TCRLA_Public/150127.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 27, 2015, Vol. 16, No. 018


                            Headlines



B R A Z I L

BRAZIL: December Current Account Deficit Wider Than Forecast
COSAN SA: Rallies as Gasoline Tax Jump Adds to Ethanol Allure


C A Y M A N  I S L A N D S

BBGP COINMACH: Shareholders Receive Wind-Up Report
BBGP PARKING: Shareholders Receive Wind-Up Report
BLUESUNBURY MULTISTRATEGY: Shareholders Receive Wind-Up Report
CHINA ENVIRONMENT: Members Receive Wind-Up Report
FALCON GROUP: Fitch Raises IDR to 'B+'; Outlook Stable

FULLLAND SPIRIT: Shareholders Receive Wind-Up Report
INTERNATIONAL MILLING: Members Receive Wind-Up Report
ITAU LATIN: Shareholder Receives Wind-Up Report
K&S RUSSIA: Members Receive Wind-Up Report
K&S RUSSIA YIELD: Members Receive Wind-Up Report

KCS LIGHTNING: Members Receive Wind-Up Report
SOLO EDUCATION: Members Receive Wind-Up Report
TOM JONES: Members Receive Wind-Up Report
VASSOS LTD: Shareholders Receive Wind-Up Report
ZIR INTERNATIONAL: Members Receive Wind-Up Report


C H I L E

BANCO PENTA: Bonds Rally After Owners Add Capital
GEOPARK LATIN: Fitch Affirms 'B' IDR & Revises Outlook to Neg.


C O S T A  R I C A

INSTITUTO COSTARRICENSE: Fitch Affirms 'BB+' IDR; Outlook Now Neg.


J A M A I C A

JAMAICA: To Continue Energy Program, Despite Oil Price Drop


P E R U

PERU: Currency Drops to Lowest Since 2009 After Surprise Rate Cut


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Citgo Plans to Raise $2.5B for Parent
VENEZUELA: Drivers Rue Maduro Call to Change World's Cheapest Gas


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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B R A Z I L
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BRAZIL: December Current Account Deficit Wider Than Forecast
------------------------------------------------------------
Mario Sergio Lima at Bloomberg News reports that Brazil's current
account gap widened last month more than economists forecast, as
weaker commodity prices hurt the country's terms of trade.

The deficit in the current account, the broadest measure of trade
in goods and services, widened in December to $10.3 billion from
$9.3 billion a month earlier, the central bank said in a report
distributed Jan. 23 in Brasilia, according to Bloomberg News.
That compares with the median estimate of a $9.7 billion gap from
28 analysts surveyed by Bloomberg.  The deficit for the full year
was $90.9 billion, the biggest ever, Bloomberg News relates.

Brazil's current account eroded last year as commodity prices
fell, a weaker real increased the price of imports and growth
slowed, Bloomberg News says.  President Dilma Rousseff's new
economic team, led by Finance Minister Joaquim Levy, is struggling
to regain investor confidence and boost the economy through
spending cuts, tax increases and higher borrowing costs, the
report adds.

Swap rates on the contract due in January 2017, the most traded in
Sao Paulo Friday, Jan. 23, 2015, rose five basis points, or 0.05
percentage point, to 12.44 percent at 10:40 a.m. local time.  The
real weakened by 0.6 percent to 2.5900 per U.S. dollar, Bloomberg
News says.

According to the report, foreign direct investment rose to $6.7
billion from $4.6 billion the month prior, the central bank said,
less than the median estimate of $6.9 billion. Latin America's
largest economy attracted $62.5 billion of direct investment last
year.

Analysts surveyed monthly by Bloomberg cut their 2015 growth
estimate by 0.3 percentage point in January to 0.6 percent as they
forecast faster inflation and a wider budget and current account
gap, says the report.  They estimate gross domestic product
expanded 0.2 percent last year, which would be the worst
performance since 2009, Bloomberg News discloses.

The central bank on Jan. 21 boosted the benchmark interest rate
for a third straight meeting, to 12.25 percent, to tame consumer
prices, Bloomberg News says.  That's the highest level since 2011.

Inflation in mid-January accelerated to 0.89 percent from 0.79
percent in the previous month, pushing the annual rate to 6.69
percent, Bloomberg News relates.  The central bank targets annual
inflation of 4.5 percent, plus or minus two percentage points,
Bloomberg News notes.


COSAN SA: Rallies as Gasoline Tax Jump Adds to Ethanol Allure
-------------------------------------------------------------
Gerson Freitas Jr. at Bloomberg News reports that Cosan SA
Industria & Comercio advanced the most in a month as Brazil's plan
to boost gasoline taxes bolstered the outlook for ethanol use.

