TCRLA_Public/140909.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 9, 2014, Vol. 15, No. 178


A N T I G U A  &  B A R B U D A

LIAT: Must Embrace Change to be Sustainable, Minister Says


* BELIZE: Board Concludes 2014 Article IV Consultation


BANCO BONSUCESSO: Fitch Says JV with Banco Santander a Positive
BTG PACTUAL: Fitch Rates Proposed Jr. Sub. Securities 'B+(EXP)'
JBS SA: To Pursue US$1.8BB Food Unit IPO Within Weeks

C A Y M A N  I S L A N D S

BOYER ALLAN: Shareholders' Final Meeting Set for Sept. 16
CONCEPTS GCP: Shareholders' Final Meeting Set for Sept. 16
DUAL-LITE CAYMAN: Shareholders' Final Meeting Set for Oct. 9
LILY POND: Shareholders' Final Meeting Set for Sept. 16
MAN INVESTMENT: Shareholders' Final Meeting Set for Sept. 16

MAPLERIDGE CAYMAN: Shareholders' Final Meeting Set for Sept. 16
RWC SAMSARA: Shareholders' Final Meeting Set for Sept. 16
SECOND ET: Shareholders' Final Meeting Set for Sept. 16
SPECTRUM CAYMAN: Shareholders' Final Meeting Set for Sept. 16
THEOREMA MAC 56: Shareholders' Final Meeting Set for Sept. 16

VECTOR CAYMAN: Shareholders' Final Meeting Set for Sept. 16


MINERA SEAFIELD: Files for Reorganization Agreement

D O M I N I C A N   R E P U B L I C

XSTRATA PLC: Foreign Investors Hail Backtracking on Park Bill


* JAMAICA: Used Car Dealers Say Industry Suffering


Large Companies With Insolvent Balance Sheets

                            - - - - -

A N T I G U A  &  B A R B U D A

LIAT: Must Embrace Change to be Sustainable, Minister Says
---------------------------------------------------------- reports that Barbados' Tourism Minister Richard
Sealy said there will have to be changes at the Leeward Islands
Air Transport (LIAT) in order to ensure the airline's

"There will have to be changes, we cannot get away from it.  But
we have to make sure it is a sensible, well thought out plan," Mr.
Sealy told the Caribbean Media Corporation (CMC),

LIAT announced changes to its commercial department in August,
which involved the transfer of six positions from Barbados to
Antigua, the report discloses.   At the time the company said the
move was aimed at improving revenue generation, the report

"With the change in leadership, at the executive level it was felt
that it was better for those departments to be at the
headquarters.  So that is where we are now," the report quoted Mr.
Sealy as saying.

"I think the larger question of course, and one that we have to
engage in is the question of overall operations of LIAT and what
makes sense to be based where.  And that is the sort of analysis
that will be taking place going forward," Mr. Sealy said, notes
the report.

Mr. Sealy added that shareholder governments -- Antigua and
Barbuda, Barbados, Dominica and St. Vincent and the Grenadines --
are currently examining the airline's operations, with a view to
improving service.

"Some other things we are currently looking at with respect to how
Liat does business, how it interfaces with the global marketplace
and a number of initiatives along those lines, so we can get
better yields in terms of the seats on LIAT and of course the cost
element as well, so it's an ongoing exercise," Mr. Sealy said.

Mr. Sealy acknowledged that the carrier plays a vital role in the
development of the region, particularly in the tourism sector, the
report notes.

"It is the major source market for many countries in the region,
that is CARICOM (the Caribbean Community), and in the case of
Barbados, our third largest source market," Mr. Sealy said.

In addition to restructuring its operations, LIAT is also engaged
in a re-fleeting exercise.

"The ATRs are mainly here, with still a few Dash-8s in the fleet
and we're hoping to phase them out altogether," Mr. Sealy said,
adding "that in itself should make the airline more reliable and
it should have an impact on the cost of operations," notes the

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 10, 2014, said that Leeward Islands Air
Transport (LIAT) said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially variable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation
of Chief Executive Officer Captain Ian Brunton, comes the news
from highly reliable sources that long time chairman Jean Holder
is all set to follow.

