TCRLA_Public/150310.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, March 10, 2015, Vol. 16, No. 048


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA SCHOOL OF NURSING: Closure "Unacceptable"


A R G E N T I N A

ARGENTINA: Judge Dismisses Suit Against President
ARGENTINA: Moody's Says ABS Performance Weakened in December 2014


B E R M U D A

VIMPELCOM LTD: Moody's Says Debt Buyback Offer is Credit Positive


B R A Z I L

ARALCO INDUSTRIA: S&P Affirms then Withdraws 'D' CCR
BANCO PSA: Moody's Upgrades Deposit Ratings to 'Ba1'
PETROLEO BRASILEIRO: Congress Chiefs Deny Wrongdoing in Scandal


C A Y M A N  I S L A N D S

ASPEN CREST: Commences Liquidation Proceedings
BLUE SELECT: Placed Under Voluntary Wind-Up
BLUEBAY ASSOCIATES: Commences Liquidation Proceedings
BLUEBAY EMERGING: Commences Liquidation Proceedings
BLUEBAY EMERGING (MASTER): Commences Liquidation Proceedings

CBC MANAGEMENT: Shareholder Receives Wind-Up Report
CHANDLER INTERNATIONAL: Shareholders Receive Wind-Up Report
CONTINENTAL ASSET: Commences Liquidation Proceedings
DEKANIA CDO II: Shareholder to Hear Wind-Up Report on March 13
DGF CHARLIE: Shareholder Receives Wind-Up Report

EWARRANT CAPITAL: Creditors' Proofs of Debt Due March 18
FREE SPIRIT: Shareholder Receives Wind-Up Report
HAV3 (9): Creditors' Proofs of Debt Due March 18
HERALD STRUCTURED: Creditors' Proofs of Debt Due March 18
LES QUATRE: Shareholders Receive Wind-Up Report

MONT BLANC: Creditors' Proofs of Debt Due April 6
MUJAN TOO: Shareholders Receive Wind-Up Report
PARAGON (CAYMAN): Creditors' Proofs of Debt Due March 18
PARAGON CAYMAN GP: Creditors' Proofs of Debt Due March 18
PASSIONFRUIT TRADING: Creditors' Proofs of Debt Due April 1

RIVERSIDE GLOBAL: Creditors' Proofs of Debt Due March 16
SILKEN OVERSEAS: Shareholders Receive Wind-Up Report
SLATE INVESTMENTS: Shareholders Receive Wind-Up Report
SWEETSOP TRADING: Creditors' Proofs of Debt Due April 6
TOWONA MEDIA: Creditors' Proofs of Debt Due March 16

TRINCANA INTERNATIONAL: Shareholder Receives Wind-Up Report
UNITY CAPITAL: Shareholder Receives Wind-Up Report
URBANA HOLDING: Shareholders Receive Wind-Up Report
WESTERN ASSET: Commences Liquidation Proceedings
YAS 1: Creditors' Proofs of Debt Due March 18


C H I L E

SMU SA: S&P Affirms 'CCC+' CCR; Outlook Still Stable


C O S T A   R I C A

COSTA RICA: Fitch Rates $1BB Global Bond Issuance 'BB+'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Most Fuel Prices Jump, Paced by Gasoline


M E X I C O

EMPRESAS ICA: Reports Unaudited 4Q and Full Year 2014 Results
MEXICO: Growth Outlook Weakens as Business Confidence Erodes


P U E R T O    R I C O

DORAL BANK: FDIC Accepts BPPR's Bid for Mortgage Servicing Rights


T R I N I D A D  &  T O B A G O

FIRST CITIZENS: Seeks to Settle Wage Negotiations


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


ANTIGUA & BARBUDA SCHOOL OF NURSING: Closure "Unacceptable"
----------------------------------------------------------
The Daily Observer reports that the indefinite closure of the
Antigua & Barbuda School of Nursing has been deemed "unacceptable"
by former Chairman of the University of Antigua & Barbuda
Development Committee, Juno Samuel.

"It is unacceptable to close the school down, it's just totally
unacceptable," the report quoted Mr. Samuel as saying, adding
"This is too important an institution for you to just close it.
You just don't close down a whole professional department."

The report notes that Mr. Samuel added it brings into question the
ability of the authorities to set up and run a university or
department of the University of the West Indies (UWI), as planned
in Antigua & Barbuda.

Former Executive Secretary of the Board of Education D. Gisele
Isaac said the authorities took the wrong decision and could have
simply chosen to relocate the students to another government-
owned building, the report relays.

"We have all these buildings that are empty," Isaac said, "the
school of nursing doesn't have a huge student body, so they could
easily fit into Princess Margaret or Antigua Girls High School,"
the report notes.

"It's very easy to become demoralized and I think if we allow this
to go on for too long we run the real risk of students dropping
out," Mr. Isaac said, the report notes.  "We have at least 14
public secondary schools which are basically empty from 1:30 p.m.
every day.  What would it take for a little creative thinking to
schedule classes at a different location?"

The report notes that Government Chief of Staff Lionel "Max" Hurst
said the school would reopen at a new location March 2, but Health
Minister Molwyn Joseph revealed this would not be possible.

"We take it as a priority, and we're hoping that within a short
time, that we identify a complete solution," Mr. Joseph said, the
report relays.  "We would have preferred to have a solution
sooner, but the fact is it's in everybody's interest to have a
solution that will meet the requirements of the school."

The health minister said the relocation from the Fort Road
location would only be temporary, however, the report adds.


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


ARGENTINA: Judge Dismisses Suit Against President
-------------------------------------------------
EFE News reports that a federal judge threw out a lawsuit alleging
that Argentine President Cristina Fernandez and other
administration officials obstructed the probe into the death of
prosecutor Alberto Nisman, who had accused the head of state of
seeking to cover up the involvement of Iran in a 1994 terrorist
attack on a Jewish cultural center in Buenos Aires that claimed 85
lives.