Bloomberg News says the company controlled by billionaire Rubens
Ometto surged 8 percent to BRL26.56 in the biggest intraday gain
since Dec. 17 before climbing 4.4 percent as of 3:20 p.m. on Jan.
21, in Sao Paulo.  Sao Martinho SA increased 5.1 percent to
BRL34.59, and Tereos Internacional gained 2.8 percent to BRL1.10.

Higher gasoline taxes will allow ethanol producers to raise prices
by as much as 15.4 centavos per liter, according to Plinio
Nastari, the founder of sugar and ethanol consultancy Datagro in
Sao Paulo, Bloomberg News relays.  Finance Minister Joaquim Levy
announced Jan. 19 after the close of markets that Brazil will
resume collection of the so-called Cide tax and increase the
PIS/Cofins tax on gasoline as part of an effort to reduce budget
deficits, Bloomberg News relays.  In Brazil, most cars can run on
gasoline or ethanol.

"Brazil's policy support is rising for biofuel producers," James
Evans, a clean-energy analyst at Bloomberg Intelligence, said in a
research report, notes Bloomberg News.

The increase in gasoline taxes will boost Sao Martinho's yearly
earnings before interest, taxes, depreciation and amortization by
BRL100 million ($38 million), Itau BBA analysts Giovana Araujo and
Antonio Barreto said in a research report, Bloomberg News
discloses.

"That's a move in the right direction," Elizabeth Farina, the head
of ethanol producers group Unica, told journalists in Sao Paulo,
Bloomberg News notes.  "That's going to make ethanol more
competitive."

As reported in Troubled Company Reporter-Latin America on
July 3, 2014, Fitch Ratings has affirmed Cosan S.A. Industria e
Comercio's (Cosan) foreign and local currency Issuer Default
Rating (IDR) at 'BB+' as well as its National long-term rating at
'AA(bra)'.  The corporate Rating Outlook is Stable.


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


BBGP COINMACH: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of BBGP Coinmach Holdings Limited received on
Jan. 5, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Dwight Dube
          Michael Wheaton
          Telephone (345) 640 5555
          P.O. Box 31661
          2nd Floor, Regatta Office Park, Windward III
          Grand Cayman KY1-1207
          Cayman Islands


BBGP PARKING: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of BBGP Parking Holdings Limited received on
Jan. 5, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Dwight Dube
          Michael Wheaton
          Telephone (345) 640 5555
          P.O. Box 31661
          2nd Floor, Regatta Office Park, Windward III
          Grand Cayman KY1-1207
          Cayman Islands


BLUESUNBURY MULTISTRATEGY: Shareholders Receive Wind-Up Report
--------------------------------------------------------------
The shareholders of Bluesunbury Multistrategy Fund received on
Dec. 1, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CHINA ENVIRONMENT: Members Receive Wind-Up Report
-------------------------------------------------
The members of China Environment Fund 2002 Management Ltd.
received on Dec. 24, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Donald Chang Ye
          B23-B, UBP, No.10 Jiuxianqiao Road
          Chaoyang District, Beijing 10015
          China


FALCON GROUP: Fitch Raises IDR to 'B+'; Outlook Stable
------------------------------------------------------
Fitch Ratings has upgraded Falcon Group Holdings (Cayman)
Limited's (Falcon) Long-term Issuer Default Rating (IDR) to 'B+'
from 'B'.  The Outlook is Stable.  The Short-term IDR has been
affirmed at 'B'.

The upgrade of the Long-term IDR reflects improvements to Falcon's
organizational structure, including the development of a formal
risk management framework as well the company addressing some of
its corporate governance weaknesses.

KEY RATING DRIVERS

Falcon's IDRs reflect its niche, but expanding franchise and
undiversified business model.  As a specialized financer, Falcon's
business continued to grow by volume and geography during 2014,
translating into an improving financial performance.

Another key rating driver is Falcon's corporate governance, which
continues to constrain the rating at this level.  Falcon is an
unregulated, non-bank financial institution.  In Fitch's view,
corporate governance remains evolving.  Fitch believes Falcon has
made good progress strengthening corporate governance in 2014,
including the appointment of two independent directors to its
board and the introduction of a number of policies and procedures.
The founder, Chairman and sole shareholder, Kamel Alzarka, remains
closely involved in the business, but his day-to-day influence is
reducing as senior management take on more responsibilities.

Also during 2014, Falcon strengthened its management team by
appointing several senior individuals in London to head key
divisions.  Specifically, Fitch considers the improved risk
framework positive to Falcon's ratings following the appointment
of a new chief risk officer who has developed a formalised risk
analysis and monitoring process.

