TCRLA_Public/141208.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

            Monday, December 8, 2014, Vol. 15, No. 242


                            Headlines



B A H A M A S

ULTRAPETROL (BAHAMAS): Posts $99.4 Million Revenue in 3Q 2014


B R A Z I L

BRAZIL: Spanish Firms Seek New Investment Opportunities


C A Y M A N  I S L A N D S

BONSAI INVESTMENTS: Members Receive Wind-Up Report
DRAKE LATAM: Commences Liquidation Proceedings
DRAKE PIPE: Commences Liquidation Proceedings
EARLS TEN: Commences Liquidation Proceedings
GALBRAITH GLOBAL: Commences Liquidation Proceedings

GSC PARTNERS: Commences Liquidation Proceedings
JLOC 5 INVESTMENTS: Commences Liquidation Proceedings
KITIMAT MARKETING: Commences Liquidation Proceedings
LIG KYLE: Commences Liquidation Proceedings
MOLINERO GLOBAL: Commences Liquidation Proceedings

NIAGARA ELITE: Placed Under Voluntary Wind-Up
ONSLOW MACRO: Placed Under Voluntary Wind-Up
PROJECT FUNDING: Commences Liquidation Proceedings
TANGO PARTNERS: Commences Liquidation Proceedings
ZAIS ZEPHYR: Commences Liquidation Proceedings


D O M I N IC A N   R E P U B L I C

MESTENIO LTD: S&P Assigns Prelim. 'B+' Rating to $488.35MM Notes


H O N D U R A S

HONDURAS: To Get US$110MM Loan to Boost Human Capital in Minors


P U E R T O    R I C O

PUERTO RICO ELECTRIC: Urged to Get Tough on $1.8BB Owed


X X X X X X X X X

* BOND PRICING: For the Week From Dec. 1 to Dec. 5, 2014


                            - - - - -


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


ULTRAPETROL (BAHAMAS): Posts $99.4 Million Revenue in 3Q 2014
-------------------------------------------------------------
Ultrapetrol (Bahamas) Limited disclosed its financial results for
the third quarter ended September 30, 2014.

The company recorded third quarter 2014 revenues of $99.4 million.

The company recorded adjusted consolidated EBITDA of $13.7 million
in the third quarter of 2014, which includes adjusted EBITDA of
$13.3 million from its Offshore Supply Business.

The company posted adjusted EBITDA of $2.2 million from its Ocean
Business, adjusted EBITDA nil from its River Business, and
negative adjusted EBITDA of $(1.7) million from other activities -
primarily foreign currency exchange cash losses.

Operating loss for the third quarter 2014 was $(3.1) million.

A full text copy of the company's financial results is available
free at:

                      http://is.gd/gtF6Wq

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

                          *     *     *

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


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


BRAZIL: Spanish Firms Seek New Investment Opportunities
-------------------------------------------------------
EFE News reports that a total of 23 Spanish companies on Dec. 2 in
Porto Alegre, the capital of Brazil's Rio Grande do Sul state,
began a business conference with the aim of identifying investment
opportunities and finding new local business partners with whom to
pursue their projects.

In addition to exploring the opportunities that both countries
offer, the Spain-Brazil Business Encounter, organized by Spain's
ICEX export and investment agency, is designed to be a forum at
which the firms can make strategic alliances in third countries,
organizers said, according to EFE News.


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


BONSAI INVESTMENTS: Members Receive Wind-Up Report
--------------------------------------------------
The members of Bonsai Investments 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:

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


DRAKE LATAM: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 21, 2014, the shareholder of Drake Latam Debt Fund
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:

          Drake Asset Management Company
          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          Telephone: +1 (345) 914 6365


DRAKE PIPE: Commences Liquidation Proceedings
---------------------------------------------
On Oct. 21, 2014, the shareholder of Drake Pipe Fund 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:

          Drake Asset Management Company
          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          Telephone: +1 (345) 914 6365


EARLS TEN: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on Oct. 23, 2014, the members of
Earls Ten Limited resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


GALBRAITH GLOBAL: Commences Liquidation Proceedings
---------------------------------------------------
On Oct. 21, 2014, the shareholder of Galbraith Global Strategies
Offshore 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:

          Galbraith Global Investment Management LP
          Lyford Cay House, 3rd Floor, Lyford Cay
          Nassau
          The Bahamas
          Telephone: +1 (345) 914 6365


GSC PARTNERS: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Oct. 23, 2014, the members of
GSC Partners CDO Fund, Limited resolved to voluntarily liquidate
the company's business.

