TCRLA_Public/150224.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 24, 2015, Vol. 16, No. 038


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Aviation Minister Says Airline Staff Cuts are Necessary


A R G E N T I N A

ARGENTINA: Bonds Rally After Holdout Proposal to Resume Talks
FST ESTRATEGICO: Moody's Rates Global Scale Bond Fund at B-bf


B A H A M A S

COLUMBUS INT'L: C&W Acquisition Must be Blocked, CWU Head Says


B A R B A D O S

BARBADOS: Should Not Rule Out IMF, Denmark Central Bank Says


B R A Z I L

PETROLEO BRASILEIRO: Brazil Prosecutors Seek $1.6BB From Firms


C A Y M A N  I S L A N D S

ARC-CAPITALAND: Placed Under Voluntary Wind-Up
ARCHIBAUD FUND: Commences Liquidation Proceedings
BLACKSTONE RT: Commences Liquidation Proceedings
BLACKSTONE SIXTH: Commences Liquidation Proceedings
BLACKSTONE SPGS: Commences Liquidation Proceedings

BLACKSTONE SYSTEMATIC: Commences Liquidation Proceedings
BLACKSTONE SYSTEMATIC (E): Commences Liquidation Proceedings
BLACKSTONE US: Commences Liquidation Proceedings
BLACKSTONE US FUND A: Commences Liquidation Proceedings
CEDAR DIVERSIFIED: Commences Liquidation Proceedings

CEDAR FALLS: Commences Liquidation Proceedings
EXCELLIUM ALTERNATIVE: Placed Under Voluntary Wind-Up
FIELD POINT: Placed Under Voluntary Wind-Up
GLOBAL CHEMICALS: Commences Liquidation Proceedings
GOOD TOP: Commences Liquidation Proceedings

GREATER CHINA: Commences Liquidation Proceedings
GSS III: Commences Liquidation Proceedings
HCM FUND: Commences Liquidation Proceedings
ISLAND ENTITY: Commences Liquidation Proceedings
KE INNISFREE: Commences Liquidation Proceedings

ODYSSEY OPPORTUNITIES: Commences Liquidation Proceedings
PACIFIC ESPLANADE: Commences Liquidation Proceedings
PALISADES REAL: Commences Liquidation Proceedings
PROFIT EXCHANGE: Placed Under Voluntary Wind-Up
PRS PLYMOUTH: Placed Under Voluntary Wind-Up

REMEDIAL CAYMAN: Creditors' Proofs of Debt Due March 6
SMI OPPORTUNITIES: Placed Under Voluntary Wind-Up
SPECIAL CREDIT: Placed Under Voluntary Wind-Up
YEMEN REFINING: Commences Liquidation Proceedings
ZAPKO INVESTMENT: Commences Liquidation Proceedings


J A M A I C A

JAMAICA: Finance Minister Tables Billion Dollar Budget


P U E R T O    R I C O

PUERTO RICO: Congressman Bullish On Chapter 9 Reform
UNIV. OF PUERTO RICO: Moody's Reviews Caa1 Rating for Downgrade


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: Aviation Minister Says Airline Staff Cuts are Necessary
-------------------------------------------------------------
The Daily Observer reports that less than 24 hours after Prime
Minister Gaston Browne called for regional airline LIAT, operating
as Leeward Islands Air Transport, to put a hold on plans to axe
180 workers, the minister responsible for Civil Aviation, Robin
Yearwood, announced his support for the move.

Mr. Yearwood, who represented Antigua & Barbuda at the meeting of
LIAT shareholder governments in Barbados Friday, Feb. 13, said on
OBSERVER AM Feb. 18, that the move was not mired in politics, but
was instead a sound business decision, according to The Daily
Observer.

"LIAT had 14 Dash-8s in the air. Now they have 8. They must cut
staff," the report quoted Mr. Yearwood as saying.  "Every part of
LIAT will feel the cut," Mr. Yearwood added.

Former LIAT Executive Gatesworth James said the job losses were
inevitable, and that while the company needed to restructure, that
should not be done in isolation, the report notes.

"At some point in time, LIAT would have had to do some cuts in
their staff costs, but I think while you're cutting staff you also
have to look at whether you're optimizing your revenue
opportunities and I really don't think LIAT has quite dome that,"
Mr. Yearwood said, the report relays.

The Civil Aviation minister added that the removal of two LIAT
aircraft from Antigua to the airline's new fleet base in Barbados
-- which PM Browne also asked to be put on hold -- will not affect
the number of passengers arriving into Antigua, 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.