Judge Ariel Lijo said Argentine journalist Cristian Sanz's
accusations against Fernandez for alleged abuse of authority and
breach of her public duties had no merit due to the "absence of a
crime," state-run news agency Telam reported, according to EFE
News.

"There are no solid arguments" to support the accusation, Judge
Lijo said, the report notes.

The report relates that Mr. Sanz also named Cabinet chief Anibal
Fernandez, Attorney General Alejandra Gils Carbo and Security
Secretary Sergio Berni in his complaint, filed on Feb. 6.

The report notes that Mr. Sanz accused the president of "engaging
in reckless conduct" by initially publicly supporting the
hypothesis of suicide but then days later changing course and
saying the January fatal shooting of Mr. Nisman was a homicide,
thus "sullying the judicial investigation" into the prosecutor's
death.

The journalist also accused the other administration officials of
"casting suspicion" on former agents at Argentina's intelligence
agency who had recently been fired and on Diego Lagomarsino, who
worked for the prosecutor and provided him with the gun that
killed him, the report relays.

Mr. Lagomarsino has been charged with providing a firearm to
someone not licensed to use one, the report notes.

Mr. Nisman, the special prosecutor for the 1994 attack on the AMIA
Jewish organization, was found dead in his Buenos Aires apartment
on Jan. 18, four days after he announced the charges against
Fernandez, the report recalls.

The prosecutor died of a single shot to the temple.  The case
remains under investigation as a "suspicious death," the report
discloses.

Another prosecutor, Gerardo Pollicita, took up the accusation
following Mr. Nisman's death and filed a brief with Judge Daniel
Rafecas in mid-February asking him to approve formal charges
against President Fernandez, Foreign Minister Hector Timerman and
six other people, the report relays.

But that magistrate dismissed the charges late last month, saying
in a ruling that the evidence does not provide even minimal
support for the accusations against Fernandez or the others, the
report discloses.

Mr. Pollicita on March 4 appealed that ruling.

The report says that Mr. Nisman's accusation against Fernandez
cited the Memorandum of Understanding her administration signed
with Iran in 2013 to facilitate the AMIA investigation as the
principal instrument of the purported cover-up.

The late prosecutor said that intercepts of telephone calls among
some of the prospective defendants -- though not Fernandez or
Timerman -- showed the outlines of a plan for Argentina to get
Interpol to rescind the red notices the international police
agency had issued for the arrest of Iranians accused in the AMIA
bombing, the report notes.

In exchange, according to Mr. Nisman, Iran was supposed to sell
oil to Argentina, the report adds.

The Fernandez administration has pointed out that no part of the
ostensible conspiracy ever came to fruition, and the man who
headed Interpol for 15 years until last November rebutted Mr.
Nisman's key accusation, the report relays.

"I can say with 100 percent certainty, not a scintilla of doubt,
that Foreign Minister Timerman and the Argentine government have
been steadfast, persistent and unwavering that the Interpol's red
notices be issued, remain in effect and not be suspend or
removed," Ronald K. Noble said in January, the report discloses.

Many in the Argentine Jewish community believe the AMIA bombing
was ordered by Iran and carried out by Tehran's Hezbollah allies,
the report says.

Both the Iranian government and the Lebanese militia group deny
any involvement and some have pointed out that the accusation
relies heavily on information provided by the CIA and Israel's
Mossad spy agency, both with an interest in blackening the
reputation of Tehran, the report notes.

Prosecutors have yet to secure a single conviction in the case,
the report relates.

In September 2004, 22 people accused in the bombing were acquitted
after a process plagued with delays, irregularities and tales of
witnesses' being paid for their testimony, the report adds.

                           *     *     *

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'.


ARGENTINA: Moody's Says ABS Performance Weakened in December 2014
-----------------------------------------------------------------
The performance of the Argentine asset-backed securities market
showed signs of weakness during the three-month period ended
December 2014, according to the latest indices published by
Moody's Investors Service.

The 90-plus delinquency rate increased to 3.79% in December 2014
from 3.76% in September 2014 and 3.39% in December 2013.  The 30-
plus delinquency rate decreased to 4.62% in December 2014 from
4.74% in September 2014 but increased from 4.52% in December 2013.
The increase in delinquencies of Argentine ABS performance is due
mainly to the transactions without automatic deduction.

Securitized portfolios have performed within Moody's original
expectations.  Moreover, the credit quality of most Argentine
securitizations remains strong because they benefit from robust
structural features, such as high initial subordination levels,
high excess spread levels and turbo sequential payment structures
that capture any available excess spread to repay the rated debt.

The prepayment rate decreased to 18.12% in December 2014 from
19.04% in September 2014.

Overall, Moody's has rated 96 Argentine ABS transactions since
2010, of which 41 are outstanding, with a total outstanding pool
balance of ARS2.578 billion as of December 2014, down from
ARS3.228 billion in December 2013.  In the three-month period
ended December 2014, Moody's rated five new tranches, and 12
tranches were fully repaid.


=============
B E R M U D A
=============


VIMPELCOM LTD: Moody's Says Debt Buyback Offer is Credit Positive
-----------------------------------------------------------------
Moody's Investors Service said that VimpelCom Ltd's (Ba3 on review
for downgrade) tender offer to repurchase up to $2.1 billion of
its outstanding Eurobonds is credit positive.  The debt reduction
will support VimpelCom Holdings B.V.'s financial metrics, which
will be affected by deteriorated operating environment and severe
domestic currency depreciation in Russia, which is one of the
VimpelCom group's core markets.

