TCRLA_Public/150217.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 17, 2015, Vol. 16, No. 033


                            Headlines



B R A Z I L

PETROLEO BRASILEIRO: HSBC Pitches Oil Rig Bonds Nobody Wants
SCHAHIN OIL: Fitch Cuts Issuer Default Ratings to 'B-'
SETE BRASIL: S&P Lowers Rating to 'BB-'; On CreditWatch Negative


C A Y M A N  I S L A N D S

12 PERCENT INVESTMENTS: Shareholders Receive Wind-Up Report
BLACKHORSE EMERGING: Shareholders Receive Wind-Up Report
CHRISPHAELLE LIMITED: Shareholders Receive Wind-Up Report
ESG SELECTION: Shareholder Receives Wind-Up Report
ESG SELECTION MASTER: Shareholder Receives Wind-Up Report

EVERSHINE MELIDA: Members Receive Wind-Up Report
ICG EUROPEAN: Shareholders Receive Wind-Up Report
JETS INTERNATIONAL: Shareholders Receive Wind-Up Report
K&S CAPITAL MANAGEMENT: Shareholders Receive Wind-Up Report
MA GOLDMAN SACHS: Shareholders Receive Wind-Up Report

MANULIFE ABSOLUTE: Shareholders Receive Wind-Up Report
MANULIFE ABSOLUTE MASTER: Shareholders Receive Wind-Up Report
NEXSTAR EMERGING: Shareholder Receives Wind-Up Report
SB FINANCE LIMITED: Shareholders Receive Wind-Up Report
SIGNUM FINANCE: Shareholders Receive Wind-Up Report

SIGNUM ROUGE: Shareholders Receive Wind-Up Report
SKM-LIBERTYVIEW: Shareholders Receive Wind-Up Report
SUFFIELD CLO: Shareholders Receive Wind-Up Report
TJ AVILA INVESTMENTS: Shareholders Receive Wind-Up Report
ZEUS (CAYMAN) II: Shareholders Receive Wind-Up Report


C O L O M B I A

COLOMBIA: Coal Production Rises to 88.5 Million Tons in 2014


C U B A

CUBA: U.S. Opens Door to Imports From Private Sector


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Petrocaribe Preferential Oil Deal Stays As Is
DOMINICAN REPUBLIC: Stock Market to Grow 15% to US$11.1 Billion


P U E R T O    R I C O

FIRSTBANK PUERTO RICO: S&P Puts 'B+' ICR on CreditWatch Negative
PUERTO RICO AQUEDUCT: S&P Lowers Rating on Revenue Bonds to 'B'
PUERTO RICO: To Appeal Ruling Voiding Bankruptcy Law
UNIVERSITY OF PUERTO RICO: S&P Lowers Rev. Bonds' SPUR to 'B'


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -

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


PETROLEO BRASILEIRO: HSBC Pitches Oil Rig Bonds Nobody Wants
------------------------------------------------------------
Paula Sambo at Bloomberg News reports that in the months since
Brazil's largest bribery scandal broke, bond investors have fled
companies tied to the alleged kickbacks.  They've been far too
hasty, according to HSBC Holdings Plc and Mizuho Securities USA,
Bloomberg News relates.

Bloomberg News notes that Odebrecht Offshore Drilling and Queiroz
Galvao Oil & Gas Constellation are a case in point.  Their
securities have plunged at least 27 percent since Nov. 13, when
federal police said they found "strong evidence" that at least
seven builders, including the parent companies of the two oil-rig
providers, formed a cartel to win public contracts, according to
the report.

To Mizuho's John Haugh, the bonds are now a buy because the terms
that govern them will likely shield the issuers from any
punishment the parent companies may face if they're found guilty
of bribing Petroleo Brasileiro SA, Bloomberg News says.  Not only
is the money to pay these notes set aside in an escrow account,
the long-term charter agreements with Petrobras backing the debt
can only be terminated in cases where the rigs aren't delivered on
time or are defective, Bloomberg News discloses.

