TCRLA_Public/140819.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 19, 2014, Vol. 15, No. 163


                            Headlines



A R G E N T I N A

ARGENTINA: Banco Ciudad Backs ADEBA's Failed Plan to Buy Bonds


B R A Z I L

BANCO BMG: Sets $4.4 Billion Plan to Pay Off Bonds, Liabilities
BR PROPERTIES: S&P Affirms 'BB' Global Scale Rating
ELETROPAULO METROPOLITANA: Aneel Rejects $275 Million Appeal
OI SA: Incurs BRL221 Million Net Loss in 3Mo Ended June 2014


C A Y M A N  I S L A N D S

BERNOULLI HIGH: Creditors' Proofs of Debt Due Sept. 11
EUROPEAN LOANS: Creditors' Proofs of Debt Due Sept. 2
EUROPEAN LOANS: Shareholder to Hear Wind-Up Report on Sept. 3
G CAPITAL: Creditors' Proofs of Debt Due Sept. 5
G CAPITAL FUND II: Creditors' Proofs of Debt Due Sept. 5

G CAPITAL MASTER: Creditors' Proofs of Debt Due Sept. 5
KESTREL FUNDS: Creditors' Proofs of Debt Due Sept. 11
METALLICA DEVELOPMENT: Placed Under Voluntary Wind-Up
STRATEGY FUND: Placed Under Voluntary Wind-Up
TANDEM GLOBAL: Creditors' Proofs of Debt Due Sept. 11

TANDEM GLOBAL MASTER: Creditors' Proofs of Debt Due Sept. 11


P E R U

CORPORACION PESQUERA: S&P Lowers CCR to 'B'; on CreditWatch Neg.


P U E R T O    R I C O

OFG BANCORP: Reports 2nd Quarter 2014 Results
PUERTO RICO: Prepa Given Until March 31 to Pay Principal
PUERTO RICO: New Debt Law Briefing Dates Set


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: Banco Ciudad Backs ADEBA's Failed Plan to Buy Bonds
--------------------------------------------------------------
Buenos Aires Herald reports that Banco Ciudad Vice-President Juan
Curutchet supported the Argentine private banks association
(Adeba)'s failed bid to buy the US$1.6 billion defaulted debt now
in hands of the holdouts.

Mr. Curuchet said that the offer did not have the aim of "making a
profit" and he described the government's criticism to the plan as
"unfair," according to Buenos Aires Herald.

"If we had been able to create a guarantee fund in order to make
'vulture funds' grant the country a stay and extend negotiations,
we would have done it," the report quoted Mr. Curutchet as saying.
"We didn't want any special conditions.  We intended to cut such a
deal to defend the Argentine banks and the country's economy," Mr.
Curutchet said, the report notes.

The report discloses that ADEBA's offer was said to consist of
purchasing the entirety of the US$1.66 billion owed to the
"vulture funds," with an initial US$250 million in cash, and the
rest in installments.

The report relays that large companies were reported to have
joined the plan and meetings were held with the holdouts in New
York.  Nevertheless, the deal fell through.

The report notes that Economy Minister Axel Kicillof harshly
criticized ADEBA's proposal by saying he didn't see "any
generosity" of the banks since the deal intended to secure the
banks funds with the SEDESA guarantee fund, created in 1995 with
the "deposits of the people after the Tequila crisis.  "It's OK if
they think such deal is convenient but they have to use their own
money," the report quoted Mr. Kicillof as saying.

The report relays that Mr. Curutchet said: "There was nothing
weird with the plan so the criticism is unfair.  We didn't want to
obtain a profit, the report notes."  "The government is making a
mistake by not putting an end to this conflict.  Arguing with the
'vulture funds' might benefit Cristina Fernandez de Kirchner's
image now but on the long-term it will hamper the country with
social consequences," Mr. Curutchet added, the report relays.


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


BANCO BMG: Sets $4.4 Billion Plan to Pay Off Bonds, Liabilities
---------------------------------------------------------------
Francisco Marcelino at Bloomberg News reports that Banco BMG SA
plans to pay off about BRL10 billion ($4.4 billion) in debt and
other liabilities by next year while moving its payroll-lending
book to a joint venture formed with Itau Unibanco Holding SA in
2012.

The firm will redeem BRL1.51 billion in certificates of deposit
and BRL3.34 billion in local bonds guaranteed by the nation's FGC
deposit-insurance fund, Chief Executive Officer Antonio Hermann de
Azevedo said in an interview with Bloomberg News.  The bonds were
issued under a pair of programs, known as DPGE I and II, created
to shore up mid-size banks after 2008's global credit crunch,
according to Bloomberg News.

