TCRLA_Public/141230.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 30, 2014, Vol. 15, No. 256


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Economy Will be Hit Hard if US Station Closes


A R G E N T I N A

ARGENTINA: Fails to Block Subpoenas Over Assets in Bond Case
ARGENTINA: To Cut Local Energy Prices After Crude Oil Plunge


B R A Z I L

BRAZIL: To Get IDB Loan for Drainage, Sanitation Services in MJ
TONON BIOENERGIA: S&P Affirms 'B' CCR; Outlook Remains Stable


C A Y M A N  I S L A N D S

A&Q SELECT: Commences Liquidation Proceedings
A&Q SELECT (FEEDER): Commences Liquidation Proceedings
AQR GLOBAL: Placed Under Voluntary Wind-Up
AQR GLOBAL MASTER: Placed Under Voluntary Wind-Up
AQR R.C.: Placed Under Voluntary Wind-Up

CAPITAL FUND: Commences Liquidation Proceedings
CAPITAL HEDGE: Commences Liquidation Proceedings
CHATER CAPITAL: Commences Liquidation Proceedings
CITCO INVESTMENT: Commences Liquidation Proceedings
HH GENERATION: Commences Liquidation Proceedings

ISLAND NOMINEES: Commences Liquidation Proceedings
MARATHON REAL: Commences Liquidation Proceedings
STRONGMAN HOLDINGS: Placed Under Voluntary Wind-Up
TOM JONES: Commences Liquidation Proceedings
UBS ALTERNATIVE: Commences Liquidation Proceedings


E L  S A L V A D O R

BANCO AGRICOLA: S&P Lowers ICR to 'B+'; Outlook Stable


G U Y A N A

GUYANA: To Get US$15MM IDB Loan to Finance Security Program


M E X I C O

MEXICO: Withdraws US$3.4 Billion From Pemex as Oil Revenue Shrinks


P U E R T O    R I C O

INSTITUTO MEDICO: Taps Hooper Lundy as Special Counsel
PMC MARKETING: Court Dismissed Adversary Suit vs. Villa Blanca


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
===============================


ANTIGUA & BARBUDA: Economy Will be Hit Hard if US Station Closes
----------------------------------------------------------------
The Daily Observer reports that the economy of Antigua & Barbuda
will be hit hard if a decision by the United States of America
Government to close its 70-year-old naval operations in the twin-
island state takes effect in a few months' time.

Close to 100 people will lose their jobs when the United States
Air Station (Antigua Air Station), located in Coolidge, closes by
mid-2015, reliable sources have indicated, according to The Daily
Observer.

The report notes that a well-placed source, who did not receive
clearance to speak publicly on the issue, said the air station
will be closed indefinitely and workers will be terminated over a
nine-month period.

The source said the workers employed by Computer Science Raytheon
(CSR), which is contracted by the station, were notified of the
closure, but no rationale was given, the report relays.

"We were told by the Commander that the Defense Department of the
United States government have decided to close the base and the
prime minister was informed on December 15 that the process will
take place and will happen in the next nine months," the report
quoted a worker as saying.

"We were shocked by the development because we were in the middle
of re-negotiating a new contract with the air station," the worker
added.

The report notes that the employees say although they were told
that the process will take nine months, they fear the base will
close much earlier.

The workers are hoping to meet with their bargaining agent the
Antigua & Barbuda Workers Union to discuss the way forward on the
matter, the report relays.

According to the source, the air station is still in the process
of shifting some of its operations to Australia, and when this is
completed, it's likely the current station will be deactivated and
returned to the government of Antigua & Barbuda, the report says.

The air station, in 2013, said it would be dismantling and
relocating its radar system from Antigua to the Harold E Holt
Naval Communication Station in northwest, Australia, a move that
should be completed by the end of this year, the report adds.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2014, The Daily Observer said that Antigua & Barbuda
could soon find itself in the company of Japan, Zimbabwe, and
Greece, the countries with the highest national debts.

In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer.  However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report noted.

Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report related


=================
A R G E N T I N A
=================


ARGENTINA: Fails to Block Subpoenas Over Assets in Bond Case
-------------------------------------------------------------
Erik Larson and Chris Dolmetsch at Bloomberg News report that
Argentina and entities tied to it must give details of the
country's global assets, including diplomatic and military
holdings, to creditors seeking US$1.6 billion in a fight over
defaulted government bonds, a U.S. appeals court ruled.