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

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


JLOC 5 INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
On Oct. 21, 2014, the shareholder of JLOC 5 Investments Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Stephen Nelson
          Telephone: (345) 949 4544
          Facsimile: (345) 949 8460
          Charles Adams Ritchie & Duckworth 122 Mary Street
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


KITIMAT MARKETING: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Oct. 16, 2014, the members of
Kitimat Marketing Inc. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Nov. 27, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Philip Mosely
          Harbour Centre, Ground Floor
          P.O. Box 1569 42, North Church Street, George Town
          Grand Cayman KY1-1110
          Cayman Islands
          Telephone: +1 (345) 949 4018
          Facsimile: +1 (345) 949 7891


LIG KYLE: Commences Liquidation Proceedings
-------------------------------------------
At an extraordinary meeting held on Oct. 23, 2014, the members of
Lig Kyle Holdings, 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


MOLINERO GLOBAL: Commences Liquidation Proceedings
--------------------------------------------------
On Oct. 21, 2014, the members of Molinero Global Markets Fund
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:

          Appleby Trust (Cayman) Ltd
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          Appleby Trust (Cayman) Ltd.
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


NIAGARA ELITE: Placed Under Voluntary Wind-Up
---------------------------------------------
On July 8, 2014, the sole shareholder of Niagara Elite Fund Ltd.
passed a resolution 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:

          Priestleys
          c/o Martina de Lima
          Telephone: (345) 946-1577
          Caribbean Plaza, 2nd Floor
          878 West Bay Road, George Town
          P.O. Box 30310 Grand Cayman KY1-1202
          Cayman Islands


ONSLOW MACRO: Placed Under Voluntary Wind-Up
--------------------------------------------
On Oct. 20, 2014, the sole member of Onslow Macro Fund No. 3
Limited passed a resolution 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:

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


PROJECT FUNDING: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on Oct. 23, 2014, the members of
Project Funding Corporation I 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


TANGO PARTNERS: Commences Liquidation Proceedings
-------------------------------------------------
On Oct. 22, 2014, the shareholder of Tango Partners Management
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 3, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

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


ZAIS ZEPHYR: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Oct. 23, 2014, the members of
Zais Zephyr A-1, 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


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


MESTENIO LTD: S&P Assigns Prelim. 'B+' Rating to $488.35MM Notes
----------------------------------------------------------------
Standard & Poor's Rating Services assigned its preliminary 'B+'
rating to Mestenio Ltd.'s $488.35 million pass-through notes
series 1 due 2020.

Mestenio Ltd.'s series 1 is a repackaged transaction backed by 10
promissory notes with a five-year maturity totaling $488.35
million issued by the Dominican Republic's Ministry of Finance.
The promissory notes are direct, unconditional, unsubordinated,
and unsecured obligations of the Dominican Republic, and are
backed by the full faith and credit of the federal government.

The preliminary rating is based on information as of Nov. 24,
2014.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

The transaction's structure is intended as a "pass through" of the
credit risk of the promissory notes, in which investors will
receive all principal and interest payments derived from the
underlying securities on a monthly basis.  Moreover, it includes a
reserve account that covers six months of the 10% withholding tax
that may be applied in connection with interest payments made by
the Dominican Republic under the underlying securities.

Based upon an expenses paying agency agreement between the issuer
and Merrill Lynch International, the latter will cover all of the
trust's expenses.  In addition, the issuer has entered into a
separate reserve account funding agreement with Merrill Lynch
Pierce Fenner & Smith, which will cover any potential withholding
tax on the underlying assets up to the 10% level.

In view of this, S&P weak-linked the rating on the transaction to
the lowest rated of the following entities: expenses paying agent
(Merrill Lynch International), the reserve account funding
counterparty (Merrill Lynch Pierce Fenner & Smith), and the
obligor of the promissory notes (the Ministry of Finance acting on
behalf of the Dominican Republic).

As a result, S&P considers the key risk for the series 1 notes to
be the Dominican Republic's sovereign credit risk and, based on
S&P's global criteria for rating repackaged securities, it weak-
linked its preliminary 'B+' rating on the notes to S&P's 'B+'
sovereign credit rating on the Dominican Republic.

The issuer, Mestenio Ltd., will be incorporated as a special-
purpose multi-issue repackaging vehicle in the Cayman Islands
under its limited recourse secured debt issuance program (up to
$50 billion) and will be governed by English law.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties, and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties, and enforcement mechanisms in issuances of similar
securities.

The Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

       http://standardandpoorsdisclosure-17g7.com/2898.pdf


===============
H O N D U R A S
===============


HONDURAS: To Get US$110MM Loan to Boost Human Capital in Minors
---------------------------------------------------------------
The Inter-American Development Bank has approved a US$110 million
loan to Honduras to boost human capital in minors within families
living in extreme poverty in rural areas of the west of the
country.

The program seeks to stimulate the use of education, health and
nutrition services and support household consumption by financing
money transfers. The goal is to reach at least 80,000 households
taking part in an initiative called the Bono Vida Mejor.  The
amount of the average annual transfer will be US$340 per home,
which is equivalent to 7,250 Honduran Lempiras.

Ninth-grade education will be improved by upgrading and expanding
infrastructure, information technology, educational materials and
teacher training.  The program will expand services to an
additional 30,000 students, under the flexible mode carried out by
the Education Secretariat and the Honduran Institute for Education
by Radio.

Additionally, the program is designed to reduce the incidence of
anemia in children aged four and under by 10 percent.  In order to
achieve this, financing will be provided for the purchase of
micronutrients and deworming medication, which will be earmarked
for 45,000 children.  Also, pre- and post-natal care for women
will be improved.

The initiative seeks operational improvements to make the Bono
Vida Mejor program work more efficiently. That means focusing on
those households in extreme poverty and adopting a transfer system
based on compliance activities on the part of each member of the
household.  It will also promote payments via private banks in
order to increase the frequency and regularity of payments, while
reducing wait times, costs and security risks that women incur
when receiving the transfer.

The Bono Vida Mejor (Better Life Voucher) is Honduras' main tool
for fighting poverty, reaching 350,000 households that account for
30 percent of those in extreme poverty and 25 percent of all poor
people at the national level.  The program has helped around two
million Hondurans, and operates in nearly 7,200 schools and 900
health care facilities.

The US$110 million IDB financing package is made up of the
following: US$77 million from the ordinary capital fund with a
payback period of 30 years and a grace period of six years; and
US$33 million from the Fund for Special Operations with a payback
and grace period of 40 years.  The local contribution will be $11
million for a total program cost of US$121 million.  The executing
body is the Secretariat of State for Development and Inclusion.


======================
P U E R T O    R I C O
======================


PUERTO RICO ELECTRIC: Urged to Get Tough on $1.8BB Owed
-------------------------------------------------------
Edward Krudy at Reuters reports that the Puerto Rico Electric
Power Authority (PREPA), a troubled public utility, should take
action on up to $1.8 billion it is owed, mainly by customers,
including cutting off services to public corporations not paying
their bills, according to a new report prepared by FTI Consulting.

The FTI Consulting report comes as part of an agreement with
creditors that hold over $9 billion of the utility's debt and
underscores the lax billing and collections practices that have
helped bring the utility to the edge of bankruptcy, according to
Reuters.

Reuters notes that it is unclear how much of its outstanding debts
PREPA could ultimately collect.  Puerto Rico's cash strapped
government entities owe $758 million with some public corporation
failing to make even current payments on their electricity bills
and simply refusing to accept payment plans, Reuters relates.

"A few of these public corporations have been offered payment
plans to make partial payments on their current bills, but have
refused to make even those payments," said the FTI Consulting
report, Reuters notes.  "It is critical that PREPA, at a minimum,
receives current payments for public corporation usage while it
works out solutions on the past due amounts," the FTI Consulting
report added.

Reuters relates that general clients owe $932 million with around
40 percent owed by residential customers.  The FTI Consulting
report said PREPA should outsource collections of inactive
accounts and overhaul its customer collection practices, Reuters
relays.

Reuters discloses that the FTI Consulting report highlighted $400
million in "aged inactive accounts with no collection activity or
strategy".  The FTI Consulting report estimated that the recovery
from that amount could be only $18 million to $31 million if PREPA
engages a collections agency, Reuters says.

"Some of these recommendations are probably easier said then done
and certainly I find it hard to believe that this would be the
first time the PREPA board or even the commonwealth has heard of
these issues and these potential solutions," said Dennis Pidherny,
a PREPA analyst at Fitch Ratings, Reuters notes.

Reuters discloses that PREPA also makes payments to municipalities
in lieu of paying taxes which is offset by local power consumption
in a way that incentivizes municipalities to maximize power
consumption.  FTI Consulting report recommends PREPA audits
municipalities in order to reduce the payments, Reuters notes.
Municipalities owe PREPA $420 million.

