/raid1/www/Hosts/bankrupt/TCRLA_Public/140902.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, September 2, 2014, Vol. 15, No. 173


                            Headlines



B R A Z I L

BANCO INDUSVAL: S&P Revises Outlook to Neg. & Affirms 'BB-' LT ICR
CHEMICAL IX: Moody's Assigns B2 Rating on Sub. Mezzanine Shares
SABESP: Moody's Lowers Baseline Credit Assessment Rating to 'ba1'


C A Y M A N  I S L A N D S

ATTUCKS DIVERSITY: Commences Liquidation Proceedings
BLMAS OFFSHORE: Commences Liquidation Proceedings
CRYSTAL SANDS: Placed Under Voluntary Wind-Up
FAIRCHILD ADVISORS: Creditors' Proofs of Debt Due Sept. 15
FULLERTON MONEX: Creditors' Proofs of Debt Due Sept. 15

LDK SOLAR: Files Petition in Cayman Court; Hearing on Sept. 12
UBS ASIA: Creditors' Proofs of Debt Due Sept. 25
UBS ASIA MASTER: Creditors' Proofs of Debt Due Sept. 25
VARNA OFFSHORE: Creditors' Proofs of Debt Due Sept. 17
VENTURE TDF: Creditors' Proofs of Debt Due Sept. 13

WOOD FUND: Creditors' Proofs of Debt Due Sept. 15


D O M I N I C A N  R E P U B L I C

XSTRATA PLC: Glencore Issues Statement on Park in Dominican Rep.


C H I L E

CORP GROUP BANKING: S&P's BB- Rating Remain on Watch Developing


G R E N A D A

* GRENADA: Gives Statement at the Conclusion of IMF Staff Mission


J A M A I C A

CIBONEY GROUP: Year End Results Show Financial Situation Worsened
* JAMAICA: Import Bill Continues to Decline


M E X I C O

BANCO AHORRO: S&P Revises Outlook to Neg. & Affirms 'B' ICR
GRUPO FAMSA: S&P Affirms 'B' CCR, Revises Outlook to Negative
OFFSHORE DRILLING: Fitch Affirms 'BB-' Issuer Default Ratings


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


===========
B R A Z I L
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BANCO INDUSVAL: S&P Revises Outlook to Neg. & Affirms 'BB-' LT ICR
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Banco
Indusval & Partners S.A. (BI&P) to negative from stable.  At the
same time, S&P affirmed its global scale long-term 'BB-' and
short-term 'B' issuer credit ratings.  S&P also affirmed its
national scale long-term 'brA' and short-term 'brA-2' issuer
credit ratings on the bank.

BI&P's weakening risk-adjusted capital (RAC) ratio was due to the
continued clean-up of its loan portfolio, which resulted in a net
loss of R$120 million in 2013, and S&P's April 2014 revision of
Brazil's BICRA to group '5' from group '4'.  S&P's risk-adjusted
capital framework (RACF) applies risk weights according to the
BICRA's economic risk score.  Therefore, BI&P's RAC ratio now
incorporates higher charges for its corporate, financial, and
retail exposures due to a higher economic risk score.  RACF also
applies credit-related risk weights to the bank's exposure to the
government.  This has also weakened BI&P's RAC ratio due to
Brazil's March 2014 downgrade to 'BBB-/A-3' from 'BBB/A-2'.  As a
result, S&P revised its assessment of BI&P's capital and earnings
to "adequate" from "strong."  However, BI&P's capital base
improved during 2013 from the capital injection of up to R$90
million and the agreement with Banco Intercap's shareholders to
inject R$107.5 million of the proceeds they received from the sale
of the bank to BI&P.


CHEMICAL IX: Moody's Assigns B2 Rating on Sub. Mezzanine Shares
---------------------------------------------------------------
Moody's America Latina has assigned definitive ratings of Baa3
(sf) (Global Scale, Local Currency) and Aaa.br (sf) (Brazilian
National Scale) to the senior shares, and B2 (sf) (Global Scale,
Local Currency) and Ba1.br (sf) (Brazilian National Scale) to the
subordinate mezzanine shares issued by Chemical IX - FIDC
Industria Petroquimica, a securitization backed by a pool of trade
receivables and originated by Braskem Group.

Issuer: Chemical IX - FIDC Industria Petroquimica (Chemical IX -
FIDC)

Senior Shares - Baa3 (sf) (Global Scale, Local Currency) and
Aaa.br (sf) (Brazilian National Scale)

Subordinated Mezzanine Shares - B2 (sf) (Global Scale, Local
Currency) and Ba1.br (sf) (Brazilian National Scale)

Ratings Rationale

Moody's bases the ratings on the following factors:

- Credit enhancement in the form of subordination for senior
shares ranging from 9.09% to 13.04% to mitigate losses due to
obligor default or dilution

- The adequate eligibility criteria of the trade receivables,
represented by electronic invoices to be acquired by the issuer,
which include concentration limits by client, delinquency by
client and maximum term of the trade receivables. The maximum
individual obligor concentration limit is 3%.

