TCRLA_Public/141007.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, October 7, 2014, Vol. 15, No. 198


                            Headlines



A R G E N T I N A

ARGENTINA: President Says Elites Out to Topple Government


B E R M U D A

SORFORD SURETY: A.M. Best Lowers Issuer Credit Rating to 'bb'


B R A Z I L

BANCO DO BRASIL: Falls on Speculation Government Will Sell Shares
CAIXA ECONOMICA: Reveals Signs of Asset Weakness, Fitch Says
COSAN LIMITED: Fitch Assigns 'BB' Issuer Default Ratings
GALVAO PARTICIPACOES: Fitch Affirms 'B+' Issuer Default Ratings
JBS SA: Fitch Ups Currency Issuer Default Ratings to 'BB'


C A Y M A N  I S L A N D S

ACCELERATED LIFE: Creditors' Proofs of Debt Due Oct. 14
ALUXA INVESTMENTS: Creditors' Proofs of Debt Due Oct. 13
EAS CAYMAN: Creditors' Proofs of Debt Due Oct. 22
PRENTICE CAPITAL: Creditors' Proofs of Debt Due Oct. 14
PRENTICE SPECIAL: Creditors' Proofs of Debt Due Oct. 14

SKYBASE HOLDINGS: Creditors' Proofs of Debt Due Nov. 22
SMC TRANSPORATION: Creditors' Proofs of Debt Due Oct. 13
VY CAPITAL: Commences Liquidation Proceedings
WESTERN ASSET: Commences Liquidation Proceedings
WESTERN ASSET MASTER: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Union Proposes 3% Wage Increase, Hints at Unrest


P A N A M A

PANAMA: Fitch Says Deficit Request Shows Fiscal Framework Weakness


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Declines Reported in Tourism Sector
TRINIDAD & TOBAGO: CSO Reports Rise in Unemployment


V E N E Z U E L A

CITGO PETROLEUM: Venezuela's Bondholder Default Anxieties Ease


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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A R G E N T I N A
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ARGENTINA: President Says Elites Out to Topple Government
---------------------------------------------------------
Ken Parks at Daily Bankruptcy Review reports that Argentina
President Cristina Fernandez Kirchner accused local elites and
foreigners of conspiring to overthrow her government and even do
her physical harm.

In a series of back-to-back speeches spanning almost two hours,
Mrs. Kirchner told Argentines they shouldn't be worried about
alleged threats against her life by Islamic State militants,
according to Daily Bankruptcy Review.

Rather, Ms. Kirchner implied that the U.S. might try to harm her,
the report notes.

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.


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B E R M U D A
=============


SORFORD SURETY: A.M. Best Lowers Issuer Credit Rating to 'bb'
-------------------------------------------------------------
A.M. Best Co. has downgraded the issuer credit rating to "bb" from
"bb+" and affirmed the financial strength rating of B (Fair) of
Sorford Surety Insurance Co. Ltd. (Sorford) (Hamilton, Bermuda).
The outlook for both ratings has been revised to negative from
stable. The company is a subsidiary of IBT Group, LLC (IBT)
(Miami, FL), which is a subsidiary of Eurofinsa S.A. (Eurofinsa)
(Madrid, Spain).  Eurofinsa and IBT are members of a multinational
group of companies that specialize in the development, design,
construction, equipment and finance of public infrastructure
projects around the world.

Sorford's risk-adjusted capitalization is relatively adequate for
its rating level; however, the ICR downgrade reflects concerns
associated with the company's lack of sustainable business volume
since its inception in 2010 and the related deterioration of
capital and surplus due to administrative expenses.

A.M. Best is also concerned with Sorford's ability to meet the
assumptions included in its business plan, along with the impact
of economic volatility and the possibility that Sorford could be
exposed to a confluence of events that will test its capital
strength.  A.M. Best will monitor the quarterly performance of
Sorford against its stated operating plan. Any material adverse
deviations with regard to management, earnings, capitalization or
risk profile could potentially undermine the stability of the
assigned ratings.

Key triggers that could result in positive rating actions would be
Sorford generating consistent net income, limiting its losses,
meeting or exceeding its business plan and steadily improving its
credit metrics to support the ratings over the long term.


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


BANCO DO BRASIL: Falls on Speculation Government Will Sell Shares
-----------------------------------------------------------------
Denyse Godoy at Bloomberg News reports that state-controlled Banco
do Brasil SA slumped to a 12-week low on wagers the country's
sovereign fund may sell shares and on concern President Dilma
Rousseff will win her bid for re-election and maintain
intervention.

The lender dropped 5.6 percent to BRL25.75 at 12:12 p.m. on Sept.
30, in Sao Paulo, headed for its lowest level on a closing basis
since July 8, according to Bloomberg News.  That was the worst
performance on the benchmark Ibovespa, which fell 0.8 percent,
Bloomberg News relates.

Bloomberg News says that Brazil's Treasury Secretary Arno Augustin
said that the sovereign fund may be used to meet the fiscal target
for 2014.  A way to do that would be to sell the Banco do Brasil
shares that the fund holds, newspaper Valor Economico reported,
without saying how it got the information, Bloomberg News notes.

"If the fund really did that, it would mean a lot of pressure on
Banco do Brasil's shares," Karina Freitas, an analyst at the
brokerage firm Concordia, told Bloomberg News by phone from Sao
Paulo.  "This concern comes at a moment that's already negative
for stocks, with the prospect that there won't be a change in
government weighing on all the state-owned companies now," Ms.
Freitas said.

Shares of Brasilia, Brazil-based Banco do Brasil began to retreat
last month when voter polls indicated a recovery for Rousseff,
whose administration forced lenders to cut interest rates and fees
they charge customers, Bloomberg News recalls.  The stock almost
doubled through Sept. 2 from this year's low in March as support
for opposition candidates increased in pre-election surveys,
Bloomberg News relates.

The latest poll by Vox Populi, published Sept. 29, after the stock
market closed, showed Rousseff with a seven-point lead over Marina
Silva in a probable runoff, Bloomberg News says.  The poll has a
margin of error of 2.2 percentage points.

As reported in the Troubled Company Reporter-Latin America on Oct.
1, 2014, Standard & Poor's Ratings Services has raised its rating
on Banco do Brasil S.A.'s (BdB) perpetual non-cumulative
subordinated bonds to 'BB-' from 'B+'.  In addition, S&P affirmed
its 'BB' rating on the bank's $500 million 10-year subordinated
deferrable notes.  In addition, S&P removed its "Under Credit
Observation" identifier from the ratings on these instruments.


CAIXA ECONOMICA: Reveals Signs of Asset Weakness, Fitch Says
------------------------------------------------------------
Brazil's second largest government-sponsored bank, Caixa Economica
Federal has revealed modest early signs of commercial loan
deterioration in its latest reporting period ending June 30, a
negative trend that Fitch Ratings believes is likely in its early
stages.

The bank's commercial loan deterioration is being driven by
challenging economic conditions for its traditionally lower income
customer base, especially for loans to individuals (including
personal loans), where nonperforming loans (NPLs) over 90-days
past due rose to 6.13% of the gross total, up from 4.88% six
months prior. Loans to individuals are more sensitive to the
country's weak macroeconomic conditions.

Caixa's high loan growth, averaging about 40% over past three
years, and the tepid macroeconomic outlook for 2015 point to the
deterioration getting worse over the near term. Favorably for
Caixa, the bank's mortgage loan book, roughly 55% of its total
loan balance, is showing no signs of weakening and remains below
the total loan book's overall average 90-day NPL rate.

Weaker commercial loan asset quality has yet to manifest at the
Caixa's two government-sponsored peers, Banco do Brasil (BB), and
Banco Nacional de Desenvolvimento Economico e Social. Fitch
believes that Banco do Brasil, however, will be more vulnerable to
asset quality deterioration in the near term, as similar to Caixa,
BB has also exhibited stronger loan growth than the overall
market. Neither bank however, has grown at the rate of Caixa.

Fitch considers loan growth well in excess of GDP to be a warning
sign that a bank may be more prone to asset quality challenges in
the future. High loan growth can mask the increase in impaired
loans and NPLs on a relative basis. Further, since loan
impairments usually start appearing once loans start to mature and
season, it takes time for an uptick in the impairment ratio to
become obvious.

Caixa' loan growth is still high, but is slowing relative to the
recent past. As of June 2014, Caixa's loans grew at a 28% rate
year-on-year. The bank's growth guidance for 2014 is 22%-25%.
Decelerating loan growth and the seasoning of loans is likely to
be playing a role in the increase in impairment.

Caixa's overall 90-day past due commercial NPLs (including loans
to individuals and to businesses) rose to 4.62% as of June 30, a
1.12% increase over the 3.50% rate at the end of December 2013.
Commercial loans to companies also experienced an uptick, rising
to 3.11% from 2.21% as of year-end 2013.


COSAN LIMITED: Fitch Assigns 'BB' Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has assigned foreign and local currency Issuer
Default Ratings (IDRs) of 'BB' to Cosan Limited. The Rating
Outlook is Stable.

