TCRLA_Public/141013.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

            Monday, October 13, 2014, Vol. 15, No. 202


                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Attorney Says Liquidators Keeping Him in The Dark


A R G E N T I N A

ARGENTINA: Has Financing Offers From Investors, Kicillof Says


B R A Z I L

OGX PETROLEO: Expects Batista Insider-Trading Case Ruling Year-End
VIDROPORTO SA: Moody's Assigns B3 Corporate Family Rating


C A Y M A N  I S L A N D S

ANTHION OFFSHORE: Creditors' Proofs of Debt Due Oct. 15
CRC DIVERSIFIED: Creditors' Proofs of Debt Due Oct. 22
EG HEMEL: Creditors & Contributories to Meet on Oct. 20
EG HEMEL PROJECT: Creditors & Contributories to Meet on Oct. 20
FLEXA INVESTMENT: Creditors' Proofs of Debt Due Oct. 20

PONTE VEDRA: Commences Liquidation Proceedings
STIRO INVESTMENT: Creditors' Proofs of Debt Due Oct. 20
TOKYO CAPITAL: Commences Liquidation Proceedings
TR SOLIHULL: Creditors & Contributories to Meet on Oct. 20
TR SOLIHULL PROJECT: Creditors & Contributories to Meet on Oct. 20


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Employers 'Won't be Forced' Into Raising Wages


M E X I C O

CONTROLADORA COMERCIAL: Near US$4BB Mexico Supermarket Deal
TUXPAN, MEXICO: Moody's Affirms B2 Issuer Rating; Outlook Neg.


X X X X X X X X X

* BOND PRICING: For the Week From October 6 to Oct. 10, 2014


                            - - - - -


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


STANFORD INT'L: Attorney Says Liquidators Keeping Him in The Dark
-----------------------------------------------------------------
The Daily Observer reports that the attorney representing the
hundreds of former employees of Stanford Development Company
Limited said he has done all in his power to get answers from the
two liquidators of the estate for over a year, but to date they
have been "unresponsive."

Speaking with The Observer media, Attorney-at-law Cosbert
Cumberbatch -- ccumberbatch@candw.ag -- said since November 19
last year, his firm wrote to Marcus Wide -- marcus.wide@uk.gt.com
-- of Grant Thornton and Hordley Forbes and Associates; however,
he is yet to ascertain the liquidators' position on which of
Robert Allen Stanford's assets had been sold or leased so the
former employees could be paid.

"They have shown utter contempt and behaved contemptuously towards
the workers.  We don't know what assets they have or what they
have sold, because they have told us absolutely nothing and they
are the two liquidators.  We wrote to them separately and together
on the same date and we haven't had a single response," The Daily
Observer quoted Mr. Cumberbatch as saying.

Mr. Cumberbatch said employees have continuously bombarded his
Long Street office with inquiries, but he is not able to report
any progress, since the liquidators are yet to respond.

On October 15, 2013, the High Court appointed Wide of Tortola and
Forbes of Antigua & Barbuda as joint liquidators, the report
notes.  The court order provides that the joint liquidators shall
have all powers set out in Section 398 of the Companies Act of
Antigua & Barbuda, the report relates.

Section 457 provides that in a winding up, severance payments
benefits are one of the categories of preferential payments that
shall be paid in priority to all debts, the report discloses.

But, Mr. Cumberbatch said the lack of response from the
liquidators is hampering him from giving former SDC workers a
definitive date of when the monies owed to them when they lost
their jobs in 2009 would be paid.  The attorney said the monies
owed amounts to millions plus 10 per cent for each year the sum is
not paid, the report notes.

"As of [Oct. 9] we have done all that we can do in supplying the
information and the liquidators must now tell us when they are
going to pay the SDC workers, there are other workers from smaller
companies, but these are the bulk of Stanford's workers," the
attorney added, the report adds.

            About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement.  Stanford Private Wealth Management
serves more than 70,000 clients in 140 countries.

On Feb. 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and
records of Stanford International Bank, Ltd., Stanford Group
Company, Stanford Capital Management, LLC, Robert Allen Stanford,
James M. Davis and Laura Pendergest-Holt and of all entities they
own or control.  The February 16 order, as amended March 12,
2009, directs the Receiver to, among other things, take control
and possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for
his arrest on the criminal charges.


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


ARGENTINA: Has Financing Offers From Investors, Kicillof Says
-------------------------------------------------------------
Katia Porzecanski and Bob Van Voris at Bloomberg News report that
Argentine Economy Minister Axel Kicillof said the country has
access to financing from private investors two months after a
legal dispute blocked the country from meeting its foreign debt
obligations.