"Clearly we need to collect our cash faster, we need to bill more
efficiently and we need to negotiate with public corporations to
get paid in a timely manner," said Lisa Donahue, PREPA's chief
restructuring officer, after the release of the FTI Consulting
report, Reuters adds.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 19, 2014,
Moody's Investors Service has downgraded the rating for Puerto
Rico Electric Power Authority's (PREPA) $8.8 billion of Power
Revenue Bonds to Caa3 from Caa2. This rating action concludes the
rating review that Moody's initiated on July 1, 2014. PREPA's
rating outlook is negative.


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


* BOND PRICING: For the Week From Dec. 1 to Dec. 5, 2014
--------------------------------------------------------


Issuer                     Coupon   Maturity   Currency   Price
------                     ------   --------   --------   -----

BES Finance Ltd                 2.9              EUR     211913000
PDVSA                             6  11/15/2026  USD    4500000000
ESFG International Ltd          5.8              EUR      52950000
PDVSA                             6  5/16/2024   USD    5000000000
PDVSA                           5.4  4/12/2027   USD    3000000000
Mongolian Mining Corp           8.9  3/29/2017   USD     600000000
PDVSA                           5.5  4/12/2037   USD    1500000000
Hindili Industry                8.6  11/4/2015   USD     380000000
BES Finance Ltd                 4.5              EUR      95767000
Automotores Gildemeister SA     8.3  5/24/2021   USD     400000000
SMU SA                          7.8  2/8/2020    USD     300000000
NQ Mobile Inc                     4  10/15/2018  USD     172500000
Inversiones Alsacia SA            8  8/18/2018   USD     347300000
Venezuela Governement           7.7  4/21/2025   USD    1599817000
Glorious Property Holdings Ltd   13  3/4/2018    USD     400000000
Renhe Commercial                 13  3/10/2016   USD     600000000
Bank Austria                    1.9              EUR      97608000
China Precisoin                 7.3  2/4/2018    HKD    1028000000
BCP Finance Co                  2.4              EUR   99063406.25
Automotores Gildemeister SA     6.8  1/15/2023   USD     300000000
BA-CA Finance Cayman 2 Ltd        2              EUR      51481000
Argentina Bonar Bonds            26  9/10/2015   ARS    5424358000
Inversora de Electrica          6.5  9/26/2017   USD     130263886
BCP Finance Co                  4.2              EUR      72112000
Mongolian Mining Corp           8.9  3/29/2017   USD     600000000
Argentina Government            4.3  12/31/2033  JPY    5840497000
PDVSA                             6  5/16/2024   USD    5000000000
Argentina Boden Bonds             2  9/30/2014   ARS     930445250
PDVSA                             6  11/15/2026  USD    4500000000
Greenfields Petroleum Corp        9  5/31/2017   CAD      23750000
Hindili Industry                8.6  11/4/2015   USD     380000000
Argentina Government            4.3  12/31/2033  JPY    2553017000
Argentina Bocon                   2  1/3/2016    ARS    1608749924
Argentina Government            0.5  12/31/2038  JPY   21037843000
Automotores Gildemeister SA     8.3  5/24/2021   USD     400000000
Caixa Geral De Depositos Finance  1              EUR      44885000
SMU SA                          7.8              USD     300000000
Renhe Commercial                 13  3/10/2016   USD     600000000
Caixa Geral De Depositos Finance  2              EUR      65843000
Inversiones Alsacia SA            8  8/18/2018   USD     347300000
Automotores Gildemeister SA     6.8  1/15/2023   USD     300000000
BPI Capital Finance Ltd         2.9              EUR      15290000
Banif Finance Ltd               1.6              EUR      42234000
Banco BPI SA/Cayman Islands     4.2  11/14/2035  EUR      20000000
Empresas La Polar SA            3.8  10/10/2017  CLP       5000000
City of Buenos Aires Argentina    2  1/28/2020   USD     146771000
Aguas Andinas SA                4.2  12/1/2026   CLP    3289471.68
City of Buenos Aires Argentina    2  12/20/2019  USD     113229000
Venezuela Governement             7  3/31/2038   USD    1250003000
Empresa de Transporte           5.5  7/15/2027   CLP     3732799.8
Cia Cervecerias Unidas SA         4  12/1/2024   CLP       1050000
Almendral Telecomunicaciones SA 3.5  12/15/2014  CLP     644441.04
Cia Sud Americana de Vapores SA 6.4  10/1/2022   CLP     607142.76
Decimo Primer                   4.5  10/25/2041  USD      37800000
Provincia del Chaco               4  12/4/2026   USD   10111047.85
Ruta de Bosque                  6.3  3/15/2021   CLP    5062781.25
Talcan Chillan                  2.8  12/15/2019  CLP    2978764.16
EMP Ferrocarriles Estado        6.5  1/1/2026    CLP     788572.14


                            ***********


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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