TCRLA_Public/150210.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, February 10, 2015, Vol. 16, No. 028


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Says Safety is Highest Priority After Taiwan Crash


B R A Z I L

PETROLEO BRASILEIRO: Fitch Cuts IDR to 'BBB-'; Puts on Watch Neg.


C A Y M A N  I S L A N D S

12 PERCENT: Commences Liquidation Proceedings
ASHTON FUNDS: Commences Liquidation Proceedings
CARAMBULA TRADING II: Commences Liquidation Proceedings
CARLTON HILL: Shareholder Receives Wind-Up Report
CVI GVF (CAYMAN): Commences Liquidation Proceedings

ESG SELECTION: Placed Under Voluntary Wind-Up
ESG SELECTION MASTER: Placed Under Voluntary Wind-Up
EVERSHINE MELIDA: Placed Under Voluntary Wind-Up
FORT GS: Members Receive Wind-Up Report
GAAP FUND: Members Receive Wind-Up Report

HANMI HOLDING: Commences Liquidation Proceedings
K&S CAPITAL: Commences Liquidation Proceedings
LIBERTY STAR: Placed Under Voluntary Wind-Up
MANULIFE ABSOLUTE: Commences Liquidation Proceedings
MANULIFE ABSOLUTE MASTER: Commences Liquidation Proceedings

NEXSTAR EMERGING: Placed Under Voluntary Wind-Up
NEXSTAR EMERGING MASTER: Placed Under Voluntary Wind-Up
OUTRIGHT VENTURES: Placed Under Voluntary Wind-Up
PINEFIELD LIMITED: Placed Under Voluntary Wind-Up
REVERE EMERGING: Placed Under Voluntary Wind-Up

TJ AVILA: Commences Liquidation Proceedings
UNI-CAPITAL: Commences Liquidation Proceedings
YCAP SPC: Commences Liquidation Proceedings


E C U A D O R

ECUADOR: To Get $500 Million-IDB Loan for Energy Sector Program


J A M A I C A

DIGICEL GROUP: LIME to Pay Millions for Wrongly Withholding Money


M E X I C O

CEMEX SAB: Turns to Asset Sales to Reduce Debt


P U E R T O    R I C O

AES PUERTO RICO: Fitch Keeps CC Rating on $161M Bond on Watch Neg.
PUERTO RICO: Judge Strikes Down Debt Restructuring Law


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Unipet Head Wants Gradual Cut of Fuel Subsidy


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


LIAT: Says Safety is Highest Priority After Taiwan Crash
--------------------------------------------------------
The Daily Observer reports that LIAT, operating as Leeward Islands
Air Transport, is assuring customers that its fleet of Avions de
Transport Regional (ATR) aircraft is still safe, in the wake of
the crash of an ATR 72-600 in Taiwan.

The assurance comes after Aviation Consultant Lesroy Browne called
for regional carriers, like LIAT, to diversify their fleet,
according to The Daily Observer.  Mr. Browne said any issues in
the aircraft that would cause them to be grounded or recalled
could prove detrimental to regional travel, given the popularity
of the ATR within the Caribbean, the report notes.

However, a statement issued by LIAT said the European Aviation
Safety Authority (EASA), which functions as both the multi-
national safety and airworthiness oversight body, and the
regulator of the manufacturer of the ATR aircraft, had not yet
issued any directives for its world-wide fleet, the report relays.

The release further noted that the Eastern Caribbean Civil
Aviation Authority (ECCAA) would also act to secure the safety of
the region's travelers, the report discloses.

"LIAT and its own regulator the Eastern Caribbean Civil Aviation
Authority (ECCAA) are guided by any such directive (from EASA) and
LIAT would ensure our immediate compliance in the event of any
directive being issued," the release read, the report adds.

                          About LIAT

LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport
in Antigua.  It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean.  The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 2, 2014, Caribbean360.com said that chairman of the
shareholder governments of the financially troubled regional
airline, LIAT, operating as Leeward Islands Air Transport, Dr.
Ralph Gonsalves said while he is unaware of the details regarding
any possible retrenchment of employees, the airline needs to deal
with its high cost of operations.

