TCRLA_Public/141028.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, October 28, 2014, Vol. 15, No. 213


                            Headlines




A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Gonzalo Affects Sembcorp's Water Supply to APUA


A R G E N T I N A

EDENOR S.A.: General Extraordinary Meeting Scheduled for Nov. 18
TELECOM ARGENTINA: Telecom Italia Gives Fintech 30 Months


B R A Z I L

MMX SUDESTE: Court Approves Bankruptcy Bid
BRAZIL: IDB OKs US$125MM Loan for Water & Sanitation Services


C A Y M A N  I S L A N D S

ALM LOAN 2010-3: Shareholder Receives Wind-Up Report
ARMS PARK: Shareholder to Receive Wind-Up Report on Nov. 4
ATLAS FINANCIAL: A.M. Best Puts Units' 'bb' ICR on Review
BLACKWATER CAYMAN: Members Receive Wind-Up Report
PMCM LIMITED: Members Receive Wind-Up Report

POLYMUSIC LIMITED: Commences Liquidation Proceedings
SAAD INTERNATIONAL: Commences Wind-Up Proceedings
SAADGROUP FINANCIAL: Commences Wind-Up Proceedings
SUPER BRAMSHOTT: Members Receive Wind-Up Report
VINCI GAS: Shareholder Receives Wind-Up Report

VINCI GAS MASTER: Shareholder Receives Wind-Up Report


G U A T E M A L A

REPUBLIC OF GUATEMALA: S&P Affirms 'BB' Sr. Unsecured Rating


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Manufacturers to Hold Meeting on Price Concerns


V E N E Z U E L A

CITGO PETROLEUM: Venezuela Scraps Plans to Sell Firm


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


ANTIGUA & BARBUDA: Gonzalo Affects Sembcorp's Water Supply to APUA
------------------------------------------------------------------
The Daily Observer reports that an explanation has been given for
why public water, which has been rationed for over a year now, has
been even scarcer lately.

It comes from the private desalination firm, Sembcorp, which
currently provides about 65 per cent of the nation's water supply,
according to The Daily Observer.

The report notes that the firm said it took a 20 per cent hit on
production levels after the passage of Tropical Storm Gonzalo on
October 13.

It said it has been unable to produce as much water as usual
because of the disruption in power supplies following the storm,
the report relates.

The report discloses that Sembcorp said production levels have
since increased to 85 per cent and will return to maximum once the
Antigua Public Utilities Authority (APUA) fully restores power.

The government, via APUA, has recently been buying all the water
Sembcorp can produce to help ease a water shortage created by a
prolonged drought, and according to some experts, a long term
failure to invest in upgrading the nation's water infrastructure,
the report notes.

Meanwhile, Sembcorp said APUA has reduced its debt to the water
producing company by around 9 per cent and urged the government to
go further towards eradicating all outstanding payments, the
report adds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2014, The Daily Observer said that Antigua & Barbuda
could soon find itself in the company of Japan, Zimbabwe, and
Greece, the countries with the highest national debts.

In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer.  However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report noted.

Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report related.


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


EDENOR S.A.: General Extraordinary Meeting Scheduled for Nov. 18
----------------------------------------------------------------
Edenor S.A.'s Board of Directors had resolved to convene a general
extraordinary shareholders' meeting on Nov. 18, 2014, at 10:00
a.m. at the Company's corporate office at Avenida del Libertador
6363, Ground Floor, City of Buenos Aires.

At the Board Meeting held on Oct. 16, 2014, the Chairman explained
the need to call the Extraordinary Meeting to consider the three-
year extension of the holding period of 9,412,500 Class B treasury
shares, which represent 1.03% of the capital stock, in order to
avoid the capital reduction and frame a proposal for their use.

The Company's Board also ratified the loan for consumption and
collateral assignment of claims agreement entered into by and
between EDENOR and CAMMESA to fund the works intended to extend
and maintain the power distribution network, in accordance with
the provisions of ES Resolution No.65/2014, which agreement is in
addition to the loan for consumption also executed with CAMMESA to
cover the salary increases provided for by Secretary of Labor
Resolution No. 836/2014.

