TCRLA_Public/150309.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

            Monday, March 9, 2015, Vol. 16, No. 047


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Lovell Supports Job Cuts


A R G E N T I N A

ARGENTINA: Judge in $2.3BB Bond Spat Mulls Citi Injunction


B R A Z I L

BANCO DE BRASILIA: Selects Unisys Mission-Critical Systems
BANCO DE BRASILIA: S&P Affirms BB/B Rating, Outlook Now Negative


C A Y M A N  I S L A N D S

AA INVESTMENTS: Placed Under Voluntary Wind-Up
ADVANCE LEAD: Members Receive Wind-Up Report
BARCLAYS WEALTH: Shareholder to Hear Wind-Up Report on March 13
BOODELL VALUE: Shareholder Receives Wind-Up Report
CHANDLER INTERNATIONAL: Commences Liquidation Proceedings

CPC WEETABIX: Members Receive Wind-Up Report
DEKANIA CDO II: Commences Liquidation Proceedings
DGF CHARLIE: Commences Liquidation Proceedings
FREE SPIRIT: Commences Liquidation Proceedings
GOVPLUS OFFSHORE: Shareholders Receive Wind-Up Report

GREENHILL CAPITAL: Shareholders Receive Wind-Up Report
HIGHLAND VENTURES: Members Receive Wind-Up Report
KOREA FIRST 8: Shareholder to Receive Wind-Up Report on March 13
LES QUATRE: Commences Liquidation Proceedings
MERLION FUND: Members Receive Wind-Up Report

MIDDLE KINGDOM: Shareholder Receives Wind-Up Report
MUJAN TOO: Commences Liquidation Proceedings
OCCO GLOBAL: Shareholders Receive Wind-Up Report
OCCO GLOBAL MASTER: Shareholders Receive Wind-Up Report
OHIO VENTURE: Members Receive Wind-Up Report

ORCHID FUND: Shareholder Receives Wind-Up Report
PALM BEACH: Creditors' Proofs of Debt Due April 3
QATAR FIRST: Members Receive Wind-Up Report
SAPPHIRE INSURANCE: Shareholder to Hear Wind-Up Report on March 11
SILKEN OVERSEAS: Commences Liquidation Proceedings

SLATE INVESTMENTS: Commences Liquidation Proceedings
URBANA HOLDING: Commences Liquidation Proceedings
YAAF COLD: Members Receive Wind-Up Report
YAAF COLD II: Members Receive Wind-Up Report


C O S T A   R I C A

COSTA RICA REPUBLIC: S&P Rates Planned $1BB Bond Issuance 'BB'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Official Red Tape Keeps 5 Airlines Grounded


M E X I C O

BANCO INTERACCIONES: Moody's Rates Debt Issuance Ba2
CEMEX SAB: S&P Revises Outlook to Positive & Affirms 'B+' Rating
MBIA MEXICO: Moody's Affirms 'B2' IFS, Alters Outlook to Negative


N I C A R A G U A

NICARAGUA: Makes Progress in Macroeconomic Stability, IMF Says


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: National Trust on TT$2 Million Deficit


V E N E Z U E L A

VENEZUELA: Committed to Expand Oil Deal in Latin America


X X X X X X X X X

* BOND PRICING: For the Week From Feb. 24 to Feb. 27, 2015


                            - - - - -


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


LIAT: Lovell Supports Job Cuts
------------------------------
The Daily Observer reports that Deputy Leader of the Opposition
United Progressive Party (UPP) Harold Lovell said government needs
to provide other jobs for LIAT, operating as Leeward Islands Air
Transport workers who might be severed if the airline's Board gets
its way.

The former tourism and civil aviation minister said this could be
done through creating business opportunities for complementary
aviation services, according to the Daily Observer.

"If you incorporate a company, the business which would be the
training of pilots, there is a market out there for that, because
every airline that operates at the level of LIAT around the region
they are using ATR's and this is an opportunity," the report
quoted Mr. Lovell as saying.

The former finance minister, who is bidding for leadership of the
UPP, said private investors and not the government should be the
ones running such a business, the report notes.

The report recalls that LIAT's board of directors decided to move
the fleet base from Antigua to Barbados and cut 180 workers.
Prime Minister Gaston Browne asked the airline to halt the
decision because of the impact it would have on the nation's
economy, the report relays.

The report discloses that Mr. Lovell said Antigua and Barbuda
cannot simply keep saying "no" to LIAT without putting forward a
viable solution to its financial problems.

"LIAT has to downsize, I mean, I know perhaps, it's politically
incorrect for me to say that.  But the point is if you run a
restaurant and you have 50 tables and you employ, for argument
sake, one person per table, and then you have 20 tables you would
not keep the 50 employees when you only have 20 tables," the
report quoted Mr. Lovell as saying.  "There has to be something
which allows us to absorb those workers or to have a strategy
that's going to deal with the excess capacity that you now have,"
Mr. Lovell added.

                            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: Judge in $2.3BB Bond Spat Mulls Citi Injunction
----------------------------------------------------------
Law360.com reports that a New York federal judge deferred a ruling
on whether to block Citibank NA from making payments on some $2.3
billion worth of bonds governed by Argentine law, after an
attorney for the bank lambasted the injunction as "fundamentally
unfair."

U.S. District Judge Thomas Griesa heard more than two hours of
arguments on whether a previous injunction should block Citibank
from processing bond payments in a legal dispute stemming from
Argentina's 2001 default, according to Law360.com.  In the suit, a
group of investors that bought debt and later rejected the
Argentine government's restructuring offers are seeking to be made
whole.

