TCRLA_Public/141125.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 25, 2014, Vol. 15, No. 233



COLUMBUS INT'L: Digicel Group Welcomes Intervention by ECTEL


CENTRAL EUROPEAN MEDIA: S&P Raises CCR to 'B+'; Outlook Stable


MENDES JUNIOR: S&P Lowers Global Scale Rating to 'B'; Outlook Neg.
OGX PETROLEO: Batista Insider-Trading Trial Starts in Rio
PETROLEO BRASILEIRO: Governing Party Senator Got Money

C A Y M A N  I S L A N D S

ALPSTAR EUROPEAN: Shareholder to Hear Wind-Up Report on Nov. 28
COMEZ LIMITED: Shareholders Receive Wind-Up Report
COOPERNEFF MASTER: Shareholders Receive Wind-Up Report
FRAIHA LEASING: Shareholder Receives Wind-Up Report
GENESIS SECURITIES: Shareholder Receives Wind-Up Report

MARATHON INTERNATIONAL: Members Receive Wind-Up Report
NAVIGATOR CDO: Shareholder Receives Wind-Up Report
OHA COAST: Shareholder to Hear Wind-Up Report on Nov. 28
OPTIMAL ASIA: Shareholder to Hear Wind-Up Report on Nov. 28
RAMIUS MULTI-STRATEGY: Shareholders Receive Wind-Up Report

VENTURE TDF: Shareholders Receive Wind-Up Report


INVERSIONES ALSACIA: Joint Plan & Outline Hearing Set for Dec. 4

D O M I N I C A N   R E P U B L I C

DOMINICAN REP: 3% Inflation for 2014 Among LatAm's Lowest
DOMINICAN REP: Credit, Debit Cards Skyrocket to 6,639,529


ELEMENTIA S.A.: S&P Assigns 'BB+' Rating to $425MM Sr. Notes
MEXICO: GDP Growth Misses Analyst Estimates as Pickup Stalls


PARAGUAY: To Get US$94.7MM IDB Loan to Support Soybean Industry

S T. V I N C E N T  &  G R E N A D I N E S

ST. VINCENT & GRENADINES: Moody's Cuts Gov't. Bond Rating to B3

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Central Bank to Supervise Credit Unions


* Large Companies With Insolvent Balance Sheets

                            - - - - -


COLUMBUS INT'L: Digicel Group Welcomes Intervention by ECTEL
------------------------------------------------------------ reports that Digicel Group has welcomed the
announcement by the Eastern Caribbean Telecommunications
Regulatory Authority (ECTEL) regarding the merger between Cable
and Wireless Communications (CWC) and Columbus Communications Inc.

The St. Lucia-based ECTEL says the proposed agreement is a matter
of significant public interest for the region deserving of
rigorous regulatory attention and diligent review, according to

"We very much welcome this intervention by ECTEL and its
expression of support for a rigorous regulatory examination of the
proposed acquisition," said Digicel Group Chief Executive Officer
Colm Delves, notes the report.

"Digicel was taken aback by the dismissive position of
CWC/Columbus that the Governments of the ECTEL Member States and
the established Regulatory Authorities in those countries were
essentially powerless and had no right to oversee the proposed
merger," the report quoted Mr. Delves as saying.

In a statement, ECTEL announced its 'deep concern' in relation to
the proposed transaction and the fact that the proposed merger
could 'potentially result in a negative impact on competition' by
"reducing choice for consumers of both services and service
providers," the report notes.

ECTEL further noted that 'increased monopolization can erode the
gains made by liberalization' and that the proposed merger raises
significant issues in terms of potential breaches of licenses by
both CWC and Columbus which must be investigated thoroughly, the
report relays.

CWC and Columbus have already indicated that regulatory
notifications and approvals would only be required in the United
States, Barbados, Jamaica and Trinidad.

But, Digicel Group said it is "heartened to note that ECTEL and
the local National Telecommunications Regulatory Commissions
(NTRCs) in each member state have signaled their determination to
stand up and be counted in the face of such dismissive statements
to the financial markets," the report discloses.

"Digicel Group confirms its willingness and desire to engage with
ECTEL and the NTRCs in each member state such that a proper
rigorous review of the telecommunications markets and the proposed
acquisition can be undertaken," the statement said, the report

"It is only on foot of such a review that any worthwhile
assessment of the proposed acquisition on competition and consumer
welfare can be conducted properly and responsibly," the statement

The report notes that Mr. Delves, said the fact that CWC and
Columbus "are seeking to essentially put a gun to the heads of the
Caribbean regulatory authorities and Governments to approve their
transaction on their terms and according to their own self-
declared timetables is also a cause for alarm."

"Digicel believes that ECTEL and the NTRCs in each member state
have an absolute right, morally as well as legally, to subject the
proposed merger to a rigorous examination and approvals process in
collaboration with their respective Governments and relevant
ministerial bodies," the report quoted Mr. Delves as saying.