Key Rating Drivers

Cosan Limited's ratings reflect the sound business model of Cosan
S.A Industria e Comercio (Cosan; foreign and local currency IDRs
of 'BB+' and long-term national scale rating of 'AA(bra)' by
Fitch), based on the continuing contribution from a diversified
asset portfolio and predictable cash flow businesses that partly
softens the inherent volatilities of the sugar and ethanol
industry. The ratings also incorporate Cosan Limited's low
leverage and satisfactory liquidity on a standalone basis.

The ratings are limited by the group's aggressive expansion plan.
The imminent merger with America Latina Logistica S.A. (ALL) is
expected to have a negative impact on Cosan Limited's consolidated
financials and slow down the potential deleveraging process of the
group. The one-notch difference compared to the ratings assigned
to Cosan is due to the possibility of new debt being issued by
Cosan Limited to finance new acquisitions and the group's
aggressive expansion plan. The ratings incorporate the holding
company nature and inherent structural subordination of Cosan
Limited's debt and the links between the company's operating cash
flows to dividends received from Cosan.

Holding Company Nature
Cosan Limited is a non-operating holding company that holds a 62%
interest in Cosan, the holding company that controls the group's
business units in Brazil. The main components of Cosan Limited's
cash flows are the dividends received from Cosan and the dividends
paid out to its shareholders.

Sound Business Platform
The group has been reporting the increasing contribution of a more
diversified asset portfolio and more predictable cash flows. This
has been reducing the relative importance of the sugar and ethanol
industry, which presents historically high volatility. Currently,
under the new accounting practices, the majority of Cosan
Limited's consolidated EBITDA comes from relatively steady
operations, such as distribution of natural gas, lubricants and
logistics. The sugar and ethanol business, as well as downstream
activities, are accounted for through the equity method and
therefore they affect Cosan Limited's consolidated financial
performance only through the dividends flow.

On a pro-forma basis, Fitch estimates that around 40% of the
group's EBITDA comes from sugar and ethanol activities, while the
remaining portion is generated by more stable businesses. Cosan
Limited has reported a steady increase in dividends received
despite the adverse scenario for sugar and ethanol companies in
Brazil. Dividends received from Cosan amounted to BRL288 million
in the last 12 months (LTM) ended June 30, 2014, which compares
favorably with BRL196 million reported for the nine months ended
Dec. 31, 2013.

Low Leverage at Holding Level
Cosan Limited posted low leverage on a standalone basis as of June
30, 2014, compared with moderate consolidated leverage. At the
holding company level, Cosan Limited's leverage measured as net
debt-to-EBITDA plus dividends received was near 1x. On a
consolidated basis, the net adjusted debt-to-EBITDAR was 3.6x when
dividends received from non-consolidated subsidiaries are factored
into EBITDAR figures.

The imminent merger with ALL is expected to have a negative impact
on Cosan Limited's consolidated financials and slow down the
deleveraging process of the group. Assuming the successful
conclusion of the deal with ALL, Fitch believes the expected
deleveraging process will be postponed to 2016 when the group is
expected to bring leverage ratios down to current levels. Fitch
performed another projected scenario under which the deal is not
concluded. In this case, Cosan Limited's consolidated net leverage
falls to below 3x as soon as 2015. The merger is still pending
approval from Brazilian government authorities.

Satisfactory Liquidity
Cosan Limited posted healthy debt coverage ratios on a standalone
basis as of June 30 2014. The company's cash plus dividends
received covered its short-term debt by 3.7x as of June 30 2014.
Cosan Limited posted a cash position of BRL20 million and total
debt of BRL267 million, of which short-term debt was BRL71
million.

Cosan Limited's total debt consisted of bank debt taken on to
finance the acquisition of Cosan's shares. The group's strong
financial flexibility relative to its access to the debt and
capital markets, in combination with dividends received from
Cosan, ensures strong refinancing capacity for Cosan Limited. The
dividends received from Cosan have historically exceeded the
dividends paid to Cosan Limited shareholders and the balance is
expected to be large enough to cover the expected debt service for
the next years.

Fitch does not expect Cosan Limited to raise new bank debt in the
short-term, with the only exception being the refinancing of
maturities under its existing BRL267 million debt. For the medium
term, Fitch incorporates the possibility of Cosan Limited taking
on new debt to finance the group's aggressive expansion plan and
acquisitions.

Rating Sensitivities

Fitch will be monitoring the conclusion of the ALL acquisition and
a negative rating action could arise depending on on the
realization of a potential sizeable capex program at ALL. A
downgrade could be triggered if Cosan Limited fails to deleverage
to below 3.0x on a consolidated basis in the medium term.

An upgrade is unlikely in the short- and medium-term as the
group's growth strategy should continue to make difficult a
relevant deleveraging process.


GALVAO PARTICIPACOES: Fitch Affirms 'B+' Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings (IDRs) of Galvao Participacoes S.A. (GALPAR) at
'B+' and its national long-term rating at 'BBB+(bra)'. Fitch has
also affirmed the national long-term rating of its fully owned
subsidiary Galvao Engenharia S.A. (GESA) at 'BBB+(bra)'. The
Rating Outlook remains Stable.

Key Rating Drivers

The ratings for GALPAR and GESA incorporate the group's long and
proven expertise on the engineering and civil construction sector,
which is the main cash generator, and the positive business
diversification. The Galvao group has potential improvements
coming from the water and wastewater sector through CAB Ambiental
S.A.'s (CAB) concessions and should benefit from the robust sector
fundamentals of the toll road segment through the recent acquired
concession of BR-153. The favorable outlook for the infrastructure
sector in Brazil and GESA's scale as the sixth largest contractor
in Brazil were taken into account. Fitch considers GALPAR's
consolidated net leverage as moderate, which should be mitigated
by a more robust cash position and the refinancing of the high
short-term debt in the near future. The recent sale of energy
assets was considered as positive to the group.

Ratings are constrained by the inherited volatility and
cyclicality of the construction business and the large exposure to
government clients, which demands high working capital to support
erratic payments. Fitch also takes into account that the group
generates the majority of its revenues domestically. The corporate
governance practices need to improve.

The ratings of GALPAR and GESA are the same, given the mutual
financial and operating support and cross guarantees provided.
GESA should continue in the medium term to provide support to its
affiliates in the form of debt guarantees, and indirectly through
dividends streamed up to GALPAR.

FCF Momentarily Pressured

GALPAR and GESA FCF are momentarily pressured, but expected to
improve in the short term. Over the LTM ended June 30, 2014, GESA
generated a negative CFFO of BRL487 million, which unfavorably
compares to a positive CFFO of BRL201 million in 2013. This result
led GESA's FCF to a negative BRL764 million, which unfavorably
compares to a negative FCF of BRL100 million in 2013. GESA's
performance carried GALPAR's consolidated results in the same
direction and magnitude. There is a natural mid-year effect that
pressures results, as heavy constructors tend to receive most of
its invoices from governmental clients only by year-end. The cash
flow is also affected by the working capital needs of BRL980
million in the LTM, as GESA discuss some important claims with
Petrobras in the amount of BRL830 million. Fitch understands that
delays in receiving claims is part of the heavy construction
business and expects FCF to normalize at the end of 2014.

Tight Liquidity, Expected to Improve

GALPAR and GESA closed mid-year results with a low cash coverage.
As of June 30, 2014, GALPAR and GESA reported, on a consolidated
basis, cash positions of BRL272 million and BRL183 million,
respectively, which covered only 32% and 49% of their short term
debts of BRL847 million and BRL371 million. In contrast, coverage
ratios reached 123% and 307% in Dec. 31, 2013. On the debt side,
the pressure comes from the short-term debt used by CAB Cuiaba S/A
and other units of CAB Ambiental to support the concessions'
payments. Fitch expects these loans to be replaced by long-term
debt in the short-term. On the cash side, the aforementioned
delays in receiving claims and the seasonal mid-year effect also
pressured liquidity. Fitch anticipates an improvement in GALPAR's
and GESA's liquidity towards the YE14.

Adequate Capital Structure

Fitch expects GALPAR and GESA to maintain an adequate capital
structure in the foreseeable future. As of June 30, 2014,
consolidated net leverage was 3.8x and 3.2x, respectively, which
favorably compares to 8.5x and 4.4x reported in June 30, 2013. As
of Dec. 31, 2013, net leverage reached 2.3x and 1.4x,
respectively, and Fitch believes a direct comparison of June and
December figures is hindered by the intrinsic mid-year seasonality
of the sector.

Positive Business Diversification

Fitch believes Galvao Group will continue to analyze opportunities
in water/wastewater sector, as well as in logistic concessions
(roads, railways, ports, airports, among others) over the next
years. Fitch views this initiative as positive, as in the first
moment these projects generate backlog for GESA, and in the future
they will provide the group with a more predictable revenues to
smooth the inherited volatility of the construction business.
Those businesses tend to have better EBITDA margin than the
construction segment. In the LTM ended on June 30, 2014, GALPAR
revenues reached BRL4 billion and EBITDA of BRL503 million led to
an EBITDA margin of 12.7%.

