TCRLA_Public/150317.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 17, 2015, Vol. 16, No. 053


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Barbuda Council Gets Money to Pay Workers


B A H A M A S

COLUMBUS INT'L: A&B Telecoms Ministry No Issues with C&W Merger


B R A Z I L

COMPANHIA SIDERURGICA: S&P Lowers CCR to 'BB'; Outlook Stable


C A Y M A N  I S L A N D S

BRICE INC: Shareholders to Receive Wind-Up Report on March 25
CGMA SPECIAL: Shareholders to Receive Wind-Up Report on April 16
COMPASS FINREC: Shareholders to Receive Wind-Up Report on April 7
COMPASS FINREC II: Shareholders to Hear Wind-Up Report on April 7
E28 GLOBAL: Members to Hold Final Meeting on April 1

E28 LIMITED: Members to Hold Final Meeting on April 1
GOODMAN KUNG: Shareholder to Receive Wind-Up Report on March 23
INTEGRAL CAPITAL: Shareholders to Hear Wind-Up Report on March 23
LIONGATE PAN-LATAM: Shareholders' Final Meeting Set for March 25
LIONGATE TACTICAL: Shareholders to Hear Wind-Up Report on March 25

ODEBRECHT DRILLING NORBE: Fitch Cuts 2022 Notes Rating to 'BB+'
RAS LAFFAN: Shareholders to Receive Wind-Up Report on April 7
SCHAHIN II: Fitch Cuts 2016 Notes Rating to 'BB+'
SPLENDOR CAPITAL: Shareholders to Hear Wind-Up Report on March 25


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Feb. Prices Climb 0.20%, Brake 4-Month Lull


J A M A I C A

BANK OF NOVA SCOTIA JAMAICA: To Close Two Branches


M E X I C O

HIPOTECARIA SU CASITA: Moody's Corrects Ratings of Securities
METROFINANCIERA: Moody's Corrects Ratings For 7 Construction Loans


N E T H E R L A N D S   A N T I L L E S

THOMSON CELEBRATION: Cruise Ship Cancel its Stop in St John's


P E R U

VOLCAN COMPANIA: S&P Revises Outlook to Neg. & Affirms 'BB+' CCR


T R I N I D A D  &  T O B A G O

ACTON VALLEY: TTSEC Warns Investors Over Bogus Company


V I R G I N   I S L A N D S

QGOG ATLANTIC: Fitch Cuts 2019 Notes Rating to 'BB+'


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: Barbuda Council Gets Money to Pay Workers
------------------------------------------------------------
The Daily Observer reports that Antigua and Barbuda government's
Chief of Staff Lionel 'Max' Hurst said the Barbuda Council has
received close to EC$5 million which will be used to help pay a
backlog of over 20 weeks of wages owed to council workers.

Mr. Hurst said the money to pay the almost 600 workers of the
Barbuda Council came from Paradise Found developers Robert DeNiro
and James Packer after the Barbuda people voted to approve the
project, according to The Daily Observer.

"A certificate came from the Barbuda Council to the Cabinet on the
DeNiro Paradise Found project and a sum of US$1.4 million was
deposited to the account of the council followed by a EC$1 million
deposit coming from the CIP (Citizenship by Investment Program)
fund," Mr. Hurst said, the report relays.

The report discloses that the government spokesperson said it
means close to EC$5 million has been deposited in the Barbuda
Council's account.

"It is nearly enough to pay every single Barbuda Council worker
whose arrears from the previous administration had built up and we
are hopeful that beginning March 13 we will see some of those
areas completely distinguished," the report quoted Mr. Hurst as
saying.

The report notes that the council plans to pay up to two weeks of
the more than 20 weeks in arrears owed to council workers with
further payments to be made subsequently.

In a related development following an attempted theft of the
Barbuda Council safe containing an estimated EC$250,000 in cash,
Hurst said workers will no longer be paid using cash stored at the
Barbuda Council headquarters, the report relays.

"They are going to be paid by checks which means the banks will
have the responsibility to ensure their own bank withdrawals, so
the problem is transferred to the banks," Mr. Hurst added.


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


COLUMBUS INT'L: A&B Telecoms Ministry No Issues with C&W Merger
---------------------------------------------------------------
The Daily Observer reports that the government of Antigua &
Barbuda said it has no problems with the proposed merger between
Cable and Wireless Communications and Columbus International,
though the companies will have to wait some time before the deal
is sealed here.

Minister of Telecommunications Melford Nicholas told The Daily
Observer that he and Prime Minister Gaston Browne met with the
principals of LIME, a subsidiary of CWC, and Flow, owned by
Columbus.