On March 2, 2015, VimpelCom Amsterdam B.V. which is a wholly owned
subsidiary of VimpelCom Ltd announced a cash tender offer for
certain outstanding US dollar-denominated Eurobonds issued by
VimpelCom Holdings B.V., UBS (Luxembourg) S.A. and VIP Finance
Ireland Limited, and guaranteed by VimpelCom's Russian subsidiary,
Vimpel-Communications OJSC.  The offer expires on March 30, 2015.
It includes three Eurobond issues which will be repurchased at a
premium if tendered before a specific time on 13 March 2015.

Moody's primarily bases its assessment of VimpelCom's business and
financial profile on VimpelCom Holdings B.V. because it
consolidates VimpelCom's businesses in Russia and Ukraine, which
underpin the VimpelCom group's ability to service its debt
obligations through cash distributions from those entities.

Moody's estimates that VimpelCom Holdings B.V.'s Moody's-adjusted
debt/EBITDA would grow above 3.2x by year-end 2015 from 2.8x as of
September 2014, assuming no voluntary debt repurchase.  The
anticipated $2.1 billion debt reduction would result in a 0.5x
decline in VimpelCom Holdings B.V.'s Moody's-adjusted debt/EBITDA.
The debt reduction would partially offset the negative effect of
rouble depreciation and the deteriorated operating environment in
Russia on VimpelCom Holdings B.V.'s leverage in 2015.  In
addition, the reduction in foreign-currency denominated debt would
reduce VimpelCom's foreign currency risks at a time when two of
its main functional currencies, i.e., the Russian rouble and
Ukrainian hryvna, have sharply depreciated against the US dollar.

The offer is in line with VimpelCom's announced approach to use
the proceeds from the recent sale of 51% in its indirect
subsidiary Orascom Telecom Algerie SpA (Djezzy, unrated) earlier
in 2015 to reduce debt.  Although the maximum amount of
outstanding principal to be repurchased under the tender offer
($2.1 billion) is lower than the group's proceeds from the sale of
a stake in Djezzy ($3.8 billion), Moody's understands that
VimpelCom will consider further options to reduce debt with the
remaining proceeds from the deal.

VimpelCom's ratings remain on review for downgrade.  They were
placed on review in December 2014 along with the ratings of 44
other non-financial corporates operating in Russia.  In addition
to the assessment of the effect of the deteriorated operating
environment in Russia and double depreciation on VimpelCom's
financial profile and liquidity, the review will take into account
the outcome of the tender offer and its effect on VimpelCom's
financial metrics.

Domiciled in Bermuda and headquartered in the Netherlands,
VimpelCom Ltd is a holding company for Vimpel-Communications OJSC,
Kyivstar, Wind Telecomunicazioni S.p.A. and Global Telecom Holding
S.A.E., with strong positions in Russia, Ukraine, Kazakhstan,
Italy, Algeria, Pakistan, and operations in countries in the
Commonwealth of Independent States (CIS), Africa and South-East
Asia. In the last 12 months to Sep. 30, 2014, VimpelCom generated
revenue of $20.8 billion and EBITDA of $8.6 billion (Moody's-
adjusted).  VimpelCom Holdings B.V. generated revenue of $11.0
billion and EBITDA of $5.0 billion (Moody's-adjusted) for the same
period.


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


ARALCO INDUSTRIA: S&P Affirms then Withdraws 'D' CCR
----------------------------------------------------
Standard & Poor's Ratings Services affirmed and then withdrew its
global and national scale corporate credit and issue-level ratings
on Aralco Industria e Comercio S.A.  At the time of the
withdrawal, all ratings were 'D' because the company was still
negotiating with its creditors for a judicial recovery plan, which
it filed on Feb. 28, 2014.


BANCO PSA: Moody's Upgrades Deposit Ratings to 'Ba1'
----------------------------------------------------
Moody's Investors Service upgraded Banco PSA Finance Brasil S.A.'s
(Banco PSA) long-term global local and foreign currency deposit
ratings to Ba1, from Ba2, and the long-term Brazilian national
scale deposit rating to Aa2.br, from Aa3.br.  The rating action
follows Moody's upgrade of the ratings of its French parent Banque
PSA Finance, announced on Feb. 27, 2015.  At the same time,
Moody's maintained unchanged Banco PSA's baseline credit
assessment (BCA) of ba3, equivalent to a bank financial strength
rating of D-, the short-term global local and foreign currency
deposit ratings of Not Prime, and the short-term Brazilian
national scale deposit rating of BR-1.  The outlook on all ratings
is stable.

For further details, please refer to the press release dated 27
February 2015 "Moody's upgrades Banque PSA Finance's ratings
following the upgrade of its parent Peugeot S.A."

The following ratings of Banco PSA Finance Brasil were upgraded:

  -- Long-term global local-currency deposit rating: to Ba1, from
     Ba2, with stable outlook;

  -- Long-term foreign-currency deposit rating: to Ba1, from Ba2,
     with stable outlook;

  -- Long-term Brazilian national scale deposit rating: to
     Aa2.br, from Aa3.br, with stable outlook

The following ratings of Banco PSA Finance Brasil remained
unchanged:

  -- Bank financial strength rating: D-, with stable outlook,
     equivalent to a baseline credit assessment of ba3

  -- Short-term global local-currency deposit rating: Not Prime;

  -- Short-term foreign-currency deposit rating: Not Prime;

  -- Short-term Brazilian national scale deposit rating: BR-1

The upgrade of Banco PSA's supported ratings to Ba1, from Ba2, is
driven by the upgrade of the standalone bank financial strength
rating (BSFR) of its parent Banque PSA Finance (France) to D+ from
D, which now is equivalent to a ba1 BCA.  The Brazilian
subsidiary's Ba1 long-term deposit rating incorporates two notches
of uplift from its standalone ba3 credit assessment to reflect
Moody's view of a high probability of parental support in the
event of stress, based on the shared strategic focus of the
subsidiary and its parent.

