TCRLA_Public/141119.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

           Wednesday, November 19, 2014, Vol. 15, No. 229


                            Headlines



A N T I G U A  &  B A R B U D A

CARIBBEAN DEVELOPMENT: Jolly Harbor Homeowners Face Hike in Fees


B R A Z I L

PETROLEO BRASILEIRO: Reduces 2014 Oil Production Growth Target


C A Y M A N  I S L A N D S

BH AIRCRAFT: Commences Liquidation Proceedings
C. INVESTMENTS: Placed Under Voluntary Wind-Up
DELAMBRE LIMITED: Creditors' Proofs of Debt Due Nov. 20
DIA MET: Commences Liquidation Proceedings
GLOBAL MANAGED: Shareholder Receives Wind-Up Report

INFINIUM GLOBAL: Placed Under Voluntary Wind-Up
LION/SILK FUNDING: Shareholder Receives Wind-Up Report
NL NIEDERBIPP FUNDING: Creditors' Proofs of Debt Due Nov. 20
NL NIEDERBIPP PROJECT: Creditors' Proofs of Debt Due Nov. 20
PRIME ELITE: Creditors' Proofs of Debt Due Dec. 9

QUALITY EQUALITY: Creditors' Proofs of Debt Due Nov. 20
VMS STRATEGIC: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: IDB OKs US$250MM Loan to Support Policy Reforms


G U A T E M A L A

CENTRAL AMERICA: Fitch Affirms 'BB+' IDR; Outlook Stable


J A M A I C A

JAMAICA: Consumers Could See Continued Drop in Fuel Prices
JAMAICA: Economic Transformation Offers Path to Progress, IMF Says


                            - - - - -

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


CARIBBEAN DEVELOPMENT: Jolly Harbor Homeowners Face Hike in Fees
----------------------------------------------------------------
The Daily Observer reports that the debate surrounding an uptick
in community charges for tenants at Jolly Harbor continued last
week.

Residents at the Jolly Harbour complex currently pay community
charges of EC$750, but that is set to increase to EC$310 plus
ABST, roughly EC$950, by the beginning of next month, notes the
report.

Ron Maginley, managing director of Caribbean Development Antigua
Limited spoke with the Daily Observer regarding the proposed
change.  Mr. Maginley said the fee goes towards garbage
collection, security and other upkeep measures around the
property, according to the report.  While the homeowners have
balked at the idea of a fee increase, claiming that CDL is forcing
them to absorb costs incurred by negligent tenants, Mr. Maginley
denied the allegations, the report notes.

Mr. Maginley said CDL itself has been footing the bill for
residents who have failed to pay their community fees for the past
few years, the report relates.  These arrears allegedly add up to
over EC$8 million.  A figure, Mr. Maginley claims, far outweighed
the CDL's debt to local utility company APUA, the report adds.


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


PETROLEO BRASILEIRO: Reduces 2014 Oil Production Growth Target
--------------------------------------------------------------
Juan Pablo Spinetto and Sabrina at Bloomberg News report that
Petroleo Brasileiro SA, the Brazilian oil company that delayed an
earnings report amid a corruption investigation, cut its 2014
output growth target because of delays in securing platforms and
licenses.

Production in Brazil will increase 5.5 percent to 6 percent this
year, the Rio de Janeiro-based company known as Petrobras, said in
a presentation on its website, according to Bloomberg News.
That's below the 7.5 percent annual output rise previously
targeted by the company, Bloomberg News notes.  The prior forecast
allowed for 1 percentage point deviation above or below the goal.

Petrobras, which has tumbled 26 percent this year in Sao Paulo to
trade close to an eight-month low, is the worst performer among
major global oil producers in the past four years amid a
multibillion-dollar laundering and bribery case dubbed Car Wash,
Bloomberg News discloses.  The company has missed its annual
production targets for 10 straight years on oil services equipment
delays, Bloomberg News notes.

The lower-than-expected output forecast stems from delays in
construction and delivery of the company's platforms and the
connection of some wells, Petrobras said in the presentation,
Bloomberg News relays.  The producer is also experiencing delays
for license approvals, the report added.