Minister Kicillof, speaking at an event in the country's embassy
in Washington, said he has met with five or six investors
interested in providing loans, according to Bloomberg News.  While
Argentina has no plans to accept the offers, Minister Kicillof
said, they show the country still has access to credit after a
U.S. judge's order prevented the nation from making payments on
its overseas debt, resulting in its second default in the past 13
year, Bloomberg News notes.

The country hasn't sold debt in international markets since its
US$95 billion default in 2001.  After the U.S. Supreme Court
declined to hear its appeal this year, Argentina has been blocked
from servicing overseas bonds until reaching a deal with creditors
from 2001 who sued for full repayment, led by billionaire Paul
Singer's hedge fund Elliott Management Corp, Bloomberg News
relays.

"A fundamental quality to any ruling is that it can be complied
with -- which doesn't apply here," Bloomberg News quoted Minister
Kicillof as saying.  "No country would obey," Minister Kicillof
said.

Elliott Management, which refused debt restructurings in 2005 and
2010 that were accepted by 92 percent of bondholders, has embarked
on a smear campaign in a bid to soil the nation's image, Minister
Kicillof said, Bloomberg News notes.  The debt restructurings
imposed losses of about 70 percent for investors who accepted,
Bloomberg News discloses.

                         Newspaper Ad

Minister Kicillof told reporters he was upset to have seen a full-
page ad in Washington Post picturing him and Argentine President
Cristina Fernandez de Kirchner under the headline "A Model of
Unsoundness," Bloomberg News discloses.  The ad was paid for by
the American Task Force Argentina, a lobby group partly funded by
Elliott Management and other hedge-fund holdouts, Bloomberg News
relays.

Minister Kicillof said the hedge fund's tactics were "mafia-like,"
Bloomberg News relates.

"The problem is not Argentina, it is not us," Minister Kicillof
said, Bloomberg News notes.  "It is the vulture funds," Minister
Kicillof added.

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.


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


OGX PETROLEO: Expects Batista Insider-Trading Case Ruling Year-End
------------------------------------------------------------------
Juan Pablo Spinetto at Bloomberg News report that Eike Batista
will find out this year if he'll be the first person in Brazil
ordered to serve jail time for capital-market crimes, the judge
presiding in the Rio de Janeiro case said.

Judge Flavio Roberto de Souza from Rio's Third Federal Criminal
Tribunal expects to reach a verdict in the insider-trading and
market manipulation case before the end of the year, according to
Bloomberg News.  The trial, scheduled to start Nov. 18, may be
delayed by a superior court that is set to analyze the competence
of the Rio tribunal, Judge Souza said.  Mr. Batista's lawyers said
he is innocent.

"There will certainly be a sentence before the end of the year,
unless there is another procedural issue, as this is purely a
document process," Bloomberg News quoted Judge Souza as saying.
"These documents show there are indications of crime.  If it
effectively took place, that's what I will decide with the
ruling," Judge Souza added.

Mr. Batista's collection of energy, commodities and logistics
startups collapsed last year, forcing his flagship oil and
shipbuilding units into bankruptcy protection amid mounting debt,
a shortfall in revenue and a crisis in confidence among investors.
Last month, federal prosecutors in Rio and Sao Paulo accused the
57-year-old of breaching rules when he sold shares of his OGX and
OSX units in three instances during 2013, Bloomberg News notes.

Neither representatives for Batista in Rio nor his lawyers Sergio
Bermudes, Darwin Correa and Ary Bergher provided comments on the
case.  Bloomberg News notes that Mr. Bermudes had previously said
the allegations against his client were groundless.  Mr. Bermudes
may appeal the Rio court ruling, says the report.

                        Accounts Frozen

About BRL230 million (US$95.7 million) of cash in Mr. Batista's
Brazilian bank accounts are frozen at the request of the Rio
prosecutors, Judge Souza told Bloomberg News.  Prosecutors are
seeking to embargo other assets, including the tycoon's 90
million-real private jet, an 80 million-real yacht, two
helicopters and luxury cars, Judge Souza added.

If found guilty at the trial, Batista faces up to 13 years in
prison, Judge Souza told Bloomberg News during the interview,
adding that it would be the first time a person goes to jail in
Brazil for capital-market infractions.

"It's a type of crime difficult to be investigated," Bloomberg
News quoted Judge Souza as saying.  "At this court, this is the
first time a case against capital markets is judged."

                           Share Sales

The Rio prosecutors accuse Mr. Batista of using privileged
information twice last year to achieve an advantage while selling
shares of his oil company, then known as OGX Petroleo, Judge Souza
said in a document posted Oct. 6 on the court's website, Bloomberg
News notes.  The entrepreneur allegedly profited as much as
BRL237.5 million with the transaction, according to the judge's
recount of the accusation, Bloomberg News relays.