While Falcon remains focused on expansion and diversification,
Fitch believes growth should be in line with the existing
expertise of the business.

The IDRs also consider Falcon's adequate financial profile; in
particular asset quality and leverage.  Earnings are improving,
but remain concentrated to a fairly small number of customers.
Funding sources have been diversified somewhat in 2014, but remain
reliant on wholesale funding.

RATING SENSITIVITIES

Falcon's IDRs are sensitive to a change in Fitch's view of its
company profile, which could arise from a change in its strategy
and a shift in business direction, specifically into non-core or
unrelated activities.

A stronger company profile and further improvements in the
governance and risk frameworks could benefit the ratings.


FULLLAND SPIRIT: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Fullland Spirit Holdings Limited received on
Jan. 5, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Sarah Baudet
          Paula Hegarty
          c/o Citron 2004 Limited
          Telephone: + 44 1534 282276/ 1 345 814 2059
          Facsimile: + 44 1534 282400
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Island


INTERNATIONAL MILLING: Members Receive Wind-Up Report
-----------------------------------------------------
The members of International Milling Limited received on Dec. 29,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Juan Antonio Quiroga
          Salvador Vargas Guajardo
          Calzada del Valle #407
          Col. del Valle, 66220 San Pedro Garza Garcia
          Nuevo Leon, Mexico


ITAU LATIN: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Itau Latin America Diversified Managers
received on Dec. 22, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Anna Cummings
          Telephone: (345) 815 1858
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


K&S RUSSIA: Members Receive Wind-Up Report
------------------------------------------
The members of K&S Russia Mixed Investment Fund received on
Jan. 15, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


K&S RUSSIA YIELD: Members Receive Wind-Up Report
------------------------------------------------
The members of K&S Russia Yield Fund received on Jan. 15, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


KCS LIGHTNING: Members Receive Wind-Up Report
---------------------------------------------
The members of KCS Lightning Opportunity Fund Ltd. received on
Dec. 29, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Steinhardt
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


SOLO EDUCATION: Members Receive Wind-Up Report
----------------------------------------------
The members of Solo Education Limited received on Dec. 1, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TOM JONES: Members Receive Wind-Up Report
-----------------------------------------
The members of Tom Jones International Ltd. received on Dec. 10,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


VASSOS LTD: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Vassos Ltd. received on Jan. 7, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Limited
          c/o Eva Moore
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


ZIR INTERNATIONAL: Members Receive Wind-Up Report
-------------------------------------------------
The members of Zir International Ltd. received on Dec. 23, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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C H I L E
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BANCO PENTA: Bonds Rally After Owners Add Capital
-------------------------------------------------
Eduardo Thomson at Bloomberg News reports that Banco Penta bonds
rose after the bank at the center of a tax evasion and political
financing scandal in Chile completed a $112 million capital
increase following a jump in its borrowing costs.

Yields of its inflation-adjusted F series bonds due in 2018 fell
33 basis points to 3.86 percent at 11:10 a.m., according to data
from the Santiago stock exchange, notes Bloomberg News's Jan. 24
report.  The Santiago-based bank, which has CLP1.3 trillion ($2.1
billion) of total assets, focuses on corporate lending, money
management and securities brokerage, Bloomberg News says.

The private holding company that owns Banco Penta completed the
capital injection Jan. 24 and plans to invest a further 100
billion pesos, according to regulator filings, Bloomberg News
discloses.  The statement didn't say what the money would be used
for.  The bank's short-term funding costs had more than doubled
after a prosecutor said Jan. 8 it would charge controlling
shareholders Carlos Alberto Delano and Carlos Eugenio Lavin for
tax evasion and bribery.

Yields on Penta's F bonds jumped 1.78 percentage points between
Jan. 8 and Jan. 15 to a record 4.63 percent, while the return
investors demanded to buy the bank's short-term commercial paper
in pesos in the secondary market leaped to 0.59 percent on Jan. 20
from 0.26 percent, Bloomberg News notes.

                           Seeks Buyers

Banco Penta's owners have hired JPMorgan Chase & Co. to seek a
buyer for the lender, Diario Financiero reported Jan. 23, citing
company documents, according to Bloomberg News.  The bank
regulator said Jan. 14 that the bank's financial position was
solid.

"The pressure over the bonds has been moderating this week and the
news today is a good sign, so the correction in prices should
continue," Emiliano Urrutia, head of fixed-income trading at
Tanner Corredores de Bolsa SA, said in a phone interview on
Jan. 24 from Santiago, Bloomberg News relays.