During the hearing in Manhattan court, Karen Wagner, a lawyer for
Citibank, said the bank would face "great danger" if it was forced
to comply with the injunction, the report notes.  Citibank could
lose its banking license in Argentina and its employees could face
criminal sanctions, Ms. Wagner said, the report relates.

"The risk is very real, but there is nothing to be gained by
enforcing such an injunction," Ms. Wagner told Judge Griesa, notes
the report.  "It seems fundamentally unfair and inequitable to put
Citibank in such a position," the report quoted Ms. Wagner as
saying.

The report relays that an attorney for Argentina also urged the
judge to allow Citibank to service the debt, reasoning that the
bonds at issue were offered exclusively in Argentina and therefore
fell outside the scope of the injunction.

But Edward Friedman, an attorney for plaintiff-investors including
Aurelius Capital Master Ltd., said the bonds had actually been
offered in several other countries, including the U.S., Germany,
Denmark and Italy, the report discloses.  Mr. Friedman also noted
that the injunction barred all "participants" in the bond payment
process from aiding and abetting any violation of the injunction,
including making payments on the bonds, the report says.

"Clearly Citibank is a participant, within the definition of
participant in the injunction," the report quoted Ms. Friedman as
saying.

The plaintiffs, including hedge funds Aurelius and NML Capital
Ltd., bought Argentine sovereign debt at a discount after the
country defaulted on $100 billion in bonds in 2001, the report
discloses.  The funds refused to swap them out in restructurings
in 2005 and 2010, instead suing in the U.S. for full repayment,
the report notes.

Judge Griesa has said that Argentina can't pay bondholders that
agreed to debt restructurings unless it also makes a ratable
payment to the "holdout" hedge funds, the report relays.  The
Second Circuit upheld that finding, and the U.S. Supreme Court
declined to take up Argentina's appeal, the report says.

The injunction that has drawn Citibank's ire dates to 2012.  It
requires Argentina to pay the plaintiffs if it services bonds at
issue in the sprawling litigation, the report discloses.

In a separate letter to Judge Griesa, a group of investors holding
euro-denominated bonds issued by Argentina and governed by English
law urged the court to deny any additional injunctions to
creditors who assert claims after April 1, the report relates.
The investors described themselves as "innocent third parties" who
had been deprived of payments, the report adds.

Citibank is represented by Davis Polk & Wardwell LLP.

Argentina is represented by Cleary Gottlieb Steen & Hamilton LLP.

The Aurelius plaintiffs are represented by Friedman Kaplan Seiler
& Adelman LLP. NML Capital is represented by Gibson Dunn &
Crutcher LLP.

The case is NML Capital v. The Republic of Argentina, case number
1:08-cv-06978, in the U.S. District Court for the Southern
District of New York.

                         *     *     *

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'.


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


BANCO DE BRASILIA: Selects Unisys Mission-Critical Systems
----------------------------------------------------------
Corporation Unisys Corporation disclosed that Banco de Brasilia
(BRB) has signed a contract with Unisys' Brazilian subsidiary for
new Unisys ClearPath Libra systems to expand computing power to
support growth initiatives, streamline operations and enhance
customer service.

Signed in the third quarter of 2014, the three-year contract has a
value of approximately US$16 million (BRL46 million).

BRB, a Unisys client since 1969, is the largest state bank in the
Midwest region of Brazil.  It has more than 658,000 clients and a
strong presence in the Federal District of Brazil and another five
states: Mato Grosso, Mato Grosso do Sul, Goias, Rio de Janeiro and
Sao Paulo.

Under the terms of the contract, Unisys will provide the bank with
two high-end ClearPath Libra 8290 systems, which use advanced
Intel(R) Xeon(R) family processors.  One system is for production
and the other for contingency use and business continuity.  BRB
estimates that the new systems will triple its current processing
power.

The contract also includes deployment of a ClearPath Libra 4280
midrange system.  Unisys will also upgrade the bank's data storage
system, enabling more and faster backup of critical business
information.

Because the bank will be upgrading from earlier ClearPath Libra
systems, it expects the migration to be seamless, with no impact
on customer service - other than faster responsiveness for
financial transactions.

Because security is an integral part of mission-critical
operations in financial services, the upgrade to its computing
infrastructure will provide BRB with an extra layer of 24x7
security for multiple channels, including Internet banking,
electronic terminals, ATMs and branches.

"We are continually investing to enhance the technology that
drives our mission-critical operations.  We are confident that
these new systems from our longtime partner Unisys provide the
solution we need to support our growth initiatives in an
increasingly competitive marketplace," stated Marco Aurelio
Schwanz, Banco de Brasilia's Production Superintendent.

"We are proud to extend our four-decade relationship with BRB and
continue providing modern mission critical solutions based on
advanced Unisys tech based on advanced Unisys technology that
enables the bank to be increasingly competitive, efficient and
customer-centered," said Agostinho Rocha, Vice President, Sales,
Unisys Latin America.


BANCO DE BRASILIA: S&P Affirms BB/B Rating, Outlook Now Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its national scale
ratings on Banco de Brasilia (BRB) to 'brA+/brA-2' from 'brAA-
/brA-1'.  At the same time, S&P affirmed the 'BB/B' global scale
ratings on the bank and revised the outlook on them to negative
from stable.  The outlook on the national scale ratings is also
negative.  The stand-alone credit profile (SACP) is 'bb'.