=================
A R G E N T I N A
=================


ARGENTINA: Bonds Rally After Holdout Proposal to Resume Talks
-------------------------------------------------------------
Camila Russo at Bloomberg News reports that Argentina bonds
rallied after a court-appointed mediator said holdout creditors
asked the country to resume talks to settle a legal dispute that
triggered a default.

Argentine bonds due 2033 jumped 1.97 cents to 97.82 cents on the
dollar at 1:15 p.m. in Buenos Aires on Feb. 20, 2015.  The extra
yield investors demand to own Argentine bonds over U.S. Treasuries
narrowed the most in emerging markets to 6.4 percentage points,
according to JPMorgan Chase & Co.'s EMBIG Diversified index,
according to Bloomberg News.

Bloomberg News relates that the decade-long conflict between
Argentina and creditors holding defaulted bonds from 2001 came to
a head last year when President Cristina Fernandez de Kirchner
refused to comply with a U.S. court order to pay the investors
about $1.7 billion when servicing restructured debt.  Now, seven
months after the default, and a month and a half after a key bond
clause expired, investors are trying to gauge whether President
Fernandez intends to settle the conflict before she leaves office
in December or plans to leave the issue to the next government,
Bloomberg News relates.

Bloomberg News says that mediator Daniel Pollack said Argentina
hadn't responded to a Jan. 30 request to restart talks while the
Economy Ministry responded to say it had been considering the
request and was caught off guard by the "untimely" statement.

While the comments from the government and mediator don't indicate
a better chance of a settlement this year, investors are taking
them as an excuse to buy Argentine bonds, according to Siobhan
Morden, the head of Latin America fixed income at Jefferies LLC,
the report discloses.

                      'Love Argentina'

"The market just wants to love Argentina," the report quoted Mr.
Morden as saying.  "If anyone seriously thought there was a deal,
bond prices would be points higher," Mr. Morden added.

The price on the defaulted foreign law bonds has unpaid and
accrued interest built in since payments are being blocked by the
court, Bloomberg News notes.

The yield on $7.3 billion of local law dollar securities due 2017
fell to a record low 7.96 percent on Feb. 19.

Bloomberg News relays that Mr. Pollack said he told Argentina's
U.S.-based attorneys that billionaire Paul Singer's hedge fund NML
wanted to negotiate with the South American nation without pre-
conditions and without demanding a cash payment.  The nation
hadn't responded to the offer or follow-up calls, Mr. Pollack
wrote, Bloomberg News.

Bloomberg News relays that Argentina said the mediator issued a
statement without consulting the country, violating the
confidentiality of the talks.

                       'Undisguised Purpose'

The statement "has the undisguised purpose of favoring, again, the
vulture funds," the Economy Ministry said in its own statement,
referring to holdout creditors, Bloomberg News notes.  "Pollack is
trying to establish that Argentina doesn't want to negotiate," he
added.

Bloomberg News relays that Mr. Pollack said the U.S. court asked
him to inform it on the status of settlement negotiations between
Argentina and the holdouts.

"Holdouts have said previously that they would be willing to
accept bonds in a settlement," Credit Suisse Group AG analyst
Casey Reckman wrote in a report, Bloomberg News says.  "Our base
case remains that resolution will not occur before 2016."

Bloomberg News notes that investors had speculated that Argentina
and holdout creditors would resume negotiations to settle the
legal dispute after a key clause in the bonds expired Dec. 31 as
the country tries to regain international market access 14 years
after the 2001 economic crisis.

Argentina reiterated that it wants to find a solution to pay all
creditors, not just holders of defaulted bonds who were awarded
full payment in U.S. courts last year, Bloomberg News relays.

The government has said that when adding "me too" holdouts, the
nation may owe between $10 billion and $20 billion depending on
the terms, Bloomberg News discloses.

Economy Minister Axel Kicillof said in an interview that the
country was willing to offer similar terms to the 2005 and 2010
debt swaps, where investors took losses of about 70 percent,
Bloomberg News relays.  Singer's NML has repeatedly rejected those
terms.

                           *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court- appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001.  A U.S. judge had ruled that the
interest payment couldn't be made unless the hedge funds led by
Elliott Management Corp., got the US$1.5 billion they claimed.
The country hasn't been able to access international credit
markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.


FST ESTRATEGICO: Moody's Rates Global Scale Bond Fund at B-bf
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to fST Estrategico FCI, a newly
launched fund that will be managed by bST Asset Management SGFCI
SA (bST AM).  The ratings assigned are as follows:

  -- Global scale bond fund rating: B-bf

  -- National scale bond fund rating: Aa-bf.ar

"The Fund ratings are based on Moody's expectation that fST
Estrategio FCI will invest a minimum of 60% in Corporate bonds and
ABS from Consumer loans (both rated in the range of B3 to B1),
local treasury bills and mutual funds.  The remainder of the
fund's assets is expected to be allocated in sovereign and sub-
sovereign bonds.  The portfolio will seek to provide a return
above the local relevant benchmark interest rate and maintain an
average maturity below two years.  Additionally we have considered
the asset manager's track record of adhering to the portfolio
guidelines since Moody's started ratings its funds in 2008 " said
Moody's lead analyst Carlos de Nevares.