Banco PSA's standalone BCA of ba3 reflects the bank's adequate
financial metrics, particularly profitability and asset quality.
The bank's interest income increased by 13% in the 12 months to
June 2014, despite the decline in vehicle production and new car
sales in the Brazilian market.  Banco PSA's role as captive
financing arm of automakers Peugeot and Citroen allowed it to
sustain business volumes through subsidized interest rates and
sales promotions.  The bank's past due loan ratio remains below
the system's average for auto loan delinquency, reflecting
selective credit origination, while its adequate capitalization
provides cushion against non-performing loans.  Conversely, the
standalone ratings remain limited by the bank's funding structure,
which is highly concentrated on institutional depositors that tend
to be more volatile and to pressure funding costs up.

The stable outlook on Banco PSA's ratings reflects the expectation
that as a captive bank, it will continue to benefit from special
arrangements with its parent car manufacturers.  Nevertheless,
continuing weak performance of the Brazilian car industry may hurt
its asset quality and profitability.

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

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".

Banco PSA Finance Brasil S.A. is headquartered in Sao Paulo,
Brazil, and had total assets of BRL3.03 billion ($1.37 billion)
and total equity of BRL435 million ($197.5 million) as of June 30,
2014.


PETROLEO BRASILEIRO: Congress Chiefs Deny Wrongdoing in Scandal
----------------------------------------------------
Philip Sanders at Bloomberg News reports that Brazil's
congressional heads denied involvement in the country's largest
corruption scandal after being named among dozens of politicians
for investigation.

Renan Calheiros and Eduardo Cunha, the heads of the Senate and
lower house respectively, and Rio de Janeiro Senator Lindbergh
Farias all rejected allegations of graft in the kickback scheme
dubbed Carwash, according to Bloomberg News.  Mr. Lindbergh told
the Folha de Sao Paulo newspaper in an interview that while he may
have acted improperly, his actions weren't illegal, Bloomberg News
relates.  The senator said he took a BRL2 million donation
($650,000) from Andrade Gutierrez SA, a Rio-based construction
company.

"Do you really think someone said: 'Look, this money that I'm
going to help you with is a bribe?' That doesn't happen," said Mr.
Farias, who had originally asked Petroleo Brasileiro SA for money
before being directed to Andrade Gutierrez, Bloomberg News notes.
"How was I supposed to know that the money from a big company for
my campaign was coming from a process like this one?"

Bloomberg News relays that the inquiry is related to alleged
kickbacks at the state-controlled Petrobras, which may have
funneled hundreds of millions of dollars to political parties.
The investigation threatens to heighten tension between Congress
and the executive branch, likely delaying proposals by Finance
Minister Joaquim Levy to cut spending and increase taxes, said
Christopher Garman, director for Latin America at political risk
consulting firm Eurasia Group, Bloomberg News discloses.

"In the next couple of weeks and months, the government will
suffer defeats," Mr. Garman told Bloomberg News in an interview by
phone after the announcement.  "If they put bills to a vote,
they'll lose."

                           48 Politicians

Bloomberg News relays that the prosecutor general has named 48
politicians for investigation in the Carwash scandal, hailing from
parties including the ruling Workers' Party, or PT, and the allied
Brazilian Democratic Movement Party, or PMDB.  A lobbyist for the
PMDB was also named. The prosecutors were given the green light to
release the list by Brazil's Supreme Court March 6, Bloomberg News
says.

The court has said it doesn't have the authority to investigate
President Dilma Rousseff, whose approval rating is the lowest of
any Brazilian president in 15 years, Bloomberg News discloses.

A broad, independent, and rigorous investigation amounts to a
tough application of justice to those who are corrupt, President
Rousseff said in a nationally televised speech commemorating
International Womens' Day, Bloomberg News notes.  As President
Rousseff spoke, inhabitants of some neighborhoods in Sao Paulo and
Brasilia shouted protests out their windows and banged on pans,
Bloomberg News relates.

                       Denying Charges

Bloomberg News discloses that Mr. Cunha said in a statement on his
website he's innocent of any charges of corruption in the probe.
Bloomberg News relates that Mr. Calheiros wrote on his Twitter
account he hasn't committed any graft, adding he will answer any
questions "in the light of day."

Among others named by prosecutors in the case are President
Rousseff's former energy minister, Edison Lobao, and her prior
chief of staff, Senator Gleisi Hoffmann.

Bloomberg News notes that President Rousseff's ruling alliance is
strained as coalition partners jostle for power and disagree over
austerity measures designed to shrink the budget deficit and
prevent a credit-rating downgrade.  Mr. Calheiros and Mr. Cunha
are members of the PMDB.

Mr. Cunha said in an interview with CBN radio the investigation
will undermine the government's relationship with the coalition as
prosecutors include politicians in the probe without evidence of
wrongdoing, Bloomberg News notes.

                       'Political Unrest'

"The political unrest caused by the Carwash operation is just
[start]ing and has already worsened the prospects for Levy's fiscal
adjustment," Bernardo Rodarte, who oversees BRL1 billion at Sita
Corretora, said before the court's announcement, Bloomberg News
notes.  "The more than BRL20 billion that depend on congressional
approval are totally necessary or Brazil will risk losing its
investment-grade status," Mr. Rodarte added.

New policy measures will remain in place as long as necessary to
rebalance the economy, slow inflation permanently, and produce
results by the end of this year, President  Rousseff said in her
speech, Bloomberg News notes.  "They are measures to fix our
accounts and thereby continue the growth process with income
distribution in the safest, quickest and most sustainable way,"
President Rousseff added.

