TCRLA_Public/150120.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 20, 2015, Vol. 16, No. 013


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Debt Should Worry OECS


A R G E N T I N A

MEGAINVER RENTA: Moody's Puts B-bf Global Scale Bond Fund Rating


C A Y M A N  I S L A N D S

CINNAMON EUROPEAN: Placed Under Voluntary Wind-Up
GRACCHI DIVERSIFIED: Commences Liquidation Proceedings
HOME LOAN: S&P Revises Outlook to Neg. & Affirms 'B+' ICR
IRAQ PHOENIX: Commences Liquidation Proceedings
MARATHON ASIA: Commences Liquidation Proceedings

MARATHON ASIA MASTER: Commences Liquidation Proceedings
MARATHON DISTRESSED: Commences Liquidation Proceedings
MARATHON EM: Commences Liquidation Proceedings
MARATHON EM MASTER: Commences Liquidation Proceedings
MARATHON SPECIAL: Commences Liquidation Proceedings

MARATHON SPECIAL MASTER: Commences Liquidation Proceedings
ORIF MANAGEMENT: Placed Under Voluntary Wind-Up
TEMPORIS CLEAN: Placed Under Voluntary Wind-Up
TEMPORIS CLEAN MASTER: Placed Under Voluntary Wind-Up
TIEDEMANN/PIKE: Placed Under Voluntary Wind-Up

VIOGNIER (CAYMAN): Commences Liquidation Proceedings


C O L O M B I A

CI GOLDEX: CEO Hunted in $970 Million Colombia Laundering Case
PACIFIC RUBIALES: S&P Puts 'BB+' CCR on CreditWatch Negative


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Yearned Energy Pact Talks Finally Announced


J A M A I C A

JAMAICA: EPOC Chair Believes Country Will Pass Next IMF Test


M E X I C O

CEMEX S.A.B.: S&P Revises Outlook to Pos. & Affirms 'B+' Rating


T R I N I D A D  &  T O B A G O

PETROTRIN: No Job Cuts at Firm Despite Falling Oil Prices


V E N E Z U E L A

VENEZUELA: Oil Falls Below $40 a Barrel
VENEZUELA GLOBAL: Moody's Lowers Ratings on 4 Receipts to Caa3


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: Debt Should Worry OECS
-----------------------------------------
The Daily Observer reports that Trinidadian economist Patrick
Watson said he is astounded by the silence of the eight other OECS
member states in the face of Antigua and Barbuda's impending
EC$450 million funding deficit.

Prime Minister Gaston Browne announced that this year the country
would rack up its largest debt ever in efforts to help tackle some
of the country's financial issues, according to the Daily
Observer.

The report notes that Mr. Watson said he was shocked that the
announcement had not raised the ire of other regional governments.

"Given that you operate under one Central Bank and the pressure is
going to be put all around, not just on Antigua & Barbuda, I
cannot understand how they have not intervened to impose some sort
of fiscal discipline," the report quoted Mr. Watson as saying.

The report relates that any deficit, particularly a relatively
large one like the one Antigua & Barbuda threatens to incur, would
put pressure on the EC currency and could threaten its value.

"To the extent that this is more based on the current expenditure,
there is a pressure that is going to be put on the foreign
exchange reserves of Antigua & Barbuda and to the extent that that
is linked to the rest of the OECS.," Mr. Watson said, the report
relays.

The report says that Mr. Watson noted that the most important
factor going forward would be how the government spends the
borrowed funds.  Mr. Watson said it would best be spent on valid
capital projects that would increase national productivity, the
report relays.