The trial coincides with a similar accusation by federal
prosecutors in Sao Paulo, where a substitute federal judge agreed
to try Mr. Batista on allegations of market manipulation and
insider trading for the sale of OSX Brasil shares worth BRL34
million, according to a Oct. 7 statement from the Sao Paulo's
prosecutor office, reports Bloomberg News.

Mr. Batista, who at his peak was worth more than US$30 billion
according to the Bloomberg Billionaires Index, told Folha de Sao
Paulo last month that he has a negative net worth of US$1 billion,
Bloomberg News notes.  Mr. Batista also told the newspaper he
never had any intention of deceiving investors and didn't use
privileged information in doing business.

"I didn't benefit from anything," Mr. Batista said.  "Who was
damaged the most in this story? Me," Mr. Batista added.

                      About OGX Petroleo

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts US$3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than US$30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as US$500
million in new funds.  OGX said Oct. 29, 2013 that the talks
concluded without an agreement.


VIDROPORTO SA: Moody's Assigns B3 Corporate Family Rating
---------------------------------------------------------
Moody's America Latina has assigned a first-time B3 (global scale)
and Ba3.br (national scale) Corporate Family Rating ("CFR") to
Vidroporto S.A. At the same time, Moody's assigned a B3/Ba3.br
rating to its BRL 134 million secured debentures due 2021.
Proceeds from the debentures will be directed to the construction
of a new production line and other general business purposes. The
outlook for the ratings is stable.

Ratings assigned:

Issuer: Vidroporto S.A.

- Corporate Family Ratings: B3 (global scale) / Ba3.br (national
scale)

- BRL 134 million senior secured debentures due 2021: B3 (global
scale) / Ba3.br (national scale)

The outlook for all ratings is stable.

Ratings Rationale

Vidroporto's B3/Ba3.br ratings reflect primarily its small size
and scale relative to global and local peers; its exposure to a
commoditized product offering; and the lack of geographic and
operational diversity, with operations concentrated in a single
site and focused on servicing mainly the Brazilian beverage
industry. On the other hand, the ratings consider the good
prospects for the glass packaging industry in Brazil, related to a
stable demand environment coupled with a constrained supply
structure.

Additional rating constraints are (i) the company's tight
liquidity profile; (ii) Moody's expectations of negative free cash
flow generation in the near term resulted from current
investments; and (iii) the existence of execution risk during the
ramp-up of a new production line which will increase current
capacity to 192 thousand tones of glass per year, from 80 thousand
tones. The company's increased exposure to Ambev (A3 stable) after
the conclusion of the new production line will bring more
performance stability, as approximately 50% of revenues will be
generated through a 5-year supply agreement. However, this will
come at the cost of higher working capital requirements and lower
margins.

Vidroporto is exposed to input costs volatility (namely natural
gas and soda ash), which can be somewhat mitigated by the
utilization of recycled glass in the production process, and to
Ambev's bargaining power, since it accounts for 40% of
Vidroportos' revenues. Somewhat offsetting such vulnerability is
the mutual reliance of food and beverage producers and glass
packaging manufacturers in Brazil due to the concentrated nature
of the industry with very few suppliers.

Counterbalancing these negative aspects, are the company's track
record of strong operating margins compared to global peers,
arising from high capacity utilization rates and efficiency, its
enhanced position in the domestic market after the conclusion of
its investment plans and historically solid credit metrics.

The B3/Ba3.br rating assigned to the company's debentures is
supported by its security package, including land mortgages,
future receivables related to its long-term contracts with Ambev,
and fiduciary lien of equipment. The rated instrument will
represent 61% of the company's total indebtedness and, in Moody's
view, would have stronger recovery prospects and would rank senior
to unsecured instruments during a financial distress situation.

The stable outlook reflects Moody's expectations that Vidroporto
will maintain operating margins near current levels during the
execution of its expansion plans, and that liquidity will remain
adequate.

The ratings could be downgraded if liquidity deteriorates or if
margins decline substantially during the investment period.
Quantitatively, the ratings would be downgraded if EBIT margin
declines to levels below 15% and if FCF/Debt remains negative
after the ramp-up of current expansion plans.

Although unlikely in the near term, an upgrade of the ratings
would require credit metrics to return to pre-expansion levels on
a sustained basis. Quantitatively, the ratings could be upgraded
if Adjusted Debt/EBITDA is sustained below 3.0x, EBIT/Interest
Expense above 4.0x and FCF/Debt above 6%.

