TCRLA_Public/141009.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

            Thursday, October 9, 2014, Vol. 15, No. 200


                            Headlines



A R G E N T I N A

ARGENTINA: Vanoli Leaves Auction Rates Little Changed
INDUSTRIAS METALURGICAS: S&P Cuts CCR to D on Missed Bond Payment
INDUSTRIAS METALURGICAS: Pescarmona Sought Gov't Bailout for IMPSA


B A H A M A S

ULTRAPETROL (BAHAMAS): Board Taps Damian Scokin as CEO


B R A Z I L

BANCO PINE: S&P Affirms 'BB+/B' Rating; Outlook Negative
COSAN LTD: S&P Affirms BB Rating & Alters Outlook to Developing


C A Y M A N  I S L A N D S

AZIMUTH FUND: Creditors' Proofs of Debt Due Oct. 13
CHIMES MS FUND: Creditors' Proofs of Debt Due Oct. 13
CO-INVESTMENT LIMITED: Commences Liquidation Proceedings
LDK SOLAR: To Hold Separate Meetings for Scheme Creditors
OCTANT FUND: Creditors' Proofs of Debt Due Oct. 13

ORTHOGONAL FUND: Creditors' Proofs of Debt Due Oct. 13
PLURIMI (CAYMAN): Creditors' Proofs of Debt Due Oct. 22
PLURIMI GLOBAL: Creditors' Proofs of Debt Due Oct. 22
PLURIMI GLOBAL MASTER: Creditors' Proofs of Debt Due Oct. 22
SAAD INVESTMENTS: Creditors Meeting Set for Oct. 28

SEVEN SEAS: Creditors' Proofs of Debt Due Oct. 22
TITAN PETROCHEMICALS: Scheme Creditors to Meet on Oct. 22
VBT BANK: Shareholders Receive Wind-Up Report


C H I L E

GOLDCORP: Chilean Supreme Court Orders Halt to Mine
LATAM AIRLINES: System Passenger Traffic Up by 5.5% in August
LATAM AIRLINES: S&P Revises Outlook to Stable & Affirms BB Rating


C O S T A   R I C A

BANCO POPULAR: Fitch Affirms 'BB+' Issuer Default Rating


J A M A I C A

AIR JAMAICA: Landlords Seek Takers for Office Space
JAMAICA: Union Boss Wants Workforce Impact of Chikungunya Assessed


P U E R T O   R I C O

AEROSTAR AIRPORT: Moody's Lowers Rating on $350MM Sr. Notes to Ba2
METROPISTAS: Moody's Downgrades Rating on $435MM Sr. Notes to Ba3


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Fitch Lowers Issuer Default Ratings to 'D'


                            - - - - -


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


ARGENTINA: Vanoli Leaves Auction Rates Little Changed
-----------------------------------------------------
Camila Russo at Bloomberg News reports that Argentina's Central
Bank President Alejandro Vanoli left interest rates little changed
in the first peso note auction since he was appointed.

According to the report, Argentina's monetary authority sold
ARS11.9 billion (US$1.4 billion) of notes maturing in 98 to 357
days to yield 26.86 percent to 29.29 percent Oct. 7.  Last week,
before Mr. Vanoli was appointed, the bank sold ARS6.8 billion of
91 to 301-day notes at 25.58 percent to 29.15 percent.  Central
bank note yields are a benchmark for deposit and lending rates.

Bloomberg News discloses that President Cristina Fernandez de
Kirchner named former securities regulator Mr. Vanoli head of the
central bank on Oct. 1 after Juan Carlos Fabrega resigned.

Bloomberg News says that since Mr. Fabrega was appointed in
November, he devalued the local currency by the most since 2002
and pushed interest rates on the peso notes, known as Lebacs, to
the highest in a decade.  While Mr. Fabrega's policies were aimed
at boosting reserves, they also contributed to deepening the
economic slowdown, said Carlos Planas, portfolio manager at Axis
Inversiones, Bloomberg News notes.  Mr. Vanoli's policies will
probably seek to boost economic growth, Mr. Planas said.

"The central bank will probably try to not generate big changes in
policy; there won't be big increases in interest rates," Mr.
Planas told Bloomberg News in an interview from Buenos Aires.
"They don't want to affect the level of activity," Mr. Planas
added.

Bloomberg News relays that the central bank drained pesos from the
economy with the auction as ARS9.7 billion came due.  Policy
makers have drained about ARS90 billion this year through the
central bank's auction, Bloomberg News notes.

Mr. Fabrega resigned after Fernandez publicly criticized the
institution for allegedly leaking inside information.

In his first meeting with bank executives, Mr. Vanoli called for
financial institutions to boost lending, stimulate peso savings
and said he'll apply a strict control over foreign currency rules,
according to a statement from the monetary authority, 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.


INDUSTRIAS METALURGICAS: S&P Cuts CCR to D on Missed Bond Payment
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered the corporate credit
rating on Industrias Metalurgicas Pescarmona S.A.I.C. y F. (IMPSA)
and WPE International Cooperatief U.A. (WPEIC) to 'D' from 'CC'.
S&P also lowered the issue-level rating on WPEIC's bullet 2020
bond to 'D' from 'CC'. At the same time, S&P affirmed the 'CC'
issue-level rating on IMPSA's Series I notes.