                          *     *     *

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


MEGAINVER RENTA: Moody's Puts B-bf Global Scale Bond Fund Rating
----------------------------------------------------------------
Moody's Latin America has assigned bond fund ratings to Megainver
Renta Mixta FCI, a newly launched fund that will be managed by
Megainver SGFCI SA. The ratings assigned are as follows:

- global scale bond fund rating: B-bf

- national scale bond fund rating: A-bf.ar

Ratings Rationale

"The fund ratings are based on Moody's expectation that Megainver
Renta Mixta FCI will maintain over 70% of its portfolio in B1 to
B3 rated securities, such as corporate bonds, local treasury bills
and mutual funds. The remainder of the fund's asset allocation is
expected to be in consumer loan and credit card ABS and sub-
sovereign bonds. The portfolio will seek to provide a return on
par with the relevant interest rate in the local market and
maintain an average duration of three years or less," said Moody's
lead analyst Carlos de Nevares.

The new fund expects key shareholders to be institutional
investors such as local insurance companies, many of which are
already important clients for Megainver.

The principal methodology used in this rating was Moody's Bond
Fund Rating Methodology published in May 2013.

Megainver SGFCI SA, is a medium-sized asset manager with a 2.8% of
market share, and which has been operating in the Argentinean
mutual fund sector for over two years. As of December 2014,
Megainver SGFCI SA managed approximately AR$3,299 million in
assets.


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


CINNAMON EUROPEAN: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 21, 2014, the sole shareholder of Cinnamon European
Structured Credit Fund resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Desiree Jacob
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


GRACCHI DIVERSIFIED: Commences Liquidation Proceedings
------------------------------------------------------
On Nov. 13, 2014, the shareholders of Gracchi Diversified
Volatility Fund Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          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


HOME LOAN: S&P Revises Outlook to Neg. & Affirms 'B+' ICR
---------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Cayman
Island-based Home Loan Servicing Solutions Ltd. (HLSS) to negative
from stable.  At the same time, S&P affirmed its 'B+' issuer
credit and senior secured ratings on HLSS.

"The negative outlook follows news that the California Department
of Business Oversight (DBO) filed an accusation in October 2014
against HLSS' sole subservicer, Ocwen Loan Servicing LLC, seeking
the suspension of Ocwen's residential mortgage lender and loan
servicer license for a period of up to 12 months for failure to
timely provide borrower records and documents to the department,"
said Standard & Poor's credit analyst Stephen Lynch.  As of Sept.
30, 2014, HLSS had a servicing portfolio with $165.5 billion of
mortgage assets valued on its balance sheet at $619 million. HLSS
did not disclose how much of its portfolio is in California, but
S&P believes it should be about the same as Ocwen's exposure,
which is 23%.

Under HLSS' purchase and subservicing agreements with Ocwen, HLSS
is permitted to cancel and reassign its subservicing contract if
the subservicer loses its state licenses.  If a new subservicer
was assigned, S&P believes that HLSS would likely have to
renegotiate a new subservicing contract and that the base and
incentive fee paid to the new subservicer could be substantially
more than what HLSS is currently paying to Ocwen.  A new contract
could therefore lead to lower realized earnings on HLSS' rights to
mortgage servicing rights (RMSRs).  S&P is uncertain, however,
whether HLSS would experience impairments to the RMSRs on its
balance sheet since HLSS currently values RMSRs using third-party
subservicing cost assumptions and not the actual subservicing cost
it incurs with Ocwen.

As noted in the news release S&P published on Jan. 13, Ocwen has
indicated that it sent the DBO additional documentation in
December 2014 and is hopeful that such information will satisfy
the DBO's previous request.  If so, the matter could effectively
be dropped, according to Ocwen. If not, Ocwen will try to reach a
settlement--in a process that could continue until at least July
2015, according to Ocwen.  However, S&P could take a negative
rating action on HLSS before July if S&P believes the relationship
with Ocwen and the California DBO further deteriorates and makes
the probability of a settlement less likely.

S&P's rating on HLSS reflects the company's narrow focus, reliance
on Ocwen, short operating history, and uncertain long-term
strategy.  The company's low leverage and stable profitability are
positive rating factors.

The negative outlook is based on the risk that the company's sole
subservicer, Ocwen, could lose the right to servicing mortgages in
California--HLSS' largest state exposure.  The negative outlook
also reflects Ocwen's broader regulatory challenges.

