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                     L A T I N   A M E R I C A

            Tuesday, February 3, 2015, Vol. 16, No. 023



OAS SA: Brazil Court Seizes Some of OAS's Shares in Invepar
PETROLEO BRASILEIRO: Draws a Blank on Cost of Fraud Scandal
WIND POWER: Bankruptcy Said to Delay $2 Billion Wind Parks

C A Y M A N  I S L A N D S

55 NORTH CAPITAL: Shareholders Receive Wind-Up Report
AUDLEY INVESTMENTS III: Shareholders Receive Wind-Up Report
AZURE MARINE: Shareholders Receive Wind-Up Report
BRIGADE CREDIT: Shareholder Receives Wind-Up Report
ERMITAGE GLOBAL: Shareholder Receives Wind-Up Report

GALENA AZURITE: Shareholders Receive Wind-Up Report
GIC EVENT: Shareholder Receives Wind-Up Report
HUNT OVERSEAS: Shareholders Receive Wind-Up Report
LODESTONE GLOBAL: Shareholders Receive Wind-Up Report
LODESTONE GLOBAL HEDGE: Shareholders Receive Wind-Up Report

PRAGMA UNIVERSAL: Shareholders Receive Wind-Up Report
SENEGAL HUNT: Shareholders Receive Wind-Up Report
TIEDEMANN GLOBAL: Shareholder Receives Wind-Up Report
VALU-TRAC MASTER: Shareholder Receives Wind-Up Report
VALU-TRAC STRATEGIC: Shareholder Receives Wind-Up Report


CAP S.A.: S&P Lowers CCR to 'BB+'; Outlook Negative


JAMAICA: Trade Deficit with the USA Increases


METROFINANCIERA: S&P Puts METROCB 06U's mxB- Rating on Watch Neg.


BANCO PANAMENO: S&P Affirms Then Withdraws 'BB' Credit Rating

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Central Bank Sells US$400MM to Banking System


VENEZUELA: Oil Cash Waning, Shelves Lie Bare


* Large Companies With Insolvent Balance Sheets

                            - - - - -


OAS SA: Brazil Court Seizes Some of OAS's Shares in Invepar
Reuters reports that a court in Brazil's Sao Paulo state seized on
Jan. 30, 8.9 percent of the shares that construction group OAS SA
has in infrastructure company Investimentos e Participacoes em
Infraestrutura SA, alleging that the debt-ridden group is in
imminent risk of insolvency.

Judge Roberto Corcioli Filho of the state of Sao Paulo Justice
Court told Reuters that he ordered the seizure at the behest of
Pentagono SA DTVM, which as a trustee represents the interests of
holders of BRL160 million (US$60 million) in OAS local debt notes.

Judge Corcioli's order followed OAS's decision to move around some
of the 105 million common and preferred shares it owns in the
infrastructure firm, known as Invepar, according to Reuters.  The
plaintiffs suspect OAS transferred the shares to protect them from
their clients, the note holders, and other creditors, according to
court documents, the report notes.

Judge Corcioli said in a phone interview that the decision was a
temporary, pre-emptive measure which could also be appealed, the
report relates.  It could be reversed should OAS prove the
transfer of the securities was legal, Judge Corcioli added. OAS
did not have an immediate comment.

The seizure comes as OAS struggles with the impact from a graft
and money-laundering scandal afflicting key client Petrobras,
which has undercut its own access to financing and revenue flow,
the report relays.

OAS failed to pay interest on US$400 million of global bonds and
on 100 million reais of debt earlier this year, and bankers are
speculating that a sale of the stake in Invepar could help OAS
raise cash to honor some obligations, the report notes.  OAS
controls a 25 percent stake in Invepar through its wholly
controlled OAS Infraestrutura SA subsidiary, the report discloses.

Some of Brazil's largest civil construction companies are facing
increased scrutiny and limited access to bond and loan markets
after federal prosecutors found that executives at state-
controlled Petrobras negotiated bribes in exchange for building,
leasing and other contracts, the report adds.