The new fund expects key shareholders to be institutional
investors such as local insurance companies, which are already
clients for bST AM.

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

bST Asset management SGFCI SA is a medium-sized asset manager in
the Argentinean market, with a market share of approximately 1.6%
of industry-wide assets under management (AUM). As of January
2015, bST AM SA SGFCI, had AR$2.28 billion in AUM.



=============
B A H A M A S
=============


COLUMBUS INT'L: C&W Acquisition Must be Blocked, CWU Head Says
--------------------------------------------------------------
Trinidad and Tobago Newsday reports that Communications Workers
Union (CWU) President Joseph Remy said Cable and Wireless
Communications (CWC) proposed US$3 billion acquisition of Columbus
International must be blocked.

Mr. Remy also said the public should be given the option of
purchasing CWC's 49 percent shareholding in the State-owned
Telecommunications Services of Trinidad and Tobago (TSTT) as an
investment to help TSTT boost itself.  The report notes that
addressing a news conference at the CWU Hall in Port-of-Spain, Mr.
Remy pointed to the profitability in the region of the telecom
sector, including US$5 billion in revenue and US$1.5 billion in
earnings before interests, tax, depreciation and amortization,
annually.

The report relays that Mr. Remy noted that the Government's 51
percent ownership of TSTT is vested in the National Enterprises
Limited (NEL), whose shareholders include the TT general public.

Mr. Remy expressed concern that NEL's citizen shareholders could
be severely impaired if TSTT suffers should the CWC- Columbus
merger be approved, the report notes.

Claiming that the union has not received a response to date from
the Telecommunications Authority of Trinidad and Tobago (TATT) to
its concerns, Mr. Remy promised a campaign including protests and
public education to raise awareness of this issue, the report
relays.

The report notes that Mr. Remy also said the Securities and
Exchange Commission (SEC) has a role to stop illegal acquisitions
and the CWU would "explore all options" to ensure the SEC does its
job.  TATT Chief Executive Officer Cris Seecharan has said the
Authority will undertake the necessary investigations and analysis
to determine what impact this proposed acquisition will have on
competition within the domestic telecom sector, the report says.

Finance Minister Larry Howai has said Government will ensure that
the public's interest will be protected in this matter and the
issue of Cable and Wireless' shareholding in TSTT was a matter for
Cabinet to determine, note the report.

On February 5, TATT Chairman Selby Wilson said the Authority
should be able to make a final decision on the proposed
acquisition in three to four weeks time, the report says.

Mr. Wilson said TATT was under no pressure to make a decision on
this matter, in the wake of the proposed merger being approved by
Jamaica, adds the report.

                     About Columbus International

Columbus International Inc. is a privately held diversified
telecommunications company based in Bahamas.  The Company provides
digital cable television, broadband Internet and digital landline
telephony in Trinidad, Jamaica, Barbados, Grenada, St. Vincent &
the Grenadines, St. Lucia and Curacao under the brand name Flow
and in Antigua under the brand name Karib Cable.

As reported in the Troubled Company Reporter-Latin America on Nov.
10, 2014, Standard & Poor's Ratings Services placed its 'B'
corporate credit and issue-level ratings on Columbus International
Inc. (Columbus) on CreditWatch with positive implications.


===============
B A R B A D O S
===============


BARBADOS: Should Not Rule Out IMF, Denmark Central Bank Says
------------------------------------------------------------
Caribbean360.com reports that Governor of the Central Bank of
Denmark Per Callesen has told Barbadians they should not rule out
an approach to the International Monetary Fund (IMF) to help
improve the ailing economy.

Mr. Callesen said an approach to the Washington-based financial
institution should not be ruled out just for the island to remain
"independent," according to Caribbean360.com.

"From a political perspective, you would hate to have foreigners
intervening in how you run your affairs.  You would, of course,
prefer to be on your own.  It is just that if the way you have
done that is (such) that you don't have any credibility in the
markets, then lining up with the IMF is a much better solution
than going completely down the drains of your economy.  So that is
the balance," the report quoted Mr. Callesen as saying.

"There is a national room for maneuver and economic policy for
sure, but there is a limit," the central bank governor said,
acknowledging that some of the IMF's conditions might be harsh,
the report relays.