                 About Columbus International

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

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


CENTRAL EUROPEAN MEDIA: S&P Raises CCR to 'B+'; Outlook Stable
Standard & Poor's Ratings Services raised its corporate credit
rating on Bermuda-registered TV broadcaster Central European Media
Enterprises Ltd. (CME) to 'B+' from 'B-'.  The outlook is stable.

At the same time, S&P raised its issue rating on the EUR240
million senior secured notes due 2017 issued by CME's subsidiary
CET 21 spol.s.r.o. (CET21) to 'B+' from 'B-'.  Once the notes are
repaid on or shortly after Dec. 14, 2014, S&P will withdraw the
issue rating following the notes' redemption and cancellation.

S&P's upgrade of CME follows the recent announcement that its key
shareholder, U.S.-based diversified media and entertainment
company Time Warner, provides guarantees and a commitment letter
to help CME refinance much of its outstanding public debt.  Time
Warner currently has an approximately 68% conomic interest (an
approximately 49% voting stake) in CME, but it also owns options
and warrants that, although currently not exercisable, could raise
its economic interest in CME to 75%.

CME's announcement disclosed that Time Warner is guaranteeing a
new EUR250.8 million bank facility, which CME will use to redeem
and fully discharge its 9.0% senior notes due 2017.  In addition,
Time Warner has provided a commitment letter to help CME refinance
its 5.0% senior secured convertible notes due 2015 ($261 million
outstanding).  This commitment takes the form of either a
guarantee on an external bank facility or direct financing from
Time Warner (similar to the existing term loan that Time Warner
provides to CME).

S&P now considers CME to be "strategically important" to Time
Warner, under its group methodology analysis.  This is because,
pro forma for the two transactions, Time Warner now guarantees,
owns, or has committed to refinance substantially all of CME's
public debt.  S&P believes that the CME investment is an important
part of Time Warner's international growth strategy.  Time Warner
has historically stressed that, with the maturation of the U.S.
domestic cable television market, cable network segment growth
would increasingly come from its international operations and
investments.  With more than $1.8 billion in total accumulated
equity and debt investments and debt guarantees since 2009, pro
forma for the announced transactions, the CME investment is Time
Warner's single largest international television network

S&P continues to assess CME's stand-alone credit profile (SACP) at
'ccc+' because S&P expects materially negative free operating cash
flow (FOCF) generation in 2014.  This underpins S&P's forecast
that CME's leverage will remain elevated at more than 10x Standard
& Poor's-adjusted debt to EBITDA over the next two years.  S&P
considers this level of leverage unsustainable over the long term
on a stand-alone basis.

S&P considers that the company's liquidity position remains "less
than adequate."  CME and Time Warner have mitigated the pressure
from the upcoming maturity of the $261 million of convertible
notes due in Nov. 2015 as part of the announced transaction.  At
the same time, the negative cash flow, which S&P anticipates CME
will generate over the 12 months to Sept. 2015, could limit the
sources and uses cover ratio to less than 1.2x.

In S&P's base case, it assumes:

   -- Approximately 3% growth of TV advertising in CME's markets
      in 2014.

   -- About 3% reported revenue growth in 2014-2015, mainly
      supported by 5% revenue growth in the Czech Republic.  S&P
      expects the company to be able to restore its relationship
      with big advertisers on the back of its new sales policy.
      S&P also anticipates carriage fees will contribute to
      revenue growth.

   -- EBITDA of up to $85 million in 2014, corresponding to 11%
      EBITDA margin, as a result of top-line growth and the $30
      million cost savings achieved following implementation of
      the 2013 restructuring plan.

   -- Exceptionally high working capital needs of about $80
      million in 2014.  This is because the company had to
      normalize payment terms for its programming obligations that
      it has stretched over the past few years to preserve
      liquidity sources.

   -- No acquisition activity or shareholder remuneration.

Based on these assumptions, S&P arrives at these credit measures:

   -- Persistently high Standard & Poor's-adjusted leverage at
      more than 12x, and EBITDA interest coverage at about 1x in
      2014.  Negative FOCF of about $90 million-$100 million in

S&P assess CME's business risk profile as "weak" and its financial
risk profile as "highly leveraged."  Together, these assessments
lead to a split anchor of 'b' or 'b-' for CME.

S&P chose the 'b-' anchor to reflect the company's persistently
high leverage and track record of negative cash flow.  The anchor
is S&P's starting point in assigning an issuer credit rating to a
company under its corporate criteria.  S&P subtracts one notch
from the anchor because of its negative view of the company's
capital structure, resulting in a SACP of 'ccc+'.

The one-notch downward adjustment reflects S&P's view of CME's
unsustainable capital structure and the currency risk associated
with the debt.  CME's revenues are generated in local currencies
and their fluctuations might have an impact on debt and credit
metrics, since CME's debt is denominated in euro and U.S. dollar,
and is not hedged for principal.