Argentina had argued the subpoenas seeking the information may
violate international treaties by targeting such property, as well
as diplomatic documents and individuals linked to the country, the
federal appeals panel in Manhattan said in its ruling Dec. 24,
according to Bloomberg News. The court disagreed.

Argentina's "self-serving legal assertion" of immunity "does not
entitle it to withhold otherwise discoverable information," the
appeals court said in the decision, Bloomberg News notes.
Concerns about individual assets are "entirely speculative" at
this point, it said, Bloomberg News relates.  If the subpoenas
target diplomatic property, Argentina can object then, the court
added, Bloomberg News relays.

Bloomberg News says that the decision implies that entities which
aren't alter egos of Argentina and aren't liable for its debts may
still have to reveal their assets to creditors seeking repayment
on debt from the country's 2001 default on a record US$95 billion.
Argentina says the subpoena might involve the assets of President
Cristina Fernandez de Kirchner, who has vowed never to pay,
Bloomberg News notes.

'Attachable Assets'

Bloomberg News discloses that such entities may "hold attachable
assets on behalf of Argentina," the appeals court said.  Likewise,
"an entity that is closely tied to (but legally distinct from)
Argentina may possess information about Argentina's assets, even
if it does not own or hold those assets itself," Bloomberg News
relays.

Bloomberg News says that the decision upholds a ruling by U.S.
District Judge Thomas Griesa, who has clashed with Argentina's
lawyers over the country's failure to adhere to earlier orders.

Holders of about 92 percent of Argentina's repudiated debt agreed
to take new bonds, at a discount of about 70 percent, in
restructurings in 2005 and 2010, pitting them against investors
who sued for full payment in the U.S., the forum selected by
Argentina in the original bond agreements, Bloomberg News notes.

Bloomberg News recalls that Judge Griesa in 2012 barred Argentina
from paying the restructured debt without also paying $1.6 billion
to the holdouts, led by NML Capital Ltd., a unit of Paul Singer's
Elliott Management Corp. hedge fund.  The U.S. Court of Appeals in
New York upheld that ruling, which took effect after the U.S.
Supreme Court declined to hear the case in June.

                         25 Lawsuits

Bloomberg News notes that Argentina told Judge Griesa in November
that holders of its defaulted bonds have filed 25 lawsuits since
June as investors seek to profit from his order.

In the dispute over subpoenas, Argentina had argued that the
Foreign Sovereign Immunities Act bars sharing information about
sovereign property "that is potentially immune from attachment,"
according to the ruling, Bloomberg News relays.

Argentina's lawyer, Jonathan Blackman of Cleary Gottlieb Steen &
Hamilton LLP in New York, didn't immediately return a call or e-
mail seeking comment on the ruling.

The country argued that the demands of holdout investors for
documents were too broad because they "reach entities -- and, in
some cases, individuals -- that are not alter egos of the republic
and therefore not liable for Argentina's debts," Bloomberg News
says.

The appeals court disagreed, ruling that "broad post-judgment
discovery is the norm" in U.S. federal and state courts, Bloomberg
News discloses.  "Discovery" is the term for sharing information
in litigation.

                           Court Order

Bloomberg News says that the subpoenas are intended to aid holdout
creditors in seizing government assets outside Argentina to cover
the US$1.6 billion the country has refused to pay, despite a court
order to do so.

The subpoenas seek asset information from hundreds of state-
related entities with accounts or operations outside Argentina,
Bloomberg News relays.  Asset categories include bank accounts and
physical assets such as diplomatic and military property,
according to a person familiar with the litigation, Bloomberg News
notes.

For assets in the U.S. to be "attached," the property would need
to be used for a commercial activity, though that might include
the purchase of government items including bullets and boots for
the military, said the person, who asked not to be identified by
name because the discussions are private, Bloomberg News
discloses.

The holdout investors can't determine whether assets qualify under
the judgment unless they first get the information they seek
through the subpoenas, the person said, Bloomberg News notes.

Judge Griesa will still be able to review subpoenas based on
individual challenges, and grant or reject them on various
grounds, according to Dec. 24's ruling, Bloomberg News relays.

