: Files Schedules of Assets and Liabilities
---------------------------------------------------------------
Aramid Entertainment Fund Limited filed with the U.S. Bankruptcy
Court for the Southern District of New York its schedules of
assets and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                         $0
  B. Personal Property           $158,616,241
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                        $0
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $7,458,281
                                 -----------      -----------
        TOTAL                    $158,616,241      $7,458,281

In mid-June, the Debtor filed a motion for an extension of the
time to file their schedules of assets and liabilities and
statements of financial affairs through Aug 13.  In its ruling,
the Bankruptcy Court gave the Debtor until July 31, 2014, to file
the Schedules and Statements.

                    About Aramid Entertainment

Aramid Entertainment Fund Limited has been engaged in the business
of providing short and medium term liquidity to producers and
distributors of film, television and other media and entertainment
content by way of loans and equity investments.

On May 7, 2014, Geoffrey Varga and Jess Shakespeare of Kinetic
Partners (Cayman) Limited were appointed under Cayman law as the
joint voluntary liquidators of AEF and two affiliates.

On June 13, 2014, the JVLs authorized AEF and two affiliates to
file for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead
Case No. 14-11802) in Manhattan on June 13, 2014.

The Debtors have tapped Reed Smith, LLP, in New York, as counsel
and Kinetic Partners (Cayman) Limited as crisis managers.

AEF estimated at least $100 million in assets and between
$10 million to $50 million in liabililities.


ARAMID ENTERTAINMENT: Gets OK to Joint Administration of Cases
--------------------------------------------------------------
The U.S. Bankruptcy Court approved Aramid Entertainment Fund
Limited's motion for an order directing joint administration of
related Chapter 11 Cases and authorizing the Debtors to file a
consolidated list of creditors.

The Chapter 11 cases are consolidated for procedural purposes only
and shall be jointly administered by the Court under Case No. 14-
11802, the case number for Aramid Entertainment Fund Limited.

The caption of the jointly administered cases shall read as:

  --------------------------------------------x
  In re:                                      : Chapter 11
                                              :
  Aramid Entertainment Fund Limited, et al.,  : Case No.: 14-11802
                                              :             (SHL)
          Debtors.                            :
                                              : (Jointly
                                              :  Administered)
  --------------------------------------------x

The Debtors shall maintain one consolidated docket, and one
consolidated service list to be updated and filed with the Court
and made available to the Clerk of the United States Bankruptcy
Court for the Southern District of New York.

The Debtors shall file a consolidated monthly operating report,
but shall track disbursements on a debtor-by-debtor basis and
shall list such disbursements on a debtor-by-debtor basis.  The
Debtors shall pay any fees due to the United States Trustee for
Region 2 on a debtor-by-debtor basis.

                     About Aramid Entertainment

Aramid Entertainment Fund Limited has been engaged in the business
of providing short and medium term liquidity to producers and
distributors of film, television and other media and entertainment
content by way of loans and equity investments.

On May 7, 2014, Geoffrey Varga and Jess Shakespeare of Kinetic
Partners (Cayman) Limited were appointed under Cayman law as the
joint voluntary liquidators of AEF and two affiliates.

On June 13, 2014, the JVLs authorized AEF and two affiliates to
file for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead
Case No. 14-11802) in Manhattan on June 13, 2014.

The Debtors have tapped Reed Smith, LLP, in New York, as counsel
and Kinetic Partners (Cayman) Limited as crisis managers.

AEF estimated at least $100 million in assets and between
$10 million to $50 million in liabililities.


AURIUM CAPITAL: Shareholders' Final Meeting Set for Aug. 20
-----------------------------------------------------------
The shareholders of Aurium Capital Limited will hold their final
meeting on Aug. 20, 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:

          Concentric Capital Limited
          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


AURIUM REAL: Shareholders' Final Meeting Set for Aug. 20
--------------------------------------------------------
The shareholders of Aurium Real Estate Limited will hold their
final meeting on Aug. 20, 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:

          Concentric Capital Limited
          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


CAPRICORN CURRENCY: Shareholders' Final Meeting Set for Aug. 18
---------------------------------------------------------------
The shareholders of Capricorn Currency Management (Cayman) Ltd
will hold their final meeting on Aug. 18, 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 liquidators are:

          Michael Rasmussen
          Mikkel Thorup
          c/o Talstrasse 20, CH-8022 Zurich
          Switzerland