                       Petrobras Downgrade

Folha de Sao Paulo reported March 6 that Levy said congressional
approval of legislation to shore up fiscal accounts was paramount
to re-establish investor confidence, Bloomberg News notes.

Petrobras was cut to junk by Moody's Investors Service on Feb. 24.
The ratings company put Brazil's sovereign rating on a negative
outlook in September, Bloomberg News relays.

Swap rates maturing in January 2017 surged 26 basis points, or
0.26 percentage point, to 13.43 percent on March 6.  The real fell
2 percent to 3.064 per U.S. dollar and has dropped 13 percent so
far this year, the worst performance among the 16-most traded
currencies tracked by Bloomberg.

On March 6, JPMorgan Chase & Co. lowered its recommendation on
Petrobras notes to hold.  The New York-based bank said that the
notes could decline if the company fails to meet an April 30
deadline to release audited financial statements from the third
quarter showing the impact of the investigation, Bloomberg News
adds.

                     About Petroleo Brasileiro

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and it 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
March 6, 2015, the deepening investigation into an alleged
kickback scheme at Petroleo Brasileiro SA (Petrobras) has
triggered concerns for the Brazilian banks with exposures not only
to the state-controlled oil company, but also to its large base of
suppliers, as well as the broader oil and gas (O&G) and
construction industries, according to a new report from Moody's
Investors Service.



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


ASPEN CREST: Commences Liquidation Proceedings
----------------------------------------------
On Feb. 3, 2015, the shareholders of Aspen Crest Partners 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:

          Lee Yu Chuan
          8B Pinecrest
          65 Repulse Bay Road, Repulse Bay
          Hong Kong


BLUE SELECT: Placed Under Voluntary Wind-Up
-------------------------------------------
On Jan. 27, 2015, the sole shareholder of Blue Select Fund Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 10, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Priestleys
          c/o Martina de Lima
          Telephone: (345) 946-1577
          Caribbean Plaza, 2nd Floor
          878 West Bay Road
          George Town
          P.O. Box 30310 Grand Cayman KY1-1202
          Cayman Islands


BLUEBAY ASSOCIATES: Commences Liquidation Proceedings
-----------------------------------------------------
On Jan. 28, 2015, the shareholders of Bluebay Associates 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:

          Russell Smith
          Niall Goodsir-Cullen
          BDO CRI (Cayman) Ltd
          Building 3 - 2nd Floor
          Governor's Square
          23 Lime Tree Bay Avenue, Grand Cayman
          Cayman Islands


BLUEBAY EMERGING: Commences Liquidation Proceedings
---------------------------------------------------
On Jan. 28, 2015, the shareholders of The Bluebay Emerging Market
Enhanced Opportunity Fund 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:

          Russell Smith
          Niall Goodsir-Cullen
          BDO CRI (Cayman) Ltd
          Building 3 - 2nd Floor
          Governor's Square
          23 Lime Tree Bay Avenue, Grand Cayman
          Cayman Islands


BLUEBAY EMERGING (MASTER): Commences Liquidation Proceedings
------------------------------------------------------------
On Jan. 28, 2015, the shareholders of The Bluebay Emerging Market
Enhanced Opportunity (Master) Fund 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:

          Russell Smith
          Niall Goodsir-Cullen
          BDO CRI (Cayman) Ltd
          Building 3 - 2nd Floor
          Governor's Square
          23 Lime Tree Bay Avenue, Grand Cayman
          Cayman Islands


CBC MANAGEMENT: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of CBC Management, 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:

          Kiyomi Bernet-Yaegasi
          St Johannes-Strasse 10, 6300 Zug
          Switzerland


CHANDLER INTERNATIONAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Chandler International Limited received on
Feb. 12, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


CONTINENTAL ASSET: Commences Liquidation Proceedings
----------------------------------------------------
On Jan. 30, 2015, the shareholder of Continental Asset Management
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:

          Charalambos Michaelides
          Telephone: +357 22 555800
          Facsimile: +357 22 555803
          e-mail: pambos.michaelides@abacus.com.cy
          5 Themistokli Dervi Street
          Elenion Building, P.C.
          1066 Nicosia
          Cyprus


DEKANIA CDO II: Shareholder to Hear Wind-Up Report on March 13
--------------------------------------------------------------
The shareholder of Dekania CDO II, Ltd. will receive on March 13,
2015, at 9:45 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


DGF CHARLIE: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of DGF Charlie, Ltd. received on March 5, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


EWARRANT CAPITAL: Creditors' Proofs of Debt Due March 18
--------------------------------------------------------
The creditors of Ewarrant Capital Management Ltd. are required to
file their proofs of debt by March 18, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 1, 2015.

The company's liquidator is:

          Richard Chisholm
          2425 Olympic Blvd.
          Suite 120E, Santa Monica
          CA, 90404, USA
          Harrison Leong
          Telephone: 310-315-8843


FREE SPIRIT: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Free Spirit 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


HAV3 (9): Creditors' Proofs of Debt Due March 18
------------------------------------------------
The creditors of HAV3 (9) Limited are required to file their
proofs of debt by March 18, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 4, 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


HERALD STRUCTURED: Creditors' Proofs of Debt Due March 18
---------------------------------------------------------
The creditors of Herald Structured Funds SPC are required to file
their proofs of debt by March 18, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 30, 2015.