"The rating action reflects IMPSA's nonpayment on its series VIII
and IX local bonds, which were due Sept. 26, 2014 and for which
the 5-day grace period ended on Oct. 3, 2014," said Standard &
Poor's credit analyst Cecilia Fullone. The downgrade also reflects
S&P's expectation that the group won't make any payments on its
remaining past due financial obligations within the applicable
grace periods.

S&P affirmed the rating on IMPSA's Series I bond due Oct. 22, 2014
at 'CC'. However, although the company has yet to default on this
obligation, S&P believes default is a virtual certainty as the
company already announced it planned to postpone the coupon and
interest payments on all its financial obligations.


INDUSTRIAS METALURGICAS: Pescarmona Sought Gov't Bailout for IMPSA
------------------------------------------------------------------
Pablo Gonzalez at Bloomberg News reports that Enrique Pescarmona,
owner of Argentina's biggest renewable energy company, had sought
government bailout as overdue payments from the group's biggest
client in Venezuela left it short of cash for looming bond
payments, according to two people with knowledge of the talks.

Mr. Pescarmona, who owns turbine maker Industrias Metalurgicas
Pescarmona SA (Impsa) through Luxembourg-based Venti SA, met Sept.
11, with Argentine authorities to discuss possible government
assistance, the people said, asking not to be identified because
an agreement may not be reached, according to Bloomberg News.

Mr. Pescarmona met with President Cristina Fernandez de Kirchner
in August, sources said.

Bloomberg News notes that Argentina Economy Minister Axel Kicillof
and Industry Secretary Debora Giorgi held meetings with
Pescarmona, Buenos Aires-based daily Cronista reported.

Bloomberg News relays that Mr. Pescarmona was struggling to get
Venezuela's state-run power company to pay its bills as the group
faced a US$20 million interest payment at the end of September on
US$390 million of dollar bonds backed by his holding company
Venti.  Those notes have lost more than two-thirds of their value
in the past three months.

Mendoza-based unit Impsa also faced a Sept. 18 payment on ARS96.5
million (US$11.5 million) of local securities, Bloomberg News
recounts.  Venezuela's Corpoelec SA owes Venti about US$500
million.

One proposal put forward by Impsa adviser Quantum Finanzas was for
the government to take a non-controlling stake, one of the people
said, Bloomberg News discloses.

Impsa was late servicing its peso denominated bonds in July and
was downgraded by Fitch to CCC from B+.  It reported a ARS62.2
million net loss for the second quarter, compared with a loss of
ARS317 million in the same year-ago period, Bloomberg News says.

In the earnings statement, Impsa said Corpoelec, which represents
76 percent of its receivables, was expected to pay in full,
allowing the company to continue operating, Bloomberg News adds.

Industrias Metalurgicas Pescarmona S.A.I.C. y F. provides
integrated solutions for power generation from renewable
resources, equipment for the process industry, and environmental
services.


=============
B A H A M A S
=============


ULTRAPETROL (BAHAMAS): Board Taps Damian Scokin as CEO
------------------------------------------------------
Ultrapetrol (Bahamas) Limited disclosed the completion of a share
purchase transaction with respect to the sale of shares of
Ultrapetrol between the major shareholders of the Company under
terms previously announced on July 13, 2014.

In the transaction, Sparrow Capital Investments Ltd., a subsidiary
of Southern Cross Latin America Private Equity Funds III and IV,
purchased all of the outstanding Ultrapetrol equity interests held
by Hazels (Bahamas) Investments Inc., Inversiones Los Avellanos
S.A. and certain entities affiliated with them, increasing
Southern Cross' interest in the Company from 67% to 85%.

Under the terms of the agreement, Sparrow acquired from Hazels,
Los Avellanos, and certain entities affiliated with them, the
rights to 25,326,821 shares of common stock of the Company at a
price equivalent to US$4.00 per share of Common Stock. With the
completion of the transaction, the equity capital of the Company
is now comprised exclusively of shares with equal voting rights of
one vote per share.

As previously announced, as part of the transaction, Felipe
Menendez and Ricardo Menendez will step down from their respective
CEO and Executive Vice President positions, but remain with
Ultrapetrol as directors.  Simultaneously with Southern Cross'
acquisition, the Company's Board of Directors announced that it
has selected Damian Scokin to become Ultrapetrol's new Chief
Executive Officer, starting November 2014.  Until that time,
Horacio Reyser, the Company's Chairman and a Partner at Southern
Cross Group, will serve as Interim CEO.

Damian Scokin has until now been the CEO of the International
Businesses of Latam Airlines Group, the largest airline in South
America.  Prior to his almost ten years with Latam, he was a
Partner at McKinsey & Company, where he worked for another ten
years.  Mr. Scokin was trained as an Industrial Engineer and
Economist at Universidad de Buenos Aires and has an MBA from
Harvard Business School.

Horacio Reyser, Chairman of Ultrapetrol and a Southern Cross
partner, said, "I would like to thank Felipe and Ricardo Menendez
for their important contributions to Ultrapetrol over the years,
from their vision in founding the Company in 1992, to creating a
leading shipping company focused on attractive markets, and now
for their guidance as Ultrapetrol moves into this new chapter of
its history.