Headquartered in Porto Ferreira, Brazil, and founded in 1977,
Vidroporto is one of the largest glass packaging manufacturer in
Brazil supplying the domestic food and beverage industries. In
2013, the company reported BRL 90 million in net revenues, coming
mainly from the sale of containers for beer (40%), spirits (30%),
wine (20%) and other alcoholic beverages (10%). Upon the
conclusion of current expansion plans, the company's production
capacity will be of 192 thousand tones of glass bottles per year,
making it the 3rd largest provider to the Brazilian beverage
industry.


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


ANTHION OFFSHORE: Creditors' Proofs of Debt Due Oct. 15
-------------------------------------------------------
The creditors of Anthion Offshore Fund, Ltd are required to file
their proofs of debt by Oct. 15, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 3, 2014.

The company's liquidator is:

          Ogier
          c/o Justin Savage
          Telephone: (345) 815 1816
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


CRC DIVERSIFIED: Creditors' Proofs of Debt Due Oct. 22
------------------------------------------------------
The creditors of CRC Diversified Global Asset Management Credit
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. 9, 2014.

The company's liquidator is:

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


EG HEMEL: Creditors & Contributories to Meet on Oct. 20
-------------------------------------------------------
The creditors and contributories of EG Hemel Funding Company Ltd
will hold a meeting on Oct. 20, 2014, at 9:00 a.m.

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

The company's liquidator is:

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


EG HEMEL PROJECT: Creditors & Contributories to Meet on Oct. 20
---------------------------------------------------------------
The creditors and contributories of EG Hemel Project Company Ltd
will hold a meeting on Oct. 20, 2014, at 9:15 a.m.

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

The company's liquidator is:

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


FLEXA INVESTMENT: Creditors' Proofs of Debt Due Oct. 20
-------------------------------------------------------
The creditors of Flexa Investment Ltd. are required to file their
proofs of debt by Oct. 20, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 10, 2014.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands


PONTE VEDRA: Commences Liquidation Proceedings
----------------------------------------------
On Sept. 10, 2014, the shareholder of Ponte Vedra Insurance
Company 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:

          Michael Borns
          1185 Salt Marsh Circle, Ponte Vedra Beach
          Florida 32082
          United States of America
          Telephone: +1 (345) 914 6365


STIRO INVESTMENT: Creditors' Proofs of Debt Due Oct. 20
-------------------------------------------------------
The creditors of Stiro Investment Ltd. are required to file their
proofs of debt by Oct. 20, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 10, 2014.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands


TOKYO CAPITAL: Commences Liquidation Proceedings
------------------------------------------------
On Sept. 1, 2014, the members of Tokyo Capital Management Partners
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:

          Shigenobu Yamagata
          6-1-10-805 Maebaranishi, Funabashi
          Chiba 274-0825
          Japan


TR SOLIHULL: Creditors & Contributories to Meet on Oct. 20
----------------------------------------------------------
The creditors and contributories of TR Solihull Funding Company
Ltd. will hold a meeting on Oct. 20, 2014, at 9:30 a.m.

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

The company's liquidator is:

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


TR SOLIHULL PROJECT: Creditors & Contributories to Meet on Oct. 20
------------------------------------------------------------------
The creditors and contributories of TR Solihull Project Company
Ltd. will hold a meeting on Oct. 20, 2014, at 9:45 a.m.

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

The company's liquidator is:

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


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


DOMINICAN REPUBLIC: Employers 'Won't be Forced' Into Raising Wages
------------------------------------------------------------------
Dominican Today reports that Dominican Republic Employers
Confederation (Copardom) President Jaime Gonzalez reiterated that
there're no conditions for a wage increase, and insisted on
management's stance to amend the Labor Code, because in his view,
the country's base are the micro and small companies.

Mr. Gonzalez said there're no more than 1,000 large companies in
the country, according to Dominican Today.

The report notes that Mr. Gonzalez said the law calls for a wage
increase every two years and in an eventuality, one of the two
sectors can call for a review in any given year if conditions
merit, but noted that this isn't the current case.  "We reaffirmed
precisely this last year; that's what the law says," the report
quoted Mr. Gonzalez as saying.

The report notes that the business leader said management isn't
opposed to meet with labor if the situation warrants.  "We said
that we were ready in meetings, not that we were obliged," Mr.
Gonzalez said.

Mr. Gonzalez, quoted by NCDN, channel 37, said the business sector
refuses to accept annual meetings aimed at increasing wages and
reiterated that an amendment to the labor code could lead to
improved wages, notes the report.