The ratings on BRB reflect its "weak" business position,
"adequate" risk position, "adequate" capital and earnings,
"average" funding and "adequate" liquidity, as S&P's criteria
define these terms.

The outlook revision to negative stems from the deterioration in
BRB's controlling shareholder's (GDF's) finances and S&P's view
that this weakened financial condition limits the ratings on BRB.

"Under our bank criteria, we use our Banking Industry Country Risk
Assessment's (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating.  Our anchor for a commercial bank operating
only in Brazil is 'bbb-', based on the country's economic risk
score of '6' and an industry risk score of '5'. Brazil's economic
risk reflects its low GDP per capita levels and only modest growth
prospects that limit household credit capacity and the country's
ability to withstand economic downturns.  It also considers our
view that economic imbalances have increased as a result of rapid
credit expansion amid a slowly growing economy, further increasing
the household debt burden.  Overall we see economic imbalances in
Brazil continue to increase, credit growth remains to be hefty,
despite the recent slowdown, especially considering that economic
growth has been sluggish and is not likely to pick up over the
next two years.  In addition, we expect Brazil's external
vulnerability will rise somewhat over the next several years,
which also contributes to our 'High Risk' assessment for economic
imbalances.  However, Brazil's, moderate leverage in the corporate
sector, and the absence of high-risk loans in banks somewhat
mitigate the higher risk factors in our economic risk assessment,"
S&P said.

"Our industry risk score of '5' reflects our belief that the
industry risks in Brazil's banking sector continued to increase.
In our view, there are growing market distortions due to an
increasing market share of loans from publicly owned banks during
the past two years, in addition to increasing spread differential
between public and private banks; which have also resulted in
falling profitability for the whole system over the same period.
Extensive coverage, effective supervision of the financial system,
and an adequate and stable deposit base supports industry risk
assessment," S&P added.


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


AA INVESTMENTS: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on Jan. 21, 2015, the
shareholders of AA Investments Limited resolved to voluntarily
wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 4, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


ADVANCE LEAD: Members Receive Wind-Up Report
--------------------------------------------
The members of Advance Lead Investments (Cayman) Limited received
on March 2, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Albert Pond
          Harvest Capital Partners Limited
          China Resources Building, 37th Floor
          26 Harbour Road, Wanchai
          Hong Kong
          People's Republic of China


BARCLAYS WEALTH: Shareholder to Hear Wind-Up Report on March 13
---------------------------------------------------------------
The sole shareholder of Barclays Wealth Advisor Series -
International Value Equity II Ltd. will receive on March 13, 2015,
at 8:30 a.m., 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 Jennifer Chailler
          Telephone: (345) 943-3100


BOODELL VALUE: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Boodell Value Capital Offshore Fund Ltd
received on Feb. 24, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Boodell & Company Capital Management LLC
          c/o Justin Savage
          Ogier, Attorneys
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


CHANDLER INTERNATIONAL: Commences Liquidation Proceedings
---------------------------------------------------------
On Oct. 29, 2014, the shareholder of Chandler International
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 30, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Amicorp Cayman Fiduciary Limited
          The Grand Pavilion Commercial Centre, 2nd Floor
          802 West Bay Road
          P.O. Box 10655 Grand Cayman KY1-1006
          Cayman Islands
          c/o Nicole Ebanks-Sloley
          Telephone: (345) 943-6055


CPC WEETABIX: Members Receive Wind-Up Report
--------------------------------------------
The members of CPC Weetabix PIK Debt, Ltd. received on Feb. 24,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Royal W. Carson, III
          Telephone: +1 (214) 999-1000
          Facsimile: +1 (214) 999-1022
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


DEKANIA CDO II: Commences Liquidation Proceedings
-------------------------------------------------
On Jan. 22, 2015, the shareholder of Dekania CDO II, Ltd. resolved
to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


DGF CHARLIE: Commences Liquidation Proceedings
----------------------------------------------
On Jan. 14, 2015, the sole shareholder of DGF Charlie, 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:

          Christian Waltisperger
          Telephone: +423 236 5342
          Facsimile: +423 236 5513
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


FREE SPIRIT: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 29, 2014, the members of Free Spirit resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 24, 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


GOVPLUS OFFSHORE: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Govplus Offshore Fund, Ltd received on
Feb. 26, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Norcap Investment Management, L.P.
          c/o Carl Baggett
          8350 N. Central Expy
          Suite 1312
          Dallas
          Texas 75206
          United States of America
          Telephone: +1 (972) 701 8813


GREENHILL CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Greenhill Capital Management Inc. received on
Feb. 26, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Adam Montanios
          Diagoras House
          P.O. Box 25001
          CY-1306 Nicosia
          Cyprus
          Telephone: + 357 22 660 766
          e-mail: montanios@montanioslaw.com.cy


HIGHLAND VENTURES: Members Receive Wind-Up Report
-------------------------------------------------
The members of Highland Ventures Ltd. received on March 2, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Kent Limited
          c/o Michelle R. Bodden-Moxam
          Bridge Street Services Limited
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 30691 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146


KOREA FIRST 8: Shareholder to Receive Wind-Up Report on March 13
----------------------------------------------------------------
The shareholder of Korea First Mortgage No. 8 Limited will receive
on March 13, 2015, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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

The company commenced liquidation proceedings on Jan. 21, 2015.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