S&P would likely lower its rating on the company if Ocwen loses
its license to service loans in California, if HLSS makes
substantial impairments to its MSR portfolio, or if a reduction in
its servicing assets leads to quarterly losses.

An upgrade is unlikely until management establishes a longer track
record, slows its rate of growth, diversifies its revenue mix, and
reduces its dependence on Ocwen.


IRAQ PHOENIX: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Nov. 20, 2014, the members of
Iraq Phoenix Fund resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 31, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

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


MARATHON ASIA: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 20, 2014, the shareholders of Marathon Asia 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


MARATHON ASIA MASTER: Commences Liquidation Proceedings
-------------------------------------------------------
On Nov. 20, 2014, the shareholders of Marathon Asia Master 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


MARATHON DISTRESSED: Commences Liquidation Proceedings
------------------------------------------------------
On Nov. 20, 2014, the shareholders of Marathon Distressed Subprime
Fund (Cayman), 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


MARATHON EM: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 20, 2014, the shareholders of Marathon EM Opportunity
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


MARATHON EM MASTER: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 20, 2014, the shareholders of Marathon EM Opportunity
Master 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


MARATHON SPECIAL: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 20, 2014, the members of Marathon Special Opportunities
Offshore Fund Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          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


MARATHON SPECIAL MASTER: Commences Liquidation Proceedings
----------------------------------------------------------
On Nov. 20, 2014, the shareholders of Marathon Special
Opportunities Offshore Master 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


ORIF MANAGEMENT: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 21, 2014, the sole shareholder of Orif Management, Ltd.
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Auramet International LLC
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


TEMPORIS CLEAN: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 21, 2014, the sole shareholder of Temporis Clean
Technology Fund resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Cinnamon Capital Management (Cayman) Limited
          c/o Desiree Jacob
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


TEMPORIS CLEAN MASTER: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Nov. 21, 2014, the sole shareholder of Temporis Clean
Technology Master Fund resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          Cinnamon Capital Management (Cayman) Limited
          c/o Desiree Jacob
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


TIEDEMANN/PIKE: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 21, 2014, the sole shareholder of Tiedemann/Pike Place
Offshore QP, Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 22, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Barbara Warga Naratil
          c/o Justin Savage
          Telephone: (345) 815 1816
          Facsimile: (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


VIOGNIER (CAYMAN): Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Nov. 21, 2014, the members of
Viognier (Cayman) Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 31, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

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


===============
C O L O M B I A
===============


CI GOLDEX: CEO Hunted in $970 Million Colombia Laundering Case
--------------------------------------------------------------
Matthew Bristow and Andrew Willis at Bloomberg News report that
John Hernandez built a billion-dollar gold-trading business from
scratch in 13 years, connecting panners in Colombia's jungles and
mountains with buyers in the U.S.  Now he's the target of a
manhunt.

Colombia's Attorney General's office alleges that Hernandez' CI
Goldex SA is at the center of a $970 million money-laundering
scheme, which they say is the biggest in the country's history,
according to Bloomberg News.  Prosecutors detained 19 people in
connection with case in Colombia and are trying to track down
Hernandez and six others, said Luz Angela Bahamon, who headed the
investigation, Bloomberg News notes.

Bloomberg News relates that Colombia's cocaine traffickers,
Marxist guerrillas and others launder about $10 billion a year,
equivalent to about 3 percent of gross domestic product, according
to the government's financial intelligence unit.  The money is
channeled into restaurants, construction, agriculture and other
legitimate businesses.

Colombian authorities spent three years investigating Goldex, once
the nation's second-biggest gold exporter.  In a September
interview in his fortified gold foundry in Medellin, Mr. Hernandez
said he had done nothing wrong, and that he had been reduced to
transporting bullion in a suitcase as banks and transporters cut
their ties with him, Bloomberg News discloses.