"They did approach and ask for approval of the merger and we did
say that the merger has done no violence to our plans for the
development of the telecommunications sector and ICTs in general,"
the report quoted Mr. Nicholas as saying.

"They were given a nod of approval, but at the same time we did
say that because we were going to change the telecommunications
legislation we were not going to promulgate any new licenses until
after that fact," Mr. Nicholas said, the report notes.

The report relays that Mr. Nicholas said the next sitting of
parliament should be in four weeks' time, and that he will be
tabling the Telecommunications Act (2015).

Last November, CWC announced that it would be purchasing Columbus,
a privately-owned fiber-based telecoms provider in the Caribbean,
for US$3 billion, the report adds.

                     About Columbus International

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

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


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B R A Z I L
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COMPANHIA SIDERURGICA: S&P Lowers CCR to 'BB'; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit rating on Companhia Siderurgica Nacional S.A.
(CSN) to 'BB' from 'BB+'.  S&P also lowered its national scale
rating on the company to 'brAA-' from 'brAA'.  At the same time,
S&P lowered its issue-level ratings on CSN's several financing
subsidiaries to 'BB' from 'BB+'.  Furthermore, S&P lowered its
rating on CSN's indirect holding company, National Steel S.A., to
'BB-' from 'BB'.  The outlook on both scales is stable.

The downgrade reflects S&P's expectations that low iron ore prices
and the weak domestic demand for steel will continue to pressure
CSN's financial risk profile in 2015.  The company sharply reduced
its capital expenditure (capex) plan, is in the process of
completing the merger with its subsidiary, Namisa, and focused on
cost control.  However, S&P believes these actions weren't
sufficient to prevent the downgrade.

As a result, S&P removed its positive assessment on CSN's
comparable ratings analysis, given the company's currently more
restricted ability to reduce its debt.  S&P's assessment of CSN's
financial risk profile remains "aggressive."


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


BRICE INC: Shareholders to Receive Wind-Up Report on March 25
-------------------------------------------------------------
The shareholders of Brice Inc. will receive on March 25, 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:

          Mark Kernohan
          c/o Fiduciaire Kernohan and Associates
          P.O. Box 471 40 Rue de Geneve
          1225 Chene Bourg
          Switzerland


CGMA SPECIAL: Shareholders to Receive Wind-Up Report on April 16
----------------------------------------------------------------
The shareholders of CGMA Special Accounts LLC will receive on
April 16, 2015, at 4:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


COMPASS FINREC: Shareholders to Receive Wind-Up Report on April 7
-----------------------------------------------------------------
The shareholders of Compass Finrec AK Limited will receive on
April 7, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


COMPASS FINREC II: Shareholders to Hear Wind-Up Report on April 7
-----------------------------------------------------------------
The shareholders of Compass Finrec AK II Limited will receive on
April 7, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


E28 GLOBAL: Members to Hold Final Meeting on April 1
----------------------------------------------------
The members of E28 Global Limited will hold their final meeting on
April 1, 2015, at 10:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidators are:

          Ho Man Kit
          Zhang Li Jun
          Telephone: +852 29922205
          Unit 511, 5th Floor, Tower 1
          Silvercord, 30 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong


E28 LIMITED: Members to Hold Final Meeting on April 1
-----------------------------------------------------
The members of E28 Limited will hold their final meeting on
April 1, 2015, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidators are:

          Ho Man Kit
          Zhang Li Jun
          Telephone: +852 29922205
          Unit 511, 5th Floor, Tower 1
          Silvercord, 30 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong


GOODMAN KUNG: Shareholder to Receive Wind-Up Report on March 23
---------------------------------------------------------------
The shareholder of Goodman Kung Yip Investments No.2 will receive
on March 23, 2015, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          K.D. Blake
          c/o Jenna Nicholson
          Telephone: 345-914-4494
          Facsimile: 345-949-7164
          KPMG
          Century Yard, 2nd Floor
          Cricket Square, Elgin Avenue
          Grand Cayman
          Cayman Islands
          Telephone: (345) 949-4800
          Facsimile: (345) 949-7164


INTEGRAL CAPITAL: Shareholders to Hear Wind-Up Report on March 23
-----------------------------------------------------------------
The shareholders of Integral Capital Management will hear on
March 23, 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:

          George Cotsikis
          Park Walk, 152 Elm Park Mansions
          London, SW10 0AS
          United Kingdom


