TCRLA_Public/141118.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 18, 2014, Vol. 15, No. 228


                            Headlines



A R G E N T I N A

ARGENTINA: Default Spreads to Par Bonds, Risking Payment Demands
ZUCAMOR SA: Moody's Withdraws Caa1 Corporate Family Rating


B R A Z I L

BRAZIL: To Reduce Spending Without Harming Economy, Rousseff Says
PETROLEO BRASILEIRO: Quarterly Output Jumps 9% on New Platforms


C A Y M A N  I S L A N D S

ANA TZAREV: Creditors' Proofs of Debt Due Nov. 20
CHEYNE TOTAL: Commences Liquidation Proceedings
EVEREST ASSET: Creditors' Proofs of Debt Due Nov. 20
GUNNERS HOLDINGS: Creditors' Proofs of Debt Due Nov. 20
LAXMI NIWAS: Members Receive Wind-Up Report

MA DEEP: Creditors' Proofs of Debt Due Nov. 20
MEADOWLANDS HOLDINGS: Creditors' Proofs of Debt Due Nov. 20
NEUBERGER BERMAN: Placed Under Voluntary Wind-Up
PKU FOUNDER: Commences Liquidation Proceedings
POLYGON FUND: Creditors' Proofs of Debt Due Nov. 19

PRIME PROPERTIES: Creditors' Proofs of Debt Due Nov. 19


C O L O M B I A

CREDIVALORES: S&P Assigns 'B+' Rating; Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Airlines, Govt. Agree to Boost Regional Routes


M E X I C O

INTERNATIONAL TEXTILE: Posts $11.7 Million Net Income in Q3
SISTEMA OPERADOR: Moody's Upgrades Issuer Rating to Ba2


P E R U

PERU: Mulls Growth Measures That May Crimp Revenue, Segura Says


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: To Implement Baggage Charge
CARIBBEAN AIRLINES: Venezuela Yet to Clear Debt to Airline


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: Default Spreads to Par Bonds, Risking Payment Demands
----------------------------------------------------------------
Sarah Marsh and Daniel Bases at Reuters report that Argentina's
debt default spread to its Par bonds on Oct. 31, after the country
failed to complete an interest payment, raising the risk that
creditors could demand that the country's cash-strapped government
immediately repay all of its debt.

Argentina deposited a US$161 million payment with a newly
appointed local trustee in September to try to circumvent U.S.
court orders for it to settle with "holdout" investors, according
to Reuters.  The holdouts are suing to get full repayment of bonds
from a 2002 default before holders that accepted the terms of a
debt restructuring get paid by the government, the report notes.

But, Par bondholders could not collect the US$161 million payment
due to legal and technical hurdles, and the 30-day grace period
since the coupon was originally due expired at midnight Oct. 30,
Reuters relates.

The report says that Argentina's economy ministry has not said
whether any bondholders have come forward to collect.

Argentina had already defaulted in July on its discount notes, but
holders of the Par bonds might be more likely to claim accelerated
payment of the principal because the Par bonds are trading at a
steeper discount to their original value, Reuters discloses.

Demands for accelerated payment could leave Argentina facing
claims of up to US$30 billion, more than it holds in foreign
reserves, Reuters relates.

                            Downgrade

According to the report, Fitch Ratings weighed in by cutting
Argentina's foreign law Par bonds to the rock bottom level of "D",
for Default.

"The only exchanged foreign currency bond under foreign law that
remains performing is the Global17 bond, which has a coupon
payment scheduled for Dec. 2," the credit ratings agency said in a
statement obtained by Reuters.

Sources owning Argentine debt say other creditors have approached
them about forming a group to accelerate payment, the report says.
The move would require the backing of investors holding at least
25 percent of the nominal amount of any single bond series,
Reuters discloses.

"We were asked in very theoretical terms what our thoughts were on
acceleration," the report quoted one source as saying.  "It was
something intermediated by an investment bank.  The shop leading
the offer did not want to be identified," the source added.

Analysts say many investors will be hesitant about such a move as
it could mean costly litigation with an uncertain outcome, Reuters
notes.  It could also trigger a balance of payments crisis and
further damage Argentina's ailing economy, making an eventual
payment even more difficult, the report says.

