TCRLA_Public/140929.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

            Monday, September 29, 2014, Vol. 15, No. 192


                            Headlines



A R G E N T I N A

ARGENTINA: Citibank Gets OK to Make One-Time US$5MM Bond Payment
ARGENTINA: Open to Negotiate with Holdout Creditors Next Year
ROMBO COMPANIA: Moody's Assigns B2 Global Senior Debt Rating
YPF SA: Seeks Deepwater Exploration Partners, CEO Says


B R A Z I L

BANCO DO BRASIL: Gets OK to Book Treasury Deal as Capital
BIOSEV SA: In Talks With Banks for US$210MM Loan to Refund Debt
BIOSEV SA: Fitch Affirms 'BB-' Issuer Default Rating
INVEPAR: Fitch Affirms 'BB-' Issuer Default Ratings
SIFCO SA: U.S. Court Hearing on Adjourned to Oct. 22

USINAS SIDERURGICAS: CEO Fired as Ternium Says Pact Violated


C A Y M A N  I S L A N D S

ACELAND INVESTMENT: Creditors' Proofs of Debt Due Sept. 29
ASIA DRUG: Shareholder to Receive Wind-Up Report on Sept. 30
FANTASTIC HOLDINGS: Creditors' Proofs of Debt Due Oct. 7
KOREA ACE: Shareholder to Receive Wind-Up Report on Oct. 9
MONTANA RE: Creditors' Proofs of Debt Due Oct. 8

PADDINGTON ASIA: Creditors' Proofs of Debt Due Sept. 29
PADDINGTON ASIA MASTER: Creditors' Proofs of Debt Due Sept. 29
SOCKS INVESTMENTS: Members to Hold Final Meeting on Oct. 8
WIMBLEDON FINANCING: Contributories to Hold Meeting on Sept. 30
WIMBLEDON FINANCING MASTER: Contributories to Meet on Sept. 30


D O M I N I C A N   R E P U B L I C

AES CORP: Aims to Expand Investment in the Dominican Republic


M E X I C O

MEXICO: Fitch Says Hurricane Unlikely to Impact Insurance Industry


V E N E Z U E L A

CLOROX CO: Venezuela Plans to Reopen Firm's Sites
VENEZUELA: Biggest Bill Buys Buck on Black Market as Bonds Due


X X X X X X X X X

* BOND PRICING: For the Week From September 22 to Sept. 25, 2014


                            - - - - -


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


ARGENTINA: Citibank Gets OK to Make One-Time US$5MM Bond Payment
----------------------------------------------------------------
Stewart Bishop at Law360.com reports that the New York federal
judge overseeing the fight between hedge funds and Argentina over
payments on the country's sovereign debt said Citigroup Inc. could
make a scheduled payment of around US$8.4 billion in bonds
governed by Argentine law.

U.S. District Judge Thomas Griesa issued on Friday, Sept. 26, an
order granting Citigroup's Argentine unit leave to make a one-time
payment of approximately US$5 million on the Argentine law bonds,
but punted on the central question of whether payment on those
bonds is subject to his prior orders, according to Law360.com.

Bob Van Voris and Edvard Pettersson at Bloomberg News report that
Citibank NA earlier asked a U.S. judge to allow it to make Sept.
30 payments on Argentine bonds, saying they shouldn't be subject
to a 2012 court ruling prohibiting payments on the country's
exchange bonds. In its request dated Sept. 23, Citibank cited that
if Citibank Argentina isn't allowed to make the payments, it could
face civil and criminal liability as well as revocation of its
banking license in the South American country, according to
Bloomberg News.

Bloomberg News relays that Judge Griesa previously said Argentina
can't pay holders of its performing debt without also paying a
group led by Paul Singer's NML Capital that is owed US$1.5 billion
on the country's defaulted bonds.  Citibank claims the bonds on
which it expects to receive the interest payment from Argentina
shouldn't be included in the order barring payment, Bloomberg News
relates.

Citibank said in the Sept. 23 filing that bonds issued under
Argentina law are different from the "exchange" bonds the country
issued to holders of its defaulted debt and for which Bank of New
York Mellon Corp. is the trustee, Bloomberg News notes.  The judge
allowed Citibank to make payments on the Argentine law bonds in
June, Bloomberg News relays.

                         Appeal Rejected
Karen Wagner, a lawyer for the company, told a federal appeals
court in Manhattan on Sept. 18 that Citibank will obey Judge
Griesa's order if it isn't overturned or changed, subjecting its
century-old Argentina branch to threatened criminal and civil
penalties under local law, Bloomberg News relays.

"We're going to obey, and if we obey, we have a gun to our head
and the gun will probably go off," Judge Wagner told a three-judge
appeals panel court Sept. 18, Bloomberg News discloses.

The panel court rejected the appeal the next day, returning the
case to Judge Griesa.

Argentina's Economy Minister, Axel Kicillof, said in a radio
interview with Bloomberg News that Citibank, a unit of New York-
based Citigroup Inc. (C), faces "an enormous mess" if it fails to
make the payment to holders of US$8.4 billion of U.S. dollar-
denominated Argentine bonds, issued under local law and payable in
that country.

The case is NML Capital Ltd. v. Republic of Argentina, 08-cv-6978,
U.S. District Court, Southern District of New York (Manhattan).

                          *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court-
appointed mediator ended without resolving a standoff between the
country and a group of hedge funds seeking full payment on bonds
that the country had defaulted on in 2001.  A U.S. judge had ruled
that the interest payment couldn't be made unless the hedge funds
led by Elliott Management Corp., got the US$1.5 billion they
claimed.  The country hasn't been able to access international
credit markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, on Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.


ARGENTINA: Open to Negotiate with Holdout Creditors Next Year
-------------------------------------------------------------
Charlie Devereux and Pablo Gonzalez at Bloomberg News report that
Argentina said it is willing to begin negotiating next year to
settle a legal dispute with holdout creditors from the 2001
default that drove the country into non-payment of its debt in
July.

Cabinet Chief Jorge Capitanich said Argentina would negotiate in
the first quarter of 2015 if a New York court grants a stay of
execution on a ruling ordering the country to pay the litigants in
full when it compensates holders of restructured bonds, according
to Bloomberg News.  Argentina defaulted for a second time in 13
years on July 30 after U.S. District Judge Thomas Griesa blocked
an interest payment because Argentina refused to abide by the
ruling, Bloomberg News notes.