                         Tense Atmosphere

The appeals court also weighed in on the tense atmosphere that has
pervaded the dispute among Argentina, the holdouts and the judge
in Manhattan, including NML's bid for a contempt ruling against
the nation and harsh words by Griesa over newspaper advertisements
placed by Argentina that were perceived as attacks on the
investors, Bloomberg News notes.

"We stress that Argentina -- like all foreign sovereigns -- is
entitled to a degree of grace and comity," the appeals court said
in its ruling, Bloomberg News says.  "We urge the district court
to closely consider Argentina's sovereign interests in managing
discovery, and to prioritize discovery of those documents that are
unlikely to prove invasive of sovereign dignity," the court said.

Bloomberg News relays that Mr. Blackman, Argentina's lawyer, said
in arguments before the appeals panel on Dec. 17 that he didn't
know whether the country would comply with the subpoenas if they
were backed on appeal.  He called the requests "unprecedented."

                            'No State'

"No state has ever before been asked to turn over the keys to its
defense establishment, its national security establishment, its
military establishment, the personal property of its president,
and state officials," Mr. Blackman said at the hearing, Bloomberg
News notes.

The appellate judges repeatedly questioned him about the
legitimacy of Argentina's claim of immunity.

"We have a situation here where you waived sovereign immunity, you
submitted yourself to the jurisdiction of the courts of New York,"
the appeals court said during oral argument, Bloomberg News
relates.  "You litigated your obligation under these bonds, for
years, before this court. You lost," the court added.

The case is NML Capital Ltd. v. Republic of Argentina, 08-cv-
06978, U.S. District Court, Southern District of New York
(Manhattan).

                        *     *     *

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

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

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

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

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

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

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

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


ARGENTINA: To Cut Local Energy Prices After Crude Oil Plunge
------------------------------------------------------------
Daniel Cancel and Camila Russo at Bloomberg News report that
Argentina, which regulates domestic energy prices, will cut
gasoline prices for consumers and reduce the value companies
receive for a barrel of oil after international crude prices
collapsed.

Argentine Economy Minister Axel Kicillof said the federal
government, crude-producing municipalities, oil companies and
unions agreed to a 5 percent cut in gasoline prices and to reduce
the domestic oil barrel price by US$7 starting Jan. 1, according
to Bloomberg News.  Argentine crude is sold in a range of about
US$60 to US$80 a barrel.

Bloomberg News relays that Argentina had authorized gasoline price
increases of about 40 percent over the past year, almost in line
with the country's estimated annual inflation rate.  YPF SA (YPF),
the state-run energy company, has the largest market share for
gasoline and is the biggest producer.  Pan American Energy, a
joint venture between Bridas and BP Plc, is the largest exporter
of crude.

"Given the international conditions, we worked hard to reach an
agreement that will be reflected in the pockets of workers,"
Bloomberg News quoted Minister Kicillof as saying.  "At the same
time, we can not allow for a drop in oil companies' output,"
Minister Kicillof added.

Bloomberg News notes that Minister Kicillof said companies that
maintain or boost production and exports will be rewarded.

"It's very good news," Cabinet Chief Jorge Capitanich said at a
press conference in Buenos Aires, Bloomberg News notes.  "It will
have an impact on all businesses," Mr. Capitanich added.

Crude in international markets has fallen by more than 40 percent
this year, Bloomberg News notes.  Oil is set for the biggest
annual loss since 2008 amid the highest U.S. output in more than
three decades, Bloomberg News says.

Guillermo Pereyra, a senator and head of an oil workers union in
Neuquen province, had announced the measures to reporters,
Bloomberg News added.

                          *     *     *

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

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

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

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

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

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

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

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


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


BRAZIL: To Get IDB Loan for Drainage, Sanitation Services in MJ
---------------------------------------------------------------
Brazil will improve the quality of life in the municipality of
Joinville (MJ) with a program to mitigate the risks of floods,
expand access to basic sanitation services, preserve water sources
and increase the administrative and operational capacity of the
municipality, thanks to the Viva Cidade 2 program approved by the
Inter-American Development Bank (IDB).

The project, which will be implemented by MJ authorities, will
include programs for macro and micro drainage, sanitation,
creation of recreational spaces and strengthening MJ operations.

Activities related to improvements in environmental quality will
include, among others, investments in sewage systems, a pump
station and construction of linear parks and will benefit
approximately 5,600 homes through access to sanitation networks
and about 10,000 people through expanded areas for aquatic
recreation.