Reuters notes that those talking of acceleration may simply be
sounding out options or putting pressure on Argentina to reach a
deal with the holdout funds that rejected restructuring following
its 2002 default and are seeking full repayment of their bonds.

Argentine Cabinet Chief Jorge Capitanich said that instead of
accelerating, those bondholders who accepted steep writedowns in
2005 and 2010 debt swaps should sue U.S. District Judge Griesa for
blocking interest payments, Reuters relates.

"The person violating the law is the judge and not Argentina,
which is fulfilling its obligations to pay its sovereign debt,"
Mr. Capitanich told reporters, the report notes.

Some creditors fear acceleration would simply prevent a solution
to the dispute with the holdouts, which would unblock interest
payments, Reuters says.

"We are keeping our options open and not siding with anyone in an
acceleration effort," said one investor who requested anonymity,
the report notes.  "Our interest is not to be an obstacle to a
deal that can settle this all after Jan. 1."

Argentina said it cannot reach a deal with holdouts until the
year-end expiration of the so-called RUFO clause, which prevents
it from paying them better terms than those taken by bondholders
who accepted writedowns in 2005 and 2010, the report relates.

"I have heard from a number of Par holders that they will consider
what their next move will be after the expiration of RUFO next
year," said a source at a fund holding Argentine debt, notes the
report.

The default will meanwhile continue to be a drag on the economy,
Fitch said.

"Economic conditions have deteriorated significantly in 2014, with
GDP expected to post a 1.9 percent contraction this year," the
report quoted Fitch analyst Santiago Mosquera as saying.

"We anticipate the economy will contract even further, by 2.6
percent in 2015, if Argentina fails to clear the default before
presidential elections are held in October next year," Mr.
Mosquera added, the report notes.

                           *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court-
appointed mediator ended without resolving a standoff between the
country and a group of hedge funds seeking full payment on bonds
that the country had defaulted on in 2001.  A U.S. judge had ruled
that the interest payment couldn't be made unless the hedge funds
led by Elliott Management Corp., got the US$1.5 billion they
claimed.  The country hasn't been able to access international
credit markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.


ZUCAMOR SA: Moody's Withdraws Caa1 Corporate Family Rating
----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
withdrawn all rating of Zucamor S.A. (Zucamor) and its subsidiary
Papel Misionero S.A.I.F.C. (Papel Misionero), for its own business
reasons.

The following ratings were withdrawn:

- Zucamor's Corporate Family Ratings: Caa1/Baa3.ar

- Zucamor's Senior Unsecured Bank Credit Facility: Caa1/Baa3.ar

- Papel Misionero's Senior Unsecured Bank Credit Facility:
Caa1/Baa3.ar

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

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

Headquartered in Buenos Aires, Argentina, Zucamor is primarily
engaged in the manufacturing and selling of corrugated containers,
Kraft and recycled paper. The company mainly serves the Argentine
corrugated packaging market. Its partially integrated system
includes three box plants, two paper recycling plants, one Kraft
paper plant, one bag plant and 23.500 hectares of forest assets.
Ratings for Zucamor's subsidiary, Papel Misionero, reflect
Zucamor's consolidated credit profile given the companies'
operational and financial integration and the co-signing loan
agreements contained in Papel Misionero and Zucamor's rated bank
credit facilities.


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


BRAZIL: To Reduce Spending Without Harming Economy, Rousseff Says
-----------------------------------------------------------------
Raymond Colitt at Bloomberg News reports that Brazil will cut
public spending that doesn't support domestic consumption or
investment to meet its fiscal target next year, President Dilma
Rousseff said.

"We will make an adjustment, but we don't think the best policy to
exit the crisis is restricting demand," President Rousseff told
reporters at the summit of the Group of 20 nations in Brisbane,
Australia, according to Bloomberg News.  "You can't think that
with restrictions, the economy will recover," President Rousseff
added.

The measures would help restore investor confidence as Rousseff
prepares to start her second four-year term on Jan. 1, Finance
Minister Guido Mantega told reporters at the G-20, Bloomberg News
says.  Brazil is at risk of losing its investment-grade status
after Moody's Investors Service in September lowered its outlook
to negative on slower economic growth.