"An application of a stay, that is a suspension of the ruling, is
clearly necessary to establish conditions for negotiation from the
first quarter of next year with all creditors that haven't taken
part in the exchange," Mr. Capitanich said in his daily news
conference, Bloomberg News notes.

Bloomberg News discloses that the statement marked the first time
Argentina indicated it would negotiate once a "Rights Upon Future
Offers" clause expires in rules governing restructured bonds,
obliging Argentina to offer creditors that accepted 30 cents on
the dollar in 2005 and 2010 the same terms as any improved offer.
President Cristina Fernandez de Kirchner has argued that paying
holdout creditors led by billionaire Paul Singer's Elliott
Management Corp. an estimated US$1.6 billion would trigger further
claims of as much as US$120 billion, Bloomberg News relays.

Mr. Capitanich related in a statement that the government's
position regarding the debt case hasn't changed since Judge Griesa
removed the stay, Bloomberg News notes.

"What Argentina has said publicly and emphatically is that it is
disposed to dialog to establish negotiation conditions that
involve 100 percent of bondholders in conditions that are equal,
reasonable, legal, fair and sustainable," Mr. Capitanich said,
according to the statement, Bloomberg News relays.

Bond prices have held above their five-year average on speculation
that President Fernandez or her successor will eventually settle
with the holdouts, paving the way for a re-entry into
international debt markets, Bloomberg News adds.

                          *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court-
appointed mediator ended without resolving a standoff between the
country and a group of hedge funds seeking full payment on bonds
that the country had defaulted on in 2001.  A U.S. judge had ruled
that the interest payment couldn't be made unless the hedge funds
led by Elliott Management Corp., got the US$1.5 billion they
claimed.  The country hasn't been able to access international
credit markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, on Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.


ROMBO COMPANIA: Moody's Assigns B2 Global Senior Debt Rating
------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
assigned a B2 global local currency senior debt rating to Rombo
Compania Financiera S.A. (Rombo) twenty-eight bond expected
issuance for an amount up to ARS120 million, which will be due in
24 months. At the same time, on the National Scale, Moody's
assigned Aa2.ar local currency debt rating to the expected
issuance.

The outlook on all ratings is negative, in line with the negative
outlook on the Argentina's Caa1 issuer rating.

The following ratings were assigned to Rombo Compania Financiera
S.A.:

  ARS120 million senior unsecured debt issuance:

  B2 Global Local Currency Debt Rating

  Aa2.ar Argentina National Scale Local Currency Debt Rating

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from Rombo Compania Financiera S.A. B2 corporate
family rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

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

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

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

Rombo Compania Financiera S.A. is headquartered in Buenos Aires,
Argentina, with assets of ARS2.6 billion and equity of ARS494
million as of June 2014.


YPF SA: Seeks Deepwater Exploration Partners, CEO Says
------------------------------------------------------
Adam Williams and Pablo Gonzalez at Bloomberg News report that YPF
SA is seeking partners for deepwater exploration offshore
Argentina, its chief executive officer said.

"Most likely offshore is going to be with a partner," Chief
Executive Officer Miguel Galuccio said in an interview at the
World National Oil Companies Congress in Cancun, according to
Bloomberg News.

Argentina's 10 oil-producing provinces and the federal government
agreed Sept. 16 to revise a 1967 energy bill to include shale and
offshore exploration, according to Bloomberg News.  Mr. Galuccio
will present at a Congressional hearing Sept. 30 the bill that
would allow energy companies that invest US$250 million over a
five-year period to sell 60 percent of offshore production in
international markets without paying export taxes and 20 percent
of shale output, Bloomberg News discloses.

Bloomberg News relates that Mr. Galuccio, a former director of
Schlumberger Ltd.'s Mexican operations, has increased the Buenos
Aires-based producer's oil output by 5 percent to 84.2 million
barrels a year since his April 2012 appointment by President
Cristina Fernandez de Kirchner.  That was when she expropriated 51
percent of the company from Madrid-based Repsol SA, which
prioritized dividends over exploration, causing output to slide,
Bloomberg News notes.

Mr. Galuccio designed the company's US$37 billion, 5-year business
plan, primarily to develop Vaca Muerta, a formation the size of
Belgium that contains at least 23 billion barrels of oil in
southwestern Argentina, Bloomberg News relays.

                        Chevron's Check

Mr. Galuccio has been instrumental in getting international
partners for YPF. Chevron Corp. (CVX), the third-largest oil
company by market value, signed a memorandum of understanding with
YPF in August 2012 that 11 months later led to a development
accord, Bloomberg News notes.

Chevron's initial Vaca Muerta investment of US$1.24 billion was
later expanded and may reach as much as US$16 billion, Bloomberg
News notes.  The joint venture has drilled 130 shale wells since
then.

Capital expenditures for 2015 will be similar to the US$5.5
billion to US$6 billion range of this year, Mr. Galuccio said,
Bloomberg News notes.

"We have brought all the rigs into operation," Bloomberg News
quoted Mr. Galuccio as saying.  "Chevron has cut its check.
Everything is going as planned," Mr. Galuccio added.

In 2013, YPF signed a similar deal with Dow Chemical Corp. to
produce shale gas, Bloomberg News notes.  On Aug. 28, YPF SA and
Petroliam Nasional Bhd., signed a US$550 million accord to develop
shale oil at the world's fourth-largest deposit in Vaca Muerta.

                          Cash Cushion

The company doesn't have any immediate plans to sell bonds, Mr.
Galuccio said, adding that YPF SA is able to sell locally,
Bloomberg News relays.

"We are sitting on US$1.5 billion in cash that allows us to have
the strength to run operations without having to go to market for
the next 12 months," Bloomberg News quoted Mr. Galuccio as saying.

YPF had its first two international bond sales since 1998 in
December and April.  Argentina has been locked out of credit
markets following a record US$95 billion default in 2001.  The
government is battling with holdout creditors after defaulting for
a second time in 13 years on July 30, Bloomberg News notes.

YPF SA would like to be involved in Mexican energy projects in the
future as the country opens its doors to foreign investment for
the first time since 1938, Mr. Galuccio said, Bloomberg News
discloses.

"Unconventional in medium-term will be interesting," Mr. Galuccio
said.  "It will take some time.  Onshore and shallow water
offshore are also interesting," Mr. Galuccio added.