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

Edenor SA reported profit of ARS 772.7 million on ARS 3.44 billion
of revenue from sales for the year ended Dec. 31, 2013, as
compared with a loss of ARS 1.01 billion on ARS 2.97 billion of
revenue from sales in 2012.  Edenor reported a net loss of
ARS 291.38 million in 2011.

The Company's balance sheet at June 30, 2014, showed ARS7.40
billion in total assets, ARS6.95 billion in total liabilities and
ARS453.50 million in total equity.

"Given the fact that the realization of the projected measures to
revert the manifested negative trend depends, among other factors,
on the occurrence of certain events that are not under the
Company's control, such as the requested electricity rate
increases, the Board of Directors has raised substantial doubt
about the Company's ability to continue as a going concern in the
term of the next fiscal year, being obliged to defer certain
payment obligations, as previously mentioned, or unable to meet
expectations for salary increases or the increases recorded in
third-party costs," the Company stated in its quarterly report for
the period ended June 30, 2014.


TELECOM ARGENTINA: Telecom Italia Gives Fintech 30 Months
---------------------------------------------------------
Daniele Lepido at Bloomberg News reports that Telecom Italia SpA
agreed to give Mexican financier David Martinez 30 months to
complete a purchase of a stake in Telecom Argentina SA that has
failed to win regulatory approval in almost a year.

Martinez's Fintech Group, which agreed in November last year to
acquire Telecom Italia's 22.7 percent indirect stake in Telecom
Argentina for US$960 million, had already received two extensions
of a deadline to close the deal, the most recent one of which
expired Oct. 24, according to Bloomberg News.  The value of the
transaction remains unchanged, Telecom Italia said in a statement.

Bloomberg News notes that the sale is a component of Chief
Executive Officer Marco Patuano's strategic plan to cut Telecom
Italia's US$35 billion in debt and to restore the carrier's
investment grade.  Mr. Patuano, who took over a year ago, is
seeking to focus on Telecom Italia's home market and on Brazil,
where it controls the country's second-largest wireless carrier
Tim Participacoes SA, Bloomberg News relays.

Telecom Italia said it has received a pledge of collateral with a
value of US$600.6 million from Fintech, Bloomberg News discloses.
The pledge will increase Milan-based Telecom Italia's liquidity,
without changing its net financial position, Bloomberg News
relays.

Bloomberg News says that the new terms aren't beneficial for
Telecom Italia as the price doesn't increase even though
completion is delayed, said Francesco Vatalaro, a professor of
telecommunications at Tor Vergata University in Rome.  The
collateral pledge is "the minimum required if you concede to your
buyer two and half more years to complete a deal that has been on
hold for almost one year," Bloomberg News quoted Mr. Vatalaro as
saying.

                      Another Buyer?

Of the total deal price, Fintech has already paid US$113.7
million.  It is expected to pay a further US$215.7 million by the
end of October for 17 percent of Sofora Telecomunicaciones SA, the
company that controls Telecom Argentina, Telecom Italia said,
Bloomberg News notes.

The remainder, for a further 51 percent stake in Sofora, will be
paid once Fintech has obtained regulatory approval, Bloomberg News
discloses.  If Fintech fails to do so during the 30-month period,
Telecom Italia can choose to seek another buyer for that 51
percent stake, Bloomberg News relays.

Bloomberg News says that if Telecom Italia can't complete a sale
to another buyer within a further 30 months, the agreement with
Fintech will be terminated.  In that case, Fintech will pay
Telecom Italia US$175 million in compensation and Telecom Italia
gets an option to buy back Sofora shares bought by Fintech,
Bloomberg News adds.

                About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides telephone-
related services, such as international long-distance service and
data transmission and Internet services, and through its
subsidiaries, wireless telecommunications services, international
wholesale services and telephone directory publishing.