To ensure the sustainability of the project, it also includes an
effort to improve the operational strength of MJ that will
include, among other factors, studies on how to recover the costs
of the investment, operational manuals, the acquisition of
equipment for macro and micro drainage and the overall monitoring
of the program.  The design and implementation of a plan for
social-environmental communication, with a focus on gender, will
also help MJ to improve its planning and use of urban spaces and
natural resources.

The total cost of the project will be $140 million, including $70
million from the IDB's Ordinary Capital and a local contribution
of $70 million.  The loan will be for 25 years, with a grace
period of 5.5 years and an interest rate based on LIBOR.


TONON BIOENERGIA: S&P Affirms 'B' CCR; Outlook Remains Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit and senior secured debt ratings on Tonon Bioenergia S.A.
(Tonon).  S&P also affirmed the 'B-' unsecured debt rating.  The
outlook on the corporate credit rating remains stable.

The ratings affirmation and stable outlook reflect S&P's belief
that Tonon has lowered refinancing pressures and should gradually
improve FOCF in fiscal 2016 amid lower capital expenditures
(capex) and costs, despite weak industry fundamentals.  Cane
output declined at the company's two Sao Paulo mills.  However,
the increased volumes at the Mato Grosso do Sul mill, improved
revenues and EBITDA from sugar exports due to a weaker Brazilian
Real, and better ethanol profitability are the mitigating factors.
Also, despite the weaker metrics due to the effect of weakening
real on Tonon's dollar-denominated debt, the company extended
maturities and obtained new borrowings for refinancing purposes.
This action has eliminated new funding needs until the beginning
of the 2016 harvest, when Tonon starts to build up inventories
again.  Finally, S&P believes cash flow generation will be higher
in the third and fourth quarters, thanks to higher inventory
levels and lower capex and costs.

In S&P's view, Tonon's financial risk profile will continue to be
"highly leveraged," due to shortfall in FOCF and volatile leverage
and cash flows.  S&P chose the anchor score of 'b' instead of 'b-'
because compared with other 'B' rated companies, S&P believes
Tonon's core financial metrics are converging towards an
"aggressive" financial risk profile in the next few quarters,
excluding the uncontrollable effect of the foreign exchange
volatility.


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


A&Q SELECT: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 6, 2014, the shareholders of A&Q Select Funds - Euro
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1, Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


A&Q SELECT (FEEDER): Commences Liquidation Proceedings
------------------------------------------------------
On Nov. 6, 2014, the shareholders of A&Q Select Funds - Euro
(Feeder) Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


AQR GLOBAL: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 5, 2014, the sole shareholder of AQR Global Stock
Selection HV Offshore Fund Ltd. resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jennifer Parsons
          Telephone: (345) 815-1820
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


AQR GLOBAL MASTER: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 5, 2014, the sole shareholder of AQR Global Stock
Selection HV Master Account Ltd. resolved to voluntarily wind up
the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jennifer Parsons
          Telephone: (345) 815-1820
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


AQR R.C.: Placed Under Voluntary Wind-Up
----------------------------------------
On Nov. 5, 2014, the sole shareholder of AQR R.C. Equity Master
Account Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jennifer Parsons
          Telephone: (345) 815-1820
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


CAPITAL FUND: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 5, 2014, the sole shareholder of The Capital 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:

          Jonathan Culshaw
          Telephone: (345) 949 8599
          Facsimile: (345) 949 4451
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


CAPITAL HEDGE: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 5, 2014, the sole shareholder of The Capital Hedge 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:

          Jonathan Culshaw
          Telephone: (345) 949 8599
          Facsimile: (345) 949 4451
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


CHATER CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
On Oct. 28, 2014, the shareholder of Chater Capital Advisors
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:

          Chang Yung Kang Peter
          GPO Box 10914 General Post Office
          Hong Kong


CITCO INVESTMENT: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 6, 2014, the shareholders of Citco Investment Advisors
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 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


HH GENERATION: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Nov. 7, 2014, the shareholders
of HH Generation Inc. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 17, 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


ISLAND NOMINEES: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 5, 2014, the shareholders of Island Nominees 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:

          Delta FS Limited
          Andrew Edgington
          Telephone: (345) 743 6630
          Harbour Place, 5th Floor
          103 South Church Street
          P.O. Box 11820 Grand Cayman KY1-1009
          Cayman Islands