But Mr. Callesen told reporters following a presentation that "if
you want to be independent the only way to independence is not to
reject the IMF; it is to be able to finance yourself," the report
discloses.

The report relays that the Barbados government has consistently
said it would not seek assistance from the Washington-based
financial institution insisting that the fiscal program it has
embarked upon is working, despite having laid off thousands of
public workers.

"What we have to do is to do the things that would help us achieve
the (economic) growth," Finance and Economic Minister Chris
Sinckler told a news conference late last year, the report notes.

The Freundel Stuart administration said earlier this month it was
hopeful that the island's economy would rebound by 2016.

A government statement reporting on a meeting between Prime
Minister Freundel Stuart and the former President of the Republic
of Chile, Sebastian Pinera, here, said that Stuart said economic
growth will allow Barbadians who made the necessary sacrifices to
reap the benefits, the report says.

"During the discussions on the global economic crisis and its
impact on Barbados, Mr. Pinera said Chile was following what was
happening here, and the country "seemed to be doing well", the
statement said, the report relays.

Prime Minister Stuart said his administration is working on
getting its fiscal deficit down to manageable levels, pointing to
a 19-month stabilization program put in place, the report relays.

But Prime Minister Stuart said that it has now been extended by
one year so as to ensure that the gains the country had been
making were not reversed, the report notes.

The local economy is expected to grow by two per cent per cent
this year with the Central Bank reporting that fiscal adjustment
measures have reduced the deficit by nearly one per cent of gross
domestic product (GDP) so far this fiscal year, the report
discloses.

In an analysis of the island's current economic performance, the
Central bank of Barbados is also predicting that the island's
economic growth will increase to 2.3 per cent in 2016, the report
adds.


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


PETROLEO BRASILEIRO: Brazil Prosecutors Seek $1.6BB From Firms
--------------------------------------------------------------
EFE News reports that Brazilian prosecutors filed civil lawsuits
against six construction companies accused of forming a cartel to
artificially drive up the price of their contracts with state-
controlled oil giant Petroleo Brasileiro S.A., saying they should
pay roughly $1.6 billion in penalties.

That amount includes losses by the Brazilian Treasury, fines and
punitive damages, while the construction firms named in the suits
are Camargo Correa, Sanko-Sider, Mendes Junior, OAS, Engevix and
Galvao Engenharia, the federal prosecutor's office in the southern
state of Parana said, according to EFE News.

That civil action is parallel to a criminal investigation into
alleged kickbacks paid to former Petrobras executives that is
headed by federal Judge Sergio Moro, based in the southern city of
Curitiba, the report relates.

The report notes that the civil lawsuits are based on testimony by
jailed former Petrobras downstream director Paulo Roberto Costa,
who reached a plea deal, the prosecutor's office said.

Erstwhile Petrobras directors and former top executives of seven
construction companies are among those who have already been
formally charged in connection with the scandal, the report
discloses.

Corrupt Petrobras executives received kickbacks equivalent to
between 1 percent and 3 percent of the inflated contracts,
according to prosecutors, which said the cartel of construction
companies ran the scheme from between 2004 and 2014, the report
relays.

The scandal, in which money also was funneled to politicians, has
led to the Feb. 4 resignation of Maria das Gracas Silva Foster,
who was replaced as Petrobras' Chief Executive Officer by Aldemir
Bendine, former chief exective of state-run bank Banco do Brasil,
the report says.

The criminal probe, meanwhile, continues under strict judicial
secrecy and the Attorney General's Office is expected to present
formal charges in the coming weeks, publicly identifying the
politicians allegedly implicated, the report notes.

Brazilian media say scores of politicians will face charges, most
of them from parties aligned with President Dilma Rousseff, the
report adds.

                  About Petroleo Brasileiro

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.


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


ARC-CAPITALAND: Placed Under Voluntary Wind-Up
----------------------------------------------
On Dec. 9, 2014, the shareholders of ARC-Capitaland India Private
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 28, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Bin Chung Yiu Edward
          168 Robinson Road #30-01 Capital Tower
          Singapore 068912
          Telephone: +65 6713 3728
          Facsimile: +65 6713 2999


ARCHIBAUD FUND: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 17, 2014, the members of Archibaud Fund resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 29, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


BLACKSTONE RT: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 19, 2014, the sole shareholder of Blackstone RT Offshore
Fund Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Sean Flynn
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


BLACKSTONE SIXTH: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 19, 2014, the sole shareholder of Blackstone Sixth Avenue
Offshore Fund Ltd resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Sean Flynn
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


BLACKSTONE SPGS: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 19, 2014, the sole shareholder of Blackstone SPGS Offshore
Fund Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Patrick Agemian
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


BLACKSTONE SYSTEMATIC: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 19, 2014, the sole shareholder of Blackstone Systematic
Trading Opportunities Offshore Fund Ltd. resolved to voluntarily
liquidate the company's business.