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


CONTROLADORA COMERCIAL: Near US$4BB Mexico Supermarket Deal
-----------------------------------------------------------
Ben Bain and Jonathan Levin at Bloomberg News report that
Controladora Comercial Mexicana SAB aka Comerci is close to an
agreement to sell the bulk of its 200 retail stores to Grupo
Comercial Chedraui SAB in a transaction that will probably amount
to more than US$4 billion, according to a person with knowledge of
the deal.

Comerci would use its own brand for the stores purchased, the
person who asked not to be identified because the negotiations are
still private, told Bloomberg News. Comerci has a market value of
MXN55.2 billion (US$4.09 billion).

Comerci's decision to sell the stores comes less than two months
after Grupo Gigante SAB agreed to purchase most of its
Restaurantes California and Beer Factory eateries for MXN1.1
billion (US$80 million), recalls Bloomberg News.  While final
terms of the accord for its retail stores haven't yet been set,
Comerci is pushing for Chedraui to pay cash, the person said,
Bloomberg News relates.

Any deal would still be subject to regulatory approval, according
to the person.  Chedraui is Mexico's fourth-largest supermarket
operator by market capitalization, while Comerci is the third-
largest.  Wal-Mart de Mexico SAB and Organizacion Soriana SAB are
the nation's largest and second-largest retailers, respectively.

Comercial Mexicana, whose holdings include the upscale City Market
grocery stores in the capital's metropolitan area, hired
Rothschild earlier this year to find a buyer for the entire
business, people said at the time, Bloomberg News notes.

El Financiero reported earlier that Comerci was getting close to a
deal with Chedraui, Bloomberg News adds.

Controladora Comercial Mexicana, S.A.B. de C.V. (Comerci),
headquartered in Mexico City, is an important food and general
merchandise retailer in Mexico with revenues of MXN44,957 million
over the last twelve months ended June 30, 2012. As of the same
date, Comerci operated 199 stores under seven formats with a total
selling area of 1.3 million square meters. Comerci has a
nationwide presence with about 70% of its selling floor
concentrated in the Mexico City metropolitan area and the
country's central region. The company is also present in Mexico's
family-style convenience restaurant segment with its "California"
restaurants and in the casual-dining segment with its "Beer
Factory" restaurants throughout the country. Comerci is family
controlled, by the Gonzalez Nova family, with approximately 36% of
its shares traded on the Mexican stock exchange.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 18, 2012, Moody's de Mexico, S.A. de C.V. has upgraded
Controladora Comercial Mexicana, S.A.B. de C.V.'s (Comerci)
corporate family ratings to Ba1/Aa3.mx from Ba3/Baa1.mx. At the
same time Moody's has upgraded to Ba1 from Ba3 the senior secured
debt ratings. The rating outlook is positive.


TUXPAN, MEXICO: Moody's Affirms B2 Issuer Rating; Outlook Neg.
--------------------------------------------------------------
Moody's de Mexico affirmed the B2/Ba2.mx issuer ratings of the
Municipality of Tuxpan and changed the outlook to stable from
negative.

Ratings Rationale

Rationale For Rating Affirmation

The affirmation of Tuxpan's rating reflects volatile operating and
consolidated results, as well as a growing but still narrow
economic base. Moreover, Tuxpan shows relatively high debt levels
above B2-rated peers. Tuxpan own-source revenues are also low
compared to B2 Mexican municipalities. Though the current
administration is implementing measures to enhance its own source
revenue base, Moody's expects the level of own-source revenues to
improve only mildly and represent a credit challenge in the
medium-term.

Rationale For Stable Outlook

The outlook change reflects the improvements in the municipality's
liquidity and fiscal balances. Moody's expect the current
administration to continue its fiscal consolidation process, which
consists in a curbing of current expenditures, a drastic cut in
investment, and an increase in own-source revenues. As a result of
these policy measures, Moody's expects Tuxpan to post slightly
moderate gross operating deficits and roughly balanced
consolidated results in 2014 and 2015.

What Could Change The Rating Up/Down

A continuous improvement in the level of own-source revenues, and
the recurrent recording of balanced or positive operating and
consolidated margins could exert upward pressure on Tuxpan's
ratings. An abrupt increase in debt levels or deterioration in
liquidity could exert downward pressure on the issuer ratings.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.

The period of time covered in the financial information used to
determine Tuxpan's rating is between 1 January 2009 and 31
December 2013.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in June 2014
entitled "Mapping Moody's National Scale Credit Ratings to Global
Scale Credit Ratings".


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


* BOND PRICING: For the Week From October 6 to Oct. 10, 2014
------------------------------------------------------------


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

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



                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *