TCRLA_Public/141111.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, November 11, 2014, Vol. 15, No. 223


                            Headlines



A R G E N T I N A

ARGENTINA: Faces US$4.7 Billion of Claims in New Bond Suits


B A H A M A S

ULTRAPETROL (BAHAMAS): 3Q 2014 Results Release Date Set Nov. 12


B A R B A D O S

COLUMBUS INT'L: CWC Shares Drop After Announcing it Will Buy Firm
COLUMBUS INT'L: Agrees to Terms of Acquisition by CWC


B E L I Z E

BELIZE: S&P Affirms 'B-' LT Sovereign Credit Rating, Outlook Pos.


B R A Z I L

PETROLEO BRASILEIRO: To Invest US$622MM in Argentina, Gov't Says
SCHAHIN OIL: S&P Lowers CCR to 'B+' & Puts on Watch Developing


C A Y M A N  I S L A N D S

AES ANDRES: S&P Raises CCR to 'B+'; Outlook Stable
BALAMAT CAYMAN: Shareholders Receive Wind-Up Report
BALDER MANAGEMENT: Shareholders to Hold Final Meeting on Nov. 13
BOTANY CAYMAN: Shareholders Receive Wind-Up Report
CORINDA LIMITED: Shareholders Receive Wind-Up Report

FUNDAMENTAL MARKET: Shareholders Receive Wind-Up Report
IPM MAC: Shareholders Receive Wind-Up Report
KINGSBURG HOLDINGS: Sole Member to Hear Wind-Up Report on Nov. 20
MAESTRA MASTER: Shareholders Receive Wind-Up Report
NIAGARA DISCOVERY: Shareholders Receive Wind-Up Report

SIERRA MAESTRA: Shareholders Receive Wind-Up Report
VALPARAISO PARTNERS: Shareholders Receive Wind-Up Report
VAN ECK: Shareholders Receive Wind-Up Report
WHITNEY CAYMAN: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: All Fuels Unchanged After 3 weeks of Declines
EMPRESA GENERADORA: S&P Raises ICR to 'B+'; Outlook Stable
EMPRESA GENERADORA: S&P Raises Rating to 'B+'; Outlook Stable


J A M A I C A

JAMAICA: Export Earnings Down in Mining, Manufacturing


M E X I C O

MEXICO: Cancels US$4.3 Billion China Deal on Doubts Over Bid


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


ARGENTINA: Faces US$4.7 Billion of Claims in New Bond Suits
-----------------------------------------------------------
Bob Van Voris at Bloomberg News reports that Argentina told a U.S.
judge that holders of its defaulted bonds have filed 25 lawsuits
since June as investors seek to profit from his order blocking the
nation from paying its restructured debt without also paying
US$1.6 billion to a different group of defaulted bondholders.

The bondholders in what litigants call "me-too" suits, many of
which have already won judgments on the defaulted bonds, hold
about US$4.7 billion in claims, a lawyer for the nation told U.S.
District Judge Thomas Griesa, according to Bloomberg News.

The lawyer, Carmine Boccuzzi, told Judge Griesa in a letter that
holders of Argentina's defaulted debt will seek to have his 2012
order applied in their cases, notes the report.  Judge Griesa's
ruling triggered a new default on Argentina's performing debt when
Bank of New York Mellon Corp., the bond trustee, refused to
forward a US$539 million payment on July 30, Bloomberg News
relates.

"There can be no equitable basis for seeking to compel the
Republic -- whose reserves are approximately US$28 billion and
must be used for critical macroeconomic purposes -- to do the
impossible by paying in full its holdout debt," the report quoted
Ms. Boccuzzi as saying in the letter.

Ms. Boccuzzi told Judge Griesa his order has spawned more
litigation and is preventing holders of the restructured debt from
getting their interest payments, Bloomberg News relays.

                          Paul Singer

A lawyer for NML Capital Ltd., a unit of Paul Singer's Elliott
Management Corp. hedge fund, told Judge Griesa in a letter Oct. 8
that investors in 102 suits plan to ask him to extend his order to
their cases, relates Bloomberg News.  That letter, which wasn't
public, was provided by NML.