                          Homeless Buyers

Bloomberg News relates that about 90 percent of the people listed
as selling gold to Goldex had no connection whatever with mining,
the Finance Ministry said in a statement.  Some of the people
listed as Goldex's suppliers were dead, others were homeless, and
some of the companies existed in name only, the ministry said,
Bloomberg News relays.

After Brink's Co. and other security firms canceled contracts in
July, Mr. Hernandez and his wife began flying to Asia with gold in
their luggage, presenting the export papers to customs officials
themselves, he said, Bloomberg News relates.

In e-mailed responses to questions in May, the company said it
collaborated with investigators to show that all its exports were
legitimate and it had had no contact with any illegal groups, the
report says.

"Just as Colombia has fought drug trafficking, it's important to
fight this other kind of terrorism, money laundering," Finance
Minister Mauricio Cardenas said in a post on Twitter, Bloomberg
News notes.  "With the 2.3 trillion pesos Goldex laundered, we
could have built 55,000 houses," Mr. Cardenas added.

Bloomberg News relates that Colombia's Mining Association
estimates that formal gold mining accounts for less than 15
percent of total production, with illegal mining and contraband
making up most of the rest.  The country produced 56 metric tons
of the metal in 2013, of which the Andean nation's two main
regulated gold-mining companies produced just 6.7 tons between
them, Bloomberg News notes.

                       Drug Violence

Illegal gold mining in Colombia is a key source of revenue for
Colombia's largest rebel group, the Revolutionary Armed Forces of
Colombia, or FARC, according to the rural police, Bloomberg News
discloses.

In addition, as much as $3.3 billion of the precious metal was
smuggled into Colombia over two years from countries including
Venezuela, Panama, Mexico and Chile, according to estimates made
in May by the country's tax and customs agency, Bloomberg News
says.

As well as implementing programs to regulate the informal mining
sector, the government is in talks with the FARC in Havana in a
bid to end the country's five-decade civil war, Bloomberg News
notes.  All minerals must have a certificate of origin under
Colombia's mining code.

When he spoke in September, Mr. Hernandez said he was being
unfairly persecuted and said he was uncertain about his future,
Bloomberg News discloses.  "I've no motivation to stay in the
Colombian gold market," Bloomberg News quoted Mr. Hernandez as
saying.  "I'm tired by so much struggle," Mr. Hernandez added.


PACIFIC RUBIALES: S&P Puts 'BB+' CCR on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' corporate
credit and issue ratings on Pacific Rubiales Energy Corp. on
CreditWatch with negative implications.

The CreditWatch placement reflects S&P's view that the company's
financial metrics will deteriorate as a result of weaker oil
prices, which could lead to reassessment of the company's
financial risk profile.  On Jan. 9, 2015, Standard & Poor's
lowered its assumptions for Brent crude oil price to $55 per
barrel from $70 and WTI to $50 per barrel from $65 during 2015.
Additionally, S&P believes that the company's production will be
pressured because Pacific Rubiales has recently announced a
reduction in its capital expenditures plans for 2015.

S&P deems that the company has significant mitigating factors that
will help it shield from the currently lower oil prices, such as
the ability to significantly reduce capital expenditures, a
manageable debt maturity profile, and sizable undrawn committed
facilities for about $1 billion.  However, persistently low oil
prices will undermine Pacific Rubiales' main cash-flow leverage
metrics, weakening its financial risk profile.  In addition, the
lower capital expenditures would shrink production levels,
hindering the replacement of the production from the Rubiales
field that expires in 2016.

CREDITWATCH

S&P expects to resolve the CreditWatch listing within the next 30
days by assessing the company's revised capital expenditures and
other plans to address the lower cash flows amid weaker oil prices
and their impact on production.  S&P could downgrade Pacific
Rubiales by one notch if the company's leverage is more than 3.0x
and/or its funds from operations to debt is less than 30% in 2015
or if oil prices remain below S&P's current 2015 average price
assumption.