The company's liquidator is:

          K.D. Blake
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Georgina Lowry
          Telephone: +1 (345) 914-4398
          Facsimile: +1 (345) 949-7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: +1 (345) 949-4800
          Facsimile: +1 (345) 949-7164


LES QUATRE: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Les Quatre Ours Limited received on Feb. 12,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


MONT BLANC: Creditors' Proofs of Debt Due April 6
-------------------------------------------------
The creditors of Mont Blanc Investment Ltd. are required to file
their proofs of debt by April 6, 2015, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          P.O. Box 71 Road Town, Tortola
          British Virgin Islands
          c/o Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-652


MUJAN TOO: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Mujan Too Limited received on Feb. 12, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


PARAGON (CAYMAN): Creditors' Proofs of Debt Due March 18
--------------------------------------------------------
The creditors of Paragon (Cayman) Managers are required to file
their proofs of debt by March 18, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 30, 2015.

The company's liquidator is:

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


PARAGON CAYMAN GP: Creditors' Proofs of Debt Due March 18
---------------------------------------------------------
The creditors of Paragon Cayman GP are required to file their
proofs of debt by March 18, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 5, 2015.

The company's liquidator is:

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


PASSIONFRUIT TRADING: Creditors' Proofs of Debt Due April 1
-----------------------------------------------------------
The creditors of Passionfruit Trading III (Cayman) Limited are
required to file their proofs of debt by April 1, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 15, 2015.

The company's liquidator is:

          Lion International Management Limited
          P.O. Box 71 Craigmuir Chambers
          Road Town, Tortola
          British Virgin Islands
          c/o Mr Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-652


RIVERSIDE GLOBAL: Creditors' Proofs of Debt Due March 16
--------------------------------------------------------
The creditors of Riverside Global Value Fund Offshore Investors
are required to file their proofs of debt by March 16, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 12, 2015.

The company's liquidator is:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: NDL
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647;

               or

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647
          94 Solaris Avenue Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


SILKEN OVERSEAS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Silken Overseas Limited received on Feb. 12,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

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: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Slate Investments Limited received on Feb. 12,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


SWEETSOP TRADING: Creditors' Proofs of Debt Due April 6
-------------------------------------------------------
The creditors of Sweetsop Trading III (Cayman) Limited are
required to file their proofs of debt by April 6, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 26, 2015.

The company's liquidator is:

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


TOWONA MEDIA: Creditors' Proofs of Debt Due March 16
----------------------------------------------------
The creditors of Towona Media Holding Company Limited are required
to file their proofs of debt by March 16, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 30, 2015.

The company's liquidator is:

          Margot Macinnis
          Telephone: 345 926 8038
          Suite 731 10 Market Street
          Camana Bay
          Grand Cayman KY1 9006
          Cayman Islands


TRINCANA INTERNATIONAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The shareholder of Trincana International Inc. received on
Feb. 23, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


UNITY CAPITAL: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Unity Capital Partners (Cayman) Ltd received on
Jan. 21, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


URBANA HOLDING: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Urbana Holding Company received on Feb. 12,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


WESTERN ASSET: Commences Liquidation Proceedings
------------------------------------------------
On Feb. 3, 2015, the sole shareholder of Western Asset Emerging
Markets Opportunity Master 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:

          Gavin L. James
          Walkers
          190 Elgin Avenue
          George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


YAS 1: Creditors' Proofs of Debt Due March 18
---------------------------------------------
The creditors of YAS 1 are required to file their proofs of debt
by March 18, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Jan 31, 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


=========
C H I L E
=========


SMU SA: S&P Affirms 'CCC+' CCR; Outlook Still Stable
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' corporate
credit and issue-level ratings on SMU S.A. y Filiales (SMU).  The
outlook remains stable.

"The ratings on SMU reflect our assessment of the company's tight
finances, which could hamper the recovery of its main credit
metrics.  We also incorporate our view of an unsustainable capital
structure, which is still dependent on committed capital
injections," said Standard & Poor's credit analyst Francisco
Serra.

"We view the Chilean retail industry as highly competitive, with
large, well-established participants.  Although SMU holds a good
market position in Chile's supermarket industry, we believe SMU's
operating performance could weaken as stronger peers begin to
focus on gaining market share at the expense of profits or
earnings growth.  Nevertheless, we expect the company to continue
focusing on efficiencies rather than store growth, which include
the termination of leases (from 2013 and 2014 closed stores) and
additional cost savings resulting in EBITDA margins in the mid-
single digits in the next two years.  This would represent a
significant turnaround from 2013's negative margin.  However,
SMU's geographic concentration in a single country and still
limited track record for improving operations and margins limit
our assessment of its business risk profile at "vulnerable"," S&P
added

SMU presents weak credit metrics due to its significant adjusted
debt (about Chilean peso [CLP] 1.2 trillion as of Sept. 2014)
compared with relatively low EBITDA and cash flow generation,
which leads to a "highly leveraged" financial risk profile.
Although the sale of non-core assets (such as SMU's 40% stake of
Montserrat) and a committed capital injection will somewhat reduce
debt and improve the company's liquidity position, S&P expects
SMU's leverage to remain high and its capital structure to remain
unsustainable over the next few years.  The high debt burden and
capital amortizations will likely consume a large portion, if not
all of SMU's equity commitments, which will weaken the liquidity
again unless the company improves its operating efficiency
resulting in stronger cash generation.


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


COSTA RICA: Fitch Rates $1BB Global Bond Issuance 'BB+'
-------------------------------------------------------
Fitch Ratings has assigned a long-term foreign currency rating of
'BB+' to Costa Rica's USD1 billion global bond issuance maturing
March 12, 2045.  The bonds have a coupon rate of 7.158%.

The proceeds will be used for the refinancing of domestic and
external sovereign debt.

KEY RATING DRIVERS

Costa Rica's ratings are underpinned by its capacity to attract
large foreign investment into high value-added manufacturing and
services industries.  The country remains a competitive
jurisdiction among regional and rating peers thanks to its strong
social development indicators, well-educated workforce, political
stability, rule of law and active free-trade agreements with China
and the U.S. Adequate international reserves and a well-
diversified export base enhance the economy's capacity to absorb
adverse terms-of-trade shocks.