Bloomberg News says that the bank's owners, which sold control of
pension fund manager AFP Cuprum SA for about $1.5 billion to
Principal Financial Group Inc. in 2013, are under investigation
for expensing fake receipts issued by their wives and other family
members to lower their taxable income.

The tax regulator's probe also uncovered that Delano and Lavin,
through holding company Empresas Penta, had approved illegal
payments to fund political campaigns of candidates mostly from the
Independent Democratic Union party, a party founded by former
civilian members of Augusto Pinochet's dictatorship, Bloomberg
News notes.

Pablo Wagner, a former deputy mining minister in the government of
Sebastian Pinera, allegedly received payments from Empresas Penta
during his time in the government, Bloomberg News adds.


GEOPARK LATIN: Fitch Affirms 'B' IDR & Revises Outlook to Neg.
--------------------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Rating (IDR) of GeoPark Latin America Limited Agencia en
Chile (GeoPark) at 'B'.  These rating actions affect USD300
million of outstanding international bonds due on February 2020.
The Rating Outlook is revised to Negative from Stable.

KEY RATING DRIVERS

GeoPark's ratings reflect the company's small scale of production
and relatively small reserve profile as well as its production
concentration, in the face of depressed global oil prices.  The
Negative Outlook reflects expected pressure to the company's
liquidity and credit profile.  The company has sufficient
liquidity to withstand a short-term oil price shock, however if
current prices are sustained and/or prices decline below USD45/bbl
in the near term, the company's credit profile could be
significantly harmed.

Negative Outlook on Oil Price Declines

The revision of GeoPark's Outlook to Negative primarily reflects
the negative pressure on GeoPark's credit profile due to
expectations for sustained low oil prices in 2015.  Since June
2014, WTI spot prices have declined by more than 50%, which has
negatively impacted the global oil & gas industry throughout its
value chain.  In December 2014, Fitch revised the sector outlook
for Latin American Oil & Gas to Negative from Stable.  The
revision was due to expectations that pressure from lower crude
prices should continue to negatively affect equity prices and
credit spreads for integrated, exploration and production (E&P),
and drilling and service companies.  The Ratings Outlook revision
for GeoPark is consistent with Fitch's belief that this pricing
pressure will more negatively affect high-yield E&P issuers.

Capex Step-back

Given the decline in oil prices seen during the last four months,
the company plans to significantly scale back its capex program
for 2015.  The goal is to align 2015's capex with GeoPark's EBITDA
generation.  Previously, assuming USD80/bbl prices, the company
was considering budgeting 85 projects as part of its 2015 work
program and budget.  The company scaled back its capex plan to
accommodate 20-25 projects at USD65/bbl prices and five to 10
projects at USD45-50bbl prices.

The company's base budget assumes USD45-50/bbl prices and the
fully funded capex program would be USD60-70 million with flat to
5% production growth over 2014.  The USD60-70 million capex plan
represents approximately a roughly 70% decrease in capex on a
year-on-year basis.  As part of this plan, the company is focusing
on the Tigana and Tua oil fields in the Llanos 34 block in
Colombia where USD15-20/bbl netbacks can be expected at the
projected oil prices.  Capex could be increased to USD100-120
million (10-15% production growth) if prices recover to USD65/bbl
and USD200-220 million (20-25% production growth) if prices
increase further to USD80/bbl.

Reserve Life Stressed

The capex reduction is an appropriate step for the company to
preserve liquidity.  Negatively, given the company's small scale
operations, the step-back in capex will significantly lower the
company's ability to replenish and/or grow its reserves.  Based on
Fitch's estimates and current production trends, the company has a
reserve life of approximately six years.  GeoPark's reserve life
is relatively small but could be enough to absorb a one-year capex
decline.  However, a significant, multi-year sustained step-back
in Capex may lead to the rapid depletion of the company's
reserves.

Small, Concentrated Production Profile

GeoPark's ratings reflect the company's production concentration
and relatively small reserve base.  Although the company has
exploration and production interest in 30 blocks in Colombia,
Chile, Brazil, and Argentina, 93% of the company's 2013 net
production was concentrated in four blocks (Fell in Chile, La
Cuerva, Llanos 34 in Colombia and the Manati field in Brazil).
This limited diversification exposes the company to operational
macroeconomic risks, such as the current global price declines,
associated with small-scale oil and gas production.

Increasing geographic diversification is positive for the
company's credit quality.  For this reason, GeoPark's foray into
Brazil via the acquisition of Rio das Contas, winning new
concession licenses in Brazil and Colombia, and the recently
announced Peruvian investment, which Fitch is not including in its
forecast, have represented positive steps for GeoPark.
Negatively, the company's diversification efforts will have to be
stepped back in the near to medium term if current oil prices
persist, and this will pressure the company's reserve life.