LIONGATE PAN-LATAM: Shareholders' Final Meeting Set for March 25
----------------------------------------------------------------
The shareholders of Liongate Pan-Latam Fund will hold their final
meeting on March 25, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


LIONGATE TACTICAL: Shareholders to Hear Wind-Up Report on March 25
------------------------------------------------------------------
The shareholders of Liongate Tactical Opportunity Fund will hear
on March 25, 2015, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


ODEBRECHT DRILLING NORBE: Fitch Cuts 2022 Notes Rating to 'BB+'
---------------------------------------------------------------
Fitch Ratings has downgraded the following oil vessel-backed
financings sponsored by Odebrecht:

Odebrecht Offshore Drilling Finance Ltd. (OODFL)

-- Series 2013-1 senior secured notes due 2023 to 'BB+' from
'BBB-';
-- Series 2014-1 senior secured notes due 2023 to 'BB+' from
'BBB-'.

Odebrecht Drilling Norbe VIII/IX Ltd.

-- Series 2010-1 senior secured notes due 2022 to 'BB+' from
'BBB-'.

The ratings remain on Rating Watch Negative.

The Odebrecht Drilling Norbe VIII/IX Ltd notes are backed by the
flows related to the charter and services agreements signed with
Petroleo Brasileiro S.A. (Petrobras) for the use of the
dynamically positioned ultra-deepwater (UDW) drillships Norbe VIII
and Norbe IX. The OODFL notes are backed by the flows related to
the charter and services agreements signed with Petrobras for the
use of the dynamically positioned UDW drillships ODN I and ODN II
and the UDW semi-submersibles Norbe VI and ODN Tay IV. Odebrecht
Oleo e Gas S.A. (OOG, oil and gas arm of Brazilian-based Odebrecht
Group) is the operator of the drilling rigs and primary sponsor of
the transactions. OOG is the largest Brazilian operator of UDW
rigs chartered to Petrobras, with seven operating UDW rigs in its
fleet.

The rating actions reflect: (i) Fitch's view related to Petrobras'
willingness to honor the underlying offshore charter and service
agreements in the event of a performance-related breach; (ii) the
continued pressure on global day rates and asset values caused by
stressed oil prices; and (iii) weak albeit improving performance
of certain assets backing OODFL. The ratings are ultimately
supported by the underlying contracts, the growing importance of
OOG as an oil service provider and its commitment to improving the
performance of the vessels backing the transactions. Furthermore,
the majority of the vessels backing these transactions are state
of the art assets contracted at competitive day rates to provide
essential services needed for Petrobras. The Negative Watch
reflects the Negative Watch in place for Petrobras' ratings and
uncertainties related to the ongoing Lava Jato investigations.

KEY RATING DRIVERS

Petrobras' Willingness and Ability to Honor Existing Agreements:
Petrobras' rating ('BBB-'; Rating Watch Negative) acts as ultimate
cap to the structured finance (SF) transaction ratings. Fitch
believes continued financial pressure on Petrobras may impact the
company's ability to meet its projected capital expenditures
(capex) and therefore willingness to honor all existing charter
agreements. While the exploration and production (E&P) contracts
remain a strategic capex investment and the bulk of Petrobras'
contracted fleet relates to production, Petrobras may decide to
keep the most strategic and best operating assets within the
chartered fleet while reducing costs on those vessels perceived as
less attractive. Although the underlying assets backing the SF
transactions have shown an improving performance over the past
several months, any considerable downtime in the future might
increase the risk of contract termination.

Credit Quality of the Sponsor: While Fitch does not believe the
temporary ban related to the Lava Jato investigations will impact
the existing Petrobras/OOG contracts, the ongoing investigations
could negatively impact the credit quality of the sponsor group
and/ or OOG and, as a result, the SF transactions, which are
directly and indirectly exposed to the credit quality of OOG and
the overall Odebrecht group. The charter and service agreements
have termination clauses that include bankruptcy of the sponsor
and performance-related deficiencies, such as extended down time.

Underlying Charter Agreements: Petrobras has indicated its
intention to continue honoring the terms of existing offshore
charter and service contracts. In Fitch's view, the existing
contracts supporting the transactions remain in line with market
prices and the drilling rigs continue to remain essential to
Petrobras' offshore production plans. While global supply may
increase during 2015 and 2016, local supply of UDW drillships will
continue to be constrained by the delayed delivery of the 28 new
drillships of Sete Brazil. Existing local content requirements
further protect these transactions as typically international
players do not comply with such restrictive requirements. Any
changes to local content requirements must be approved by federal
government.