"Southern Cross made its first investment in the Company in
December 2012 and throughout the subsequent 20 months, we worked
with management to reduce the Company's leverage, increase
exposure to the growing deep-sea offshore segment and reduce the
volatility of the river business operations. I am very optimistic
about the Company's future outlook.  As part of its investment
strategy, Southern Cross plans to continue working alongside
Ultrapetrol's management to further improve the operating
efficiency and asset profitability of the Company's River business
and to explore new and innovative alternatives to grow in the
Offshore segment, both in Brazil and in other regions.  We are
also thankful for the strong support that we have received from
shareholders and we are committed to engaging with investors in an
open and transparent manner as we seek to unlock Ultrapetrol's
full potential.

"We look forward to having Damian Scokin join Ultrapetrol as our
new CEO during an exciting time for the Company.  His deep
experience in Latin American transportation and logistics will
serve Ultrapetrol well as we continue to focus on capitalizing on
the compelling fundamentals and strong growth potential of the
Company's core businesses and maximizing long-term value for all
shareholders."

Ultrapetrol (Bahamas) Limited, headquartered in Nassau, Bahamas,
is a diverse international marine transportation company. The
company operates in three segments: River, Offshore Supply, and
Ocean. Last twelve months ended June 30, 2013, revenues totaled
$369 million.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 22, 2014, Standard & Poor's Ratings Services raised its
ratings on Ultrapetrol (Bahamas) Ltd., including the corporate
credit rating to 'B' from 'B-'.  The outlook is stable.


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


BANCO PINE: S&P Affirms 'BB+/B' Rating; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' global
scale and 'brAA' national scale ratings on Banco Pine S.A. (Pine).
The outlook on remains negative.

"We based our ratings on Pine's "strong" risk position reflected
in its strong asset quality and conservative risk management,
"adequate" liquidity, and "adequate" capital and earnings.  The
bank's "moderate" business position given its small scale in the
Brazilian financial system and concentration in the corporate and
small and medium enterprise (SME) segments, as well as its
relatively concentrated funding profile compared to other Latin
American banks, offset the positives.  The bank's stand-alone
credit profile (SACP) is 'bb+'," S&P said.

"Under our bank criteria, we use our BICRA economic and industry
risk scores to determine a bank's anchor, the starting point in
assigning an issuer credit rating.  Our anchor for a commercial
bank operating only in Brazil is 'bbb-', based on the banking
sector's economic risk score of '6' and industry risk score of
'5'.  The economic risk reflects Brazil's low GDP per capita
levels and only modest growth prospects that limit household
credit capacity and the country's ability to withstand economic
downturns.  It also considers our view that economic imbalances
have increased as a result of rapid credit expansion amid a slowly
growing economy, which isn't likely to pick up for the next two
years, further increasing the household debt burden.  In addition,
we expect Brazil's external vulnerability to rise somewhat over
the next several years, which also contributes to our "high risk"
assessment for economic imbalances.  However, the Brazilian
corporate sector's moderate leverage and the absence of high-risk
loans somewhat mitigate the higher risk factors in our economic
risk assessment," S&P added.

"Our industry risk score of '5' reflects our belief that the
industry risks in Brazil's banking sector continued to increase.
In our view, there are growing market distortions due to an
increasing market share of loans from publicly owned banks during
the past two years and an increasing spread differential between
public and private banks, which have reduced the sector's
profitability.  Extensive coverage, effective supervision of the
financial system, and an adequate and stable deposit base support
our industry risk assessment," S&P added.

"The negative outlook means that there is at least a one in three
chance that we will lower the ratings on the bank in the next 18
months, which stems from pressure on the bank's capital under our
RAC methodology," said Standard & Poor's credit analyst Vitro
Garcia.  S&P could lower the ratings if Pine doesn't generate
enough internal capital to maintain an average RAC ratio above 7%
for the next 24 months, or if S&P notices consistently lower
revenues diversification, which could lead to a lower business
position score.  On the other hand, if the bank boosts its capital
significantly above the 7% threshold for the next 24 months, S&P
could change the outlook to stable.


COSAN LTD: S&P Affirms BB Rating & Alters Outlook to Developing
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Cosan
Ltd. (CZZ) and Cosan S.A. Industria e Comercio (Cosan S.A.) to
developing from positive. At the same time, S&P affirmed its
'BB' rating on both companies.

The developing outlook indicates that the ratings trajectory on
both companies depends on the regulatory approvals for the merger
of America Latina Logistica S.A. (ALL; not rated) with Cosan
group's logistic subsidiary, Rumo, and its impact on the new
company's capital structure. If the regulators won't approve
the transaction, S&P could upgrade the Cosan group given its
consistent debt reduction. However, if the merger is approved
without restrictions and considering current capital structures,
CZZ's credit metrics will likely weaken. In addition, S&P expects
a slower debt reduction on a consolidated basis, given ALL's
significant investment plan, limiting rating upside.

"With the recently announced spin-off of Rumo to the newly created
logistics holding company, Cosan Logistica, we view Cosan S.A. as
a core subsidiary to CZZ, the ultimate non-operating holding
company," said Standard & Poor's credit analyst Renata Lotfi.


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


AZIMUTH FUND: Creditors' Proofs of Debt Due Oct. 13
---------------------------------------------------
The creditors of Azimuth Fund 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. 2, 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


CHIMES MS FUND: Creditors' Proofs of Debt Due Oct. 13
-----------------------------------------------------
The creditors of Chimes MS Fund 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 liquidation proceedings on Sept. 5, 2014.