The rating is three notches higher than the SACP, based on S&P's
group rating methodology.  S&P assess CME as a "strategically
important" subsidiary for the U.S.-based entertainment
conglomerate, Time Warner, based on our view that CME is part of
the group's long-term strategy, and is therefore unlikely to be

The stable outlook reflects S&P's belief that CME will remain an
important part of Time Warner's international growth strategy over
the next 12 months.  Likewise, it reflects S&P's expectation that
CME will be able to maintain its credit quality in the mildly
improving operating environment that S&P anticipates in the near

The stable outlook n CME mirrors that on its key shareholder, Time
Warner.  As long as CME remains strategically important to Time
Warner, S&P considers EBITDA-to-interest cover of close to 1x as
commensurate with the 'B+' rating on CME.

S&P could lower the corporate credit rating on CME if it considers
the company's strategically important status to Time Warner to
have weakened.  Similarly, S&P could lower the rating if it
perceived a faster-than-anticipated deterioration in CME's
liquidity over the coming months, mainly resulting from higher-
than-expected cash burn.  Finally, S&P could lower its rating on
CME if it was to lower its rating on Time Warner.

S&P is unlikely to raise the corporate credit rating on CME over
the next 12 months because this would primarily be contingent on a
similar action on Time Warner or result from a change in S&P's
assessment of CME's group status to a higher degree of
cohesiveness than the current "strategically important status."
Nevertheless, a positive rating action could stem from a material
improvement in advertising spending in the company's key markets,
translating into an EBITDA margin of about 20% and resulting in a
significant improvement of free cash flow generation prospects.


MENDES JUNIOR: S&P Lowers Global Scale Rating to 'B'; Outlook Neg.
Standard & Poor's Ratings Services lowered its global scale rating
on Mendes Junior Trading e Engenharia S.A. (MJTE) to 'B' from 'B+'
and the national scale rating to 'brBB-' from 'brBBB-'.  The
outlook remains negative.

The downgrade reflects S&P's view of higher refinancing risks due
to short-term debt concentration in the near term and the cash
flow's exposure to the backlog concentration.  Prior to the
downgrade, the negative outlook reflected the company's pressured
liquidity.  S&P believes the ongoing corruption investigations
involving Petroleo Brasileiro S.A. - Petrobras and one of MJTE's
executives on allegations of overpriced contracts could further
pressure the company's refinancing strategy, preventing it from
reducing its short-term debt concentration.  Although Petrobras
represented 14.6% of MJTE's current backlog, most of it is related
to Integra, MJTE's subsidiary, that was expected to only generate
dividends in 2018.

Although the company's claim recognition and short-term debt
refinancing are in line with S&P's expectation, it believes the
current investigations add risks and uncertainties to an already
tight liquidity profile.

OGX PETROLEO: Batista Insider-Trading Trial Starts in Rio
Luciana Magalhaes at The Wall Street Journal reports that the
insider-trading trial of former Brazilian billionaire Eike Batista
began Nov. 18, with law officials contending it could be a step
forward in the country's efforts to protect shareholders from
abusive practices.

The entrepreneur is charged with manipulating financial markets by
not fulfilling a promise to invest as much as US$1 billion in his
failed oil company and with using privileged information to dump
shares of the company before the stock price plunged, according to
The Wall Street Journal.

The WSJ notes that the case comes as a high-profile investigation
into corruption at oil giant Petroleo Brasileiro SA, or Petrobras,
adds to concerns about the effectiveness of Brazil's corporate
regulations.  Several former Petrobras executives have been
arrested amid accusations of kickbacks and payments to top

Prosecutor Jose Panoeiro said that Mr. Batista's trial is vital to
demonstrating that Brazil can protect investors from abuses, the
report relates.  "It signals that we have institutions capable of
responding to a case like this, which is nothing more than a case
of fraud," Mr. Panoeiro told reporters after the hearing ended,
the report notes.

If convicted of all the crimes he is charged with, Mr. Batista
could face up to 13 years in prison, though a sentence would more
likely be less than 10 years, the judge overseeing the case said,
the report relays.

The judge is expected to question Mr. Batista directly, probably
on Dec. 17, and a verdict is expected in early 2015.

At the start of the trial, Judge Flavio Roberto de Souza turned
down a request by Mr. Batista's lawyers to carry out the
proceedings in secret, the report notes.  That left Mr. Batista at
a strong disadvantage, his lawyers complained, the report relates.

"The defense is being smothered," defense lawyer Ary Bergher said
during the hearing, the report notes.  Another of Mr. Batista's
lawyers, Sergio Bermudes, called the evidence produced by
prosecutors "inconsistent," the report adds.

Mr. Batista faces accusations from prosecutors in Brazil's Sao
Paulo state of other misdeeds related to the collapse of his
empire. Judge de Souza said he plans to add those charges to the
trial he is currently overseeing when he receives documentation
from Sao Paulo, the report discloses.