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

The company's liquidator is:

          Sean Flynn
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


BLACKSTONE SYSTEMATIC (E): Commences Liquidation Proceedings
------------------------------------------------------------
On Dec. 19, 2014, the sole shareholder of Blackstone Systematic
Trading Opportunities Offshore (E) Fund Ltd. resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          Sean Flynn
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


BLACKSTONE US: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 19, 2014, the sole shareholder of Blackstone US Equity
Select Fund Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Sean Flynn
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


BLACKSTONE US FUND A: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 19, 2014, the sole shareholder of Blackstone US Equity
Select Fund A Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Sean Flynn
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


CEDAR DIVERSIFIED: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 15, 2014, the members of Cedar Diversified Macro Fund
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106
          Grand Cayman KY1-1205
          Cayman Islands


CEDAR FALLS: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 17, 2014, the members of Cedar Falls, LDC resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106
          Grand Cayman KY1-1205
          Cayman Islands


EXCELLIUM ALTERNATIVE: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Dec. 18, 2014, the shareholders of Excellium Alternative SPC
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Renato Minnei
          Via Guncina 26/9
          Bolzano 39100
          Italy
          Telephone: +39 047 128 9116


FIELD POINT: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 19, 2014, the sole shareholder of Field Point PE7
(Cayman), 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:

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


GLOBAL CHEMICALS: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 15, 2014, the shareholders of Global Chemicals, Inc
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:

          M-I Holdings (BVI) Ltd
          c/o Harney, Westwood & Riegels
          Craigmuir Chambers
          P.O. Box 71, Harbour Place, 4th Floor
          Road Town, Tortola
          British Virgin Islands


GOOD TOP: Commences Liquidation Proceedings
-------------------------------------------
At an extraordinary meeting held on Dec. 19, 2014, the members of
Good Top Technology Holding (Cayman) Co., Ltd. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Portcullis Trustnet (Cayman) Ltd.
          c/o Michelle R. Bodden-Moxam
          Telephone: 345-946-6145
          Facsimile: 345-946-6146
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands


GREATER CHINA: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 18, 2014, the sole member of Greater China Value Fund
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 6, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          David Griffin
          c/o Kerryann Simpson
          Telephone: +1 (345) 743 6830
          e-mail: kerryann.simpson@fticonsulting.com
          FTI Consulting (Cayman) Ltd.
          2D Landmark Square, 64 Earth Close
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands


GSS III: Commences Liquidation Proceedings
------------------------------------------
On Dec. 15, 2014, the shareholders of GSS III Monroe Holdings
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:

           J. Timothy Morris
           Morgan Stanley Real Estate Special Situations Fund III,
             L.P.
           By: Proprium Capital Partners, LLC, as attorney-in-fact
           c/o Maples and Calder, Attorneys-at-law
           P.O. Box 309, Ugland House
           Grand Cayman KY1-1104
           Cayman Islands


HCM FUND: Commences Liquidation Proceedings
-------------------------------------------
On Dec. 18, 2014, the members of HCM Fund GP, Ltd resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


ISLAND ENTITY: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 18, 2014, the shareholder of Island Entity One Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          P.O. Box 30116 Landmark Square, 2nd Floor
          64 Earth Close, Seven Mile Beach
          Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


KE INNISFREE: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 19, 2014, the members of Ke Innisfree 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:

          Nathan Smith
          Benjamin Booker
          c/o Griffin Management Limited
          P.O. Box 1043 Grand Cayman KY1-1102
          Cayman Islands; and

          Wyvern Management Limited
          P.O. Box 1043 Grand Cayman KY1-1102
          Cayman Islands


ODYSSEY OPPORTUNITIES: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 9, 2014, the shareholder of Odyssey Opportunities 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:

          Philip U. Hammarskjold
          Hellman & Friedman LLC, in its capacity
          as general partner of Hellman & Friedman Investors VI LP
          Intertrust Corporate Services Delaware Ltd.
          200 Bellevue Parkway
          Suite 210, Bellevue Park Corporate Center
          Wilmington, New Castle County
          Delaware, USA 19809


PACIFIC ESPLANADE: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 18, 2014, the sole shareholder of Pacific Esplanade
Investment Fund II GP 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:

          Hongdong Wang
          Telephone: +86 21 62693000
          Facsimile: +86 21 63847105
          e-mail: hwang@pacificesplande.com
          Villa 2, No. 1350 Middle Huahai Road
          Xuhui District, Shanghai
          China 200031