David Evans replaced Mr. Brunton as chief executive officer.


* BELIZE: Board Concludes 2014 Article IV Consultation
On June 23, 2014, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV Consultation with

Real GDP growth plummeted to 0.7 percent in 2013, from 4 percent
in 2012, mainly due to continued declines in oil production and
weak agricultural output, especially sugarcane and citrus.

Unemployment stood at 14.2 percent in September 2013 and is on an
upward trend since it hit its lowest level in 2008.  Average
inflation eased to 0.5 percent from 1.3 percent in 2012, as
commodity price pressures abated.  The external current account
deficit widened to 4.5 percent of GDP in 2013 up from 1.2 percent
in 2012, as exports of oil and agricultural products fell sharply
while imports of fuel and electricity picked up.  International
reserves improved to 4.7 months of imports at end-March 2014 (up
from 3.3 months at end-2012) mainly owing to PetroCaribe financing
and private inflows.

The primary surplus for FY2013/14 (fiscal year ends in March) is
estimated to have fallen to 1 percent of GDP, from 1.4 percent of
GDP in FY2012/13.  Revenue is expected to be better-than-budgeted,
as robust tax revenues more than offset the decline in non-tax
revenues.  However, substantial increases in wages and salaries,
transfers and interest payments drove up current expenditure.

Capital expenditures were higher than budgeted because of the need
to rebuild the infrastructure that was badly damaged by rain.

Credit growth and monetary policy continued to be hampered by
weaknesses in the financial system.  Private sector credit grew by
3.8 percent (y/y) in March 2014, while broad money grew by 5.2
percent. The banking system remained highly liquid.  While
declining, non-performing loans (NPLs) remained high at 16.7
percent of total loans at end-March 2014.  The banking system's
capital adequacy ratio (CAR) improved to 23.4 percent.  The
authorities stepped up their efforts to address other weaknesses
of the financial system, including the adoption of new anti money
laundering and combating the financing of terrorism (AML/CFT)

The medium-term outlook is worse than envisaged during the 2013
Article IV consultation.  Real GDP growth would be weaker than
expected in the near term but hover around 2.5 percent over the
medium term as declining oil production would be partially offset
by higher output of other commodity exports, tourism and
construction.  Inflation would remain low owing to the exchange
rate peg and subdued inflation in trading partners.  The
authorities' policy plans would maintain the primary surplus
around 1 percent of GDP in FY14/15 and in the medium term.  Low
primary surpluses together with the assumed recognition of debt
related to nationalizations will increase the public debt-to-GDP
ratio. Expansionary fiscal policies, including large wage
increases, would fuel higher domestic consumption and upward
pressures on the external current account deficit.  International
reserves could decline substantially over the medium term,
especially if compensation for the nationalized companies adds to
external outflows.

                    Executive Board Assessment

Directors noted that Belize's macroeconomic performance has
weakened on the back of decelerating growth and increasing fiscal
and external imbalances.  The outlook is clouded by significant
risks, including contingent compensation payments for nationalized
companies and banking sector vulnerabilities, while adverse global
developments could put pressure on international reserves and
greatly increase Belize's gross financing needs.  Directors agreed
that a vigorous policy response is needed to reduce
vulnerabilities, rebuild policy buffers, and accelerate reforms
that would further strengthen the financial sector, enhance
competitiveness, and boost inclusive growth.

Directors emphasized the need to renew fiscal consolidation
efforts to ensure debt sustainability and create policy buffers in
case downside risks materialize.  Most Directors agreed that the
uncertainty surrounding contingent liabilities suggests it would
be prudent to frontload the necessary consolidation, but a number
of other Directors considered a gradual adjustment more
appropriate in light of cyclical conditions.  Directors agreed
that strong measures are necessary to moderate goods and services
and wage-related outlays, reform the public employees' pension
system, and broaden the base for the general sales tax.  At the
same time, spending on infrastructure, public safety, and flagship
social programs should be protected.  Directors concurred that
strengthening public financial management, and procurement in
particular, is key to improve spending quality.  They supported
the authorities' efforts to strengthen debt management and looked
forward to the design and implementation of a medium-term debt
management strategy.