The objective of the spending cuts is for Brazil to post a primary
budget surplus, which excludes interest payments, of 2 percent of
gross domestic product in 2015, said Minister Mantega, Bloomberg
News discloses.

"There are adjustments we need to make," Minister Mantega told
reporters, Bloomberg News discloses.  "We could do them in 2015
but it makes more sense in 2014 because you start 2015 with an
adjusted economy heading in a certain direction," Minister Mantega
added.

Brazil last month for the first time ever reported a primary
deficit in the first nine months of the year, totaling BRL15.3
billion (US$5.9 billion), Bloomberg News notes.  The government on
Nov. 11 asked Congress for authorization to ease its primary
surplus goal for this year, saying slower economic growth has
crimped revenue, Bloomberg News relates.

                       Economic Expansion

The move would allow the government to increase the amount it can
discount from the 2014 primary budget to include all tax breaks
and investments in infrastructure, Bloomberg News says.

Economists in the latest central bank survey forecast an economic
expansion of 0.2 percent in 2014, down from the 4 percent estimate
the government made when designing this year's budget, Bloomberg
News relates.

President Rousseff said that there are no plans to raise the so-
called Cide fuel tax as a measure to boost revenue, Bloomberg News
notes.  State-run Petroleo Brasileiro SA this month raised
subsidized refinery gate prices for gasoline by 3 percent and
diesel by 5 percent, Bloomberg News discloses.

The economic slowdown and drop in business confidence, which
according to the National Industry Confederation hit at least a
10-year low in October, became a central theme in last month's
presidential election, Bloomberg News relays.  President Rousseff
won by the narrowest margin since at least 1945 on pledges to
accelerate growth and slow inflation without sacrificing social
welfare programs or unemployment rates that are near record lows,
Bloomberg News notes.

President Rousseff at the G-20 wouldn't comment on plans to alter
ministers, including the replacement of Minister Mantega.  The
minister, who said he is stepping down for personal reasons and
isn't being fired, said he doesn't expect radical changes next
term, Bloomberg News discloses.

"The president was elected because people approved of this
economic policy that generated employment and increased their
income," Bloomberg News quoted Minister Mantega as saying.


PETROLEO BRASILEIRO: Quarterly Output Jumps 9% on New Platforms
---------------------------------------------------------------
Randall Woods at Bloomberg News, citing O Globo newspaper, reports
that Brazil's state-run oil company Petroleo Brasileiro SA said
production increased 9 percent in the third quarter as output rose
at new platforms.

The company produced 2.09 million barrels of oil per day in the
three-month period ending Sept. 30, it said, according to
Bloomberg News.  The jump from the same period last year in part
reflects higher output at production platforms P-58, P-55, P-62
and Cidade de Paraty, Petrobras wrote in the two-page statement
obtained by Bloomberg News.  It connected 15 new production wells
in the quarter, bringing the total to 46 for the first nine months
of 2014, Bloomberg News notes.

Petrobras said it will publish audited financial results as soon
as possible, and non-audited earnings on Dec. 12.

PricewaterhouseCoopers, the company's outside auditor, said last
month it wouldn't sign off on financial results and would alert
U.S. authorities if appropriate action wasn't taken to probe
allegations of corruption, according to two people with knowledge
of the matter, Bloomberg News relates.

A multibillion-dollar money laundering and corruption probe dubbed
Car Wash spread to Petrobras earlier this year after investigators
uncovered ties between Paulo Roberto Costa, the company's former
head of refining, and a black-market money dealer, Bloomberg News
relays.

Mr. Costa, who is under house arrest as part of a plea bargain
with prosecutors, later told police he received bribes from a
group of construction companies and shared the proceeds with
politicians who are part of the ruling coalition, Bloomberg News
notes.  Parties in the coalition and building companies denied the
allegations, discloses Bloomberg News.

The company said it is stepping up internal governance to mitigate
the risk of corruption and is performing internal investigations
into any wrongdoing, Bloomberg News relays.  It's cooperating with
authorities on the investigation, says the report.