YPF SA is an energy company, operating a fully integrated oil and
gas chain with leading market positions across the domestic
upstream and downstream segments.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 11, 2014, Fitch Affirmed YPF S.A.'s Caa1 Global Local
Currency Issuer Rating and Baa1.ar National Local Currency Issuer
Rating.  The outlook was changed to Negative from Stable.



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


BANCO DO BRASIL: Gets OK to Book Treasury Deal as Capital
---------------------------------------------------------
Reuters reports that Brazil's central bank authorized state-run
Banco do Brasil SA to book BRL8.1 billion (US$3.4 billion) from a
capital injection made by the National Treasury as common capital
and Tier 1 capital.

The central bank decision, which Banco do Brasil unveiled in a
securities filing, is retroactive to Aug. 28, according to
Reuters.

According to the filing, the decision will help increase Banco do
Brasil's common equity ratio by 98 basis points and its regulatory
capital ratio, or the gauge used to measure how much capital a
bank has available under Basel II reules, by 20 basis points,
Reuters notes.  A basis point represents one-hundredth of a
percentage point.

As reported in the Troubled Company Reporter-Latin America on June
16, 2014, Standard & Poor's Ratings Services said its 'B+'
issue rating on Banco do Brasil S.A.'s (BdB; foreign currency:
BBB-/Stable/A-2) remains unchanged on the finalized amount for the
9.0% perpetual hybrid instruments, at US$2.5 billion.  S&P
considers these instruments to have "intermediate" equity content
as it believes they are able to absorb losses while the bank is a
going concern.  S&P don't expect the final amount to weaken the
bank's credit metrics.


BIOSEV SA: In Talks With Banks for US$210MM Loan to Refund Debt
---------------------------------------------------------------
My Next Fone reports that Biosev SA is seeking to raise $210
million loan, according to a person familiar with the transaction.

The company intends to use the funds to refinance existing debt
and the deal should close within five to six weeks, said the
person, who asked not to be named because he's not authorized to
speak publicly, according to My Next Fone.   It expects the 3 1/2-
year loan to have an interest rate of 4.75 percentage points over
the London interbank offered rate, or Libor, the report notes.

The Sao Paulo-based company reported adjusted net losses of
BRL148.5 million (US$62.3 million) in the first fiscal quarter of
2015, according to results released Aug. 14. Biosev suspended
operations in one of its units and cut 20 percent of its executive
jobs this year as it reviewed its business plans.

Natixis, Credit Agricole SA and ING Groep NV are the banks
coordinating the deal, My Next Fone adds.

Based in Sao Paulo, Brazil, Biosev S.A. produces, markets, and
exports sugar, ethanol, and renewable energy to customers in
Brazil and internationally.


BIOSEV SA: Fitch Affirms 'BB-' Issuer Default Rating
----------------------------------------------------
Fitch Ratings has affirmed Biosev S.A.'s foreign and local
currency Issuer Default Rating (IDR) at 'BB-' and its national
scale rating at 'A+(bra)'. The Rating Outlook is Stable.

Key Rating Drivers

Biosev's ratings reflect the company's large crushing capacity
combined with a differentiated business model built on clusters,
which, together with its affiliation with Louis Dreyfus
Commodities Holdings Group (LDCH Group) offers significant
competitive advantages within the sugar & ethanol industry in
Brazil. Fitch considers this affiliation as positive, as it brings
operational and financial benefits to the company on top of its
capacity to take advantage of LDCH Group's proven expertise in the
global agricultural commodities market. The ratings incorporate
Biosev's exposure to the inherent volatility of sugar prices,
currently at low levels, and the Brazilian ethanol industry
dynamics, which is strongly linked to Brazil's regulated gasoline
prices and related government energy policies. The company's
business risk also includes the exposure of its sugarcane
production to weather conditions.

The ratings also consider Biosev's moderate leverage and weak
liquidity position within the sector. The company's main
challenges are to lengthen its debt maturity profile and to
achieve FCF break even despite the downturn of the commodity
cycle. The company will continue to invest in planting and
treatment of its cane fields to improve the agricultural yields
(measured as tons of sugar cane harvested per hectare - TCH - and
kilograms of total recoverable sugar per ton of cane crushed- TRS
- both of them currently below the industry's averages) and raise
capacity utilization that will translate in operational margin
gains.

Large-Scale and Business Clusters

Biosev has the second largest crushing capacity of sugar and
ethanol global industry (36.4 million tons spread over 11 mills)
with prominent storage capacity for both products. Its hefty
storage capacity allows the company to wait for more favorable
moments to sell its products. The organization of its industrial
and agricultural assets around clusters generates operating
synergies as well as secures an adequate supply of sugar cane to
its mills, helping to fend off potential competitors by imposing
high entry barriers. The mills and cane fields are located in
regions with access to good quality soil, being near Brazil's main
consumer centers and having efficient logistics access to port
terminals. The company produces a broad portfolio of products and
some of its plants are able to export ethanol to the United
States.

Fitch expects no acquisitions from Biosev in the short and medium
term. After a series of acquisitions, the agency expects the new
management to improve profitability of the current assets before
moving to inorganic growth opportunities as it was in the past.
Fitch views the profitability strategy at the current moment as
positive and supportive to the current ratings.

Positive Affiliation with the LDCH Group

The affiliation with LDCH Group translates into positive synergies
and gives Biosev access to a broad range of data and information
on the current shape of the sugar and ethanol global markets,
inventory and demand levels for both products, price trends, and
the performance of foreign currencies across the globe, among
others. The LDCH Group is one of the main clients for the sugar
produced by Biosev. The adoption of efficient risk management
practices has been reflecting positively on the attractive level
of hedged sugar prices (USD19.37 cents/lb for the 2014/2015
season, as of June 30, 2014) and has also helped to reduce the
impact of the recently FX volatility.