Directors welcomed progress in financial sector reform.  They
agreed that, in light of remaining vulnerabilities, bank asset
quality should be reassessed through a comprehensive review.  They
called for strengthening central bank supervision, including
through hiring of additional examiners and broadening the stress
test methodology to include forward-looking analysis.  Directors
encouraged the authorities to finalize the crisis management plan,
including the bank restructuring and resolution framework, making
use of technical assistance from the Fund.

Directors commended the authorities for their recent efforts to
address remaining gaps in the AML/CFT framework to comply with
international standards. They encouraged the authorities to fully
implement the revised AML/CFT framework, including the laws and
regulations recently approved.

Directors concurred that adequate reforms are needed to address
the widening current account deficit and boost job-creating and
inclusive growth. In this regard, a more attractive business
environment would encourage private sector investment, enhance
external competitiveness, and help diversify exports.


BANCO BONSUCESSO: Fitch Says JV with Banco Santander a Positive
Fitch Ratings views positively Banco Bonsucesso S.A.'s
(Bonsucesso, LT FC IDR 'B'/Outlook Negative) recent announcement
that it will establish a Joint Venture (JV) with Banco Santander
Brasil SA (Santander, LT FC IDR 'BBB+'/Outlook Stable) to act in
the payroll deductible loans business.

The JV may allow Bonsucesso to reduce its costs and improve its
capital base and liquidity metrics.  This will position the bank
well within the fierce competitive scenario for banks in Brazil
and allow it to face the challenges of the operating environment.

If the transaction is completed as proposed, Fitch may affirm
Bonsucesso's current ratings and revise its Outlook to Stable.
Should the transaction fail or if the terms become less favorable
for Bonsucesso, Fitch will review the ratings and the current
Negative Outlook may trigger a downgrade.

The proposed JV's structure has a 40%/60% ownership structure for
Bonsucesso and Santander, respectively.  Following regulatory
approval, the JV is expected to start operating by the end of
2014.  Its core business will be payroll deductible lending; it
will carry on all payroll lending activities (including the by-
product credit card payroll lending) from both Bonsucesso and
Santander originated outside of the latter's branch network.
Bonsucesso is expected to maintain the payroll deductible loan
product as the main revenue center (now via its ownership share of
the JV).

The success of the JV and its subsequent contribution to
Bonsucesso's income sources will be benefit from a relatively
lower and more stable funding base and the relatively lower risk
of its loan portfolio.  However, Fitch believes it is still
relatively early to forecast the ultimate effects on Bonsucesso
own income generating capacity, which will depend in a large
extent on the conditions of the operating environment and the
level of SME loan demand in 2015 and onwards; while the expansion
in other services will be relatively new to the bank.

The current ratings on Bonsucesso also contemplate its relatively
modest size, which makes the bank more susceptible to the economic
volatility.  Therefore its ratings can be negatively revised,
should the creation of the JV fail -- including the possibility of
the JV not receiving regulatory approvals.

Bonsucesso has had a good origination record of payroll deductible
loans for public and municipal civil servants and retirees and
pensioners of the Brazilian social security agency Instituto
Nacional de Seguro Social (INSS).  These loans make up more than
70% of the bank's current total contracts.  Under the agreement
between the two institutions, Santander will not compete with the
JV since it will continue originating payroll loans exclusively to
its current client base.  These loans will continue to be booked
in the Spanish-owned bank's credit portfolio and therefore will
remain segregated from the JV.

The JV should allow Bonsucesso to alleviate the current pressure
on its costs and better balancing them with its revenues, which
are a key issue for Fitch in its rating sensitivities.
Notwithstanding, the agency assumes that the bank's ROA and ROE
dynamics will also change due to Bonsucesso's new business model,
which may culminate to a stronger capital base (expected FCC above
32% in in 4Q'14, from 13% in 2Q'14).

More robust capital ratios are also expected from the reduction of
Bonsucesso's risk weighted assets and also from the bank's
earnings benefited by the transfer (sale) of its payroll loans
portfolio to the JV.  In that sense, although that the bank may
show a lighter structure, ROE is expect to deteriorate at the
start due to a consequent equity growth.