CEDAR PARTNERS: Member to Receive Wind-Up Report on Aug. 19
-----------------------------------------------------------
The member of Cedar Partners Limited will receive on Aug. 19,
2014, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Amnon Shoam
          c/o Solomon Harris
          PO Box 1990, FirstCaribbean House
          George Town, Grand Cayman KY1-1104
          Cayman Islands


DEX GLOBAL: Shareholder to Hear Wind-Up Report on Aug. 28
---------------------------------------------------------
The sole shareholder of Dex Global Fund, Ltd will hear on Aug. 28,
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:

          Ogier
          c/o Justin Savage
          Telephone: (345) 815 1816
          Facsimile: (345) 949-9877


KEYTEX HOLDINGS: Shareholder to Hear Wind-Up Report on Aug. 19
--------------------------------------------------------------
The sole shareholder of Keytex Holdings, Ltd will hear on Aug. 19,
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:

          Handsel B. Minyard
          c/o Marsh Management Services Cayman Ltd.
          23 Lime Tree Bay Avenue
          Governors Square, Building 4, Floor 2
          P.O. Box 1051 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: +1 (345) 949 7988
          Facsimile: +1 (345) 949 7849


NIAGARA ELITE: Shareholder to Hear Wind-Up Report on Aug. 20
------------------------------------------------------------
The sole shareholder of Niagara Elite Fund Ltd. will hear on
Aug. 20, 2014, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Priestleys
          c/o Martina de Lima
          Telephone: (345) 946-8577


PALM BEACH: Members' Final Meeting Set for Aug. 25
--------------------------------------------------
The members of Palm Beach Multi-Strategy Offshore Ltd will hold
their final meeting on Aug. 25, 2014, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


REVERIO CAPITAL: Shareholders' Final Meeting Set for Aug. 20
------------------------------------------------------------
The shareholders of Reverio Capital Limited will hold their final
meeting on Aug. 20, 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:

          Concentric Capital Limited
          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


REVERIO SECURITIES: Shareholders' Final Meeting Set for Aug. 20
---------------------------------------------------------------
The shareholders of Reverio Securities Limited will hold their
final meeting on Aug. 20, 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:

          Concentric Capital Limited
          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


UNIVERSA BLACK: Members' Final Meeting Set for Aug. 25
------------------------------------------------------
The members of Universa Black Swan Protection Protocol-Inflation I
Ltd will hold their final meeting on Aug. 25, 2014, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


UNIVERSA BLACK OFFSHORE: Members' Final Meeting Set for Aug. 25
---------------------------------------------------------------
The members of Universa Black Swan Protection Protocol Offshore
III Ltd. will hold their final meeting on Aug. 25, 2014, to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


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


* DOMINICAN REP: Exporters Need Measures to Boost Competitiveness
-----------------------------------------------------------------
Dominican Today reports that Dominican Exporters Association
(ADOEXPO) president Sadala Khoury said sweeping measures are
needed to improve the sector's competitiveness.

Mr. Khoury said government officials cannot allow a halt to the
progress in competitiveness, which in his view becomes
increasingly difficult with other similar or stronger countries,
according to Dominican Today.

The report notes that Mr. Khoury said officials must be more
proactive in their efforts so the exporters find a level field and
make it easy to take domestic products to foreign markets.

Mr. Khoury affirmed that the capacity to produce and export has
expanded nearly 40 percent in the past four years, notes the
report.

Mr. Khoury said statistics show that exports are one of the main
columns of the country's economic stability and called ADOEXPO "a
strategic ally of the productive sectors and of the Dominican
Government," the report discloses.

Mr. Khoury said the numbers speak clearly.  "Between 2010 and
2013, the country exported US$33.6 billion in goods, which shows
that Dominican Republic has managed to remain as an exporting
nation and with a great potential to expand into other markets,
especially towards those with whom we have relations of open
borders," the report quoted Mr. Khoury as saying.

"We hope that sooner than later our authorities understand that
the responsibility to set in motion the so long-awaited one-stop
window rests on his shoulders, a mechanism that will make us more
competitive as a country, which is in collective interest," Mr.
Khoury added, the report notes.


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


* JAMAICA: Coffee Exports See Major Decline
-------------------------------------------
RJR News reports that Jamaica's coffee exports dipped by 23 per
cent in the first four months of this year.

Coffee exports were valued at just under US$5 million for the
period under review, according to RJR News.