The company was scheduled to hold a conference call with analysts
and investors Nov. 17, according to the statement obtained by
Bloomberg News.

                   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.


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


ANA TZAREV: Creditors' Proofs of Debt Due Nov. 20
-------------------------------------------------
The creditors of Ana Tzarev Foundation (Cayman) are required to
file their proofs of debt by Nov. 20, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 26, 2014.

The company's liquidator is:

          Matthew Wright
          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


CHEYNE TOTAL: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 6, 2014, the sole shareholder of Cheyne Total Return
Credit Fund II Inc. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Nov. 10, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Jo-Anne Maher
          Telephone: (345) 814-9255
          Facsimile: (345) 949-4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


EVEREST ASSET: Creditors' Proofs of Debt Due Nov. 20
----------------------------------------------------
The creditors of Everest Asset Management (Cayman) Limited are
required to file their proofs of debt by Nov. 20, 2014, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 30, 2014.

The company's liquidator is:

          Trinity Fund Administration (Cayman) Ltd.
          c/o Angela Nightingale
          Telephone: (345) 946 6620
          Facsimile: (345) 946 6720
          Harbour Place, 2nd Floor
          P.O. Box 10364 Grand Cayman KY1-1004
          Cayman Islands


GUNNERS HOLDINGS: Creditors' Proofs of Debt Due Nov. 20
-------------------------------------------------------
The creditors of Gunners Holdings Limited are required to file
their proofs of debt by Nov. 20, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 30, 2014.

The company's liquidator is:

          Steering Group S.A
          Telephone: +44 1534 282276/ +41 2231 90165
          Facsimile: + 44 1534 282400
          13, Quai de I'lle, CH-1211
          Geneva 11, Switzerland


LAXMI NIWAS: Members Receive Wind-Up Report
-------------------------------------------
The members of Laxmi Niwas Ltd received on Nov. 12, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


MA DEEP: Creditors' Proofs of Debt Due Nov. 20
----------------------------------------------
The creditors of MA Deep Event, Ltd. are required to file their
proofs of debt by Nov. 20, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 7, 2014.

The company's liquidator is:

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


MEADOWLANDS HOLDINGS: Creditors' Proofs of Debt Due Nov. 20
-----------------------------------------------------------
The creditors of Meadowlands Holdings Ltd. are required to file
their proofs of debt by Nov. 20, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 30, 2014.

The company's liquidator is:

          Steering Group S.A
          Telephone: +44 1534 282276/ +41 2231 90165
          Facsimile: + 44 1534 282400
          13, Quai de I'lle, CH-1211
          Geneva 11, Switzerland


NEUBERGER BERMAN: Placed Under Voluntary Wind-Up
------------------------------------------------
On Oct. 1, 2014, the sole member of Neuberger Berman GTAA Pension
Fund I Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Nov. 10, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Richard Fear
          c/o Daniel Woolston
          Telephone: (345) 814 7782
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


PKU FOUNDER: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 7, 2014, the member of PKU Founder Investment Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Ting Zhou
          1206 North Tower, Kerry Center
          1 Guanghua Road, Chaoyang District
          Beijing 100020
          China


POLYGON FUND: Creditors' Proofs of Debt Due Nov. 19
---------------------------------------------------
The creditors of Polygon Fund, Ltd. are required to file their
proofs of debt by Nov. 19, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 7, 2014.

The company's liquidator is:

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


PRIME PROPERTIES: Creditors' Proofs of Debt Due Nov. 19
-------------------------------------------------------
The creditors of Prime Properties Japan Limited are required to
file their proofs of debt by Nov. 19, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 6, 2014.

The company's liquidator is:

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


===============
C O L O M B I A
===============


CREDIVALORES: S&P Assigns 'B+' Rating; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its long-term 'B+' and
short-term 'B' counterparty credit ratings to Credivalores -
Crediservicios S.A.S. (Credivalores).  The outlook is stable.

"Our ratings on Credivalores reflect what we consider a
concentrated funding rofile; it lacks financial flexibility (as
the majority of its loan portfolio is encumbered); and it has low
profitability levels for its risk profile and below-average
reserves to nonperforming assets compared with its peers," said
Standard & Poor's credit analyst Ricardo Grisi.  Its well-
established business profile compared with other Colombian finance
companies, adequate capitalization levels, and experienced
management team offset the negatives.