Although it is clear that the bank's overall structure is expected
to benefit from the new model, it is still relatively early to
estimate the full extent of the JV's future contributions to
Bonsucesso's bottom line in the short / mid-term.  However, under
Fitch's projection the bank's results may slightly reduce in 2015
due to the still incipient revenues from the bank's other
businesses, to other expenses that may arise during the transition
period, and to the fact that the success of the new business plan
is also subject to the still sluggish economy (especially when
considering Bonsucesso's SME portfolio).

The bank may have a lighter liability structure, following the
transfer of its assets, including the ability to decrease over
time, its reliance on expensive funding sources, like DPGE I and
II.  According to the bank, its international issuance papers were
traded at par value following the JV's announcement (compared to
around 70% of its face value before the announcement) which
evidences the market's improved perception of the institution's

Fitch's projected assumptions include the following: The total
transfer of its payroll loans portfolio (including its by-
products, such as payroll-linked credit card) to the JV, the
consequent reduction in its funding (and its costs), the decrease
of circa 65% of its staff, administrative and general expenses, as
well as the revenues derived from the JV - accounted as equity
result according to its 40% participation.

The interest from larger banks in segments with stronger
guarantees (especially in mortgages and payroll deductible loans)
increased since 2012, especially after larger banks having
suffered effects of the increased delinquency, culminating with
stronger provisions' expenses in that year.  This situation
followed a strong and fast rapid increase in loans in the country
(17% per year, between 2010 and 2013, reaching 55% of GDP in
September 2013) and a strong reduction of the Brazilian GDP growth
- 2.7% in 2011 and 0.9% in 2012 after a peak of 7.5% in 2010.

Smaller banks were also facing other considerable challenges such
as higher commissions costs and rate restrictions such as fixed
rates and other government-determined rate ceilings for the most
profitable contracts (e.g. INSS).  Similarly with Bonsucesso,
Banco BMG SA (LT FC IDR 'B' / Outlook Positive / LT National
Ratings 'BBB+(bra)' / Outlook Positive, Viability Rating at 'b')
had also earlier entered into a JV - with a somewhat different
structure - with Itau in order to continue to grow its business
together with a strong funding partner.

Bonsucesso's past due loans (PDLs) over 90 days improved to (a
still high) 6% from 9% in the 1Q'14, while its annualized ROA
reached 15.9% (from 9.1% in 2013).  Bonsucesso's high delinquency
ratios still reflect the problems it had in its SME loans book,
while the quality of its payroll loans is closer to its peers.
The institution's Fitch Core Capital (FCC) ratio reached an
adequate level (considering its business profile) of 13.02% in
2Q'14 -- from 12.08% in Dec/2013.

Bonsucesso's IDRs, VR and National ratings can be positively
reviewed if the new strategy proves to be profitable to the bank
in the medium term, with consistent deleverage, adequate asset
quality and improved capitalization ratios.  Given its current
business model -- with strong dependence of payroll deductible
loans' generation as well as the wholesale funding structure and
respective challenging profitability -- the potential for an
upgrade to Bonsucesso's rating is limited. The bank can be
downgraded if the strategy of setting the JV fails and if its ROA
and ROE reaches to levels below 1.5% and 10%, respectively.

Fitch currently rates Bonsucesso as follows:

   -- Long-term IDR 'B'; Outlook Negative;
   -- Short-term IDR 'B';
   -- Long-term Local Currency IDR 'B'; Outlook Negative;
   -- Short-term Local Currency IDR 'B';
   -- Viability Rating 'b';
   -- Support Rating '5';
   -- Support Rating Floor 'No Floor';
   -- National Long Term Rating 'BBB(bra)', Outlook Negative;
   -- National Short Term Rating 'F3(bra)'.