Nonetheless, Costa Rica's high structural fiscal deficits, slower
economic growth and difficulties in implementing tax reforms over
the last decade have led to worsening debt dynamics.  Fitch
expects fiscal deficits to remain elevated at 6% of GDP in 2015-
2016 in the absence of material progress on tax-enhancing
measures.  Fitch forecasts that the debt burden could surpass the
'BB' median of 40% in 2016 and would not stabilize before 2019,
even if a frontloaded budget adjustment is assumed.  Growth
underperformance and rising borrowings costs pose downside risks
to the pace of fiscal consolidation.

RATING SENSITIVITIES

The rating would be sensitive to any changes in Costa Rica's long-
term foreign currency IDR.  Fitch affirmed Costa Rica's ratings at
'BB+' but revised their Outlooks to Negative from Stable on
Jan. 22, 2015.


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


DOMINICAN REPUBLIC: Most Fuel Prices Jump, Paced by Gasoline
------------------------------------------------------------
Dominican Today reports that most fuels will cost more for the
week from March 7 to 13, when premium gasoline will cost
RD$209.00, for an increase of RD$5.00 and regular will cost
RD$185.60, for an increase of RD$4.00 per gallon.

Premium diesel will cost RD$169.40 for an increase of RD$3.50 and
regular will cost RD$161.30, or RD$3.50 more; optimum diesel will
cost RD$178.80, an increase of RD$2.70 and avtur will cost
RD$115.60, for an increase of RD$4.80 per gallon, according to
Dominican Today.

Kerosene will cost RD$146.90, or RD$1.90 more while fuel oil
remains unchanged at RD$97.08 per gallon, the report notes.

The report relates that propane gas will cost RD$89.70, for an
increase of RD$1.50 per gallon, while natural gas remains
unchanged at RD$31.44 per cubic meter.

The Central Bank's average posted exchange rate of RD$44.87 per
dollar was used to calculate all fuel prices, the report adds.


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


EMPRESAS ICA: Reports Unaudited 4Q and Full Year 2014 Results
-------------------------------------------------------------
Empresas ICA, S.A.B. de C.V. disclosed its unaudited results for
the fourth quarter and full year 2014, which have been prepared in
accordance with International Financial Reporting Standards.

Fourth quarter 2014 revenues grew substantially, with increases in
all segments.  Adjusted EBITDA rose 19% to MXN1,510 million as
compared to 4Q13.

During the full year 2014, ICA delivered sustained growth in
revenues, margins, and backlog, with revenue growth in excess of
guidance.  Adjusted EBITDA reached a record MXN 6,138 million,
with an Adjusted EBITDA margin of 16.7%.  The Construction segment
delivered 24% growth in revenue and a 31% increase in Adjusted
EBITDA, as a result of the favorable performance of works
contracted in Mexico and the consolidation effective 2Q14 of
Facchina Construction Group (FCG) in the U.S. Consolidated backlog
rose 16% to MXN 35,545 million.  Concessions segment revenues rose
21% and Adjusted EBITDA increased 11%, as a result of the high
rates of vehicle traffic growth.  The Airports segment continues
to deliver strong, stable results reflecting the double-digit
increases in passenger traffic.

For the full year and specifically in 4Q14, ICA's comprehensive
financing cost was affected by the depreciation of the Mexican
peso against the U.S. dollar. This affected the net result and
leverage ratios.  However, the currency depreciation does not have
an immediate impact on cash flows.

A full text copy of the company's financial results is available
free at:

                        http://is.gd/S8JxfH

                        About Empresas ICA

Empresas ICA, S.A.B. de C.V. is an infrastructure company in
Mexico.  ICA carries out large-scale civil and industrial
construction projects and operates a portfolio of long-term
assets, including airports, toll roads, water systems, and real
estate.  Founded in 1947, ICA is listed on the Mexican and New
York Stock exchanges.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 22, 2014, Moody's Investors Service has changed Empresas ICA,
S.A.B. de C.V. (ICA)'s rating outlook to stable from negative and
affirmed the company's B2 corporate family and senior unsecured
debt ratings.


MEXICO: Growth Outlook Weakens as Business Confidence Erodes
------------------------------------------------------------
Brendan Case at Bloomberg News reports that growth forecasts for
Mexico declined for the sixth straight month as falling oil prices
force the government to rein in spending and business confidence
tumbles to the lowest in five years.

The economy will expand 3.08 percent this year, according to a
central bank survey of analysts released March 10, down from
estimates of 3.29 percent a month ago and 3.85 percent in August,
according to Bloomberg News.

Bloomberg News adds that an index of manufacturing confidence fell
to the lowest since February 2010, the national statistics
institute said.

Economic estimates are weakening after a six-month period in which
the disappearance and presumed murder of 43 college students
sparked nationwide protests, President Enrique Pena Nieto's
approval ratings fell in the wake of home-purchase scandals and
oil prices dropped almost 50 percent, Bloomberg News relates.

Finance Minister Luis Videgaray said that low oil prices may force
the government to keep tightening its belt even after a 2015
spending cut announced Jan. 30, notes Bloomberg News.

"Recent domestic developments involving widely reported acts of
violence, allegations of official corruption, low oil price
environment, and the sluggish performance of the economy may have
started to dent confidence indicators," Alberto Ramos, chief Latin
America economist at Goldman Sachs Group Inc., said in a report,
Bloomberg News discloses.  "This may turn consumers and businesses
more defensive and potentially handicap the pace of the ongoing
economic recovery."