- Low and stable historical delinquency and dilution levels of the
sellers' trade receivables portfolio

- Very low commingling risk as payments by obligors are made to
the fund's segregated account that it maintains at Banco Bradesco
S.A. (Baa1 long-term bank deposit rating, Global Scale, Local
Currency; and Aaa.br, Brazilian National Scale)

- Braskem Group's sound track record sponsoring securitization
transactions and the stable performance of these previous
transactions. Chemical IX -- FIDC is Braskem Group's ninth
securitization of its trade receivables portfolio. The performance
of past transactions has been in line with the original
assumptions that Moody's used to rate the transactions.

Chemical IX - FIDC is a close-ended FIDC and has a final legal
maturity of 72 months from closing.The senior shares and the
mezzanine shares accrue, on a daily basis, a floating rate of
interest equivalent to the DI rate (Brazilian interbank rate) plus
a fixed rate of 0.98% and 2.64% per annum, respectively.

The transaction has a 66-month revolving period followed by a 6-
month amortization period. During the 66-month revolving period
the fund will not make any principal payments on the senior and
mezzanine shares; it will make interest payments semi-annually.
During the final 6-month amortization period, starting in month
67, it will make monthly principal and interest payments. Senior
and mezzanine shares will follow the same amortization schedule.

Amortization payments to the mezzanine shares will only be allowed
(1) after the fund has made the scheduled senior amortization
payments, and (2) as long as the fund maintains the minimum senior
subordination ratio. As long as there are senior and mezzanine
shares outstanding, partial amortization payments to junior
subordinated shares are allowed if the mezzanine subordination is
above 2.8%.

The originators of the securitized receivables are Braskem S.A.
and fully controlled subsidiaries including Braskem QPar S.A.
(previously known as Quattor Participacoes S.A.) and Braskem
Petroquimica Ltda. (previously known as Quattor Petroquimica
S.A.), together Braskem Group or the sellers.

Commingling risk is mitigated because obligors are instructed to
pay directly into a segregated account in the name of the fund by
means of invoices that Banco Bradesco and other selected
collection banks generate. The sellers must remit any monies they
receive to the segregated account within two business days; a non-
automatic acceleration event (evento de avaliacao) is triggered if
payments made directly to the sellers' account are higher than 5%
of fund's net assets. The sellers will act as primary servicer.

Moody's analyzed the sellers' receivables pool for the 36-month
period reviewed by KPMG starting in June 2011 and ending in May
2014. During this period, Braskem Group generated BRL 83.2 billion
of trade receivables from approximately 1,046,880 separate
invoices. As modeling input assumptions, Moody's used a central
mean of 0.04% monthly dilutions and 0.14% monthly losses over the
outstanding balance, and it assumed portfolio turnover of 39.38
days. Moody's calculated loss assumptions using as a proxy
delinquencies 91 to 120 days past due over the total portfolio.

Moody's sensitivity analysis provides a quantitative, model-
indicated calculation of how Moody's rating of a structured
finance security could vary if certain input parameters used in
the initial rating process differed. Moody's key ratings model
assumptions for this transaction are Braskem's rating, loss rate
and dilution rate.

Stress scenarios:

If Moody's downgraded Braskem Finance Ltd's rating to Ba2 from
Baa3 and the loss rate and dilution rate doubled, the ratings on
the senior and mezzanine shares would remain the same.

Factors that would lead to an upgrade or downgrade of the rating:

Factors that may lead to a downgrade of the ratings include an
increase in defaults and dilution levels beyond the level Moody's
assumed when rating this transaction. The performance of Braskem
Group's trade receivables, may be affected, among other factors,
by international competition in the petrochemical industry and a
severe economic downturn.

The principal methodology used in this rating was "Moody's
Approach to Rating Trade Receivables Backed Transactions"
published in July 2002.


SABESP: Moody's Lowers Baseline Credit Assessment Rating to 'ba1'
-----------------------------------------------------------------
Moody's America Latina Ltda. affirmed the local currency issuer
ratings of Cia de Saneamento Basico do Estado de Sao Paulo
(SABESP) of Baa3 on the global scale and Aa1.br on the Brazilian
national scale. At the same time, Moody's downgraded the BCA to
ba1 from baa3 and changed the outlook on SABESP's issuer ratings
to negative from stable.

Ratings Rationale

The downgrade in the BCA and change to a negative outlook for
SABESP's issuer ratings reflects uncertainties about the company's
ability to post credit metrics compatible with its investment
grade rating while it maintains an appropriate liquidity position
over the medium term which currently remains adequate.