Weak Liquidity to Improve; Manageable Debt Profile
Fitch expects Biosev to improve its weak liquidity position in the
short term. As of June 30, 2014, its cash and marketable
securities of BRL1.2 billion covered 56% of its short-term debt of
BRL2.2 billion, under Fitch's criteria, which includes the
proceeds received from the LDCH Group in the form of advances for
future delivery of very high polarization (VHP) sugar, tax
refinancing, derivatives, and leased land expenses multiplied by a
factor of five. This coverage ratio improves to 84% when CFFO is
added to the cash position. Both ratios unfavorably compare to 83%
and 122%, reported in March 31, 2014, respectively. Positively,
the company has not faced difficulties to roll over short-term
debt. Total debt of BRL7.8 billion, under Fitch's metrics, which
also includes the proceeds received from the LDCH Group in the
form of advances for future delivery of very high polarization
(VHP) sugar, which in turn is treated by the agency as inter-
company loans used in the financing of Biosev's working capital
needs. This debt has lower refinancing risk when compared to
regular bank debt due to its inter-company nature. As of June 30,
2014, 68.5% of Biosev's debt was in foreign currency, hedged by
sugar exports and a conservative hedge policy against Fx
fluctuations.

High Capex Pressures FCF

Fitch expects Biosev to report negative FCF until the 2015/2016
season given the large investments needed to improve productivity
of its cane fields and capacity utilization. In the LTM ended June
30, 2014, cash flow from operations (CFFO) amounted to BRL623
million, which unfavorably compares to BRL879 million attained in
March 31, 2014. CFFO was impacted by the retention of sugar
inventories in expectations of better international prices towards
the end of the 2014/2015 season. In the LTM ended June 30, 2014,
CFFO was not enough to cover the capex of BRL1.1 billion, leading
to a negative FCF of BRL496 million, which unfavorably compares to
the negative FCF of BRL247 million registered in FY14.

Moderate Leverage to Remain

The ratings incorporate that Biosev will be able to keep moderate
leverage ratios adjusted for leased land obligations within 3.5x
to 4.5x in the coming years. In Fitch's view, the company's
capacity to deleverage will depend on its ability to improve cane
quality yields and reduce idle capacity of its mills in order to
dilute fixed costs and benefit operational cash flow generation.
More attractive sugar an ethanol prices will also play an
important role on future credit metrics. Biosev has been taking
initiatives to increase EBITDAR margin, which includes the closing
of one mill (Jardest) and reduction of personal costs. In the LTM
ended June 30, 2014, net revenues amounted to BRL4.1 billion and
EBITDAR reached BRL1.5 billion, bringing the EBITDAR margin to
36.4%. In the LTM June 30 2014, the adjusted net debt-to-EBITDAR
stood at 4.4x.

Rating Sensitivities
Future developments that may, individually or collectively, lead
to a negative rating action include:

  -- Adjusted leverage, measured by net adjusted debt to EBITDAR,
     of 4.5x or above on a sustainable basis;

  -- Cash plus CFFO over short term debt below 1.0x.

Although unlikely in the near term, future developments that may,
individually or collectively, lead to a positive rating action
include:

  -- Net adjusted leverage to levels of 3.5x or below,
     sustainably;

  -- More favorable business profile for the sugar and ethanol
     sector.


INVEPAR: Fitch Affirms 'BB-' Issuer Default Ratings
---------------------------------------------------
Fitch Ratings has affirmed Investimentos e Participacoes em
Infraestrutura S.A. -- Invepar's (Invepar) foreign and local
currency Issuer Default Ratings (IDRs) at 'BB-' and Long-term
national scale rating at 'A(bra)'. The Rating Outlook is Stable.
The affirmation of the ratings is supported by the development of
Invepar's portfolio during 2013 and first half of 2014, which
reduces the uncertainties on the trends of its future cash flow
generation. These factors mitigate the fact that Invepar's
financial profile remains aggressive in a consolidated basis and
has slightly weakened during 2014 due to additional debt at the
holding level in order to support the equity requirements in its
operating project subsidiaries. The rating reflects the structural
subordination to debt issued at the project levels and the
dependence on dividend generation to serve the debt.

The ratings remain based on the maintenance of Invepar's
diversified portfolio of assets in low-risk industries that are
related to Brazil's transportation infrastructure sector and on
the expectation of stable operating cash flow, and consequently,
dividend generation, as the projects mature. The ratings also
reflect the company's highly leveraged capital structure, mostly
through project finance debt at the operating project
subsidiaries, with moderate leverage at the holding level. At
least until 2017, debt service is mainly supported by dividend
generation by Linha Amarela S.A. (LAMSA, rated 'A(bra)'/Stable),
and Concessao Metroviaria do Rio de Janeiro S.A. (MetroRio, NR),
as most of the other operating project subsidiaries continue to
undergo investments and ramp-up phases. Over the past two years,
Invepar has benefited from the proven financial support from its
main shareholders, which was a key factor to Invepar's current
capital structure.

Key Rating Drivers

Low Business Risk and Growing EBITDA

Invepar's ratings continue to reflect the group's diversified
portfolio within Brazil's transportation infrastructure sector.
The 12 concessionaires owned by Invepar are well distributed in
the toll road, airport, and mass transit segments, which generally
allow for stable and predictable cash flow generation. As of June
2014, nine out of a total of 12 concessionaires were operational.
Nonetheless, most are still under ramp-up phase, and are expected
to generate dividends after 2018 - 2020.

Invepar's main assets are LAMSA, Concessionaria Auto Raposo
Tavares (CART), Via Parque Rimac (VPR) and Concessionaria Via 040
S.A (Via 040)- all toll road project subsidiaries; MetroRio, the
subway system in the city of Rio de Janeiro; and Concessionaria
Aeroporto Internacional de Guarulhos (GRU Airport). Invepar's
portfolio also includes Concessionaria Litoral Norte S.A. - CLN
(CLN)and participation on five other projects: Concessionaria
Bahia Norte S.A. (CBN), Concessionaria Rota do Atlantico S.A.
(CRA), Concessionaria Via Rio S.A. (Via Rio), Concessionaria VLT
Carioca (VLT Carioca) and Concessionaria Rio Teresopolis S.A.
(CRT). Invepar also holds a non-operational company, Metrobarra
S.A. (Metrobarra), whose sole asset is a call option to purchase
the concession contract of an additional subway line in the city
of Rio de Janeiro, and Passe Expresso S.A. (PEX), an automated
vehicle identification service company.

Financial Flexibility Provided by Shareholders

Invepar passed a significant expansion plan over the last three
years, with relevant support from its shareholder, which benefited
its stand alone and consolidated capital structure. The
shareholders of Invepar are the three largest Brazilian pension
funds, Previ, Funcef and Petros, along with Group OAS (Fitch rated
IDR of 'B+'; national rating 'BBB+(bra)'), one of the largest
companies in Brazil's heavy construction sector. The support of
these shareholders is a key rating consideration. Between 2009 and
2012, these entities jointly provided Invepar with around BRL3
billion of cash to fund its growth.