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


DOMINICAN REPUBLIC: Yearned Energy Pact Talks Finally Announced
---------------------------------------------------------------
Dominican Today reports that ending months of expectation and
speculation, the head of Dominican Republic's State-owned electric
utility (CDEEE) said everything's ready to start the talks leading
to a national pact on energy, during a formal ceremony Jan. 19.

Ruben Jimenez Bichara said consultations are being conducted and a
document prepared with the terms of procedure, and stressed the
agreement's fundamental importance on the coal-fired plants
because their construction will conclude sooner, according to
Dominican Today.

The report notes that Mr. Bichara placed the current cost of the
coal plant project's at US$600 million.

When asked if the savings from the falling oil prices should be
applied to the electricity bill, Jimenez Bichara said the CDEEE
favors procedures to reflect the ups and downs on crude, but noted
that it's an issue for the Electricity Superintendence, the report
relates.


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


JAMAICA: EPOC Chair Believes Country Will Pass Next IMF Test
------------------------------------------------------------
RJR News reports that Jamaica Co-Chair of the Economic Program
Oversight Committee (EPOC), Richard Byles, is expressing
confidence that Jamaica will pass the seventh consecutive
International Monetary Fund (IMF) quarterly test.

This follows similar sentiments expressed by Finance Minister, Dr.
Peter Phillips, at a function in Montego Bay, according to RJR
News.

The report notes that addressing journalists at EPOC's monthly
press briefing in the capital, Mr. Byles reiterated that the
country has successfully met and surpassed all targets for
November under its Extended Fund Facility with the IMF.

The report discloses that Mr. Byles said this positions Jamaica to
meet the seventh quarterly IMF test.

A review of the performance is currently underway.

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign and local currency and 'B' short-term
foreign and local currency sovereign credit ratings on Jamaica.
At the same time, S&P revised the outlook on the long-term
sovereign credit ratings to positive from stable.  In addition,
S&P affirmed its 'B' transfer and convertibility (T&C) assessment.


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


CEMEX S.A.B.: S&P Revises Outlook to Pos. & Affirms 'B+' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on CEMEX
S.A.B. de C.V. (CEMEX) to positive from stable.  At the same time,
S&P affirmed its 'B+' global scale and 'mxBBB' national scale
ratings on CEMEX and its subsidiaries, CEMEX Espana S.A., CEMEX
Mexico S.A. de C.V., and CEMEX Inc.  S&P is keeping its recovery
rating at '3', which indicates that bondholders can expect a
meaningful (50% to 70%) recovery in the event of a payment
default.

"The outlook revision reflects our view that CEMEX has the
capacity to capitalize on the positive industry momentum in its
key markets, which could improve credit metrics in the next 12
months closer to an aggressive financial risk profile," said
Standard & Poor's credit analyst Luis Manuel Martinez.  In S&P's
view, a sustained recovery and positive economic growth prospects
in the U.S. market, and expected increased public-sector spending
in Mexico, amid mid-term elections in 2015, and the development of
key infrastructure projects throughout Latin America will support
top-line growth.  Additionally, S&P expects CEMEX to maintain its
cost discipline and raise capacity utilization, which could
gradually increase operating margins and boost cash flow
generation.  S&P also expects the company to engage in active
liability management to further extend its debt maturity profile
and reduce its borrowing costs.  The rating action incorporates a
revision to S&P's treatment of "surplus cash" (as defined in S&P's
criteria), which, in particular, will have a positive effect on
the company's leverage metrics.


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


PETROTRIN: No Job Cuts at Firm Despite Falling Oil Prices
---------------------------------------------------------
Carolyn Kissoon at Trinidad Express reports that the effect of
falling oil prices is costing workers in the industry their jobs,
with thousands being laid off by international energy and energy
service companies.

However, permanent employees at State-owned Petroleum Company of
Trinidad and Tobago will not be affected by any job cuts, company
president Khalid Hassanali said, according to Trinidad Express.