SABESP is a Government Related Issuer (GRI) as defined in Moody's
rating methodology "The Application of Joint Default Analysis to
Government Related Issuers". Moody's methodology for GRIs is to
systematically incorporate into the rating both the stand-alone
credit risk profile or Baseline Credit Assessment (BCA) of the
company as well as an assessment of the likelihood that its
government owner would provide extraordinary support to the
company's obligations during a period of financial distress.

In accordance with Moody's methodology for government related
issuers, or GRIs, the Baa3 issuer rating of SABESP reflects the
combination of the following inputs:

- Baseline credit assessment (BCA) ba1

- High-level dependence

- Strong level of government support

- The Baa2 rating of the State Government of Sao Paulo, which has
a stable outlook

These uncertainties derive from the impact of the severe drought
season that has been depleting the water levels of the company's
main reservoirs since the beginning of the year. The water savings
program SABESP implemented in February 2014, as well as the
increase in the water levels of the Cantareira water reservoir in
May 2014, achieved through exploiting technical reserves have
prevented SABESP from being forced into taking more severe
measures which could have included a water rationing program.

Nevertheless, the negative impact from the implementation of the
company's water savings program can be seen in the material
decline in the operating margin registered in the second quarter
which will result in weaker cash flow and profitability in 2014 in
comparison with previous years as a result of lower volume sales
and the bonuses being paid to those consumers that qualify due to
their reduced consumption of water.

Should SABESP be forced to extend the water savings program into
2015, cash flow metrics will further deteriorate and potentially
lead the company to breach some financial covenants embedded in
most of the company's outstanding debt which would entitle
creditors and bond holders to accelerate the maturity of their
respective debts. A mitigating factor to help to improve the
company's cash flow would be the application of the 5.44% tariff
increase adjusted by the inflation incurred during this period as
measured by the consumer price index (IPC-A) up to the end of the
year that SABESP was eligible to receive since April as determined
by the regulator ARSESP, which the company decided to postpone
given the launch of its water savings program.

Moody's does not expect that SABESP's currently comfortable
liquidity standing will change in the short-term given its
sizeable cash position, low level of short-term debt and proven
resilient access to the local and international banking and
capital markets which it will need to fund its major cash needs
mainly consisting of amortization of expiring debt during this
period. According to management, around 85% of its financing needs
over the next five years have already been negotiated with
multilateral agencies and public banks.

Notwithstanding, the extension of the existing water savings
program into 2015 would inevitably reduce SABESP's cash flow
generation further and put pressure on its liquidity position. If
it were to breach some financial covenants, the company could be
forced to renegotiate the terms and conditions on part of its
debt.

Under this scenario, SABESP would, most likely, be able to obtain
waivers from most of its creditors and avoid the acceleration of
their respective debts. Moody's does not rule out that there could
still be challenges during such a stressed scenario mainly in
relation to the debenture and bond holders.

Moody's will continue to closely monitor the company's operating
performance over the next several quarters paying close attention,
particularly to the water levels in the company's main water
reservoirs to evaluate the potential impact that they may have on
cash flow and liquidity because it may become necessary to further
extend the water savings program or implement a water rationing
program.

Rating Outlook

The negative outlook reflects Moody's expectation that SABESP will
continue to suffer a decline in its operating margins for the
remainder of the year coupled with the uncertainties regarding the
potential extension of the water savings program well into 2015,
which would inevitably weaken the company's credit metrics further
and potentially deteriorate its liquidity position.

What Could Change the Rating - Up

In light of the expected deterioration in the company's credit
metrics for 2014 and potentially 2015, an upgrade rating action is
very unlikely in the short-to medium term. A stabilization of the
outlook could be considered if the ratio of FFO/Net Debt achieved
25% on a sustainable basis.

What Could Change the Rating - Down

Moody's would consider downgrading the company's ratings if there
is a material deterioration in the quality of the regulatory
framework or if the company's liquidity position becomes
inadequate. Quantitatively, there would be pressure for a
downgrade if FFO/Net Debt fell to the 15% level.

SABESP is the largest Brazilian sanitation company as it provides
water and sewage services to 364 municipalities in the state of
Sao Paulo. The state government of Sao Paulo is SABESP's major
shareholder, holding 50.3% of its total and voting capital. The
company's shares are listed in the Brazilian stock exchange
(BOVESPA) and New York stock exchange. In the last twelve months
ended June 30, 2014, SABESP posted consolidated net sales of BRL
8,968 million (USD 3,916 million), which does not include
construction revenues, and net profit of BRL 1,846 million (USD
806 million).