"Since June, when the Supreme Court declined to hear its appeal,
the government of Argentina has consistently said that it wants to
resolve its debt dispute with all of its creditors," the lawyer,
Robert Cohen, said in a statement obtained by Bloomberg News. "The
motions outlined in our letter to Judge Griesa provide a
constructive vehicle to reach that resolution."

According to the report, Judge Griesa is overseeing lawsuits
involving bonds Argentina repudiated in 2001 when it defaulted on
a record US$95 billion, roiling international markets and blocking
the nation's access to credit.  Argentina exchanged 92 percent of
its defaulted bonds for new ones, at a sharp discount, in
restructurings in 2005 and 2010, Bloomberg News notes.

The judge ruled in 2012 that Argentina can't pay holders of the
restructured bonds as long as it refuses to pay the US$1.6 billion
to an NML-led group that holds defaulted bonds, Bloomberg News
recalls.

The U.S. Court of Appeals in New York upheld that ruling, which
took effect after the U.S. Supreme Court declined to hear the case
in June.

The case is NML Capital Ltd. v. Republic of Argentina, 08-cv-
06978, U.S. District Court, Southern District of New York
(Manhattan).


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


ULTRAPETROL (BAHAMAS): 3Q 2014 Results Release Date Set Nov. 12
---------------------------------------------------------------
Ultrapetrol (Bahamas) Limited said that it will release its third
quarter 2014 financial results on Wednesday, November 12, 2014,
after the market closes.  Ultrapetrol will also host a related
conference call on Thursday, November 13, 2014, at 10:00 a.m.
Eastern Time, accessible via telephone and Internet with an
accompanying slide presentation.

On the call, Mr. Horacio Reyser, Chairman and Interim chief
executive officer, and Ms. Cecilia Yad, Chief Financial Officer,
will discuss Ultrapetrol's results and the outlook for its
businesses.  There also will be a question and answer session.
The call is expected to last approximately one hour and an audio
webcast and slide presentation will be available on the Investor
Relations section of Ultrapetrol's Web site.

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

                          *     *     *

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


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


COLUMBUS INT'L: CWC Shares Drop After Announcing it Will Buy Firm
-----------------------------------------------------------------
Caribbean360.com reports that telecommunications giant Cable &
Wireless Communications (CWC) fell by 8 per cent after issuing
shares to pay for a US$1.85 billion Caribbean deal.

The company is buying privately owned Columbus International Inc.,
a fibre-based telecoms company serving the Caribbean, Central
America and Andean region, which is backed by cable television
billionaire John Malone, according to Caribbean360.com.

The report notes that CWC is funding the deal by paying US$707.5
million in cash, issuing 1.5 billion new shares to the vendors and
placing shares worth nearly 10 percent of the company to help fund
the cash element.

"If all goes to plan Malone will end up with around 13 percent of
the company," the Guardian newspaper said, the report notes.

The report discloses that CWC said the deal would help expand its
presence in the region, adding Columbus' 700,000 residential
customers.

"Acquiring Columbus should allow CWC to reach the endgame that
Marlin [its investment programme] was intended to deliver faster
and with less execution risk," analyst Jerry Dellis told the
Guardian newspaper, the report discloses.  "It also leaves a more
duopoly market structure across CWC's footprint, eliminating the
competitive risk that would have remained had Columbus remained as
a (strong) rival."

"We think Columbus accelerates the delivery of CWC's strategic
aims and should create better long-term market structures," Mr.
Dellis added.

Columbus has about 700,000 residential customers in the Caribbean,
Central America and the Andean region.

                  About Columbus International

Columbus International Inc. is a privately held diversified
telecommunications company based in Barbados. The Company provides
digital cable television, broadband Internet and digital landline
telephony in Trinidad, Jamaica, Barbados, Grenada, St. Vincent &
the Grenadines, St. Lucia and Curacao under the brand name Flow
and in Antigua under the brand name Karib Cable.

As reported in the Troubled Company Reporter-Latin America on Nov.
10, 2014, Standard & Poor's Ratings Services placed its 'B'
corporate credit and issue-level ratings on Columbus International
Inc. (Columbus) on CreditWatch with positive implications.