The company's liquidator is:

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


CO-INVESTMENT LIMITED: Commences Liquidation Proceedings
--------------------------------------------------------
On Aug. 29, 2014, the shareholders of Co-Investment Limited XI
(Da/Viterra) 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:

          Cititrust (Bahamas) Limited
          c/o Citigroup Fund Services (Cayman), Ltd.
          27 Hospital Road, Fifth Floor
          Cayman Corporate Centre
          George Town Grand Cayman, KY1-1003
          Cayman Islands
          c/o Schell Stubbs
          Telephone: (242) 302-8714


LDK SOLAR: To Hold Separate Meetings for Scheme Creditors
---------------------------------------------------------
LDK Solar Co., Ltd, which is under provisional liquidation, will
hold separate meetings for its scheme class creditors to consider
and if thought fit, approve (with or without modification) a
scheme arrangement  pursuant to section 86 of the Companies Law
proposed to be made between LDK Solar and LDK Silicon & Chemical
Technology Co., Limited.

Each scheme class meeting will be held at the offices of Campbells
at Floor 4, Willow House, Cricket Square, in George Town, PO Box
884, Grand Cayman, Cayman Islands KYI-1103.  The scheme class
meetings will be held as:

   -- The preferred obligation scheme creditors will be entitled
      to vote at the LDK Silicon CI Preferred Meeting and the LDK
      Solar CI Preferred Meeting on Oct. 16, 2014, at 8:00 p.m.,
      and 8:10 p.m., (Cayman Islands time) respectively;

   -- The Senior Note Scheme Creditors will be entitled to vote at
      the CI Senior Note Meeting on Oct. 16, 2014, at 8:20 p.m.
      (Cayman Islands time);

   -- The Ordinary Scheme Creditors will be entitled to vote at
      the LDK Solar CI Ordinary Meeting on Oct. 16, 2014, at 8:30
      p.m.

For further information, use these contacts:

If you are Senior Note Scheme Creditors or CN Holder contact:

          Lucid Issuer Services Limited
          Leroy House
          436 Essex Road
          London N+ 3QP
          United Kingdom
          Attention: Sunjeeve Patel/ David Shilson
          Telephone: +44 20 7704 0880
          Facsimile: +44 20 7087 9098

If you are Preferred Obligation Scheme Creditors or Ordinary
Scheme Creditor that is not a CN Holder, contact:

          Zolfo Cooper (Cayman) Ltd.
          10 Market Street
          Camana Bay
          Grand Cayman P.O. Box 776
          Cayman Islands KYI-9006
          Attention: Iain Gow/ Emma Storry
          Telephone: +1 (345) 946 0081
          Facsimile: +1 345 946 0082


OCTANT FUND: Creditors' Proofs of Debt Due Oct. 13
--------------------------------------------------
The creditors of Octant Fund 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. 2, 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


ORTHOGONAL FUND: Creditors' Proofs of Debt Due Oct. 13
------------------------------------------------------
The creditors of Orthogonal Fund 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. 2, 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


PLURIMI (CAYMAN): Creditors' Proofs of Debt Due Oct. 22
-------------------------------------------------------
The creditors of Plurimi (Cayman) GP Limited 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 Sept. 1, 2014.

The company's liquidator is:

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


PLURIMI GLOBAL: Creditors' Proofs of Debt Due Oct. 22
-----------------------------------------------------
The creditors of Plurimi Global Opportunities (No. 1) Feeder Fund
Limited 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 Sept. 1, 2014.

The company's liquidator is:

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


PLURIMI GLOBAL MASTER: Creditors' Proofs of Debt Due Oct. 22
------------------------------------------------------------
The creditors of Plurimi Global Opportunities Master Fund Limited
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 Sept. 1, 2014.

The company's liquidator is:

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


SAAD INVESTMENTS: Creditors Meeting Set for Oct. 28
---------------------------------------------------
Saad Investments Company Limited, which is in official
liquidation, will hold a meeting for its creditors on Oct. 28,
2014, at 9:00 a.m.

The meeting will be held at the offices of Grant Thornton
Specialist Services (Cayman) Limited, 48 Market Street, 2nd Floor,
Suite 4290, Canella Court, in Camana Bay, Grand Cayman, Cayman
Islands.

The company's liquidator is:

          Hugh Dickson
          c/o John Henry
          Telephone: +1 (245) 769 7213


SEVEN SEAS: Creditors' Proofs of Debt Due Oct. 22
-------------------------------------------------
The creditors of Seven Seas Capital Appreciation Offshore Fund
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 Sept. 3, 2014.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: JFL
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647; or

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


TITAN PETROCHEMICALS: Scheme Creditors to Meet on Oct. 22
---------------------------------------------------------
The scheme creditors of Titan Petrochemicals Group Limited will
hold a meeting on Oct. 22, 2014, at 10:00 a.m., at the offices of
DLA Piper Hong Kong, 17th Floor of Edinburgh Tower, The Landmark
in 15 Queen's Road, Central, Hong Kong.

During the meeting, the scheme creditors will be asked to:

   -- To consider and, if thought fit, resolve that pursuant to
      and in accordance with section 99 of the Companies Act, the
      Scheme arranged between the Scheme Company and its Scheme
      creditors is agreed (with or without modification); and

   -- to consider any other business that maybe lawfully brought
      forward at the relevant scheme meeting.