MARATHON REAL: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 24, 2014, the shareholders of Marathon Real Estate Hotel
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:

          Delta FS Limited
          c/o Andrew Edgington
          Telephone: (345) 743 6630
          Harbour Place, 5th Floor
          103 South Church Street
          P.O. Box 11820 Grand Cayman KY1-1009
          Cayman Islands


STRONGMAN HOLDINGS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 6, 2014, the sole shareholder of Strongman Holdings
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

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


TOM JONES: Commences Liquidation Proceedings
--------------------------------------------
On Nov. 4, 2014, the members of Tom Jones International 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:

          Jeffrey D. Johnstone
          Broadhurst LLC
          P.O. Box 2503
          40 Linwood Street
          Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949-7237
          Facsimile: (345) 949-7725


UBS ALTERNATIVE: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 3, 2014, the shareholders of UBS Alternative Strategy
Funds - Equity Hedged Long-Short Master Limited resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 15, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


====================
E L  S A L V A D O R
====================


BANCO AGRICOLA: S&P Lowers ICR to 'B+'; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit ratings (ICRs) on the Salvadorian-based commercial banks
Banco Agricola S.A. and Banco Davivienda Salvadoreno S.A. to 'B+'
from 'BB-'.  At the same time, S&P affirmed its short-term ICRs on
the banks at 'B'.  The outlook on these entities is stable.

The rating action follows S&P's downgrade of El Salvador.  The
downgrade reflects a continued, gradual erosion of the
government's financial profile due to a combination of
persistently low economic growth and elevated fiscal deficits,
which are due in large part to shortfalls in the country's pension
system.  The resulting steady increase in the government's debt
burden raises its vulnerability to potential adverse external
shocks.

The downgrade on Banco Agricola S.A. and Banco Davivienda
Salvadoreno S.A. reflects S&P's view that the Salvadorian
sovereign rating constrains S&P's ratings on the banks because of
their significant exposure to the sovereign through government
securities.  In addition, S&P believes that these entities are
exposed to the Salvadorian economy.  The stand-alone credit
profiles (SACPs) of Banco Agricola (bb+) and Banco Davivienda
Salvadoreno (bb) are above the foreign currency rating on El
Salvador.

S&P views economic risks for Salvadorian banks to be higher than
the global average, and S&P do not expect improvements in the near
term.  The increasing government fiscal deficits will continue to
limit the country's growth prospects and increase risk for the
financial system.  S&P expects that domestic credit demand will
remain moderate and constrained by the still-low banking
penetration in the country.  Household debt has been increasing
amid stronger internal consumption, despite the still-low GDP per
capita in the country.  Credit risk in the economy remains very
high, in S&P's view, given the low GDP per capita, relaxed
underwriting standards, and weak payment culture and rule of law.

S&P views industry risks in El Salvador as slightly lower than
those in peer countries.  Bank penetration is still low and S&P
expects deposits to continue to grow, albeit at a slower pace than
credit, leading banks to raise funding abroad.  Domestic financial
regulation is still not fully compliant with international
standards, and progress in key areas has been slow.  The presence
of large foreign-owned banks has been important for the relative
stability of the system.

The downgrade of the sovereign did not immediately trigger a
change in BICRA group for El Salvador (which is currently in group
'7'), as S&P's economic resilience score already incorporated the
extremely high risk in the country due to its large fiscal
deficits.  Nevertheless, S&P expects political polarization and
rising deficits to limit GDP growth, to around 2%-3% per year,
constraining improvement on income levels while household debt is
increasing.  Overall weakening macroeconomic conditions could
lower payment capacity and credit quality.  Additionally, rising
government deficits could eventually increase the banks' exposure
to a weak sovereign, worsening the banks' overall credit quality.
S&P expects credit to grow about 7.0%-8.0% in the next two years,
mainly fueled by internal consumption, and nonperforming loans
(NPLs) to remain at around 3.0%.

In S&P's opinion, the industry risk trend for El Salvador is
stable.

The stable outlook on Banco Agricola and Banco Davivienda
Salvadoreno reflects S&P's view that the ratings will continue to
be limited by the foreign currency ratings on El Salvador--as a
result of the banks' exposure to the sovereign in their respective
balance sheets.  The outlook on these banks also reflects S&P's
assessments of the current SACPs and group support.