That was down from the US$6.5 million coffee exports earned in the
corresponding period a year ago, the report notes.


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


PUERTO RICO: Municipal Bankruptcy Proposed in U.S. House Bill
-------------------------------------------------------------
William Selway and Derek Wallbank, writing for Bloomberg News,
reported that Puerto Rico's government-owned corporations could
file for bankruptcy protection under a bill proposed in the U.S.
House of Representatives by the delegate from the Caribbean
territory, which is struggling to pay $73 billion in debt.

According to the report, Pedro Pierluisi, a Democrat who can
propose legislation but can't vote on it, has introduced the
measure that would let agencies restructure debt in court.  The
bill would "enable the Puerto Rico government to authorize its
government-owned corporations to utilize the tried-and-true
Chapter 9 procedure if it becomes necessary, under the expert
supervision of an impartial federal bankruptcy judge," Bloomberg
said, citing Mr. Pierluisi as saying in a statement.



=================
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-BDR        AGEN33 BZ      339244073      -561405847
AGRENCO LTD-BDR        AGEN11 BZ      339244073      -561405847
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
BALADARE               BLDR3 BZ       159449535     -52990723.7
BATTISTELLA            BTTL3 BZ       115297369       -19538107
BATTISTELLA-PREF       BTTL4 BZ       115297369       -19538107
BATTISTELLA-RECE       BTTL9 BZ       115297369       -19538107
BATTISTELLA-RECP       BTTL10 BZ      115297369       -19538107
BATTISTELLA-RI P       BTTL2 BZ       115297369       -19538107
BATTISTELLA-RIGH       BTTL1 BZ       115297369       -19538107
BOMBRIL                BMBBF US       309951278     -57714449.4
BOMBRIL                FPXE4 BZ      19416013.9      -489914853
BOMBRIL                BOBR3 BZ       309951278     -57714449.4
BOMBRIL - RTS          BOBR11 BZ      309951278     -57714449.4
BOMBRIL CIRIO SA       BOBRON BZ      309951278     -57714449.4
BOMBRIL CIRIO-PF       BOBRPN BZ      309951278     -57714449.4
BOMBRIL HOLDING        FPXE3 BZ      19416013.9      -489914853
BOMBRIL SA-ADR         BMBPY US       309951278     -57714449.4
BOMBRIL SA-ADR         BMBBY US       309951278     -57714449.4
BOMBRIL-PREF           BOBR4 BZ       309951278     -57714449.4
BOMBRIL-RGTS PRE       BOBR2 BZ       309951278     -57714449.4
BOMBRIL-RIGHTS         BOBR1 BZ       309951278     -57714449.4
BOTUCATU TEXTIL        STRP3 BZ      27663605.3     -7174512.12
BOTUCATU-PREF          STRP4 BZ      27663605.3     -7174512.12
BUETTNER               BUET3 BZ      95403660.1     -37550595.1
BUETTNER SA            BUETON BZ     95403660.1     -37550595.1
BUETTNER SA-PRF        BUETPN BZ     95403660.1     -37550595.1
BUETTNER SA-RT P       BUET2 BZ      95403660.1     -37550595.1
BUETTNER SA-RTS        BUET1 BZ      95403660.1     -37550595.1
BUETTNER-PREF          BUET4 BZ      95403660.1     -37550595.1
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      1029019993      -128321599
CAIUA SA               ELCON BZ      1029019993      -128321599
CAIUA SA-DVD CMN       ELCA11 BZ     1029019993      -128321599
CAIUA SA-DVD COM       ELCA12 BZ     1029019993      -128321599
CAIUA SA-PREF          ELCPN BZ      1029019993      -128321599
CAIUA SA-PRF A         ELCAN BZ      1029019993      -128321599
CAIUA SA-PRF A         ELCA5 BZ      1029019993      -128321599
CAIUA SA-PRF B         ELCA6 BZ      1029019993      -128321599
CAIUA SA-PRF B         ELCBN BZ      1029019993      -128321599
CAIUA SA-RCT PRF       ELCA10 BZ     1029019993      -128321599