Fitch understands that, despite higher leverage at the holding
level, shareholder potential support is likely based on the track
record of capital injections since 2009. The agency considers that
new injections, although unlikely in the short-term, may occur in
scenarios of a higher economic and/or debt market volatilities.

Strength of EBITDA Generation; Performance Risks Diminished

Invepar has reported significant increases in its consolidated
EBITDA generation, resulting from the maturing of recent projects
and the start-up of pre-operational assets. In 2013, the
consolidated EBITDA, which takes into account the proportional
stakes of Invepar in its subsidiaries, more than doubled, due to
significant improvements in GRU Airport and the addition of VPR to
the company's portfolio. During this period, consolidated EBITDA
reached BRL851 million, compared to BRL407 million in 2012, and
BRL343 million in 2011. EBITDA margins also increased, reflecting
the elimination of non-operating expenses. This margin (calculated
over net revenues, and disregarding construction revenues)
increased to 46% in 2013, from 37% in 2012. As of June 2014,
Invepar's consolidated proforma EBITDA over the previous twelve
months reached BRL1.0 billion, with margin of 49%.

Leverage is High and Should Remain So

According to Fitch's base case scenario, Invepar's consolidated
net adjusted debt-to-EBITDAR ratio, excluding debt non-recourse
project finance debt, is expected to remain high, close to 7.5
times by the end of 2014. This level of leverage is higher than
the company's net adjusted debt-to-EBITDAR ratios up to 2011,
close to 6.0x. The high leverage levels are partially mitigated by
the potential cash generation from the projects under development.
In June 2014 LTM, the total leverage excluding also the debt
supported by ESA was 6.9x and the net leverage was 4.5x. On June
30, 2014, in a consolidated and proforma basis, considering the
proportional stake of Invepar in its assets, the company presented
total debt of BRL12.7 billion (including BRL5.7 billion of
concession obligations) and cash and marketable securities of BRL
1.9 billion. The recourse debt and debt supported by ESA was
BRL5.2 billion. The holding's debt was BRL390 million due in 2016,
and its cash, BRL30 million.
Holding's Cash Flow is tight up to 2017.

Fitch's base case scenario estimates that dividends received by
Invepar up to 2017, in order to serve the interest expenses on its
debt, will come primarily from Lamsa, CRT and Metro Rio (the
former, from 2016 onwards). The projection is that Invepar will
receive BRL100 million to BRL120 million, during 2015 and 2016,
and it will increase to about BRL200 million in 2017, benefited
from the beginning of dividends distributed from MetroRio in 2016.
In 2013, Invepar received BRL135 million of dividends, BRL128
million from Lamsa and BRL7.0 million from CRT. In 2014, Invepar
should receive around BRL85 million from these subsidiaries.

Rating Sensitivities

Rating upgrades are unlikely in the medium term. However, a
decline in recourse debt level for a sustained period of time
could trigger a positive rating action.

Invepar's ratings could be downgraded if there should be a
significant deterioration in the group's operating performance,
mainly Lamsa, preventing Invepar to receive the expected flow of
dividends. Acquisitions and investments financed by additional
holding company debt could also trigger a negative rating action.


SIFCO SA: U.S. Court Hearing on Adjourned to Oct. 22
----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
adjourned to Oct. 22, 2014, the hearing on SIFCO SA's petition to
recognize its reorganization proceedings launched in Brazil as a
foreign main proceeding.  Objections, if any, are due by Oct. 15.

SIFCO's reorganization proceedings under Brazilian insolvency law
are pending before the Vara de Falencias e Recuperacoes Judiciais
da Comarca de Sao Paulo/SP.

                          About SIFCO SA

Brazilian company SIFCO SA began its operations in 1958, and today
it believes that it is the sole producer and supplier of front
axles and I-beams for trucks and buses in South America.  SIFCO's
management and engineers are located outside Sao Paulo, Brazil in
the City of Jundiai, Brazil, where it also maintains manufacturing
and foundry facilities.

In the 1960s, SIFCO was dedicated to supplying the then-recently
created domestic Brazilian automotive industry. Eventually, SIFCO
began producing high technology forging components in compliance
with the most comprehensive requirements of several automotive
industry segments, such as tractors and agricultural machines,
among others.

SIFCO commenced a bankruptcy restructuring in Brazil on April 22,
2014.  A day later, on April 23, it filed a Chapter 15 petition in
U.S. Bankruptcy Court (Bankr. S.D.N.Y. Case No. 14-bk-11179) in
Manhattan, New York.

SIFCO distributes products in the U.S. through Westport Axle
Corp., which was a subsidiary until it was sold in late 2013.  The
petition shows assets of less than $500 million and debt exceeding
$500 million.  SIFCO has $75 million outstanding on senior secured
notes with Bank of New York Mellon Corp. as agent.

SIFCO is owned by Sifco Metals Participacoes S.A. which is a
privately owned company.

SIFCO is represented in the U.S. proceedings by Duane Morris LLP,
in New York.


USINAS SIDERURGICAS: CEO Fired as Ternium Says Pact Violated
------------------------------------------------------------
Juan Pablo Spinetto and Ney Hayashi at Bloomberg News report that
Usinas Siderurgicas de Minas Gerais SA fired its Chief Executive
Officer Julian Eguren, a move that shareholder Ternium (TX) SA
said stems from a fight among the company's controllers.

Mr. Eguren will be temporarily replaced by Romel Erwin de Souza,
the Belo Horizonte, Brazil-based company known as Usiminas said in
a regulatory filing, adding that the board also approved removing
members Paolo Bassetti and Marcelo Chara, according to Bloomberg
News.  Ternium (TX), part of Usiminas' controlling group, said in
a separate statement that the decision violates a shareholder
accord between the companies that control the steelmaker,
Bloomberg News discloses.

Bloomberg News says that the dispute comes less than three years
after Ternium and Tenaris SA, both controlled by Italian
billionaire Paolo Rocca's family through the Techint Group, agreed
to pay about BRL5 billion (US$2.07 billion) for a 27.7 percent
voting stake in Usiminas, joining Japan's Nippon Steel & Sumitomo
Metal Corp. to control of the company, Bloomberg News notes.
Along with the Usiminas's workers pension fund, the group holds a
combined 63.8 percent stake in the steelmaker's voting capital,
Bloomberg News says.