PALISADES REAL: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 18, 2014, the sole shareholder of Palisades Real Estate
II, Ltd. resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Westport Capital Partners LLC
          c/o Marc Porosoff, Esq.
          40 Danbury Road
          Westport, CT 06897
          United States of America
          Telephone: +1 (203) 429 8600
          e-mail: mporosoff@westportcp.com


PROFIT EXCHANGE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 15, 2014, the sole shareholder of Profit Exchange Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Hadley J. Chilton
          Baker Tilly (Cayman) Ltd.
          Governor's Square
          23 Lime Tree Bay Avenue
          Grand Cayman KY1 1103
          Telephone: +1 (345) 946 7853
          Facsimile: +1 (345) 946 7854


PRS PLYMOUTH: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 19, 2014, the sole shareholder of The PRS Plymouth Fund
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          John S. Sullivan
          c/o Tim Cone
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


REMEDIAL CAYMAN: Creditors' Proofs of Debt Due March 6
------------------------------------------------------
The creditors of Remedial Cayman Limited are required to file
their proofs of debt by March 6, 2015, to be included in the
company's dividend distribution.

The company, which is under liquidation, intends to declare a
final dividend.

The company's liquidator is:

          Michael Saville
          e-mail: peter.bigwood@uk.gt.com
          Telephone: +1 (345) 769 7210
          Facsimile: +1 (345) 949 7120
          c/o Grant Thornton Specialist Services (Cayman) Ltd.
          10 Market Street, #765, Camana Bay
          Grand Cayman KY1 9006
          Cayman Islands


SMI OPPORTUNITIES: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Dec. 18, 2014, the sole shareholder of SMI Opportunities Fund
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:

          Louise Morwick
          c/o Nicola Murray
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


SPECIAL CREDIT: Placed Under Voluntary Wind-Up
----------------------------------------------
On Dec. 18, 2014, the sole shareholder of Special Credit
Opportunities, 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:

          Avalon Ltd.
          Reference: GL
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands


YEMEN REFINING: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 8, 2014, the members of Yemen Refining and Marketing
Company resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 29, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


ZAPKO INVESTMENT: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 18, 2014, the members of Zapko Investment Inc resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


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


JAMAICA: Finance Minister Tables Billion Dollar Budget
------------------------------------------------------
Caribbean360.com reports that a budget amounting to J$641 billion
(One Jamaica dollar =US$0.008 cents) for the upcoming fiscal year,
was tabled in Parliament by Jamaica Finance Minister Dr. Peter
Phillips.

This is just over J$102.2 billion more than the government's
expenditure budget for the current fiscal year, 2014/15, according
to Caribbean360.com.

The report notes that a substantial portion will go to debt
servicing, followed by the public sector wage bill of which a
portion of the budget has been set aside to pay public sector
workers representing an increase of 3.4 percent.

"We have made provisions for an increase in the salary payments,
2015/2016 not included what we have provided in contingency
pending the completion of our negotiations with the public
sector," Dr. Peter told reporters at a press conference following
his presentation, the report relays.

The report says that the Minister also tabled the Revenue
Estimates, showing an estimated total of J$443 billion in
revenues, which is an increase of some J$153 billion, from various
tax and non-tax revenue sources including General Consumption Tax
(GCT) of J$113.3 billion and Income Tax of J$11.5 billion.
Customs is expected to contribute J$25 billion, the report notes.

The report relays that there is also scope for J$128 billion in
loans and J$4.7 billion in transfers from the Capital Development
Fund (CDF), which is financed by the bauxite levy.

Dr. Phillips said while the government will be increasing its
focus on compliance, there will be some new taxes, notes the
report.  Dr. Phillips said Jamaicans can expect J$8 billion in new
taxes -- the details of which will be revealed on March 12 when
the budget debate begins, the report relays.

Opposition spokesman on finance, Audley Shaw, will make his
contribution on March 17.  The debate will continue on March 19,
with Leader of the Opposition Andrew Holness, before Prime
Minister Portia Simpson Miller makes her presentation on March 24,
the report says.  It will be closed by the finance minister on
March 25, adds the report.


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


PUERTO RICO: Congressman Bullish On Chapter 9 Reform
----------------------------------------------------
Andrew Scurria at Law360.com reports that Puerto Rico's
representative in Congress expects that a bill making the
commonwealth's public corporations eligible for bankruptcy
protection will generate no opposition given the apparent failure
of its local restructuring regime and the dire consequences of
default.