CAIUA SA-RTS           ELCA2 BZ      1029019993      -128321599
CAIVA SERV DE EL       1315Z BZ      1029019993      -128321599
CELGPAR                GPAR3 BZ       202489694     -1054621126
CENTRAL COST-ADR       CCSA LI        271025064     -37667553.4
CENTRAL COSTAN-B       CRCBF US       271025064     -37667553.4
CENTRAL COSTAN-B       CNRBF US       271025064     -37667553.4
CENTRAL COSTAN-C       CECO3 AR       271025064     -37667553.4
CENTRAL COST-BLK       CECOB AR       271025064     -37667553.4
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      73710194.2     -2330089496
COBRASMA SA            COBRON BZ     73710194.2     -2330089496
COBRASMA SA-PREF       COBRPN BZ     73710194.2     -2330089496
COBRASMA-PREF          CBMA4 BZ      73710194.2     -2330089496
D H B                  DHBI3 BZ       103378506      -180639480
D H B-PREF             DHBI4 BZ       103378506      -180639480
DHB IND E COM          DHBON BZ       103378506      -180639480
DHB IND E COM-PR       DHBPN BZ       103378506      -180639480
DOCA INVESTIMENT       DOCA3 BZ       187044412      -204249587
DOCA INVEST-PREF       DOCA4 BZ       187044412      -204249587
DOCAS SA               DOCAON BZ      187044412      -204249587
DOCAS SA-PREF          DOCAPN BZ      187044412      -204249587
DOCAS SA-RTS PRF       DOCA2 BZ       187044412      -204249587
EBX BRASIL SA          CTMN3 BZ      2670745328      -202996314
ELEC ARG SA-PREF       EASA6 AR       945325071     -56471446.1
ELEC ARGENT-ADR        EASA LX        945325071     -56471446.1
ELEC DE ARGE-ADR       1262Q US       945325071     -56471446.1
ELECTRICIDAD ARG       3447811Z AR    945325071     -56471446.1
ENDESA - RTS           CECOX AR       271025064     -37667553.4
ENDESA COST-ADR        CRCNY US       271025064     -37667553.4
ENDESA COSTAN-         CECO2 AR       271025064     -37667553.4
ENDESA COSTAN-         CECOD AR       271025064     -37667553.4
ENDESA COSTAN-         CECOC AR       271025064     -37667553.4
ENDESA COSTAN-         EDCFF US       271025064     -37667553.4
ENDESA COSTAN-A        CECO1 AR       271025064     -37667553.4
ESTRELA SA             ESTR3 BZ      76575881.3      -120012837
ESTRELA SA             ESTRON BZ     76575881.3      -120012837
ESTRELA SA-PREF        ESTR4 BZ      76575881.3      -120012837
ESTRELA SA-PREF        ESTRPN BZ     76575881.3      -120012837
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      19848769.9     -38798309.5
FERRAGENS HAGA         HAGAON BZ     19848769.9     -38798309.5
FERRAGENS HAGA-P       HAGAPN BZ     19848769.9     -38798309.5
FERREIRA GUIMARA       FGUION BZ     11016542.2      -151840378
FERREIRA GUIM-PR       FGUIPN BZ     11016542.2      -151840378
GRADIENTE ELETR        IGBON BZ       346216965     -42013205.9
GRADIENTE EL-PRA       IGBAN BZ       346216965     -42013205.9
GRADIENTE EL-PRB       IGBBN BZ       346216965     -42013205.9
GRADIENTE EL-PRC       IGBCN BZ       346216965     -42013205.9
GRADIENTE-PREF A       IGBR5 BZ       346216965     -42013205.9
GRADIENTE-PREF B       IGBR6 BZ       346216965     -42013205.9
GRADIENTE-PREF C       IGBR7 BZ       346216965     -42013205.9
HAGA                   HAGA3 BZ      19848769.9     -38798309.5
HOTEIS OTHON SA        HOOT3 BZ       238958413     -22929896.5
HOTEIS OTHON SA        HOTHON BZ      238958413     -22929896.5
HOTEIS OTHON-PRF       HOOT4 BZ       238958413     -22929896.5
HOTEIS OTHON-PRF       HOTHPN BZ      238958413     -22929896.5
IGB ELETRONICA         IGBR3 BZ       346216965     -42013205.9
IGUACU CAFE            IGUA3 BZ       214061113     -63930746.9
IGUACU CAFE            IGCSON BZ      214061113     -63930746.9