As reported by the Troubled Company Reporter-Latin America on
May 16, 2014, Moody's Latin America Calificadora de Riesgo has
assigned a first time Corporate Family Rating of Caa1 on its
Global Scale and Ba1.ar on its Argentina National Scale to Telecom
Argentina S.A. (Telecom). The outlook is stable.


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


MMX SUDESTE: Court Approves Bankruptcy Bid
------------------------------------------
Anthony Boadle at Bloomberg News report that a Brazilian court has
approved a bankruptcy protection petition filed by MMX Sudeste
Mineracao SA, an iron-ore mining company controlled by Brazilian
tycoon Eike Batista, the company said in a securities filing.

It was the third time in a year that a unit of the former
billionaire's EBX industrial group has sought protection from
creditors, according to Bloomberg News.  The decision was taken by
a court in Belo Horizonte in the Minas Gerais state, the report
relates.

MMX Sudeste made the request after negotiations with creditors and
efforts to seek new investors failed, MMX said in a filing on Oct.
15, the report notes.

MMX Sudeste holds nearly all the significant assets of Batista's
MMX Mineracao e Metalicos SA, part of an EBX mining, oil, energy,
shipbuilding and port group that suffered a spectacular collapse
in 2013, the report discloses.

Reuters note that the MMX Sudeste petition will probably determine
if parent MMX can continue as a viable company.  Delays in
developing MMX iron ore mines in Minas Gerais and an iron ore
terminal near Rio de Janeiro have crimped MMX revenue while
increasing debt, the report says.

The report discloses that the move comes as a decade-long
commodities boom ends.  The price of iron ore has fallen to around
its lowest level in five years as China's economy weakens and
demand for minerals drops, the report adds.

MMX Mineracao e Metalicos S.A., together with its subsidiaries, is
engaged in the extraction, processing, research, and development
of minerals in Brazil.


BRAZIL: IDB OKs US$125MM Loan for Water & Sanitation Services
-------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a US$125
million loan to Brazil to support infrastructure and reforms aimed
at improving water and sanitation services and extending their
coverage to thousands of people in the city of Belem.

The Basic Sanitation Program of the Estrada Nova Basin (PROMABEN
II) complements and completes the public works projects included
in PROMABEN I, a program of multiple works involving urban
drainage, highway and sanitary infrastructure and social and
institutional sustainability.

The new plan features the upgrading and/or construction of
drainage systems, drinking water supplies, collection and disposal
of waste water, construction and improvement of access roads,
activities related to health and environmental education,
regulation of land ownership, adoption of adequate housing
solutions, tropical disease control and increasing the operational
and management capacity of the institutions invovled in the
program as well as the operation and maintenance of the public
works.

Among other goals, the program is expected to provide 9,500 homes
with direct sewage pipes, while 3,900 will get new drinking water
plumbing. Another 14,000 will enjoy improved services.

The new loan over 25 years has an interest rate based on and a
grace period of 5.5 years.


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


ALM LOAN 2010-3: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of ALM Loan Funding 2010-3, Ltd. received on
Oct. 24, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


ARMS PARK: Shareholder to Receive Wind-Up Report on Nov. 4
----------------------------------------------------------
The shareholder of Arms Park Leasing Limited will receive on
Nov. 4, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


ATLAS FINANCIAL: A.M. Best Puts Units' 'bb' ICR on Review
---------------------------------------------------------
A.M. Best Co. has placed under review with negative implications
the financial strength rating of B (Fair) and the issuer credit
ratings (ICR) of "bb" of American Service Insurance Company, Inc.,
American Country Insurance Company (both domiciled in Elk Grove
Village, IL) and Gateway Insurance Company (St. Louis, MO),
subsidiaries of Atlas Financial Holdings, Inc. (Atlas) (Cayman
Islands) [NASDAQ: AFH].  These companies operate under an
intercompany reinsurance pooling agreement and are collectively
referred to as American Service Pool.  A.M. Best also has placed
under review with negative implications the ICR of "b-" of Atlas.

The rating actions follow disclosure of a definitive agreement
under which Atlas will acquire Global Liberty Insurance Company of
New York (Global) (Melville, NY), along with its affiliated
underwriting and premium finance companies for approximately $25
million.  The transaction was funded largely with cash at Atlas,
with financial leverage post-close expected to remain modest.