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C A Y M A N  I S L A N D S
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ATTUCKS DIVERSITY: Commences Liquidation Proceedings
----------------------------------------------------
On Aug. 14, 2014, the sole member of Attucks Diversity Fund
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Attucks Asset Management, LLC
          c/o Leslie F. Bond, Jr.
          321 North Clark Street
          Suite 1450, Chicago
          Illinois 60654
          United States of America
          Telephone: +1 (312) 422 9900


BLMAS OFFSHORE: Commences Liquidation Proceedings
-------------------------------------------------
On Aug. 13, 2014, the shareholder of BLMAS Offshore SIF, Ltd
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Charles W. Griege, Jr.
          c/o Blue Lion Capital
          8115 Preston Road, Suite 550
          Dallas, TX 75225
          USA
          Telephone: +1 (345) 914 6365


CRYSTAL SANDS: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on Aug. 13, 2014, the
shareholder of Crystal Sands 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:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


FAIRCHILD ADVISORS: Creditors' Proofs of Debt Due Sept. 15
----------------------------------------------------------
The creditors of Fairchild Advisors Limited are required to file
their proofs of debt by Sept. 15, 2014, to be included in the
company's distribution.

The company commenced wind-up proceedings on Aug. 13, 2014.

The company's liquidator is:

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


FULLERTON MONEX: Creditors' Proofs of Debt Due Sept. 15
-------------------------------------------------------
The creditors of Fullerton Monex Asia Feeder are required to file
their proofs of debt by Sept. 15, 2014, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Koh Boon San
          60B Orchard Road, #06-18 Tower 2
          The Atrium@Orchard
          Singapore 238891
          Facsimile: +65 6828 6208


LDK SOLAR: Files Petition in Cayman Court; Hearing on Sept. 12
--------------------------------------------------------------
LDK Solar Co., Ltd., in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, said the Company has filed a
petition commencing its restructuring proceedings in the Grand
Court of the Cayman Islands.  The first hearing before the Grand
Court will take place on Sept. 12, 2014.  At that hearing, orders
will be sought convening meetings of the Company's creditors on or
around Oct. 14, 2014, to consider and approve the scheme of
arrangement.

The Company also said it has accepted the resignation of Mr.
Xiaofeng Peng as Chairman and as a director of the Company
effective immediately.  The Company will form a search committee
to find a new Chairman.  In the meantime, Mr. Xingxue Tong,
currently the president and chief executive officer of the
Company, will also act as interim chairman to guide the Company
through the completion of its offshore restructuring.  Mr. Peng
will resign from his executive and director positions with various
subsidiaries of the Company but will be retained as a senior
consultant to the Company and its subsidiaries.  In recognition of
his many contributions to the Company since its founding, Mr. Peng
will be named Chairman Emeritus for the Company.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar Co disclosed a net loss of $1.05 billion on $862.88
million of net sales for the year ended Dec. 31, 2012, as compared
with a net loss of $608.95 million on $2.15 billion of net sales
for the year ended Dec. 31, 2011.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.


UBS ASIA: Creditors' Proofs of Debt Due Sept. 25
------------------------------------------------
The creditors of UBS Asia Opportunities Limited are required to
file their proofs of debt by Sept. 25, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 4, 2014.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


UBS ASIA MASTER: Creditors' Proofs of Debt Due Sept. 25
-------------------------------------------------------
The creditors of UBS Asia Opportunities Master Limited are
required to file their proofs of debt by Sept. 25, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 4, 2014.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


VARNA OFFSHORE: Creditors' Proofs of Debt Due Sept. 17
------------------------------------------------------
The creditors of Varna Offshore Fund Ltd are required to file
their proofs of debt by Sept. 17, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 12, 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


VENTURE TDF: Creditors' Proofs of Debt Due Sept. 13
---------------------------------------------------
The creditors of Venture TDF China LLC are required to file their
proofs of debt by Sept. 13, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 14, 2014.

The company's liquidator is:

          Chao Chin-Yuen, Glenn
          28 Scotts Road, #19-01 Scotts 28
          Singapore 228223


WOOD FUND: Creditors' Proofs of Debt Due Sept. 15
-------------------------------------------------
The creditors of Wood Fund are required to file their proofs of
debt by Sept. 15, 2014, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Aug. 12, 2014.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          75 Fort Street PO Box 1350
          Grand Cayman KY1-1108
          Cayman Islands


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D O M I N I C A N  R E P U B L I C
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XSTRATA PLC: Glencore Issues Statement on Park in Dominican Rep.
----------------------------------------------------------------
(Glencore) Falconbridge Dominicana, C. por A. ("Falcondo") issued
a statement on the national park in Dominican Republic.

The statement said: "Before the position of the Chamber of
Deputies and the Senate of the Republic, adopted in urgency the
bill which would make the entire Loma Miranda a national park, the
company (Glencore) Falcondo feels it's our duty to express our
opinion publicly.

"The impact of Loma Miranda should be understood in different
aspects: environmental, economic and social.