Exposure to Market Day Rates and Asset Prices: Fitch's base case
analysis for the oil vessel-backed SF transactions assumes that
the existing underlying contracts remain in place for the duration
of the contracts. However, if the temporary ban is further
extended or a contract terminates for any other reason including
performance issues, the related transactions could be exposed to
then current market conditions. Fitch believes contracted day
rates remain in line with current market rates; however, a further
long-term decline in oil price may decrease market day rates below
contracted day rates.

Heightened Re-chartering Risk: OODFL is exposed to some element of
re-chartering risk as two of the four assets backing the
transaction are scheduled to expire in 2019 (Norbe VI) and 2020
(ODN Tay IV), prior to the scheduled maturity of the program.
While Fitch does not believe the current ban will ultimately
impact the ability to re-charter in four years, it remains
uncertain what impact this may have on OOG's future contracting
with Petrobras. Furthermore, a continued decline in oil prices
will negatively impact the day rates under which Norbe VI and ODN
Tay IV will ultimately be able to contract. This risk remains
mitigated by the relatively moderate loan to values (LTVs)
expected when the contracts for Norbe VI and ODN Tay IV are
scheduled to expire.

Improving Operating Performance: Although certain assets within
the Odebrecht portfolio have experienced prolonged downtimes,
performance has improved during the last six months. OOG has
committed to work closely with Petrobras and has implemented a
recovery program for Tay IV to guarantee improved vessel
performance. Fitch expects that with these measures, performance
for all the assets backing these transactions will be closer to
95%, which is in line with Fitch's long-term uptime expectations.
Sustained performance levels below expectations may trigger
further rating actions.

RATING SENSITIVITIES

The ratings are sensitive to changes in the credit quality of
Petrobras as offtaker and its willingness to honor existing
contracts, results of the ongoing investigations on OOG and the
Brazilian oil and gas industry, the credit quality of Odebrecht,
and the operating performance of the underlying assets.

ASSET PERFORMANCE UPDATE

Certain vessels have experienced volatile uptimes and extended
operational learning curves during the ramp-up period.
Specifically, ODN Tay IV's average quarterly operational uptime
was recorded at 48.3% during 2Q 2014 as a result of difficulties
with the blowout preventer. Ensuing preventative maintenance
caused more downtime, dropping the average operational uptime to
15% for the following quarterly period. OOG and Petrobras have
been working closely to improve operational efficiencies within
the OOG fleet of vessels. Uptime performance improved notably
during the last quarter recorded.


RAS LAFFAN: Shareholders to Receive Wind-Up Report on April 7
-------------------------------------------------------------
The shareholders of Ras Laffan Holdings LDC will receive on
April 7, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SCHAHIN II: Fitch Cuts 2016 Notes Rating to 'BB+'
-------------------------------------------------
Fitch Ratings has downgraded the following Schahin II Finance
Company (SPV) Limited and Lancer Finance Company Ltd. notes:

-- Schahin II Finance Company (SPV) Limited (Schahin II)

-- Series 2012-1 senior secured notes due 2023 downgraded to 'BB-
    'from 'BB+' ($650 million outstanding).

-- Lancer Finance Company Ltd. (Lancer Finance)

-- Series 2010-1 senior secured notes due 2016; downgraded to
    'BB+' 'from BBB-' ($80 million outstanding).

The ratings remain on Rating Watch Negative.

The Schahin II notes are backed by flows related to a long-term
charter and services agreement signed with Petroleo Brasileiro
S.A. (Petrobras) for the use of the dynamically positioned ultra-
deepwater (UDW) drillship called 'Sertao'.  Schahin Petroleo e Gas
S.A. (Schahin P&G), the oil and gas arm of Brazilian-based Schahin
Group (Schahin), is the operator of the vessel and primary sponsor
of the transaction. The Lancer Finance notes are backed by flows
related to a long-term charter and services agreement signed with
Petrobras for the use of the dynamically positioned drillship S.C.
Lancer. Schahin Engenharia S.A. is the operator of the drilling
rig.

The rating actions reflect: (i) exposure to the deteriorating
credit quality of the Schahin group; (ii) Fitch's view related to
Petrobras' willingness to honor existing offshore charter and
service agreements in the event of an operator or performance-
related breach; and (iii) continued pressure on global day rates
and asset values caused by stressed oil prices. Many of the risks
facing Lancer Finance are significantly mitigated by the low
leverage of the asset and additional structural enhancements. The
Negative Watch primarily reflects the weakening credit quality of
the sponsor.