This transaction is expected to significantly accelerate Atlas'
commercial automobile presence in select sub-segments of the large
New York livery market and will add valuable infrastructure on the
East Coast to support Atlas' continuing growth.  A.M. Best
anticipates that Global will not become a member of Atlas'
existing reinsurance pooling agreement, and that Atlas will
maintain Global's local infrastructure and have it serve as an
East Coast regional office of Atlas.

The negative implications reflect the inherent risks associated
with integrating Global into Atlas' ongoing operations and the
uncertainties associated with Global's recent deterioration in its
operating results and risk-adjusted capital.  These concerns are
somewhat elevated by the significant growth at American Service
Pool as it continues to execute its strategy of recapturing former
risks lost as a result of actions and decisions made by prior
ownership.  Growth at American Service Pool has also been driven
more recently by firming market conditions in the pool's core
light commercial automobile sector, namely taxi, limo and
paratransit classes.  Although the pool has reported improved
underwriting and operating results over the past few years, growth
in premium volume has strained the pool's risk-adjusted capital.

The ratings will remain under review pending the close of the
transaction and discussions with management regarding the impact
the transaction will have on Global and Atlas' current operating
companies.  The transaction is expected to close in the first
quarter of 2015, subject to customary closing conditions,
including regulatory approval of the change in control of Global.


BLACKWATER CAYMAN: Members Receive Wind-Up Report
-------------------------------------------------
The members of Blackwater Cayman Fund Limited received on Oct. 13,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


PMCM LIMITED: Members Receive Wind-Up Report
--------------------------------------------
The members of PMCM Limited received on Oct. 22, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


POLYMUSIC LIMITED: Commences Liquidation Proceedings
----------------------------------------------------
On Sept. 12, 2014, the shareholder of Polymusic 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:

          Mark Kernohan
          c/o Fiduciare Kernohan & Associes
          40 Rue de Generve, P.O. Box 471, Chene-Bourg
          Switzerland 1225
          Telephone: +1 (345) 914 6365


SAAD INTERNATIONAL: Commences Wind-Up Proceedings
-------------------------------------------------
On Sept. 10, 2014, the Grand Court of Cayman Islands entered an
order to wind up the operations of Saad International Bank
Limited.

The company's liquidator is:

          Michael Saville
          c/o Michael Travers
          Telephone: +1 (345) 769 7220
          Facsimile: +1 (345) 949 7120
          10 Market Street
          Box #765 Camana Bay
          Grand Cayman KY1- 9006
          Cayman Islands


SAADGROUP FINANCIAL: Commences Wind-Up Proceedings
--------------------------------------------------
On Sept. 10, 2014, the Grand Court of Cayman Islands entered an
order to wind up the operations of Saadgroup Financial Services
Company Limited.

The company's liquidator is:

          Michael Saville
          c/o Michael Travers
          Telephone: +1 (345) 769 7220
          Facsimile: +1 (345) 949 7120
          10 Market Street
          Box #765 Camana Bay
          Grand Cayman KY1- 9006
          Cayman Islands


SUPER BRAMSHOTT: Members Receive Wind-Up Report
-----------------------------------------------
The members of Super Bramshott Cayman Fund Limited received on
Oct. 13, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


VINCI GAS: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Vinci Gas Long Biased Fund received on Oct. 22,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Ogier
          c/o Jonathan Turnham
          Telephone: (345) 949 9876
          Facsimile: (345) 949 9877


VINCI GAS MASTER: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Vinci Gas Long Biased Master Fund received on
Oct. 22, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jonathan Turnham
          Telephone: (345) 949 9876
          Facsimile: (345) 949 9877


=================
G U A T E M A L A
=================


REPUBLIC OF GUATEMALA: S&P Affirms 'BB' Sr. Unsecured Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'BB/B' foreign-currency and 'BB+/B' local-currency sovereign
credit ratings on the Republic of Guatemala.  The outlook remains
stable, and the transfer and convertibility assessment is
unchanged at 'BBB-'.