LES QUATRE: Commences Liquidation Proceedings
---------------------------------------------
On Sept. 29, 2014, the shareholder of Les Quatre Ours Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 30, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Amicorp Cayman Fiduciary Limited
          The Grand Pavilion Commercial Centre, 2nd Floor
          802 West Bay Road
          P.O. Box 10655 Grand Cayman KY1-1006
          Cayman Islands
          c/o Nicole Ebanks-Sloley
          Telephone: (345) 943-6055


MERLION FUND: Members Receive Wind-Up Report
--------------------------------------------
The members of Merlion Fund SPC received on Feb. 24, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


MIDDLE KINGDOM: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Middle Kingdom Investments SPC received on
March 3, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Jo-Anne Maher
          Telephone: (345) 814 9255
          Facsimile: (345) 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


MUJAN TOO: Commences Liquidation Proceedings
--------------------------------------------
On Sept. 29, 2014, the shareholder of Mujan Too Limited resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 30, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Amicorp Cayman Fiduciary Limited
          The Grand Pavilion Commercial Centre, 2nd Floor
          802 West Bay Road
          P.O. Box 10655 Grand Cayman KY1-1006
          Cayman Islands
          c/o Nicole Ebanks-Sloley
          Telephone: (345) 943-6055


OCCO GLOBAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Occo Global Financials Fund received on
Feb. 24, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


OCCO GLOBAL MASTER: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Occo Global Financials Master Fund received on
Feb. 24, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


OHIO VENTURE: Members Receive Wind-Up Report
--------------------------------------------
The members of Ohio Venture Ltd received on March 2, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ORCHID FUND: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of The Orchid Fund Limited received on Feb. 24,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          K.D. Blake
          c/o Andrew Edwards
          Telephone: (345) 815-2608/ 345-949-4800
          Facsimile: (345) 949-7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


PALM BEACH: Creditors' Proofs of Debt Due April 3
-------------------------------------------------
The creditors of Palm Beach Offshore II, Ltd are required to file
their proofs of debt by April 3, 2015, to be included in the
company's final dividend distribution.

The company's liquidator is:

          Mark Longbottom
          c/o Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: +1 (345) 623 9900
          Facsimile: +1 (345) 943 9900


QATAR FIRST: Members Receive Wind-Up Report
-------------------------------------------
The members of Qatar First Development Ltd. received on Feb. 24,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SAPPHIRE INSURANCE: Shareholder to Hear Wind-Up Report on March 11
------------------------------------------------------------------
The sole shareholder of Sapphire Insurance Company, SPC will
receive on March 11, 2015, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          RSM Cayman Ltd.
          Harbour Place, 2nd Floor
          George Town
          P.O. Box 10311 Grand Cayman KY1-1003
          Cayman Islands


SILKEN OVERSEAS: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 5, 2014, the shareholder of Silken Overseas Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 30, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Amicorp Cayman Fiduciary Limited
          The Grand Pavilion Commercial Centre, 2nd Floor
          802 West Bay Road
          P.O. Box 10655 Grand Cayman KY1-1006
          Cayman Islands
          c/o Nicole Ebanks-Sloley
          Telephone: (345) 943-6055


SLATE INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------
On Oct. 29, 2014, the shareholder of Slate Investments Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 30, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Amicorp Cayman Fiduciary Limited
          The Grand Pavilion Commercial Centre, 2nd Floor
          802 West Bay Road
          P.O. Box 10655 Grand Cayman KY1-1006
          Cayman Islands
          c/o Nicole Ebanks-Sloley
          Telephone: (345) 943-6055


URBANA HOLDING: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 4, 2014, the shareholder of Urbana Holding Company
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 30, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Amicorp Cayman Fiduciary Limited
          The Grand Pavilion Commercial Centre, 2nd Floor
          802 West Bay Road
          P.O. Box 10655 Grand Cayman KY1-1006
          Cayman Islands
          c/o Nicole Ebanks-Sloley
          Telephone: (345) 943-6055


YAAF COLD: Members Receive Wind-Up Report
-----------------------------------------
The members of YAAF Cold Storage received on Feb. 25, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Robert P. Bermingham
          9130 West Sunset Boulevard
          Los Angeles, CA 90069


YAAF COLD II: Members Receive Wind-Up Report
--------------------------------------------
The members of YAAF Cold Storage II received on Feb. 25, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Robert P. Bermingham
          9130 West Sunset Boulevard
          Los Angeles, CA 90069


===================
C O S T A   R I C A
===================


COSTA RICA REPUBLIC: S&P Rates Planned $1BB Bond Issuance 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB'
foreign currency senior unsecured debt rating on the Republic of
Costa Rica's planned global bond.  The total amount issued, under
Rule 144A Regulation S, is expected to be $1 billion, due in 30
years. Costa Rica will use proceeds to refinance domestic and
external debt.

The ratings on Costa Rica balance the country's persistent budget
deficits and rising net general government debt burden with still-
favorable growth prospects and an expected improvement in the
country's external position thanks to lower current account
deficits in the next two years.  They also reflect Costa Rica's
stable--although fragmented--political system and an exchange rate
that is gradually becoming more flexible, giving the country
greater ability to absorb external shocks.

The stable outlook on the ratings reflects S&P's expectation that
Costa Rica's general government fiscal deficit will be less than
5.5% of GDP this year and remain approximately 5%-6% of GDP in the
following three years (according to Standard & Poor's definition).
S&P expects that the government will be able to boost revenues
through tax measures while containing the growth of spending.  S&P
also expects economic growth to be about 3.5%-4% over the next
three years.

