TCRLA_Public/150106.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, January 6, 2015, Vol. 16, No. 003


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Biggest Ever Deficit for 2015, PM Says


B R A Z I L

CENTRAIS ELETRICAS: Fitch Raises IDR to 'BB-'; Outlook Now Stable
OAS S.A.: Fitch Lowers Issuer Default Ratings to 'C'
OAS SA: To Sell Assets After Missing Bond Payment
PETROLEO BRASILEIRO: Shares Worth Less Now


C A Y M A N  I S L A N D S

ACQ EQUITY: Shareholder Receives Wind-Up Report
ASIAN CENTURY: Shareholder Receives Wind-Up Report
ASIAN CENTURY MASTER: Shareholder Receives Wind-Up Report
ATRIUM II: Shareholder Receives Wind-Up Report
CA CAT: Shareholder Receives Wind-Up Report

CANADIAN GLOBAL: Shareholder Receives Wind-Up Report
CRAFT 2011-2: Shareholder Receives Wind-Up Report
CRAFT 2011-3: Shareholder Receives Wind-Up Report
CSAM FUNDING IV: Shareholder Receives Wind-Up Report
GOLUB CAPITAL: Shareholder Receives Wind-Up Report

KATONAH V: Shareholder Receives Wind-Up Report
LDK SOLAR: Forgives $46MM SPI Receivable in Exchange for $11MM
LDK SOLAR: Extraordinary General Meeting Set for January 22
LDK SOLAR: Has Deposit Agreement With JPMorgan Chase
LIWA DEAL: Shareholder Receives Wind-Up Report

MA YORK: Shareholder Receives Wind-Up Report
MARK IV: Shareholder Receives Wind-Up Report
MINETTE GP: Shareholder Receives Wind-Up Report


P U E R T O    R I C O

SUPER BUY: Reorganization Plan Outline Hearing on Feb. 17


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Adding More Flights in Early 2015


V E N E Z U E L A

VENEZUELA: Brazil to Support Industrialization Plans


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: Biggest Ever Deficit for 2015, PM Says
---------------------------------------------------------
The Daily Observer reports that Antigua and Barbuda Prime Minister
Gaston Browne said the government's spending will be 450 million
dollars above revenues this year.  Mr. Browne said it is the
largest funding deficit in the history of the country, according
to The Daily Observer.

The report notes that Mr. Browne says the problem was inherited
from the former UPP-administration.

"To fix ABIB alone we're looking at EC$350 million.  No provision
was made for that in the budget, but for those issues that we've
decided to tackle, the debts that we intend to pay.  We're looking
at a deficit of EC$450 million.  It is really a function of, let's
say, expenditure literally growing out of control and secondly, a
situation in which we are literally over borrowed.  We have a very
high debt GDP so that the country is not generating sufficient
resources to fund it's obligations," the report quoted Mr. Browne
as saying.

Mr. Browne said his ABLP-government intends to reduce wasteful
spending, though he admitted that the former administration in its
last term did cut a lot of the waste.  The prime minister says the
government will have to borrow from the regional securities market
and receive grants to fill the EC$450 million gap, the report
notes.

"And the other grants that we are pursuing we should get a 13.5
million dollar grant from the government of Mexico that is part of
our housing program and other smaller grants.  Plus we intend to
increase the CIP considerably," Mr. Browne added.

                          *     *     *

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


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


CENTRAIS ELETRICAS: Fitch Raises IDR to 'BB-'; Outlook Now Stable
-----------------------------------------------------------------
Fitch Ratings has upgraded Centrais Eletricas do Para S.A.'s
(Celpa) foreign and local currency Issuer Default Ratings (IDRs)
to 'BB-' from 'B-' and long-term National Scale Rating to 'A(bra)'
from 'BB+(bra)'.  The Rating Outlook is revised to Stable from
Positive.  Subsequently, Fitch has withdrawn the company's IDRs
for business reasons.

KEY RATING DRIVERS

Celpa's ratings upgrade reflects Fitch's view of a stronger
support from the parent Equatorial Energia S.A. (Equatorial) to
the company, underpinned by capital injections, capitalization of
debts and loans guarantee.  Fitch expects Equatorial's support to
Celpa through loans guarantees to increase in the coming years, as
new debt should be raised with this structure.  Celpa's ratings
also incorporates the achievement of more conservative credit
metrics due to improvements in the company's operational cash
flow, supported by strong growth of energy volumes invoiced and
positive results in cost control measures, in addition to energy
losses reduction.