Judge Souza agreed with the prosecutor on the importance of the
trial, the report says.

"This is a leading case for us," Judge Souza told reporters after
the hearing, the report notes.  "It's the first time that a
defendant who is so well known internationally and from such
strong companies has been seated in the defendant's chair."

Starting in 2006, Mr. Batista sold shares in six startup
commodities and infrastructure companies, including oil firm OGX
PetrOleo e Gas Participacoes, which was to be the backbone of his
empire, the report recalls.

The prospectus for OGX's 2008 US$4.1 billion public share sale,
which was the country's biggest ever at the time, said OGX owned
the rights to fields containing as many as 10.8 billion barrels of
oil, the report notes.

The company's hopes of profitably extracting that oil failed
spectacularly when many wells turned out to be dry, and in October
2013, with more than US$5 billion in debt, OGX filed Brazil's
largest bankruptcy-protection case ever, the report relates.

Mr. Batista had granted OGX a put option that would have required
him to invest an additional US$1 billion in the oil company under
certain circumstances, the report discloses.  Mr. Batista's
failure to make that cash injection is one of the issues in the

But, the company that emerged from OGX's bankruptcy proceedings,
Oleo e Gas Participacoes S.A decided to release Mr. Batista from
that obligation, the report notes.

Mr. Batista, who just two years ago was listed among the world's
richest people with an estimated wealth of more than US$30
billion, says now that his debts are US$1 billion greater than his
assets, the report adds.

                      About OGX Petroleo

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts US$3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than US$30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as US$500
million in new funds.  OGX said Oct. 29, 2013 that the talks
concluded without an agreement.

PETROLEO BRASILEIRO: Governing Party Senator Got Money
EFE News reports that Brazil Sen. Humberto Costa, the governing
Workers Party, or PT, leader in the Brazilian Senate and a former
health minister, was one of the beneficiaries of a scheme to
channel funds from state-controlled oil giant Petroleo Brasileiro
S.A.  to politicians, press reports said Nov. 23, citing one of
the individuals charged in the case.

Mr. Costa received BRL1 million (US$396,982) for his senatorial
campaign in 2010 that came from "commissions" paid by construction
companies that signed contracts with Petrobras, the O Estado de
Sao Paulo newspaper said, according to EFE News.

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

ALPSTAR EUROPEAN: Shareholder to Hear Wind-Up Report on Nov. 28
The shareholder of Alpstar European Credit Opportunities Master
Fund, Ltd. will hear on Nov. 28, 2014, at 9:00 a.m., , the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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

COMEZ LIMITED: Shareholders Receive Wind-Up Report
The shareholders of Comez Limited received on Nov. 24, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Raymond E. Whittaker
          FCM Ltd.
          Telephone: 345-946-5125
          Facsimile: 345-946-5126
          PO Box 1982 Grand Cayman KY-1104
          Cayman Islands

COOPERNEFF MASTER: Shareholders Receive Wind-Up Report
The shareholders of Cooperneff Master Fund I Segregated Portfolio
Company received on Nov. 20, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ellen J. Christian
          BNP Paribas Bank & Trust Cayman Limited
          P.O. Box 10632
          Royal Bank House, 3rd Floor
          24 Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands

FRAIHA LEASING: Shareholder Receives Wind-Up Report
The shareholder of Fraiha Leasing Limited received on Nov. 21,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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

GENESIS SECURITIES: Shareholder Receives Wind-Up Report
The shareholder of Genesis Securities Insurance, Ltd. received on
Nov. 21, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          RSM Cayman Ltd.
          Harbour Place, 2nd Floor, George Town
          P.O. Box 10311 Grand Cayman KY1-1003
          Cayman Islands

MARATHON INTERNATIONAL: Members Receive Wind-Up Report
The members of Marathon International Oil Turquesa Limited
received on Nov. 21, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Y.R. Kunetka
          5555 San Felipe St.
          Houston, Texas 77056 U.S.A.

NAVIGATOR CDO: Shareholder Receives Wind-Up Report
The shareholder of Navigator CDO 2004, Ltd received on Nov. 21,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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

OHA COAST: Shareholder to Hear Wind-Up Report on Nov. 28
The shareholder of Oha Coast Hedging, Ltd will hear on Nov. 28,
2014, at 9:15 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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

OPTIMAL ASIA: Shareholder to Hear Wind-Up Report on Nov. 28
The shareholder of Optimal Asia Fund will hear on Nov. 28, 2014,
at 8:45 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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

RAMIUS MULTI-STRATEGY: Shareholders Receive Wind-Up Report
The shareholders of Ramius Multi-Strategy FOF Ltd. received on
Oct. 10, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ramius Alternative Solutions LLC
          c/o Michael Benwitt
          599 Lexington Avenue, 19th Floor
          New York, NY 10022
          Telephone: (212) 823-0226

VENTURE TDF: Shareholders Receive Wind-Up Report
The shareholders of Venture TDF China LLC received on Nov. 24,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Chao Chin-Yuen, Glenn
          28 Scotts Road
          #19-01 Scotts 28
          Singapore 228223


INVERSIONES ALSACIA: Joint Plan & Outline Hearing Set for Dec. 4
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Inversiones Alsacia SA and Express de Santiago
Uno SA, operators of the largest bus system in Santiago, Chile,
are driving toward a confirmation hearing next month at which a
judge will consider the adequacy of disclosure materials and
approval of the prepackaged Chapter 11 plan.