"These bonds are oversold and present an attractive entry point,"
Mr. Haugh, a Latin America corporate strategist, told Bloomberg
News by telephone from New York.  "The charter agreements that
back the bonds are not renegotiable prior to expiration," the
strategist added.

Bloomberg News relays that Odebrecht Offshore Drilling said that
its notes have a solid package of guarantees including the
drilling rigs, as well as receivables from long-term contracts.
Salvador, Brazil-based parent Odebrecht SA referred questions to
the unit.  In a Dec. 30 statement, Odebrecht said that all of its
Petrobras contracts were obtained in competitive processes under
established legislation, Bloomberg News relates.

                           Petrobras Bans

Bloomberg News discloses that the press office of Rio de Janeiro-
based Queiroz Galvao Oil & Gas declined to comment on the
allegations and the bond losses.  Parent Queiroz Galvao SA, which
referred requests for comment to the unit, said in a Nov. 14
statement that all of its contracts are within the law.

Since the end of December, Petrobras has banned more than 20
builders including Odebrecht and Queiroz Galvao from bidding on
contracts pending the outcome of an investigation that has roiled
the nation's financial markets and fueled calls for the
impeachment of President Dilma Rousseff, Bloomberg News relays.

Bloomberg News notes that Odebrecht Offshore Drilling's $1.275
billion of notes due 2022 have lost 27 percent since Nov. 13 to
74.29 cents on the dollar.  The notes are now distressed, yielding
11.53 percentage points over similar-maturity U.S. Treasuries.

Brazil's real declined 0.4 percent to 2.8347 per dollar on Friday,
Feb. 13, 2015, says Bloomberg News.

                        'Most Attractive'

Bloomberg News says that the $700 million of 2019 notes sold by
Queiroz Galvao Oil & Gas have plummeted 46 percent in the same
span to 52.51 cents on the dollar.  At 23.36 percent, they yield
three times the average for junk-rated emerging-market debt,
Bloomberg News notes.

Bloomberg News relates that the bonds are a bargain because the
long-term contracts provide cash-flow visibility and are devoid of
clauses that could be exploited by Petrobras to void the charter
agreements if the parent companies are found guilty, HSBC analysts
led by Sarah Leshner said in a Feb. 4 report.

"Secured drill-rig bonds offer the most attractive risk-return for
a patient holder," they wrote, Bloomberg News relays.

Bloomberg News discloses that the rig companies also benefit from
renting strategically critical equipment to Petrobras.

Sanjay Ranade, a strategist at Jefferies Group LLC, recommended
last month that investors stay away, Bloomberg News notes.

                     'Volatile Times'

"In these volatile times, we cannot rule out the possibility of a
renegotiation," Mr. Ranade said in a note to clients Jan. 7,
Bloomberg News notes.

Mizuho's Haugh said that most of the contracts that back Queiroz
Galvao Oil & Gas's bonds expire in 2018, a year before the notes
mature and ensuring debt payments are covered for the next several
years, Bloomberg News relays.  And while declining to provide a
fair-value estimate for the rig providers' bonds, Mr. Haugh said
investors demand too much in yield relative to Petrobras's notes,
Bloomberg News relays.

Queiroz Galvao Oil & Gas's 2019 debt yields 15.7 percentage points
more than similar-maturity securities from Petrobras, data
compiled by Bloomberg show.

"There is enough asset value to cover all debt at Queiroz Galvao
Oil & Gas and its subsidiaries," Mr. Haugh said, Bloomberg News
notes.  "These bonds should trade at a closer spread to
Petrobras," Mr. Haugh added.

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
Feb. 9, 2015, EFE News said that scandal-hit Brazilian state-
controlled oil company Petroleo Brasileiro S.A. named the chief
executive of state-run bank Banco do Brasil as its new chief
executive officer.  Petrobras, which made the announcement in a
securities filing, said its board of directors selected Aldemir
Bendine to succeed Maria das Gracas Silva Foster, who resigned
amid a deepening crisis at the company, according to EFE News.