Robust Backlog Secures Revenues

Fitch believes that GESA robust backlog improves revenue
visibility over the next two to three years. The company ended
June 2014 with a robust BRL9.2 billion backlog, equivalent to 2.3
years of operation, all else held equal. This favorably compares
to the BRL6.6 billion (1.6 year) at the end of 2013. The growth
came mainly from the BR-153 EPC contract. On the other hand, the
fact that GESA operates predominately in Brazil, makes it more
exposed to local economic downturns compared to some of its peers
that generate from 30% to 70% of their revenues abroad. The
company has been able to reduce its backlog concentration by
capturing new contracts and clients. For instance, GESA has
reduced the backlog exposure from Petrobras to less than 20% in
June 30, 2014 from 50-60% in Dec. 31, 2011.

No Dividends Over the Next Five Years
GALPAR, which is the ultimate company of the group before the
family holdings, will not distribute dividends over the next three
to five years. The same decision has been applied to CAB. The
rationale is to create a cash cushion to support the expansion of
the group in the water & sewage segment and logistic concessions
(roads, railways, ports, airports, among others). The only unit
that will continue to pay dividends is GESA. Fitch sees this
decision as supportive for the current ratings.

Rating Sensitivities

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

-- Significant backlog reduction and interruption of relevant
works;
Galpar's consolidated cash/short-term debt consistently below
0.8x;
Galpar's consolidated net leverage above 4.5x.

Future developments that may, individually or collectively, lead
to a positive rating action include:

-- Relevant improvements in the group's operational performance;
-- Consistence maintenance of adequate operating margins combined
with robust liquidity and lengthened debt maturity profile;
-- Galpar's consolidated net leverage below 3.5x on a consistent
basis;
-- Improvements in Corporate Governance.

Fitch has affirmed GALPAR and and GESA's ratings as follows:

Galvao Participacoes S.A. (GALPAR)
-- Long-term foreign currency IDR at 'B+';
-- Local currency IDR at 'B+';
-- Long-term national rating at 'BBB+(bra)';
-- BRL300 million senior guaranteed notes due 2020 at 'BBB+(bra)';

Galvao Engenharia S.A. (GESA)
-- Long-term national rating at 'BBB+(bra)';

The Rating Outlook for the corporate ratings is Stable.


JBS SA: Fitch Ups Currency Issuer Default Ratings to 'BB'
---------------------------------------------------------
Fitch Ratings has upgraded JBS S.A.'s (JBS) foreign and local
currency Issuer Default Ratings (IDR) and senior unsecured notes
to 'BB' from 'BB-'.

Fitch has also affirmed and withdrawn the IDRs of JBS Finance II
Ltd. and JBS USA Finance Inc. Both are special purpose companies,
and Fitch no longer considers their ratings to be relevant to the
agency's coverage.

The Rating Outlook is Stable. A full list of JBS' ratings follows
at the end of this release.

The upgrade reflects JBS' improved business profile following its
successful integration of Seara Brazil (Seara), whose well-branded
and less volatile operation has enhanced JBS' business portfolio.
The upgrade also reflects the company's strong products and
geographical diversification, as well as the successful
integration of several businesses over the past few years. Fitch
expects the company to report strong performance in all of its
divisions in 2014 and 2015. JBS' ratings are tempered by its
acquisition appetite for growth.

Key Rating Drivers

Solid Business Profile:
JBS' ratings are supported by its strong business profile as the
world's largest beef and leather producer. With the acquisition of
Seara from Marfrig Alimentos S.A. (Marfrig) in 2013, JBS became
the second-largest producer of processed meats in Brazil. The
company's product and geographic diversification help mitigate
risks related to disease and trade restrictions.

Industry Fundamentals:

The fundamentals of the Brazilian beef industry remain positive
due to the low cost structure, potential productivity gains and
revenue growth momentum derived from strong international demand.
In addition, in July 2014, China removed its embargo of Brazilian
beef, which will benefit exports. This positive trend, however, is
somewhat offset by high cattle prices, the slowdown of the
Brazilian economy, and an abundant cattle herd that is reaching
peak levels. This could pressure EBITDA margin of the main players
in the industry during 2015. The USA beef industry remains
difficult due to the shortage of the cattle herd but the shutdown
of industry capacity is gradually improving companies'
profitability.

Moderate Leverage:

Fitch expects JBS' net debt-to-EBITDA ratio to organically fall to
below 3.0x by the end of 2014 due to its strong EBITDA improvement
and positive FCF generation. Given the acquisitive nature of the
company, Fitch has built in an expectation of debt-financed
acquisitions that could potentially increase the company's
leverage ratio. Nevertheless, JBS' leverage should remain in line
with the 'BB' rating category.

Solid Performance:

JBS has reported strong sales and EBITDA growth during 2Q'14. Its
net revenues increased by 32.1% to BRL29 billion, and its EBITDA
increased by 45.9% versus 2Q'13. The company's strong performance
is due to an improvement in revenues from all business units,
except for the U.S. chicken operations (Pilgrim's Pride), which
remained stable. The Seara acquisition also contributed to growth.
Fitch expects the recent decline of commodity prices, notably corn
price to be supportive to the group's overall profitability in
2015.

Acquisition Risk:

Considering JBS' acquisitions history, Fitch believes that the
company will continue to pursue growth opportunities to strengthen
its business profile. The group made a failed attempt to buy
Hillshire brands company through an initial bid at USD6.4 billion
in May 2014. Subsequently, JBS announced the acquisition of Tyson
Foods, Inc.'s poultry businesses in Brazil (USD175million) and
Mexico (USD400 million) and assets of Ceu Azul in Brazil (BRL246
million). Some of these acquisitions are depending upon the final
approval from CADE, the Brazilian antitrust authority.

Rating Sensitivities

A downgrade could be precipitated by an increase in JBS' net
leverage ratio above 4x-4.5x on a sustained basis due to a sharp
contraction of its operating margins, negative FCF generation,
and/or a significant debt-funded acquisitions.

An upgrade could result from the company's consistent positive FCF
generation and resilience of its operating margins backed by
business diversification leading to its net leverage ratio falling
towards or below 2.5x on a sustained basis.

Fitch has taken the following rating actions:

JBS S.A.:
-- Foreign & local currency IDR upgraded to 'BB' from 'BB-';
-- National scale rating upgraded to 'A+ (bra)' from 'A-(bra)';
-- Notes due 2016 upgraded to 'BB' from 'BB-';
-- Debentures upgraded to 'A+(bra)' from 'A-(bra)'.

JBS USA LLC:
-- Foreign and local currency IDR upgraded to 'BB' from 'BB-';
-- Term loan B facility due in 2018 upgraded to 'BB+' from 'BB';
-- Notes due 2020, 2021 upgraded to 'BB' from 'BB-'.

JBS USA Finance, Inc:
-- Foreign and local currency IDR upgraded to 'BB' and withdrawn;
-- Notes due 2020, 2021 upgraded to 'BB' from 'BB-'.

JBS Investments GmbH
- Notes due 2020, 2023, 2024 upgraded to 'BB' from 'BB-'.

JBS Finance II Ltd:
-- Foreign and local currency IDR upgraded to 'BB' and withdrawn;
-- Notes due 2018 upgraded to 'BB' from 'BB-'.


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C A Y M A N  I S L A N D S
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ACCELERATED LIFE: Creditors' Proofs of Debt Due Oct. 14
-------------------------------------------------------
The creditors of Accelerated Life Settlement Growth Fund PLC are
required to file their proofs of debt by Oct. 14, 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:

          Wil Graham
          400 Thames Valley Park Drive, Reading, RG6 1PT
          United Kingdom.
          Telephone: +44 207 0795878
          Facsimile: +44 207 0795852


ALUXA INVESTMENTS: Creditors' Proofs of Debt Due Oct. 13
--------------------------------------------------------
The creditors of Aluxa Investments Ltd are required to file their
proofs of debt by Oct. 13, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 1, 2014.

The company's liquidator is:

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


EAS CAYMAN: Creditors' Proofs of Debt Due Oct. 22
-------------------------------------------------
The creditors of EAS Cayman Islands Ltd. are required to file
their proofs of debt by Oct. 22, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 28, 2014.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          Landmark Square, 2nd Floor
          64 Earth Close Seven Mile Beach
          P.O. Box 30116 Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


PRENTICE CAPITAL: Creditors' Proofs of Debt Due Oct. 14
-------------------------------------------------------
The creditors of Prentice Capital Offshore, Ltd are required to
file their proofs of debt by Oct. 14, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 1, 2014.

The company's liquidator is:

          John Sutlic
          Telephone: (345) 938-2707
          P.O. Box 30902 Grand Cayman, KY1-1204
          Cayman Islands


PRENTICE SPECIAL: Creditors' Proofs of Debt Due Oct. 14
-------------------------------------------------------
The creditors of Prentice Special Opportunities Offshore, Ltd are
required to file their proofs of debt by Oct. 14, 2014, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 1, 2014.