The TCR-LA on March 10, 2014, citing Caribbean360.com, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation
of Chief Executive Officer Captain Ian Brunton, David Evans
replaced Mr. Brunton as chief executive officer.


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


PETROLEO BRASILEIRO: Fitch Cuts IDR to 'BBB-'; Puts on Watch Neg.
-----------------------------------------------------------------
Fitch Ratings has downgraded the foreign and local currency Issuer
Default Ratings (IDRs) and outstanding debt ratings of Petroleo
Brasileiro S.A. (Petrobras) to 'BBB-' from 'BBB'.  Concurrently,
Fitch has placed all of Petrobras' international and national
scale ratings on Rating Watch Negative.  These rating actions
affect approximately USD50 billion of issued debt, including debt
issued by PIFCO and PGF, which Petrobras unconditionally and
irrevocably guarantees.

KEY RATING DRIVERS

The downgrade reflects the increased and prolonged uncertainty
regarding Petrobras' ability to estimate and record an adjustment
to its fixed assets in a timely manner, which could allow a
significant portion of Petrobras' creditors to accelerate debt
payments.  Petrobras' third quarter financial statements, while
allowing it to comply with covenants, did not include any
adjustments to fixed assets.  The lack of clarity prolongs the
uncertainty surrounding the company's ability to make the
necessary adjustments to comply with covenants that require it to
report audited year-end financials within 120 days of the period's
end, plus a 60-day grace period.  Without audited financials, the
company lacks access to debt capital markets.  The decision to
delay the recording of an impairment highlights the difficulties
of estimating the magnitude of the corruption overpayments and
fair value of fixed assets.

The rating actions also reflect the potential impact the current
corruption scandal may have on Petrobras' ability to hit Fitch's
production expectations.  The corruption scandal affects the
company's effectiveness in negotiating with equipment suppliers,
as its executives exercise caution when signing or amending
contracts; the current ban on 23 business groups limits the
availability of key equipment.  Both issues could hurt the timing
of the completion and delivery of floating, production, storage
and offloading (FPSO) units, which Fitch had anticipated will face
an average delivery delay of six months.  Fitch will continue
monitoring the progress of the construction of Petrobras' FPSO.

The Rating Watch Negative reflects heightened risk the company's
debt could be accelerated if it is not able provide year-end
audited financial statements within the aforementioned timeframe.
Petrobras' ratings could be downgraded by more than one notch
should the company breach covenants with regards to its financial
statements and receive notification from creditors of such event.
If Petrobras publishes audited financial statements in a timely
manner so it does not to breach covenants, the Rating Watch
Negative will likely be removed and a Negative Rating Outlook
would likely be assigned due to continued uncertainty and
litigations generated by the ongoing Lava Jato corruption
investigation as well as the potential delay in delivery of
production units beyond Fitch's initial assumptions, which had led
to an expected projected output of 3.5 million boe/d by 2018.

Petrobras' 'BBB-' and 'AAA (bra)' ratings continue to reflect its
close linkage with the sovereign of Brazil due to the government's
control of the company and its strategic importance to Brazil as
its near monopoly supplier of liquid fuels.  Absent implicit and
explicit government support, Petrobras' credit quality is not
commensurate with an investment grade rating.  The linkage is
evidenced by the decision to maintain gasoline and diesel prices
at the pump significantly above international levels in order to
bolster Petrobras' cash flow generation.  This support has also
been reflected by the government's financial support of Petrobras
through its various lending agencies.  Fitch expects Petrobras to
be able to obtain financing from BNDES, as it has done so in the
past, should the company need a liquidity injection to make front
to cash flow deficit in the near term.  As of December 2013,
Petrobras' debt with BNDES represented approximately 16% of its
total debt.  By law, the federal government must hold at least a
majority of Petrobras' voting stock.  The government currently
owns directly and indirectly 60.5% of Petrobras' voting rights and
has an overall economic stake in the company of 48.9%.  Petrobras
cash position is sufficient to meet its short term funding needs.