Investors and lawmakers are scrambling to react after a judge
struck down a commonwealth law designed to let the commonwealth's
heavily indebted public corporations right-size their balance
sheets, according to Law360.com.  Unlike other U.S. municipal
entities, public instrumentalities in Puerto Rico are prohibited
from invoking Chapter 9 bankruptcy to force creditors to accept
restructurings, the report relates.

The report notes that the judge's decision marked a victory for
holders of public corporation bonds, which feared the local law's
lack of creditor protections, but it also extinguished the only
legal framework for debt-laden state instrumentalities like the
Puerto Rico Electric Power Authority to execute a binding debt
workout.

Congressman Pedro Pierluisi, the commonwealth's nonvoting
delegate, has proposed a bill to replace the so-called Recovery
Act by ending the longstanding exclusion of its public
corporations from Chapter 9, the report says.  In an interview,
Mr. Pierluisi said the bill has won bipartisan support since it
was first introduced last year and could clear the House and
Senate on an expedited basis, possibly within months, the report
discloses.

"It would be in the interests of all stakeholders for Puerto Rico
to have access to Chapter 9," the report quoted Mr. Pierluisi as
saying.  "When you're dealing with bond issues, you're dealing
with thousands of investors, and the only way to enforce any kind
of deal or any kind of plan is in a court process," Mr. Pierluisi
added.

The report notes that the fate of the bill carries huge
implications for PREPA creditors, which are negotiating to put the
utility back on a sustainable path while protecting multibillion-
dollar debt positions.  Creditors have agreed not to call loan
defaults on PREPA until March to give it the time to fashion a
workout, the report relays.

In return, PREPA agreed not to avail itself of the Recovery Act
during the closed-door talks, the report discloses.  But its
creditors can terminate those forbearance agreements at any time
and sue for the appointment of a receiver, the report says.  Even
as low oil prices have lowered PREPA's operating costs, a
faltering liquidity position would incentivize bondholders to act
quickly, the report notes.

Puerto Rico's highway authority and sewer operator are likewise
struggling with massive debt problems, shrinking revenue bases and
junk bond ratings, the report relays.  Lawmakers had pitched the
Recovery Act as a way to prevent creditors from exercising
remedies in piecemeal fashion in the event of a default or
interfering with the government's provision of basic services, the
report notes.

"We don't have time, and we need to act with a sense of urgency,"
the report quoted Mr. Pierluisi as saying.  "Nobody wants a
default or a slew of collection actions against these entities
that are very tied to our economic well-being," Mr. Pierluisi
added.

Passed hurriedly in June amid an acute fiscal emergency, the
Recovery Act set up a restructuring process that threatened
creditors with harsh restructuring terms, the report notes.
Workout plans need less creditor buy-in to become binding under
the law, and secured revenue bonds are granted none of their usual
protections, the report relays.

Investment firms holding a combined $2 billion in PREPA bonds
challenged the quasi-bankruptcy regime immediately after its
passage, claiming in a lawsuit that the commonwealth had no
business establishing a binding restructuring process when only
Congress can create bankruptcy law. U.S. District Judge Francisco
Besosa agreed, issuing an opinion found the Recovery Act
unconstitutional, the report notes.

Private entities in Puerto Rico can file for bankruptcy as can
individual debtors, the report says.  But lawmakers felt that
Congress itself, not the commonwealth, should address any issues
of insolvency in public corporations, according to Mr. Pierluisi,
who researched the legislative history of the 37-year-old U.S.
Bankruptcy Code when crafting his bill, the report relays.

"The judgment then was: If any government entity ends up
insolvent, we'll deal with that ourselves," Mr. Pierluisi said,
the report notes.  "Maybe that could be viewed as a sensible
approach back then, but knowing now the way Congress works and the
issues Congress faces, it's not realistic at all to expect
Congress to deal with insolvency issues on a case-by-case basis
with respect to Puerto Rico," Mr. Pierluisi added.

The report notes that Mr. Pierluisi wants the House Judiciary
Committee to hold a hearing on his bill, the Puerto Rico Chapter 9
Uniformity Act, "in the next couple of weeks."  From there, he
hopes to mark up the bill without controversy and suspend the
normal procedural rules to fast-track it through both houses of
Congress, the report discloses.

"Nobody's really reacting negatively because it would be hard to
understand why," Mr. Pierluisi said, the report notes.

Karol Denniston, a restructuring lawyer with Squire Patton Boggs
LLP, said that without a legal framework to govern negotiations,
public corporations and their creditors will find it harder to
organize around a prepackaged strategy or overcome recalcitrant
holdouts, the report relays.  Chapter 9 speaks to both those
concerns -- it requires prospective debtors to negotiate before
entering bankruptcy and lets judges overrule objections to a plan,
the report notes.