                         Financial Losses

Petrobras is studying how to recover financial losses uncovered by
the probe, Chief Executive Officer Maria das Gracas Foster said in
a conference call, Bloomberg News discloses.  Petrobras will set
up a compliance division as it seeks to increase internal
controls, Ms. Foster said, Bloomberg News relays.

The company expects to continue increasing fuel prices more
frequently next year, helping to improve cash flow, Ms. Foster
said, notes Bloomberg News.  Petrobras has booked more than US$44
billion in operational losses at its refining unit mainly from
selling imported fuel at below-market prices since 2011, says the
report.

The company said it would release unaudited third-quarter results
on Dec. 12, a month later than originally scheduled, because of
the corruption probe in Brazil involving a former head of
refining, Bloomberg News notes.

Petrobras dropped 4.6 percent in Sao Paulo to BRL12.60, the lowest
since March 17, Bloomberg News 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.


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


BH AIRCRAFT: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 8, 2014, the shareholder of BH Aircraft Leasing and Sales
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 19, 2014, will be included in the company's dividend
distribution.

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. INVESTMENTS: Placed Under Voluntary Wind-Up
----------------------------------------------
On Sept. 30, 2014, the members of C. Investments Ltd. resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

          Oscar Sustaita Torres
          Av. De las Fuentes 41-A 902
          Tecamachalco, Estado de Mexico CP 53950


DELAMBRE LIMITED: Creditors' Proofs of Debt Due Nov. 20
-------------------------------------------------------
The creditors of Delambre 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 Oct. 6, 2014.

The company's liquidator is:

          Universal Directors Limited
          Providence House, Ground Floor
          East Wing, East Hill Street
          P.O. Box CB12399
          Nassau, Bahamas


DIA MET: Commences Liquidation Proceedings
------------------------------------------
On Oct. 1, 2014, the shareholder of Dia Met Minerals (Africa) Ltd
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 11, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Michael Saville
          c/o Felicia Connor
          Telephone: +1 (345) 769 7216
          Facsimile: +1 (345) 949 7120
          10 Market Street, Box #765 Camana Bay
          Grand Cayman KY1- 9006
          Cayman Islands


GLOBAL MANAGED: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Global Managed Futures Strategy CFC received on
Nov. 11, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 13, 2013.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


INFINIUM GLOBAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Sept. 2, 2014, the sole shareholder of Infinium Global
Opportunities Fund Ltd. resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 11, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Ben Gillooly
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: (345) 815-1764
          Facsimile: (345) 949-9877


LION/SILK FUNDING: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Lion/Silk Funding Cayman Limited received on
Nov. 12, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

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

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


NL NIEDERBIPP FUNDING: Creditors' Proofs of Debt Due Nov. 20
------------------------------------------------------------
The creditors of NL Niederbipp Funding Company 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. 2, 2014.

The company's liquidator is:

          Westport Services Ltd.
          c/o Avril Brophy
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


NL NIEDERBIPP PROJECT: Creditors' Proofs of Debt Due Nov. 20
------------------------------------------------------------
The creditors of NL Niederbipp Project Company 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. 2, 2014.

The company's liquidator is:

          Westport Services Ltd.
          c/o Avril Brophy
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


PRIME ELITE: Creditors' Proofs of Debt Due Dec. 9
-------------------------------------------------
The creditors of Prime Elite Company Limited are required to file
their proofs of debt by Dec. 9, 2014, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          P.O. Box 71 Road Town, Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point, 9 Bermudiana Road
          Hamilton HM 11, Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


QUALITY EQUALITY: Creditors' Proofs of Debt Due Nov. 20
-------------------------------------------------------
The creditors of Quality Equality 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:

          Citron 2004 Limited
          Clifton House, 75 Fort Street
          PO Box 1350, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: + 44 1534 282276
          Facsimile: + 44 1534 282400


VMS STRATEGIC: Commences Liquidation Proceedings
------------------------------------------------
On Aug. 31, 2014, the sole shareholder of VMS Strategic Growth
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidators are:

          David Lui
          Cheeruse Court, 8th Floor
          304 Prince Edward Road, Kowloon City
          Kowloon, Hong Kong

          Ng Kwong Kei
          Flat A, 7th Floor, Tower 1
          The Palazzo, 28 Lok King Street
          Sha Tin, NT
          Hong Kong


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


DOMINICAN REP: IDB OKs US$250MM Loan to Support Policy Reforms
--------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a US$250
million loan to support policy reforms that will help boost
productivity in the Dominican Republic.