Cash Flow Preservation Focus

The company has reported negative annual FCF over the past seven
years, mainly as a result of its aggressive growth strategy,
though improvements had been recently evident.  For the LTM ended
Sept. 30, 2014, FCF was -USD4M (above -USD88M in 2013), as the
company's 2012 Colombian asset acquisitions and its 2014 Brazilian
acquisition have proved to be FCF accretive fairly quickly.  Prior
to the oil price decline, GeoPark was on pace to record positive
FCF by 2016.  Fitch is projecting that based on the company's
capex and opex cut-backs in 2015, the company should be break-even
in terms of FCF for the year.  This should help the company slow-
down its cash burn during 2015 in the face of oil price shocks.

The company has sufficient liquidity to meet its short-term debt
obligations.  GeoPark reported cash on hand in January 2015
totaling USD130 million, which is 6x its short-term debt
obligations.  Interest expense for the company's USD300 million
international bond and USD70 million Itau loan, should total
USD25-USD30 million in 2015.  Despite GeoPark's aggressive capex
program and corresponding cash burn, the company's liquidity was
helped by the 2014 IPO which raised USD95 million in cash.
Furthermore, the Brazilian acquisition, which closed in 1Q'14, was
FCF accretive in the first year.

Financial Metrics to Deteriorate

GeoPark's credit metrics had been improving over the past few
years as a result of the company's growth strategy.  As of the LTM
ended Sept. 30, 2014, leverage ratio, as measured by total
debt/EBITDA, reached 1.8x, down from 2.1x in 2013 and 2012.  Given
expectations of an average oil price of USD45/bbl and a stepped
back capex plan, Fitch is forecasting capex of USD70 million in
2015, which is down 70% versus the LTM September 2014 level.
Incorporating lower oil prices and the stepped back capex plan,
EBITDA for 2015 should total USD50-USD60 million, which is down
approximately 80% YoY.  Based on the lower forecast, total
debt/EBITDA for the year would spike to above 6x with EBITDA
coverage ratio declining to 2x versus 6x in 2013.

Debt on a reserve basis remains high and will rise.  Fitch
estimates that total debt/total proved reserves stands close to
USD8/barrel of oil equivalent (boe), which is an improvement
versus USD18.0/boe in 2013.  On a proved and developed reserves
basis the company's debt per barrel stands high at USD24/boe, and
Fitch expects this to rise further in 2015 as the company is not
able to add reserve levels as it moves to preserve cash.

Expected Covenant Breach

At expected leverage levels of 6x, the company would record
financial leverage metrics above its international bond's debt
covenants, which include: consolidated debt to consolidated EBITDA
ratio not higher than 2.5x for the remaining life of the notes,
and consolidated EBITDA to consolidated interest expenses over
3.5x.  This is an incurrence covenant, that would prevent the
company from raising additional debt, though the bond's covenants
do have exceptions for lines of credit or working capital
facilities up to 8% of total assets (approximately USD80 million).
Given current trends, the company is on pace to breach the
covenant by the third quarter of 2015.

RATING SENSITIVITIES

Drivers for a negative rating action could be if current,
depressed oil prices are maintained for more than one year and/or
prices decline below USD45/bbl in the short-term, thereby leading
to significant harm to the company's credit profile.  If current
low oil prices persist for 2015, the company's potential covenant
breach of its international bond could be a negative rating
trigger.  Long-term, a significant increase in leverage, driven by
an increase in debt for exploration combined with a low success
rate of discoveries could lead to a negative rating action.

In the short-term, a recovery of oil prices to USD80/bbl or more
would help to improve the company's credit profile and stabilize
the company's negative outlook.  Long-term, drivers for a positive
rating action or outlook include increased diversification of the
company's production profile, and consistent growth in both
production and reserves while maintaining adequate financial
metrics.  A substantial reduction in the debt/proved-reserves
ratio would also be viewed favorably.


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C O S T A  R I C A
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INSTITUTO COSTARRICENSE: Fitch Affirms 'BB+' IDR; Outlook Now Neg.
------------------------------------------------------------------
Fitch Ratings has affirmed Instituto Costarricense de Electricidad
y Subsidiarias' (Grupo ICE) foreign- and local-currency Issuer
Default Ratings (IDRs) at 'BB+' as well as its national scale
ratings at 'AAA(cri)' and 'AAA(slv)'.  The Rating Outlook was
revised to Negative from Stable.