Fitch believes the current price difference between domestic
products and international markets is unsustainable in the long
term and expects the differential to erode overtime, eliminating
temporary trading gains.  As a result, growing production remains
strategic for Petrobras to have a strong balance sheet in the long
term commensurate with an investment grade rating.  Petrobras
currently benefits from low international oil prices as the
company is a net importer and it has not revised downwards
domestic gasoline and diesel prices.  Fitch estimates the
company's current realization price for sale of liquid fuels
ranges between USD80/boe and USD85/boe while WTI has ranged
between USD45/bbl to USD50/bbl over the past few weeks.

RATING SENSITIVITIES

The inability of Petrobras to quantify and record impairment
charges before breaching covenants could trigger a negative rating
action.  As previously mentioned, the Rating Watch Negative
reflects heightened risk the company's debt could be accelerated
if it is not able to provide year-end audited financial statements
within the aforementioned timeframe.  If the company provides
financial statements and avoids breaching covenants, the Rating
Watch Negative will likely be removed and a Rating Outlook of
Negative may be assigned.

A negative rating action on the sovereign to Petrobras' current
rating level will not automatically trigger an immediate downgrade
for the company.  A positive rating action is highly unlikely in
the short to medium term, nevertheless, direct explicit support
from the government could help stabilize the ratings and to the
extent support is material the ratings could be equalized again in
the long term.

Fitch takes these ratings actions on Petrobras' ratings and places
on Rating Watch Negative:

   -- Foreign currency IDR downgraded to 'BBB-' from 'BBB';
   -- Local currency IDR downgraded to 'BBB-' from 'BBB';
   -- National long-term rating of 'AAA (bra)' placed on Rating
      Watch Negative.

Petrobras International Finance Company (PIFCO)

   -- Foreign currency IDR downgraded to 'BBB-' from 'BBB';
   -- International debt issuance downgraded to 'BBB-' from 'BBB'.

Petrobras Global Finance B.V. (PGF)

   -- Foreign currency IDR downgraded to 'BBB-' from 'BBB';
   -- International debt issuance downgraded to 'BBB-' from 'BBB'.


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


12 PERCENT: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Dec. 4, 2014, the members of
12 Percent Investments Limited resolved to voluntarily liquidate
the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 14, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


ASHTON FUNDS: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 5, 2014, the sole shareholder of Ashton Funds Management
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidators are:

          Edel Andersen
          Roger Priaulx
          Telephone: (345) 815 8532
          Facsimile: (345) 945 3470
          c/o Genesis Trust & Corporate Services Ltd.
          P.O. Box 448 Midtown Plaza
          Elgin Avenue, George Town
          Grand Cayman KY1-1106
          Cayman Islands


CARAMBULA TRADING II: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 2, 2014, the sole member of Carambula Trading II (Cayman)
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 27, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          P.O. Box 71, Road Town Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


CARLTON HILL: Shareholder Receives Wind-Up Report
-------------------------------------------------
On Jan. 6, 2015, the sole shareholder of Carlton Hill Synthetic
Portfolio Equity Partners I Offshore Ltd. received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The sole shareholder resolved to voluntarily liquidate the
company's business on Dec. 2, 2014.

Only creditors who were able to file their proofs of debt by
Jan. 5, 2015, are included in the company's dividend distribution.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


CVI GVF (CAYMAN): Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 26, 2014, the sole shareholder of CVI GVF (Cayman)
Colombian Investments Corp. resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          Fides Ltd
          802 West Bay Road
          P.O. Box 10338 Grand Cayman KY1-1003
          Cayman Islands


ESG SELECTION: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 5, 2014, the sole shareholder of ESG Selection Offshore
Fund-S Ltd resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Emerging Sovereign Group LLC
          c/o Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


ESG SELECTION MASTER: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Dec. 5, 2014, the sole shareholder of ESG Selection Master
Fund-S Ltd resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Emerging Sovereign Group LLC
          c/o Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


EVERSHINE MELIDA: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 6, 2014, the sole shareholder of Evershine Melida Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 15, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Eagle Management Services Limited
          c/o Barclays Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345 949-7128


FORT GS: Members Receive Wind-Up Report
---------------------------------------
The members of Fort GS Fund received on Jan. 12, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The sole shareholder resolved to voluntarily liquidate the
company's business on Nov. 26, 2014.