RATIONALE

The ratings on Guatemala reflect its weak economy, high poverty
level, and fragmented political system, which has been unable to
implement the policies and obtain the resources needed for rapid
economic growth.  The country's per capita GDP growth has been
0.9% in the last three years and will likely be 1.4% in 2014.  In
addition, income per capita is projected to be only $3,600 in
2014.  The rating also reflects Guatemala's stable monetary
policy, manageable external deficits, and moderate government debt
burden.

S&P expects that the government will make only limited progress in
building physical infrastructure and improving social conditions
in the run up to national elections in 2015, constraining
Guatemala's long-term growth prospects.  For 2014 to 2016, S&P
forecasts average GDP growth of 3.6%, similar to the rate in
previous years and higher than that of some of its regional peers.
Nevertheless, S&P expects GDP per capita to grow about 1.2%
annually on average over this period, though it will remain below
US$4,000.

The country's long-term development depends on the ability of the
government and private sector to reach a consensus on measures to
increase general government revenues from their current 12% of
GDP, one of the lowest of the sovereigns S&P rates.  Low revenues
have constrained the government's ability to provide basic public
services and make public investment in infrastructure without
incurring large fiscal deficits.  Higher revenues could come from
tax reform and through organizational changes to strengthen the
country's tax collection authority (SAT).  Administrative
weaknesses contributed to diluting the impact of an earlier tax
reform undertaken in 2012.

Guatemala faces pressure for higher public spending due to high
poverty levels (about 54% of the total population), deteriorating
physical infrastructure, drug-related organized crime, and
generally high levels of violence.  Failure to develop an
effective strategy against such challenges would constrain the
country's long-term growth prospects.

"We expect that Guatemala will maintain stable fiscal and monetary
policies over the next three years, despite Congressional and
presidential elections in 2015.  Candidates from different
political parties have won each of the last four presidential
elections while maintaining stability in economic policies.  We
expect that the consensus in favor of stable fiscal and monetary
policies within the political leadership and the country's
influential business community should remain after the elections.
We forecast the general government deficit to be about 2.3%-2.5%
in 2014-2016.  If Congress fails to approve the 2015 budget, these
deficits might be slightly lower (as was the case in 2013), as the
government would operate with the previous budget.  Moderate
fiscal deficits should keep general government debt below 23% of
GDP (close to 200% of revenues) until 2016 if tax collection
remains weak and if there is no fiscal reform," S&P said.

"In the external sector, we project current account deficits of
about 3% of GDP annually for 2014-2016, largely funded by foreign
direct investment (FDI), which could reach 2.3% of GDP.  We base
our current account forecast on the positive trend of rising
remittances--up 9% this year--and an estimated 10% growth in
exports.  The expected growth in current account receipts (CAR) is
linked to improved performance of the U.S. economy, Guatemala's
main trading partner and the destination of about 40% of its
exports.  Remittances would continue to constitute about 10% of
the country's GDP over the medium term.  There are shortcomings in
Guatemala's external data, reflected in important errors and
omissions in the balance of payments," S&P added.

Apart from the vulnerability to U.S. economic performance,
Guatemala is also vulnerable to external shocks, despite its
moderate external liquidity and debt.  About 50% of its total debt
is denominated in foreign currency, and S&P estimates gross
external financing needs to remain close to 95% of CAR plus usable
reserves and external debt net of official reserves and financial
sector assets to average 28% of CAR in 2014-2016.  A tightening of
the U.S. monetary policy could reduce the fund availability and
increase the government's cost of borrowing over the next couple
of years.

S&P don't expect significant changes in monetary policy over the
next three years, reflecting the country's tradition of continuity
and stability at the central bank.  S&P projects inflation to
fluctuate within the current target of 4% (plus/minus 1%) through
the end of this year and over the next two years.  In addition,
S&P expects foreign exchange reserves to remain at about 4.5
months of current account payments.