                      Environmental impact

"To date there are no conclusive studies that allow making a wise
decision on whether Loma Miranda should be national park or not.

"The Atlas of biodiversity of the Ministry of the Environment and
Natural Resources indicates that there are no plants or animals in
danger of extinction in Loma Miranda, and Loma Miranda has little
relevance as a producer of water.  Likewise, the INDHRI (canals
and dams agency) also indicates that the Jaguey River does not
flow into the Rincon dam.

"It is also important to note that the total of the property
acquired by Falcondo in 1956, only 16% has been exploited for
mining development, leaving the remaining 84% as a wooded area in
the region.

"In regards to Loma Miranda, it has a total area of 42 square
kilometers and the area required for mining development is only
11%; or 4.6 square KM to be exploited in the mining industry for
the next 20 years.

                          Economic impact

"Fifty years ago when we set roots in this warm Dominican soil, we
have contributed to the economic development and the well-being of
the country in different areas.  We have created more than 12,000
direct and indirect jobs, invested more than $2 billion in tax
payments and dividends to the Dominican Government, more than $1
billion dollars in local labor, more than $500 million in payments
to Dominican suppliers and contractors and more than 50 million
dollars in social investment projects.

"Loma Miranda has 19.3 million tons of ore that if mining is
developed, the Dominican State, communities in Monsenor Noel and
La Vega provinces, and of course the company would benefit.  With
the operation of Loma Miranda, the Dominican economy would receive
about $5.7 billion dollars over the next 20 years.

"According to data from the Central Bank, the growth of domestic
exports from 2000 to 2013 have increased 375.5%, turning from
traditional products such as sugar, coffee, cocoa and tobacco, to
other lines, such as ferronickel representing 24.6% of that
growth.

"It should be noted that in 2007 the Dominican State received $427
million for the transaction, equivalent to 5% of the national
budget.

"If the Dominican State doesn't receive benefits for the operation
of Loma Miranda, where will the money come from? A higher tax
burden which will mean a heavier load for the final consumer?
What's the proposal to remove this big risk?

                           Social impact

"Falcondo has been characterized by a policy of social
responsibility and sustainable development in the communities
where it performs its operations.  We have invested more than $4
million to encourage SMEs and MSMES in Monsenor Noel and La Vega
provinces, we supply drinking water to thousands of residents of
the town of Bonao, and we manage trash pickup totaling 170 tons of
solid waste per day.

"We've conducted our adult literacy program for more than 20
years, supply school bus daily for 325 students from the
communities of Bonao, Bonaito, Hato Viejo, Rancho Nuevo and
Jayaco; sponsor more than 135 public school, which are attended by
more than 77,000 students and more than 2,100 teachers, and so
many other programs that seek to ensure that communities are self-
sustaining in the long term.

"These are some of the results we've achieved throughout the more
than 56 years for the good of the country, communities and the
company. Looking forward, Falcondo remains committed to continue
investing and contributing.  We're committed to rationality in
decision-making, we are committed to a better tomorrow that
benefits us all."

                 About (Glencore) Falcondo

As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2014, Dominican Today said that Chief Executive Officer
of Xstrata PLC's Falcondo reiterated that the company's presence
in the country depends on a long term mining, with cheap
electricity available, to produce and compete in world markets.
David Soares said they pin their hopes of extracting nickel at the
controversial site of Loma Miranda, between La Vega and Bonao
(central), for which they expect to get the mining permit,
according to Dominican Today.  But environmental and civil society
groups could keep them from carrying out the project, after the
Chamber of Deputies agreed with the protesters and passed a bill
which declares Loma Miranda a protected area, arguing that much of
the Cibao region's (north) water depends on it, the report
related.

Xstrata PLC is the operator of Falconbridge Dominicana, C. por A.
("Falcondo") with an 85.26% ownership.  Falcondo is a ferronickel
surface mining operation located in the Dominican Republic with
operations dating since 1971.

Headquartered in Zug, Switzerland, Xstrata PLC is a major producer
of coal, copper, nickel, primary vanadium and zinc and the largest
producer of ferrochrome.


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C H I L E
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CORP GROUP BANKING: S&P's BB- Rating Remain on Watch Developing
---------------------------------------------------------------
Standard & Poor's Ratings Services said that the 'BBB/A-2' ratings
on Corpbanca S.A. and 'BB-' ratings on Corp Group Banking S.A. (CG
Banking) remain on CreditWatch, where S&P placed them with
developing implications on Jan. 30, 2014.

The CreditWatch placement followed the announcement that Corp
Group (not rated and which owns CG Banking) and Itau Unibanco
Holding S.A. (BBB-/Stable/A-3) will merge their respective
subsidiaries, Corpbanca (which has operations in Chile and
Colombia) and Banco Itau Chile (not rated).

