/raid1/www/Hosts/bankrupt/TCRLA_Public/141202.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, December 2, 2014, Vol. 15, No. 238


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Chairman Backs Plans to Cut High Operating Costs


B R A Z I L

BANCO PAN: S&P Maintains BB/B Rating on CreditWatch Developing
BRAZIL: Posts Record Primary Budget Deficit for 1st 10 Months
CAMIL ALIMENTOS: S&P Affirms 'BB' CCR; Outlook Remains Stable


C A Y M A N  I S L A N D S

ANDREWS HOLDINGS: Commences Liquidation Proceedings
ENSIGN CORPORATE: Creditors' Proofs of Debt Due Dec. 5
FUNDS FOR THE FUTURE: Commences Liquidation Proceedings
GEMS TV: Creditors' Proofs of Debt Due Dec. 3
GOLDEN BRIDGE: Commences Liquidation Proceedings

JIAMEI MEDICAL: Placed Under Voluntary Wind-Up
KGF IM: Creditors' Proofs of Debt Due Dec. 5
LUSMAN FUND: Placed Under Voluntary Wind-Up
LUSMAN MASTER: Placed Under Voluntary Wind-Up
MOKSHA CAPITAL: Commences Liquidation Proceedings

PANAMA CANAL: Moody's Affirms B2 Rating on Senior Secured Notes
PINNACLE FUND: Creditors' Proofs of Debt Due Dec. 3
REDWOOD REINSURANCE: Court Enters Wind-Up Order
SCIENS MANAGERS: Commences Liquidation Proceedings
SG I&A: Creditors' Proofs of Debt Due Dec. 3

SORIN TACTICAL: Placed Under Voluntary Wind-Up


J A M A I C A

JAMAICA: No Need to Fear Flexi-Work Law, Labor Ministry Says
JAMAICA: Deposit Insurance Fund to Surpass J$12BB in 2014
NATIONAL COMMERCIAL: S&P Affirms 'B-' LT ICR; Outlook Positive


M E X I C O

MEXICO: Sells US$2BB in 10-Year Bonds With New Default Clauses


T R I N I D A D  &  T O B A G O

PETROTRIN: Lays Out Survival Plan


U R U G U A Y

URUGUAY: IDB OKs US$120M Loan for 2nd Phase of Int'l. Pos. Program


V E N E Z U E L A

VENEZUELA: President Orders Budget Cuts Amid Oil-Price Plunge


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


LIAT: Chairman Backs Plans to Cut High Operating Costs
------------------------------------------------------
Caribbean360.com reports that chairman of the shareholder
governments of the financially troubled regional airline, LIAT,
operating as Leeward Islands Air Transport, Dr. Ralph Gonsalves
says while he is unaware of the details regarding any possible
retrenchment of employees, the airline needs to deal with its high
cost of operations.

Earlier, the cash-strapped regional airline described as
"speculation" media reports that it was planning to trim its
workforce by sending home as many as 200 employees, according to
Caribbean360.com.

The report, citing The Observer newspaper in Antigua, relates that
the airline, which is owned by the governments of Antigua and
Barbuda, Barbados, Dominica and St. Vincent and the Grenadines,
would send home the workers as it moves to improve its financial
stability.

But, LIAT Communications Manager Desmond Brown said while the
company has taken note of the media reports "any staff cuts that
may be required in order to reflect the size of LIAT's business in
the future will only be made in consultation with staff and their
representatives, the report notes.

"This process has yet to commence and therefore any speculation
about the number of cuts remains just that-speculation," Mr. Brown
said in a brief statement, the report discloses.

The report adds that Mr. Gonsalves, who is also the Prime Minister
of St. Vincent and the Grenadines, said that he is aware of plans
to streamline the operations of the airline as to ensure "that
LIAT be placed on a sounder commercial competitive footing.

"I know that those are policy instructions to the board and to the
management.  The shareholders have not been informed of the
specifics about the way in which they will carry out these
decisions for efficiency.  So I can't speak specifically towards
any retrenchment," the report quoted Mr. Gonsalves as saying.

But, Mr. Gonsalves said he wanted to make it clear that LIAT has
explained on numerous occasions the need to cut the high costs of
its operations, including salary, fuel, repairs and lease
arrangements, the report relays.