===========
G U Y A N A
===========


GUYANA: To Get US$15MM IDB Loan to Finance Security Program
-----------------------------------------------------------
Guyana has secured a $15 million loan from the Inter-American
Development Bank for a citizen security program that helps
communities better resolve conflicts in non-violent ways, improves
police effectiveness and availability of crime data, and provides
opportunities to rehabilitate and reinsert prisoners back into
society.

Guyana's homicide rates have nearly doubled since 2000, to 20.7
per 100,000, and the country suffers from high rates of robberies
and domestic violence, with one out of every six women reporting
physical abuse in the past year.

The project will focus on 20 communities that have the highest
rates of homicides, robberies, burglaries and domestic violence.

The operation will finance a series of surveys to measure changes
in levels of crime victimization and citizens' perception of
security, a national survey to understand the extent and causes of
domestic violence and violence against women as well as a crime
and violence study in Amerindian communities.

The program aims to certify 8,400 individuals in vocational
training and conduct 240 training workshops to community members,
ranging from mentoring programs to job placement.

The project will set up an evidence-based community policing model
that includes training, technological improvements, and crime and
violence surveys to improve data availability.  About 3,400
officers are to receive community engagement training and 1,700 in
will attend courses on forensic and investigation techniques.

Actions to improve rehabilitation and reintegration of prisoners
include a prison census in five prisons and the design a new case
management system, among other outputs.

Half of the $15 million loan is financed from the IDB's Fund for
Special Operations, which carries a 0.25 percent interest rate and
a 40-year amortization period.  The remainder is financed from
ordinary capital with a fixed interest rate and a 30-year
amortization period.


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


MEXICO: Withdraws US$3.4 Billion From Pemex as Oil Revenue Shrinks
------------------------------------------------------------------
Isabella Cota and Carlos Manuel Rodriguez at Bloomberg News report
that Mexico's Finance Ministry took out MXN50 billion (US$3.4
billion) from the state oil company Petroleos Mexicanos, according
to a statement sent to the Mexican Stock Exchange.

The payment this month was meant to "make management of public-
sector finances more efficient," according to the filing from the
oil company, known as Pemex, Bloomberg News notes.  The withdrawal
marks a departure from the government's usual methods of obtaining
revenue from Pemex, which include taxes and royalties, Bloomberg
News relates.

Pemex typically provides about a third of the federal budget, and
its contributions dropped this year as the oil company faced
production declines and falling crude prices, Bloomberg News
discloses.  During the first 11 months of 2014, taxes paid by
Mexico City-based Pemex declined by about 260 billion pesos, or 22
percent, from the same period of 2013, according to records,
Bloomberg News says.

The withdrawal shows "a near addiction to Pemex's revenue by the
ministry," Fluvio Ruiz, a board member of the oil company's
petrochemical unit, said in a phone interview with Bloomberg News.

Mr. Ruiz said he had no prior knowledge of the disclosure through
his role at the company, Bloomberg News relays.


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


INSTITUTO MEDICO: Taps Hooper Lundy as Special Counsel
------------------------------------------------------
Instituto Medico Del Norte Inc. asks the U.S. Bankruptcy Court
for the District of Puerto Rico for permission to employ Robert L.
Roth, Esq. and the firm of Hooper, Lundy & Bookman, P.C., as its
special counsel.

The firm will provide Hospital Wilma N. Vazquez with legal
services relating to resolving the Hospital's Medicare DSH Part C
days issue, which is currently pending in the Hospital's appeal
before the Provider Reimbursement Review Board for fiscal years
2003, 2004, 2005 and 2006.

Mr. Roth will be retained by the Debtor for an initial flat fee of
$5,000 and an additional 10% of any recovery on the claims being
collected on behalf of the Debtor, plus reasonable expenses.

The Debtor assures the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

Mr. Roth can be reached at:

   Robert L. Roth, Esq.
   HOOPER, LUNDY & BOOKMAN, P.C.
   401 9th Street, NW, Suite 550
   Washington, D.C. 20004
   Tel: (202) 580-7700
   Fax: (202) 580-7719
   E-Mail: rroth@health-law.com

                      U.S. Trustee Objection

Guy G. Gebhardt, the United States Trustee for Region 21, objects
to the compensation provisions of the second application that
attempts to establish that any fee or retainer disbursed will be
regarded as non-refundable; earned upon receipt, not to be
property of the estate and not applied to interim billing.

