TCRLA_Public/141016.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 16, 2014, Vol. 15, No. 205


                            Headlines



A R G E N T I N A

TMF TRUST: Moody's Assigns 'Caa3.ar' Rating on ARS22.8 in Certs.


B A R B A D O S

BARBADOS: Seen Needing IMF Help Amid No Growth, High Debt


B R A Z I L

BRAZIL: Minister Criticizes Loan to Espirito Santo Unit
CIMENTO TUPI: S&P Affirms 'B' Global Scale CCR; Outlook Negative


C A Y M A N  I S L A N D S

A.A.M. INVESTMENTS: Placed Under Voluntary Wind-Up
ALM LOAN: Creditors' Proofs of Debt Due Oct. 22
CONTRARIAN ADVANTAGE: Placed Under Voluntary Wind-Up
CONTRARIAN CAPITAL: Placed Under Voluntary Wind-Up
CONTRARIAN EUROPEAN: Placed Under Voluntary Wind-Up

EME PARTNERS: Placed Under Voluntary Wind-Up
EMERALT EMERGING: Placed Under Voluntary Wind-Up
ENDEAVOR CAYMAN: Creditors' Proofs of Debt Due Oct. 22
FRASER SULLIVAN: Creditors' Proofs of Debt Due Oct. 22
MARBLETON GRDC: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: September Prices Climb 0.19%, Paced by Foods
DOMINICAN REP: Gov't Delays Hobble Competitiveness, Exporters Warn


J A M A I C A

JAMAICA: Still Plans to Float Diaspora Bond


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Holds Talks in Tobago on Boosting Airbridge


X X X X X X X X X

* Global Signs of Slowdown Ripple Across Markets


                            - - - - -


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


TMF TRUST: Moody's Assigns 'Caa3.ar' Rating on ARS22.8 in Certs.
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has rated
Fideicomiso Financiero Pvcred Serie XXI. This transaction will be
issued by TMF Trust Company (Argentina) S.A. -- acting solely in
its capacity as issuer and trustee.

The securities for this transaction have not yet been placed in
the market. The transaction is pending approval from the Comision
Nacional de Valores, if any assumption or factor Moody's considers
when assigning the ratings change before closing, the ratings may
also change.

ARS 53,798,000 in Class A Floating Rate Debt Securities (VRDA
TV) of "Fideicomiso Financiero Pvcred Serie XXI", rated Aaa.ar
(sf) (Argentine National Scale) and B1 (sf) (Global Scale, Local
Currency)

ARS 4,891,000 in Class B Floating Rate Debt Securities (VRDB TV)
of "Fideicomiso Financiero Pvcred Serie XXI", rated Ba3.ar (sf)
(Argentine National Scale) and Caa2 (sf) (Global Scale, Local
Currency)

ARS 22,823,000 in Certificates (CP) of "Fideicomiso Financiero
Pvcred Serie XXI", rated Caa3.ar (sf) (Argentine National Scale)
and Caa3 (sf) (Global Scale, Local Currency).

Ratings Rationale

The rated securities are payable from the cashflow coming from the
assets of the trust, which is an amortizing pool of approximately
10,304 eligible personal loans denominated in Argentine pesos,
bearing fixed interest rate, originated by Pvcred, a financial
company owned by Comafi's Group in Argentina. Only the
installments due after February 28, 2015 will be assigned to the
trust.

The VRDA TV will bear a floating interest rate (BADLAR plus
400bps). The VRDA TV's interest rate will never be higher than 32%
or lower than 20%. The VRDB will also bear a floating interest
rate (BADLAR plus 500bps). The VRDB TV's interest rate will never
be higher than 34% or lower than 22%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

The transaction has initial subordination levels of 29.38% for the
VRDA TV and 22.96% for the VRDB TV, calculated over the pool's
principal balance as August 31, 2014. The subordination levels
will increase overtime due to the turbo sequential payment
structure. The transaction will have a grace period for principal
and interest until April 2015.

The transaction also benefits from an estimated 48.47% annual
excess spread, before considering losses, taxes or prepayments and
calculated at the caps of 32% for the VRDA TV and 34% for the VRDB
TV.

Factors that would lead to an upgrade or downgrade of the rating:

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction. Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Pvcred, the actual performance of the
securitized pool may be affected, among others, by the economic
activity, high inflation rates compared with nominal salaries
increases and the unemployment rate in Argentina.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis:

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Pvcred
portfolio. In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred, ranging
from January 2007 to August 2014. Moody's believes that inflation
will accelerate and that nominal increases in salaries and
pensions will not keep up with inflation. A decline in real income
will deteriorate the credit quality of peso-denominated collateral
like the personal loans securitized in this transaction. As a
result, Moody's has increased some of the default assumptions in
the securitized pools to account for this scenario. Moody's notes
that there is significant uncertainty around key macroeconomic
variables in Argentina, including inflation rates, salary
increases compared to inflation, and economic activity, which have
an impact on future performance of this transaction.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution of losses for each one of the different
securitized subpools : for the PVCred and "Cuotas Bonificadas"
loans, a mean of 18% and a coefficient of variation of 60%; and
for the "Cuota Ya" loans, a mean of 28% and a coefficient of
variation of 60%. Also, Moody's assumed a lognormal distribution
for prepayments with a mean of 45% and a coefficient of variation
of 70%.