OAS S.A., together with its subsidiaries, provides civil
engineering and heavy construction services.  It is engaged in the
management and execution of projects and works; purchase and sale
of properties and intermediation; investment in other entities,
consortiums, condominiums, real estate funds, public utilities,
and concessions.  The company was formerly known as OAS Engenharia
e Participacoes S.A. OAS S.A. is headquartered in Sao Paulo,

PETROLEO BRASILEIRO: Draws a Blank on Cost of Fraud Scandal
Global Insolvency News, citing Financial Times, reports that
Brazil's Petroleo Brasileiro S.A. has admitted it is so far unable
to calculate how much money was stolen from the company in a vast
corruption scandal that has shaken confidence in the world's
second-largest emerging market.

After two months of delays, the state-controlled oil producer
finally published its unaudited financial statements for the third
quarter of 2014 at just after 4:00 a.m. on Jan. 27, in Brazil to
avoid breaking some of its debt covenants, according to Global
Insolvency News.

Petrobras said at the current time it was "impracticable to
measure in a correct, complete and definite manner" its losses
from an alleged bribery and kickback scheme at the company --
believed to be the largest of its kind in Brazilian history, the
report notes.

The company added it was examining alternative methods to
calculate the losses, the report says.

Jan. 27's announcement caused widespread anger among investors and
Brazilian taxpayers alike, prompting Petrobras' shares to fall
more than 10 per cent in early trading, the report notes.

Analysts had widely expected Petrobras to book a writedown of up
to US$20 billion in what would have been a vital first step to
regain credibility in the market and the trust of
PricewaterhouseCoopers, its auditors, who have refused to sign off
its accounts since November, the report adds.

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

As reported in the Troubled Company Reporter-Latin America on
Dec. 11, 2014, Moody's Cut Petrobras S.A.'s baseline credit
assessment to ba1.

WIND POWER: Bankruptcy Said to Delay $2 Billion Wind Parks
Vanessa Dezem at Bloomberg News reports that the bankruptcy of a
turbine maker in Brazil is threatening to derail BRL5 billion
(US$2 billion) of wind parks being built by a unit of state-run
power utility Eletrobras, said three people with direct knowledge
of the matter.

The unit, Furnas, canceled at least BRL2 billion of turbine supply
contracts after Wind Power Energia SA, the Brazilian arm of
Industrias Metalurgicas Pescarmona SA, or Impsa, filed for
bankruptcy protection late last year, said one of the people, who
asked not to be named because the matter isn't public, according
to Bloomberg News.

Bloomberg News notes that Furnas had also planned to buy Impsa
turbines for additional projects, bringing the total to BRL5

That leaves Furnas and its partners in the parks, including J&F
Investimentos SA and Banco BMG SA, with a tough choice: Either
wait for another local supplier, which are already operating at
full capacity, to take on the order or convince an international
company to set up shop in Brazil to be eligible for cheap state
financing.  Either way, Furnas will incur losses with the projects
because of delays, the person said, Bloomberg News notes.

A third option -- importing the turbines and forgoing the state
loans -- was discarded because it would make the parks
unprofitable, said the person, Bloomberg News relays.

"Impsa was an important turbine supplier in Brazil," Antonio
Tovar, head of the renewable energy department at national
development bank BNDES, said in an interview on Jan. 12 in Rio de
Janeiro, Bloomberg News notes.  "Its bankruptcy has disrupted the
market," BNDES added.

                      China Shipbuilding

Furnas in an e-mailed response to questions confirmed that at
least one of the parks is delayed and that it's seeking turbines
from manufacturers already operating in Brazil or willing to open
a factory, Bloomberg News relays.

Furnas has had talks with state-owned China Shipbuilding Industry
Co. to build a turbine factory in Brazil, according to the person
familiar with the situation, reports Bloomberg News.  Furnas has
also asked Brazil's energy regulator Aneel to extend the deadline
for some parks to start operating, the person said, Bloomberg News

Bloomberg News notes that Furnas, whose parent company is formally
known as Centrais Eletricas Brasileiras SA, was awarded the
contracts in 2013 to build and operate the parks in Rio Grande do
Norte and Ceara states.

If the parks, with planned capacity of 462 megawatts, aren't
operating this year, Furnas and its partners will be forced to
meet some supply contracts by buying electricity on the spot
market to resell to customers, probably at a loss, Bloomberg News

The BRL2 billion order was insured, according to the person
familiar with the matter.  The total BRL5 billion investment was
for eight parks with planned capacity 1.04 gigawatts, Bloomberg
News notes.