VBT BANK: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of VBT Bank & Trust Ltd- Reddo received on
Aug. 28, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

Margott Lares and Sinia Bodden of Grand Cayman were appointed as
liquidators of the company.


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C H I L E
=========


GOLDCORP: Chilean Supreme Court Orders Halt to Mine
---------------------------------------------------
BBC News reports that Chile's supreme court has halted the
development of a gold and copper mine owned by the Canadian
conglomerate, Goldcorp, until indigenous communities are
consulted.

The court upheld an appeal filed on the El Morro mine by the
Diaguita community in northern Chile, according to BBC News.

BBC News notes that the community said the mine, worth almost US$4
billion, could pollute a local river.

Several recent mining projects in Chile were blocked after local
opposition, the report relays.

In April, a lower court rejected the Diaguita's request to halt
the project because, the community said, Goldcorp had not
conducted proper consultations with local communities, the report
discloses.

In an interview with Associated Press, a Diaguita leader, Maglene
Campilley said after the Supreme Court ruling, "The Diaguita
people are happy that justice is on the side of the humble, of
those who defend Mother Earth, our water resources and our
indigenous land," the report says.

BBC News notes that a fresh consultation will now need to take
place before an environmental permit can be awarded allowing
mining to take place.

Goldcorp has had to suspend construction at the El Morro site
twice, once in 2012 and then again in November of 2013, the report
recounts.

"The company remained committed to open and transparent dialogue
with its stakeholders and to responsible practices in accordance
with the highest applicable health, safety and environmental
standards," the report quoted Christine Marks, a company
spokesperson, as saying.

Last year, Chile's environmental regulator blocked work on the
massive Pascua-Lama gold mine run by Barrick Gold, straddling the
Argentina-Chile border after Diaguita communities living in the
foothills of the Andes downstream opposed it, the report notes.

Goldcorp is a gold producer headquartered in Vancouver, British
Columbia, Canada.  The company employs more than 16,000 people
worldwide, engaged in gold mining and related activities including
exploration, extraction, processing and reclamation.


LATAM AIRLINES: System Passenger Traffic Up by 5.5% in August
-------------------------------------------------------------
Latam Airlines Group S.A. and its subsidiaries, reported its
preliminary monthly traffic statistics for August 2014 compared to
August 2013.

System passenger traffic increased by 5.5% while capacity
increased by 1.0%.  As a result, the Company's load factor for the
month increased 3.6 points to 84.5%.  International passenger
traffic accounted for approximately 52% of the month's total
passenger traffic.

Domestic passenger traffic in LATAM Airlines Group's Spanish
speaking operations (Chile, Argentina, Peru, Ecuador and Colombia)
rose 9.2%, while capacity increased by 1.6%.  As a consequence,
the domestic passenger load factor increased 5.8 points to 82.8%.

Domestic passenger traffic in Brazil increased by 2.9%, while
capacity increased by 0.4%.  As a consequence, the domestic Brazil
passenger load factor increased 2.0 points to 80.7%.

International passenger traffic increased by 6.0%, while capacity
increased by 1.2%.  Accordingly, the international passenger load
factor for the month increased 4.0 points to 87.6%.  International
traffic includes international operations of both LAN and TAM on
regional and long haul routes.

Cargo traffic for LATAM decreased 1.9% as capacity decreased 5.6%.
As a consequence, the cargo load factor increased 2.2 points to
59.0%.  The decrease in cargo capacity is a result of a reduced
freighter operation in addition to decreased availability in the
bellies of passenger aircraft.  Cargo traffic decrease was driven
by weaker imports into Latin America.

Headquartered in Santiago, Chile, LATAM Airlines Group S.A., --
http://www.latamairlinesgroup.net/-- together with its
subsidiaries, provides passenger and cargo air transportation
services in South America.  It provides domestic and international
passenger transport services to approximately 134 destinations in
22 countries and cargo services to approximately 143 destinations
in 27 countries.


LATAM AIRLINES: S&P Revises Outlook to Stable & Affirms BB Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Latam
Airlines Group S.A. (Latam) to stable from positive.  At the same
time, S&P affirmed its 'BB' global scale ratings on Latam and
'brAA' national scale rating on its subsidiary, Brazil-based TAM
S.A., and revised the outlook on the company's ratings to stable
from positive.

"The outlook revision follows our view of improving credit metrics
in 2015 and 2016, although at a slower-than-expected pace due to
Brazil's sluggish economy," said Standard & Poor's credit analyst
Marcus Fernandes.

The company's focus on improving TAM's operating efficiency is
strengthening consolidated credit metrics. Efficiency improvement
consists of cost-reduction initiatives, the replacing of less
efficient aircrafts, and aircraft reallocations to achieve a
better capacity usage.  Also, TAM continued to reduce its capacity
in Brazil because airline travel demand did not increase as
expected and this market is currently oversupplied.  Overall S&P
expects Latam's regional capacity, measured by available seat
kilometer (ASK), to stay at current levels in 2015, while demand,
measured by revenue passenger kilometer (RPK) increases amid the
region's improving economy.