Only Creditors who filed proofs of debt are included in the
company's dividend distribution.

The company's liquidator is:

          Fides Ltd
          802 West Bay Road
          P.O. Box 10338 Grand Cayman KY1-1003
          Cayman Islands


GAAP FUND: Members Receive Wind-Up Report
-----------------------------------------
The members of GAAP Fund received on Jan. 12, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The sole shareholder resolved to voluntarily liquidate the
company's business on Nov. 26, 2014.

Only creditors who filed proofs of debt are included in the
company's dividend distribution.

The company's liquidator is:

          Fides Ltd
          802 West Bay Road
          P.O. Box 10338 Grand Cayman KY1-1003
          Cayman Islands


HANMI HOLDING: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 5, 2014, the sole shareholder of Hanmi Holding Company
resolved to voluntarily liquidate the company's business.

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

The company's liquidators are:

          Edel Andersen
          Roger Priaulx
          Telephone: (345) 815 8532
          Facsimile: (345) 945 3470
          c/o Genesis Trust & Corporate Services Ltd.
          P.O. Box 448 Midtown Plaza
          Elgin Avenue, George Town
          Grand Cayman KY1-1106
          Cayman Islands


K&S CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Dec. 3, 2014, the members of
K&S Capital Management, Inc. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 14, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LIBERTY STAR: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 4, 2014, the sole shareholder of Liberty Star Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 15, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


MANULIFE ABSOLUTE: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Dec. 3, 2014, the members of
Manulife Absolute Return Mortgage Securities Fund Ltd. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 14, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


MANULIFE ABSOLUTE MASTER: Commences Liquidation Proceedings
-----------------------------------------------------------
At an extraordinary meeting held on Dec. 3, 2014, the members of
Manulife Absolute Return Mortgage Securities Master Fund Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 14, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


NEXSTAR EMERGING: Placed Under Voluntary Wind-Up
------------------------------------------------
On Dec. 4, 2014, the sole shareholder of Nexstar Emerging Markets
Opportunity Master Fund, Ltd. resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          Robert Taylor
          c/o Jacqueline Haynes
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


NEXSTAR EMERGING MASTER: Placed Under Voluntary Wind-Up
-------------------------------------------------------
On Dec. 4, 2014, the sole shareholder of Nexstar Emerging Markets
Opportunity Fund, Ltd. resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          Robert Taylor
          c/o Jacqueline Haynes
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


OUTRIGHT VENTURES: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Dec. 5, 2014, the sole shareholder of Outright Ventures Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 15, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


PINEFIELD LIMITED: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on Dec. 4, 2014, the
shareholders of Pinefield Limited resolved to voluntarily wind up
the company's operations.

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

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345)949-0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


REVERE EMERGING: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 21, 2014, the shareholders of Revere Emerging Managers
Founders Fund Ltd resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Revere Asset Management LLC
          c/o Jennifer Parsons
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


TJ AVILA: Commences Liquidation Proceedings
-------------------------------------------
On Dec. 3, 2014, the sole shareholder of TJ Avila Investments
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 15, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Lashawn Davis
          Telephone: (345) 914 3195


UNI-CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 2, 2014, the sole shareholder of Uni-Capital Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Poh Seng Poo, George
          c/o Maples and Calder, Attorneys-at-law
          53rd Floor, The Center
          99 Queen's Road Central
          Hong Kong


YCAP SPC: Commences Liquidation Proceedings
-------------------------------------------
On Dec. 5, 2014, the sole shareholder of YCAP SPC resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 15, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          SCL Limited
          Smeets Law (Cayman)
          Reference: JAPF
          Telephone: (+1) 345 815 2800
          Facsimile: (+1) 345 947 4728
          Suite 2206, Cassia Court
          72 Market Street, Camana Bay
          P.O. Box 32302 Grand Cayman KY1-1209
          Cayman Islands


=============
E C U A D O R
=============


ECUADOR: To Get $500 Million-IDB Loan for Energy Sector Program
---------------------------------------------------------------
Ecuador is carrying out investments and reforms in its energy
sector with assistance from the Inter-American Development Bank
(IDB).