IGUACU CAFE            IGUCF US       214061113     -63930746.9
IGUACU CAFE-PR A       IGUA5 BZ       214061113     -63930746.9
IGUACU CAFE-PR A       IGCSAN BZ      214061113     -63930746.9
IGUACU CAFE-PR A       IGUAF US       214061113     -63930746.9
IGUACU CAFE-PR B       IGUA6 BZ       214061113     -63930746.9
IGUACU CAFE-PR B       IGCSBN BZ      214061113     -63930746.9
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       239575758     -28902145.8
INVERS ELEC BUEN       IEBAB AR       239575758     -28902145.8
INVERS ELEC BUEN       IEBA AR        239575758     -28902145.8
KARSTEN                CTKCF US       161482221     -4141092.01
KARSTEN                CTKON BZ       161482221     -4141092.01
KARSTEN SA             CTKA3 BZ       161482221     -4141092.01
KARSTEN SA - RCT       CTKA9 BZ       161482221     -4141092.01
KARSTEN SA - RCT       CTKA10 BZ      161482221     -4141092.01
KARSTEN SA - RTS       CTKA1 BZ       161482221     -4141092.01
KARSTEN SA - RTS       CTKA2 BZ       161482221     -4141092.01
KARSTEN-PREF           CTKPF US       161482221     -4141092.01
KARSTEN-PREF           CTKA4 BZ       161482221     -4141092.01
KARSTEN-PREF           CTKPN BZ       161482221     -4141092.01
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
LOJAS ARAPUA           LOAR3 BZ      38857516.9     -3355978520
LOJAS ARAPUA           LOARON BZ     38857516.9     -3355978520
LOJAS ARAPUA-GDR       3429T US      38857516.9     -3355978520
LOJAS ARAPUA-GDR       LJPSF US      38857516.9     -3355978520
LOJAS ARAPUA-PRF       LOAR4 BZ      38857516.9     -3355978520
LOJAS ARAPUA-PRF       LOARPN BZ     38857516.9     -3355978520
LOJAS ARAPUA-PRF       52353Z US     38857516.9     -3355978520
LUPATECH SA            LUPA3 BZ       584100366      -304853641
LUPATECH SA            LUPTF US       584100366      -304853641
LUPATECH SA            LUPAF US       584100366      -304853641
LUPATECH SA            LUPTQ US       584100366      -304853641
LUPATECH SA -RCT       LUPA9 BZ       584100366      -304853641
LUPATECH SA-ADR        LUPAY US       584100366      -304853641
LUPATECH SA-ADR        LUPAQ US       584100366      -304853641
LUPATECH SA-RT         LUPA11 BZ      584100366      -304853641
LUPATECH SA-RTS        1041054D BZ    584100366      -304853641
LUPATECH SA-RTS        LUPA1 BZ       584100366      -304853641
MANGELS INDL           MGEL3 BZ       186096273       -50186882
MANGELS INDL SA        MISAON BZ      186096273       -50186882
MANGELS INDL-PRF       MGIRF US       186096273       -50186882
MANGELS INDL-PRF       MGEL4 BZ       186096273       -50186882
MANGELS INDL-PRF       MISAPN BZ      186096273       -50186882
MINUPAR                MNPR3 BZ      90210352.5      -117166643
MINUPAR SA             MNPRON BZ     90210352.5      -117166643
MINUPAR SA-PREF        MNPRPN BZ     90210352.5      -117166643
MINUPAR-PREF           MNPR4 BZ      90210352.5      -117166643
MINUPAR-RCT            9314634Q BZ   90210352.5      -117166643
MINUPAR-RCT            0599564D BZ   90210352.5      -117166643
MINUPAR-RCT            MNPR9 BZ      90210352.5      -117166643
MINUPAR-RT             9314542Q BZ   90210352.5      -117166643
MINUPAR-RT             0599562D BZ   90210352.5      -117166643
MINUPAR-RTS            MNPR1 BZ      90210352.5      -117166643
NORDON MET             NORD3 BZ      10859129.2     -33570700.5
NORDON METAL           NORDON BZ     10859129.2     -33570700.5
NORDON MET-RTS         NORD1 BZ      10859129.2     -33570700.5
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
OGX PETROLEO           CTCO3 BZ      2104841243     -4244633894
OLEO E GAS P-ADR       OGXPY US      2104841243     -4244633894