Celpa's ratings consider that its still high financial leverage
and reduced operating cash generation are somewhat mitigated by
the extended debt maturity schedule and low financial cost.  The
company also benefits from its business profile, in view of its
exclusivity rights to distribute electricity within its concession
area in the Para State.

Regulatory risk for the Brazilian electricity sector is moderate,
and hydrological risk is currently above average.  This puts
additional pressure on Celpa's cash flow due to increased costs
related to high energy prices in the spot market and heavy
dispatches of thermal plants.  Positively, those non-manageable
costs are being partially mitigated by a sectorial fund, and the
remaining portion should be recovered later through tariff
increase.  In this scenario, Fitch views the adoption of the
'tariff flag' and the reduction on the energy price in the spot
market as positive for the distributors' liquidity.

Positive Shareholder Support

Equatorial has already injected BRL701 million in cash into Celpa
as equity contribution since November 2012, which has benefited
its liquidity position.  In addition, the shareholder has
capitalized BRL433 million of an intercompany loan and is
guaranteeing the BRL875 million bank loan raised by Celpa at the
end of September 2014.  Celpa reported intercompany loans of
BRL549 million with Equatorial at the end of September 2014, which
is not expected to be paid in the short term.  At the end of the
third quarter of 2014, Equatorial reported robust liquidity
position, with BRL281 million in cash and marketable securities
position and no debt on an individual basis.

Celpa's Leverage Should Decline

The analysis also incorporates Fitch's expectation that the
company's adjusted net leverage should decrease to more
conservative levels in the next few years.  In the last 12 months
ended on Sept. 30, 2014, total debt-to-EBITDA and net debt-to-
EBITDA ratios of 13.3x and 11.9x, respectively, improved in
relation to the 31.5x and 28.8x achieved in 2013.  On a pro forma
basis, combining Celpa and Equatorial holding, total debt-to-
EBITDA and net debt-to-EBITDA were 8.6x and 6.5x, respectively.
The agency forecasted a combined net leverage of 5.5x in 2014,
based on current accounting rules, declining to 4.0x - 5.0x at the
following three years.

Cash Generation Should Significantly Improve

Fitch expects Celpa to generate a more robust operational cash
generation in the coming years.  Equatorial, the new shareholder
that acquired Celpa on November 2012, has a robust track record in
improving operational and financial performance.  Fitch expects
Equatorial to achieve at Celpa the same strong results obtained at
Companhia Energetica do Maranhao (Cemar - National Long-term
rating 'AA-(bra)'), the other distribution company of the group.

Celpa has already been showing positive results in 2013 and 2014,
although it still needs to be proved as sustainable.  In the last
12 months ended on September 2014, EBITDA was BRL230 million
compared with BRL89 million reported in 2013.  The agency expects
an EBITDA of around BRL300 million in 2014, and BRL574 million
including regulatory assets.

Lengthened Debt Maturity Profile

Celpa's debt profile benefits from an extended maturity schedule,
low financial cost and reduced foreign exchange risk as a result
of the debt renegotiation under the bankruptcy protection process.
At the end of September 2014,total debt was BRL3 billion, with 60%
of its financial obligations maturing beyond 2018 and cash and
marketable securities position of BRL323 million.

Fitch believes that the parent support from Equatorial mitigates
some Celpa's refinancing risk in the short term.  On a pro forma
basis, Equatorial's and Celpa's cash position was BRL604 million,
a coverage of 0.8x for the company's short-term debt.  The end of
the bankruptcy protection period on December 2014 should also
improve the company's ability to raise debt.

FCF to Remain Negative

Celpa's free cash flow (FCF) should remain negative for at least
the next couple of years.  The company's capital expenditures are
expected to be high in 2014 in order to support the ambitious
operational improvements expected for the coming years.  In the
LTM ended on Sept. 30, 2014, free cash flow (FCF) was negative at
214 million.  The cash flow performance from 2015 on will largely
depend on the result of the tariff review process, which is
expected to have a net positive effect to the company, mainly due
to the recognition of a much stronger asset base.