"FGC is a last funding source, and we want to use it only when
it's necessary," Mr. Azevedo told Bloomberg News in a telephone
interview from Sao Paulo.  "The FGC funding requires banks to
anchor these bonds with loan portfolio," Mr. Azevedo said.

According to the report, BMG and Itau formed a BRL1 billion-real
joint venture for payroll lending in July 2012.  In April, BMG
agreed to offer payroll loans only through that business,
increasing its stake to 40 percent from 30 percent.  By September,
BMG will put into the venture all its portfolio of payroll loans,
Mr. Azevedo said, Bloomberg News relays.  Its own payroll loan
book was BRL11.6 billion at the end of June, according to a
financial report obtained by Bloomberg News.

The firm plans to retire BRL514 million in asset-backed
receivables funds, known as FIDCs, by September and will buy back
about BRL4.56 billion in loan books it had sold, the report quoted
Mr. Azevedo as saying.

The bank isn't planning to buy back its overseas bonds, which
total BRL2.57 billion, Mr. Azevedo said, Bloomberg News discloses.
Prices on the debt should move to reflect the firm's improving
strength, Mr. Azevedo added.

"Given the liquidity of these bonds, it's a discussion we will
have with investors this semester," Mr. Azevedo said, Bloomberg
News relays.

BMG's second-quarter net income dropped 50 percent to BRL111
million from a year earlier, according to its earnings statement,
notes Bloomberg Bews.

Banco BMG S.A. is headquartered in Belo Horizonte, Brazil and had
consolidated assets of R$28.1 billion (US$11.9 billion) and equity
of R$3.4 billion (US$1.4 billion) as of December 31, 2013.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on July
31, 2014, Standard & Poor's Ratings Services affirmed its 'B/B'
global scale 'brBBB-' national scale issuer credit ratings on
Banco BMG S.A. (BMG).  At the same time, S&P removed the ratings
from CreditWatch developing.  Outlook is stable.


BR PROPERTIES: S&P Affirms 'BB' Global Scale Rating
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
rating on BR Properties.  At the same time S&P lowered its
national scale corporate credit and issue-level ratings to 'brAA-'
from 'brAA' and revised the outlook to stable from positive.

"The rating actions reflect our opinion that industry conditions
will remain challenging in the next two years as overcapacity
continues to spread in the office rental markets of Sao Paulo and
Rio de Janeiro," said Standard & Poor's credit analyst Marcus
Fernandes.  While interest rates rise amid rising inflation, the
company's coverage ratios will likely remain relatively weak,
which reduces the company's ability to take on new debt, if
needed.

In S&P's base case, it expects average total gross leasable area
(GLA) will drop 40% year over year in 2014 and 39% in 2015,
reflecting the company's sale of its assets in the industrial
segment.  S&P expects it to continue lowering its vacancy rates as
it leases the remaining space in JK towers D&E building, and
adjusts its average rent per meter squared to remain in line with
inflation.  S&P's base case also includes two premium buildings in
Rio de Janeiro, which should be completed by 2017.


ELETROPAULO METROPOLITANA: Aneel Rejects $275 Million Appeal
------------------------------------------------------------
Leonardo Goy at Reuters reports that Brazil power regulator Aneel
rejected an appeal from electricity distributor AES Corp's Brazil
unit Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.,
maintaining an order to return BRL626 million ($274.6 million) to
customers.

The payment was ordered to compensate for what Aneel sees as an
improper accounting for 246 kilometers of cable investments, which
impacted the size of a previous government-controlled tariff
adjustment, according to Reuters.

Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. operates
as an electric power utility concessionaire in Latin America.  The
company distributes and sells electric power in 24 cities in the
metropolitan region of Greater Sao Paulo region.  The company is
is a subsidiary of The AES Corporation, and is headquartered in
Barueri, Brazil.

As reported in the Troubled Company Reporter-Latin America on
July 1, 2014,  Fitch Ratings has downgraded Eletropaulo
Metropolitana de Eletricidade de Sao Paulo S.A.'s (Eletropaulo)
foreign and local currency Issuer Default Ratings (IDRs) to 'BB'
from 'BB+' and long-term National Scale Rating to 'A+(bra)' from
'AA(bra)'.  The Rating Outlook for the corporate ratings was
revised to Stable from Negative.


OI SA: Incurs BRL221 Million Net Loss in 3Mo Ended June 2014
------------------------------------------------------------
telegeography.com reports that Oi SA booked a net loss of BRL221
million (US$97 million) in the three months to June 30 2014,
compared to a BRL124 million net loss in the corresponding year-
earlier period and net income of BRL228 million in first quarter
2014.  This is the company's first earnings release since
combining assets with parent Portugal Telecom (PT).