COLUMBUS INT'L: Agrees to Terms of Acquisition by CWC
-----------------------------------------------------
Columbus International Inc. has reached a conditional agreement,
subject to customary regulatory approvals, to be acquired by Cable
& Wireless Communications PLC.  The proposed acquisition, valued
at US$3.025bn, will enable the combined company to significantly
accelerate growth, improve service delivery to customers in the
region, offer customers a more comprehensive portfolio of high-
quality products and services, and strengthen its position against
larger competitors.  The increased scale and capabilities of the
combined company will provide the technical platform and financial
capacity to help enable the combined company to drive greater
innovation and expand its geographic footprint.

The combination of the two companies is consistent with global
industry trends, where convergence of fixed and mobile networks,
increasing content consumption growth, and continuing development
of online applications are driving requirements for high
bandwidth, fixed line networks and TV capabilities.  Operators in
Europe and North America, as well as regional competitors, are
acquiring and constructing networks that are capable of supporting
ever-growing data needs along with new video capabilities.

Columbus believes that the combined strengths of both companies
will accelerate growth, provide the necessary scale to enhance the
customer experience, and help to allow Columbus to achieve its
goal to become the "Best service provider" and "Employer of
Choice" in the region.  Similarly, the combination of the two
businesses supports CWC's new strategy and its four primary areas
of focus: Drive Mobile Leadership; Accelerate Fixed-Mobile
Convergence; Reinforce TV Offer; and Grow Business to Business and
Business to Government sectors.  This strategy is underpinned by
their announced US$1.05billion Project Marlin capital investment
program.  Additionally, CWC believes that the combination of the
two businesses will generate material operating cost and capital
expenditure synergies.

The proposed combination of Columbus' pay TV capabilities and
next-generation, state-of-the-art fibre networks with CWC's
region-leading mobile footprint and existing fixed line
infrastructure will significantly expand product and service
offerings for customers and also advance CWC's quad play
ambitions.  The combined business will also deliver the benefits
of superior quality network infrastructure, fixed-mobile products
and bundles, superior TV content at competitive rates, and a more
attractive portfolio of products and services in the B2B and B2G
segments.

Columbus' president and ceo, Brendan Paddick commented that,
"Together we will form a truly world-class company focused on our
customers in the Caribbean, Central America and the Andean
regions.  Combining our businesses makes both companies stronger,
faster and smarter in competing with larger competitors. The
proposed transaction reinforces our commitment to transform
connectivity in the region, to increase the attractiveness of the
region to investors, to support the growth of the communities we
serve by making them more globally accessible and to ensure that
our customers always have access to the best products and services
available."

According to Phil Bentley, CWC's Chief Executive Officer: "This is
a transaction that transforms CWC, providing a step-change in
growth and returns. Columbus offers complementary TV, Broadband
and B2B capabilities in complementary markets.  Together, we will
create the best-in-class quad-play offering in the region,
delivered on a superior mobile, fibre and subsea network.  This is
a significant opportunity to better serve our customers and
improve the ICT infrastructure of the communities in which we
operate, whilst accelerating our strategy and delivering
materially enhanced returns and synergy benefits."

For both companies, the proposed acquisition will enable greater
focus on the Caribbean, Andean and Latin American markets, a
region that offers attractive growth.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC and RBC
Capital Markets, LLC acted as financial advisors to Columbus.

Cox & Palmer acted as lead legal counsel to Columbus, supported by
Freshfields Bruckhaus Deringer together with Mills & Reeve (UK
corporate and securities), Patterson Belknap Webb & Tyler (bond
and financing) and Bingham McCutchen (USA regulatory).

                  About Columbus International

Columbus International Inc. is a privately held diversified
telecommunications company based in Barbados. The Company provides
digital cable television, broadband Internet and digital landline
telephony in Trinidad, Jamaica, Barbados, Grenada, St. Vincent &
the Grenadines, St. Lucia and Curacao under the brand name Flow
and in Antigua under the brand name Karib Cable.

As reported in the Troubled Company Reporter-Latin America on Nov.
10, 2014, Standard & Poor's Ratings Services placed its 'B'
corporate credit and issue-level ratings on Columbus International
Inc. (Columbus) on CreditWatch with positive implications.