As of September, Impsa had contracts to supply 1.5 gigawatts of
turbines in Brazil, accounting for 12 percent of the market,
making it the nation's fourth-biggest supplier, according to
Bloomberg New Energy Finance.

C A Y M A N  I S L A N D S

55 NORTH CAPITAL: Shareholders Receive Wind-Up Report
The shareholders of 55 North Capital Partners Ltd 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.
          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

AUDLEY INVESTMENTS III: Shareholders Receive Wind-Up Report
The shareholders of Audley Investments III received on Dec. 23,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Russell Homer
          c/o Tanya Armstrong
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town
          Grand Cayman KY1-1104
          Cayman Islands

AZURE MARINE: Shareholders Receive Wind-Up Report
The shareholders of Azure Marine Ltd. received on Dec. 30, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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

BRIGADE CREDIT: Shareholder Receives Wind-Up Report
The shareholder of Brigade Credit Offshore Fund I 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:

          Elian Fiduciary Services (Cayman) Limited
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877

ERMITAGE GLOBAL: Shareholder Receives Wind-Up Report
The shareholder of Ermitage Global Multi-Strategy Fund received on
Dec. 23, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          K.D. Blake
          c/o Jason Robinson
          Telephone: 345-815-2600
          Facsimile: 345-949-7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          2nd Floor Century Yard, Cricket Square
          Elgin Avenue, George Town
          Grand Cayman, Cayman Islands
          Telephone: (345) 949-4800
          Facsimile: (345) 949-7164

GALENA AZURITE: Shareholders Receive Wind-Up Report
The shareholders of Galena Azurite Fund Limited received on
Dec. 29, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Russell Homer
          c/o Tanya Armstrong
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town
          Grand Cayman KY1-1104
          Cayman Islands

GIC EVENT: Shareholder Receives Wind-Up Report
The shareholder of GIC Event Driven Fund Limited received on
Dec. 30, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          K.D. Blake
          c/o James Macfee
          Telephone: 345-914-4465
          Facsimile: 345-949-7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          2nd Floor Century Yard, Cricket Square
          Elgin Avenue, George Town
          Grand Cayman
          Cayman Islands
          Telephone: 345-949-4800
          Facsimile: 345-949-7164

HUNT OVERSEAS: Shareholders Receive Wind-Up Report
The shareholders of Hunt Overseas Operating Company (Ghana-Cayman)
Ltd. 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

LODESTONE GLOBAL: Shareholders Receive Wind-Up Report
The shareholders of Lodestone Global Natural Resources Feeder
Company 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:

          Jess Shakespeare
          c/o Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9903
          Facsimile: (345) 943 9900

LODESTONE GLOBAL HEDGE: Shareholders Receive Wind-Up Report
The shareholders of Lodestone Global Natural Resources Hedge Fund
received on Dec. 23, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Jess Shakespeare
          c/o Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9903
          Facsimile: (345) 943 9900

PRAGMA UNIVERSAL: Shareholders Receive Wind-Up Report
The shareholders of Pragma Universal Fund Limited received on
Dec. 30, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Margot MacInnis
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands

SENEGAL HUNT: Shareholders Receive Wind-Up Report
The shareholders of Senegal Hunt Oil Company received on Dec. 22,
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

TIEDEMANN GLOBAL: Shareholder Receives Wind-Up Report
The shareholder of Tiedemann Global Emerging Markets QP Ltd.
received on Dec. 22, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Barbara Warga Naratil
          c/o Justin Savage
          Telephone: (345) 815 1816
          Facsimile: (345) 949-9877

VALU-TRAC MASTER: Shareholder Receives Wind-Up Report
The shareholder of Valu-Trac Master Fund SPC received on Dec. 22,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited)
          c/o Jonathan Roney
          Telephone: (345) 949-9876
          Facsimile: (345) 949-9877

VALU-TRAC STRATEGIC: Shareholder Receives Wind-Up Report
The shareholder of Valu-Trac Strategic Fund SPC received on
Dec. 22, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited)
          c/o Jonathan Roney
          Telephone: (345) 949-9876
          Facsimile: (345) 949-9877


CAP S.A.: S&P Lowers CCR to 'BB+'; Outlook Negative
Standard & Poor's ratings services lowered its corporate credit
and issue ratings on CAP S.A. to 'BB+' from 'BBB-'.  The outlook
is negative.