Positive Results in Loss Reduction

The reduction of energy losses is an important challenge for
Celpa.  The company's cash flow generation has been negatively
impacted by energy losses above the maximum levels established by
the regulatory agency and contemplated in its tariffs to end
consumers.  Actions to reduce losses started effectively in August
2013 within this new management team period, with recent positive
results.  In the LTM ended September 2014, energy losses of 31.7%
compares unfavorably with regulatory losses of 27.1% but showed a
great improvement compared to 36.5% recorded one year before.

RATING SENSITIVITIES

Future actions that may individually or collectively cause Fitch
to take a positive rating action include:

   -- Firm progress towards the achievement of a pro forma net
      debt/EBITDA, combining Equatorial holding and Celpa, below
      3.5x;
   -- A return to positive free cash flow generation at Celpa;
   -- Further evidence of improvements in Celpa's operational cash
      flow, supported by losses reduction, combined with growth of
      energy volumes invoiced and positive results in cost control
       measures.

Future actions that may individually or collectively cause Fitch
to take a negative rating action include:

   -- Pro forma net net leverage remaining at or above 4.5x;
   -- Perception of lower support from Equatorial to Celpa.

Fitch has taken these rating actions:

   -- Foreign and Local currency Issuer Default Ratings (IDRs)
      upgraded to 'BB-' from 'B-' and then withdrawn;
   -- National scale rating upgraded to 'A(bra)' from 'BB+(bra)'.

The Rating Outlook is revised to Stable from Positive.


OAS S.A.: Fitch Lowers Issuer Default Ratings to 'C'
---------------------------------------------------
Fitch Ratings has downgraded the Foreign Currency (FC) and Local
Currency (LC) Issuer Default Ratings (IDRs) of OAS S.A. and
Construtora OAS S.A. to 'C' from 'B+' and their long-term National
Scale ratings to 'C(bra)' from 'BBB+(bra)'.  In conjunction with
these rating actions, Fitch has downgraded the National Scale
rating of OAS Empreendimentos S.A. to 'C(bra)' from 'BBB-(bra)'.
All issuances related to these three companies, as well as the
perpetual bonds issued by OAS Finance Ltd. and the senior
unsecured notes issued by OAS Investments GmbH and OAS Finance
Ltd., were also affected by this rating action.

The ratings were removed from Negative Watch.

KEY RATING DRIVERS

These downgrades follow the announcement by OAS that it did not
pay the interest on its USD400 million senior unsecured notes due
2021, in the amount of USD16 million, issued by OAS Finance Ltd.
due today, thus entering the 30-day cure period.  This issuance is
guaranteed by OAS S.A., Construtora OAS S.A. and OAS Investimentos
S.A.  Since Nov. 19, 2014, all OAS company ratings have been on
Negative Watch, reflecting Fitch's concerns as to the financial
and business impacts on these corporates from corruption
allegations on contracts between Petrobras and several companies
in the sector and the ensuing federal investigation.

OAS and its subsidiaries' 'C' ratings reflect the company's
imminent default on this issuance and other financial obligations
to mature within the next days.  The principal and interest
payment of OAS S.A.'s 9th debenture issuance will mature on
Jan. 5, 2015 and most likely will not be paid, which may lead to
an event of default depending on the investor's behavior.  An
event of default can also accelerate the maturity of other debts
at OAS S.A., Construtora OAS S.A. and OAS Empreendimentos S.A.,
putting additional pressure on the OAS Group's liquidity.

OAS Group is facing difficulties in accessing credit lines and, in
the case of Construtora OAS S.A., in dealing with its clients in
terms of receiving payments and recognition of claims from
important projects.  The company has chosen a strategy to preserve
its liquidity, opting to not pay its financial obligations in the
short term.  With such a strategy, OAS intends to retain enough
liquidity to fund its working capital needs and keep its
operational activities as close to the regular pace as possible.
At the same time, the company will have the challenge to
renegotiate new terms and conditions of the payments with several
debtholders; such decisions are not managed by the company.
Disappointments in negotiating with creditors could lead the
company to file for bankruptcy protection.  OAS also mentioned its
intention to explore the sale of certain assets in its portfolio.

According to OAS, its cash and marketable securities are expected
to reach BRL1 billion at Dec. 31, 2014.  At the end of September
2014, OAS S.A. reported total recourse debt of BRL7.7 billion and
unrestricted cash and marketable securities of BRL1.4 billion,
under Fitch's methodology. Coverage ratio, measured by cash over
short-term debt was 1.4x.