Mr. Gonsalves said while the new aircraft recently acquired had
resulted in a reduction in the high maintenance costs, "we still
have maintenance cost, but not nearly to the same extent," notes
the report.

"The price of fuel has now started to fall, we don't know how long
it will stay down.  But clearly there are savings to be made on
the proper utilization of human resources, and it is the business
of management to have a plan in that regards," Mr. Gonsalves
continued, the report says.

"The other matter on which we had already given instructions as
shareholders is to, as part of the drive to make the airline more
competitively viable, reduce, with a view to eliminate what you
may call the social route, the non-profitable routes. So, you are
dealing on the one side with expenditure, and you are dealing on
the other side with revenue," Mr. Gonsalves said, the report
notes.

Chairman of the Leeward Islands Airline Pilots Association's (LIAL
PA) Patterson Thompson said his union is unhappy about the
dismissal of two pilots following an investigation into an
incident during the passage of Tropical Storm Gonzalo on October
13 that led to one of the airline's new aircraft being damaged,
the report says.

According to the report, Mr. Thompson said the union would be
taking further steps without elaborating.

The report further relays that Mr. Gonsalves said he had "not been
given a formal report on that, but I have, like everybody else
read it and I am sure I will be given a formal report with all the
information".

                         About LIAT

LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport
in Antigua.  It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean.  The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 10, 2014, Caribbean360.com said that Leeward Islands Air
Transport (LIAT) said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation
of Chief Executive Officer Captain Ian Brunton, comes the news
from highly reliable sources that long time chairman Jean Holder
is all set to follow.

David Evans replaced Mr. Brunton as chief executive officer.


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


BANCO PAN: S&P Maintains BB/B Rating on CreditWatch Developing
--------------------------------------------------------------
Standard & Poor's Ratings Services maintained its 'BB/B' global
scale and 'brAA-/brA-1' national scale ratings on Banco Pan S.A.
on CreditWatch with developing implications.  S&P initially placed
the ratings on CreditWatch July 17, 2014.  A CreditWatch
developing placement means S&P could raise, lower, or affirm the
ratings when it resolves the placement.

"The CreditWatch placement continues to reflect the similar rating
action on parent Banco BTG Pactual S.A.," said Standard & Poor's
credit analyst Edgard Dias.  The CreditWatch placement on BTG
follows its announced plan to acquire Switzerland-based BSI S.A.
That deal is still awaiting regulatory approval.

The ratings on Banco Pan reflect its 'bb-' SACP and its
"strategically important" status to BTG, according to S&P's
criteria for rating group entities.  S&P bases its view of its
strategic importance on its integration with and management from
its parent, and strong reputation links with BTG.  S&P believes if
BTG receives support from the government, this would flow through
to Banco Pan.

Banco Pan is a joint venture between between BTG and Caixa
Economica Federal (BBB-/Stable/A-3), with BTG holding 51% of Banco
Pan voting shares and Caixa holding the remainder and sharing the
control of the bank.

The bank's SACP reflects S&P's assessment of its "moderate"
business position, "moderate" capital and earnings, "moderate"
risk position, "average" funding, and "adequate" liquidity.

S&P will resolve the CreditWatch placement on Banco Pan after S&P
resolves the one on BTG Pactual.


BRAZIL: Posts Record Primary Budget Deficit for 1st 10 Months
-------------------------------------------------------------
EFE News reports that Brazil Central Bank said the country
accumulated a record BRL11.6-billion (US$4.6-billion) primary
budget deficit in the first 10 months of 2014.

In October, the South American country posted a primary budget
surplus of BRL3.7 billion (nearly US$1.5 billion), the first
positive result after a five-month run of deficits, according to
EFE News.


CAMIL ALIMENTOS: S&P Affirms 'BB' CCR; Outlook Remains Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
and 'brAA-' Brazil national scale corporate credit ratings on
Camil Alimentos S.A.  The outlook remains stable.  S&P don't rate
any of the company's debt.