If approved at a hearing on Dec. 4, the companies can implement a
planned exchange offer with holders of $347.3 million in senior
secured notes, according to the report.

As previously reported by The Troubled Company Reporter, the
Debtors filed a prepackaged Chapter 11 plan that proposes to
restructure $347.3 million in senior secured notes.  The Debtors
only solicited votes from the noteholders as other equity
creditors and equity holders are unimpaired under the Plan.

                          About Alsacia

Inversiones Alsacia, together with its affiliate, Express de
Santiago Uno S.A., are collectively the largest operator in the
Transantiago Transportation System, transporting approximately
800,000 passengers every day, throughout 35 communities in
Santiago, Chile, which accounts for more than 30% of the
passengers in Transantiago.  Alsacia and Express have the right to
provide the transportation services pursuant to concession
agreements with Chile's Ministry of Transportation and
Telecommunications, which agreements expire October 2018.

Alsacia and Express belong to non-debtor Global Public Services
S.A. ("GPS Group"), an international holding company with
interests in public passenger transportation, environmental
solutions, outsourcing services and real estate development in
Chile, Colombia, Panama, Peru and the United States of America.
The GPS Group is controlled by Carlos Mario Rios Velilla and
Francisco Javier Rios Velilla and several of their affiliates.

Alsacia and Express and three affiliates sought bankruptcy
protection under Chapter 11 of the U.S. Bankruptcy Code in
Manhattan, New York (Bankr. S.D.N.Y.) on Oct. 16, 2014, with a
prepackaged plan that would restructure $347.3 million in senior
secured notes but leave other creditors and the owners unimpaired.
The cases are pending before the Honorable Martin Glenn and the
Debtors have requested that their cases be jointly administered
under Case No. 14-12896.

The Debtors have tapped Cleary Gottlieb Steen & Hamilton, LLP, as
bankruptcy counsel, FTI Consulting as financial advisor, and Prime
Clerk LLC as claims and balloting agent.

D O M I N I C A N   R E P U B L I C

DOMINICAN REP: 3% Inflation for 2014 Among LatAm's Lowest
Dominican Today reports that Dominican Republic Central banker
Hector Valdez Albizu affirmed that the country will close this
year with near 3 percent inflation, one of Latin America's lowest.

Mr. Albizu also affirmed that if oil prices remain low, the
country would save around US$600.0 million, leading to "a
significant improvement in the balance of payment," according to
Dominican Today.

The report relates that Mr. Albizu said the situation will help
the country's international currency reserve to deal with the cost
of electricity and other government projects.

"That means that it will be easier for the Dominican Republic to
pay the oil bill," said Mr. Albizu, after a meeting with the
Chamber of Deputies Finance Committee, where he requested raising
the State-owned Reservas bank's capital to RD$10.0 billion, the
report adds.

DOMINICAN REP: Credit, Debit Cards Skyrocket to 6,639,529
Dominican Today reports that the people in Dominican Republic have
6,639,529 credit cards; a significant increase and indicates their
widespread use in the country.

The figure is from the First Survey of Dominican Republic's
Economic and Financial Culture 2014 released by the Central Bank.

The survey found that to June 2014 lending has jumped 31.3% and
deposits r21.3% as a percentage of GDP, considerably higher than a
decade ago, according to Dominican Today.

The report relates that the survey also found that as of September
2014 there are 3,526,327 credit cards, or 27.2% more and
2,197,982 debit cards, or 46.8% more, compared to September 2009.

"This is in addition to the issuance of 915,220 cards of
government subsidies to September 2014," affirms the survey's
introduction, the report notes.


ELEMENTIA S.A.: S&P Assigns 'BB+' Rating to $425MM Sr. Notes
Standard & Poor's Ratings Services assigned its 'BB+' issue-level
and '3' recovery ratings to Mexico-based Elementia S.A.'s
(BB+/Stable/--) $425 million 5.75% senior unsecured notes due
2024.  The company will use the proceeds to partly fund the
acquisition of Lafarge's cement operations in Mexico for about
$180 million, refinance about $145 million of existing debt, and
$75 million for general corporate purposes.