RATINGS LIST

Republic of Costa Rica
Sovereign Credit Rating              BB/Stable/B

New Rating

Republic of Costa Rica
Senior Unsecured
  Bond due in 2045                    BB



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


DOMINICAN REPUBLIC: Official Red Tape Keeps 5 Airlines Grounded
---------------------------------------------------------------
Dominican Today reports that five Dominican-registry airlines are
still waiting for the government to conclude the technical
procedures to allow them to start operations.

Gold Dominicana, Andes Dominicana, Wing Dominicana, Pawa
Dominicana and a cargo carrier whose owners have everything ready
to fly out of Las Americas International Airport, have stated
discontent and warned that they could pull their investment out of
the country, according to Dominican Today.

The report notes that PAWA Executive Alexander Barrio said 14
Dominican pilots completed the training to join their cabin crews.

The report relays that Mr. Barrio said the date to start flights
was proposed for last November but had to be postpone due to a
series of new regulations and resolutions he affirms have emerged
from Civil Aeronautics.

In that regard, Centro Aeronautico President Alfredo Hernandez Paz
said several investors have warned that they could shut down their
projects, and in his view would be regretful it the authorities
let them leave the country, the report notes.

Mr. Paz said they expect the authorities to finalize the paperwork
so they can start flights, the report adds.


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


BANCO INTERACCIONES: Moody's Rates Debt Issuance Ba2
----------------------------------------------------
Moody's de Mexico assigned Ba2 and A1.mx long term global local
currency (GLC) and Mexican National Scale senior unsecured debt
ratings to Banco Interacciones, S.A. Institucion de Banca
Multiple, Grupo Financiero Interacciones's issuance of
Certificados Bursatiles Bancarios (BINTER 15).  The outlook on
these ratings is stable.

This debt issuance has been set for an amount up to MXN1.5
billion, with a maturity of 1,652 days equivalent to 4.5 years.
The Certificados Bursatiles Bancarios will be issued under Banco
Interacciones's Senior Debt Program of Certificados Burs tiles
Bancarios (CP and MTN), Certificados de Deposito Bancario de
Dinero a Plazo (CD) and Pagares con Rendimiento Liquidable al
Vencimiento (PRLV) for an amount up to MXN20 billion or its
equivalent in Investment Units, as a recurrent issuer, (Not
Rated).

The following long term senior unsecured debt ratings were
assigned to Interacciones's issuance of Certificados Burs tiles
Bancarios (BINTER 15):

  -- Long-term global local currency senior unsecured debt rating
     of Ba2

  -- Long-term Mexican National Scale senior unsecured debt
     rating of A1.mx

  -- The outlook is stable

The Ba2 senior unsecured debt rating derives from the bank's ba3
standalone baseline credit assessment (BCA) and the assumption of
a high probability of systemic support in case of stress.

The ba3 standalone BCA maps from the bank's bank financial
strength rating of D- and reflects the bank's niche business
model, which consists of collateralized lending to Mexican states
and municipalities and their suppliers.  Interacciones structures
its financing to sub-sovereign entities on loan repayment trusts
that capture the cash-flows from federal fiscal transfers to which
states and municipalities are entitled.  According to Moody's
analyst David Olivares, "the loan repayment mechanism has proven
effective in containing credit risks, as reflected by very low
delinquency ratios to date."

However, the bank exhibits high loan concentrations both to
specific industry segments and to single borrowers, relative to
both profits and capital.  Olivares added that "this concentration
raises the risk of significant earnings and asset quality
volatility if such exposures were to become problematic, and
therefore, it constrains the bank's ratings".  Moreover, the
bank's long-term sources of funding in the form of senior and
subordinated debt are still limited relative to its longer-
duration loan book.  This creates a structural asset and liability
tenor mismatch that exposes the bank to liquidity and market
risks.

The principal methodology used in this rating was Global Banks
published in July 2014.

The period of time covered in the financial information used to
determine the rating is between Jan. 1, 2010 and Dec. 31, 2014
(source: Moody's, Issuer's financial statements, CNBV and
Banxico).

The sources and items of information used to determine the rating
include 2013 and 2014 interim financial statements (source:
Moody's and Issuer's financial statements); year-end 2013 and 2014
audited financial statements (source: Moody's and Issuer's annual
audited financial statements); information on market position
(source: CNBV); regulatory capital information (source: Banxico).

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa.  For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".

The long term Mexican National Scale rating of A1.mx present
above-average creditworthiness relative to other domestic issuers.

Banco Interacciones is headquartered in Mexico City, Mexico. As of
December 2014, the bank had MXN123.4 billion in assets.


CEMEX SAB: S&P Revises Outlook to Positive & Affirms 'B+' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on CEMEX
S.A.B. de C.V. (CEMEX) to positive from stable.  At the same time,
S&P affirmed its 'B+' global scale and 'mxBBB' national scale
ratings on CEMEX and its subsidiaries, CEMEX Espana S.A., CEMEX
Mexico S.A. de C.V., and CEMEX Inc.  S&P is keeping its recovery
rating at '3', which indicates that bondholders can expect a
meaningful (50% to 70%) recovery in the event of a payment
default.