RATING SENSITIVITIES

Absent a material new event, OAS S.A. and its subsidiaries are
likely to default on their debt in the near future.  Fitch
considers the agreement of all creditors to renegotiate their debt
as unlikely.

Fitch has downgraded these ratings:

OAS S.A.:
   -- FC IDR to 'C' from 'B+';
   -- LC IDR to 'C' from 'B+';
   -- National scale rating to 'C(bra)' from 'BBB+(bra)';
   -- BRL300 million debentures 3rd issuance due 2016 to 'C(bra)'
      from 'BBB+(bra)';
   -- BRL250 million debentures 4th issuance due 2027 to 'C(bra)'
      from 'BBB+(bra)';
   -- BRL300 million debentures 5th issuance due 2015 to 'C(bra)'
      from 'BBB+(bra)'.

Construtora OAS S.A.:
   -- FC IDR to 'C' from 'B+';
   -- LC IDR to 'C' from 'B+';
   -- National scale rating to 'C(bra)' from 'BBB+(bra)'.

OAS Investments GmbH:
   -- FC IDR to 'C' from 'B+';
   -- USD850 million senior unsecured notes due 2019 to 'C/RR4'
      from 'B+/RR4'.

OAS Finance Ltd.:
   -- USD500 million perpetual bonds to 'C/RR4' from 'B+/RR4';
   -- USD400 million senior unsecured notes due 2021 to 'C/RR4'
      from 'B+/RR4'.

OAS Empreendimentos S.A.:
   -- National scale rating to 'C(bra)' from 'BBB-(bra)'.


OAS SA: To Sell Assets After Missing Bond Payment
-------------------------------------------------
Boris Korby and Christiana Sciaudone at Bloomberg News report that
OAS SA said it will sell assets to boost liquidity after missing a
bond payment and getting a ratings cut.

"Because of the difficulties in accessing credit markets, OAS is
in discussions with some of its main creditors for an organized
financial restructuring," the company said in an e-mailed response
to questions, according to Bloomberg News.

"OAS Finance Ltd., a subsidiary of OAS SA, didn't make the bond
payment to preserve liquidity and continue operations," the
company added, Bloomberg News relates.

OAS had its credit grade cut seven levels to C by Fitch Ratings
after missing a $16 million interest payment on dollar-denominated
bonds.

Bloomberg News relates that the company's US$400 million of
securities due 2021 have plunged to 33 cents on the dollar from
more than 90 cents in November amid a probe into builders that
allegedly bribed state-run oil producer Petroleo Brasileiro SA to
obtain contracts.

While OAS has a 30-day grace period to make the interest payment,
the company is likely to miss principal and interest due on
Brazilian bonds next week, which may lead to default, according to
Fitch, Bloomberg News relays.

OAS SA, which is having trouble accessing credit lines and
receiving payments from clients, has chosen to preserve cash as it
seeks to remain operational, Fitch said, Bloomberg News notes.

OAS has hired G5 Evercore as a financial adviser and Mattos Filho
Advogados and White & Case LLP as legal advisers to help with the
restructuring, Bloomberg News says.

Among the projects that OAS is working on are the Sao Paulo
international airport in Guarulhos and the Belo Monte hydropower
plant, which will be the world's third-largest dam, Bloomberg News
adds.


PETROLEO BRASILEIRO: Shares Worth Less Now
------------------------------------------
Kenneth Rapoza at Forbes reports that Petroleo Brasileiro S.A. is
now worth less than it was at its peak in May 2008.

Back then, Petrobras was worth around BRL$737 billion, or roughly
US$295 billion, according to Forbes.  But, a series of government
policies, from how royalties will be paid to states, to how a
share offering that increased the state's ownership of the
Brazilian oil giant's stock, turned investors off, the report
notes.

Then, this year, a serious corruption scandal involving dozens of
high level managers within the company, sent Petrobras shares into
the single digits, Forbes discloses.  It's now valued at BRL127
billion, less than US$50 billion.

The report notes that Petrobras shares have lost over 85% of their
value since 2009.  Two U.S. law firms have filed a class action
lawsuit against the company, citing abuses of the Securities Act
of 1934's provision on anti-fraud, the report relays.