The company's liquidator is:

          John Sutlic
          Telephone: (345) 938-2707
          P.O. Box 30902 Grand Cayman, KY1-1204
          Cayman Islands


SKYBASE HOLDINGS: Creditors' Proofs of Debt Due Nov. 22
-------------------------------------------------------
The creditors of Skybase Holdings Limited are required to file
their proofs of debt by Nov. 22, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 29, 2014.

The company's liquidator is:

          Chen Yong Hai
          c/o Michelle R. Bodden-Moxam
          Portcullis TrustNet (Cayman) Ltd,
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman, KY1-1208
          Cayman Islands


SMC TRANSPORATION: Creditors' Proofs of Debt Due Oct. 13
--------------------------------------------------------
The creditors of SMC Transporation Limited are required to file
their proofs of debt by Oct. 13, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 1, 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


VY CAPITAL: Commences Liquidation Proceedings
---------------------------------------------
On Sept. 2, 2014, the sole shareholder of VY Capital Fund Ltd
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Jason Hughes
          c/o Maples and Calder
          Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


WESTERN ASSET: Commences Liquidation Proceedings
------------------------------------------------
On Sept. 1, 2014, the sole shareholder of Western Asset Global
Alpha Opportunities, Ltd resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          Gavin L. James
          c/o Walkers
          190 Elgin Avenue George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


WESTERN ASSET MASTER: Commences Liquidation Proceedings
-------------------------------------------------------
On Sept. 1, 2014, the sole shareholder of Western Asset Global
Alpha Opportunities Master Fund, Ltd. resolved to voluntarily
liquidate the company's business.

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

The company's liquidator is:

          Gavin L. James
          c/o Walkers
          190 Elgin Avenue George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


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


DOMINICAN REP: Union Proposes 3% Wage Increase, Hints at Unrest
---------------------------------------------------------------
Caribbean360.com reports that the Dominica Public Service Union
(DPSU) reiterated a call for a meaningful salary increase for its
members hinting at the possibility of industry unrest in the near
future.

DPSU General Secretary Thomas Letang told a news conference that
the union had submitted counter proposal to the government's zero
per cent offer over a three-year period, according to
Caribbean360.com.

"The Dominica Public Service Union after reviewing a number of
factors we are proposing salary or wage increases of three per
cent, three per cent and four per cent respectively for the
triennium 2012/2015," the report quoted Mr. Letang as saying.

The report relates that Mr. Letang told reporters that in 2000-
2001 "we got no salary increase, in 2001-2002, two per cent and
2002- 2003, zero.

"On an average for this triennium 2000- 2003 the increase was 0.67
per cent," Mr. Letang said, noting that for the triennium 2003-
2006 "there was a wage freeze, zero, zero, zero," the report
relays.

Mr. Letang said that for the period 2006-2009, public sector
workers received a three per cent salary increase in the first
year, one per cent in the second year and two per cent in the
third year, an average of two per cent for the triennium, the
report discloses.

Mr. Letang added that the average salary increase for the years
2009-2012 was 1.84 per cent, noting that on average public
officers have been paid salary increases of 1.13 per cent from
2000-2012, the report notes.

"What I am saying if the government gives us the three, three and
four that we are asking for that will work out to an average of
1.15 per cent over a 15 year period, less than two per cent," Mr.
Letang added, the report relays.

"So you will agree with me, public officers have not been getting
any reasonable salary increase over the years. We have to think of
Social Security contribution which has increased and will continue
to increase, we have to think of the cost of living. . . and the
list goes on and on," the report quoted Mr. Letang as saying.

The report relays that Mr. Letang said there have been "certain
activities" taking place within the society that indicate to the
union "that the resources are available to give an increase to
public officers".

Mr. Letang told reporters that as part of the mobilization
efforts, the union would be keeping the public informed and would
also be visiting its members at various government offices, the
report notes.

Mr. Letang warned that the union would be taking "certain actions"
to let government know that it is not satisfied with the ongoing
negotiations, adds the report.


===========
P A N A M A
===========


PANAMA: Fitch Says Deficit Request Shows Fiscal Framework Weakness
------------------------------------------------------------------
The Panamanian government's request to raise the 2014 non-
financial public sector deficit ceiling highlights the persistent
use of waivers of the country's Social and Fiscal Responsibility
Law (LRSF), Fitch Ratings says. This is a recurring weakness in
the country's fiscal framework as fiscal consolidation becomes
more important in maintaining favourable debt dynamics. However,
Panama's ratings continue to be supported by the country's
relatively healthy growth rates and macroeconomic stability, its
growing economic diversification and the decline in government
indebtedness over recent years.

President Juan Carlos Varela has requested approval from the
National Assembly to amend the LRSF to raise the ceiling to 3.9%
of GDP from 2.7%.

The deficit ceiling has frequently been raised in recent years.
Previous governments have invoked escape clauses in response to
the global financial crisis and national emergencies. Waivers last
year that allowed the authorities to meet the cost of flood-
related damage while maintaining high investment increased the
non-financial public sector deficit to 2.9% of GDP in 2013.

The Varela administration, which took office following elections
in May, has justified the latest hike due to the budget gap
inherited from the outgoing Martinelli administration, which
totalled 3.2% of GDP in the first half of 2014 alone. This
resulted from revenue underperformance (in taxes, Panama Canal
fiscal contributions, and land sales), higher-than-anticipated
electric subsidy costs, and supplemental spending authorisations
of USD600 million.

In light of the fiscal deterioration in 1H14, the government
secured congressional approval in late September for fiscal
containment measures of USD550 million (1.1% of GDP), mainly
capital spending cuts, which reflects the government's commitment
to contain the deficit. The government is also requesting approval
for a tax amnesty program to raise additional revenues for this
year.

Further consolidation in the coming years could face some
challenges. Slowing growth is already weighing on tax revenues.
Projections of the eventual fiscal windfall from the expanded
Canal have also been cut, meaning the country's sovereign wealth
fund (FAP) may not accumulate savings as intended unless the
threshold above which these revenues must be saved (3.5% of GDP)
is lowered. Current spending pressures remain, as reflected by the
new government's increased social spending on school scholarships
and pension hand-outs. An additional fiscal constraint will be the
payments due on "turnkey" projects (deferred financing), built and
financed privately by construction companies and paid for by the
state on completion.

A combination of slower (although still healthy) growth and fiscal
deterioration in 2014 could bump up the level of general
government debt, from around 37% of GDP in 2013, reversing a trend
of consistent decreases over the past decade driven by rapid
economic growth and moderate deficits.

Nevertheless, Panama's debt burden remains slightly below the
'BBB' median of 40% of GDP. The high level of capital spending
means that Panama has some room to cut or slow such spending to
confront shocks.

"We affirmed Panama's 'BBB'/Stable rating in March. Fitch will
monitor the Varela administration's fiscal consolidation strategy
as part of our sovereign credit assessment," Fitch said.


===============================
T R I N I D A D  &  T O B A G O
===============================


TRINIDAD & TOBAGO: Declines Reported in Tourism Sector
------------------------------------------------------
Trinidad and Tobago Newsday reports that the number of persons
visiting Trinidad and Tobago (TT), either by air or sea, has
declined over the last year.

This information was reported in the Review of the Economy 2014
document, one of several documents laid in Parliament by Finance
Minister Larry Howai before he presented the TT$65 billion
2014/2015 Budget, according to Trinidad and Tobago Newsday.

According to the document, approximately 467,097 persons visited
Trinidad and Tobago by air and cruise during calendar 2013. The
document said, "This represents a 7.3 percent decrease from the
503,792 persons which visited during calendar 2012," the report
notes.   The document also states that "a total of 225,986
passengers visited TT during the period January to June 2014."

In terms of airline arrivals, based on the latest available data
from the Immigration Division, approximately 434,044 visitors
arrived by air into TT during calendar 2013, Trinidad and Tobago
Newsday says.  The document said, "This was 4.5 percent lower than
the 454,683 airline passenger visits the country received in
2012."

Regarding cruise ship arrivals, the number of cruise calls to this
country fell by 49.3 percent to 35 vessels in calendar 2013, from
69 vessels in calendar 2012, notes the report.  "As a consequence,
cruise passenger arrivals decreased by 32.7 percent to 35,053
persons from 49,109 persons in 2012," the document said, the
report relays.

A disaggregation of the figures shows that the number of cruise
passengers visiting Trinidad in 2013, fell by 28 percent to 12,779
persons while the number of cruise passengers visiting Tobago fell
by 35.4 percent to 20,274 persons, the report discloses.

Trinidad and Tobago Newsday relays that the document further
states that, "cruise arrivals to TT continued to decline during
the first five months of calendar 2014, falling by 16 percent to
21 vessels from a total of 25 vessels in the first five months of
calendar 2013."