Elementia and its subsidiaries jointly, severally, and
unconditionally guarantee the notes.  The issue-level rating is at
the same level as the corporate credit rating, reflecting the
recovery rating of '3', which indicates S&P's expectation for
meaningful (50% to 70%) recovery for noteholders in the event of a
payment default.

The corporate credit rating on Elementia reflects S&P's assessment
of its "fair" business risk profile and "significant" financial
risk profile.  S&P is incorporating a one-notch lift to
Elementia's 'bb' anchor, as per its assessment of the company's
"strategically important" subsidiary status to Grupo Kaluz.


Key analytical factors:

   -- The issue rating on Elementia's $425 million senior
      unsecured notes due 2024 is 'BB+'.  The recovery rating is
      '3', indicating S&P's expectation of meaningful (50% to 70%)
      recovery for noteholders in the event of a payment default.

   -- S&P's simulated default scenario assumes a payment default
      in 2018, due to a sustained economic downturn in Mexico that
      would translate into a reduced demand and pricing pressure
      which in turn would result in a 46% decline in EBITDA.

   -- S&P valued the company on a going-concern basis, as it
      believes that under a default scenario, the company would
      continue to have a viable business model given its
      diversified product portfolio.  Other key default
      assumptions include the factoring credit facilities for up
      to $125 million at default.  In an event of default, the
      senior unsecured notes would rank pari-passu in right and
      order of payment with all the existing debt instruments in
      Elementia's current capital structure given that the
      guarantee provided by Elementia and its susbsidiary would
      eliminate any structural subordination.

   -- To value the company S&P used a 4.0x stressed multiple that
      it applied to its projected emergence-level EBITDA, and it
      estimates a gross stressed enterprise value of about $107
      million at the point of default.

Simulated default and valuation assumptions

   -- Simulated year of default: 2018
   -- EBITDA at emergence:  $107 million
   -- Implied EBITDA Multiple: 4.0x
   -- Jurisdiction: Mexico

Simplified Waterfall

   -- Gross enterprise value at default: $428 million
   -- Administrative costs: $30 million
   -- Net enterprise value: $398 million
   -- Total claims ranking pari-passu with senior unsecured notes:
      $654 million
   -- Senior unsecured notes recovery expectations:  50%-70%

Note: All debt amounts include six months of prepetition interest.


Elementia S.A.
  Corporate credit rating                BB+/Stable/--

Rating Assigned

Elementia S.A.
$425M 5.75% sr. unsec. notes due 2024   BB+
   Recovery Rating                               3

MEXICO: GDP Growth Misses Analyst Estimates as Pickup Stalls
Brendan Case and Eric Martin at Bloomberg News report that
Mexico's economy expanded less than analysts estimated for the
eighth time in 10 quarters as a rebound in growth stalled in
September on weak domestic demand.

Gross domestic product rose 2.2 percent from a year earlier,
compared with a 1.6 percent expansion in the second quarter, the
national statistics institute said, according to Bloomberg News.
The median estimate of 24 economists surveyed by Bloomberg was for
growth of 2.3 percent.  The IGAE indicator, a proxy for GDP that
was also reported, fell 0.1 percent from a month earlier in
September, the second straight decline, Bloomberg News notes.

Banco de Mexico, led by Governor Agustin Carstens, cut its growth
forecast range last week, saying indicators of domestic demand
such as consumer confidence remain weak even as exports have
picked up, Bloomberg News notes.  The economy is struggling to
rebound from 1.4 percent growth last year, the slowest expansion
since the 2009 recession, Bloomberg News discloses.

"The economy has no momentum going into the fourth quarter,"
Carlos Capistran, the chief Mexico economist for Bank of America
Corp. in Mexico City, said in an e-mailed response to questions,
Bloomberg News relays.  "Services and industry remain weak," Mr.
Capistran added.

Bloomberg News notes that the central bank said the Mexican
economy will expand 2 percent to 2.5 percent this year, compared
with the previous forecast of 2 percent to 2.8 percent.  The
government expects growth of 2.7 percent, after reducing its
estimate in May from 3.9 percent, Bloomberg News relates.

                           Moderate Pace

Mexico is showing "a continuation in the economic recovery, but at
a more moderate pace than we saw in the previous quarter," Mr.
Carstens said at an event in Mexico City on Nov. 19, Bloomberg
News relays.  "Exports have been behaving better, so I think in
this sense it's been internal factors that have limited more
vigorous acceleration in our economic growth," Mr. Carstens added.

The U.S., the buyer of about 80 percent of Mexico's exports, grew
at a 3.5 percent annualized rate from July through September,
continuing a rebound from the first quarter when it shrank 2.1
percent as harsh winter weather chilled demand, notes the report.

Wal-Mart de Mexico SAB was one of the companies affected by
Mexico's economic weakness in the third quarter, with net income
falling 5 percent, trailing analysts' estimates for a fourth
straight quarter, Bloomberg News notes.