"The outlook revision reflects our view that CEMEX has the
capacity to capitalize on the positive industry momentum in its
key markets, which could improve credit metrics in the next 12
months closer to an aggressive financial risk profile," said
Standard & Poor's credit analyst Luis Manuel Martinez.  "In our
view, a sustained recovery and positive economic growth prospects
in the U.S. market, and expected increased public-sector spending
in Mexico, amid mid-term elections in 2015, and the development of
key infrastructure projects throughout Latin America will support
top-line growth.  Additionally, we expect CEMEX to maintain its
cost discipline and raise capacity utilization, which could
gradually increase operating margins and boost cash flow
generation.  We also expect the company to engage in active
liability management to further extend its debt maturity profile
and reduce its borrowing costs.  The rating action incorporates a
revision to our treatment of "surplus cash" (as defined in our
criteria), which, in particular, will have a positive effect on
the company's leverage metrics," S&P said.


MBIA MEXICO: Moody's Affirms 'B2' IFS, Alters Outlook to Negative
-----------------------------------------------------------------
Moody's de Mexico affirmed the B2 Insurance Financial Strength
(IFS) and Ba1.mx national scale (IFS) of MBIA Mexico, S.A. de C.V.
(MBIA Mexico) and changed the outlook on the ratings from stable
to negative.

MBIA Mexico's ratings action follows the recent ratings'
affirmation and change in the rating's outlook to negative from
stable of MBIA Corp. MBIA Mexico is fully owned by MBIA Insurance
Corporation (MBIA Corp., B2 IFS, negative outlook) a subsidiary of
MBIA Inc. (NYSE: MBI, Ba1, senior debt, negative outlook), the
group's ultimate holding company.

"MBIA Mexico's rating is based primarily on the explicit and
implicit support provided by MBIA Corp. Also, its ratings are
expected to remain closely linked to that of its parent", said
Jos‚ Monta¤o, Moody's analyst.

Moody's said that the B2 global scale and Ba1.mx national scale
IFS ratings of MBIA Mexico, could be upgraded if MBIA Corp's
financial profile including capital adequacy and liquidity improve
materially. The ratings could be downgraded if insured risk
perform worse than expected and/or if MBIA Corp. were to
experience material liquidity stress. In addition, the ratings
could be downgraded if MBIA Corp.'s Zohar CLO exposures are not
restructured on terms that significantly reduce MBIA Corp.'s
potential for loss, ahead of the November 2015 maturity of the
Zohar I CLO.

The principal methodology used in this rating was Moody's Rating
Methodology for the Financial Guaranty Insurance Industry
published in September 2006.

The sources and items of information used to determine MBIA
Mexico, S.A. de C.V.'s ratings include September 2014 financial
statements (source: Comision Nacional de Seguros y Fianzas
(CNSF)).

The period of time covered in the financial information used to
determine MBIA Mexico, S.A. de C.V.'s ratings are between Jan. 1,
2008 and Sep. 30, 2014.


=================
N I C A R A G U A
=================


NICARAGUA: Makes Progress in Macroeconomic Stability, IMF Says
--------------------------------------------------------------
Min Zhu, Deputy Managing Director of the International Monetary
Fund (IMF), issued the following statement at the conclusion of
his visit to Nicaragua:

"It is a great pleasure for me to visit Nicaragua.  I was
privileged to meet President Daniel Ortega, Presidential Advisor
Bayardo Arce, Central Bank President Ovidio Reyes, Finance
Minister Ivan Acosta, members of the National Assembly, and
representatives of the private sector and of think tanks involved
in economic matters.

"Our discussions focused on Nicaragua's outlook and opportunities
as well as the regional economic context.  We also discussed the
importance of raising productivity in Nicaragua.

"Nicaragua has made much progress over the last years in
consolidating macroeconomic stability, improving balance sheets
and reducing vulnerabilities. Its performance during the financial
crisis of 2008-09 was sound, as the economy was stimulated at the
peak of the crisis before returning to sustainable public finances
as export markets recovered.  Growth in Nicaragua has outperformed
other countries in the region and social indicators have improved,
although reducing poverty remains one of Nicaragua's main
challenges.

"Sustaining growth over the medium term requires boosting
productivity and raising private investment.  To this end, further
reforms are needed in the electricity sector, including through a
subsidies policy that better targets the poor and that supports
improvements in education and strengthens agricultural yields.  I
was encouraged to see that work has advanced on many fronts, and
that the authorities are eager to identify policies that can
strengthen Nicaragua's economic performance.

"We are looking forward to continuing our discussions with the
Nicaraguan and other authorities in the region on how to improve
the prospects for Latin America in the coming months as we prepare
for the Annual Meetings of the IMF and the World Bank in Lima,
Peru."


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


TRINIDAD & TOBAGO: National Trust on TT$2 Million Deficit
---------------------------------------------------------
Andre Bagoo at Trinidad and Tobago Newsday reports that things
were so bad at the National Trust that at one stage it operated
with just one desk and cubicle in a corner of the National Museum.

For the years 2012 and 2013, the Trust which is supposed to
protect heritage buildings, operated at a Government-funded
deficit to the tune of TT$2.3 million annually, according to
financial reports tabled in Parliament last month, according to
Trinidad and Tobago.

The financial statements for the year 2013 -- tabled in the House
of Representatives, were approved by the Trust's Council and
authorized for issue on June 24, 2014, the report notes.

The largest item of expenditure, outlined in the statements, was
"Director's fees and travel" which totaled TT$550,600 out of a
total expenditure of TT$1.4 million, the report relays.  In
theory, the Trust, a body set up by statute, is supposed to be
self-sufficient, operating on trust funds, the report notes.  In
2013, the Government subvention for the Trust was TT$1.2 million,
the report discloses.

An accompanying annual report attached to the financial statements
states some of the challenges the Trust has experienced in years
gone by, the report says.