These rating actions follow the revision of the sovereign rating
of Costa Rica (FC and LC IDRs 'BB+') to Negative from Stable on
Jan. 22, 2015.  This revision reflects Costa Rica's high
structural fiscal deficits, slower economic growth and
difficulties in implementing tax reforms over the last decade have
led to worsening debt dynamics.  The sovereign maintains access to
debt markets and multilateral credit lines.  However, financing
conditions are deteriorating due to the lower absorption capacity
of the domestic public sector investor base and the rising
pressure on international interest rates.

Grupo ICE's ratings reflect the strong linkage between the company
and the government, which derives from government's full ownership
and implicit and explicit support.  The company holds strategic
importance for the government given the growing demand of
electricity in the country and government's plans to increase
renewable generation.  The ratings also reflect company's legal
monopolistic position in the electricity industry, moderated
indebtedness and aggressive capital expenditure program oriented
to increase its generation capacity and to maintain a strong
market share in the telecommunications business.

RATINGS SENSITIVITY

   -- Grupo ICE's ratings could be negatively affected by any
      combination of the following factors: sovereign downgrades;
      weakening of legal, operational and/or strategic ties with
      the government; or regulatory intervention that negatively
      affects the company's financial performance;

   -- Grupo ICE's ratings could be positively affected by an
      upgrade of Costa Rica's sovereign rating, or if the company
      is materially isolated from government interference.

Fitch has affirmed these ratings:

   -- Long-term FC IDR at 'BB+'; Outlook revised to Negative from
      Stable;
   -- Long-term LC IDR at 'BB+'; Outlook revised to Negative from
      Stable;
   -- Senior unsecured debt at 'BB+';
   -- Long-term national scale (Costa Rica) at 'AAA(cri)'; Outlook
      Stable;
   -- Senior unsecured domestic long-term debt (Costa Rica) at
      'AAA(cri)';
   -- Short-term debt at 'F1+(cri)';
   -- Long-term national scale (El Salvador) at 'AAA(slv)';
      Outlook Stable;
   -- Senior unsecured domestic long-term debt (El Salvador) at
      'AAA(slv)'.


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


JAMAICA: To Continue Energy Program, Despite Oil Price Drop
-----------------------------------------------------------
RJR News reports that Jamaica Energy Minister Phillip Paulwell has
vowed that the Jamaican Government will continue to explore
alternative and renewable energy solutions, despite the fall in
oil prices.

Mr. Paulwell declared that the move towards energy conservation
and diversification will continue with newer, cleaner fuels,
according to RJR News.

The report notes that the Energy Minister was speaking at the
signing ceremony for two Memoranda of Understanding between the
Governments of Jamaica and the United States.  One of the MOUs is
to support the implementation of clean sustainable energy
initiatives for Jamaica, the report relates.

Global oil prices have been trending down since July last year and
are expected to continue into next year, RJR News says.

Mr. Paulwell has acknowledged concerns that energy prices in
Jamaica are too high, despite the recent positive trend, the
report adds.

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.


=======
P E R U
=======


PERU: Currency Drops to Lowest Since 2009 After Surprise Rate Cut
-----------------------------------------------------------------
John Quigley at Bloomberg News reports that Peru's sol slid to a
five-year low after the central bank unexpectedly cut borrowing
costs as lower fuel prices gave policy makers room to boost
flagging growth.

The sol fell 0.4 percent to 3.015 per U.S. dollar at the close of
trading in Lima, the weakest since July 2009, according to Datatec
prices, Bloomberg News reported on Jan 17.  The drop is the
steepest among Latin America's major currencies, it added.

The central bank reduced the overnight rate by a quarter-point to
3.25 percent Thursday, Jan. 15, the third reduction in seven
months, surprising all 18 economists surveyed by Bloomberg, who
forecast borrowing costs would stay at 3.50 percent.  The pace of
sol depreciation led policy makers to keep rates unchanged last
month and announce new reserve rules to limit currency derivatives
trading and lending in U.S. currency, Bloomberg News said.

"The new instruments give the central bank more control over the
currency and room to lower the rate," Humberto Tijero, a fixed-
income trader at Andes Advanced Securities SAB in Lima, said in a
phone interview with Bloomberg News.

According to Bloomberg News, slower growth in China and Europe is
damping demand for copper, which accounts for almost a quarter of
Peru's exports.  After dropping 17 percent in 2014, copper has
lost a further 7.2 percent in 2015.  Peru is the world's third-
largest producer of the metal.

Reduced output at the country's biggest copper mine, tighter rules
on gold exports and smaller fishing catches have compounded the
slowdown, Bloomberg News says.