"Itau Unibanco Holding will control a 33.58% share in the merged
entity, Itau Corpbanca. Corp Group will hold a 32.92%
participation, and minority shareholders will have the remaining
share," said Standard & Poor's credit analyst Ivana Recalde.  The
transaction requires prior consent from the IFC (which holds a 5%
equity stake in Corpbanca), approval from regulatory bodies in
jurisdictions in which the bank has operations, and approval of
Corpbanca's shareholders.  In July 2014, IFC announced that it had
requested an investment bank to further evaluate the terms and
conditions of the proposed merger with Banco Itau Chile.  IFC's
consent is contingent on the results of this additional
evaluation.

Creditwatch

The CreditWatch developing listings reflect the potential impact
of the merger on the ratings on the bank and CG Banking and S&P's
assessment of Itau Corpbanca's capital, business position, funding
and liquidity, and the nature and strength of external support
(either from the government or group support) that this new entity
may receive.  S&P will monitor developments regarding IFC's
approval of the transaction and its effect on the bank.  S&P will
also assess the impact of the change in ownership structure at
Corpbanca on CG Banking.

S&P intends to resolve the CreditWatch listing with the grant of
consent from IFC, and the approvals from regulatory bodies, and
Corpbanca's shareholders.


=============
G R E N A D A
=============


* GRENADA: Gives Statement at the Conclusion of IMF Staff Mission
-----------------------------------------------------------------
An International Monetary Fund (IMF) team visited Grenada during
August 18-27, 2014 to conduct discussions on the first review of
Grenada's IMF-supported program under the Extended Credit Facility
(ECF).  The program was approved on June 26, 2014 for a total
amount equivalent to SDR 14.04 million (about US$21.7 million, 120
percent of quota) with SDR 2.04 million disbursed upon program
approval.  Representatives from the World Bank, Caribbean
Development Bank, and Eastern Caribbean Central Bank accompanied
the mission.

The mission met with the Prime Minister and Minister of Finance
and Energy Keith C. Mitchell, the Permanent Secretary of the
Ministry of Finance Timothy Antoine, Deputy Permanent Secretary of
the Ministry of Finance Mike Sylvester, senior officials, as well
as representatives of the private sector and civil society,
including the Monitoring Committee for the Home-grown Program.
At the conclusion of the visit, Ms. Aliona Cebotari, the Fund's
mission chief for Grenada, made the following statement:

"Grenada has made a strong start in implementing its program. The
fiscal consolidation is on track and all quantitative performance
criteria for end-June were met.  The main structural benchmark for
the first review-the introduction of a new Public Finance
Management Act to strengthen budget preparation and execution in
line with best international practices-was also met.  The Fund
mission reached preliminary understandings with the authorities on
economic policies going forward.

"The economic recovery is slowly taking hold and the growth
outlook remains broadly in line with the program, while inflation
has been lower than expected. However, the economy continues to
face significant challenges from high unemployment, a large debt
overhang, and balance sheets weakened by impaired loans.

"Continued strong program implementation will be critical to
overcoming the challenges faced by the Grenadian economy.  Looking
ahead, the authorities' program will continue to focus on
restoring fiscal sustainability, strengthening competitiveness and
growth prospects, and securing financial stability.  In addition
to the programmed fiscal adjustment, progress on the comprehensive
debt restructuring underway will be needed to secure fiscal
sustainability.  The structural reform agenda will focus on: (i)
improving the business environment through amendments to the
Investment Promotion Act, the tax incentive regime, and regulatory
reforms to the energy sector; (ii) a continued strengthening of
the fiscal policy framework through the introduction of fiscal
responsibility legislation, new legislative frameworks for public
debt management and tax administration, and a regulatory framework
for the National Transformation Fund to ensure sustainable
management of the citizenship-by-investment receipts; (iv)
modernizing the public service; and (v) strengthening the
financial position and oversight of statutory bodies.

"These preliminary understandings are subject to approval by the
IMF's Management and Executive Board. Consideration of the first
review of Grenada's IMF-supported program under the ECF could take
place by the IMF's Executive Board in November. Upon approval, SDR
2 million (about US$3 million) would be made available to Grenada.

"The mission would like to thank the authorities and technical
staff for their excellent cooperation and kind hospitality, and
reaffirm the IMF's support for the government's efforts to
implement Grenada's program."


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


CIBONEY GROUP: Year End Results Show Financial Situation Worsened
-----------------------------------------------------------------
RJR News reports that Ciboney Group Limited's audited results for
the year ended March 31 show its financial situation has worsened.

Liabilities far exceeded assets, according to RJR News.  The
report relates that Ciboney Group had J$146 million in liabilities
and J$26 million in assets.

Notes attached to the results show that the future of the entity
is uncertain as there is significant accumulated deficit, negative
cash flow and the only operating asset, Beaches Grand Sport, was
disposed of, the report discloses.