"The Trust has experienced both the pinnacle of success as well as
the abyss of failure during its short existence," the 2013 report
signed by interim chairman Dr. Kumar Mahabir states, the report
relays.  "This is in spite of overwhelming challenges of finance,
human resource and infrastructure."

Dr. Mahabir continues, "Many may be unaware that the Trust
functions on a yearly Government subvention of about $1 million
and is currently staffed by two persons.  The interim chairman
states at one point the trust was "a cubicle and a desk," notes
the report.

"Up to April 2014, the Trust office consisted of a cubicle and a
desk, located in a corridor at the National Museum and Art
Gallery," the report quoted Dr. Mahabir as saying.  "Only
recently, the Trust was able to move into improved accommodation,
shared with the Ministry of National Diversity and Social
Integration.  This space, though, is still insufficient to meet
the optimal vision of the Trust," Dr. Mahabir added.  Dr. Mahabir
called for urgent reform.


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


VENEZUELA: Committed to Expand Oil Deal in Latin America
--------------------------------------------------------
Dominican Today reports that Venezuela Ambassador Alberto Castelar
disclosed that at the Special Summit of Heads of State and
Government of Petrocaribe to be held in Venezuela, March 6, will
address "the continuity of the Petrocaribe agreement which means
great news."

Mr. Castelar said Venezuela President Nicolas Maduro will speak in
the meeting to ensure that "Petrocaribe is maintained and
continues," according to Dominican Today.

The report notes that Mr. Castelar said his government will
propose Petrocaribe's expansion among member countries.  "We plan
to move forward and make Petrocaribe a grand economic area,
together with ALBA and Mercosur, to advance to other areas such as
culture, education and trade," the report quoted Mr. Castelar as
saying.

"The north of our region is not in the North, it's in the South,
and that will be ratified at the Petrocaribe Summit," Mr. Castelar
said, the report relays.

Petrocaribe provides Venezuela oil with soft financing for
Dominican Republic and 15 other Central American and Caribbean
countries.


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


* BOND PRICING: For the Week From Feb. 24 to Feb. 27, 2015
----------------------------------------------------------