"The consumer in Mexico remains challenged," Scot Rank, the
company's chief executive officer who plans to leave his post at
the beginning of 2015, said on an Oct. 17 conference call with
analysts, Bloomberg News adds.


PARAGUAY: To Get US$94.7MM IDB Loan to Support Soybean Industry
The Inter-American Development Bank (IDB) signed a US$94.7 million
loan to support the industrialization of Paraguay's soybean
complex through financing of CAIASA, a new soybean crushing plant,
which will be the largest in country.

Currently, Paraguay is the sixth largest producer of soybeans in
the world, with production representing approximately 42 percent
of the country's exports.  Traditionally, Paraguay has exported
its raw soybeans to Argentina for crushing, thereby foregoing the
production of higher-value soybean by-products such as soybean
meal, oil and hulls.

Caiasa will industrialize raw material (soybeans) currently
exported for crushing; increase the value added of the soybean and
the country's crushing capacity by approximately 40 percent;
create direct and indirect jobs, and reduce CO2 emissions by
96,567 tons annually through the use of a boiler fed by biomass to
produce thermo power.

The adoption of state-of-the-art technology will improve the
project's energy efficiency, reliability and product quality,
while mitigating environmental and social impacts according to
international best practice.

Soybean production in Paraguay has been steadily growing for the
last decade.  The crop is now the country's largest in terms of
export value, followed by meat products and corn.  Through CAIASA,
Paraguay will be able to capture more value from the soybean
production chain, export a higher-value product and capture the
associated higher revenues and support the competitiveness of the
country's agribusiness sector.

The IDB's participation allowed the project to obtain long-term
financing with a tenor and a grace period not available from
commercial financing sources and helped to attract a co-lender,
the OPEC Fund for International Development, which is providing a
US$15 million loan.

The project is aligned with the Bank's Country Strategy with
Paraguay, which calls for support to the competitiveness of the
agribusiness sector.

S T. V I N C E N T  &  G R E N A D I N E S

ST. VINCENT & GRENADINES: Moody's Cuts Gov't. Bond Rating to B3
Moody's Investors Service has downgraded St. Vincent and the
Grenadines' government bond ratings to B3 from B2 and changed the
outlook to negative from stable. The sovereign's short-term
foreign-currency and local-currency ratings are affirmed at Not
Prime (NP).

The key drivers of the rating action are the following:

1) External vulnerabilities have increased markedly following a
strong weather-related shock in December 2013.

2) The fiscal deterioration from 2013 is set to continue in 2014,
leading to weaker public debt ratios and substantial downside
risks to debt sustainability.

St. Vincent and the Grenadines' long-term local-currency country
risk ceilings, foreign currency bond ceiling, and foreign-currency
bank deposit ceilings remain unchanged at Ba3. The short-term
foreign currency bond and deposit ceilings remain at NP. These
ceilings reflect a range of undiversifiable risks to which issuers
in any jurisdiction are exposed, including economic, legal and
political risks. These ceilings act as a cap on ratings that can
be assigned to the foreign and local-currency obligations of
entities domiciled in the country.

Ratings Rationale

The principal drivers of Moody's decision to downgrade St.
Vincent's sovereign rating are the marked increase in external
vulnerability and deterioration in external finances. Following
the global economic crisis, St. Vincent's sluggish economic
recovery was derailed by a strong weather-related shock in
December 2013. The country suffered massive damage to
infrastructure, housing, and agriculture as a result of severe
floods. Tourism activity in 2013 contracted by 3.5%, contributing
to a deterioration in already-weak external finances. The current
account deficit reached just under 30% of GDP by the end of 2013.
For 2014, Moody's forecasts that a further weakening of tourism
activity, along with increased imports of construction materials
related to the reconstruction effort, are likely to more than
offset the respite brought about by lower import prices on fuel
and other commodities, pushing the current account deficit to
nearly 34% of GDP by the end of the year.

As a result, external finances had come under severe stress by
mid-2014, prompting the authorities to request emergency
assistance from the International Monetary Fund (IMF). In early
August, the IMF approved the disbursement of approximately $6.4
million (0.9% of GDP) to St. Vincent through its Rapid Credit
Facility (RCF) and Rapid Financing Instrument (RFI). Although the
emergency funding alleviates the immediate pressure on St.
Vincent's external accounts, the country's vulnerability to
exogenous shocks remains elevated, and downside risks to balance
of payments sustainability remain, stemming from uncertain tourism

The second driver of the rating action is the continued
deterioration in government finances and substantial downside
risks to debt sustainability. A widening of the fiscal deficit in
2013 to 6.4% of GDP from 2.1% the previous year led to an increase
in debt to 63.1% of GDP from a low of 41.5% in 2007. The
authorities announced their intention of further boosting capital
spending in 2014 in order to repair damaged infrastructure and
continue building climate resistance. The budget speech in January
envisioned a widening of the fiscal imbalance to around 9.5% of
GDP, which Moody's estimates would push debt ratios slightly above
70% of GDP.