The total number of cruise passengers visiting both islands during
the period decreased by 23.7 percent to 22,032 persons from 28,869
persons, the report adds.  The document said, "During the 2014
period, Trinidad received five vessels carrying 8,758 passengers
and Tobago received 16 vessels carrying 13, 274 passengers," says
the report.

The Review further indicated that a total of 1,470 yachts visited
TT in calendar 2013 and this was one less than the number of
yachts visiting the country the previous year, the report notes.
The document added that during the period January to April this
year, approximately 619 yachts anchored in TT.  This was a 12.3
percent increase over the number of landings during the
corresponding 2013 period.

Trinidad experienced a 21.4 percent increase in the number of
landings for the period (477 vessels up from 393 vessels), notes
the report.  Tobago experienced a decrease of 10.1 percent (142
vessels down from 158 vessels) for the same period, the report
adds.


TRINIDAD & TOBAGO: CSO Reports Rise in Unemployment
---------------------------------------------------
Trinidad and Tobago Newsday reports that the Central Statistical
Office (CSO) disclosed that the country's unemployment rate has
increased marginally from 3.7 percent in the third quarter of 2013
to 3.8 percent in the fourth quarter of 2013.

In a statement, the CSO said, "From a gender perspective, the
unemployment rate among males increased from three to 3.4 percent
in the quarter under review, while females decreased from 4.7 to
4.3 percent during the same period.  When compared to the similar
quarter a year earlier the data showed a decrease in unemployment
rate from 4.7 to 3.8 percent, with the male unemployment rate
decreasing from 3.9 to 3.4 percent and the female unemployment
rate decreased from 5.8 to 4.3 percent," according to Trinidad and
Tobago Newsday.

The report relates that the increases in the unemployment rate
were reported in specific industries including, 'Electricity and
water', 'Construction', 'Wholesale and retail trade, restaurants
and hotels' and 'Community, social and personal services'.  The
country's labor force was registered at 653,500 persons at the end
of the fourth quarter of last year, the report says.  The CSO said
this represented an increase of 5,300 or 0.8 percent when compared
to the third quarter of 2013.

Trinidad and Tobago Newsday discloses that from a gender
perspective, this increase in the labor force was reflected among
males which grew by 5,800 or 1.5 percent.

However, females decreased by 500 or 0.02 percent when compared
with the previous quarter, the report relays.  The country's
overall labor force participation increased from 61.1 percent in
the third quarter of 2013 to 61.6 percent in the 4th quarter 2013,
the report notes.

The labor force participation rate for men increased to 72.3
percent while females decreased to 50.9 percent, the report adds.
Compared with the corresponding quarter of 2012, the overall
Labour Force Participation Rate decreased from 61.8 percent to
61.6 percent, the report relates.

In terms of persons employed, the CSO said the survey data showed
an increase of 4600 or 0.7 percent in the number of persons with
jobs, in the quarter under review, notes the report.

From a gender perspective, the number of employed males increased
by 4,100 or 1.1 percent while the number of employed females
increased by 500 or 0.2 percent, the report notes.  When compared
to the corresponding quarter a year earlier, the data showed an
increase of 5,900 or 0.1 percent in the total number of employed
persons in Trinidad and Tobago, the report relays.

The CSO, the quality and timeliness of its data was a hot topic in
the Budget debate in the House of Representatives which ended on
Sept. 25, notes the report.


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


CITGO PETROLEUM: Venezuela's Bondholder Default Anxieties Ease
--------------------------------------------------------------
Sebastian Boyd at Bloomberg News reports that Venezuelan bonds are
rebounding from the deepest losses in emerging markets as
President Nicolas Maduro allays concern the country will unload
Citgo Petroleum Corp., its U.S.-based unit.

Venezuela's US$5.1 billion of dollar-denominated sovereign bonds
tracked by Bloomberg returned 2.6 percent through Sept. 30, since
President Maduro said Sept. 23 that he's seeking to "strengthen"
Citgo, which has historically played a crucial role in protecting
bondholder interests as the nation's main seizable asset.  The
rally, the biggest among 55 developing nations, narrowed losses to
12.8 percent this quarter, according to Bloomberg News.

Bloomberg News discloses that with foreign-currency reserves close
to an 11-year low and Harvard University economist Ricardo
Hausmann questioning its decision to pay bondholders as billions
of dollars of arrears fuel record shortages, Venezuela is facing
intensifying scrutiny over its ability to pay US$5.3 billion of
debt due next month.  President Maduro's comments helped to soothe
investors who saw the state oil producer's decision to put the
U.S. refining unit up for sale in July as a potential act of
desperation.

Citgo is "an easy target in case of a default, and you would lose
that if it were sold," Marco Ruijer, who holds Venezuelan bonds
among the US$7.5 billion of emerging-market debt he helps oversee
at ING Investment Management in The Hague, told Bloomberg News by
phone.  "If they're selling their crown jewels, it's an indication
that they're cash strapped," Mr. Ruijer added.

                            'No Doubt'

Press officials for the Finance Ministry and Petroleos de
Venezuela SA declined to comment on bond performance and Citgo.

"Our plan for Citgo is to strengthen it even more, to make the
alliances necessary to strengthen that investment of Venezuela in
the U.S.," President Maduro told an audience in New York,
according to a recording of the event posted on Youtube.com,
Bloomberg News relays.  "Let there be no doubt."

On Aug. 5, the then-president of PDVSA, Rafael Ramirez, said the
state oil company wants at least US$10 billion for Citgo,
Bloomberg News recalls.   The announcement came two weeks after
energy news agency Argus first reported the potential sale July
24, Bloomberg News recounts.  Venezuelan bonds have since
plummeted as President Maduro removed Mr. Ramirez from his posts
as Petroleos de Venezuela, S.A. president and oil minister and
Hausmann's comments stoked default speculation.

                           Default Swaps

Bloomberg News relates that the cost to protect Venezuela's bonds
against non-payment soared to 16.66 percentage points on Sept. 18,
the highest since February, before falling to 15.37 percentage
points Oct. 1.  They're still the most expensive sovereign bonds
in the world to insure using credit-default swaps, Bloomberg News
discloses.

"The major concerns of the bond market were about whether the
government would make bond payments in October," David Rees, an
economist at Capital Economics, said by phone from London,
Bloomberg News notes.  "When it seemed they were going to sell
Citgo at a knock-down price, it looked like they needed money to
pay debts. If they're retreating on that, then it seems as though
they may have cobbled together enough money to make the payments
next month," Mr. Rees added.

Venezuela has set aside most of the US$9.2 billion it needs to
make foreign debt payments in 2014, Francisco Rodriguez, an
economist at Bank of America Corp., said in a report, Bloomberg
News relays.  The country has 21 billion of foreign reserves, down
6.8 percent in the past year, Bloomberg News notes.

                            Citgo Unit

Bloomberg News says that Citgo, which President Maduro predecessor
and mentor Hugo Chavez considered selling after he took office in
February 1999, has almost 750,000 barrels per day of refining
capacity in three terminals in Louisiana, Texas and Illinois,
according to a July 29 prospectus.  It also has 5,600 Citgo-
branded retail franchises in the U.S. Last year, Citgo bought 31
percent of its crude oil from PDVSA, accounting for 28 percent of
Venezuela's exports to the U.S., Bloomberg News discloses.

Siobhan Morden, the head of Latin American fixed-income strategy
at Jefferies Group LLC, said the failure to sell Citgo means
President Maduro will need to tap other sources as public spending
balloons and his unpopular administration prepares for elections
next year, Bloomberg News relays.

"When you draw down all your financing options, you either have to
resort to insolvency or acute stagflation," Ms. Morden told
Bloomberg News by phone from New York.  "It's not an easy choice,"
Ms. Morden added.

Bloomberg News notes that Venezuela's economy will contract as
much as 3.5 percent this year after expanding 1 percent in 2013,
according to Standard & Poor's.  Annual inflation accelerated to
63.4 percent in August, the highest among countries tracked by
Bloomberg.

Yields on Venezuela's benchmark bonds due in 2027 have declined
0.62 percentage point from the seven-month high on Sept. 18 to
14.46 percent as of 2:24 p.m. in New York, according to data
compiled by Bloomberg.

"The market is gradually reducing the probability that there will
be no payment next month," Mauro Roca, an economist at Goldman
Sachs Group Inc., said told Bloomberg News by phone in New York.
"The country still has the resources," Mr. Roca added.

CITGO Petroleum Corporation operates three large complex
refineries in Texas, Louisiana, and Illinois.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 23, 2014,
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on CITGO Petroleum Corp. to 'B-' from 'B'.
At the same time, S&P lowered its senior secured debt ratings on
CITGO to 'B+' from 'BB-'.  The senior secured recovery rating of
'1' is unchanged.  The outlook is stable.