===========
B E L I Z E
===========


BELIZE: S&P Affirms 'B-' LT Sovereign Credit Rating, Outlook Pos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on the
long-term ratings on Belize to positive from stable.  S&P also
affirmed its 'B-/B' long- and short-term foreign and local
currency sovereign credit ratings on Belize.  At the same, S&P
affirmed its 'B-' transfer and convertibility assessment.

RATIONALE

New investment in sugar and nontraditional agricultural products
is raising economic growth prospects in the export sector, which
could improve Belize's external liquidity.  Coupled with the
government's steps to provision for and to build a foreign
exchange reserve for nationalization compensation payments likely
starting in 2016, these investments could improve Belize's fiscal
and external flexibility through our 2017 forecast horizon.

Although S&P expects this pick-up in foreign direct investment
(FDI) will raise Belize's growth prospects and S&P sees the new
$140 million sugar investment as demonstration of an improving
political climate for investment, several factors constrain the
long-term ratings on Belize at the 'B-' level.  These include weak
political institutions, productivity limitations resulting from
low investment over the past decade, and the country's limited
pool of skilled labor.  Low rates of tax compliance combined with
low $5,000 income per capita constrain the government's ability to
raise revenues from the tax base under the current tax regime.  In
addition, the rigidity of current expenditure further limits the
government's fiscal flexibility.

Belize's 2013 debt rescheduling provided the government cash flow
relief by reducing interest payments and extending the
amortization period, though it only reduced the bond principal by
3% to $530 million.  Belize's net general government debt remains
a little more than 60% of GDP (after central government deposits
currently totaling about 10% of GDP) with a manageable interest
burden of 10% of government revenues.  However, key fiscal policy
challenges remain as a result of the rigidity and large size of
current expenditures as well as the government's limited medium-
term fiscal planning, especially capital budgeting.

S&P expects growing FDI in Belize's export sector will improve
productivity and export volumes, raising current account receipts
(CARs) and improving external liquidity.  Net FDI will finance
wider current account deficits of 4%-6% of GDP in 2014-2015
stemming from sugar-related capital goods imports and depleting
oil reserves.  S&P expects the current account deficit in 2016-
2017 to then narrow as the new sugar operation begins full
production.  S&P expects rising CARs, in combination with the
government's other financing options, will support servicing
Belize's narrow net external debt--currently a little more than
50% of CARs--as the compensation payments expected in 2016 keep
annual gross external financing needs above 20% of CARs through
2017.

Belize pegs its exchange rate to the U.S. dollar and thus has
little monetary policy flexibility.  S&P expects the fixed
exchange rate will foster annual average price increases of 1%-
1.5% over 2014-2017.  S&P's local currency rating is equal to its
foreign currency rating, reflecting Belize's lack of monetary
policy flexibility.

OUTLOOK

The positive outlook reflects S&P's view that there is a greater
than one-in-three probability of an upgrade if Belize's economic
growth potential improves and the government addresses upcoming
external liquidity pressures related to nationalization
compensation claims in a timely manner.  New FDI in Belize's
agricultural sector could boost the country's economic growth
prospects and its CARs beginning in 2016.  Higher exports would
likely narrow the country's current account deficit and boost its
international reserves.  Additionally, the government is actively
strategizing the payment of external obligations related to the
nationalization of two utilities by using government deposits
financed by the PetroCaribe initiative and reopening its 2038 bond
(for up to US$75 million).  S&P expects the compensation to total
about 15% of GDP payable over 2016-2020.

S&P would most likely revise the outlook to stable if Belize's
investment and growth prospects weaken, its fiscal position
deteriorates, or government financial planning for the
compensation payments erodes.

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 the 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 above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Ratings Affirmed; Outlook To Positive
                                        To                 From
Belize
Sovereign Credit Rating         B-/Positive/B      B-/Stable/B

Ratings Affirmed

Belize
Senior Unsecured                       B-
Short-Term Debt                        B
Transfer & Convertibility Assessment   B-


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


PETROLEO BRASILEIRO: To Invest US$622MM in Argentina, Gov't Says
----------------------------------------------------------------
Reuters reports that Petroleo Brasileiro SA will invest US$622
million in shale gas production in Argentina's Neuquen province,
near the massive Vaca Muerta formation, Neuquen's provincial
government said.