The loan will give shape to the "Program to Improve Productivity,"
which addresses the urgent need to promote reforms that increase
the productivity of micro-, small-and medium-sized companies.
These firms account for 97 percent of all companies in the
Caribbean country and 30 percent of its GDP.

The program is important because since the late 1990s productivity
in the Dominican economy has been flat compared to that of the
United States and other countries of Latin America and the
Caribbean.  The program aims to help trigger a rise in
productivity.

The IDB program, a two-stage, policy-reform loan, will help
achieve this goal through changes designed to strengthen banking
regulation and facilitate financing of such micro-, small-and
medium-sized firms.

It includes the presentation to Congress of the Law on Reciprocal
Guarantees, the streamlining of administrative procedures and the
adoption of other measures to enhance the business climate.  It
will also boost incentives to bring workers and companies out of
the underground economy and strengthen government institutions and
policies to stimulate productive development and innovation.

The IDB financing consists of a US$250 million loan over 17.5
years, with the resources coming from the Bank's ordinary capital.
The loan features a grace period of 10.5 years and an interest
rate based on LIBOR.


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


CENTRAL AMERICA: Fitch Affirms 'BB+' IDR; Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed The Central America Bottling
Corporation's (CBC) ratings:

   -- Foreign currency long-term Issuer Default Rating (IDR) at
      'BB+';
   -- Local currency long-term IDR at 'BB+';
   -- USD300 million Senior Unsecured Notes due in 2022 at 'BB+'.

The Rating Outlook is Stable.

CBC's ratings are supported by the company's long track record of
operations as an anchor bottler of the PepsiCo system in Central
America, the Caribbean and Ecuador, diversified product portfolio
of leading beverage brands across its franchised territories, and
broad distribution network.  The ratings also benefit from the
company's good operating performance, stable leverage metrics and
adequate liquidity.  CBC's ratings are constrained by higher than
historical debt levels related to mergers and acquisitions (M&A)
and higher-cost investment projects.  In addition, the company's
operations are exposed to the sovereign ratings where it operates
and the volatility of prices in its main raw materials.

KEY RATING DRIVERS

Market Shares Maintained

CBC's ratings continue to reflect its stable market share
positions across its operations.  In the carbonated soft drink
category, which represents around 56% of its total sales volume,
the company has maintained a leading position in the markets of
Guatemala and Jamaica, and maintained relevant positions in other
core markets.  In addition, CBC's non-carbonated beverages
portfolio, particularly water, juices and nectars, isotonics and
tea, hold important positions in most of its markets.  Fitch
believes that CBC's brand portfolio, distribution network, and
management's abilities to design and execute commercial strategies
will support its business position in the future.

Steady Operating Performance

During the first half of 2014, CBC's net sales increased 4% to
USD618 million, while total volume increased 15% to 195 million
unit cases when compared to the same period of last year.  These
figures include the effect of the acquisition of Compania de
Bebidas Tropical (CBT) in Ecuador since Jan. 2014.  Excluding this
acquisition, Fitch estimated an increase of around 8% in volume
and a decline of 1% in net sales.  EBITDA margin was relatively
stable and improved to 11.2% from 10.6%.

Although the operations of Central America and Ecuador have higher
rates of profitability than the Caribbean, for the first six
months as of June 30, 2014, the increase in the EBITDA margin of
the Caribbean operations contributed to more than offset on the
consolidated figures of CBC a slight decline in the EBITDA margins
of Central America and Ecuador.