"The downgrade reflects our expectation that CAP's financial risk
profile will weaken in the next two years due to the eroding iron
prices," said Standard & Poor's credit analyst Marcus Fernandes

Even though the new price assumptions for 2015 and 2016 are $20
per ton lower than S&P's previous ones, the hit on CAP's financial
performance wouldn't be as hard given the company's cost-cutting
efforts and lower capital expenditures (capex).  Moreover, freight
costs have significantly dropped and the Chilean peso depreciated
10% in the past six months, all of which S&P expects to mitigate
the impact of lower iron ore prices.


JAMAICA: Trade Deficit with the USA Increases
RJR News reports that new data show Jamaica has been importing
more goods from the United States, resulting in an increase in the
trade deficit with its major trading partner.

During the period January to October last year, the value of
imports from the US grew by US$165.6 million, or 9.8%, according
to RJR News.

The report notes that the total imports were valued at US$1.85
billion, compared to $1.69 billion during the corresponding period
in 2013.

Expenditure on goods from the US accounted for 38.6 per cent of
Jamaica's total imports during the ten months, the report relates.

                           Exports Down

And according to the Statistical Institute of Jamaica, during that
period, the value of Jamaican exports to America fell by US$166
million, or 25%, to US$487 million, the report relays.

This comprised nearly 40 per cent of the country's total earnings
from exports, 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.


METROFINANCIERA: S&P Puts METROCB 06U's mxB- Rating on Watch Neg.
Standard & Poor's Ratings Services placed its long-term global and
Mexico National (CaVal) scale ratings on five Mexican residential
mortgage-backed securities (RMBS) transactions originated and
serviced by Metrofinanciera S.A.P.I. de C.V. SOFOM E.N.R
(Metrofinanciera) on CreditWatch with negative implications.

S&P placed on CreditWatch with negative implications its National
scale ratings on Metrofinanciera - Bursatilizaciones de Hipotecas
Residenciales' classes METROCB 05U, MFCB 05U, and METROCB 06U and
on Metrofinanciera - Bursatilizaciones de Hipotecas Residenciales
II's classes MTROCB 07U and MTROCB08U, as well as S&P's global
scale ratings on classes MTROCB 07U and MTROCB 08U.

The negative CreditWatch placements reflect the fact that the
overcollateralization levels have remained very weak, and have
even declined, in most of the classes, when compared with those
observed in S&P's last rating action in October 2013.  In S&P's
opinion, this is due to the transactions' low recovery levels,
except for classes MTROCB 07U and MTROCB 08U; although, even for
these classes, their recovery levels have been insufficient to
revert the deterioration in non-performing loans (measured over
the pool's outstanding balances) and overcollateralization.

Classes METROCB 05U and MFCB 05U have partial credit guarantees
(PCGs) provided by Sociedad Hipotecaria Federal S.N.C. (SHF) for
up to 26% and 11% of the outstanding balance of the notes,
respectively.  These PCGs can be disbursed to cover interests
shortfalls under possible liquidity events.  However, they cannot
be disbursed to restore the parity between current assets and
liabilities; therefore, their capacity to provide credit
protection to losses is very limited.

S&P will resolve the negative CreditWatch placements within the
next 30 days.  S&P is conducting a full review of the
transactions, considering its observed performance and its
stressed assumptions for foreclosure frequency and loss severity.
S&P could lower its ratings by one or more notches if the current
credit enhancement levels on the deals are not sufficient to
withstand its stress scenarios consistent with their current
ratings; otherwise, S&P could affirm its ratings.


SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

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



Metrofinanciera - Bursatilizaciones de Hipotecas Residenciales
Series       Maturity              Rating
             date         To                      From
METROCB 05U  2/20/2034    mxA (sf)/Watch Neg      mxA (sf)
MFCB 05U     10/24/2033   mxBBB- (sf)/Watch Neg   mxBBB- (sf)
METROCB 06U  11/14/2033   mxB- (sf)/Watch Neg     mxB- (sf)

Metrofinanciera - Bursatilizaciones de Hipotecas Residenciales II
Series       Maturity              Rating
             date         To                      From
MTROCB 07U   12/1/2033    CCC (sf)/Watch Neg      CCC (sf)
MTROCB 07U   12/1/2033    mxB- (sf)/Watch Neg     mxB- (sf)
MTROCB 08U   4/1/2033     CCC+ (sf)/Watch Neg     CCC+ (sf)
MTROCB 08U   4/1/2033     mxB (sf)/Watch Neg      mxB (sf)


BANCO PANAMENO: S&P Affirms Then Withdraws 'BB' Credit Rating
Standard & Poor's Ratings Services affirmed its 'BB' long-term
counterparty credit ratings on Banco Panameno de la Vivienda, S.A.
y Subsidiarias (Banvivienda).  S&P subsequently withdrew the
ratings at the issuer's request.  The outlook was stable at the
time of withdrawal.

The ratings on Banvivienda reflected its "moderate" business
position, "adequate" capital and earnings, "adequate" risk
position, "below average" funding, and "adequate" liquidity, as
our criteria define these terms.  The ratings on Banvivienda do
not incorporate notches for group support or extraordinary
government support.

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Central Bank Sells US$400MM to Banking System
Trinidad Express reports that Trinidad and Tobago Central Bank has
sold US$400 million to the banking system this month.

This is the largest foreign exchange intervention made by the
Central Bank in a single month to date, the Bank said in a
statement, according to Trinidad Express.  The second largest
monthly sale was US$315 million in November 2010, when unsatisfied
demand and significant tightening also persisted in the foreign
exchange market, the report relates.

The Central Bank said it started its 2015 strategic foreign
exchange management program with a US$200 million intervention on
January 15, the report relays.  Eight days later, on January 23,
the Bank sold US$100 million.

The latest foreign exchange intervention of US$100 million took
place Jan. 27.

"These sales amounted to US$400 million in the space of two weeks.
These larger and more frequent interventions reflect the nature of
Central Bank's 2015 foreign exchange management," the Bank stated,
the report notes.

"Despite selling US$1.7 billion to the banking system in 2014,
significant unsatisfied demand carried over into the start of
2015.  The negative national sentiment surrounding sharply falling
oil prices aggravated unsatisfied demand for foreign exchange as
future demands from the public and business community have been
brought forward," the Bank said, adds the report.

The Bank further said: "With elevated domestic liquidity levels
fuelling strong growth of consumer credit and helping to finance
substantial imports of consumer durables, Central Bank's foreign
exchange interventions are indirectly contributing to absorbing
excess liquidity in the banking system," Trinidad Express notes.

One objective of the Bank's monetary policy is to maintain stable
conditions in the domestic foreign exchange market, it said.
"Our 2015 foreign exchange program is framed in the context of our
medium-term balance of payments outlook, which prudently views
lower energy prices as a cyclical phenomenon over the next three
years.  This year's program is aimed at preventing foreign
exchange shortfalls from arising as a result of escalating demand
and reduced supply due to lower energy export earnings," said the
Bank, the report relays.

Trinidad and Tobago's net official reserves currently stand at
US$11.1 billion, representing 12.5 months of import cover, the
report adds.


VENEZUELA: Oil Cash Waning, Shelves Lie Bare
Global Insolvency News reports that Venezuelans have put up with
shortages and long lines for years. But as the price of oil, the
country's main export, has plunged, the situation has grown so
dire that the government has sent troops to patrol huge lines
snaking for blocks.

Some states have barred people from waiting outside stores
overnight, and government officials are posted near entrances,
ready to arrest shoppers who cheat the rationing system, the
International New York Times reported, according to Global
Insolvency News.

Because Venezuela is so dependent on oil sales to buy imports of
food, medicine and many other basics, the drop in oil prices means
that there is even less hard currency to buy what the country
needs. Even before oil prices tumbled, Venezuela was in the throes
of a deep recession, with one of the world's highest inflation
rates and chronic shortages of basic items, the report relays.


* Large Companies With Insolvent Balance Sheets

                                         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


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

                   * * * End of Transmission * * *