Stabilizing debt ratios at under 71% of GDP and then reversing
negative debt dynamics would require the effective execution of
the authorities' plans. Moody's believes there are substantial
downside risks to the fiscal outlook and debt sustainability;
these doubts underpin the negative outlook on the B3 rating. Slow
disbursement of grants and financing could prolong reconstruction
projects and delay the projected recovery in tourism revenues.
Such a recovery depends on critical infrastructure being fully
repaired, and importantly, the new airport being completed.

Further downside risks that support the negative outlook on the
sovereign's rating relate to the possibility that the economy may
not respond to the planned fiscal stimulus measures, suggesting
that debt sustainability may also be jeopardized by the slower

What Could Move The Rating Up/Down

Moody's sees limited potential for upward rating changes in the
immediate future. Faster growth driven by the completion of Argyle
airport and the expected associated increase in FDI in the tourism
sector would be credit positive and supportive of the rating. A
significant strengthening of the government's balance sheet
through a marked reduction in debt metrics or diversification and
increase of funding sources would place upward pressure on the
sovereign's rating. A significant reduction in external
vulnerabilities would also create upward pressure.

Conversely, a further deterioration of the public sector balance
sheet, the assumption of contingent liabilities, or increased
commercial borrowing to finance potential cost-overruns related to
the Argyle airport would be credit-negative. Downward pressure on
the rating will also arise if access to grants and concessional
finance were to deteriorate or if a large external shock were to
jeopardize balance of payments sustainability.

GDP per capita (PPP basis, US$): 10,560 (2013 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 2.4% (2013 Actual) (also known as GDP

Inflation Rate (CPI, % change Dec/Dec): 0.2% (2013 Actual)

Gen. Gov. Financial Balance/GDP: -6.3% (2013 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -29.6% (2013 Actual) (also known as
External Balance)

External debt/GDP: 49.8% (2013 Actual)

Level of economic development: Low level of economic resilience

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On 20 November 2014, a rating committee was called to discuss the
rating of the St. Vincent and the Grenadines, Government of. The
main points raised during the discussion were: The issuer's fiscal
or financial strength, including its debt profile, has materially
decreased. The issuer has become increasingly susceptible to event

The principal methodology used in these ratings was Sovereign Bond
Ratings published in September 2013.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Central Bank to Supervise Credit Unions
Andre Bagoo at Trinidad and Tobago Newsday reports that the
Trinidad and Tobago Central Bank is to take over control of the
supervision of credit unions according to the provisions of new
legislation tabled in Parliament last week.

The new Credit Unions Bill 2014 was tabled in the Senate,
alongside new legislation to amend the Co-operative Societies Act.

According to an explanatory note to the Credit Union Bill 2014,
it, "seeks to regulate the financial activities of credit unions
and of secondary bodies carrying on the business of a credit union
by, inter alia, removing credit unions from the portfolio of the
Commissioner for Co-operative Development and placing them under
the purview of the Central Bank, and to provide for other related
matters," the report discloses.

The Commissioner for Cooperative Development post will remain in
place but will be modified and placed within the Central Bank
framework, the report relays.

Trinidad and Tobago Newsday says that the system of regulation
involving a Commissioner for Co-operatives was subject to
criticism in the report of the Sir Anthony Colman Inquiry into the
collapse of the Hindu Credit Union (HCU) in July.

The need to revise the credit union sector's regulation was
announced since December 1996.  At one stage the sector's
regulation shifted to the Ministry of Finance but that move was
apparently abandoned, the report notes.  The current bills come
after a series of consultative process, with Minister of Finance
stating in September that they had been delayed at the request of
credit union stakeholders, the report relates.

The Cooperative Societies (Amendment) Bill 2014, proposes to
modify the current provisions alongside the new bill.

It also contains a clause, which proposes to make criminal
prosecutions in relation to offences easier by extending the
jurisdiction of the courts and the statue of limitation, the
report notes.

A note to the bill states, "Clause 37 would extend the
jurisdiction of the Court to offences committed by an entity in
any place at which it has a place of business, and by an
individual in any place at which he is for the time being
located," the report says.

The note continues, "The clause would also extend the period
within which an offence triable by a Magistrate's Court in
Trinidad and Tobago may be tried, to within ten years after the
commission of the offence or within eighteen months after the date
on which evidence sufficient in the opinion of the Bank to justify
the institution of summary proceedings comes to its knowledge,"
the report discloses.

The Colman Inquiry found violations of rules and practices at the
HCU and also failings by the regulators in the Office of
Commissioner for Cooperative Development, the report relays.  It
was recommended that the Office of the Director of Public
Prosecutions test the sustainability of criminal proceedings
against one regulator, Keith Maharaj, the report adds.


* Large Companies With Insolvent Balance Sheets

                                         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


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

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