These measures seek to strengthen institutions in Ecuador's energy
sector, enhance the sustainability of its electrical grid, ease
the system's current dependence on fossil fuels, broaden rural
communities' access to energy, and move forward with the strategy
of regional electrical interconnection.

The modernization of Ecuador's electrical sub-sector will allow
for implementation of its national initiative to substitute the
use of liquefied gas from oil with electricity, thereby cutting
consumption of fossil fuels in the residential sector.

These changes will be financed with a policy-based programmatic
loan (PBP) totaling $500 million for Ecuador, which was approved
on February 4 by the IDB's Board of Executive Directors.  The PBP
is a quick-disbursement tool that will provide the government of
Ecuador with resources to finance its high-priority programs.

This first transaction will help maintain liquidity and will
support the institutional changes needed to maximize the positive
impact of these energy sector investments.

The IDB loan is over 20 years, with a grace period of 12 years,
and a variable interest rate linked to the LIBOR.


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


DIGICEL GROUP: LIME to Pay Millions for Wrongly Withholding Money
-----------------------------------------------------------------
Caribbean360.com, citing Jamaica Gleaner, reports that
telecommunication company LIME is to pay more than J$1.5 billion
(One Jamaica dollar =US$0.0087 cents) to Digicel (Jamaica) Limited
for wrongly withholding money due for calls from LIME's fixed-line
customers to Digicel mobile phones.

It said the payment is as a result of two lawsuits filed by
Digicel in 2007 and 2009, against Lime, whose parent company is
the British telecommunication giant, Cable & Wireless over its
refusal to hand over the funds, according to Caribbean360.com.

The report notes that LIME had denied that it was liable to refund
Digicel and filed a counterclaim for more than J$600 million.

Justice Bryan Sykes, who heard the matters and in July last year
ruled largely in favour of Digicel, said that LIME had wrongly
deducted hundreds of millions of dollars from money collected from
its fixed-line customers, the report notes.

The report adds that Justice Sykes had ordered the registrar of
the Supreme Court to carry out a "taking of accounts" to assess
the sum that should be refunded to Digicel.  Justice Sykes also
dismissed LIME's counterclaim, the report relays.

On November 24, last year, the registrar determined that J$1.3
billion was owing in one of the actions and J$179.7 million in the
other, the report notes.  The amount carried an interest of almost
J$$250,000 daily from the date of the judgment in July last year,
the report discloses.

The report notes that the newspaper said the two companies had
appealed Justice Sykes' ruling but the appeals were recently
withdrawn.

The judge ordered that Digicel was entitled to interest at the
Bank of Nova Scotia's base lending rate plus interest of two per
cent, the report relays.  LIME was ordered to pay 70 per cent of
Digicel's legal costs, the Jamaica Gleaner reported, the report
adds.

Headquartered in Jamaica, Digicel Group Limited provides mobile
telecommunications services in the Caribbean and the Central
American markets.   The company's services include rollover
minutes, GPRS data services, prepaid roaming, SMS to e-mail, and
multimedia messaging, as well as broadband.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on May
27, 2014, Fitch Ratings has affirmed the ratings of Digicel Group
Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred as 'Digicel' as:

DGL
--Long-term Issuer Default Rating (IDR) at 'B' with a Stable
  Outlook;
--USD 2 billion 8.25% senior subordinated notes due 2020 at 'B-
  /RR5';
--USD 1 billion 7.125% senior unsecured notes due 2022 at 'B-
  /RR5'.

DL
--Long-term IDR at 'B' with a Stable Outlook;
--USD 800 million 8.25% senior notes due 2017 at 'B/RR4';
--USD 250 million 7% senior notes due 2020 at 'B/RR4';
--USD 1.3 billion 6% senior notes due 2021 at 'B/RR4'.