TCRLA reported on Feb. 3, 2015, that Global Insolvency News,
citing Financial Times, said Petrobras 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'
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.

Moody's Cut Petroleo Brasileiro's baseline credit assessment to
ba1, the TCRLA reported on Dec. 11, 2014.


SCHAHIN OIL: Fitch Cuts Issuer Default Ratings to 'B-'
------------------------------------------------------
Fitch Ratings has downgraded Schahin Oil and Gas Ltd.'s (Schahin,
or HoldCo) foreign- and local-currency Issuer Default Ratings
(IDRs) to 'B-' from 'B+' and placed the ratings on Negative Rating
Watch.

The downgrade reflects the company's liquidity deterioration and
higher levels of refinancing risk as it continues to delay
obtaining permanent long-term financing at the holding company
level. Schahin currently has a bridge loan with Mizhuo Bank Ltd
for approximately USD460 million due in October 2015. The
likelihood that the company will be able to refinance this
maturity with third parties has significantly deteriorated as a
result of the decrease in international oil prices and the
uncertainty created by the current investigation into Petrobras'
contracting practices. Further pressuring Schahin's liquidity is
approximately USD340 million of short-term bank debt at Deep Black
Drilling LLC, an intermediate holding company.

The Negative Watch reflects the increased uncertainty surrounding
the company's ability to refinance its outstanding debt in a
timely manner before its October deadline. Schahin's ratings
reflect the company's high consolidated leverage and structural
subordination to its operating subsidiaries' project finance debt.
Consolidated leverage is expected to decline over time as the
project finance debt at the operating companies amortizes. The
OpCos assets have long-term contracts in place that allow them to
better match project debt with the life of the assets, which
results in low debt service requirements and greater cash flow
distributions to the HoldCo.

RATING SENSITIVITIES

Factors that could lead to a negative rating action are: Failure
to put in place permanent long-term financing at the HoldCo to
refinance intermediate subsidiaries' obligations and/or failure to
lower leverage to 5x or below in the medium term, or an overly
aggressive growth strategy that could pressure credit metrics.

Although a positive rating action is not expected in the short- to
medium-term, key considerations for a positive rating action would
be a faster deleveraging process coupled with a reduction of the
Holdo's structural subordination to its operating assets.


SETE BRASIL: S&P Lowers Rating to 'BB-'; On CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
ratings on Sete Brasil Participacoes S.A.to 'BB-' from 'BB'.  At
the same time, S&P lowered the national scale rating on the
company to 'brA-' from 'brAA'.  S&P also lowered the national
scale senior unsecured rating on the company's R$1.85 billion
debentures to 'brA-' from 'brAA'.  S&P is also placing the ratings
on CreditWatch with negative implications.

"The downgrade reflects further construction delays for Sete's
drilling vessels that have resulted from the weakening
creditworthiness of the local shipyards responsible for the works
and from Sete's inability to secure long-term financing for its
special-purpose entities," said Standard & Poor's credit analyst
Renata Lotfi.  The long-term financing disbursement has stalled
due to operational issues in Sete's gathering all applicable
information requested by banks and due to banks' greater scrutiny
regarding financing to Petroleo Brasileiro S.A. - Petrobras'
(Petrobras; BBB-/Stable/--) suppliers, like Sete, in light of the
corruption investigations.

Sete's ability to secure this long-term financing is a key rating
driver in the next few months because the company's close $3.5
billion in bridge loans will mature in the short-term.  Sete's
business plan assumed that it would align its debt amortization
profile with its construction plan and vessel delivery schedule.
Although S&P believes Sete's business fundamentals and ownership
structure could enhance its financial flexibility and should allow
the company to secure long-term financing, Sete is exposed to a
high level of uncertainty and execution risk regarding its early
preoperational phase.

CREDITWATCH

The CreditWatch placement reflects the potential further delays in
operating cash flow generation due to a slowdown in construction
activity at the Brazilian shipyards because of Sete's inability to
secure long-term refinancing to replace its bridge loans.