OLEO E GAS P-ADR       OGXPYEUR EO   2104841243     -4244633894
OLEO E GAS P-ADR       OGXPYEUR EU   2104841243     -4244633894
OLEO E GAS P-ADR       8OGB GR       2104841243     -4244633894
OLEO E GAS PART        OGXP3 BZ      2104841243     -4244633894
OLEO E GAS PART        OGXP5 BZ      2104841243     -4244633894
OLEO E GAS PART        OGXP6 BZ      2104841243     -4244633894
OLEO E GAS PART        OGXPF US      2104841243     -4244633894
OSX BRASIL - RTS       0701756D BZ   2670745328      -202996314
OSX BRASIL - RTS       0701757D BZ   2670745328      -202996314
OSX BRASIL - RTS       0812903D BZ   2670745328      -202996314
OSX BRASIL - RTS       0812904D BZ   2670745328      -202996314
OSX BRASIL - RTS       OSXB1 BZ      2670745328      -202996314
OSX BRASIL - RTS       OSXB9 BZ      2670745328      -202996314
OSX BRASIL SA          OSXB3 BZ      2670745328      -202996314
OSX BRASIL SA          EBXB3 BZ      2670745328      -202996314
OSX BRASIL SA          OSXRF US      2670745328      -202996314
OSX BRASIL S-GDR       OSXRY US      2670745328      -202996314
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
PETROLERA DEL CO       PSUR AR       70120174.9       -27864484
PILMAIQUEN             PILMAIQ CI     200140666     -20597929.7
PORTX OPERACOES        PRTX3 BZ       976769385     -9407990.18
PORTX OPERA-GDR        PXTPY US       976769385     -9407990.18
PUYEHUE                PUYEH CI      21553021.9     -5145184.07
PUYEHUE RIGHT          PUYEHUOS CI   21553021.9     -5145184.07
RECRUSUL               RCSL3 BZ      41395863.2     -21007926.7
RECRUSUL - RCT         4529789Q BZ   41395863.2     -21007926.7
RECRUSUL - RCT         4529793Q BZ   41395863.2     -21007926.7
RECRUSUL - RCT         0163582D BZ   41395863.2     -21007926.7
RECRUSUL - RCT         0163583D BZ   41395863.2     -21007926.7
RECRUSUL - RCT         0614675D BZ   41395863.2     -21007926.7
RECRUSUL - RCT         0614676D BZ   41395863.2     -21007926.7
RECRUSUL - RCT         RCSL10 BZ     41395863.2     -21007926.7
RECRUSUL - RT          4529781Q BZ   41395863.2     -21007926.7
RECRUSUL - RT          4529785Q BZ   41395863.2     -21007926.7
RECRUSUL - RT          0163579D BZ   41395863.2     -21007926.7
RECRUSUL - RT          0163580D BZ   41395863.2     -21007926.7
RECRUSUL - RT          0614673D BZ   41395863.2     -21007926.7
RECRUSUL - RT          0614674D BZ   41395863.2     -21007926.7
RECRUSUL SA            RESLON BZ     41395863.2     -21007926.7
RECRUSUL SA-PREF       RESLPN BZ     41395863.2     -21007926.7
RECRUSUL SA-RCT        RCSL9 BZ      41395863.2     -21007926.7
RECRUSUL SA-RTS        RCSL1 BZ      41395863.2     -21007926.7
RECRUSUL SA-RTS        RCSL2 BZ      41395863.2     -21007926.7
RECRUSUL-BON RT        RCSL11 BZ     41395863.2     -21007926.7
RECRUSUL-BON RT        RCSL12 BZ     41395863.2     -21007926.7
RECRUSUL-PREF          RCSL4 BZ      41395863.2     -21007926.7
REDE EMP ENE ELE       ELCA4 BZ      1029019993      -128321599
REDE EMP ENE ELE       ELCA3 BZ      1029019993      -128321599
REDE EMPRESAS-PR       REDE4 BZ      1029019993      -128321599
REDE ENERGIA SA        REDE3 BZ      1029019993      -128321599
REDE ENERGIA SA-       REDE2 BZ      1029019993      -128321599
REDE ENERGIA-RTS       REDE1 BZ      1029019993      -128321599
REDE ENERG-UNIT        REDE11 BZ     1029019993      -128321599
REDE ENER-RCT          3907731Q BZ   1029019993      -128321599
REDE ENER-RCT          REDE9 BZ      1029019993      -128321599
REDE ENER-RCT          REDE10 BZ     1029019993      -128321599
REDE ENER-RT           3907727Q BZ   1029019993      -128321599
REDE ENER-RT           1011624D BZ   1029019993      -128321599
REDE ENER-RT           1011625D BZ   1029019993      -128321599