"The rating affirmation reflects Camil's stable profitability
despite some slowdown in consumption in some of its divisions
(such as rice and canned fish in Brazil), maintaining fairly
stable margins t," said Standard & Poor's credit analyst Flavia
Bedran.  The higher portfolio and geographic diversification,
economies of scale in logistics and raw material sourcing, as well
as strong bargaining power with suppliers soften the potential
volatility its operations are exposed to.  Camil produces the
leading brands in rice, canned fish, and sugar in Brazil and rice
in Chile, Peru and Uruguay.


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


ANDREWS HOLDINGS: Commences Liquidation Proceedings
---------------------------------------------------
On Oct. 13, 2014, the shareholders of Andrews Holdings (Cayman)
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 2, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Vernon J. Andrews
          c/o Wardour Management Services Limited
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302
          P.O. Box 10147 Grand Cayman KY1-1002
          Cayman Islands


ENSIGN CORPORATE: Creditors' Proofs of Debt Due Dec. 5
------------------------------------------------------
The creditors of Ensign Corporate Services Ltd are required to
file their proofs of debt by Dec. 5, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 17, 2014.

The company's liquidator is:

          Marla Gibbs
          c/o Arcadia Group Ltd.
          P.O. Box 10300 Grand Cayman KY1-1003
          Cayman Islands
          Telephone: (345) 945 1830


FUNDS FOR THE FUTURE: Commences Liquidation Proceedings
-------------------------------------------------------
On Oct. 15, 2014, the shareholders of Funds for the Future Ltd
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 24, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


GEMS TV: Creditors' Proofs of Debt Due Dec. 3
---------------------------------------------
The creditors of Gems TV Holdings Ltd are required to file their
proofs of debt by Dec. 3, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 10, 2014.

The company's liquidator is:

          Margot MacInnis
          KRyS Global, Governors Square
          Building 6, 2nd Floor,
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Christopher Smith
          Telephone (345) 947 4700


GOLDEN BRIDGE: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 13, 2014, the shareholders of Golden Bridge Finance
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 25, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Chen Sau Lin
          Admiralty Center, Room 1808, 18th Floor, Tower II
          18 Harcourt Road, Admiralty
          Hong Kong
          Telephone: +852 2528 9899
          Facsimile: +852 2804 1004


JIAMEI MEDICAL: Placed Under Voluntary Wind-Up
----------------------------------------------
On Oct. 6, 2014, the shareholders of Jiamei Medical Group Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 25, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Me Liu Jia
          Yi Cheng House Block B, 2nd Floor, Room 206
          No.10 Xin Dong Road
          Chaoyang District
          Beijing 100027, P.R.C.
          Telephone: 86-10-64106037 (Ext 101)


KGF IM: Creditors' Proofs of Debt Due Dec. 5
--------------------------------------------
The creditors of KGF IM are required to file their proofs of debt
by Dec. 5, 2014, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 14, 2014.

The company's liquidator is:

          Marla Gibbs
          c/o Arcadia Group Ltd.
          P.O. Box 10300 Grand Cayman KY1-1003
          Cayman Islands
          Telephone: (345) 945 1830


LUSMAN FUND: Placed Under Voluntary Wind-Up
-------------------------------------------
On Oct. 13, 2014, the sole shareholder of Lusman Fund, Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 30, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Lusman Capital Management, LLC
          c/o Daniella Skotnicki
          Telephone: (345) 815 1861
          Facsimile: (345) 949 9877
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


LUSMAN MASTER: Placed Under Voluntary Wind-Up
---------------------------------------------
On Oct. 13, 2014, the sole shareholder of Lusman Master Fund, Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 30, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Lusman Capital Management, LLC
          c/o Daniella Skotnicki
          Telephone: (345) 815 1861
          Facsimile: (345) 949 9877
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


MOKSHA CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
On Sept. 23, 2014, the sole shareholder of Moksha Capital Partners
RE (D) Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt Nov. 24,
2014, will be included in the company's dividend distribution.

The company's liquidator is:

          Russell Smith
          c/o Antoine Powell
          Telephone: (345) 815 4558
          BDO CRI (Cayman) Ltd.
          Building 3, Floor 2, Governors Square
          23 Lime Tree Bay Ave.
          P.O. Box 31229 Grand Cayman KY1 1205
          Cayman Islands




PANAMA CANAL: Moody's Affirms B2 Rating on Senior Secured Notes
---------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 rating assigned to
the Senior Secured Notes issued by the Panama Canal Railway
Company (PCRC) and revised the outlook to positive from stable.
The rating action affects approximately $83 million of outstanding
debt. The Senior Secured Notes had an original face value of $100
million and were issued under Rule 144A/Reg. S with a final
maturity in 2026.