"The challenge is that there's no overarching process that
organizes that, and it's hard for creditors to figure out how to
react when it looks like chaos," the report quoted Mr. Denniston
as saying.  "Right now in the U.S., the best thing we have is
Chapter 9, but it's not so much which process you prefer as the
need to have a process," Mr. Denniston added.

The report relays that Lawrence Larose, a bankruptcy lawyer at
Chadbourne & Parke LLP, called Pierluisi's reform "the most direct
and probably the most constitutionally defensible move."

Whether PREPA's creditors will wait for Congress is another
matter, the report notes.  Chief Restructuring Officer Lisa
Donahue of AlixPartners LLP has requested an extension of the
current forbearance agreements, which expire in March. With each
day that PREPA's liquidity weakens, creditors become more likely
to walk away from the table, seek a receiver and recover what they
can, the report says.

"That's a scorched-earth type of strategy," Mr. Pierluisi said,
the report relays.  "When you do that, you're basically hitting
bottom, and you're probably endangering the viability of the
entity itself, and that's not good for anybody," Mr. Pierluisi
added.


UNIV. OF PUERTO RICO: Moody's Reviews Caa1 Rating for Downgrade
---------------------------------------------------------------
Moody's Investors Service placed $562 million University of Puerto
Rico bonds under review for possible downgrade.  The rating action
impacts the University System Revenue Bonds, Series P and Q rated
Caa1 and the Educational Facilities Revenue Bonds, 2000 Series A
rated Caa2, all issued through AFICA.

The review for possible downgrade is based on the continued
weakening of the Commonwealth of Puerto Rico's credit quality,
resulting in a downgrade of the Commonwealth to Caa1 negative on
Feb. 19, 2015.  The university is highly reliant on the
Commonwealth, which provides approximately three--quarters of
operating revenues.  The university has limited independent
financial strength, with a high dependence on GDB (Government
Development Bank for Puerto Rico Caa1 negative) for liquidity.
There is also close governance oversight from the commonwealth
that can affect operations and cash flow.  For additional
information related to the commonwealth and the GDB, see our
Commonwealth of Puerto Rico report dated Feb. 19, 2015.

The review will focus on the university's projected 2015 financial
results and plans for continuing to adjust to the commonwealth's
financial challenges.

Outlook:

   -- Ratings under review for possible downgrade.

What could make the rating go up:

   -- Strengthening of the commonwealth's credit quality

   -- Growth in independently generated revenues

   -- Improved liquidity profile

What could make the rating go down:

   -- Material reduction in commonwealth funding or further
      strains on the commonwealth's credit quality

   -- Significant ongoing decline in enrollment further
      pressuring tuition revenue

   -- Inability to adjust operations in line with revenue
      pressure

   -- Deterioration of performance at UPR's hospital

The University of Puerto Rico is a component unit of the
commonwealth of Puerto Rico.  It is the only public university
system in the commonwealth, with multiple campuses serving over
51,000 students.  The hospital is a legally separate entity from
the university, although the university appoints the majority of
the hospital board and is financially accountable for the
hospital.

The University System Revenue Bonds (Caa1, under review for
downgrade) are secured by pledged revenues of tuition, student
fees, auxiliary revenues, investment interest income, indirect
cost recovery revenues and other income.  For FY 2014, Pledged
Revenues were $132.2 million, providing 3.1 times coverage of debt
service. UPR has covenanted to use appropriations to fund debt
service should other revenues be insufficient.  There is a debt
service reserve fund fully cash-funded to an amount equal to
maximum annual debt service.  There is an Additional Bonds Test
requiring Pledged Revenues and Reserve Account earnings for 12
consecutive of previous 18 months prior to the issuance of
additional bonds and the estimated Pledged Revenues and Reserve
Account earnings for any fiscal year following issuance of
additional bonds be at least 150% of maximum annual debt service
for both outstanding and additional bonds for any fiscal year
after issuance of additional bonds.

The 2000 Series A Bonds (University Plaza Project) (Caa2, under
review for downgrade) are secured by UPR's lease payments, with a
subordinate pledge of tuition and other restricted revenues. FY
2014 debt service coverage was 2.7 times. There is a debt service
reserve fund fully cash-funded to an amount equal to maximum
annual debt service. There is an Additional Bonds Test on the
subordinate bonds requiring Pledged Revenues and Reserve Account
earnings for 12 consecutive of previous 18 months prior to the
issuance of additional bonds and the estimated Pledged Revenues
and Reserve Account earnings for any fiscal year following
issuance of additional bonds be at least 125% of maximum debt
service for both outstanding senior and subordinate bonds for any
fiscal year after issuance of additional bonds.


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