The concentrated funding profile is one of the company's main
weaknesses, in S&P's opinion.  Credivalores' funding structure is
concentrated, as more than 90% comes through bank lines, which
fund the company through vehicles such as trusts, portfolio sales,
and direct credits.  These funding sources require collateral to
provide credit lines.  Although the company works with several
banks, in S&P's opinion, its high encumbered assets significantly
reduces the company's financial flexibility, which during market
downturns could reduce funding alternatives.  Although S&P expects
its market debt to increase over the next 12 months, it believes
its funding structure will remain concentrated and mostly
wholesale, which could be less stable during market distress.


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


DOMINICAN REPUBLIC: Airlines, Govt. Agree to Boost Regional Routes
------------------------------------------------------------------
Dominican Today reports that the Civil Aviation Board (JAC) and
domestic carriers agreed to boost Dominican Republic's airline
routes with the Lesser Antilles, Puerto Rico and the U.S., during
a meeting headed by Chairman Roger Jover.

"The government has a strong interest in the revival of domestic
airlines operating flights both domestic and from different
destinations, especially the Lesser Antilles and Puerto Rico,"
Chairman Jover said, according to Dominican Today.

The report notes that Chairman Jover said the re-launch of local
carriers benefits tourism development, one of the goals of Danilo
Medina's administration.

Representatives of Pawa Dominicana, Air Century, SA, Aerolineas
MAS, Servicios Aereos Profesionales, Air Santo Domingo, and of
helicopter services agreed to evaluate Jover's proposal and submit
a response, the report adds.


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


INTERNATIONAL TEXTILE: Posts $11.7 Million Net Income in Q3
-----------------------------------------------------------
International Textile Group, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing net income attributable to common stock of $11.77
million on $153.97 million of net sales for the three months ended
Sept. 30, 2014, compared to a net loss attributable to common
stock of $11.98 million on $156.91 million of net sales for the
same period during the prior year.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss attributable to common stock of $11.27 million on $454.65
million of net sales compared to a net loss attributable to common
stock of $41.16 million on $454.10 million of net sales for the
same period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed $338.71
million in total assets, $403.48 million in total liabilities and
a $64.76 million total stockholders' deficit.

A full-text copy of the Form 10-Q is available for free at:
http://is.gd/PwZKK6

                    About International Textile

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with current operations principally in the United States, China,
Mexico, and Vietnam. ITG's long-term focus includes the
realization of the benefits of its global expansion, including
reaching full production at ITG facilities in China and Vietnam,
and continuing to seek other strategic growth opportunities.
International Textile reported a net loss attributable to common
stock of the Company of $10.91 million in 2013, as compared with a
net loss attributable to common stock of the Company of $91.45
million in 2012.


SISTEMA OPERADOR: Moody's Upgrades Issuer Rating to Ba2
--------------------------------------------------------
Moody's de Mexico upgraded the issuer ratings of the Sistema
Operador de los Servicios de Agua Potable y Alcantarillado del
Municipio de Puebla (SOAPAP) to A2.mx (Mexican National Scale) and
Ba2 (Global Scale, local currency) from Ba2.mx and B2,
respectively. The outlook remains stable.

Ratings Rationale

The upgrade of SOAPAP's ratings to Ba2/A2.mx reflects Moody's
assessment of the structural reforms and organizational changes
that the state of Puebla initiated in December 2013 related to
municipal water provision. These changes result in a very
different operational and financial framework for SOAPAP than
under which it previously operated. Regulatory changes include a
reform of the state's Water Law to facilitate the granting of
concessions for the operations of municipal water companies to
private sector participants. Under this new framework, SOAPAP
granted a concession for the provision of water and sewer services
and for development of water maintenance and infrastructure to a
private company in a 30-year contract. At the same time, the
municipalities benefiting from the concessionaire's services ceded
the rights to collect all revenues related to water provision to
the concessionaire.