Ratings Rationale

The rating action reflects the full and sustainable recovery in
container volumes handled by PCRC, lower debt levels that have led
to improved financial metrics, and adequate levels of liquidity
reserves.

After a steep 37% fall in total container volumes handled by PCRC
in 2009 due to the economic downturn, total container volumes
bounced back rapidly increasing by 69% in 2010. Since then, and
despite inherent sector volatility, container volumes have
remained consistently at levels above 350,000 and Moody's estimate
that will be in the range of 400,000 in 2014. This has led to a
sustained improvement of Debt Service Coverage Ratios from below
1.0x in 2009 to 3.3x in 2013, as measured by Moody's. PCRC has
lowered its total debt levels and currently consists primarily of
the outstanding $83 million Senior Secured Notes. As a result,
Debt to Total Capitalization ratio fell to 80.1% in 2013 from
89.1% in 2009.

The rating and outlook are supported by PCRC's liquidity, which
primarily consists of a six-month debt service reserve backed by a
$4.6 million letter of credit and a $6 million liquidity reserve
also backed by a non-recourse letter of credit.

What Could Change the Rating -- Up/Down

The rating could be upgraded if the company is able to execute
longer term, firm volume contracts that result in a sustained debt
service coverage of at least 2.5 times (by Moody's calculation),
if debt service and liquidity reserves are fully funded and
maintained, and if leverage as measured by Debt/Total
Capitalization continues below or at their current levels of 80%.

Given the positive outlook, Moody's do not expect downward
pressure on the ratings in the near to medium term. However, the
outlook could return back to stable if liquidity reserves fall
below their current levels, if PCRC's debt service coverage ratio
(by Moody's calculation) drops below 2.5 times on a sustained
basis as a result of operational problems or if there is a
sustained drop in major freight volumes, or a sharp increase in
leverage.

Panama Canal Railway Company was incorporated on October 25, 1996
in the Cayman Islands in order to undertake a concession granted
by the Government of Panama (Baa2 stable) to construct, maintain
and operate a freight and passenger rail service for an initial
period of 25 years with a renewal of another 25 years at the
option of the company. The 47-mile long railway parallels the
Panama Canal and is the shortest land bridge connecting the
Pacific and Atlantic oceans. The company is owned 50% by Kansas
City Southern, a publicly traded company, and 50% by Mi-Jack, a
private company that operates over 70 railroad intermodal
terminals in North America.

The principal methodology used in this ratings was Generic Project
Finance Methodology published in December 2010.


PINNACLE FUND: Creditors' Proofs of Debt Due Dec. 3
---------------------------------------------------
The creditors of Pinnacle Fund Administration (Cayman) Ltd. are
required to file their proofs of debt by Dec. 3, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 14, 2014.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


REDWOOD REINSURANCE: Court Enters Wind-Up Order
-----------------------------------------------
On Oct. 10, 2014, the Grand Court of Cayman Islands entered an
order to wind up the operations of Redwood Reinsurance SPC, Ltd.

The company's liquidators are:

          Keiran Hutchison
          Claire Loebell
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


SCIENS MANAGERS: Commences Liquidation Proceedings
--------------------------------------------------
On Oct. 7, 2014, the sole shareholder of Sciens Managers Feeder
Fund Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Christopher P. Meyering
          667 Madison Avenue
          New York
          New York 10065, USA


SG I&A: Creditors' Proofs of Debt Due Dec. 3
--------------------------------------------
The creditors of SG I&A Fund Ltd. are required to file their
proofs of debt by Dec. 3, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 14, 2014.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


SORIN TACTICAL: Placed Under Voluntary Wind-Up
----------------------------------------------
On Sept. 9, 2014, the sole shareholder of Sorin Tactical Real
Estate Master Fund Ltd resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 24, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Daniella Skotnicki
          Telephone: (345) 815 1861
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


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


JAMAICA: No Need to Fear Flexi-Work Law, Labor Ministry Says
------------------------------------------------------------
RJR News reports that Jamaica's Ministry of Labor & Social
Security is seeking to assure workers that they have no reason to
fear discrimination under the Flexible Work Arrangement law.