Reuters, citing a statement posted on the provincial government
website, notes that the investment will be made over the next few
years.

"There will be a total of 24 wells in the Rio Neuquen area,"
Neuquen Governor Jorge Sapag said in the statement obtained by
Reuters.

The wells will be drilled in the Punta Rosada formation.

Last month, Argentina adopted an investment framework aimed at
attracting oil companies to shale deposits estimated to be so
large they could transform the outlook for the energy supply in
the Western Hemisphere, the report notes.  The deposits are found
mostly in the Vaca Muerta (Dead Cow) formation in Neuquen
province, in the western end of the country, the report relates.

The report discloses that shale oil and gas along with
conventional deposits trapped in shale formations currently
account for 8 percent of Argentina's hydrocarbons output,
according to Argentine oil company YPF SA.

The Argentine government has had trouble attracting foreign
investment due to economic problems including high inflation and
sovereign debt defaults in July and October, the report relays.

Chevron Corp, Petronas, Royal Dutch Shell Plc and Total SA have
dipped their toes in, but their initial investments will do little
to help wipe out Argentina's energy deficit, estimated at US$7
billion this year, the report notes.

The company's US$221 billion five-year investment plan is one of
the largest corporate spending programs ever and its US$140
billion in debt makes it the most indebted of any major oil firm,
the report relays.

Petrobras Chief Executive Officer Maria das Gra‡as Foster said in
February the company wanted to boost oil exploration and
production activities in Argentina, the report adds.

                   About Petroleo Brasileiro

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 23, 2014, Moody's Investors Service downgraded Petrobras
S.A.'s (Petrobras)'s Preferred Shelf (Foreign Currency) rating to
(P)Ba1 from (P)Baa3.


SCHAHIN OIL: S&P Lowers CCR to 'B+' & Puts on Watch Developing
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Schahin Oil & Gas Ltd. (Schahin O&G) to 'B+' from 'BB+'
and placed it on CreditWatch developing.

The rating action reflects S&P's view of Schahin O&G's higher
refinancing risk at the holding company level given the short
tenor of the maturity profile that could pressure the company's
liquidity in the next 12 months.

During 2013, Schahin O&G postponed a corporate bond issuance due
to adverse market conditions.  Proceeds from that bond were
intended mainly to refinance existing debt at the holding and
subsidiaries level by extending its maturity profile.  After
cancelling the bond issuance, management raised medium-term loans
that it mostly used to cancel the 2013 and 2014 maturities at the
holding level and to repay subordinated debt at two operating
subsidiaries.

Despite S&P's expectations, the company's maturity schedule didn't
improve.  Based on unaudited figures and information provided by
the company, as of Nov. 2014, Schahin O&G has a loan at the
holding company level of approximately $460 million that's due
October 2015.  "Although we understand that the company is still
looking to extend its maturity profile, we don't know when this
will occur.  Therefore, we believe refinancing risk continues to
increase," Candela.

The corporate credit rating on Schahin O&G continues to reflect
its reliance on distributions from its operating subsidiaries to
service debt at the holding level, its geographic and customer
concentration in Brazil because its contracts are exclusively with
Petroleo Brasileiro S.A. - Petrobras (Petrobras; BBB-/Stable/--),
and the exposure to a highly competitive and cyclical industry.
The offsetting factors are its strong contractual base, including
the signed charter agreements at fixed day rates, relatively long
tenors that would provide a predictable and stable stream of cash
flow, no construction risk because all of its assets are already
operating, and a very supportive relationship with its main
offtaker, Petrobras.

CREDITWATCH

The developing CreditWatch listing reflects S&P's view that it
could raise, affirm, or lower the rating in the next 90 days.  The
upgrade could occur if the company can secure long-term financing
in that timeframe, eliminating S&P's concerns over its short-term
liquidity issues, as well as deliver audited financial accounts.
At the same time, the listing reflects a possible downgrade if
Schahin O&G maintains its aggressive short-term financing, which
could weaken its liquidity.


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


AES ANDRES: S&P Raises CCR to 'B+'; Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit and
debt ratings on AES Andres Dominicana to 'B+' from 'B'.  The
outlook is stable.