Ciboney Group Limited is engaged in the acquisition, development,
and letting of resort properties.  The company is based in
Kingston, Jamaica.


* JAMAICA: Import Bill Continues to Decline
-------------------------------------------
RJR News reports that Jamaica's import bill continues to decline.

The Statistical Institute of Jamaica (STATIN) said the value of
imports fell 8.5% between January and May, according to RJR News.
Imports during that period were valued at US$2.4 billion, the
report relates.

RJR News discloses that exports also fell.

The country sold 14% fewer goods overseas during the period, the
report notes.

Exports have been valued at US$616 million, the report adds.


===========
M E X I C O
===========


BANCO AHORRO: S&P Revises Outlook to Neg. & Affirms 'B' ICR
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Banco
Ahorro Famsa S.A. Institucion de Banca Multiple (BAF) to negative
from positive.  S&P also affirmed its 'B' long-term global scale
and 'mxBBB-/mxA-3' national scale issuer credit ratings on the
bank.

The rating action on Banco Famsa follows the similar actions on
Grupo Famsa S.A.B. de C.V. (Grupo Famsa; B/Negative/--), which
directly owns 100% of BAF.  S&P views BAF as a core entity of
Grupo Famsa.  S&P also revised the bank's SACP to 'b-' from 'bb'.
"The bank's sharply weakened asset quality, in our view, will
continue squeezing its profitability," said Standard & Poor's
credit analyst Ricardo Grisi.  Therefore, S&P has revised its
assessment of BAF's risk position to "very weak" from "moderate."

The ratings on BAF reflect its core status to Grupo Famsa. BAF's
business activities are mainly related to the group.  In addition,
the bank offers most of its products through the group's stores,
to customers of its other subsidiaries, and suppliers.  The
significant integration between the bank and the group generates
strategies, growth, and risk management that benefit BAF.  The
bank has a "weak" business position, "adequate" capital and
earnings, "very weak" risk position, "average" funding, and
"adequate" liquidity.


GRUPO FAMSA: S&P Affirms 'B' CCR, Revises Outlook to Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
corporate credit rating on Grupo Famsa S.A.B. de C.V. (GFamsa) to
negative from positive.  At the same time, S&P affirmed the 'B'
corporate credit rating on the company.  The issue-level rating on
the company's debt remains at 'B' with a recovery rating of '3'.

The rating action reflects the recent deterioration in GFamsa's
sales and EBITDA generation beyond our expectations, amid a more
challenging market and a more cautious consumer environment.  It
also reflects a drop in the credit for consumption and a less
dynamism in the Mexican economy.  The further deterioration in
BAF's asset quality and reduction in deposits growth and personal
loans increases the risk that GFamsa's cash flow generation and
liquidity will weaken, as S&P believes bank deposits are a key
source of funding for the company's expansion program and working
capital needs, while personal loans correspond to about 30% of the
company's sales.  With this scenario, GFamsa could face further
deterioration in its credit metrics, with an EBITDA interest
coverage ratio of less than 1.2x, which could weaken its capital
structure, especially considering its significant short-term debt.
As of June 30, 2014, short term debt was Mexican peso (MXN) 3.5
billion, which corresponded to 45% of total debt.


OFFSHORE DRILLING: Fitch Affirms 'BB-' Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed Offshore Drilling Holding, S.A.'s (ODH)
foreign and local currency Issuer Default Ratings (IDRs) at 'BB-'.
The Rating Outlook is Stable.  Fitch has affirmed company's USD950
million of senior secured notes due 2020 at 'BB'.

Key Ratings Drivers

ODH's ratings reflect the company's solid commercial relationship
with Petroleos Mexicanos SA (Pemex, IDR 'BBB+') as well as the
relatively stable cash flow generation resulting from its
contractual agreements. The ratings also reflect the nascent
nature of ultra-deep water exploration in Mexico as well as the
company's moderately high leverage, partial structural
subordination and contract roll-over risk. The company's expansion
plan is considered aggressive and adds to risk.

Solid Commercial Relationship with Strong Counterparty:
ODH's ratings reflect the company's, as well as its shareholder's,
strong commercial relationship with Pemex. ODH and its shareholder
provide off-shore drilling services, as well as other energy
related maritime services, to Pemex. ODH currently owns three
ultra-deep-waters sixth generation dynamic positioning drilling
semisubmersible rigs. The company charters its assets to three
operating affiliates that in turn lease the drilling rigs to
Pemex's exploration and production subsidiary at day rates ranging
from USD489 thousand to USD565 thousand. ODH is part of Grupo R, a
privately held conglomerate of companies that have been providing
drilling and oilfield services to Pemex for over 25 years.