Relatively Stable Leverage Despite M&A

CBC's ratings incorporate the company's M&A activity during 2014
and the effect on its leverages ratios.  During 2014, the company
acquired 6% of PepsiCo's equity stake in CBC for USD38 million and
used this plus USD13.5 million to acquire 49.5% of Grupo Estrada's
equity interest in The Tesalia Springs Company in Ecuador.  After
these transactions the ownership of CBC is now distributed between
Gemcorp (82%), PepsiCo (12%) and Grupo Estrada (5.5%).  In
addition, the company closed the acquisition of CBT, which was
settled with USD35 million and 15% share ownership in the
subsidiary that controls the operations in Ecuador.  Fitch
estimates that pro forma total debt-to-EBITDA and net debt-to-
EBITDA, including M&A, should reach approximately 3x and 2.5x,
respectively, by year-end 2014.  These leverage ratios compare to
3x and 2x at year-end 2013.

Fitch's ratings reflect the expectation that CBC's total debt-to-
EBITDA and net debt-to-EBITDA will gradually decrease in the next
12 to 18 months to 2.5x and 2x, respectively, through higher
EBITDA generation and debt reduction.  For the last 12 months as
of June 30, 2014, CBC's total debt to EBITDA and net debt to
EBITDA estimated by Fitch were 3.3x and 2.7x.  The company's total
debt as of June 30, 2014 was USD535 million, excluding USD101
million of debt under a lender-of-record structure.  Approximately
76% of CBC's total debt was dollar denominated and the currency
exposure is partially mitigated by the cash flow generation from
its dollar-based operations and the company's cash balances in
U.S. dollars.

Positive FCF to Resume in 2015

Fitch expects that CBC's planned capital expenditures of
approximately USD96 million and dividends payments of USD25
million, will result in negative free cash flow (FCF) generation
in 2014.  Fitch's expectation incorporates the company generating
positive FCF in 2015 as a result of a decrease in the capex
program and similar dividends payments as this year.  The ratings
also incorporates CBC will use a portion of the expected FCF in
2015 for debt reduction.  Additionally, Fitch believes the company
has the flexibility to manage its FCF considering an estimated
capacity of cash flow from operations (CFO) of around USD100
million annually.

Adequate Liquidity

CBC's liquidity position is adequate with USD56 million of short-
term debt and USD45 million in cash and USD46 million of held-to-
maturity investments.  The company's debt maturity profile is
manageable with debt amortizations of USD55 million in 2015, USD75
million in 2016 and USD27 million in 2017.  Fitch expects the
company will decrease its total debt between USD40 million to
USD60 million 2015 with the expected generation of internal cash
flow.

Exposure to Guatemala's Sovereign Ratings

CBC's ratings reflect the risks associated with the economic and
political environment of the countries where it operates.
Guatemala is CBC's main market in terms of sales and EBITDA
generation and the company's operating performance is likely to
depend on the stability and economic development of this country.
While the recent downgrade in the country ceiling rating of
Guatemala to 'BB+' from 'BBB-' did not impact the ratings of CBC,
given its stable credit profile and access to cash flow generation
from dollar-based economies (Ecuador, El Salvador and Puerto
Rico), further deterioration of the country's ratings will likely
result in a negative rating action.  CBC has also geographically
diversified operations in Honduras, Nicaragua, Jamaica, and
Trinidad and Tobago.

RATING SENSITIVITIES

The ratings of CBC could be negatively pressured by the following
factors: a downgrade in Guatemala's country ceiling, deterioration
of its operating results, negative FCF generation, or significant
debt-financed acquisitions that result in a total debt-to-EBITDA
above 3x on a sustained basis.

Fitch does not foresee positive ratings actions for CBC in the
mid-term; however, the combination of lower leverage ratios,
better operating performance, solid FCF generation across the
cycle and cash flow generation from investment-grade countries
will be considered positive to credit quality.


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


JAMAICA: Consumers Could See Continued Drop in Fuel Prices
----------------------------------------------------------
RJR News reports that Jamaican consumers could see the decline in
fuel prices continue into next year.

OPEC, the oil producers' cartel, has declared that global demand
for oil will be far below its current output level, according to
RJR News.  Its top producer, Saudi Arabia, kept silent on whether
it will cut output to remove surplus oil from the market, the
report adds.

In a monthly report, OPEC forecast that 2015 demand for its oil
will drop to 29.2 million barrels per day or almost one million
barrels less than it is currently producing, notes the report.