S&P could downgrade the company during the next 30 days if it
don't see significant progress toward securing long-term financing
for each SPE, which would further weaken the shipyards'
creditworthiness and Sete's construction activities.  The delays
could consume the average six months cushion Sete has set as the
difference between the expected delivery of the drilling vessels
and the start date of the charter agreements, which could weaken
Sete's expected operating cash flow generation.

Additionally, any further deterioration in Petrobras''bb' stand-
alone credit profile (SACP) could lead to a similar action on
Sete, because S&P's rating on the company incorporates Petrobras'
contractual foundation.

S&P could revise the outlook to stable if Sete secures long-term
financing in the next three months.


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


12 PERCENT INVESTMENTS: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of 12 Percent Investments Limited received on
Jan. 29, 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


BLACKHORSE EMERGING: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of The Blackhorse Emerging Enterprises (US) Fund
received on Jan. 7, 2015, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          John Francis Engle
          29R Barker Road, 307493
          Singapore


CHRISPHAELLE LIMITED: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Chrisphaelle Limited received on Jan. 6, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Leslie Cunliffe
          Ingrid Bodden
          Eagle Holdings Limited
          25 Main Street
          P.O. Box 487, George Town, Grand Cayman KY1-1106
          Cayman Islands
          e-mail: robert.steele@barclays.com


ESG SELECTION: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of ESG Selection Offshore Fund-S Ltd received on
Jan. 28, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Emerging Sovereign Group LLC
          c/o Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


ESG SELECTION MASTER: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of ESG Selection Master Fund-S Ltd received on
Jan. 28, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Emerging Sovereign Group LLC
          c/o Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


EVERSHINE MELIDA: Members Receive Wind-Up Report
------------------------------------------------
The members of Evershine Melida Limited received on Jan. 17, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


ICG EUROPEAN: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of ICG European Special Credits Fund GP Limited
received on Jan. 16, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


JETS INTERNATIONAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Jets International Limited received on
Jan. 16, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


K&S CAPITAL MANAGEMENT: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of K&S Capital Management, Inc. received on
Jan. 29, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MA GOLDMAN SACHS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of MA Goldman Sachs Customised Multi-Asset Trend
Traditional Strategy Limited received on Jan. 16, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


MANULIFE ABSOLUTE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Manulife Absolute Return Mortgage Securities
Fund Ltd. received on Jan. 29, 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


MANULIFE ABSOLUTE MASTER: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Manulife Absolute Return Mortgage Securities
Master Fund Ltd. received on Jan. 29, 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


NEXSTAR EMERGING: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Nexstar Emerging Markets Opportunity Fund, Ltd.
received on Jan. 14, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


SB FINANCE LIMITED: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of SB Finance Limited received on Jan. 16, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


SIGNUM FINANCE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Signum Finance Loan Repack 1 Limited received
on Jan. 16, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


SIGNUM ROUGE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Signum Rouge Limited received on Jan. 16,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


SKM-LIBERTYVIEW: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of SKM-Libertyview CBO I Limited received on
Jan. 16, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


SUFFIELD CLO: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Suffield CLO, Limited received on Jan. 16,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


TJ AVILA INVESTMENTS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of TJ Avila Investments Limited received on
Jan. 24, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


ZEUS (CAYMAN) II: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Zeus (Cayman) II received on Jan. 16, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


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


COLOMBIA: Coal Production Rises to 88.5 Million Tons in 2014
------------------------------------------------------------
EFE News reports that a total of 88.5 million tons of coal were
produced last year in Colombia, 3.6 percent more than in 2013, the
National Mining Agency, or ANM, said.

The northern provinces of Cesar and La Guajira accounted for 92
percent of the total, the ANM said in a statement obtained by EFE.

The report says a total of 47.3 million tons of coal were produced
last year in Cesar, home to the La Jagua open pit mine, one of
Colombia's biggest, 2 million more than in 2013.