===================
C O S T A   R I C A
===================


BANCO POPULAR: Fitch Affirms 'BB+' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed Banco Popular y de Desarrollo Comunal's
(BPDC) ratings including its Issuer Default Rating (IDR) at 'BB+'
and its Viability Rating (VR) at 'bb+'.

KEY RATING DRIVERS - IDRs, VR, SF, and SRF

BPDC's IDR and VR reflect its robust loss absorption capacity,
stable deposit base, good profitability ratios and adequate asset
quality.  The bank's ratings also reflect the moderate tenure
mismatches in its asset and liability structure.

The bank's Support Rating (SR) of '3' and Support Floor (SF) of
'BB' indicates that in Fitch's view there is a moderate
probability of support from the Costa Rican Government despite
having no explicit guarantee, given the nature of the bank and its
systemic importance.  The bank's systemic importance comes from
its relevant market share in terms of assets (13%) and deposits
(12.7%) along with its duties of public interest.

Capitalization is the core strength of BPDC, with a Fitch Core
Capital of 25% outperforming most national and international
peers.  The strong capital is underpinned by the capital
accumulation mechanisms and good profitability.  The capital
levels provide an ample loss absorption capacity and room to
maintain the balance sheet's dynamic growth; these levels are not
expected to decline in the foreseeable future.

The bank's steady funding favors its financial profile.  It
includes a guaranteed influx of funds from the state.  The funding
stability arises from the government's monthly deposit of nearly
41% of the public sector payroll.  Additionally, the bank collects
the mandatory contributions to the complementary pension fund
equivalent to 1.25% of the total payroll of public and private
sector workers.

Profitability ratios have remained good although they have
declined since 2013 due to pressure on margins.  As of the first
half of 2014 (1H'14) the return on assets ratio was at 1.4%
(December 2013: 1.5%; Dec. 2012: 2.1), still above the industry
average (1.1%), and further declines are unlikely.  The main
weakness of the financial performance comes from the low operating
efficiency.

The bank's asset quality remains adequate with delinquency ratios
in line with its historic average.  Non-performing loans to total
loans ratio is 2.6%, which is considered sound given the loan
portfolio's retail orientation --which has a natural higher
propensity to deteriorate when compared with more diversified
portfolios (e.g. retail and wholesale).  Low levels of write offs
and restructuring are also proof of the bank's adequate credit
quality.

Rating Sensitivities

Potential upgrades of the bank's VR --and consequently of the
IDRs-- are limited over the medium term as the bank is currently
rated at the same level of the sovereign, which has a Stable
Outlook.  In the long term, however, upside potential could arise
from a substantial improvement in funding and business
diversification, coupled with a higher sovereign rating.

A significant deterioration of the bank's profitability and asset
quality, which erode the capital and reserves cushion, would place
downward pressure on the bank's VR and IDRs.

BPDC's current SR and SRF indicate that in the event of individual
risk profile deterioration, the IDR would not fall below 'BB',
given the agency's opinion that government support will be
forthcoming.  Changes on sovereign creditworthiness and/or
propensity of support would affect the SR and SRF.

Fitch has affirmed BPDC's ratings as follows:

International ratings:

   -- Long-term IDR at 'BB+', Outlook Stable;
   -- Short-term IDR at 'B';
   -- Long-term local currency IDR at 'BB+', Outlook Stable;
   -- Short-term local currency IDR at 'B';
   -- Viability Rating at 'bb+';
   -- Support Rating at '3';
   -- Support Rating Floor at 'BB'.

National ratings:

   -- Long-term national rating at 'AA+(cri)', Outlook Stable;
   -- Short-term national rating at 'F1+(cri)';
   -- Long-term senior unsecured bonds at 'AA+(cri)';
   -- Commercial paper at 'F1+(cri)'.
   -- Long-term senior unsecured bonds in Panama at 'AA-(pan)';
   -- Commercial paper in Panama at 'F1+(pan)'.
   -- Long-term senior unsecured bonds in El Salvador at
      'AA+(slv)';
   -- Commercial paper in El Salvador at 'F1+(slv)'.


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


AIR JAMAICA: Landlords Seek Takers for Office Space
---------------------------------------------------
Jamaica Gleaner reports that National Insurance Fund is making
another go at recruiting tenants for unused office space at the
Air Jamaica Limited building that has been on the market for more
than three years.

The agency has advertised for rent some 3,000 square feet of space
that was previously occupied by the Public Assistance Department
of the Ministry of Labor and Social Security, according to Jamaica
Gleaner.  The space has been vacant since May 2011.

Jamaica Gleaner notes that NIF owns three floors of the 12-story
Air Jamaica Building, comprising approximately 23,360 square feet,
which is rented on the open market.  Air Jamaica (Legacy) Limited
owns five floors, measuring 32,802 square feet. A law firm and
another government body is said to own the rest of the property.

The report notes that Air Jamaica (Legacy) said four of its floors
are on the market, but there are prospects for three floors with
tenants soon to move in, with one floor still available.

Previously the corporate headquarters for the national carrier,
the five floors were put up for sale by Air Jamaica in 2010 when
the airline was approaching final agreement with buyer Caribbean
Airlines of Trinidad, the report recalls.

The report relays that Audrey Deer-Williams, head of NIF, said NIF
purchase of its space was made long before 2010, and NIF has no
plans to divest its holdings in the downtown property, which were
last valued at J$180 million in 2011.