The report notes that Mr. Hassanali was responding to a decision
by Schlumberger, the world's biggest oilfield services company, to
reduce its employment by eight per cent as the company tackles
falling global oil prices.

"We are not reducing our permanent manpower at this time," he
stated in a text message, the report relays.

The report discloses that Mr. Hassanali predicted that Petrotrin
could lose 40 to 50 per cent in revenue as a result of falling oil
prices.  Mr. Hassanali said the company had readjusted its budget
and will slash drilling and development programs, the report
relays.

The report notes that Mr. Hassanali said the down cycle would help
optimize and restructure the company for when oil prices begin to
rise.

Earlier last week, Oilfields Workers Trade Union (OWTU) President
General Ancel Roget said the trade union would not allow Petrotrin
workers to end up on the breadline, the report adds.

                          About Petrotrin

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on Dec.
2, 2014, Trinidad and Tobago Newsday said that in the face of
falling global oil prices, which is beginning to impact on
Trinidad and Tobago's earnings from its petroleum resources,
Petroleum Company of Trinidad and Tobago has rolled out a plan to
remain viable and to survive in the harsh global oil industry.
Petrotrin said in a media release that it is forging ahead with
objective cost management decisions imperative to secure its
viability, according to Trinidad and Tobago Newsday.  The report
said Petrotrin's operations have also been severely impacted due
to unfavorable margins.

The TCRLA reported on Jan. 21, 2014 that Trinidad Express, citing
Energy Minister Kevin Ramnarine, said Petrotrin will make a loss
for its 2013 financial year.  According to Mr. Ramnarine,
Petrotrin was scheduled to make the loss even before the series of
oil spills affecting Trinidad's southwestern peninsula since
December, reports Trinidad Express.


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


VENEZUELA: Oil Falls Below $40 a Barrel
---------------------------------------
EFE News reports that the average price of Venezuela's crude
basket fell $3.25 last week to $39.19, continuing the downward
trend that led President Nicolas Maduro to visit petroleum-
producing countries and lobby for his plan to reverse the decline.

"Crude prices [last] week continued to fall due to the outlook for
a slowdown in global demand and signs of abundant supply of crude
in the main consumer centers," Venezuela's Oil and Mining Ministry
said in its weekly report, according to EFE News.


VENEZUELA GLOBAL: Moody's Lowers Ratings on 4 Receipts to Caa3
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings on the following receipts issued by Venezuela Global Bond
Programme:

Venezuela Global Bond Coupon Depositary Receipts, Downgraded to
Caa3 (sf); previously on December 19, 2013 Downgraded to Caa1 (sf)

Venezuela Global Bond Coupon Strip Depositary Receipts, Downgraded
to Caa3 (sf); previously on December 19, 2013 Downgraded to Caa1
(sf)

Venezuela Global Bond Long Term Coupon Receipts, Downgraded to
Caa3 (sf); previously on December 19, 2013 Downgraded to Caa1 (sf)

Venezuela Global Bond Principal Depositary Receipts, Downgraded to
Caa3 (sf); previously on December 19, 2013 Downgraded to Caa1 (sf)

Ratings Rationale

These depository receipts are structured notes whose ratings are
based on the rating of the Underlying Securities and the legal
structure of the transaction. The rating action is a result of the
change in the rating of the Underlying Securities, Republic of
Venezuela 9.25% U.S. Dollar-Denominated Unsecured Global Bonds due
2027, whose Caa1 rating was downgraded to Caa3 as of January 13,
2015.

Methodology Underlying the Rating Action

The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" published in December
2014.

Factors that would lead to an upgrade or downgrade of the rating:

Moody's says that the underlying securities are subject to a high
level of macroeconomic uncertainty in the Republic of Venezuela,
which manifest in uncertain credit conditions across the general
economy. Because these conditions could negatively affect the
ratings on the underlying securities, they could also negatively
impact the rating on the depository receipts.


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