SOAPAP is now only responsible for oversight of the concessionaire
to ensure compliance with the terms of the concession. The company
transferred the majority of its employees to the concessionaire,
resulting in a much simpler and smaller organizational structure.
Additionally, SOAPAP's director is appointed by the state's
governor and the governor serves as chair of SOAPAP's board. These
changes provide strong linkages between SOAPAP and the state of
Puebla (Baa3/Aa3.mx, stable outlook), supporting Moody's
expectation that the state would act to prevent SOAPAP from facing
liquidity pressures. These new linkages with the state form the
basis of the revised ratings.

SOAPAP retains responsibility for a MXN 2.2 billion enhanced loan
fully guaranteed by the state of Puebla. To issue new debt, SOAPAP
would require approval from the state of Puebla, through its
Finance Ministry and the state's Congress. The state of Puebla
will closely monitor SOAPAP's financial performance on a monthly
basis and will review and approve the entity's budget.

While SOAPAP is closely linked to the state of Puebla, the two-
notch difference with the state's ratings reflects the lack of an
explicit guarantee from Puebla on SOAPAP's financial short term
obligations going forward.

What Could Change The Ratings Up/Down

Given the institutional, operational and financial linkages
between SOAPAP and the state of Puebla, changes in Puebla's
ratings would likely result in similar changes in SOAPAP's
ratings. While not expected, further changes in the institutional
framework for SOAPAP, which could strengthen or weaken the
linkages with the state of Puebla, could also exert pressure on
the ratings.

The principal methodology used in these ratings was Government-
Related Issuers: Methodology Update published in July 2010.

The period of time covered in the financial information used to
determine SOAPAP's rating is between 1/01/2009 and 12/31/2013.

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


=======
P E R U
=======


PERU: Mulls Growth Measures That May Crimp Revenue, Segura Says
---------------------------------------------------------------
John Quigley at Bloomberg News reports that Peru is considering
adopting measures to stimulate the economy that may result in a
loss of government revenue, Finance Minister Alonso Segura said.

"The number one priority in the current context is to shore up
growth," Finance Minister Segura said at a press conference,
according to Bloomberg News.  "Therefore we're considering not
only spending measures but also revenue measures," Finance
Minister Segura added.

The government said it would boost spending by PEN1.6 billion
(US$546 million) in its third round of fiscal stimulus measures in
2014, Bloomberg News relates.  Policy makers are seeking to offset
a slump in copper and gold exports, Bloomberg News discloses.

Peru's economy will expand 3.1 percent this year, the slowest
since 2009 and down from 5.8 percent in 2013, according to the
central bank, Bloomberg News adds.


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


CARIBBEAN AIRLINES: To Implement Baggage Charge
-----------------------------------------------
RJR News reports that passengers traveling on Caribbean Airlines
Limited will soon be required to pay for their bags as the carrier
moves to bring its baggage policies in line with its competitors.

RJR News, citing Trinidad's Business Day magazine, notes that
while no date has been set for the introduction of the charges,
sources believe the policy could be implemented before year-end.

Although other carriers have been charging passengers for their
bags, CAL has continued with its two pieces free policy, according
to RJR News.

The report notes that Business Day has also reported that
passengers have come up with a method to beat the system.  They
reportedly use competing airlines to travel to their destination
but return on CAL to take advantage of its free bags policy, the
report discloses.

CAL is said to be hurting because of the lower fares being offered
by the competition on routes like Fort Lauderdale and New York,
where JetBlue is chipping away at its market share and on the
Toronto service, where it faces tough competition from WestJet,
the report adds.

                   About Caribbean Airlines

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

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

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


CARIBBEAN AIRLINES: Venezuela Yet to Clear Debt to Airline
----------------------------------------------------------
RJR News reports that Venezuela is yet to clear its US$10 million
debt to Caribbean Airlines Limited.

However, CAL officials have justified the continuance of the
service, saying it is lucrative, according to RJR News.

The report, citing Trinidad & Tobago's Business Day, relates that
a new ticketing strategy has been employed, which allows for money
earned through ticket sales to remain in that country.

Caribbean Airlines is one of seven airlines in Latin America and
the Caribbean affected by Venezuela's embargo on foreign currency
leaving the country, the report says.

                  About Caribbean Airlines

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

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

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


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


* 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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