Camille Bennett Campbell, acting Director of the Legal Services
Unit in the Ministry, said that the Act can only be implemented at
a place of business after negotiations between an employer and
employee, according to RJR News.

The report notes that Mrs. Bennett-Campbell said if an employer
tries to change a contract without the agreement of the worker,
that is a breach of the Flexible Work Arrangements Act, and is
actionable in court.

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: Deposit Insurance Fund to Surpass J$12BB in 2014
---------------------------------------------------------
RJR News reports that the Jamaica Deposit Insurance Fund is
forecast to pass the 12 billion dollar mark this financial year.

The Annual Report of the Jamaica Deposit Insurance Corporation
(JDIC), tabled in Parliament shows the Fund ended the 2013/2014
fiscal year at J$10.3 billion, an 18.5 per cent increase over the
previous year, according to RJR News.

The report notes that the JDIC expects the Fund to reach J$12.2
billion by March next year.

The agency says the Deposit Insurance Coverage Limit, which is at
J$600,000 per depositor, covers 96.8 per cent of insurable
deposits in the banking system, the report notes.  This is in line
with international benchmark standards of between 90 and 95
percent, the report relates.

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.


NATIONAL COMMERCIAL: S&P Affirms 'B-' LT ICR; Outlook Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services revised the BICRA of Jamaica to
group '9' from '10'.  At the same time, S&P raised National
Commercial Bank Jamaica Ltd.'s (NCBJ) stand-alone credit profile
(SACP) to 'b+' from 'b' following the revision.  S&P also affirmed
its 'B-' long-term and 'B' short-term issuer credit ratings on the
bank'.  The outlook remains positive.

The ratings on NCBJ reflect its "strong" business position,
"moderate" capitaland earnings, "moderate" risk position,
"adequate" liquidity, and "average" funding (as S&P's criteria
define the terms).  Although S&P has raised the bank's SACP to
'b+', the ratings on the bank are constrained by the sovereign
ratings on Jamaica (B-/Stable/B), mainly due to the bank's
sovereign exposure.

S&P's bank criteria use BICRA economic risk and industry risk
cores to determine a bank's anchor, the starting point in
assigning an issuer credit rating.  The anchor for a bank
operating only in Jamaica is 'b+'.

Jamaican banks' economic risk remains extremely high, in S&P's
view.  And the sovereign's debt burden, although stable, continues
to be very high.  S&P expects sovereign debt to be about 134% of
GDP in 2014, and it continues to limit the country's fiscal
flexibility and economic growth.  In S&P's view, there are
significant economic imbalances in Jamaica due to the persistent
current accounts deficit; even though its external liquidity and
net international reserves (NIR) have slightly improved.
Nevertheless, S&P believes Jamaica is still highly vulnerable to
external shocks.  In S&P's view, credit risk is extremely high due
to the weak economy and the population's limited debt capacity due
to the low GDP per capita.

Industry risks have lessened in Jamaica, but are stillhigh, in
S&P's view.  The significant exposure of the banks to a weak
sovereign, and the two debt exchange programs (NDX) in the past
four years led to an unstable market, in S&P's view.  The NDX has
weakened banks' profitability, and it may push banks to take on a
more aggressive competitive stance to maintain historical
profitability levels.  As part of the agreement with the
International MonetaryFund (IMF), banking regulation is slowly
improving, but still lags behind international standards.  In
S&P's view, the lack of funding sources continues to be a risk for
the system.  S&P believes the system is still vulnerable to
depositor confidence; however, the deposit base has demonstrated
resilience toa stressed sovereign scenario and currency
devaluation.  As a result, S&P has revised its systemwide funding
score to "high risk" from "very high risk," and its industry risk
for Jamaican banks to '7' from '8'.  Consequently, S&P revised
Jamaica's BICRA group score to group '9' from group '10' and
revised the anchor for countries operating in that country to 'b+'
from 'b'.


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


MEXICO: Sells US$2BB in 10-Year Bonds With New Default Clauses
--------------------------------------------------------------
Chelsea Naso at Law360.com reports that the Mexican government
sold US$2 billion in 10-year bonds amid strong demand, locking in
the country's lowest-ever interest rate on bonds that included new
clauses designed to smooth the default process in the aftermath of
Argentina's recent sovereign debt issues.