The government-owned company's third quarter earnings have not
been released, because its auditors -- PriceWaterhouseCoopers --
doesn't trust the numbers and won't sign off them, the report
notes.

Brazil's local securities exchange commission has six
investigations out on the company, and all of this has turned what
was once a favorite of world oil stocks, into an investor's
disaster, the report relays.   Even Russian energy major Gazprom,
sanctioned since June and facing declining oil prices over the
last year, has done better than Petrobras over the last five
years, the report discloses.   And year-to-date, while the Russian
entity is also a problem for investors, Gazprom stock is down just
3% while Petrobras is down 48% year to date, the report notes.

In June of 2008, when oil prices were forecast by the market to
hit $200 a barrel, Goldman Sachs equity analysts put a $60 price
target on Petrobras shares, the report relays.  Five years later,
oil is not what it used to be, the report notes.  And neither is
Petrobras, the report says.

But, the Brazilian oil giant doesn't have sliding crude to blame
for its conundrums, the report notes.  No, it has its own
government to blame, the report relays.

Corruption and money laundering, once thought to be a thing of the
past for large Brazilian companies like this one, has taken away
something from Petrobras that will be hard to recover once the
scandals have been judged in the courts, the report discloses.

Petrobras will have to regain investor trust again, the report
says.  And that means, regardless of how cheap this stock looks
now, Petrobras has a long way to go before it becomes the
Brazilian darling it once was to shareholders, notes the report.

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.

As reported in the Troubled Company Reporter-Latin America on
Dec. 11, 2014, Moody's Investors Service lowered Petrobras'
Baseline Credit Assessment (BCA) to ba1 from baa3. The outlooks on
all of the ratings remain negative for Petrobras, Brazil's
national oil company.


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


ACQ EQUITY: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of ACQ Equity Income Master Fund, Ltd. received on
Nov. 3, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Desiree Jacob
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: (345) 815-1779
          Facsimile: (345) 949-9877


ASIAN CENTURY: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Asian Century Quest Smaller Companies Offshore
Fund, Ltd. received on Dec. 9, 2014, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Desiree Jacob
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: (345) 815-1779
          Facsimile: (345) 949-9877


ASIAN CENTURY MASTER: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Asian Century Quest Smaller Companies Master
Fund, Ltd. received on Dec. 9, 2014, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Desiree Jacob
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: (345) 815-1779
          Facsimile: (345) 949-9877


ATRIUM II: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Atrium II received on Dec. 19, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


CA CAT: Shareholder Receives Wind-Up Report
-------------------------------------------
The shareholder of CA Cat CO LLC received on Dec. 19, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


CANADIAN GLOBAL: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Canadian Global Funding Corporation received on
Dec. 19, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


CRAFT 2011-2: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Craft 2011-2, Ltd received on Dec. 19, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


CRAFT 2011-3: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Craft 2011-3, Ltd received on Dec. 19, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


CSAM FUNDING IV: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of CSAM Funding IV received on Dec. 19, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


GOLUB CAPITAL: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Golub Capital Senior Loan Opportunity Fund, Ltd
received on Dec. 19, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

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


KATONAH V: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Katonah V, Ltd received on Dec. 19, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


LDK SOLAR: Forgives $46MM SPI Receivable in Exchange for $11MM
--------------------------------------------------------------
A subsidiary of LDK Solar Co., Ltd., in provisional liquidation --
LDK Solar International Company Limited ("LDK Solar HK") -- has
entered into a settlement and mutual release agreement with Solar
Power, Inc., an associate with approximately 30% of equity
investment by LDK Solar Co.  Pursuant to the arrangement, LDK
Solar HK agreed to release and discharge SPI from all actions,
claims, demands, damages, obligations, liabilities, controversies
and executions arising out of SPI's payables of approximately $46
million to LDK Solar HK and subsidiaries, in exchange for a
settlement amount of $11 million, in addition to $17 million
already paid by SPI.  Pursuant to the settlement and mutual
release agreement, SPI will pay the $11 million additional
settlement amount in seven installments before December 31, 2015
in accordance with an agreed schedule. Unless extended with mutual
agreement, LDK Solar HK is entitled to revoke the settlement
arrangement should SPI default in the payment of any agreed
installment for more than 30 days.