Roughly 34.3 million tons, 1 million more than the previous year,
were produced in the neighboring province of La Guajira, where the
open pit El Cerrejon mine is located, says EFE News.

"These figures confirm once again that coal is our main mining
resource and that, because of its strategic importance, we must
manage it very responsibly," the report quoted ANM President
Natalia Gutierrez as saying.

The rest of the country's coal production came from the central
provinces of Cundinamarca and Boyaca, 2.3 million tons and 1.7
million tons, respectively; the northern province of Norte de
Santander, 2.1 million tons; the northwestern province of
Antioquia, 264,708 tons; and the north-central province of
Santander, 102,117 tons, the report relays.

"Despite the significant drop in prices, Colombia has responded
positively to this situation. We expect to increase production
even further and that the coal supply in the country's interior
can be made visible in market terms," Ms. Gutierrez added, EFE
relates.


=======
C U B A
=======


CUBA: U.S. Opens Door to Imports From Private Sector
----------------------------------------------------
EFE News reports that the United States has taken another step in
its rapprochement with Cuba by authorizing imports of certain
goods and services produced by independent entrepreneurs on the
Communist-ruled island, a measure aimed at boosting that nation's
small private sector.

In a further easing of the economic embargo imposed on the
Caribbean island more than a half century ago, the U.S. State
Department said that goods produced by Cuban entrepreneurs who
produce documentary evidence of their independence from the state
may be imported under Section 515.582 of the Cuban Assets Control
Regulations, according to EFE News.

However, Americans will not be able to import a range of goods,
including animal, vegetable and mineral products; textiles; base
metals; machinery and mechanical appliances; vehicles; and arms
and ammunition, says the report.

President Barack Obama's administration plans to periodically
update the regulations to gradually eliminate some of these
exceptions and promote increasingly dynamic trade relations
between the United States and Cuba, adds EFE News.

"This is another measure intended to support the ability of the
Cuban people to gain greater control over their own lives and
determine their country's future," the State Department said in a
statement, according to EFE News.

The report says Cuba's incipient private sector is made up of some
480,000 entrepreneurs, known on the island as "cuentapropistas."

The State Department cautioned on Feb. 13 that it cannot predict
whether Havana will allow Cuban entrepreneurs to export their
goods and services to the United States, the report relates.

"But we sincerely hope that it makes this and other new
opportunities available to Cuba's nascent private sector," the
department said, EFE adds.


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


DOMINICAN REPUBLIC: Petrocaribe Preferential Oil Deal Stays As Is
-----------------------------------------------------------------
Dominican Today reports that Venezuela ambassador Alberto
Castellar affirmed that his country's Energy Solidarity
Cooperation Agreement (Petrocaribe) with the Dominican Republic
and other Latin American nations will remain as is.

Mr. Castellar said Petrocaribe emerged to address inequalities for
access to energy in Latin American countries, reaffirming that
it's a new way of equitable and fair exchange, according to
Dominican Today.  "This is the dream of the late, unforgettable
commander Hugo Rafael Ch vez FrĀ”as to foster fair exchange and
trade and unity among all Latin America countries," the report
quoted Mr. Castellar as saying.

The report relates that Mr. Castellar said despite efforts to
destroy Petrocaribe, Caracas reaffirms its validity "and even more
so for given Venezuela's interest in sharing what it has, not what
it has left over, with its America brothers."


DOMINICAN REPUBLIC: Stock Market to Grow 15% to US$11.1 Billion
---------------------------------------------------------------
Dominican Today reports that Dominican Republic's Stock Market
will grow 15% to RD$500.0 billion (US$11.1 billion) in trades this
year, Securities Superintendent Gabriel Castro affirmed.

The report notes that Mr. Castro said the custody and pay
mechanism (Cevaldom) currently has more than RD$600.0 billion.

"This amount entails a great challenge and, secondly, speaks
volumes about the number of transactions and respectable volumes
handled in the market, which tend to be growing more and more
every day," Mr. Castro said, after receiving third place on e-
government from the Presidency's Office for Information and
Communication Technology (OPTIC), which evaluated 96 agencies, the
report relates.