"AES Andres Dominicana has improved its key financial ratios
beyond our expectations based on increased EBITDA generation given
lower fuel costs and higher availability at its plants," said
Standard & Poor's credit analyst Stephanie Alles.  In the last 12
months ended June 30, 2014, the company posted an EBITDA margin of
38% compared with 35% for the same period a year before.

AES Andres Dominicana, Ltd. is based in Grand Cayman, Cayman
Islands.


BALAMAT CAYMAN: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Balamat Cayman Fund Limited received on
Oct. 27, 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


BALDER MANAGEMENT: Shareholders to Hold Final Meeting on Nov. 13
----------------------------------------------------------------
The shareholders of Balder Management will hold their final
meeting on Nov. 13, 2014, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Christopher Kennedy
          c/o Omar Grant
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


BOTANY CAYMAN: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Botany Cayman Fund Limited received on
Oct. 27, 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


CORINDA LIMITED: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Corinda Limited received on Oct. 28, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Gene Dacosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


FUNDAMENTAL MARKET: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Fundamental Market Neutral MAC 81 Ltd received
on Oct. 27, 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


IPM MAC: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of IPM MAC Cayman Fund Limited received on
Oct. 27, 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


KINGSBURG HOLDINGS: Sole Member to Hear Wind-Up Report on Nov. 20
-----------------------------------------------------------------
The sole member of Kingsburg Holdings Limited will hear on
Nov. 20, 2014, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town, Tortola
          British Virgin Islands


MAESTRA MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Maestra Master Fund SPC received on Oct. 29,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Delta FS Limited
          c/o Andrew Edgington
          Telephone: (345) 743 6630
          103 South Church St., Harbour Place
          P.O. Box 11820, George Town
          Grand Cayman, KY1-1009
          Cayman Islands


NIAGARA DISCOVERY: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Niagara Discovery Fund Ltd. received on
Oct. 27, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Michael Grant
          Walkers
          190 Elgin Avenue
          George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


SIERRA MAESTRA: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Sierra Maestra Limited received on Oct. 29,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Delta FS Limited
          c/o Andrew Edgington
          Telephone: (345) 743 6630
          103 South Church St., Harbour Place
          P.O. Box 11820, George Town
          Grand Cayman, KY1-1009
          Cayman Islands


VALPARAISO PARTNERS: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Valparaiso Partners Ordinary Limited received
on Oct. 28, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


VAN ECK: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of Van ECK Cayman Fund Limited received on
Oct. 27, 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


WHITNEY CAYMAN: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Whitney Cayman Fund Limited received on
Oct. 27, 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


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


DOMINICAN REPUBLIC: All Fuels Unchanged After 3 weeks of Declines
-----------------------------------------------------------------
Dominican Today reports that the Industry and Commerce Ministry on
Nov. 7 posted unchanged prices on all fuels, after three weeks of
declines attributed to cheaper crude.

From Nov. 8 to 14 premium gasoline will still cost RD$233.10 and
regular RD$219.60 per gallon; premium diesel remains at RD$201.60
and regular RD$194.60, the same for optimal diesel at RD$212.80
per gallon, according to Dominican Today.

The report notes that Avtur will still cost RD$139.60; kerosene
will cost RD$176.60; fuel oil will cost RD$122.01; propane gas
will cost RD$106.60, while natural gas also remains at RD$35.67
per cubic meter.

The Dominican Central Bank's posted average exchange of RD$44.08
per dollar was used to calculate all fuel prices, the report
relays.


EMPRESA GENERADORA: S&P Raises ICR to 'B+'; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services raised its issuer credit and
debt ratings on Empresa Generadora de Electricidad Itabo S.A. (EGE
Itabo) to 'B+' from 'B'.  The outlook remains stable.

"EGE Itabo has improved its key financial ratios beyond our
expectations based on increased EBITDA generation due to greater
power generation from higher availability at its plants," said
Standard & Poor's credit analyst Stephanie Alles.  For the last
twelve months ended June 30, 2014, the company posted an EBITDA
margin of 37% compared with 16% for the same period a year before.