RENAUXVIEW SA          TXRX3 BZ      54394844.4     -90675345.2
RENAUXVIEW SA-PF       TXRX4 BZ      54394844.4     -90675345.2
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      20127540.6     -7418183.32
SANSUY                 SNSY3 BZ       188091749      -164364290
SANSUY SA              SNSYON BZ      188091749      -164364290
SANSUY SA-PREF A       SNSYAN BZ      188091749      -164364290
SANSUY SA-PREF B       SNSYBN BZ      188091749      -164364290
SANSUY-PREF A          SNSY5 BZ       188091749      -164364290
SANSUY-PREF B          SNSY6 BZ       188091749      -164364290
SCHLOSSER              SCLO3 BZ      51334306.9       -58463309
SCHLOSSER SA           SCHON BZ      51334306.9       -58463309
SCHLOSSER SA-PRF       SCHPN BZ      51334306.9       -58463309
SCHLOSSER-PREF         SCLO4 BZ      51334306.9       -58463309
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
TEC TOY SA-PF B        TOYB6 BZ      33401974.6     -468978.338
TEC TOY SA-PREF        TOYDF US      33401974.6     -468978.338
TEC TOY SA-PREF        TOYB5 BZ      33401974.6     -468978.338
TEC TOY-RCT            7335626Q BZ   33401974.6     -468978.338
TEC TOY-RCT            7335630Q BZ   33401974.6     -468978.338
TEC TOY-RCT            TOYB9 BZ      33401974.6     -468978.338
TEC TOY-RCT            TOYB10 BZ     33401974.6     -468978.338
TEC TOY-RT             7335610Q BZ   33401974.6     -468978.338
TEC TOY-RT             7335614Q BZ   33401974.6     -468978.338
TEC TOY-RT             TOYB1 BZ      33401974.6     -468978.338
TEC TOY-RT             TOYB2 BZ      33401974.6     -468978.338
TECTOY                 TOYB3 BZ      33401974.6     -468978.338
TECTOY                 TOYB13 BZ     33401974.6     -468978.338
TECTOY SA              TOYBON BZ     33401974.6     -468978.338
TECTOY SA-PREF         TOYBPN BZ     33401974.6     -468978.338
TECTOY-PF-RTS5/6       TOYB11 BZ     33401974.6     -468978.338
TECTOY-PREF            TOYB4 BZ      33401974.6     -468978.338
TECTOY-RCPT PF B       TOYB12 BZ     33401974.6     -468978.338
TEKA                   TKTQF US       367577608      -421708949
TEKA                   TEKA3 BZ       367577608      -421708949
TEKA                   TEKAON BZ      367577608      -421708949
TEKA-ADR               TEKAY US       367577608      -421708949
TEKA-ADR               TKTPY US       367577608      -421708949
TEKA-ADR               TKTQY US       367577608      -421708949
TEKA-PREF              TKTPF US       367577608      -421708949
TEKA-PREF              TEKA4 BZ       367577608      -421708949
TEKA-PREF              TEKAPN BZ      367577608      -421708949
TEKA-RCT               TEKA9 BZ       367577608      -421708949
TEKA-RCT               TEKA10 BZ      367577608      -421708949
TEKA-RTS               TEKA1 BZ       367577608      -421708949
TEKA-RTS               TEKA2 BZ       367577608      -421708949
TEXTEIS RENA-RCT       TXRX9 BZ      54394844.4     -90675345.2
TEXTEIS RENA-RCT       TXRX10 BZ     54394844.4     -90675345.2
TEXTEIS RENAU-RT       TXRX1 BZ      54394844.4     -90675345.2
TEXTEIS RENAU-RT       TXRX2 BZ      54394844.4     -90675345.2
TEXTEIS RENAUX         RENXON BZ     54394844.4     -90675345.2
TEXTEIS RENAUX         RENXPN BZ     54394844.4     -90675345.2
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
WETZEL SA              MWET3 BZ      97509409.1     -4549842.72
WETZEL SA              MWELON BZ     97509409.1     -4549842.72
WETZEL SA-PREF         MWET4 BZ      97509409.1     -4549842.72
WETZEL SA-PREF         MWELPN BZ     97509409.1     -4549842.72
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.


                   * * * End of Transmission * * *