This is the last report before OPEC meets in Vienna on November 27
to discuss whether to respond to the drop in prices by cutting
output for the first time since the financial crisis in 2008, the
report discloses.

In Jamaica, says the report, gasoline prices was said to decline
Nov. 13.  Petrojam will reduce the price of the fuel by 87 cents,
the report discloses.  The price of regular diesel will go down
J$1.20, while low sulphur diesel will decline by 95 cents, adds
the report.

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign and local currency and 'B' short-term
foreign and local currency sovereign credit ratings on Jamaica.
At the same time, S&P revised the outlook on the long-term
sovereign credit ratings to positive from stable.  In addition,
S&P affirmed its 'B' transfer and convertibility (T&C) assessment.


JAMAICA: Economic Transformation Offers Path to Progress, IMF Says
------------------------------------------------------------------
An International Monetary Fund (IMF) mission led by Jan Kees
Martijn visited Jamaica during November 5-14, 2014 to conduct
discussions on the sixth review of Jamaica's IMF-supported program
under the Extended Fund Facility (EFF).

At the conclusion of the mission, Mr. Martijn issued the following
statement in Kingston:

"Jamaica's economic transformation program offers a path to
vibrant, sustained growth and job creation.  The government's
program is appropriately centered on wide-ranging supply side
reforms and a rapid reduction in public debt to support private
sector growth.  Multi-year fiscal consolidation based on a clear
anchor-the primary surplus target-is integral to this effort.
"The program is on track and policy implementation remains strong.
All program targets through end-September were met.  The Fund
mission reached preliminary understandings with the authorities on
economic policies that will support growth and employment in the
months and years ahead.

"The economic outlook is improving. Activity is estimated to have
expanded by about 1.8 percent year-on-year during April-June 2014.
The recent drought is expected to have undercut growth in the
July-September quarter, but the economy will pick up steadily,
with growth projected at 2 percent in 2015/16.  Inflation is
likely to remain around 8 percent this year.  Unemployment
decreased to 13.8 percent in July 2014 from 15.4 percent a year
earlier.

"Over the course of the past few years, fiscal and external
vulnerabilities have been put on a downward path.  Under the
government's policy program, the current account has strengthened,
and net international reserves increased to US$2 billion by end-
October (with gross reserves at US$2.5 billion).  The authorities
remain on track to achieve for the second year in a row an
impressive 7.5 percent of GDP central government primary surplus.
"The critical challenge ahead will be to sustain the reform
momentum and the strong fiscal position, with the understanding
that it takes time for the efforts and sacrifices to generate the
expected benefits.  Wide-ranging efforts will be needed to:

   * Improve the business climate.  Progress has been made and
     Jamaica has been improving in the World Bank's Doing Business
     ratings. Legislation has put in place a new insolvency law
     and flexible work arrangements, while a new system now in
     place allows all parishes to track the approval of
     construction permits.  Work is still required, though, to
     streamline the process for construction permits, create a
     more business friendly public sector by reducing bureaucracy,
     and to make the energy sector more efficient;

   * Strengthen social protection by supporting people aiming to
     move from welfare to work, and maintaining social spending
     above the program floor;

   * Maintain the primary surplus of the central government at 7.5
     percent of GDP in 2015/16 by building a stronger tax
     administration and restraining the wage bill through a public
     sector transformation that raises government efficiency;

   * Reinforce the legal and regulatory framework for the
     financial sector, by putting the securities dealers sector on
     a more sound footing and implementing the newly adopted
     Banking Services Act.

"The IMF's Executive Board is expected to consider the sixth
review of Jamaica's IMF-supported program under the EFF in
December. Upon approval, SDR45.95 million (about US$68 million)
would be made available to Jamaica.

"The mission met with the Minister of Finance and Planning, Dr.
the Hon. Peter Phillips, Bank of Jamaica Governor Brian Wynter,
Financial Secretary Devon Rowe, senior government officials, as
well as representatives of the private sector and civil society.
The mission would like to thank the authorities and technical
staff for their cooperation and hospitality."


                            ***********


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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