S&P revised EGE Itabo's financial risk profile to "significant"
from "aggressive" (as per S&P's criteria), based on the company's
improved cash flow generation and lower leverage metrics.
Additionally, its financial risk profile also incorporates the
company's exposure to working capital swings due to significant
collections delays, which results in a highly volatile cash flow
from operation generation.  For the last twelve months ended
June 30, 2014, EGE Itabo posted net debt to EBITDA of 0.6x and
funds from operations (FFO) to debt of 149%.  Itabo has a smooth
debt maturity profile; its next bond payment, for $116 million, is
due in 2020.  Nevertheless, as of Sept. 30, 2014, the company had
about five months of accounts receivables from the distribution
companies.


EMPRESA GENERADORA: S&P Raises Rating to 'B+'; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services upgraded Empresa Generadora de
Electricidad Haina S.A. (EGE Haina) to 'B+' from 'B'.  The outlook
remains stable.

EGE Haina has improved its key financial ratios beyond S&P's
expectations, following a higher EBITDA margin due to greater
power generation at its new, more efficient plants and successful
cost management, which is reflected in lower cost as a percentage
of revenues.  For the last twelve months ended June 30, 2014, the
company posted an EBITDA margin of 27% compared with 19% for the
same period a year before.  S&P asses EGE Haina's financial risk
profile as "aggressive" (as per S&P's criteria), based on the
company's improved cash-flow generation and lower leverage
metrics.  Additionally, its financial risk profile also reflects
the company's exposure to working capital swings due to
significant collection delays, which results in a highly volatile
cash-flow from operations generation.  The company reduced its net
debt-to-EBITDA ratio in 2014 as the investment in Los Cocos and
Quisqueya II began generating earnings in Jan. 2013 and Sept.
2013, respectively.  For the last twelve months ended June 30,
2014, EGE Haina posted net debt to EBITDA of 1.7x and funds from
operations (FFO) to debt of 59%.  Nevertheless, as of Oct. 31,
2014, the company had about 5.5 months of accounts receivables
from the distribution companies.

"We assess EGE Haina's stand-alone credit profile (SACP) at 'b+',
reflecting its "weak" business risk profile given the challenges
of operating in the Dominican Republic's (DR; B+/Stable/B) heavily
subsidized electricity sector, its weak regulatory framework, and
uncertain long-term operating and financial sustainability.  In
particular, DR-based power generators' cash flows are susceptible
to weak collection rates and payment delays from the distribution
companies.  The rating also considers the power sector's
dependence on the economy and the sovereign's ability to continue
subsidizing the sector, which may weaken in an economic stress
scenario.  The SACP incorporates the company's diversified
portfolio of dollar-denominated, long-term energy sales contracts
and its position as the country's largest electricity generator,"
S&P noted.

"EGE Haina's diversified portfolio of dollar-denominated, long-
term energy sales contracts (which limit its exposure to spot-
market volatility and allow a pass-through of fuel costs)
partially offset these challenges," said Standard & Poor's credit
analyst Stephanie Alles.  The company's contract with Consorcio
Energetico Punta Cana-Macao (not rated) for up to 100 megawatts
(MW) diversifies its client base and reduces its exposure to
distribution companies that are heavily reliant on the
government's subsidy.


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


JAMAICA: Export Earnings Down in Mining, Manufacturing
-----------------------------------------------------
RJR News reports that Jamaica's earnings from mining and quarrying
exports during the January to July period fell by US$7.6 million.
This was due mainly to lower exports of alumina.

Total mining and quarrying exports during the seven months were
valued at US$368 million, according to RJR News.  That was down
from US$375 million a year ago, the report relates.

The report discloses that despite lower alumina sales, bauxite
earnings were up US$1M to US$75.9 million.

There was also a decline in manufacturing exports during the six
months under review, with earnings earnings of US$72 million
falling 16 per cent, the report relays.

That decline was due mainly to Jamaica selling less sugar, rum and
citrus products to the rest of the world, the report adds.


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


MEXICO: Cancels US$4.3 Billion China Deal on Doubts Over Bid
------------------------------------------------------------
Nacha Cattan and Clement Tan at Bloomberg News report that Mexico
will open a new competition for its first high-speed rail project
before month's end after scrapping the winning US$4.3 billion
Chinese-led bid, citing "doubts and concerns."

Mexico will allot six months to the next round of bids after
opposition lawmakers complained companies didn't have enough time
to participate in the first competition, according to Bloomberg
News.