BTG PACTUAL: Fitch Rates Proposed Jr. Sub. Securities 'B+(EXP)'
Fitch Ratings has assigned expected long-term ratings of 'B+(EXP)'
to Banco BTG Pactual S.A.'s (BTG Pactual) proposed issuance of
perpetual non-cumulative junior subordinated securities.  The
expected ratings are four notches below BTG Pactual's Viability
Rating (VR) of 'bbb-'.  The final ratings are contingent upon the
receipt of final documents conforming to the information already

The notes will be issued by BTG Pactual's Luxembourg branch in
U.S. dollars for an amount and a fixed interest rate to be
determined at the time of the issuance.  The notes will be
perpetual securities with no fixed maturity date or mandatory
redemption date.  Interest payments will be made semi-annually.
The issuance will be included in one or more fully registered 144A
global notes and Regulation S global notes.

BTG Pactual expects to qualify these securities as Additional Tier
1 capital (AT1) in accordance with Resolution 4192, subject to the
Central Bank of Brazil's approval.

The proposed T1 securities are perpetual, unsecured, subordinated
to senior debt.  Coupons are subject to mandatory deferrals and
are non-cumulative.  They have a permanent write-down feature,
which will be triggered if BTG Pactual's Common Equity Tier 1
(CET1) falls below 5.125%,


T1 Securities: The expected rating of the T1 securities is 4
notches below BTG Pactual's VR.

The notching comprises two notches for loss severity and two
notches for nonperformance risk, which are Fitch's typical
notching for loss severity and nonperformance risk of AT1

Fitch expects that, under the proposed terms, these T1 securities
will receive 50% equity credit for the purposes of assessing
capital adequacy.


BTG Pactual's VR a IDRs may be upgraded if the bank is able to
maintain its consolidated net adjusted leverage within an
acceptable range (net adjusted leverage below 9.0x); maintain its
operating Return on Average Assets (ROAA) around 2%, reflecting
continued revenue growth and diversification into recurrent fee
income.  A failure to achieve this target may trigger a revision
of the Rating Outlook to Stable.

The ratings may be negatively affected if the bank's leverage and
capitalization levels deteriorate more than 15% compared to its
current levels and/or if its operating ROAA is reduced in a
sustained manner below 1.5%.  In addition, sudden deterioration of
the operating environment, leverage, profitability or a
troublesome performance of one or some of its subsidiaries may
negatively affect BTG Pactual's ratings.

A possible failure of the BSI transaction with effects on BTG
Pactual franchise and/or funding may result in a negative rating

Fitch currently rates BTG as follows:

   -- Foreign and local currency long-term IDRs 'BBB-'; Outlook
   -- Foreign and local currency short-term IDRs 'F3';
   -- National long-term rating 'AA(bra)'; Outlook Positive;
   -- National short-term rating 'F1+(bra)';
   -- Viability Rating 'bbb-';
   -- Support rating '5';
   -- Support rating floor 'NF';
   -- Foreign currency long-term rating of senior unsecured notes
      maturing in 2016, 2017, 2020 and 2034 'BBB-'.
   -- Foreign currency long-term rating of subordinated notes due
      in 2022 'BB'.

JBS SA: To Pursue US$1.8BB Food Unit IPO Within Weeks
Guillermo Parra-Bernal at Thomson Reuters reports that JBS SA is
resuming a plan to raise BRL4 billion (US$1.8 billion) from the
initial public offering of its pork, poultry and food-processing
operations in Brazil as early as next month, a source with direct
knowledge of the deal said.

JBS SA put off the deal in June, when slumping confidence drove
potential investors away from Brazil, sources told Reuters at the
time.  JBS SA and banks want to kick off investor meetings in New
York and other cities this week, said the source, who sought
anonymity since the deal is in the works, according to Thomson

The transaction could be priced after the second half of October,
between the first and second rounds of Brazil's presidential
election, the source added, the report notes.  In recent weeks,
cellphone tower operator T4U Holding Brasil SA and vet product
maker Ouro Fino Saude Animal Participacoes SA filed for IPOs, as
demand for Brazil issues gain traction amid speculation that
market-friendly candidates could win the election, the report

"Timing will be crucial for the deal," the source said, the report
relays.  Itau BBA SA, Banco Bradesco BBI and Bank of America
Merrill Lynch are among the group of at least five banks that have
been mandated for the transaction, the source added.