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


Large Companies With Insolvent Balance Sheets
---------------------------------------------

                                                         Total
                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------

AGRENCO LTD            AGRE LX        339244073      -561405847
AGRENCO LTD-BDR        AGEN33 BZ      339244073      -561405847
AGRENCO LTD-BDR        AGEN11 BZ      339244073      -561405847
ARTHUR LAN-DVD C       ARLA11 BZ     11642254.9     -17154460.3
ARTHUR LAN-DVD P       ARLA12 BZ     11642254.9     -17154460.3
ARTHUR LANGE           ARLA3 BZ      11642254.9     -17154460.3
ARTHUR LANGE SA        ALICON BZ     11642254.9     -17154460.3
ARTHUR LANGE-PRF       ARLA4 BZ      11642254.9     -17154460.3
ARTHUR LANGE-PRF       ALICPN BZ     11642254.9     -17154460.3
ARTHUR LANG-RC C       ARLA9 BZ      11642254.9     -17154460.3
ARTHUR LANG-RC P       ARLA10 BZ     11642254.9     -17154460.3
ARTHUR LANG-RT C       ARLA1 BZ      11642254.9     -17154460.3
ARTHUR LANG-RT P       ARLA2 BZ      11642254.9     -17154460.3
BALADARE               BLDR3 BZ       159449535     -52990723.7
BATTISTELLA            BTTL3 BZ       115297369       -19538107
BATTISTELLA-PREF       BTTL4 BZ       115297369       -19538107
BATTISTELLA-RECE       BTTL9 BZ       115297369       -19538107
BATTISTELLA-RECP       BTTL10 BZ      115297369       -19538107
BATTISTELLA-RI P       BTTL2 BZ       115297369       -19538107
BATTISTELLA-RIGH       BTTL1 BZ       115297369       -19538107
BOMBRIL                BMBBF US       309951278     -57714449.4
BOMBRIL                FPXE4 BZ      19416013.9      -489914853
BOMBRIL                BOBR3 BZ       309951278     -57714449.4
BOMBRIL - RTS          BOBR11 BZ      309951278     -57714449.4
BOMBRIL CIRIO SA       BOBRON BZ      309951278     -57714449.4
BOMBRIL CIRIO-PF       BOBRPN BZ      309951278     -57714449.4
BOMBRIL HOLDING        FPXE3 BZ      19416013.9      -489914853
BOMBRIL SA-ADR         BMBPY US       309951278     -57714449.4
BOMBRIL SA-ADR         BMBBY US       309951278     -57714449.4
BOMBRIL-PREF           BOBR4 BZ       309951278     -57714449.4
BOMBRIL-RGTS PRE       BOBR2 BZ       309951278     -57714449.4
BOMBRIL-RIGHTS         BOBR1 BZ       309951278     -57714449.4
BOTUCATU TEXTIL        STRP3 BZ      27663605.3     -7174512.12
BOTUCATU-PREF          STRP4 BZ      27663605.3     -7174512.12
BUETTNER               BUET3 BZ      95403660.1     -37550595.1
BUETTNER SA            BUETON BZ     95403660.1     -37550595.1
BUETTNER SA-PRF        BUETPN BZ     95403660.1     -37550595.1
BUETTNER SA-RT P       BUET2 BZ      95403660.1     -37550595.1
BUETTNER SA-RTS        BUET1 BZ      95403660.1     -37550595.1
BUETTNER-PREF          BUET4 BZ      95403660.1     -37550595.1
CAF BRASILIA           CAFE3 BZ       160933830      -149277092
CAF BRASILIA-PRF       CAFE4 BZ       160933830      -149277092
CAFE BRASILIA SA       CSBRON BZ      160933830      -149277092
CAFE BRASILIA-PR       CSBRPN BZ      160933830      -149277092
CAIUA ELEC-C RT        ELCA1 BZ      1029019993      -128321599
CAIUA SA               ELCON BZ      1029019993      -128321599
CAIUA SA-DVD CMN       ELCA11 BZ     1029019993      -128321599
CAIUA SA-DVD COM       ELCA12 BZ     1029019993      -128321599
CAIUA SA-PREF          ELCPN BZ      1029019993      -128321599
CAIUA SA-PRF A         ELCAN BZ      1029019993      -128321599
CAIUA SA-PRF A         ELCA5 BZ      1029019993      -128321599
CAIUA SA-PRF B         ELCA6 BZ      1029019993      -128321599
CAIUA SA-PRF B         ELCBN BZ      1029019993      -128321599
CAIUA SA-RCT PRF       ELCA10 BZ     1029019993      -128321599
CAIUA SA-RTS           ELCA2 BZ      1029019993      -128321599
CAIVA SERV DE EL       1315Z BZ      1029019993      -128321599
CELGPAR                GPAR3 BZ       202489694     -1054621126
CENTRAL COST-ADR       CCSA LI        271025064     -37667553.4
CENTRAL COSTAN-B       CRCBF US       271025064     -37667553.4
CENTRAL COSTAN-B       CNRBF US       271025064     -37667553.4
CENTRAL COSTAN-C       CECO3 AR       271025064     -37667553.4
CENTRAL COST-BLK       CECOB AR       271025064     -37667553.4
CIA PETROLIFERA        MRLM3 BZ       377592596      -3014215.1
CIA PETROLIFERA        MRLM3B BZ      377592596      -3014215.1
CIA PETROLIFERA        1CPMON BZ      377592596      -3014215.1
CIA PETROLIF-PRF       MRLM4 BZ       377592596      -3014215.1
CIA PETROLIF-PRF       MRLM4B BZ      377592596      -3014215.1
CIA PETROLIF-PRF       1CPMPN BZ      377592596      -3014215.1
CIMOB PARTIC SA        GAFP3 BZ      44047412.2     -45669964.1
CIMOB PARTIC SA        GAFON BZ      44047412.2     -45669964.1
CIMOB PART-PREF        GAFP4 BZ      44047412.2     -45669964.1
CIMOB PART-PREF        GAFPN BZ      44047412.2     -45669964.1
COBRASMA               CBMA3 BZ      73710194.2     -2330089496
COBRASMA SA            COBRON BZ     73710194.2     -2330089496
COBRASMA SA-PREF       COBRPN BZ     73710194.2     -2330089496
COBRASMA-PREF          CBMA4 BZ      73710194.2     -2330089496
D H B                  DHBI3 BZ       103378506      -180639480
D H B-PREF             DHBI4 BZ       103378506      -180639480
DHB IND E COM          DHBON BZ       103378506      -180639480
DHB IND E COM-PR       DHBPN BZ       103378506      -180639480
DOCA INVESTIMENT       DOCA3 BZ       187044412      -204249587
DOCA INVEST-PREF       DOCA4 BZ       187044412      -204249587
DOCAS SA               DOCAON BZ      187044412      -204249587
DOCAS SA-PREF          DOCAPN BZ      187044412      -204249587
DOCAS SA-RTS PRF       DOCA2 BZ       187044412      -204249587
EBX BRASIL SA          CTMN3 BZ      2670745328      -202996314
ELEC ARG SA-PREF       EASA6 AR       945325071     -56471446.1
ELEC ARGENT-ADR        EASA LX        945325071     -56471446.1
ELEC DE ARGE-ADR       1262Q US       945325071     -56471446.1
ELECTRICIDAD ARG       3447811Z AR    945325071     -56471446.1
ENDESA - RTS           CECOX AR       271025064     -37667553.4
ENDESA COST-ADR        CRCNY US       271025064     -37667553.4
ENDESA COSTAN-         CECO2 AR       271025064     -37667553.4
ENDESA COSTAN-         CECOD AR       271025064     -37667553.4
ENDESA COSTAN-         CECOC AR       271025064     -37667553.4
ENDESA COSTAN-         EDCFF US       271025064     -37667553.4
ENDESA COSTAN-A        CECO1 AR       271025064     -37667553.4
ESTRELA SA             ESTR3 BZ      76575881.3      -120012837
ESTRELA SA             ESTRON BZ     76575881.3      -120012837
ESTRELA SA-PREF        ESTR4 BZ      76575881.3      -120012837
ESTRELA SA-PREF        ESTRPN BZ     76575881.3      -120012837
F GUIMARAES            FGUI3 BZ      11016542.2      -151840378
F GUIMARAES-PREF       FGUI4 BZ      11016542.2      -151840378
FABRICA RENAUX         FTRX3 BZ      66603695.4     -76419246.3
FABRICA RENAUX         FRNXON BZ     66603695.4     -76419246.3
FABRICA RENAUX-P       FTRX4 BZ      66603695.4     -76419246.3
FABRICA RENAUX-P       FRNXPN BZ     66603695.4     -76419246.3
FABRICA TECID-RT       FTRX1 BZ      66603695.4     -76419246.3
FER HAGA-PREF          HAGA4 BZ      19848769.9     -38798309.5
FERRAGENS HAGA         HAGAON BZ     19848769.9     -38798309.5
FERRAGENS HAGA-P       HAGAPN BZ     19848769.9     -38798309.5
FERREIRA GUIMARA       FGUION BZ     11016542.2      -151840378