Servicer default was modeled by simulating the default of Banco
Comafi as the servicer consistent with its current rating of
Caa1/Baa1.ar. In the scenarios where the servicer defaults,
Moody's assumed that the defaults on the pool would increase by 20
percentage points.

The model results showed 1.27% expected loss for Class A Floating
Rate Debt Securities, a 18.52% for the Class B Floating Rate Debt
Securities and 42.82% for the Certificates.

Moody's also evaluated the back-up servicing arrangements in the
transaction. If Pvcred is removed as collection agent, Banco
Comafi will be appointed as the back-up collection agent.

Stress Scenarios:

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 6% from
the base case scenario, the ratings of the Class A Floating Rate
Securities, the Class B Floating Rate Securities and of the
Certificates would likely be downgraded to B2 (sf), Caa3 (sf) and
Ca (sf) respectively.

The principal methodology used in this rating was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in
September 2014.

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 ".za" for South Africa. 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 Ratings to
Global Scale Ratings".


===============
B A R B A D O S
===============


BARBADOS: Seen Needing IMF Help Amid No Growth, High Debt
---------------------------------------------------------
Aleem Khan at Bloomberg News reports that Barbados business
leaders and economists said the Caribbean island should seek an
accord with the International Monetary Fund as the government
struggles to spur an economy with one of the world's heaviest debt
burdens.

Efforts by the government to trim the public sector by firing
3,000 workers and reining in spending failed to spark growth in
the first half of the year in a country with a debt load equal to
96 percent of gross domestic product, according to Bloomberg News.
That prompted the Barbados Chamber of Commerce to say the
government should consider talks with the IMF.

"We have all the costs of an IMF program already, without the
benefits of a loan or stand-by agreement to provide financing for
any temporary shortfalls," Bloomberg News quoted Avinash Persaud,
a Barbados-born economist and chairman of London-based investment
bank Elara Capital, as saying.

Barbados's government is using more than 15 percent of tax revenue
to pay interest on its debt, Standard & Poor's said in a July
report in which it predicted no growth for the $4.2 billion
economy, Bloomberg News says.  While local banks have cash to
lend, there is a reluctance on the part of investors that is
stifling growth, said Mr. Persaud, Bloomberg News relates.

"The absence of a long-term growth plan that has the confidence of
business is part of the short-term problem as businesses seek to
hoard foreign exchange and delay investment," Mr. Persaud added,
notes the report.

                         Debt Profile

Yields on Barbados's 2022 dollar bonds have tumbled to about 8.2
percent this month after spiking to nearly 10 percent in February,
when the IMF said the country's debt burden posed a "significant"
risk to the economy, discloses Bloomberg News.  The yield rose 3
basis points to 8.26 percent at 10:06 a.m. New York time on Oct.
14.

Most of Barbados's debt is local, and the amortization profile of
its external debt is "manageable and relatively smooth over next
two years," according to Richard Francis, a Caribbean analyst with
Standard & Poor's, the report relates.  The company rates Barbados
BB-, three levels below investment grade and in the same category
as Nigeria and Jordan.

According to Bloomberg News, Lisa Gale, executive director of the
Chamber of Commerce, said it would be better to start talks on an
IMF plan now rather than wait for things to possibly worsen.  Ms.
Gale added that she doesn't believe the country of 280,000 people
needs a bailout from the Washington-based lender.

"We're not necessarily saying 'go to the IMF,' but look at it,"
Ms. Gale said in an Oct. 6 phone interview with Bloomberg News.
"Now is the time for discussion."


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


BRAZIL: Minister Criticizes Loan to Espirito Santo Unit
-------------------------------------------------------
Rogerio Jelmayer and Jeffrey T. Lewis at Daily Bankruptcy Review
report that the EUR897 million (US$1.14 billion) investment by
Portugal Telecom SGPS SA in the commercial paper of a unit of
Espirito Santo International SA appears to have been an illegal
transfer of funds, Brazilian communications minister Paulo
Bernardo said.

The Espirito Santo unit, Rioforte, defaulted on repayment of the
debt in July, forcing its parent company to seek legal protection
from its creditors days later, according to Daily Bankruptcy
Review.