President Enrique Pena Nieto "is sensitive to the fact that such
an important project with such high benefit for society not raise
any doubt," the Communications and Transportation Ministry said in
a statement obtained by Bloomberg News.

The surprise revocation on Nov. 6 came three days after the
project was awarded and ahead of Pena Nieto's visit to Beijing
this week, a trip intended to deepen ties between the two
countries, Bloomberg News relates.  The contract for China Railway
Construction Corp. and four Mexican partners marked Mexico's first
large investment in transportation by a Chinese firm, Bloomberg
News discloses.

China Railway Construction tumbled 5.8 percent on Nov. 8, the most
since July 2013, to HK$8.02 at the close in Hong Kong.  The
Beijing-based company said by e-mail that it hadn't received an
official cancellation notice from Mexico, Bloomberg News relates.
The company can participate in the new round, Gerardo Ruiz
Esparza, the transportation minister, said on Radio Formula,
Bloomberg News discloses.

The Chinese-led team was the only group to submit a plan for
Mexico's first high-speed train, which the government says will
initially shuttle 27,000 passengers a day between the capital and
the industrial hub of Queretaro City in 58 minutes, Bloomberg News
relays.

The China Railway group plans to bid again in the new round, the
Mexico City newspaper El Universal reported, Bloomberg News notes.

                        Political Criticism

Bloomberg News notes that the bidding had come under scrutiny by
the opposition National Action Party, with lawmakers accusing the
government of favoring the Chinese proposal and saying the sole
bid was too expensive.

In canceling the contract, Pena Nieto is seeking to portray his
government as more transparent after police involvement in the
disappearance of 43 college students in western Mexico sparked
international concern over corruption, said Jorge Chabat, a
political and security analyst, Bloomberg News relays.

Pena Nieto "doesn't want Mexico to be associated again with any
irregularity," said Chabat, a professor at the Center for Economic
Research and Teaching, a Mexico City-based university, Bloomberg
News notes.  Redoing the process "could create an image of little
certainty for companies.  But the president is now more concerned
about public opinion," Bloomberg News relays.

                        Sixteen Companies

Bloomberg News notes that sixteen companies decided against
entering the contest, the transport ministry said, including
Mexico's Empresas ICA SAB, Japan's Mitsubishi Heavy Industries
Ltd., Alstom SA of France, Bombardier Inc. (BBD/B) of Canada and
Germany's Siemens AG.  Only the China Railway Construction group
submitted a proposal by the Oct. 15 deadline.  The contract was
awarded on Nov. 3.

Alonso Quintana, the chief executive officer of ICA, Mexico's
largest construction company, said in an e-mail that he's studying
the possibility of bidding once a new process opens, Bloomberg
News notes.  Bombardier is also looking into a bid "with great
interest," spokesman Marc Laforge said in an e-mail obtained by
Bloomberg News.

Bloomberg News relays that China Railway Construction had said it
would turn to the Export-Import Bank of China to help finance its
US$2.9 billion portion of the contract.

"We'll start a process so that there's more participation and
involvement and we can receive, we hope, more offers," Pablo
Suarez, head of railroad and multimodal at the transportation
ministry, said in an interview with Milenio TV, Bloomberg News
discloses.  "That way, when the new ruling is made, there won't be
any doubt in public opinion about transparency and the use of
resources for this project."

                          Construction Budget

Ruiz Esparza, the transportation minister, had said earlier the
construction cost of US$3.2 billion is less than originally
budgeted and Mexico had given companies since last November to
prepare, while denying any favoritism, Bloomberg News says.  The
US$4.3 billion contract included payment for construction,
operation, maintenance and taxes, Bloomberg News notes.

The ministry said in its statement Nov. 6 that the process had
always been done at the proper time and adhered to legal terms.

"A more exhaustive review of all of these projects that will be
bid on in the coming months will be very good for the companies
participating and for the market because it will lend more
transparency," Roberto Solano, an analyst at Monex Casa de Bolsa,
told Bloomberg News in a telephone interview.  "There isn't any
negative effect apart from" the impact on China Railway
Construction, Mr. Solano added.


=================
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.


                   * * * End of Transmission * * *