                             Policy Mix

Economic activity rose 0.3 percent in November from the same month
a year earlier, the slowest pace since 2009, the statistics agency
said, Bloomberg News says.  The country has posted a trade deficit
for nine straight months.

Policy makers see inflation slowing to below 3 percent by February
and 2 percent by the middle of this year following the decline in
international crude oil prices, central bank research director
Adrian Armas told reporters during a conference call, Bloomberg
News says.  November probably marked the trough in the economic
cycle, Mr. Armas said.

Consumer prices rose 3.22 percent in December from a year earlier,
the fastest pace in five months, relates Bloomberg News.  The
central bank targets inflation in a range of 1 percent to 3
percent.

Sol volatility eased this month compared with December, partly
because of the central bank's reserve requirement measures, and
fewer overseas investors are betting against the sol, Bloomberg
News quoted Mr. Armas as saying.

                            Rate Outlook

While another rate cut isn't imminent, the central bank has left
the door open to further easing, Fernando Palma, a strategist at
Banco de Credito del Peru, said in an e-mailed research note to
clients after Jan. 22's decision, Bloomberg News says.  Palma
accurately forecast the quarter-point reduction, says the report.

Peru's sol-denominated notes due 2023 rose 0.23 centimo to 98.54
centimos per sol, the highest level in a month, according to data
prices compiled by Bloomberg.  The yield fell 0.04 percentage
point to 5.4 percent, Bloomberg News relays.

The central bank said on its website that it sold COP900 million
($299 million) of currency swaps Jan. 23 and for the first time
issued securities designed to allow banks to increase sol lending
using dollars held under reserve requirement rules, Bloomberg News
adds.


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


PETROLEOS DE VENEZUELA: Citgo Plans to Raise $2.5B for Parent
-------------------------------------------------------------
Cordell Eddings and Pietro D. Pitts at Bloomberg News report that
Citgo Petroleum Corp. is planning to raise $2.5 billion that it
will use to shore up the finances of its state-owned parent
company, Petroleos de Venezuela SA, according to a person with
knowledge of the matter.

The U.S. oil refining and marketing unit of PDVSA is seeking to
sell $1.5 billion of bonds and obtain a $1 billion loan, according
to the person, who asked not to be identified because the
information is private, according to Bloomberg News.  While
Citgo's debt ratings were cut to six levels below investment grade
by Moody's Investors Service on concern Venezuela will default,
it's still three steps higher than the government's rating,
Bloomberg News relates.

Using Citgo to sell debt would mark a new strategy to raise cash
for Venezuela after the government said in October that it had
scrapped a plan to sell the Houston-based company, Bloomberg News
discloses.  Venezuela owes $2.3 billion to Exxon Mobil Corp. and
Gold Reserve Inc. after losing arbitration cases tied to
expropriations, and those rulings would make it difficult for the
government to sell Citgo without having to pay them off, according
to Russell Dallen, a managing partner at Caracas Capital Markets
in Miami, Bloomberg News notes.

The only reason Citgo would issue the debt "is if they're going to
default on it," Mr. Dallen said in a telephone interview with
Bloomberg News.  "And then the bank or the company they issued it
to would be able to foreclose and take the property. It's a back-
door way of Venezuela selling the company," Mr. Dallen added.

                       Currency Reserves

Bloomberg News discloses that Venezuelan President Nicolas Maduro
is also seeking to stave off default by courting investments from
China after he failed to rally support from other OPEC members to
cut output amid the 56 percent plunge in crude prices over the
past six months.  Oil's drop has increased the chances that
Venezuela will default in the coming two years as foreign currency
reserves decline and the economy contracts, according to a Jan. 15
statement from Moody's Investors Service.

Venezuela said in October that it had scrapped a plan to sell
Citgo in deals with price tags estimated from $7 billion to $15
billion, according to court papers, Bloomberg News relays.  Still,
Citgo's representatives approached potential buyers as recently as
November, said people familiar with the sales campaign who asked
not to be identified because the talks are private, Bloomberg News
notes.

                          Default Swaps

"With crude prices dropping a lot of energy producers are under
pressure," Bloomberg News quoted Sam Margolin, a New York-based
analyst for Cowen & Co, as saying.  "There are refineries
interested in the company and their assets, but there are still a
lot of questions that have made the atmosphere challenging for
bidders and Citgo alike," Mr. Margolin added.

The cost to protect Venezuela's bonds against non-payment soared
to a record 67.51 percent upfront at 3:32 p.m. in New York on Jan.
21, 2015, according to CMA, a McGraw Hill Financial Inc. unit that
compiles dealer quotes in the privately negotiated market,
Bloomberg News says.  That means investors would pay $6.75 million
initially and $500,000 annually to protect $10 million of
Venezuelan debt for five years, Bloomberg News notes.