FERREIRA GUIM-PR       FGUIPN BZ     11016542.2      -151840378
GRADIENTE ELETR        IGBON BZ       346216965     -42013205.9
GRADIENTE EL-PRA       IGBAN BZ       346216965     -42013205.9
GRADIENTE EL-PRB       IGBBN BZ       346216965     -42013205.9
GRADIENTE EL-PRC       IGBCN BZ       346216965     -42013205.9
GRADIENTE-PREF A       IGBR5 BZ       346216965     -42013205.9
GRADIENTE-PREF B       IGBR6 BZ       346216965     -42013205.9
GRADIENTE-PREF C       IGBR7 BZ       346216965     -42013205.9
HAGA                   HAGA3 BZ      19848769.9     -38798309.5
HOTEIS OTHON SA        HOOT3 BZ       238958413     -22929896.5
HOTEIS OTHON SA        HOTHON BZ      238958413     -22929896.5
HOTEIS OTHON-PRF       HOOT4 BZ       238958413     -22929896.5
HOTEIS OTHON-PRF       HOTHPN BZ      238958413     -22929896.5
IGB ELETRONICA         IGBR3 BZ       346216965     -42013205.9
IGUACU CAFE            IGUA3 BZ       214061113     -63930746.9
IGUACU CAFE            IGCSON BZ      214061113     -63930746.9
IGUACU CAFE            IGUCF US       214061113     -63930746.9
IGUACU CAFE-PR A       IGUA5 BZ       214061113     -63930746.9
IGUACU CAFE-PR A       IGCSAN BZ      214061113     -63930746.9
IGUACU CAFE-PR A       IGUAF US       214061113     -63930746.9
IGUACU CAFE-PR B       IGUA6 BZ       214061113     -63930746.9
IGUACU CAFE-PR B       IGCSBN BZ      214061113     -63930746.9
IMPSAT FIBER NET       IMPTQ US       535007008       -17164978
IMPSAT FIBER NET       330902Q GR     535007008       -17164978
IMPSAT FIBER NET       XIMPT SM       535007008       -17164978
IMPSAT FIBER-$US       IMPTD AR       535007008       -17164978
IMPSAT FIBER-BLK       IMPTB AR       535007008       -17164978
IMPSAT FIBER-C/E       IMPTC AR       535007008       -17164978
IMPSAT FIBER-CED       IMPT AR        535007008       -17164978
INVERS ELEC BUEN       IEBAA AR       239575758     -28902145.8
INVERS ELEC BUEN       IEBAB AR       239575758     -28902145.8
INVERS ELEC BUEN       IEBA AR        239575758     -28902145.8
KARSTEN                CTKCF US       161482221     -4141092.01
KARSTEN                CTKON BZ       161482221     -4141092.01
KARSTEN SA             CTKA3 BZ       161482221     -4141092.01
KARSTEN SA - RCT       CTKA9 BZ       161482221     -4141092.01
KARSTEN SA - RCT       CTKA10 BZ      161482221     -4141092.01
KARSTEN SA - RTS       CTKA1 BZ       161482221     -4141092.01
KARSTEN SA - RTS       CTKA2 BZ       161482221     -4141092.01
KARSTEN-PREF           CTKPF US       161482221     -4141092.01
KARSTEN-PREF           CTKA4 BZ       161482221     -4141092.01
KARSTEN-PREF           CTKPN BZ       161482221     -4141092.01
LAEP INVES-BDR B       0163599D BZ    222902269      -255311026
LAEP INVESTMEN-B       0122427D LX    222902269      -255311026
LAEP INVESTMENTS       LEAP LX        222902269      -255311026
LAEP-BDR               MILK33 BZ      222902269      -255311026
LAEP-BDR               MILK11 BZ      222902269      -255311026
LOJAS ARAPUA           LOAR3 BZ      38857516.9     -3355978520
LOJAS ARAPUA           LOARON BZ     38857516.9     -3355978520
LOJAS ARAPUA-GDR       3429T US      38857516.9     -3355978520
LOJAS ARAPUA-GDR       LJPSF US      38857516.9     -3355978520
LOJAS ARAPUA-PRF       LOAR4 BZ      38857516.9     -3355978520
LOJAS ARAPUA-PRF       LOARPN BZ     38857516.9     -3355978520
LOJAS ARAPUA-PRF       52353Z US     38857516.9     -3355978520
LUPATECH SA            LUPA3 BZ       584100366      -304853641
LUPATECH SA            LUPTF US       584100366      -304853641
LUPATECH SA            LUPAF US       584100366      -304853641
LUPATECH SA            LUPTQ US       584100366      -304853641
LUPATECH SA -RCT       LUPA9 BZ       584100366      -304853641
LUPATECH SA-ADR        LUPAY US       584100366      -304853641
LUPATECH SA-ADR        LUPAQ US       584100366      -304853641
LUPATECH SA-RT         LUPA11 BZ      584100366      -304853641
LUPATECH SA-RTS        1041054D BZ    584100366      -304853641
LUPATECH SA-RTS        LUPA1 BZ       584100366      -304853641
MANGELS INDL           MGEL3 BZ       186096273       -50186882
MANGELS INDL SA        MISAON BZ      186096273       -50186882
MANGELS INDL-PRF       MGIRF US       186096273       -50186882
MANGELS INDL-PRF       MGEL4 BZ       186096273       -50186882
MANGELS INDL-PRF       MISAPN BZ      186096273       -50186882
MINUPAR                MNPR3 BZ      90210352.5      -117166643
MINUPAR SA             MNPRON BZ     90210352.5      -117166643
MINUPAR SA-PREF        MNPRPN BZ     90210352.5      -117166643
MINUPAR-PREF           MNPR4 BZ      90210352.5      -117166643
MINUPAR-RCT            9314634Q BZ   90210352.5      -117166643
MINUPAR-RCT            0599564D BZ   90210352.5      -117166643
MINUPAR-RCT            MNPR9 BZ      90210352.5      -117166643
MINUPAR-RT             9314542Q BZ   90210352.5      -117166643
MINUPAR-RT             0599562D BZ   90210352.5      -117166643
MINUPAR-RTS            MNPR1 BZ      90210352.5      -117166643
NORDON MET             NORD3 BZ      10859129.2     -33570700.5
NORDON METAL           NORDON BZ     10859129.2     -33570700.5
NORDON MET-RTS         NORD1 BZ      10859129.2     -33570700.5
NOVA AMERICA SA        NOVA3 BZ      21287488.9      -183535526
NOVA AMERICA SA        NOVA3B BZ     21287488.9      -183535526
NOVA AMERICA SA        NOVAON BZ     21287488.9      -183535526
NOVA AMERICA SA        1NOVON BZ     21287488.9      -183535526
NOVA AMERICA-PRF       NOVA4 BZ      21287488.9      -183535526
NOVA AMERICA-PRF       NOVA4B BZ     21287488.9      -183535526
NOVA AMERICA-PRF       NOVAPN BZ     21287488.9      -183535526
NOVA AMERICA-PRF       1NOVPN BZ     21287488.9      -183535526
OGX PETROLEO           CTCO3 BZ      2104841243     -4244633894
OLEO E GAS P-ADR       OGXPY US      2104841243     -4244633894
OLEO E GAS P-ADR       OGXPYEUR EO   2104841243     -4244633894
OLEO E GAS P-ADR       OGXPYEUR EU   2104841243     -4244633894
OLEO E GAS P-ADR       8OGB GR       2104841243     -4244633894
OLEO E GAS PART        OGXP3 BZ      2104841243     -4244633894
OLEO E GAS PART        OGXP5 BZ      2104841243     -4244633894
OLEO E GAS PART        OGXP6 BZ      2104841243     -4244633894
OLEO E GAS PART        OGXPF US      2104841243     -4244633894
OSX BRASIL - RTS       0701756D BZ   2670745328      -202996314
OSX BRASIL - RTS       0701757D BZ   2670745328      -202996314
OSX BRASIL - RTS       0812903D BZ   2670745328      -202996314
OSX BRASIL - RTS       0812904D BZ   2670745328      -202996314
OSX BRASIL - RTS       OSXB1 BZ      2670745328      -202996314
OSX BRASIL - RTS       OSXB9 BZ      2670745328      -202996314
OSX BRASIL SA          OSXB3 BZ      2670745328      -202996314
OSX BRASIL SA          EBXB3 BZ      2670745328      -202996314
OSX BRASIL SA          OSXRF US      2670745328      -202996314
OSX BRASIL S-GDR       OSXRY US      2670745328      -202996314
PADMA INDUSTRIA        LCSA4 BZ       388720096      -213641152
PARMALAT               LCSA3 BZ       388720096      -213641152
PARMALAT BRASIL        LCSAON BZ      388720096      -213641152
PARMALAT BRAS-PF       LCSAPN BZ      388720096      -213641152
PARMALAT BR-RT C       LCSA5 BZ       388720096      -213641152
PARMALAT BR-RT P       LCSA6 BZ       388720096      -213641152
PETROLERA DEL CO       PSUR AR       70120174.9       -27864484