The bonds, which are set to mature in 2025, have an annual
interest rate of 3.6 percent and a yield-to-maturity rate of 3.678
percent, the lowest rates in Mexico's history, the government said
in a statement by the news agency.  The offering saw strong
demand, drawing interest from more than 200 institutional
investors from the U.S., Europe and Asia, the statement said,
according to Law360.com.

The government plans to use the net proceeds from the offering to
refinance its debt, make principal payments and cover future
financing needs, the statement said, the report notes.

The offering marks the first sovereign issuance of debt with
collective action clauses and equal footing clauses for investors
under New York law following recommendations by the International
Capital Markets Association and the International Monetary Fund,
which were inspired by Argentina's troubled debt restructuring,
the statement said, the report discloses.  The Group of 20 has
also supported the new provisions.

"With this transaction, Mexico reaffirms its leadership role in
the international financial markets, introducing a new contractual
framework for sovereign entities with the respect and acceptance
of the international financial community and at a historically low
cost," said Dr. Luis Videgaray Caso, the Secretary of Finance and
Public Credit, in a translated statement, the report relays.

The IMF in August issued revised guidelines for sovereign debt
securities in order to avoid a repeat of Argentina's long-running
fight with holdout creditors, which led to the country's second
default in 13 years, the report discloses.

The report notes that the self-regulator for the capital markets
sector released updated collective action clauses and a new
standard pari passu clause for sovereign debt contracts, saying
the overhauled rules are intended to assist future debt
restructurings.

The revised standard collective action clauses will allow for a 75
percent majority of bondholders to agree to changes in bond terms,
such as the extension of maturities or the reduction of principal,
that would be binding on all investors, the report relays.  The
ICMA said the new rules will deal with the problem of holdout
minorities by including aggregation mechanisms, which will allow
for voting across several bond issues, the report says.

The updated pari passu, or equal footing, guidelines call for a
clarification of the scope of the provision and are intended to
reduce the risk that the clause will be used as a basis to disrupt
future sovereign debt restructurings, as has been done in
Argentina's dispute with holdout funds adverse to its
restructurings -- including Elliott Management Corp.-controlled
NML Capital Ltd. and affiliates of Aurelius Capital Management LP
-- which hold around $1.5 billion worth of Argentine bonds, the
report discloses.

In October, as Argentina's well-publicized battle with hedge funds
continued, the IMF, which plays a role in supervising debt between
countries and offering loans to poor countries, outlined similar
recommendations for changes to two common clauses, including the
pari passu clause, which mandates equal treatment of all
creditors, the report notes.

The Mexican government was represented in the offering by a Cleary
Gottlieb Steen & Hamilton LLP team including partners Nicolas
Grabar and Andres de la Cruz, the report adds.


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


PETROTRIN: Lays Out Survival Plan
---------------------------------
Trinidad and Tobago Newsday reports that in the face of falling
global oil prices, which is beginning, to impact on Trinidad and
Tobago's earnings from its petroleum resources, Petroleum Company
of Trinidad and Tobago, has rolled out a plan to remain viable and
to survive in the harsh global oil industry.

In a media release, Petrotrin said it is forging ahead with
objective cost management decisions imperative to secure its
viability, according to Trinidad and Tobago Newsday.   Oil prices
have plummeted by more than 30 percent since June and at US$69 per
barrel, are now at the lowest in four years, the report relates.

The report discloses that Petrotrin's operations have also been
severely impacted due to unfavorable margins.  The refining margin
is based on the difference between the value of oil products sold
to our consumers and the value of the crude oil from which they
were refined, however since product prices have fallen in concert
with the fall in oil prices, the Company has realized no
improvement to its refining margins, the report relays.

The release said that due to prevailing market conditions
affecting refinery margins, Petrotrin managed to roughly break
even for the fiscal year 2012-2013 and experienced a loss for the
period 2013-2014, the report notes.  The recurrent budget for the
2014-2015 period is projected at TT$3.6 billion with manpower
costs accounting for 54.5 percent of this amount, the report
relates.  As such it said management strategies are being
implemented to secure viability, the report discloses.