Nascent UDW Exploration Phase in Mexico's Gulf Cost:
Although oil and gas production in Mexico has been concentrated
offshore with approximately 75% of production during recent years,
this has been mainly in shallow waters. Pemex has only recently
focused in deep water and Ultra Deep Water (UDW) exploration,
mainly given the need to incorporate new reserves to offset
declining production from matured fields. Pemex has drilled only a
limited number of deep-water wells in its operating history.
Development of possible reserves in this sector might be
challenging as Pemex has limited experience in deep water oil and
gas exploration. A shift back to only shallow and mid-waters
exploration at the expense of UDW exploration could negatively
impact demand for the UDW drilling rigs the company owns.

Energy Reform Could Support Demand: The passing of the energy
reform in Mexico in recent months is expected to generate
significant interest from international oil and gas companies and
increase exploration activity in the Mexican side of the Gulf of
Mexico (GoM). ODH stands to potentially benefit from this expected
increase in activity given the company's experience in the country
and to some extend could have a first mover advantage by having
readily available assets in place should Pemex opt not to renew
the existing contracts. The deep water market is one of particular
interest for the country to open to new entrants.

Moderately High Leverage:

ODH's leverage ratio for the last 12 months (LTM) ended June 30,
2014 improved to 4.3 times (x) from 5.2x as of the LTM June 2013.
This improvement in leverage was included in the initial rating
and resulted from a full year of operation of La Muralla IV, which
only reported nine months of operations during 2013 and Centenario
only operating an average efficiency of 37.8% during the 1st
quarter of 2013. ODH's EBITDA as of the LTM ended June 2014
amounted to approximately USD364 million.

Going forward, total leverage is expected to range between 4.0x
and 4.5x with the exception of years when the company adds
financial debt to fund acquisition without reporting a full year
of operational revenues for the new assets. ODH's total debt of
USD1.57 billion as of June 30, 2014 was composed of USD950 million
rated bonds due 2020 and the balance relates mostly to an
amortizable bank loan guaranteed by La Muralla IV. In the future,
the company expects to add approximately USD950 million of debt to
finance expansions, namely the acquisition of five jack-ups that
are expected to be delivered in 2015. The company is currently
analysing different funding alternatives for the new debt, which
could be issued under the same or similar conditions to those of
the existing bonds.

Partial Structural Subordination:
The company's senior secured notes are guaranteed by certain ODH's
restricted subsidiaries, including Rubicon Drilling Services and
Utileduci subsidiaries, which own the Centenario and Bicentenario
drilling rigs, respectively and have no debt. The notes benefit
from a 12 months interest reserve account. The notes are currently
structurally subordinated to approximately USD460 million of
project-finance like bank debt related to La Muralla IV, which
amortizes through 2018 and has a small balloon payment. Upon
repaying all of La Muralla IV related debt, this asset will also
guarantee the debt issuance together with ODH's other
subsidiaries.

Contracts Roll-over Risk and Adjustable Day Rates:
The company is exposed to contract renewal risk given that the
three UDW drilling rigs have contracts that expire before the
maturity of the notes. The rating incorporates the expectation
that Pemex will re-contract these drilling rigs shortly before the
contracts expire at average or marginally below average market day
rates for similar assets. As these UDW rigs are considered
important assets for exploration of new oil fields in Mexico. The
debt services reserve account mitigates contract roll-over risk as
it would allow ODH time to relocate the assets if required. The
contracts for Centenario and Bicentenario rigs have fixed day
rates for the first two years and are then adjusted annually with
average market rates for the remaining three years. La Muralla
contract, the third and last UDW drilling rig to enter commercial
operation, has a five-year contract with Pemex at fixed day rates
for the duration of the contract. The company's cash flow
stability and predictability will benefit if contracts were to be
renewed at fixed day rates for periods of five years or longer.

Aggressive Speculative Growth Strategy:
ODH's ratings incorporate the expectation that the company would
continue to add offshore drilling equipment without increasing its
leverage on a sustained basis. Currently, the company has
construction orders for five shallow waters drilling rigs, or
jack-ups, for which ODH is yet to sign contracts with Pemex. The
company expects to sign contracts with Pemex for this equipment
before the shipyard delivery. Although the company has been
operating this way in the past, this risk adds to cash flow
uncertainty and high carrying cost should Pemex not contract the
rigs and ODH is forced to find alternative markets for the
equipment.

Rating Sensitivity

A negative rating action could be triggered by a combination of
the following factors: ODH's consolidated leverage increases in a
sustained basis to above 5.0x, contracts are not rolled over
within six months after expiration, and/or the company faces
delays of six months or greater contracting new equipment after it
is delivered.

A rating upgrade could be considered under a combination of the
following factors: ODH's leverage decreases below 3.5x in a
sustained basis, and/or the company contracts all its drilling
equipment under long-term contracts of no less than five years
under fixed day rates and with very limited to none out-clauses.


=================
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 * * *