As part of the deal, Eguren, who ran Ternium in Mexico, became CEO
in January 2012.

"Usiminas' shares should suffer the consequences of a lack of
agreement among the controlling group," Banco Bradesco BBI SA
analysts led by Alan Glezer said in a note to clients.  "This
negative pressure is likely to be amplified by weak conditions for
flat steel sales in Brazil in the second half of 2014," Mr. Glezer
added.

Prefered shares of Usinas Siderurgicas dropped 5.8 percent to 7.12
reais at the close in Sao Paulo Sept. 27, the lowest since July
12, 2013.  The stock, which traded at 3.2 times its three-month
daily average volume, was the worst performer on Brazil's
benchmark Ibovespa benchmark, which climbed 2.2 percent.

                        Chairman Tiebreaker

Five board members voted for the CEO's dismissal and five opposed
it, with Chairman Paulo Penido Pinto Marques breaking the tie,
according to Usinas Siderurgicas' filing, which didn't elaborate
on the management changes, Bloomberg News notes.

"The dismissal of the officers is part of a controversy that arose
within the Usiminas control group with respect to rules applicable
to the appointment of senior managers," Ternium said in its
statement obtained by Usinas Siderurgicas.  The votes cast by
members appointed by the Nippon Steel's group violated the
shareholders agreement, the statement added.

The dispute at Usiminas also emerges as steel sales in Brazil drop
with the economy slipping into recession in the second quarter,
Bloomberg News relays.  In addition, iron-ore prices have slumped
42 percent in 2014 to a five-year low, curtailing profits at
Usiminas' mining unit, Bloomberg News adds.

                    About Usinas Siderurgicas

Usinas Siderurgicas de Minas Gerais S.A. produces and sells steel
products worldwide. It is involved in the extraction of iron ore,
transforming it into steel, processing the steel products
according to the customer's specifications, providing logistics,
and delivering finished goods.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on May
9, 2014, Standard & Poor's Ratings Services revised its outlook on
Usinas Siderurgicas de Minas Gerais S.A. (Usiminas) to stable from
negative.  At the same time, S&P affirmed its 'BB+' global scale
and 'brAA+' national scale corporate credit ratings on the
company.



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


ACELAND INVESTMENT: Creditors' Proofs of Debt Due Sept. 29
----------------------------------------------------------
The creditors of Aceland Investment Ltd. are required to file
their proofs of debt by Sept. 29, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 28, 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


ASIA DRUG: Shareholder to Receive Wind-Up Report on Sept. 30
------------------------------------------------------------
The shareholder of Asia Drug Investment Ltd. will receive on
Sept. 30, 2014, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Kate Hodson / Esther Chan
          Telephone: +852 3656 6049 / +852 3656 6022
          Facsimile: +852 3656 6001


FANTASTIC HOLDINGS: Creditors' Proofs of Debt Due Oct. 7
--------------------------------------------------------
The creditors of Fantastic Holdings Limited are required to file
their proofs of debt by Oct. 7, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 29, 2014.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345)949-0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


KOREA ACE: Shareholder to Receive Wind-Up Report on Oct. 9
----------------------------------------------------------
The shareholder of Korea Ace Mortgage 2A Company will receive on
Oct. 9, 2014, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Roger Priaulx
          Edel Andersen
          c/o Genesis Trust & Corporate Services Ltd.
          Midtown Plaza, 2nd Floor
          Elgin Avenue, George Town
          Grand Cayman
          Cayman Islands KY1-1106
          Telephone: (345) 945 3466
          Facsimile: (345) 945 3470


MONTANA RE: Creditors' Proofs of Debt Due Oct. 8
------------------------------------------------
The creditors of Montana Re Ltd. are required to file their proofs
of debt by Oct. 8, 2014, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 20, 2014.

The company's liquidators are:

          Kevin Poole
          Edward Bodden
          P.O. Box 10233
          171 Elgin Avenue, George Town
          3rd Floor, Willow House, Cricket Square
          Grand Cayman KY1 -1002
          Cayman Islands
          c/o Edward Bodden
          Telephone: 914-2250
          Facsimile: 949-6021


PADDINGTON ASIA: Creditors' Proofs of Debt Due Sept. 29
-------------------------------------------------------
The creditors of Paddington Asia Fund Limited are required to file
their proofs of debt by Sept. 29, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 28, 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


PADDINGTON ASIA MASTER: Creditors' Proofs of Debt Due Sept. 29
--------------------------------------------------------------
The creditors of Paddington Asia Master Fund Limited are required
to file their proofs of debt by Sept. 29, 2014, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 28, 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


SOCKS INVESTMENTS: Members to Hold Final Meeting on Oct. 8
----------------------------------------------------------
The members of Socks Investments Limited will hold their final
meeting on Oct. 8, 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:

          Wardour Management Services Limited
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302
          P O Box 10147 Grand Cayman KY1-1002
          Cayman Islands


WIMBLEDON FINANCING: Contributories to Hold Meeting on Sept. 30
---------------------------------------------------------------
The contributories of Wimbledon Financing Fund Ltd will hold their
meeting on Sept. 30, 2014, at 9:00 a.m., to establish a
liquidation committee.

The company's liquidator is:

          Christopher D. Johnson
          Chris Johnson Associates Ltd
          P.O. Box 2499
          Elizabethan Square, Shedden Road
          Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 946 0820


WIMBLEDON FINANCING MASTER: Contributories to Meet on Sept. 30
--------------------------------------------------------------
The contributories of Wimbledon Financing Master Fund Ltd will
hold their meeting on Sept. 30, 2014, at 11:00 a.m., to establish
a liquidation committee.

The company's liquidator is:

          Christopher D. Johnson
          Chris Johnson Associates Ltd
          P.O. Box 2499
          Elizabethan Square, Shedden Road
          Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 946 0820



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


AES CORP: Aims to Expand Investment in the Dominican Republic
-------------------------------------------------------------
Dominican Today reports that AES Corporation executives visited
President Danilo Medina in New York to propose its expansion and
investment in the Dominican Republic, and take advantage of the
country's favorable business climate.