OUTLOOK

The stable outlook reflects S&P's expectation of continuity in
fiscal and monetary policy after the 2015 national elections.
Guatemala is likely to maintain moderate fiscal and external
deficits and low inflation.  S&P also expects that limited fiscal
flexibility will constrain the ability of the next administration
to improve Guatemala's low growth prospects, meet it immense
social needs, and grapple with its security challenges.

S&P could raise the ratings if the government is able to propose
and implement a reform agenda that strengthens Guatemala's public
institutions, reduces the level of insecurity and violence, and
bolsters its GDP growth prospects.  Stronger growth, along with
more fiscal resources, would alleviate poverty and gradually
improve the sovereign's economic profile.

Alternatively, S&P could lower the ratings if greater political
polarization, deterioration in public security, or wider external
or fiscal deficits threaten to undermine economic stability.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that "key rating factor" had
improved/deteriorated and that the "key rating factor" had
improved/deteriorated.  All other key rating factors were
unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the rationale and outlook.  The weighting of all rating factors
is described in the methodology used in this rating action.

RATINGS LIST

Ratings Affirmed

Guatemala (Republic of)
Sovereign Credit Rating
  Foreign Currency                      BB/Stable/B
  Local Currency                        BB+/Stable/B
Senior Unsecured                       BB
Transfer & Convertibility Assessment   BBB-


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


TRINIDAD & TOBAGO: Manufacturers to Hold Meeting on Price Concerns
------------------------------------------------------------------
Verne Burnett at Trinidad and Tobago Newsday reports that local
food manufacturers have scheduled a meeting on Nov. 7 at Nutrimix
Flour Mills, Point Lisas, to discuss their concern over the
government's offer of a 20 percent discount on flour, rice and
cooking oil produced by the State-owned National Flour Mills
Limited.

Thirteen companies signed a petition on October 7, 2014, to Prime
Minister Kamla Persad-Bissessar expressing their "deep concern" at
government's continued use of the company in offering discounts of
foodstuff to consumers for Eid Ul Fitr, Emancipation and Divali,
according to Trinidad and Tobago Newsday.

The Prime Minister announced the discounts on October 18, 2014,
while addressing Divali celebrations at her Siparia constituency
office in Penal, notes the report.

The report says Minister Persad-Bissessar said it would apply to 2
KG and 10 KG packages of IBIS Brand All purpose Flour; 2 KG and 10
KG packages of Hibiscus brand all purpose flour; 2KG and 10 KG
Lotus brand all purpose, whole wheat, bakers and Cake flour; 2KG
and 10 KG Five Roses brand of all purpose flour; all sizes of
Lotus brand Soya Bean Oil and all sizes of Lotus brand Rice; 2 KG
Cuisine brand all purpose flour and 10 KG Club Select all Purpose
flour. She said the discounts would last until Divali.

The report relays that the petition by the food manufacturers said
that while the initiative would have created tremendous temporary
relief to consumers and gained much popularity for the government,
private manufacturing and distribution sectors have repeatedly
suffered significant negative consequences, losses and disruption
to their businesses.

The petition complained that the private manufacturing and
distribution sectors have never been consulted or invited to
partner and or take part in these festival discounts, the report
notes.  "We are also of the opinion that it is inappropriate for
any government using taxpayers funds' to induce consumers to buy
specific brands of discounted products produced by a State
enterprise," the petition said, the report relays.

The manufacturers are calling on the government to either extend
the facility to them also that consumers can benefit from their
products as well or else discontinue what they consider an "unfair
trading practice and competition policy," the report adds.


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


CITGO PETROLEUM: Venezuela Scraps Plans to Sell Firm
----------------------------------------------------
Nathan Crooks and Pietro D. Pitts at Bloomberg News report that
Venezuela shelved a planned sale of about US$10 billion in U.S.
refineries as surging North American crude output pushes down
energy prices and profit margins.

The country ruled out selling its U.S.-based refining subsidiary
Citgo Petroleum Corp., Finance Minister Rodolfo Marco Torres told
Caracas-based El Universal in an interview, according to Bloomberg
News.  The nation will keep investing in Citgo, Mr. Torres said,
echoing comments made by President Nicolas Maduro last month.