According to the U.S. Trustee, the fee or retainer cannot cease to
be property of the estate and cannot be regarded as non-refundable
or earned upon receipt in contravention of Section 330 of the
Bankruptcy Code, which provides that professional fees are not
earned without prior approval of the court.  Therefore, by
operation of Section 330 in the event the fee or retainer is not
used up as payment for the services provided the balance of
unearned monies must be returned to Debtor, the U.S. Trustee
points out.

The U.S. Trustee adds, as to the $5,000 fee or retainer which is
to be disbursed post-petition to the proposed professional, the
post-petition disbursement is not in the ordinary course of the
Debtor's business and can only be allowed, if the circumstances so
warrant it.

                      About Instituto Medico

Instituto Medico del Norte, Inc. -- aka Centro Medico Wilma N.
Vazquez, aka Hospital Wilma N. Vazquez Skill Nursing Facility of
Centro Medico Wilma N. Vazquez -- sought protection under Chapter
11 of the Bankruptcy Code on Oct. 30, 2013 (Bankr. D.P.R. Case No.
13-08961). The case is assigned to Judge Mildred Caban Flores.

The Debtor scheduled $20,843,692 in total assets and $20,107,642
in total liabilities.  The Debtor, however, said its real property
has a book value of $16,000,000 and personal property is worth
$6,105,979.

The Debtor is represented by Fausto David Godreau Zayas, Esq., and
Rafael A. Gonzalez Valiente, Esq., at Latimer Biaggi Rachid &
Godreau, in San Juan, Puerto Rico.  Luis B. Gonzalez & Co. CPA's
P.S.C. serves as accountant.

The U.S. Trustee for the District of Puerto Rico in December
appointed Dr. Carlos Mellado (b/t Lcda Dinorah Collazo Ortiz) as
patient care ombudsman.


PMC MARKETING: Court Dismissed Adversary Suit vs. Villa Blanca
--------------------------------------------------------------
Judge Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico granted the Defendant's motion for summary
judgment in the adversary proceeding captioned Noreen Wiscovitch
Rentas, Chapter 7 Trustee v. Villa Blanca VB Plaza LLC, Case No.
12-00071, filed in the bankruptcy case of PMC Marketing Corp.

In the summary judgment motion, the Defendant argues that there
are no genuine issues as to any material facts and that,
therefore, the moving party is entitled to judgment as a matter of
law.  The Defendant alleges that the Plaintiff had the duty to
present a fair, accurate and complete record to which the
Plaintiff has the initial responsibility of informing the Court
the basis for its motion.  The Defendant points to the Plaintiff's
complaint, which indicated that there was little information
regarding transfers because of the Debtor's failure to provide
documentation.

In opposition, the Plaintiff points out that it does not have to
conclusively resolve the disputed issue at hand in order to
prevail in a summary judgment motion.  Therefore, it only needs to
show that evidence supporting the dispute is such that a judge or
jury is required to resolve the differing versions at trial.  The
Plaintiff established that $20,915 is the correct amount as
demonstrated by the Debtor's bank statements as the Debtor made
two monthly payments of $10,457 totaling $20,915 in the months of
January and February of 2009 during the preference period.

Accordingly, the Court opined that there are no genuine issues of
material fact and, thus, a trial is unnecessary.  With no genuine
issues of material facts at hand, the Court said it will not
address whether $10,457 or $20,915 could be avoided by the Trustee
since the Defendant has established the standard of ordinary
course of business exception.

Judge Tester ruled that the Plaintiff failed to present sufficient
evidence to demonstrate that there is a genuine issue of fact in
dispute for a trial, or that summary judgment should be granted in
her favor.  Hence, Judge Tester granted the Defendant's Motion for
Summary Judgment, and the adversary case is dismissed.

A full-text copy of the December 2, 2014 Opinion and Order is
available at http://bit.ly/1AQiaa5from Leagle.com.

PMC Marketing Corp. filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 09-02048) on March 18, 2009.  The case was
converted into a Chapter 7 proceeding on May 19, 2010.  On May 20,
2010, Noreen Wiscovitch-Rentas was appointed the Chapter 7
trustee.


=================
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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