In a statement, the Presidency said AES Corporation Chief
Executive Officer Andres R. Gluski and AES investor relations
director Scarlett Alvarez Uzcategui lauded the country's business
climate, which in their view have been the result of Medina's
public policies, according to Dominican Today.

The report notes that the executives of AES Dominicana, which
started generating energy in Dominican Republic in 1997, affirmed
that they try to assist the countries where they operate, with
investment in social programs to improve the quality of life of
the communities.

AES owns and operates various power plants and electricity
distribution businesses in the Dominican Republic, including a
natural gas terminal, a 319 MW facility at Andres, Boca Chica; a
236 MW open cycle gas-fired plant and a 50% stake in a coal-fired
plant of 295 MW in Itabo, San Cristobal, the report relates.

Presidency chief of staff Gustavo Montalvo and other senior
officials accompanied Medina in the meeting.

The AES Corporation is a globally diversified power holding
company that owns a portfolio of electricity generation and
distribution businesses in 20 countries. AES' assets are largely
financed on a non-recourse basis and include a combination of
regulated utilities and merchant/contracted generating facilities.
In total, AES has ownership interests in more than 40,000 MWs of
generating capacity across the globe.

                          *     *     *

As reported in the Troubled Company Reporter on May 19, 2014,
Moody's Investors Service affirmed the ratings of AES Corporation,
including the Corporate Family Rating (CFR) and senior unsecured
rating at Ba3, the Probability of Default Rating (PDR) at Ba3-PD,
the convertible Trust preferred rating at B2, the Senior Secured
Bank Credit Facility at Ba1, as well as the SGL-2 speculative
grade liquidity rating. The rating outlook for AES is stable.



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


MEXICO: Fitch Says Hurricane Unlikely to Impact Insurance Industry
------------------------------------------------------------------
Fitch believes that ratings of property/casualty insurance
companies in Mexico will not be broadly affected by Hurricane
Odile, which made landfall on September 14 along Mexico's
northeast coast. Despite being one of the worst hurricanes in
Mexican history, and impacting a major tourist area, Fitch
believes that the losses caused by Odile will be absorbed by the
insurance/reinsurance industry without causing widespread
financial stress; considering the ample solvency margins,
catastrophic reserves and reinsurance coverage of the Mexican
insurance industry.

The Mexican Insurance Institutions Association (AMIS, Asociacion
Mexicana de Instituciones de Seguro) announced on September 18 a
preliminary on the estimated economic loss of about USD900
million; which could ultimately impact 39 insurance companies that
offer catastrophic coverage. According to National's Water
Commission, Odile produced 205 km/hr. maximum sustained wind
speeds, and 4 to 10 meter waves.

Several forms of coverage will be most affected, including fire,
flood, marine, motor, and disruption in economic activity, which
is one of the most difficult coverages to evaluate the extent of
the losses. Many industries including hotels, restaurants and gas
stations have stopped their activities, and the ultimate insured
losses will depend, in part, on the speed with which businesses
can resume to normality. Several large private or government
accounts are reported to be affected as well. However, these are
mainly written under 100% facultative reinsurance covers, or
protected trough multi-layered catastrophe reinsurance.

Based on preliminary third party analysis on the damage caused to
infrastructure -- including roads, buildings, housing and motor
vehicles -- Hurricane Odile will be one of the worst in Mexican
history. Nonetheless, Fitch believes that insured losses will be
lower than the economic losses due to the following mitigating
factors: (1) the area affected by the hurricane and the country,
in general, has a low insurance penetration; (2) most of the
claims are expected to be protected by reinsurance purchased
following risk analyses using sophisticated catastrophe models;
(4) the insurance industry has accumulated an ample amount of
catastrophic reserves, and is also covered by the current
Catastrophic Fund System backed by the Mexican regulator, where
insurers are required to contribute; and (5) the insurance sector
is well capitalized and able to absorb losses of large magnitude,
even when catastrophic reserves are not incorporated by the
Mexican regulator in their capital calculations.

Insurance penetration in Mexico is only 2% of GDP, one of the
lower rates in Latin America, and it is estimated that only 5% of
Mexican homes are protected by some kind of property and casualty
insurance. Even though the area affected by Hurricane Odile is a
tourist area, it has a lower insurance penetration than other
parts of Mexico.

The current regulatory framework in Mexico follows a conservative
approach towards catastrophic risk and reinsurance protection.
Based on information gather by Fitch from various local insurers,
the typical probable maximum loss from catastrophic events would
average less than 3% of the equity capital for many companies. In
addition, due to stringent regulations, insurance companies in
Mexico have accumulated a substantial amount in Catastrophic
Reserves for natural disasters totaling USD2.3 billion, or 41% of
industry's total equity.

Ultimately, while not considered a threat to the industry as a
whole, Fitch expects insured losses from Hurricane Odile will
affect individual insurers disproportionately, and, depending on
their business specialization and/or concentration, some insurers
will be more exposed than others. Fitch will continue to analyze
information as it becomes available, and will provide additional
comments if its views change for either the markets as a whole or
for any individual company.



=================
V E N E Z U E L A
=================


CLOROX CO: Venezuela Plans to Reopen Firm's Sites
-------------------------------------------------
Pietro D. Pitts at Bloomberg News reports that Venezuela's
government said it's temporarily occupying and will reopen sites
operated by Clorox Co., after the consumer products company said
last week it will cease operations in the country.

"The workers have solicited the occupation and here is the
government of Nicolas Maduro temporarily occupying the
installations with the workers," Venezuela Vice President Jorge
Arreaza said in a broadcast on Venezuela state television,
according to Bloomberg News.

Bloomberg News notes that VP Arreaza said the government will make
further announcements about its plans to reopen sites and said
they will be inspected to ensure they can be safely "reactivated."

Bloomberg News discloses that Clorox said it would immediately
halt operations in Venezuela and try to sell its assets there,
after inflation and government-mandated price freezes made the
business unprofitable.  The company has three manufacturing sites
in the country, according to its website, Bloomberg News relays.

"Clorox Venezuela is prepared to engage in conversations with the
Venezuelan government regarding prompt, adequate and effective
compensation," the company said in a statement obtained by
Bloomberg News.

The company blamed triple-digit inflation and an almost three-
year-long price freeze, which forced it to sell products at a
loss, Bloomberg News relays.  While the government-approved price
increases this year, they were not high enough to let Clorox
Venezuela break even, Bloomberg News says.