DIFL
--Long-term IDR at 'B' with a Stable Outlook;
--Senior secured credit facility at 'B+/RR3'.


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


CEMEX SAB: Turns to Asset Sales to Reduce Debt
----------------------------------------------
Amy Guthrie at The Wall Street Journal reports that CEMEX, S.A.B.
de C.V. said it aims to sell between US$1 billion and US$1.5
billion in assets over the next 12 to 18 months to chip away at
its heavy debt burden and related financial expenses.

Recovering the company's investment grade capital structure is a
top priority for Cemex, Chief Executive Fernando Gonzalez said on
a conference call with analysts, according to The Wall Street
Journal.  In prior years the company has averaged annual
divestitures of US$200 million, Mr. Gonzalez added.

The report notes that Cemex maintains high levels of debt that
were taken on for acquisitions made before the global financial
downturn of 2008.  Last year, the company lowered its total debt
to $16.3 billion from $17.5 billion at the end of 2013, the report
relates.

Depending on the pace of asset sales, Cemex expects to reduce its
debt load by at least another $500 million this year, the report
relays.   Some proceeds may also be channeled into investment
projects, Mr. Gonzalez said, the report notes.

The Monterrey-based company plans to reduce costs and expenses by
$300 million this year, while it anticipates total capital
expenditures of $800 million, the majority of which will go toward
maintenance, the report discloses.

The company has roughly $1.6 billion in U.S. dollar equivalent
debt that is callable in 2015, and would like to reduce its
interest expenses by executing those call dates, explained
investor relations chief Maher Al-Haffar, the report relays.

Currently Cemex has $3 billion in notes with coupons higher than
9%, Mr. Al-Haffar added, notes the report.  The company will
explore all viable options to negotiate better rates and to extend
maturities, he said, in an effort to reduce interest expenses and
risk.

Simultaneously, the operating environment in key markets such as
Mexico and the U.S. continue to improve for the company, the
report relates.  The company expects cement volume sales to grow
in the mid-single-digits in both of those countries this year, and
has already implemented price increases in U.S. states such as
Florida, notes the report.

Adjusting for currency fluctuations, the company reported that
consolidated net sales increased 6% to $15.7 billion last year
across all markets, while operating earnings before interest,
taxes, depreciation and amortization, or Ebitda, a measure of
operating cash flow, rose 6% to $2.7 billion, the report
discloses.

The company narrowed its net loss in 2014 for a third consecutive
year, reporting a controlling interest net loss of $507 million,
the report adds.

                          About CEMEX SAB

CEMEX, S.A.B. de C.V., is a holding company of entities which
main activities are oriented to the construction industry,
through the production, marketing, distribution and sale of
cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 8, 2014, Fitch Ratings has assigned expected ratings of 'BB-
/RR3(EXP)' to CEMEX S.A.B. de C.V.'s (CEMEX) proposed USD notes
due in 2025 and its proposed Euro notes due in 2022. Proceeds from
the Euro notes issuance will be used for general corporate
purposes, including the repayment of indebtedness under CEMEX's
Facilities Agreement.  Proceeds from the USD issuance will be used
for general corporate purposes, including the repurchase of a
portion of the company's outstanding 2018 and 2020 notes.


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

AES PUERTO RICO: Fitch Keeps CC Rating on $161M Bond on Watch Neg.
------------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative on the
following AES Puerto Rico L.P. (AES PR) securities issued through
Puerto Rico Industrial, Tourist, Educational, Medical &
Environmental Control Facilities Financing Authority:

   -- $161.87 million cogeneration facility revenue bonds, series
      A (tax-exempt bonds) due June 2026 at 'CC';

   -- $33.1 million cogeneration facility revenue bonds, series B
      (taxable bonds) due June 2022 at 'CC'.

The 'CC' rating reflects Fitch's view of the credit quality of
Puerto Rico Electric Power Authority (PREPA).  PREPA is the
revenue counterparty under AES PR's power purchase agreement.
PREPA's 'CC' rating with a Rating Watch Negative constrains the
rating of AES PR.