PILMAIQUEN             PILMAIQ CI     200140666     -20597929.7
PORTX OPERACOES        PRTX3 BZ       976769385     -9407990.18
PORTX OPERA-GDR        PXTPY US       976769385     -9407990.18
PUYEHUE                PUYEH CI      21553021.9     -5145184.07
PUYEHUE RIGHT          PUYEHUOS CI   21553021.9     -5145184.07
RECRUSUL               RCSL3 BZ      41395863.2     -21007926.7
RECRUSUL - RCT         4529789Q BZ   41395863.2     -21007926.7
RECRUSUL - RCT         4529793Q BZ   41395863.2     -21007926.7
RECRUSUL - RCT         0163582D BZ   41395863.2     -21007926.7
RECRUSUL - RCT         0163583D BZ   41395863.2     -21007926.7
RECRUSUL - RCT         0614675D BZ   41395863.2     -21007926.7
RECRUSUL - RCT         0614676D BZ   41395863.2     -21007926.7
RECRUSUL - RCT         RCSL10 BZ     41395863.2     -21007926.7
RECRUSUL - RT          4529781Q BZ   41395863.2     -21007926.7
RECRUSUL - RT          4529785Q BZ   41395863.2     -21007926.7
RECRUSUL - RT          0163579D BZ   41395863.2     -21007926.7
RECRUSUL - RT          0163580D BZ   41395863.2     -21007926.7
RECRUSUL - RT          0614673D BZ   41395863.2     -21007926.7
RECRUSUL - RT          0614674D BZ   41395863.2     -21007926.7
RECRUSUL SA            RESLON BZ     41395863.2     -21007926.7
RECRUSUL SA-PREF       RESLPN BZ     41395863.2     -21007926.7
RECRUSUL SA-RCT        RCSL9 BZ      41395863.2     -21007926.7
RECRUSUL SA-RTS        RCSL1 BZ      41395863.2     -21007926.7
RECRUSUL SA-RTS        RCSL2 BZ      41395863.2     -21007926.7
RECRUSUL-BON RT        RCSL11 BZ     41395863.2     -21007926.7
RECRUSUL-BON RT        RCSL12 BZ     41395863.2     -21007926.7
RECRUSUL-PREF          RCSL4 BZ      41395863.2     -21007926.7
REDE EMP ENE ELE       ELCA4 BZ      1029019993      -128321599
REDE EMP ENE ELE       ELCA3 BZ      1029019993      -128321599
REDE EMPRESAS-PR       REDE4 BZ      1029019993      -128321599
REDE ENERGIA SA        REDE3 BZ      1029019993      -128321599
REDE ENERGIA SA-       REDE2 BZ      1029019993      -128321599
REDE ENERGIA-RTS       REDE1 BZ      1029019993      -128321599
REDE ENERG-UNIT        REDE11 BZ     1029019993      -128321599
REDE ENER-RCT          3907731Q BZ   1029019993      -128321599
REDE ENER-RCT          REDE9 BZ      1029019993      -128321599
REDE ENER-RCT          REDE10 BZ     1029019993      -128321599
REDE ENER-RT           3907727Q BZ   1029019993      -128321599
REDE ENER-RT           1011624D BZ   1029019993      -128321599
REDE ENER-RT           1011625D BZ   1029019993      -128321599
RENAUXVIEW SA          TXRX3 BZ      54394844.4     -90675345.2
RENAUXVIEW SA-PF       TXRX4 BZ      54394844.4     -90675345.2
RIMET                  REEM3 BZ       103098359      -185417651
RIMET                  REEMON BZ      103098359      -185417651
RIMET-PREF             REEM4 BZ       103098359      -185417651
RIMET-PREF             REEMPN BZ      103098359      -185417651
SANESALTO              SNST3 BZ      20127540.6     -7418183.32
SANSUY                 SNSY3 BZ       188091749      -164364290
SANSUY SA              SNSYON BZ      188091749      -164364290
SANSUY SA-PREF A       SNSYAN BZ      188091749      -164364290
SANSUY SA-PREF B       SNSYBN BZ      188091749      -164364290
SANSUY-PREF A          SNSY5 BZ       188091749      -164364290
SANSUY-PREF B          SNSY6 BZ       188091749      -164364290
SCHLOSSER              SCLO3 BZ      51334306.9       -58463309
SCHLOSSER SA           SCHON BZ      51334306.9       -58463309
SCHLOSSER SA-PRF       SCHPN BZ      51334306.9       -58463309
SCHLOSSER-PREF         SCLO4 BZ      51334306.9       -58463309
SNIAFA SA              SNIA AR       11229696.2     -2670544.86
SNIAFA SA-B            SDAGF US      11229696.2     -2670544.86
SNIAFA SA-B            SNIA5 AR      11229696.2     -2670544.86
STAROUP SA             STARON BZ     27663605.3     -7174512.12
STAROUP SA-PREF        STARPN BZ     27663605.3     -7174512.12
TEC TOY SA-PF B        TOYB6 BZ      33401974.6     -468978.338
TEC TOY SA-PREF        TOYDF US      33401974.6     -468978.338
TEC TOY SA-PREF        TOYB5 BZ      33401974.6     -468978.338
TEC TOY-RCT            7335626Q BZ   33401974.6     -468978.338
TEC TOY-RCT            7335630Q BZ   33401974.6     -468978.338
TEC TOY-RCT            TOYB9 BZ      33401974.6     -468978.338
TEC TOY-RCT            TOYB10 BZ     33401974.6     -468978.338
TEC TOY-RT             7335610Q BZ   33401974.6     -468978.338
TEC TOY-RT             7335614Q BZ   33401974.6     -468978.338
TEC TOY-RT             TOYB1 BZ      33401974.6     -468978.338
TEC TOY-RT             TOYB2 BZ      33401974.6     -468978.338
TECTOY                 TOYB3 BZ      33401974.6     -468978.338
TECTOY                 TOYB13 BZ     33401974.6     -468978.338
TECTOY SA              TOYBON BZ     33401974.6     -468978.338
TECTOY SA-PREF         TOYBPN BZ     33401974.6     -468978.338
TECTOY-PF-RTS5/6       TOYB11 BZ     33401974.6     -468978.338
TECTOY-PREF            TOYB4 BZ      33401974.6     -468978.338
TECTOY-RCPT PF B       TOYB12 BZ     33401974.6     -468978.338
TEKA                   TKTQF US       367577608      -421708949
TEKA                   TEKA3 BZ       367577608      -421708949
TEKA                   TEKAON BZ      367577608      -421708949
TEKA-ADR               TEKAY US       367577608      -421708949
TEKA-ADR               TKTPY US       367577608      -421708949
TEKA-ADR               TKTQY US       367577608      -421708949
TEKA-PREF              TKTPF US       367577608      -421708949
TEKA-PREF              TEKA4 BZ       367577608      -421708949
TEKA-PREF              TEKAPN BZ      367577608      -421708949
TEKA-RCT               TEKA9 BZ       367577608      -421708949
TEKA-RCT               TEKA10 BZ      367577608      -421708949
TEKA-RTS               TEKA1 BZ       367577608      -421708949
TEKA-RTS               TEKA2 BZ       367577608      -421708949
TEXTEIS RENA-RCT       TXRX9 BZ      54394844.4     -90675345.2
TEXTEIS RENA-RCT       TXRX10 BZ     54394844.4     -90675345.2
TEXTEIS RENAU-RT       TXRX1 BZ      54394844.4     -90675345.2
TEXTEIS RENAU-RT       TXRX2 BZ      54394844.4     -90675345.2
TEXTEIS RENAUX         RENXON BZ     54394844.4     -90675345.2
TEXTEIS RENAUX         RENXPN BZ     54394844.4     -90675345.2
VARIG PART EM SE       VPSC3 BZ        83017828      -495721697
VARIG PART EM TR       VPTA3 BZ      49432119.3      -399290357
VARIG PART EM-PR       VPTA4 BZ      49432119.3      -399290357
VARIG PART EM-PR       VPSC4 BZ        83017828      -495721697
VARIG SA               VAGV3 BZ       966298048     -4695211008
VARIG SA               VARGON BZ      966298048     -4695211008
VARIG SA-PREF          VAGV4 BZ       966298048     -4695211008
VARIG SA-PREF          VARGPN BZ      966298048     -4695211008
WETZEL SA              MWET3 BZ      97509409.1     -4549842.72
WETZEL SA              MWELON BZ     97509409.1     -4549842.72
WETZEL SA-PREF         MWET4 BZ      97509409.1     -4549842.72
WETZEL SA-PREF         MWELPN BZ     97509409.1     -4549842.72
WIEST                  WISA3 BZ      34107195.1      -126993682
WIEST SA               WISAON BZ     34107195.1      -126993682
WIEST SA-PREF          WISAPN BZ     34107195.1      -126993682
WIEST-PREF             WISA4 BZ      34107195.1      -126993682


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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