Oil provides more than 90 percent of the country's hard-currency
earnings, the most among the Organization of the Petroleum
Exporting Countries, Bloomberg News relays.  The government and
state-run oil company owe $21 billion on overseas bonds by the end
of 2016, an amount equal to about 100 percent of reserves,
Bloomberg News says.

Moody's reduced Citgo's corporate family rating to B3 from B1 on
Jan. 15, following a 13 cut of the Venezuelan government's debt
rating to Caa3 from Caa3.  It also trimmed PDVSA's rating to Caa3
from Caa1. Standard & Poor's grades Citgo B-, equivalent to the
new Moody's level.

PDVSA bought half of Citgo in 1986 from Southland Corp., which
also owned the 7-Eleven retail chain.  The Venezuelan company
acquired the rest in 1990.

                              About PDVSA

Petroleos de Venezuela S.A. -- http://www.PDVSA.com/-- engages in
the exploration, production, refining, transport, and commerce of
hydrocarbons.  The company was founded in 1975 and is based in
Caracas, Venezuela.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 19, 2015, Moody's Investors Service downgraded the long term
issuer rating and senior unsecured notes of Petroleos de Venezuela
(PDVSA) to Caa3 from Caa1 and changed the outlook on the ratings
to stable from negative.  Moody's also downgraded CITGO Petroleum
Corporation's Corporate Family Rating to B3 from B1; its
Probability of Default rating to B3-PD from B1-PD; and its senior
secured ratings on term loans, notes and industrial revenue bonds
to B3 from B1.


VENEZUELA: Drivers Rue Maduro Call to Change World's Cheapest Gas
-----------------------------------------------------------------
Pietro D. Pitts at Bloomberg News reports that Venezuelan drivers
like filling up their gas tanks for 6 cents a gallon.  The
country's president said they can't afford it much longer.

With Venezuelan oil prices down 60 percent since June and the
country suffering from shortages of everything from toilet paper
to dollars, President Nicolas Maduro said that it was time to
"open the debate" on raising fuel prices, according to Bloomberg
News.  Though it will hurt their pocketbooks, some Caracas
residents said he's right.

It's a risky move, notes the report.  From Nigeria to Bolivia,
leaders have backed down on plans to raise fuel costs when
confronted by public protests, Bloomberg News relates.  Just a
year ago, President Maduro faced violent street rallies over his
economic policies and the shortage of basic goods which left more
than 40 people dead, Bloomberg News relays.

Venezuela, home to the world's largest oil reserves, encountered
riots, looting and a military crackdown that eventually helped
propel Hugo Chavez to the presidency when then-President Carlos
Andres Perez increased gasoline prices in 1989, notes Bloomberg
News.  Fearing a repeat of the so-called Caracazo riots, Chavez
never boosted gas prices during the 14 years he served as
president, Bloomberg News discloses.  The last price increase was
in 1996.

As a result, cheap fuel is an assumed part of life in Venezuela,
Bloomberg News says.  Caracas residents will sometimes drive a few
hundred meters to a coffee shop instead of walking, Bloomberg News
relays.

                             Too Late

The price for Venezuela's Octane 95 gasoline, the most popular
fuel, is 0.097 bolivar a liter, or $0.06 a gallon, at the official
exchange rate, Bloomberg News notes.  For the elite who have
access to dollars and can change money at the black market rate of
183 per dollar, fuel is essentially free, says the report.

Analysts said a fuel price rise is part of package of measures
needed to aid the economy but that it might be coming too late,
Bloomberg News discloses.  The economy shrank 2.8 percent last
year, President Maduro said, while the International Monetary Fund
forecasts gross domestic product will contract 7 percent in 2015.

"If these measures were introduced a year ago then the market
reaction would have been euphoric," Siobhan Morden, head of Latin
America strategy at Jefferies LLC, said in a note to clients,
Bloomberg News relays.

Not all drivers trust the government to spend any new revenue
wisely, notes the report.

"What will they do with all that extra income," asked Ysnaldi
Chaguan, a former pharmacist who said he turned to driving taxis
after Chavez's government nationalized his company, Bloomberg News
notes.  "The government continues to say they are investing in
social missions but has the quality of life for most Venezuelans
improved? The answer is no," Mr. Chaguan added.

Adolfo Sandoval, topping up his car in the San Ignacio
neighborhood, called cheap prices an "unnecessary gift" from the
government, Bloomberg News says.

"The government should give away something else other than
gasoline," Mr. Chaguan said, Bloomberg News relays.



=================
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.


                   * * * End of Transmission * * *