The report notes that Mr. Castro said the market finances the
government as well as other institutions both in pesos and
dollars.

Mr. Castro said the market will grow because pension funds need
diverse instruments and the stock market is ideal to invest and
get adequate returns, the report relays.

Mr. Castro said last year's trades exceeded RD$400.0 billion, both
the primary and the secondary market, the report notes.

Mr. Castro said the stock market must be based on principles of
transparency and credibility, in addition to financial education,
the report adds.


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


FIRSTBANK PUERTO RICO: S&P Puts 'B+' ICR on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said it has placed its 'B+'
long-term issuer credit rating on FirstBank Puerto Rico, its 'B+'
long-term issuer credit rating on OFG Bancorp, its 'B+/C' long-
and short-term issuer credit ratings on Popular Inc., and its
'BBB/A-2' long- and short-term issuer credit ratings on Santander
BanCorp on CreditWatch with negative implications.

"We placed our ratings on these four Puerto Rico-based banks on
CreditWatch with negative implications following the downgrade of
our ratings on the Commonwealth of Puerto Rico's GO debt on
Feb. 12, 2015.  While each of these banks has varying levels of
exposure to certain public corporations in Puerto Rico (e.g., the
Highways and Transportation Authority, Puerto Rico Electric Power
Authority, and Puerto Rico Aqueduct and Sewer Authority), we
believe that the persistently weak local economy and poor credit
quality of the Commonwealth could potentially weigh on the credit
quality of these banks' broader loan portfolios over time," said
Standard & Poor's credit analyst Sunsierre Newsome.  These banks'
business profiles lack any meaningful geographic diversification
outside of Puerto Rico.  This leaves them vulnerable to
deterioration in the performance of their loan portfolios, which,
in turn, could hurt their capital levels and access to funding if
Puerto Rico's credit quality remains strained or weakens further.
S&P do recognize, however, that these banks benefit from certain
structural benefits, such as access to the Federal Home Loan Bank,
the U.S. Federal Reserve's discount window, and deposit insurance
from the Federal Deposit Insurance Corp., that could support their
funding profiles and stabilize their deposits despite the
Commonwealth's persistent economic weakness.

To resolve these CreditWatch listings, S&P will review each bank's
credit profile, including their loan portfolios, exposures to the
Commonwealth and three public corporations, and their liquidity
positions.  S&P will also consider how its credit assessments of
these banks will be affected by the downgrade of S&P's rating on
Puerto Rico's GO debt. A CreditWatch listing, however, doesn't
mean that a rating change is inevitable.  S&P expects to resolve
its CreditWatch placements on these four banks within 90 days.


PUERTO RICO AQUEDUCT: S&P Lowers Rating on Revenue Bonds to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
Puerto Rico Aqueduct & Sewer Authority's (PRASA) revenue bonds,
guaranteed by the Commonwealth of Puerto Rico, by three notches to
'B' from 'BB'.  At the same time, Standard & Poor's lowered its
rating on PRASA's revenue bonds to 'B' from 'BB-'.  The outlook is
negative.

"The actions reflect our downgrade of the commonwealth's general
obligation debt," said Standard & Poor's credit analyst James
Breeding.

The negative outlook affects PRASA's series 2008A and 2008B
revenue bonds, of which $285 million are outstanding.  The
authority also has approximately $874.3 million in other
commonwealth-backed obligations, mainly U.S. Department of
Agriculture's Rural Development loans, as well as the Puerto Rico
Infrastructure Financing Authority loans (not rated).  Those bonds
are first secured by a pledge of net revenues of PRASA's system.
Should the net revenues be insufficient, the commonwealth
backstops the bonds.