These strategies include the revising of the company's 2014-2015
budget to take into account decreased revenue and cash flow, the
report notes.  "We are examining our work practices with a view to
significantly improving efficiency and reducing overtime costs,"
the release said, the report relays.

"We are focusing on our HSE practices and Asset Integrity matters,
to address concerns related to aging infrastructure in our
operations.  We are implementing strategies to reduce the cost of
imported crude.  This includes entering into term contracts for
crude supply for the fiscal year 2014-2015.  While we navigate the
present situation, we are simultaneously pursuing a number of
initiatives that positions us for future viability," the release
added, the report discloses.

In terms of exploration and production projects, the company said
it has completed acquisition of 540 sq km of new 3D seismic in
Trinmar and North Marine, which is expected to give rise to a host
of exploration and development opportunities, the report notes.

"We have successfully drilled a high producing appraisal well in
Southwest Soldado, S 912, expanding the field further west. We are
operating two workover rigs and are finalizing negotiations for a
drilling rig to resume drilling in our marine operations from 2015
January," the release added, the report relays.

The report notes that the company said it has completed the
Gasoline Optimization Program and all overdue turnarounds at the
Pointe-a-Pierre refinery, which it hopes will lead to benefits
from an upgraded refinery producing higher throughputs.

"The Company remains cognisant of the valuable contributions of
our employees in these difficult times as we work together to
reverse the trend of losses in our operations.  The continued
efforts of our dedicated employees remain critical as together we
strive to weather the challenges in the global energy industry and
meet our obligation to the national community," said the release,
the report relays.

                        About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2013, Trinidad Express reports that production levels at
Petroleum Company of Trinidad and Tobago (Petrotrin)'s Trinmar
operations in Point Fortin have been affected by industrial action
involving employees of the company's marine transport contractors.
Petrotrin stated that it was informed of what it described as a
stand-off between its marine contractors and their employees, who
cited issues, including their current rates of remuneration,
according to Trinidad Express.


=============
U R U G U A Y
=============


URUGUAY: IDB OKs US$120M Loan for 2nd Phase of Int'l. Pos. Program
------------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $120
million loan to finance the second phase of Uruguay's Strategic
International Positioning Program.  Its goal is to consolidate the
country's international positioning, contributing to an increase
in investments-mainly those aimed at high value-added sectors-and
exports.

This will be achieved through the strengthening of the regulatory
and institutional framework and better promotion and facilitation
of trade.

In March 2013, the IDB approved a US$550 million transaction to
finance the first phase of the program.  This is now the second
part of that series of policy-based loans to support reforms with
an option for deferred withdrawal.  It falls within the policy of
precautionary financing that Uruguay is carrying out.

"This program reaffirms the country's priority in deepening its
process of international integration," said Pablo Garcia, IDB
project team leader.  "The Bank has been working with Uruguay on a
variety of initiatives to support that process and this program is
an integral part of it."

The specific goals are to lure investment to high value-added
sectors, improve standards for promoting and facilitating trade
and improving the country's ability to innovate and absorb
technology so as to maximize the local impact of investment.

The program will support Uruguay's efforts to consolidate a series
of wide-ranging sectorial reforms aimed at boosting policies to
attract investment.

Among other things, the program's goals include improving the
regulation of the regime to attract investments so as to
incorporate industries rich in technological content.  It also
calls for agreements to avoid double taxation to better attract
investments, as well as a series of tax data exchange agreements
with an eye to making tax collection more efficient, and enhancing
the investment climate in general.

The US$120 million IDB loan is over 20 years, with the deferred
withdrawal option over a span of three years, renewable for
another three.  The interest rate, pegged to the LIBOR, will be
applied only if the country uses these resources, beginning the
moment it chooses to do so.




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


VENEZUELA: President Orders Budget Cuts Amid Oil-Price Plunge
-------------------------------------------------------------
EFE News reports that Venezuelan President Nicolas Maduro has
ordered budget cuts in response to a sharp drop in oil prices,
calling for salary reductions for himself and other senior
government officials.

President Maduro said in a speech on state-run television that he
was naming a special presidential commission to identify areas of
superfluous public spending, according to EFE News.



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

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

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

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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