Issuer Name     Cpn   Bid Price Maturity Date Country    Curr
-----------     ---   --------- ------------- -------    ----
PDVSA            8.5     56.25   11/2/2017      VE       USD
PDVSA           12.75    53.5    2/17/2022      VE       USD
Kaisa Group
Holdings Ltd     8.87    65.5    3/19/2018      CN       USD
Venezuela       12.75    52.5    8/23/2022      VE       USD
PDVSA            5.25    47.5    4/12/2017      VE       USD
PDVSA            5.37    34.65   4/12/2027      VE       USD
PDVSA            6        6.5   11/15/2026      VE       USD
Venezuela        5.75    61.5    2/26/2016      VE       USD
PDVSA            9.75    46      5/17/2035      VE       USD
Venezuela       11.95    49      8/5/2031       VE       USD
PDVSA            6       37.5    5/16/2024      VE       USD
Kaisa Group
Holdings Ltd     9       82      6/6/2019       CN       USD
PDVSA            9       43.5   11/17/2021      VE       USD
PDVSA            5.5     36.9    4/12/2037      VE       USD
Venezuela       13.62    56      8/15/2018      VE       USD
Kaisa Group
Holdings Ltd    10.25    69       1/8/2020      CN       USD
Kaisa Group
Holdings Ltd    12.87   108       9/18/2017     CN       USD
Odebrecht Oil
& Gas Finance
Ltd              7       68                     KY       USD
CSN Islands
XII Corp         7       74.5                   BR       USD
Venezuela        8.25    44      10/13/2024     VE       USD
Honghua Group
Ltd              7.45    58.5     9/25/2019     CN       USD
PDVSA            5.12    53.48    10/28/2016    VE       USD
Venezuela        7.75    42.5     10/13/2019    VE       USD
Banco do Brasil
SA/Cayman        6.25    75                     KY       USD
Venezuela        7       44.5     12/1/2018     VE       USD
Venezuela        9       44.5      5/7/2023     VE       USD
Kaisa Group
Holdings Ltd     6.87    74.423    4/22/2016    CN       CNY
Venezuela        9.37    44.5      1/13/2034    VE       USD
Venezuela        6       39       12/9/2020     VE       USD
Venezuela        7       40.5      3/31/2038    VE       USD
CA La
Electricidad
de Caracas       8.5     40        4/10/2018    VE       USD
Venezuela        9.25    44.5      5/7/2028     VE       USD
Offshore Group
Investment Ltd   7.5     74.87    11/1/2019     KY       USD
Venezuela        7.65    35.5      4/21/2025    VE       USD
Automotores
Gildemeister SA  8.25    45.87     5/24/2021    CL       USD
Kaisa Group
Holdings Ltd     8       70       12/20/2015    CN       CNY
Venezuela       13.625   48        8/15/2018    VE       USD
Agile Property
Holdings Ltd     8.25    75.05                  CN       USD
McDermott
International
Inc              8       70.5      5/1/2021     US       USD
USJ Acucar e
Alcool SA        9.875   73       11/9/2019     BR       USD
Tonon
Bioenergia SA    9.25    62.3      1/24/2020    BR       USD
Offshore Group
Investment Ltd   7.125   68.06     4/1/2023     KY       USD
Automotores
Gildemeister SA  6.75    44.75     1/15/2023    CL       USD
SMU SA           7.75    76.5      2/8/2020     CL       USD
Mongolian
Mining Corp      8.87    66.5      3/29/2017    MN       USD
Polarcus Ltd     8       40.08     6/7/2018     AE       USD
PSOS Finance
Ltd              11.75   75        4/23/2018    KY       USD
PDVSA             8.5    57.45    11/2/2017     VE       USD
Herbalife Ltd     2      73.7      8/15/2019    US       USD
Cia Energetica
de Sao Paulo      9.75   72.87     1/15/2015    BR       BRL
BA-CA Finance
Cayman Ltd        1.21   63.249                 KY       EUR
Hidili Industry
International
Development Ltd   8.625  76       11/4/2015     CN       USD
China Precious
Metal Resources
Holdings Co Ltd   7.25   52.067    2/4/2018     HK       HKD
Inversora de
Electrica de
Buenos Aires SA   6.5     28.5     9/26/2017    AR       USD
NQ Mobile Inc     4       70.448  10/15/2018    CN       USD
Glorious Property
Holdings Ltd      13.25   71.971   3/4/2018     HK       USD
Kaisa Group
Holdings Ltd       8.875  93.5     3/19/2018    CN       USD
PDVSA              6      37.63   11/15/2026    VE       USD
PDVSA             12.75   51.83    2/17/2022    VE       USD
Polarcus Ltd       8.9    39.854   7/8/2019     AE       NOK
Polarcus Ltd       2.87   68.7     4/27/2016    AE       USD
Empresa
Distribuidora
Y Comercializadora
Norte              9.75    72.42  10/25/2022    AR       USD
PDVSA              6       39.65   5/16/2024    VE       USD
Argentina Bond     1.18     8.12  12/31/2038    AR       ARS
Venezuela Bond    13.625   50.941  8/15/2018    VE       USD
McDermott
International Inc  8       84.5    5/1/2021     US       USD
Tonon
Bioenergia SA      9.25    71      1/24/2020    BR       USD
Argentina
Bonar Bonds       23.00    5.5     9/10/2015    AR       ARS
BCP Finance Co     2.15   61.25                 KY       EUR
Newland
International
Properties Corp    9.5     32      7/3/2017     PA       USD
BA-CA Finance
Cayman 2 Ltd       2.03    62.31                KY       EUR
Odebrecht Oil
& Gas Finance
Ltd                7       69                   KY       USD
PDVSA              9       44     11/17/2021    VE       USD
Honghua Group
Ltd                7.45    58.5    9/25/2019    CN       USD
Argentine Bonad
Bonds              2.4     68      3/18/2018    AR       USD
Automotores
Gildemeister SA    8.25    60      5/24/2021    CL       USD
PDVSA              9.75    43      5/17/2035    VE       USD
Automotores
Gildemeister SA    6.75    59.5    1/15/2023    CL       USD
ESFG
International
Ltd                5.753    0.68                KY       EUR
Greenfields
Petroleum Corp     9        20     5/31/2017    US       CAD
USJ Acucar e
Alcool SA          9.87     73     11/9/2019    BR       USD
CSN Islands
XII Corp           7        73.99               BR       USD
SMU SA             7.75     75.25   2/8/2020    CL       USD
Mongolian
Mining Corp        8.875    66.5    3/29/2017   MN       USD
Banco do Brasil
SA/Cayman          6.25     74                  KY       USD
Argentina Bocon    2        42.288  1/3/2016    AR       ARS
Venezuela
TICC Bond          6.25     73.195  4/6/2017    VE       USD
Hidili Industry
International
Development Ltd    8.625    75      11/4/2015   CN       USD
Cia Energetica
de Sao Paulo       9.75     72.87    1/15/2015  BR       BRL
Venezuela TICC
Bond               5.25     52.627   3/21/2019  VE       USD
Newland
International
Properties Corp    9.5      47       7/3/2017   PA       USD
Empresa
Distribuidora
Y Comercializadora
Norte              9.75     72     10/25/2022   AR       USD
Banif Finance
Ltd                1.449                        KY       EUR
BPI
Capital
Finance Ltd        2.63     39.5               KY       EUR
Cia Cervecerias
Unidas SA          4        51.90  12/1/2024   CL       CLP
Banco BPI
SA/Cayman Islands  4.15     71.37  11/14/2035  KY       EUR
Argentina Bond     5.83     14     12/31/2033  AR       ARS
Cia Sud
Americana
de Vapores SA      6.4      58.45  10/1/2022   CL       CLP
Venezuela TICC
Bond               9.12     74.29   9/15/2017  VE       USD
Venezuela Bond     9.25     48      9/15/2027  VE       USD
Ruta del Bosque
Sociedad
Concesionaria SA   6.3      69.2    3/15/2021  CL       CLP
Talca Chillan
Sociedad
Concesionaria SA   2.75     47.78  12/15/2019  CL       CLP
Venezuela Bond    11.75     50.5   10/21/2026  VE       USD
Provincia
de Rio Negro       1.6716   72      5/4/2024   AR       ARS
Provincia
Corrientes         0.0204    8      1/1/2016   AR       ARS
Provincia del
Chaco              4        61.25  12/4/2026   AR       USD
Decimo Primer
Fideicomiso de
Bonos de
Prestamos
Hipotecar         4.54       59    10/25/2041  PA       USD
Decimo Primer
Fideicomiso de
Bonos de
Prestamos
Hipotecar          6         70.8  10/25/2041  PA       USD
Empresa de los
Ferrocarriles
del Estado         6.5       69.91   1/1/2026  CL       CLP



                            ***********


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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