The 'B' rating on the senior-lien revenue bonds -- series 2008 and
2012A and B, secured by a gross revenue pledge of the authority,
with about $3.4 billion total outstanding -- reflects PRASA's
stand-alone credit profile (SACP).  The authority is, in S&P's
view, a government-sponsored enterprise.  By applying S&P's
government-related entity criteria, and because of PRASA's
important role and strong link with the commonwealth, a further
downgrade to Puerto Rico's GO debt could cause a downgrade to the
authority's revenue bonds.

"We have also lowered PRASA's SACP to 'b' from 'bb-'.  The SACP
reflects our view of the authority's general creditworthiness
based solely on its own fundamentals, absent any uplift or
headwinds associated with its relationship with the general
government.  The lower SACP reflects our view of the current
climate surrounding all Puerto Rico obligations as creating
adverse business conditions for PRASA.  The authority's liquidity
has no immediate challenges because of a 2012 bond restructuring
that included the injection of temporary working capital, as well
as a 60% rate increase in 2013.  However, we view the authority's
ability to extend its lines of credit (LOCs; expiring in March
2015) or convert them to long-term debt as now being more
difficult, though PSASA has indicated the intent to proceed with a
sizable bond issue within the next two-to-three months.  PRASA has
little discretion in its capital improvement program given the
large share of regulator-ordered, date-certain mandates as a share
of total projects.  Although an SACP does not carry an outlook,
the outlook on the revenue bonds is negative because S&P believes
there is at least a one-in-three chance that the adverse business
conditions could worsen for the authority within S&P's two-year
outlook horizon.

The negative outlook on the commonwealth-backed bond reflects
Standard & Poor's outlook on Puerto Rico's GO debt.  The negative
outlook on PRASA's gross-lien revenue bond reflects the fact that
current climate surrounding all commonwealth obligations is
furthering the adverse business conditions in which PRASA is
operating.


PUERTO RICO: To Appeal Ruling Voiding Bankruptcy Law
----------------------------------------------------
Reuters reports that Puerto Rico said it would appeal a U.S.
ruling that voided the island's restructuring law, saying it left
the U.S. commonwealth in legal limbo.

Late on Feb. 6, a U.S. federal judge ruled that Puerto Rico's so-
called Recovery Act, which made some of its agencies eligible for
court-supervised debt restructuring, violated the U.S.
constitution by allowing a state government to modify municipal
debt, according to Reuters.

"We believe that it is incorrect in law and has the effect of
leaving Puerto Rico without a legal framework to allow our public
corporations to comply with their obligations in an orderly manner
without affecting the continuity of essential services that the
citizenry receive," Puerto Rico Justice Secretary Cesar Miranda
said in a statement obtained by the news agency.


UNIVERSITY OF PUERTO RICO: S&P Lowers Rev. Bonds' SPUR to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating
and underlying rating (SPUR) to 'B' from 'BB' on the University of
Puerto Rico's (UPR) existing university system revenue bonds.  S&P
also lowered the stand-alone credit profile (SACP) on the
university to 'b' from 'bb'.  Some of these bonds were issued by
the Puerto Rico Industrial, Tourism, Educational, Medical, &
Environmental Control Facilities Financing Authority.  The outlook
is negative.

The downgrade follows the lowered general obligation rating on the
Commonwealth of Puerto Rico to B/Negative.  "Pursuant to our 'B'
category rating definition, we believe adverse economic conditions
could impair the UPR's capacity to meets its financial commitment
on a timely basis for its debt obligations," said Standard &
Poor's credit analyst Bianca Gaytan-Burrell.  "While the
university has historically benefited from the commonwealth's
support in terms of annual appropriation growth and stability, as
the Puerto Rican economy has slowed, it has also pressured the
size and stability of appropriations to the university.  As such,
the rating on the university has moved in tandem with the
commonwealth rating given this significant dependence," added Ms.
Gaytan-Burrell.

Though appropriations are not pledged to the bonds, they make up
the largest portion of revenues available for operations.  Any
delay or reduction in appropriations could have a serious effect
on UPR's operations.



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


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

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

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


                            ***********


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

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

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


                            ***********


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

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

Copyright 2015.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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