CIMENTO TUPI: S&P Affirms 'B' Global Scale CCR; Outlook Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Cimento
Tupi S.A.'s (Tupi) global scale ratings to negative from stable.
At the same time, S&P affirmed its 'B' global scale corporate
credit and issue-level ratings.  Also, S&P lowered its national
scale rating on the company to 'brBB-' from 'brBB+'.

The outlook revision is based on the company's weaker-than-
expected operating performance that should delay improvements in
cash-flow leverage credit metrics to levels more in line with its
current rating.  Even though S&P do not expect Tupi's recent add-
on on its 2018 notes to increase gross debt, lower operating
efficiency amid Pedra do Sino plant's expansion would continue to
weaken credit metris in the next couple of quarters.  This could
pressure the ratings if S&P do not perceive a reverting trend.
After the production delays related to Pedra do Sino plant's
expansion, which increased company's debt to its peak, all the
plants are running at normalized volume levels.  S&P continues to
expect Tupi to raise its EBITDA margin levels due to operating and
logistics cost reductions and lower leverage metrics.  Although
S&P expects the company to report lower leverage metrics for 2014
and 2015, the pace of reduction is slower than previously
expected.


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


A.A.M. INVESTMENTS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Sept. 8, 2014, the sole shareholder of A.A.M. Investments
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Sept. 22, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


ALM LOAN: Creditors' Proofs of Debt Due Oct. 22
-----------------------------------------------
The creditors of ALM Loan Funding 2010-3, 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. 11, 2014.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


CONTRARIAN ADVANTAGE: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Sept. 8, 2014, the sole shareholder of Contrarian Advantage
Master Fund I Limited resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Oct. 13, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Tim Cone
          Telephone: +1 (345) 815 1767
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


CONTRARIAN CAPITAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Sept. 8, 2014, the sole shareholder of Contrarian Capital Fund
I Offshore Limited resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Oct. 13, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Tim Cone
          Telephone: +1 (345) 815 1767
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


CONTRARIAN EUROPEAN: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Sept. 8, 2014, the sole shareholder of Contrarian European
Fund, Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Oct. 13, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Tim Cone
          Telephone: +1 (345) 815 1767
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


EME PARTNERS: Placed Under Voluntary Wind-Up
--------------------------------------------
On Sept. 11, 2014, the sole shareholder of EME Partners (Cayman)
Ltd resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Avalon Ltd.
          Reference: GL
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715, George Town
          Grand Cayman KY1-1107
          Cayman Islands


EMERALT EMERGING: Placed Under Voluntary Wind-Up
------------------------------------------------
On Sept. 11, 2014, the sole shareholder of Emeralt Emerging Europe
Fund resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Avalon Ltd.
          Reference: GL
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715, George Town
          Grand Cayman KY1-1107
          Cayman Islands


ENDEAVOR CAYMAN: Creditors' Proofs of Debt Due Oct. 22
------------------------------------------------------
The creditors of Endeavor Cayman 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. 11, 2014.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman
          Telephone: (345) 943-3100


FRASER SULLIVAN: Creditors' Proofs of Debt Due Oct. 22
------------------------------------------------------
The creditors of Fraser Sullivan CLO V 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. 8, 2014.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman
          Telephone: (345) 943-3100


MARBLETON GRDC: Commences Liquidation Proceedings
-------------------------------------------------
On Sept. 12, 2014, the sole shareholder of Marbleton GRDC (Cayman)
Limited 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:

          Richard Sobel, Managing Member, Altai LLC
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


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


DOMINICAN REPUBLIC: September Prices Climb 0.19%, Paced by Foods
----------------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank
said September prices climbed 0.19% compared with August, while
accumulated inflation in the first nine months stood at 2.53%,
less than the 3.57% for the same period a year ago.

It said inflation from September 2013 to September 2014 stood at
2.83%, or near its lower limit of the goal of the 4.5% +/- 1%
range stipulated in its monetary program for yearend 2014,
according to Dominican Today.

The Central Bank adds that 0.73% higher food prices in September
is what most influenced inflation, followed by non-alcoholic
beverages and education, notes the report.


DOMINICAN REP: Gov't Delays Hobble Competitiveness, Exporters Warn
------------------------------------------------------------------
Dominican Today reports that the president of the Dominican
Exporters Association (ADOEXPO) called the one-stop window for
foreign trade more than a necessity and the longer it's delayed
the "more advantage we give our competitors."

Sadala Khoury said the one-stop window is a modern than an
instrument, it "puts us at the level demanded by these times in
which the physical borders do not exist . . . but rather those
that we impose ourselves through ignorance or lack of
implementation of policies to bolster competitiveness," according
to Dominican Today.

The report notes that Mr. Khoury, in his keynote speech during the
Association's monthly luncheon, said he expects President Danilo
Medina's Administration to lay firm foundations to carry out
efficient and competitive foreign trade, which can lead in any
market.