With the two companies currently involved in a structural merger
of their respective operations, in a securities filing Oi
attributed the decline in the main to lower EBITDA 'due to lower
non-routine revenue, including the negative impact related to the
sale of the second tranche of mobile towers in Q1,' according to
telegeography.com.

The report notes that revenue in Brazil reached BRL6.93 billion, a
2% year-on-year fall, while PT booked turnover of BRL1.85 billion,
up 9.5%, and consolidated revenue was BRL9.0 billion -- up 0.4% as
a result of the depreciation of the euro versus the Brazilian
real.  EBITDA though dropped a significant 21.3% to BRL2.55
billion and net debt surged 52.8% to BRL46.2 billion; CAPEX was
BRL1.67 billion, down 13.3%, the report relays.

In its filing, Oi said that revenue in Brazil was affected by a
reduction in mobile termination rates (MTRs) for mobile voice
services, a decline in fixed (voice) revenue due to slow customer
additions, a drop in fixed-to-mobile tariff plans and lower usage
during the period of the FIFA football World Cup in June-July, the
report discloses.

                       About Oi S.A.

Oi S.A., through its subsidiaries, provides integrated
telecommunication services for residential customers, companies,
and governmental agencies in Brazil.  The company was formerly
known as Brasil Telecom S.A. and changed its name to Oi S.A. in
February 2012. Oi S.A. was founded in 1963 and is headquartered in
Rio de Janeiro, Brazil.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 22, 2014, 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.


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


BERNOULLI HIGH: Creditors' Proofs of Debt Due Sept. 11
------------------------------------------------------
The creditors of Bernoulli High Grade CDO II, Ltd. are required to
file their proofs of debt by Sept. 11, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 30, 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


EUROPEAN LOANS: Creditors' Proofs of Debt Due Sept. 2
-----------------------------------------------------
The creditors of European Loans Funding I Cayman Limited are
required to file their proofs of debt by Sept. 2, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 25, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


EUROPEAN LOANS: Shareholder to Hear Wind-Up Report on Sept. 3
-------------------------------------------------------------
The shareholder of European Loans Funding I Cayman Limited will
hear on Sept. 3, 2014, at 9:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on July 25, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


G CAPITAL: Creditors' Proofs of Debt Due Sept. 5
------------------------------------------------
The creditors of G Capital Systematic Fund, Ltd are required to
file their proofs of debt by Sept. 5, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 25, 2014.

The company's liquidator is:

          Ogier
          c/o Jonathan Turnham
          Telephone: +1 (345) 815 1839
          Facsimile: +1 (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


G CAPITAL FUND II: Creditors' Proofs of Debt Due Sept. 5
--------------------------------------------------------
The creditors of G Capital Systematic Fund II, Ltd are required to
file their proofs of debt by Sept. 5, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 25, 2014.

The company's liquidator is:

          Ogier
          c/o Jonathan Turnham
          Telephone: +1 (345) 815 1839
          Facsimile: +1 (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


G CAPITAL MASTER: Creditors' Proofs of Debt Due Sept. 5
-------------------------------------------------------
The creditors of G Capital Systematic Master Fund, Ltd are
required to file their proofs of debt by Sept. 5, 2014, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 25, 2014.

The company's liquidator is:

          Ogier
          c/o Jonathan Turnham
          Telephone: +1 (345) 815 1839
          Facsimile: +1 (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


KESTREL FUNDS: Creditors' Proofs of Debt Due Sept. 11
-----------------------------------------------------
The creditors of Kestrel Funds Limited are required to file their
proofs of debt by Sept. 11, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 7, 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


METALLICA DEVELOPMENT: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On July 15, 2014, the sole shareholder of Metallica Development
Fund Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Avalon Ltd.
          Reference: GL
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square, 1st Floor
          64 Earth Close
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands


STRATEGY FUND: Placed Under Voluntary Wind-Up
---------------------------------------------
On July 25, 2014, the shareholders of Strategy Fund Management
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd
          c/o Eva Moore
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town Grand Cayman KY1-1103
          Cayman Islands


TANDEM GLOBAL: Creditors' Proofs of Debt Due Sept. 11
-----------------------------------------------------
The creditors of Tandem Global Emerging Markets Fund (Cayman),
Ltd. are required to file their proofs of debt by Sept. 11, 2014,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on July 28, 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


TANDEM GLOBAL MASTER: Creditors' Proofs of Debt Due Sept. 11
------------------------------------------------------------
The creditors of Tandem Global Emerging Markets Master Fund, Ltd
are required to file their proofs of debt by Sept. 11, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 28, 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


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


CORPORACION PESQUERA: S&P Lowers CCR to 'B'; on CreditWatch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating and issue-level rating on Corporacion Pesquera Inca S.A.C.
(Copeinca) to 'B' from 'B+'.  S&P is keeping all the ratings on
CreditWatch with negative implications.

The corporate credit rating on Copeinca reflects that of its
parent company, China Fishery Group Ltd. (B/Watch Neg/--; see
Rating On China Fishery Lowered To 'B' From 'B+'; Placed On
CreditWatch Negative, published Aug. 15, 2014).  Copeinca is a
core subsidiary of China Fishery, which holds a 100% ownership
interest in the company.  "The ongoing integration process of the
group's enlarged Peruvian operations, which should result in
greater synergies and operating efficiency improvements, and the
significant contribution of Copeinca's fishmeal activities to
China Fishery's consolidated revenue base (almost 80% in the
quarter ended June 30, 2014) support our analysis," said Standard
& Poor's credit analyst Juan Patricio Bayona.  Going forward, and
to the extent that Copeinca maintains its core subsidiary status,
S&P expects the ratings on it to move in tandem with those on
China Fishery.

The CreditWatch placement mirrors that on China Fishery.

S&P expects to resolve the CreditWatch placement within 90 days,
depending on China Fishery's refinancing prospects and liquidity
profile.  In this sense, S&P will continue monitoring Copeinca's
consent solicitation for the amendment of some covenants embedded
in the indenture of its $250 million outstanding notes, which
would release its parent from the obligation of their early
redemption.


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


OFG BANCORP: Reports 2nd Quarter 2014 Results
---------------------------------------------
OFG Bancorp reported results for the second quarter ended June 30,
2014.

Income available to common shareholders totaled $17.8 million, or
$0.38 per share diluted.  In the preceding quarter, OFG earned
$20.3 million, or $0.42 per share diluted, which included a pre-
tax gain on the sale of securities of $4.4 million.

In the year ago quarter, OFG earned $34.1 million, or $0.68 per
share diluted, which included a net positive impact of $16.3
million from non-recurring items.

Net interest margin continued strong at 6.10% compared to 5.90% in
the first quarter of 2014.

Puerto Rico government related loan and investment security
balances (excluding obligations of municipalities) declined 15.7%,
to $454.9 million at June 30, 2014, from $539.5 million at March
31, 2014.

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

                      http://is.gd/create.php


OFG Bancorp, a financial holding company, provides various banking
and financial services primarily in Puerto Rico.  It operates in
three segments: Banking, Financial Services, and Treasury.  The
Banking segment offers checking and savings accounts; mortgage,
commercial, and consumer lending products; financial planning,
insurance, financial service, and investment brokerage; and
corporate and individual trust and retirement services.  This
segment operates 55 branches in Puerto Rico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 5, 2014, Standard & Poor's Ratings Services said it lowered
its counterparty credit rating on Puerto Rico-based regional
banking company OFG Bancorp (OFG) to 'B+' from 'BB-'.  At the same
time, S&P lowered its counterparty credit rating on OFG's main
bank subsidiary, Oriental Bank, to 'BB' from 'BB+'.  S&P removed
the ratings from CreditWatch with negative implications, where it
placed them on July 14, 2014.  S&P also lowered its ratings on the
preferred stock by one notch to 'CCC+' from 'B-' given it sees
higher risk of payment deferral.  The outlook on both entities is
negative.


PUERTO RICO: Prepa Given Until March 31 to Pay Principal
--------------------------------------------------------
Mary Williams Walsh, writing for The New York Times' DealBook,
reported that lenders to the Puerto Rico Electric Power Authority
(Prepa) gave it a breather instead of enforcing a looming deadline
on the lines of credit the company uses to buy fuel for its power
plants.  According to the DealBook, the banks that provide the
credit line gave Prepa until March 31 to make good on principal
repayments that originally came due at the end of July.  Prepa
said it would keep paying interest on the total amount due, $671
million, until then, the DealBook related.


PUERTO RICO: New Debt Law Briefing Dates Set
--------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reported that the U.S. District Court in Puerto Rico wants the
government of Puerto Rico and bond funds affiliated with Franklin
Resources Inc. and Oppenheimer Rochester Funds to make their cases
on the constitutionality of the new Puerto Rico law that allows
government-owned entities to restructure debt outside of federal
bankruptcy court.  The District Court told Puerto Rico to file
papers by Sept. 12 supporting its claim that the law is
constitutional so the bond funds can file opposing papers by Oct.
6.

The lawsuit relating to the new law is Franklin California Tax-Fee
Trust v. Commonwealth of Puerto Rico, 14-cv-01518, U.S. District
Court, District of Puerto Rico (San Juan).


=================
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.


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