              Schemes of Arrangement Become Effective

LDK Solar and its Joint Provisional Liquidators, Tammy Fu and
Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, said on
December 10 that the Cayman Islands schemes of arrangement in
respect of LDK Solar and LDK Silicon & Chemical Technology Co.,
Ltd. ("LDK Silicon") and the Hong Kong schemes of arrangement in
respect of LDK Solar, LDK Silicon and LDK Silicon Holding Co.,
Limited (the "Schemes") became effective as of that day. The
Cayman Islands schemes of arrangement were previously sanctioned
by the Grand Court of the Cayman Islands (the "Cayman Court"), and
the Hong Kong schemes of arrangement were previously sanctioned by
the High Court of Hong Kong.

LDK Solar and the JPLs also confirmed that pursuant to an order of
the Cayman Court dated December 10, the powers of the JPLs were
suspended (except for certain residual powers required to finalize
the provisional liquidation) and the powers of the directors of
LDK Solar were restored. With effect from December 10, the
directors may exercise all their powers as such, subject to the
powers granted to the scheme supervisors in respect of the
Schemes.

Pursuant to the terms of the Schemes, the consummation of the
restructuring transactions as contemplated in the Schemes was to
occur on December 17.

On December 18, LDK stated that, pursuant to the terms of the
Cayman Islands schemes of arrangement in respect of LDK Solar and
LDK Silicon & Chemical Technology Co., Ltd. and the Hong Kong
schemes of arrangement in respect of LDK Solar, LDK Silicon and
LDK Silicon Holding Co., Limited, the closing date for the
restructuring transactions in respect of LDK Solar's senior
noteholders and preferred shareholders, as contemplated in the
Schemes, occurred on December 17.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in
Hi-Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment. Its Joint
Provisional Liquidators are Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).
On Oct. 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands. The Chapter
15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-
12387).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois. The U.S. Debtors'
Delaware counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt &
73 Taylor, LLP, in Wilmington, Delaware. The U.S. Debtors'
financial advisor is Jefferies LLC. The Debtors' voting and
noticing agent is Epiq Bankruptcy Solutions, LLC.


LDK SOLAR: Extraordinary General Meeting Set for January 22
-----------------------------------------------------------
LDK Solar Co., Ltd., said in a regulatory filing that the
extraordinary general meeting of shareholders will be held on
January 22, 2015.

LDK Solar filed its report on Form 20-F for the fiscal year ended
December 31, 2013, with the U.S. Securities and Exchange
Commission on November 5, 2014.  A copy of the report is available
at http://1.usa.gov/1AoBwC3

              Schemes of Arrangement Become Effective

LDK Solar and its Joint Provisional Liquidators, Tammy Fu and
Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, said on
December 10 that the Cayman Islands schemes of arrangement in
respect of LDK Solar and LDK Silicon & Chemical Technology Co.,
Ltd. ("LDK Silicon") and the Hong Kong schemes of arrangement in
respect of LDK Solar, LDK Silicon and LDK Silicon Holding Co.,
Limited (the "Schemes") became effective as of that day. The
Cayman Islands schemes of arrangement were previously sanctioned
by the Grand Court of the Cayman Islands (the "Cayman Court"), and
the Hong Kong schemes of arrangement were previously sanctioned by
the High Court of Hong Kong.

LDK Solar and the JPLs also confirmed that pursuant to an order of
the Cayman Court dated December 10, the powers of the JPLs were
suspended (except for certain residual powers required to finalize
the provisional liquidation) and the powers of the directors of
LDK Solar were restored. With effect from December 10, the
directors may exercise all their powers as such, subject to the
powers granted to the scheme supervisors in respect of the
Schemes.

Pursuant to the terms of the Schemes, the consummation of the
restructuring transactions as contemplated in the Schemes was to
occur on December 17.

On December 18, LDK stated that, pursuant to the terms of the
Cayman Islands schemes of arrangement in respect of LDK Solar and
LDK Silicon & Chemical Technology Co., Ltd. and the Hong Kong
schemes of arrangement in respect of LDK Solar, LDK Silicon and
LDK Silicon Holding Co., Limited, the closing date for the
restructuring transactions in respect of LDK Solar's senior
noteholders and preferred shareholders, as contemplated in the
Schemes, occurred on December 17.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in
Hi-Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment. Its Joint
Provisional Liquidators are Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).
On Oct. 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands. The Chapter
15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-
12387).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois. The U.S. Debtors'
Delaware counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt &
73 Taylor, LLP, in Wilmington, Delaware. The U.S. Debtors'
financial advisor is Jefferies LLC. The Debtors' voting and
noticing agent is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on
September 17, 2014 from the holders of LDK Solar's 10% Senior
Notes due 2014, as guarantors of the Senior Notes, and required
such holders of the Senior Notes to return their ballots by
October 15, 2014. Holders of the Senior Notes voted
overwhelmingly in favor of accepting the Prepackaged Plan.