Mr. Khoury cited US Customs 24-hour deadlines for maritime cargo,
which he affirms Dominican counterpart should bear in mind
especially in the case of domestic agro products.  "The challenge
is stronger, as time starts to run from the moment the crop is
harvested," Mr. Khoury said, notes the report.

"Our customs law must be updated sooner rather than later, to
include aspects that require more expeditious processes if we're
to really seek full competitiveness," Mr. Khoury added, the report
relays.

Mr. Khoury said all exporters are convinced of their sector's
paramount importance in the Dominican economy, especially since
they generate hard currency, which he affirms contributes to
Dominican society, the report notes.

Customs Director Fernando Fernandez was the special guest in the
activity, attended by ADOEXPO executives from, exporters,
Government officials, representatives of business association and
diplomats, notes Dominican Today.


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


JAMAICA: Still Plans to Float Diaspora Bond
-------------------------------------------
RJR News reports that the government of Jamaica is still
considering plans to tap into the resources of overseas nationals,
through the issuing of a Diaspora Bond.

According to Arnaldo Brown, Minister of State in the Ministry of
Foreign Affairs & Foreign Trade, however, timing is going to be
important in respect of its implementation, according to RJR News.

With the Diaspora Bond, Jamaicans living overseas would lend money
to the Government for a defined period, at a fixed interest rate,
through the Jamaica Stock Exchange.

The report notes that Mr. Brown said a decision was made not to
issue the bond at this time because of the impact it would have on
the country's debt burden.

The recommendation for the floating of the bond came out of the
first Biennial Diaspora Conference, held in Kingston in 2004, the
report relates.  It was seen as an attractive option for the
Government in sourcing capital to fund development initiatives,
the report says.

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.


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


CARIBBEAN AIRLINES: Holds Talks in Tobago on Boosting Airbridge
---------------------------------------------------------------
Elizabeth Williams at Trinidad Express reports that senior
officials of Caribbean Airlines Limited held an urgent meeting
with tourism stakeholders in Tobago on Oct. 13, to discuss the
airbridge situation and the way forward to better serve the people
of Tobago.

CAL Chief Executive Michael DiLollo received recommendations from
the Tobago Chamber, according to Trinidad Express.

Mr. DiLollo and CAL Chairman Philip Marshall met with tourism
stakeholders in Tobago to identify solutions to the airbridge
issue, notes the report.  Chairman of the Tobago Chamber Diana
Haddad said she was happy with CAL's intervention.

"From that perspective I think he has presented himself and we
have all confidence after that meeting that he is the man that can
work with us and carry us forward," the report quoted Ms. Haddad
as saying.

A number of proposals were brought to the table.  They include
another Caribbean Airlines office in addition to the one located
at Crown Point, wildlife risk to aircraft, and assistance in
entering and disembarking aircraft, the report relates.

"One of the other things is that CAL provides a departure out of
Tobago at 5 a.m. for connectivity into Port of Spain, so that is
on the table," Ms. Haddad said, the report relays.

Chairman of the Tobago Hotel and Tourism Association Chris James
said there has been an eight to nine per cent increase in use of
the airbridge, the report discloses.  Mr. James said the upcoming
winter season will be a bumper one for Tobago.

"Two Monarch flights coming in from December, we have two British
Airways flights coming in from December, we have Apollo and
Condor, and this is going to mean that we have more seats coming
into the island than we have had for a number of years," the
report quoted Mr. James as saying.

                    About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on July
11, 2014, Trinidad and Tobago Newsday said that Caribbean Airlines
is facing another loss.  However, Finance Minister Larry Howai is
hopeful the loss could be narrowed down to less than TT$100
million, according to Trinidad and Tobago Newsday.  Mr. Howai
noted the airline industry is not the easiest and many airlines
have gone bankrupt at some point.

Citing Caribbean360.com, the TCRLA on May 20, 2013, said Minister
Howai said Caribbean Airlines Limited recorded losses estimated at
US$70 million in 2012.  In 2011, CAL had recorded losses of US43.7
million.


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


* Global Signs of Slowdown Ripple Across Markets
------------------------------------------------
Ian Talley, Brian Blackstone and Raymond Zhong, writing for The
Wall Street Journal, reported that gathering signs of slowdown
across many parts of the world, including Germany, China, Japan,
Brazil and South Africa, are roiling financial markets and
confounding policy makers, who after years of battling anemic
economic growth have limited tools left to jump-start a recovery.

According to the report, the pullback is sending tremors through
global markets, hammering equities after years of steady gains and
knocking down commodity prices, although the U.S. remains a
relative bright spot, particularly its job market, which is
gaining traction after years of fitful growth.


                            ***********


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
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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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