PUERTO RICO: Judge Strikes Down Debt Restructuring Law
------------------------------------------------------
Michael Corkery, writing for The New York Times' DealBook,
reported that investors in billions of dollars of Puerto Rico
bonds have secured a major legal victory, after a federal judge
ruled that the commonwealth's recently enacted debt restructuring
law was unconstitutional.

According to the report, in a decision on Feb. 6, Judge Francisco
A. Besosa of the United States District Court in Puerto Rico said
the Puerto Rico Public Corporation Debt Enforcement and Recovery
Act was void and enjoined commonwealth officials from enforcing
the law. The DealBook added that Judge Besosa also denied the
commonwealth's motion to dismiss an investors' lawsuit, saying
that the recovery act was pre-empted by federal bankruptcy law.


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


TRINIDAD & TOBAGO: Unipet Head Wants Gradual Cut of Fuel Subsidy
----------------------------------------------------------------
Juhel Browne at Trinidad Express reports that falling oil prices
that have resulted in TT$2 billion less being spent on the fuel
subsidy in Trinidad and Tobago now present the perfect time for
the government to look at gradually reducing it even further as it
is "unsustainable" said the head of one of the country's fuel
retailers.

"My personal opinion is that I think now is the time to look at
the subsidy because it is so low the impact at it would have on
people's pockets, if they were to do it a year ago the impact it
would have today would be a lot less," Unipet Chief Executive
Officer Ronald Milford said of lowering the subsidy further,
according to Trinidad Express.

Trinidad and Tobago imports oil at international market prices for
Petrotrin to produce gasoline and diesel, the report notes.

Lower oil prices, therefore, mean money is spent on the fuel
subsidy but it also means the State earns less in the taxes from
the oil and natural gas exploration companies operating here such
as bpTT and BHPBilliton, the report discloses.

The report relays that government increased the price of premium
gasoline from TT$4 to TT$5.75 per liter in fiscal 2013 to help
reduce the fuel subsidy, which then stood at TT$4 billion.

But it is the fall in the oil prices now that, according to Prime
Minister Kamla Persad-Bissessar, has led to a TT$2 billion in
savings in fuel subsidy that is still keeping the price of super
gasoline at TT$2.80 per liter and diesel at TT$1.50 per liter, the
report notes.

"I would say once you can cut, reduce it further down by another
50 per cent.  I think that's more palatable because it would mean
taking diesel up to somewhere around TT$3 at the pump. . . super
will go to somewhere around TT$4-TT$4.50," the report quoted Mr.
Milford as saying.

Mr. Milford acknowledged that would be a significant price hike.

"It is but I said over time, you can't do that overnight," the
report quoted Mr. Milford as saying.

Mr. Milford noted: "I think it has to be over a gradual reduction,
over three to four years in my estimation."

In 2013, the price of West Texas Intermediate (WTI), or US crude
oil on which the national budget is partly pegged, peaked at just
above US$100 per barrel, the report recalls.

On Feb. 5, trading of the WTI closed at US$52 per barrel.

The national budget has been readjusted and is now based on a new
oil price projection of US$45 per barrel and with a new natural
gas price projection of US$2.25 per mmbtu, down from the original
projections of US$80 per barrel and US$2.75 per mmbtu
respectively, the report relays.

"The politics of the day may not support my position but I do
think that it has to be looked at I have gone in the past in
saying that the subsidy is not sustainable at this point in time
and even with lower oil prices eventually it's gonna' back up and
what do we do then.  So I think we need to really keep looking at
it with a view to reducing the subsidy," Mr. Milford said, the
report notes.

As for the impact of falling oil prices on the fuel retail
business, Milford does not predict any impact on the gas stations
in the short term, the report discloses.  "Where I think they will
have some impact will be on the industrial side of our sales. We
actually supply a lot of fuel, in particular diesel fuel, to the
multinational oil companies. So should they curtail their drilling
operations certainly we will be affected by that," Mr. Milford
added.


=================
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 * * *