LDK SOLAR: Has Deposit Agreement With JPMorgan Chase
----------------------------------------------------
LDK Solar Co., Ltd., filed with the U.S. Securities and Exchange
Commission on December 16, a copy of the POST-EFFECTIVE AMENDMENT
NO. 1 TO FORM F-6 REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OF 1933 For Depositary Shares Evidenced by American Depositary
Receipts.  A copy of the document is available at
http://1.usa.gov/1xIBIy9

LDK Solar also filed with the U.S. SEC a copy of the AMENDED AND
RESTATED DEPOSIT AGREEMENT dated as of [DATE], 2014 among LDK
SOLAR CO., LTD. and its successors, JPMORGAN CHASE BANK, N.A., as
depositary, and all holders from time to time of American
Depositary Receipts issued ("ADRs") evidencing American Depositary
Shares ("ADSs") representing deposited Shares.

The Company appointed JPMorgan as depositary for the Deposited
Securities and authorized and directed the Depositary to act in
accordance with the terms set forth in the Deposit Agreement.   A
copy of the Deposit Agreement is available at
http://1.usa.gov/1F7rYky

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in
Hi-Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment. Its Joint
Provisional Liquidators are Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).
On Oct. 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands. The Chapter
15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-
12387).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois. The U.S. Debtors'
Delaware counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt &
73 Taylor, LLP, in Wilmington, Delaware. The U.S. Debtors'
financial advisor is Jefferies LLC. The Debtors' voting and
noticing agent is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on
September 17, 2014 from the holders of LDK Solar's 10% Senior
Notes due 2014, as guarantors of the Senior Notes, and required
such holders of the Senior Notes to return their ballots by
October 15, 2014. Holders of the Senior Notes voted
overwhelmingly in favor of accepting the Prepackaged Plan.


LIWA DEAL: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Liwa Deal Limited received on Dec. 19, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


MA YORK: Shareholder Receives Wind-Up Report
--------------------------------------------
The shareholder of Ma York European Strategies Limited received on
Dec. 19, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


MARK IV: Shareholder Receives Wind-Up Report
--------------------------------------------
The shareholder of Mark IV-Lig Holdings Limited received on
Dec. 19, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


MINETTE GP: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Minette GP received on Dec. 19, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


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


SUPER BUY: Reorganization Plan Outline Hearing on Feb. 17
---------------------------------------------------------
Super Buy Furniture, Inc., the Official Committee of General
Unsecured Creditors, Empresas Berrios, Inc., and Rent Express by
Berrios, Inc., submitted a Joint Plan of Reorganization and
explanatory Disclosure Statement dated Dec. 23, 2014.

The Plan contemplates the orderly liquidation of Super Buy's
assets through their sale in an organized manner overseen by
Debtor and the Committee.  It is estimated that the liquidation
will take from six to nine months, as of Dec. 1, 2014.  Discounts
for the sale of Debtor's assets will be agreed to by the Parties
and will depend on the demand by customers.

Committee Chairman Robert Kimbrell will be included in the
decision making process in the orderly liquidation.  Any purchase
of additional inventory to attract buyers will be consulted with
Mr. Kimbrell.

Net proceeds from the liquidation of Debtor's assets, together
with the cash in Debtor's debtor-in-possession accounts, will be
available for distribution to creditors.

Prior to any distribution to General Unsecured Creditors, the
Debtor will pay in full, on the Effective Date, pending Allowed
Administrative Expense Claims and Priority Claims.  One hundred
twenty days from the Effective Date, the Debtor's operations will
cease after the sale of its assets.