The pension fund earns about J$17 million from the building each
year, Ms. Deer-Willi said, the report notes.

Former project manager with Air Jamaica Legacy, Dennis Chung, said
that no buyer was ever found for Air Jamaica's portion of the
property, which remains an asset of the Government, the report
relays.

The building has 52 parking spaces.  Each floor has its own
amenities and is partitioned with demountable gypsum board to
provide general and private offices.

For NIF-advertised space, rental per square foot is J$750 per
annum.  There is also a maintenance portion that is determined
annually, Ms. Deer-Williams said, the report adds.

                       About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.

As reported in the Troubled Company Reporter-Latin America on
June 23, 2010, Trinidad and Tobago Caribbean Airline on May 1,
2010, acquired Air Jamaica for US$50 million and operated six Air
Jamaica aircraft and eight of its routes.  Jamaica got a 16%
stake in the merged operation, with CAL owning 84%.  A TCR-LA
report dated June 29, 2009 said cash-strapped Air Jamaica has been
hemorrhaging over US$150 million per annum and the government has
had to foot the massive bill.  Air Jamaica also had over US$600
million in loans outstanding.


JAMAICA: Union Boss Wants Workforce Impact of Chikungunya Assessed
------------------------------------------------------------------
RJR News reports that Senator Kavan Gayle, President-General of
the Bustamante Industrial Trade Union (BITU) wants a study to be
done to determine the full impact of the Chikungunya outbreak on
the productive sector.

Reporting that some of his union's members have complained about
impact the high number of colleagues who have had to take sick
leave, Senator Gayle, told RJR News that "it has put a burden on
those who remain."

Senator Gayle added that, in some instances, some affected workers
have not been able to receive the required medical attention,
"have not been able to gain the medical attention because of the
(huge) influx of persons . . . " putting an added strain on the
resources of the medical services, according to RJR News.

This unsatisfactory situation was "creating havoc amongst the
workforce," Senator Gayle said, RJR News relates.

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign and local currency and 'B' short-term
foreign and local currency sovereign credit ratings on Jamaica.
At the same time, S&P revised the outlook on the long-term
sovereign credit ratings to positive from stable.  In addition,
S&P affirmed its 'B' transfer and convertibility (T&C) assessment.


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


AEROSTAR AIRPORT: Moody's Lowers Rating on $350MM Sr. Notes to Ba2
------------------------------------------------------------------
Moody's Investors Service downgraded Aerostar's $350 million of
senior secured notes rating to Ba2 from Ba1 and changed the rating
outlook to negative concluding the rating review that was
initiated on July 17.

Aerostar Airport Holdings, LLC (AAH) is the project company
selected by the Commonwealth of Puerto Rico (B2 negative) to
operate Luis Munoz Marin Airport (LMM), the largest commercial
airport in Puerto Rico, under a 40 year lease agreement. AAH is
jointly owned by Highstar Capital IV L.P. and Aeropuerto de Cancun
S.A. de C.V. In March 2013, Aerostar issued $350mm of 5.75% Senior
Secured Notes due 2035 (Notes).

Ratings Rationale

The downgrade of Aerostar's notes to Ba2 recognizes that the
airport's creditworthiness cannot be completely de-linked from the
current stresses facing the government, economy and population of
the Commonwealth of Puerto Rico (B2 negative). The region's
current situation makes credit quality more uncertain for
companies operating under government-granted concessions governed
under local law whose cash flow can also be affected by changes in
the economic environment or potentially by interference from the
government. The rating action acknowledges the challenges of
systemic risks for all local credits, particularly those that have
a dependence on the local economy for cash flow. In addition, the
Commonwealth's fiscal distress could impact the ability of the
Puerto Rico Ports Authority (unrated) to make compensation
payments to Aerostar in the event of adverse actions or
termination.

Notwithstanding this relationship, the rating differential between
Aerostar and the Commonwealth of Puerto Rico acknowledges a number
of credit considerations. To begin with, the 15 year Airline Use
Agreement with signatory airlines provides a stable amount of
aeronautical revenues at $62mm per year, roughly 60% of total
revenues, regardless of passenger or enplanement volumes. Aerostar
enjoys a significant share of the island's air travel market.
Aerostar's greater dependence on tourism related travel from the
United States rather than the domestic economy helps support its
business prospects. Another key consideration is, the fact that
Luis Munoz Marin Airport is the first and only major US passenger
airport P3 that has been privatized under the FAA's Airport
Privatization Program. The involvement of the FAA through the
Airport Privatization Program helps to underpin the legal and
operating arrangement between the concession and the government
that potentially reduces the likelihood of interference from the
Commonwealth.

Aerostar has been performing adequately despite flat enplanement
levels in 2013 and a growth of 4% as of September 2014, year-to-
date. Going forward, LMM will have increasing reliance on
variable, non-aeronautical revenue to cover debt service as debt
starts to amortize. Specifically, the concession is focused on
maximizing commercial, parking and other non-aeronautical
revenues, a business strategy that was not the focus of the prior
airport management. While there are risks with respect to the
timing and magnitude of new operating revenues, ultimately the
greater diversification of airport revenues could provide the
airport with more resilience. The growth expansion expected to
spur the non-aeronautical revenue remains on track and the
majority of the works are expected to be concluded by November
2014.