Bloomberg News notes that Citgo said in a July 29 filing that
state-owned oil company Petroleos de Venezuela SA was looking for
a buyer, threatening to undermine bondholders and other creditors
by removing a sovereign asset that could be seized in the U.S. in
the event of a default.  Former Oil Minister Rafael Ramirez said
in August that Citgo was worth at least US$10 billion, while
Barclays Plc said last month that the company's equity value is
between US$7 billion and US$9 billion, Bloomberg News notes.

"Refining margins have fallen and we have seen some of the Citgo
refineries involved in unscheduled downtime," Andy Lipow,
president of Houston-based energy consultant Lipow Oil Associates
LLC, told Bloomberg News in a telephone interview on Oct. 24.
"Those are issues more on the minds of potential buyers than the
price of oil," Mr. Lipow added.

West Texas Intermediate for December delivery fell close to a two-
year low of $81.01 a barrel on the New York Mercantile Exchange on
Oct. 24, Bloomberg News relays.

                           Bond Market

The sale of Citgo could have undermined PDVSA's cash flow in the
medium term and cost it market leverage in the U.S., Eurasia Group
analyst Risa Grais-Targow said in an interview from Washington on
Oct. 17, Bloomberg News says.

Venezuela's dollar bonds posted the best week in six months after
President Maduro fueled speculation that the sale wouldn't go
through when he said on Sept. 23 that his government would
strengthen the refining company, Bloomberg News notes.

The country has started talks with Exxon Mobil Corp. (XOM) after a
World Bank arbitration court ruled earlier this month that the
country must pay the company US$1.6 billion for assets seized in
2007, Marco Torres told El Universal, Bloomberg News notes.  The
country will make payments after it sets a schedule with Exxon,
Mr. Torres told the newspaper.

                            No Trouble

Bloomberg News says that President Maduro on Oct. 22 blamed
foreign media for spreading fears that falling oil prices would
push the country closer toward defaulting on its foreign debt.
Yields on its benchmark dollar bonds due in 2027 hit a five-year
high of 17.88 percent on Oct. 15 after Harvard University
economists Carmen Reinhart and Kenneth Rogoff said the country
probably would default, Bloomberg News relays.

Venezuela on Oct. 8 paid US$1.56 billion of government bonds that
matured.  PDVSA will not have trouble paying US$3 billion of bonds
that mature today, Oct. 28, Mr. Torres told El Universal,
Bloomberg News notes.

An off-budget fund known as Fonden and loans from China will help
Venezuela manage lower oil prices, Marco Torres said in the
interview, adding that the country will be able to meet all of its
commitments, Bloomberg News relays.  Venezuela's oil export basket
price fell to a four-year low of US$75.90 a barrel in the week
ended Oct. 24, according to the oil ministry, Bloomberg News
notes.

An adjustment to economic policies would be "unavoidable" at
current oil prices, Barclays Plc said in an Oct. 22 note to
clients, adding that the government could sell Citgo, reduce
subsidized oil shipments to Caribbean countries, devalue its
currency or renegotiate loans from China, Bloomberg News says.

                       Fight Inflation

Venezuela is continuing to review the domestic price of gasoline,
in addition to currency and fiscal policies, Mr. Torres said in
the interview with El Universal, adding that President Maduro has
the final say on any changes, Bloomberg News relays.

Former Oil Minister Rafael Ramirez said in May the country's
policy of selling gasoline for US$0.06 a gallon, the cheapest in
the world, cost US$12 billion a year, Bloomberg News relays.

Marco Torres told El Universal that Venezuela was working to fight
inflation, currently the fastest in the world at 63 percent, and
increase national production, Bloomberg News notes.  When asked by
the newspaper why the country had delayed reporting data on its
gross domestic product, he said the central bank was doing
excellent work and would continue to do so next year, Bloomberg
News adds.

                 About Citgo Petroleum

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

                          *     *     *

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


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


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

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

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







                            ***********


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

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

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


                            ***********


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

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

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

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

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

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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