The Debtor will effect payments of pending Administrative Expense
Claims, on or before the Effective Date.  Priority Tax Claims and
Other Priority Claims will be paid on the Effective Date.  All
Allowed Claims will be paid with available funds arising from the
sale of Debtor's assets available cash balance, and the collection
of Debtor's accounts receivable.  Holders of Allowed General
Unsecured Claims ($28,818,116) are estimated to recover 26% of
their claims.

The Court will convene a hearing on Feb. 17, 2015, at 10:00 a.m.,
to consider the adequacy of information in the Disclosure
Statement.

EBM Centro de Liquidacion Caguas, Inc., was merged with Empresas
Berrios, Inc., on Sept. 30, 2014.

                 About Super Buy Furniture, Inc.

Cidra, Puerto Rico-based Super Buy Furniture, Inc., operator of
furniture stores throughout Puerto Rico under the business name of
"Casa Pitusa Muebles y Enseres", filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 14-05523) in Old San Juan, Puerto
Rico, on July 3, 2014.

The Company disclosed $18.2 million in assets and $26.8 million in
debt in its original schedules.

The Company has tapped the firm O'Neill & Borges, in San Juan,
Puerto Rico, as counsel, and CPA Luis R. Carrasquillo & Co.,
P.S.C., as financial consultant.

The U.S. Trustee for Region 21 appointed seven creditors to serve
in the official committee of unsecured creditors in the case.
Javier Vilarino and Ferraiuoli, LLC, serve as legal counsel to the
Creditors Committee.


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


CARIBBEAN AIRLINES: Adding More Flights in Early 2015
-----------------------------------------------------
Trinidad Express reports that Caribbean Airlines Limited has
announced a revised schedule that will be implemented from January
15, 2015 through to February 4 because of increased travel demand.

"In addition to increased capacity and more non-stops, Caribbean
Airlines is also expecting major cost savings from a more
efficient schedule that will see better utilization of its 737 and
767 fleets.  Many of the changes will focus on its Port of Spain
hub at Piarco Airport, where improved connection times will make
it easier for our guests to connect to/from various points in our
network," the airline said in a statement, according to Trinidad
Express.

The report notes that the new schedule changes include:

* The launch of a new daily non-stop between Trinidad and New York
  featuring the first wide-body aircraft on the route, timed to
  provide an end-of-business day flight.

* A new daily departure on the Trinidad/New York route,
  increasing to three daily non-stops in each direction. With the
  one-stop service on this route, frequencies will increase to 48
  per week - more than triple any other airline.

* The Georgetown/New York route is increased to daily non-stops in
  both directions. Frequencies over Trinidad are improved with
  daily through flights to/from Toronto, Miami and New York.

* As the only airline offering non-stops from Trinidad to London,
  CAL said it is increasing the frequencies, effective February 4,
  2015 to four weekly flights.

* Termination of Toronto-Georgetown non-stop flights (two per
  week) effective March 1, 2015 -- but replaced by a daily through
  flight in both directions.

"Buoyed by the steep decline in its number one expense -- aircraft
fuel, Caribbean Airlines is confident that this new schedule will
build on the airline's goal to achieve profitability," the airline
said, the report notes.

"The revised 767 flying patterns will see increased utilization
and a more customer friendly schedule based solely on flights
to/from its Trinidad hub," the report adds.

                   About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on July
11, 2014, Trinidad and Tobago Newsday said that Caribbean Airlines
is facing another loss.  However, Finance Minister Larry Howai is
hopeful the loss could be narrowed down to less than TT$100
million, according to Trinidad and Tobago Newsday.  Mr. Howai
noted the airline industry is not the easiest and many airlines
have gone bankrupt at some point.

Citing Caribbean360.com, the TCRLA on May 20, 2013, said Minister
Howai said Caribbean Airlines Limited recorded losses estimated at
US$70 million in 2012.  In 2011, CAL had recorded losses of US43.7
million.


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


VENEZUELA: Brazil to Support Industrialization Plans
----------------------------------------------------
EFE News reports that Brazil will support Venezuela's
industrialization plans, Venezuelan President Nicolas Maduro said
after talks with Brazilian counterpart Dilma Rousseff on the first
full day of her second four-year term.

Venezuela and Brazil want to energize their relations at all
levels, particularly in the areas of investment, industrial
cooperation, technology, agriculture, food and pharmaceuticals,
Maduro told reporters, according to EFE News.


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


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

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

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


                            ***********


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

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

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


                            ***********


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

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

Copyright 2015.  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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