The rating outlook is negative, mirroring the negative outlook on
the B2 rating of the Commonwealth of Puerto Rico, and consistent
with Moody's view of the relationship between the issuers. Thus, a
downgrade on the rating of Puerto Rico's rating may trigger a
downgrade on the rating of Aerostar, particularly if we deem there
is a likelihood increase that the government could take any action
that might impact the project's revenue generation, profitability,
or ability to operate.

Given the negative outlook, Moody's do not expect upward pressure
on the rating. However, if Puerto Rico's outlook on the rating is
revised to stable, Aerostar's outlook may follow suit if Moody's
assess that the current rating already captures linkages described
above. A positive operating history of the non-aeronautical
revenues and a reversal of the currently negative growth rate of
enplanements could also lead to the stabilization of the outlook.


METROPISTAS: Moody's Downgrades Rating on $435MM Sr. Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service downgraded Metropistas $435 million of
senior secured notes rating to Ba3 from Ba1 and changed the rating
outlook to negative, concluding the rating review that was
initiated on July 17th.

Metropistas operates the PR-22 and the PR-5 toll-roads in San Juan
under a concession from the Puerto Rico Highways and
Transportation Authority (PRHTA: Caa1 negative). On August 2013,
Metropistas issued $435mm of 6.75% Senior Secured Notes due 2035
(Notes) with quarterly debt service payments. The Notes are fully
amortizing commencing on the third year after the issue date.

Ratings Rationale

The downgrade of Metropistas' Notes to Ba3 recognizes that the
toll road's creditworthiness cannot be completely de-linked from
the current stresses facing the government, economy and population
of the Commonwealth of Puerto Rico (B2 negative). The region's
current situation makes credit quality more uncertain for
companies operating under government-granted concessions governed
under local law whose cash flow can also be affected by changes in
the economic environment or potentially, albeit unlikely, by
intervention from the government. The rating action acknowledges
the challenges of systemic risks for all local credits,
particularly those that have a dependence on the local economy for
cash flow. In addition, the Commonwealth's fiscal distress could
impact the ability of the PRHTA and the Government Development
Bank (GDB, B3 negative) to make compensation payments to
Metropistas in the event of adverse actions or termination. The
rating recognizes the importance of the highway to the regional
transportation network and the concession construct within which
the asset is managed and operated. While traffic volumes have been
flat, the relative inelasticity of usage helped to increase
operating revenues following recent toll increases despite
pressures on the economy.

The rating action also reflects that the operating environment
heightens certain credit challenges of the issuer, including
future potential refinancing risks. Both the syndicated loan due
2018 with an outstanding balance of a $376 mm as of June 2014
(which ranks pari-passu with the Notes), and the letters of credit
backing the debt service reserve fund on the Notes mature in 2018
and must be refinanced.

Metropistas' recent operating and financial performance has been
adequate. Traffic has remained roughly flat in 2013 and 2014
despite the economic downturn in Puerto Rico. As of June 2014,
year-to-date revenues have increased by a solid 14.7% as a result
of a tariff increase at the beginning of the year, as permitted by
the concession agreement.

The rating outlook is negative, mirroring the negative outlook on
the B2 rating of the Commonwealth of Puerto Rico, and consistent
with Moody's view of the relation between the concession and the
government. Thus, a downgrade of Puerto Rico's rating could likely
trigger a downgrade on the rating of Metropistas. While Moody's
believe this is unlikely in the near term, the rating could also
be downgraded if there were any negative intervention by the
government, for instance if the Commonwealth pressured the issuer
to refrain from increasing tariffs in accordance with the
concession.

Given the negative outlook, Moody's do not expect upward pressure
on the rating. However, if Puerto Rico's outlook on the rating
were revised to stable or if Metropistas were able to refinance
its bank facilities, Metropistas' outlook might change to stable
if Moody's assess that the current rating already captures the
linkages described above.

Metropistas operates the PR-22 and the PR-5 corridors in Puerto
Rico. PR-22 traverses an important manufacturing, pharmaceutical,
and retail trade corridor, serves as a commuter link to the
suburbs west of San Juan, and is a connector among popular tourist
areas and the Port of San Juan. PR-5 connects San Juan with the
growing city of Bayamon. The service area population of the two
routes is over 1.2 million.

The principal methodology used in this rating was Privately
Managed Toll Roads published in May 2014.


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


TRINIDAD CEMENT: Fitch Lowers Issuer Default Ratings to 'D'
-----------------------------------------------------------
Fitch Ratings has downgraded Trinidad Cement Limited Group's (TCL)
foreign and local currency Issuer Default Ratings (IDRs) to 'D'
from 'B-'.  Fitch also withdraws TCL's proposed senior secured
notes expected rating of 'B-/RR4(EXP)'.  This expected rating has
been withdrawn as the proposed debt instrument will no longer be
issued by the company.

This downgrade to 'D' follows the announcement by TCL's Board of
Directors on Sept. 29, 2014 of a 'standstill' on all payments due
under existing restructured loan agreements.  As a result, TCL
missed its debt service payments due on Sept. 30, 2014.  These
maturities are not subject to a grace period.

Fitch considers the missed debt payment an event of default.

TCL's Board of Directors announced a new restructuring plan on the
same date, due to be submitted by Oct. 31, 2014.


                            ***********


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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