The takeover of assets in Venezuela won't have an impact on
Clorox's fiscal 2015 financial outlook, according to the
statement, Bloomberg News relates.

Clorox is the latest U.S. company to pull back from Venezuela,
where currency controls, supply shortages and the world's highest
rate of inflation have stymied foreign investment, Bloomberg News
adds.

Clorox Co. sells products from bleach to salad dressing.


VENEZUELA: Biggest Bill Buys Buck on Black Market as Bonds Due
--------------------------------------------------------------
Anatoly Kurmanaev and Katia Porzecanski at Bloomberg News report
that a dollar fetched VEB100 on Venezuela's black market for the
first time on Sept. 26, as the government limits companies' access
to official exchange mechanisms.

A greenback traded for VEB100.5 on the Colombian border Sept. 26,
compared with the three-tiered official exchange system ranging
from VEB6.3 to VEB50, according to dolartodar.com, a rate-tracking
website, Bloomberg News notes.  This means Venezuela's largest
bill of VEB100 is worth less than the smallest bill issued by the
U.S.

Officials this month banned companies with tax arrears from
accessing the secondary currency market, pushing them to the
informal dealers, according to Tamara Herrera, chief economist at
Caracas-based consultancy Sintesis Financiera, Bloomberg News
relays.  At the same time, the government has reduced dollar
supply on the secondary markets, Ms. Financiera told Bloomberg by
telephone.

Venezuela has US$4.5 billion of bonds maturing in October,
according to data compiled by Bloomberg.  The country has less
than US$2.5 billion in liquid reserves, according to Goldman Sachs
Group Inc., Bloomberg News relays.

Officials have tried jailing traders, shuttering brokerages and
setting up four parallel exchange systems to stem the rise of the
unofficial rate in the 11 years since former President Hugo Chavez
began controlling the bolivar's price, Bloomberg News notes.
Currency controls have failed to slow the world's fastest
inflation, while leading to shortages of everything from razors to
cars, Bloomberg News relays.

Inflation reached 63.4 percent in August while according to
economists surveyed by Bloomberg gross domestic product shrank 2.1
percent in the second quarter.



=================
X X X X X X X X X
=================



* BOND PRICING: For the Week From September 22 to Sept. 25, 2014
----------------------------------------------------------------


Issuer                     Coupon   Maturity   Currency   Price
------                     ------   --------   --------   -----

BES Finance Ltd                 2.9              EUR     211913000
PDVSA                             6  11/15/2026  USD    4500000000
ESFG International Ltd          5.8              EUR      52950000
PDVSA                             6  5/16/2024   USD    5000000000
PDVSA                           5.4  4/12/2027   USD    3000000000
Mongolian Mining Corp           8.9  3/29/2017   USD     600000000
PDVSA                           5.5  4/12/2037   USD    1500000000
Hindili Industry                8.6  11/4/2015   USD     380000000
BES Finance Ltd                 4.5              EUR      95767000
Automotores Gildemeister SA     8.3  5/24/2021   USD     400000000
SMU SA                          7.8  2/8/2020    USD     300000000
NQ Mobile Inc                     4  10/15/2018  USD     172500000
Inversiones Alsacia SA            8  8/18/2018   USD     347300000
Venezuela Governement           7.7  4/21/2025   USD    1599817000
Glorious Property Holdings Ltd   13  3/4/2018    USD     400000000
Renhe Commercial                 13  3/10/2016   USD     600000000
Bank Austria                    1.9              EUR      97608000
China Precisoin                 7.3  2/4/2018    HKD    1028000000
BCP Finance Co                  2.4              EUR   99063406.25
Automotores Gildemeister SA     6.8  1/15/2023   USD     300000000
BA-CA Finance Cayman 2 Ltd        2              EUR      51481000
Argentina Bonar Bonds            26  9/10/2015   ARS    5424358000
Inversora de Electrica          6.5  9/26/2017   USD     130263886
BCP Finance Co                  4.2              EUR      72112000
Mongolian Mining Corp           8.9  3/29/2017   USD     600000000
Argentina Government            4.3  12/31/2033  JPY    5840497000
PDVSA                             6  5/16/2024   USD    5000000000
Argentina Boden Bonds             2  9/30/2014   ARS     930445250
PDVSA                             6  11/15/2026  USD    4500000000
Greenfields Petroleum Corp        9  5/31/2017   CAD      23750000
Hindili Industry                8.6  11/4/2015   USD     380000000
Argentina Government            4.3  12/31/2033  JPY    2553017000
Argentina Bocon                   2  1/3/2016    ARS    1608749924
Argentina Government            0.5  12/31/2038  JPY   21037843000
Automotores Gildemeister SA     8.3  5/24/2021   USD     400000000
Caixa Geral De Depositos Finance  1              EUR      44885000
SMU SA                          7.8              USD     300000000
Renhe Commercial                 13  3/10/2016   USD     600000000
Caixa Geral De Depositos Finance  2              EUR      65843000
Inversiones Alsacia SA            8  8/18/2018   USD     347300000
Automotores Gildemeister SA     6.8  1/15/2023   USD     300000000
BPI Capital Finance Ltd         2.9              EUR      15290000
Banif Finance Ltd               1.6              EUR      42234000
Banco BPI SA/Cayman Islands     4.2  11/14/2035  EUR      20000000
Empresas La Polar SA            3.8  10/10/2017  CLP       5000000
City of Buenos Aires Argentina    2  1/28/2020   USD     146771000
Aguas Andinas SA                4.2  12/1/2026   CLP    3289471.68
City of Buenos Aires Argentina    2  12/20/2019  USD     113229000
Venezuela Governement             7  3/31/2038   USD    1250003000
Empresa de Transporte           5.5  7/15/2027   CLP     3732799.8
Cia Cervecerias Unidas SA         4  12/1/2024   CLP       1050000
Almendral Telecomunicaciones SA 3.5  12/15/2014  CLP     644441.04
Cia Sud Americana de Vapores SA 6.4  10/1/2022   CLP     607142.76
Decimo Primer                   4.5  10/25/2041  USD      37800000
Provincia del Chaco               4  12/4/2026   USD   10111047.85
Ruta de Bosque                  6.3  3/15/2021   CLP    5062781.25
Talcan Chillan                  2.8  12/15/2019  CLP    2978764.16
EMP Ferrocarriles Estado        6.5  1/1/2026    CLP     788572.14

                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2014.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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