Business confidence indexes in the retail and construction
industries also fell last month, the statistics agency said,
Bloomberg News relays.  The average growth forecast for 2016
declined to 3.63 percent from 3.8 percent a month ago, the central
bank survey showed, notes the report.


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


DORAL BANK: FDIC Accepts BPPR's Bid for Mortgage Servicing Rights
-----------------------------------------------------------------
Popular, Inc., on March 2 disclosed that the Federal Deposit
Insurance Corporation, as Receiver of Doral Bank, had accepted
Banco Popular de Puerto Rico's bid for the purchase of the
mortgage servicing rights on three pools of residential mortgage
loans serviced for Ginnie Mae, Fannie Mae and Freddie Mac with a
total unpaid principal balance of approximately $5.0 billion as of
December 31, 2014.  The mortgage servicing rights were auctioned
separately from the remainder of the assets and liabilities of
Doral Bank.

The purchase price for the mortgage servicing rights is estimated
to be $48.6 million, or 0.97% of the total unpaid principal
balance as of Dec. 31, 2014.

The transfers of the mortgage servicing rights are subject to a
number of specified closing conditions, including the consent of
each of Ginnie Mae, Fannie Mae and Freddie Mac in a form
acceptable to BPPR, and other customary closing conditions.

The transfers are expected to close within the next 60 days,
subject to the conditions described above.

                      About Doral Financial

Doral Financial is the holding company for Puerto Rico's second-
largest lender.  Through its subsidiaries, Doral is engaged in
retail banking activities in Puerto Rico and the United States.

Doral has been in a legal dispute with the commonwealth's treasury
department over whether it is entitled to a $229.9 million tax
refund.  In October 2014 a judge in San Juan, Puerto, ruled in
favor of Doral.

On Feb. 27, 2015, Doral Bank, San Juan, PR was closed by the
Commissioner of Financial Institutions of Puerto Rico, and the
Federal Deposit Insurance Corporation was named receiver.  As of
Dec. 31, 2014, Doral Bank, which had 26 branched in Puerto Rico,
had $5.9 billion in total assets and $4.1 billion in total
deposits.  All deposit accounts, including brokered deposits have
been transferred to Banco Popular de Puerto Rico.

                         *     *     *

The Troubled Company Reporter, on Dec. 3, 2014, reported that
Standard & Poor's Ratings Services said that it suspended the 'CC'
issuer credit rating of Doral.  The ratings were placed on
CreditWatch with negative implications on May 6, 2014.  "Our
suspension of the ratings on Doral reflects a lack of information
to satisfactorily assess the company and make a well-informed
ratings decision," said Standard & Poor's credit analyst Sunsierre
Newsome.


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


FIRST CITIZENS: Seeks to Settle Wage Negotiations
-------------------------------------------------
Leah Sorias at Trinidad Express reports that First Citizens
Executive Chairman Anthony Smart has assured workers that the
bank's management and board are seeking to resolve ongoing wage
negotiations.

"All is not lost this time," Mr. Smart said as he addressed about
160 shareholders and employees during the State bank's 18th annual
meeting at the Hilton Trinidad, St Ann's, according to Trinidad
Express.

"The bank is still in negotiations with the union and as a matter
of fact has got to the point where the matter is now before the
Industrial Court, seeking to resolve the outstanding matters.  I
want to assure shareholders and members of staff at the bank that
in spite of the fact that the matter is before the Industrial
Court we the management and the board are continuing to explore
ways and see whether we can settle this matter and take it out of
the Industrial Court," the report quoted Mr. Smart as saying.

The union representing the workers, the Banking, Insurance and
General Workers Union (BIGWU) has been negotiating for wage
increases for the period January 1, 2012 to December 31, 2014, the
report says.  It is seeking no less than a 14 per cent increase
and have asked for salaries to first be brought up to market
standards before this is done.

BIGWU President Mario Als told Trinidad Express the matter comes
up for hearing on April 14, 15 and 16.

On the issue of the First Citizens' initial public offering (IPO)
last year, Mr. Smart said although the events surrounding it cast
a negative shadow on the bank, the IPO must not be forgotten, the
report relays.

". . . . there are over 11,700 shareholders with thousands of
those persons-first time investors in the stock market- including
some of you who are here with us," the report quoted Mr. Smart as
saying.

Mr. Smart told shareholders that sound corporate governance
continued to be one of the pillars on which the bank's business
was run, notes the report.

Mr. Smart said the bank was constantly looking at ways to enhance
its governance procedures because it believes this is critical to
First Citizens' continuing success, the report relays.

The bank's former chief risk officer Philip Rahaman bought 659,588
shares from the employee bucket during the IPO and later sold
634,588 of those shares four months later to his cousin Imtiaz
Rahaman, his aunt and five family-controlled businesses, recalls
Trinidad Express.

The share purchase raised questions and the financing of the
transaction is under investigation, the report relates.

The IPO scandal has had several casualties: Rahaman; Subhas
Ramkhelawan, managing director of Bourse Securities, who resigned
as an independent senator and former chairman of the Trinidad and
Tobago Stock Exchange; and the former First Citizens board, the
report discloses.

In December last year, former chief executive Larry Nath resigned
with immediate effect not long after the IPO, the report adds.

                    About First Citizens Bank

First Citizens Bank Limited is headquartered in Port of Spain,
Trinidad and Tobago, and is 82.64% owned by the Republic. The bank
reported total consolidated assets of TT$ 35.8 billion (US$ 5.6
billion) and shareholders' equity of TT$6 billion (US$ 945
million) as of March 31, 2014.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 27, 2014, Moody's Investors Service has downgraded First
Citizens Bank Limited (FCBL) standalone bank financial strength
rating (BFSR) to D+ from C-, lowering the baseline credit
assessment (BCA) to baa3 from baa1.  The outlook has been revised
to stable from negative.


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