Thomson Reuters discloses that the unit, which will be spun off
under the name of JBS Foods, accounted for nearly 10 percent of
JBS's US$40 billion in revenue last year.  JBS SA aims to list the
unit in the Sao Paulo Stock Exchange's Novo Mercado chapter, where
corporate governance rules are the toughest and requires that a
company list at least 25 percent of its shares, the report relays.

Last year, JBS SA acquired rival Marfrig SA's Seara pork and
poultry operations for US$2.7 billion, and assets from Canada's XL
Foods and Brazil's Massa Leve for a combined US$210 million, the
report recalls.

                           Gloomy Year

The report discloses that prospects for Brazil's equity markets
and stock offerings have been gloomy this year, partly because of
political uncertainty related to the election, bankers and
investors say.

Stung by a string of deals in recent years that failed to deliver
the promised returns, investors have become especially cautious in
Brazil, the report notes.   About 40 of 117 IPOs priced since 2005
yielded returns above the benchmark CDI interbank lending rate,
with the remainder losing on average half the amount initially
invested, Credit Suisse Group AG and Thomson Reuters data said.

Despite the adverse outlook, equity investors still keep a
watchful eye on Brazil because the country's stock market is
bigger, more liquid and more diverse than those in the rest of the
region, bankers said, the report adds.

                           About JBS SA

JBS SA is a multinational food processing company, producing
factory processed beef, chicken and pork, and also selling by-
products from the processing of these meats.  It is headquartered
in Sao Paulo. It was founded in 1953 in Anapolis, Goias. The
company has 150 industrial plants around the world.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2014, Moody's Investors Service affirmed JBS's Ba3 ratings
(global scale) and revised the ratings outlook to stable from
negative.  The stabilization of the outlook reflects the
improvements in credit metrics given the rapid and efficient
integration of Seara, the maintenance of an adequate liquidity
position and their expectations that metrics will converge to pre-
acquisition levels by year-end.

C A Y M A N  I S L A N D S

BOYER ALLAN: Shareholders' Final Meeting Set for Sept. 16
The shareholders of Boyer Allan Pacific MAC Limited will hold
their final meeting on Sept. 16, 2014, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mr. Robin Lee Mcmahon
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands

CONCEPTS GCP: Shareholders' Final Meeting Set for Sept. 16
The shareholders of Concepts GCP Mac 85 Limited will hold their
final meeting on Sept. 16, 2014, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mr. Robin Lee Mcmahon
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands

DUAL-LITE CAYMAN: Shareholders' Final Meeting Set for Oct. 9
The shareholders of Dual-Lite Cayman Limited will hold their final
meeting on Oct. 9, 2014, at 4:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands

LILY POND: Shareholders' Final Meeting Set for Sept. 16
The shareholders of Lily Pond MAC Limited will hold their final
meeting on Sept. 16, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mr. Robin Lee Mcmahon
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands

MAN INVESTMENT: Shareholders' Final Meeting Set for Sept. 16
The shareholders of Man Investment Strategies Holding Ltd. will
hold their final meeting on Sept. 16, 2014, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mr. Robin Lee Mcmahon
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands

MAPLERIDGE CAYMAN: Shareholders' Final Meeting Set for Sept. 16
The shareholders of Mapleridge Cayman Fund Limited will hold their
final meeting on Sept. 16, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mr. Robin Lee Mcmahon
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands

RWC SAMSARA: Shareholders' Final Meeting Set for Sept. 16
The shareholders of RWC Samsara Cayman Fund Limited will hold
their final meeting on Sept. 16, 2014, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mr. Robin Lee Mcmahon
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands

SECOND ET: Shareholders' Final Meeting Set for Sept. 16
The shareholders of Second ET Main Cayman Fund Limited will hold
their final meeting on Sept. 16, 2014, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mr. Robin Lee Mcmahon
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands

SPECTRUM CAYMAN: Shareholders' Final Meeting Set for Sept. 16
The shareholders of Spectrum Cayman Fund Limited will hold their
final meeting on Sept. 16, 2014, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mr. Robin Lee Mcmahon
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands

THEOREMA MAC 56: Shareholders' Final Meeting Set for Sept. 16
The shareholders of Theorema MAC 56 Limited will hold their final
meeting on Sept. 16, 2014, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mr. Robin Lee Mcmahon
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands

VECTOR CAYMAN: Shareholders' Final Meeting Set for Sept. 16
The shareholders of Vector Cayman Fund Limited will hold their
final meeting on Sept. 16, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mr. Robin Lee Mcmahon
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


MINERA SEAFIELD: Files for Reorganization Agreement
Seafield Resources Ltd. on Sept. 4 disclosed that its wholly owned
subsidiary Minera Seafield S.A.S. filed for reorganization
agreement under the Colombian law 1116 of 2006.

The Company continues to review and consider its alternatives to
resolve the situation.  At present, there can be no assurance as
to what, if any, alternatives might be pursued by the Company.

Seafield Resources Ltd. -- is a
development stage company currently focused on completing a
bankable feasibility study on its Miraflores Gold Deposit.
Seafield's Quinchia Gold Project is located in the Department of
Risaralda, Colombia.

D O M I N I C A N   R E P U B L I C

XSTRATA PLC: Foreign Investors Hail Backtracking on Park Bill
Dominican Today reports that the Foreign Investment Companies
Association, whose members have investments of more than US$20
billion in the country, hailed the Senate's decision to backtrack
on the legislation to create a national park on lands where
(Glencore) Falconbridge Dominicana, C. por A. ("Falcondo") plans
to mine nickel.

ASIEX President Carlos Emilio Gonzalez said the lawmakers'
decision preserves their confidence in legal security, respect of
the Constitution, the laws and spurs a suitable climate for
foreign investment that in his view creates jobs and wealth for
the country, according to Dominican Today.

The report notes that the head of ASIEX, which groups numerous
foreign companies with myriad productive activities such as
cement, mining, communications, energy, pharmaceuticals,
consultants, beverages, tourism and others, called President
Danilo Medina's veto of the legislation to create Loma Miranda
National Park "wise and timely."

The report discloses that Mr. Gonzalez said the enactment of the
legislation would've violated the Constitution and international
agreements to protect investments signed by Dominican Republic,
and would've led to a very high cost for a country that needed
increasingly more private investment to achieve its development.

"Fortunately this situation has been surmounted, thanks to
President Medina's focus and the Senate's positive attitude to
accept his observations," the report quoted Mr. Gonzalez as

Mr. Gonzalez said ASIEX supports responsible mining, which
mitigates the effects on the environment and adheres to
international best practices of the sustainable extraction
industry and Medina's effort so Congress approves Territorial
Planning Law to issue more precise mining concessions, the report

                   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

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.


* JAMAICA: Used Car Dealers Say Industry Suffering
RJR News disclosed that reports have surfaced that all is not well
in the used car trade on the heels of a RJR News report that
vehicle imports fell in the first five months of the year.

The Jamaica Used Car Dealers Association (JUCDA) said the sector
is in a slump due to the effects of the recent slide in the value
of the Jamaican dollar, according to RJR News.

RJR News relates that this has pushed car prices out of the reach
of potential buyers.  President of the Association, Lynvale
Hamilton, said high international demand for reconditioned
Japanese vehicles has made matters worse, RJR News notes.

RJR News discloses that Mr. Hamilton said: "the cars in Japan are
also holding the prices. Normally at this time we would see a
decrease in the prices.  We are not seeing it at all and this is
due to the fact that you have the more developed countries like
the United Arabs Emirates and Russia . . . hese countries they
import like 20,000 to 30,000 vehicles a month while we will only
import like 700. So the demand on that side is very great and they
pay higher prices for the vehicles in the auction so we really
can't compete with them."

The Statistical Institute of Jamaica, STATIN, said car imports
between January and May totaled US$67 million, RJR News relays.

RJR News notes that that was a 25 percent dip from the US$89
million spent last year.


Large Companies With Insolvent Balance Sheets

                                         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


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

                   * * * End of Transmission * * *