KEY RATING DRIVERS

Credit Quality of Schahin: Fitch recently downgraded the Issuer
Default Rating (IDR) assigned to Schahin Oil and Gas Ltd. (holding
company) to 'B-' from 'B+' and placed it on Rating Watch Negative
due to higher leverage, tighter liquidity, and the company's
potential inability to roll over debt. The deteriorating credit
quality of the Schahin group exposes both transactions to the
potential risk of early termination under the charter and services
agreements. These transactions are directly and indirectly exposed
to sponsor risk as the underlying contracts have termination
clauses that include operator bankruptcy and performance
weaknesses. Furthermore, the deteriorating credit quality of the
sponsor may affect its ability to operate the vessel, potentially
impacting overall maintenance, general safety, and uptime
performance.

Petrobras' Willingness and Ability to Honor Existing Agreements:
Petrobras' rating ('BBB-'; Negative Watch) acts as ultimate cap to
the structured finance (SF) transaction ratings. Fitch believes
continued financial pressure on Petrobras may affect the company's
ability to meet its projected capital expenditures (capex) and
therefore its willingness to honor all existing charter
agreements. While the exploration and production (E&P) contracts
remain a strategic capex investment and the bulk of Petrobras'
contracted fleet relates to production, Petrobras may decide to
keep the most strategic and best operating assets within the
chartered fleet while reducing costs on those vessels perceived as
less attractive. Although the underlying assets backing the SF
transactions have relatively strong historical performance, any
considerable downtime in the future might increase the risk of
contract termination.

Underlying Charter Agreements: While Petrobras has indicated its
intention to continue honoring the terms of its existing offshore
charter and service contracts, the company may choose to
differentiate these payments in the future. In Fitch's view, the
existing chartered day rates supporting the transactions remain in
line with market prices, and the drilling rigs continue to remain
essential to Petrobras' offshore production plans. While global
supply may increase during 2015 and 2016, local supply of UDW
drillships will continue to be constrained by the delayed delivery
of the 28 new drillships from Sete Brazil. Existing local content
requirements further protect these transactions, since typically
international players do not have the same level of local content
as existing Brazilian operators. Any changes in local content
requirements must be approved by the federal government.

Exposure to Market Day Rates and Asset Prices: Fitch's base case
analysis for the oil vessel-backed SF transactions assumes that
the existing underlying contracts remain in place for the duration
of the agreements. However, if any of these agreements terminate
for any reason, the related transactions could be exposed to then
current market conditions. Currently, contracted day rates remain
in line with current market rates; however, a further long-term
decline in oil prices may decrease market day rates below
contracted day rates. Fitch believes exposure to contract
termination varies for each transaction given the different loan-
to-value (LTV) levels.

Low Leverage and Structural Enhancements Support Lancer Finance:
The transaction benefits from extremely low leverage as the
structured financing has continuously de-levered since closing in
2010. Assuming no payment delays under the charter and service
agreements, the transaction is expected to fully amortize by June
2016. Furthermore, reserves provide six months of debt service and
three months of operating expenses, which allows the transaction
to have net debt close to zero within the next 6-9 months. Fitch
conservatively estimates current LTVs to be in the range of 20%-
30%, depending on various assumptions.

RATING SENSITIVITIES

The ratings are sensitive to conclusions of the Lava-Jato
investigations and their impact on Schahin and the Brazilian oil
and gas industry, changes in the credit quality of Petrobras as
offtaker and its willingness to honor existing agreements, the
operating performance of the rigs, and further deterioration of
Schahin's quality as sponsor of the transactions.


SPLENDOR CAPITAL: Shareholders to Hear Wind-Up Report on March 25
-----------------------------------------------------------------
The shareholders of Splendor Capital Management will hear on
March 25, 2015, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Feb. Prices Climb 0.20%, Brake 4-Month Lull
---------------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank
said February prices climbed 0.20% compared with January, braking
four months of negative inflation.

It said annual inflation, from February 2014 to February 2015 was
1.02%, "significantly lower than the annualized rate of 2.84%
verified at the end of February 2014," according to Dominican
Today.

The Central Bank said lower costs of transport and housing had a
positive impact in February's low inflation, the report notes.


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


BANK OF NOVA SCOTIA JAMAICA: To Close Two Branches
--------------------------------------------------
Jamaica Observer reports that Bank of Nova Scotia Jamaica says it
will be closing two of its branches -- Lucea and Premier branches
-- effective May 22 and July 24, 2015, respectively.

A news release from the bank last week said, "Like any
organization, Scotiabank continuously reviews its operations on a
local and global scale to ensure we meet the needs of our
customers while maximizing operational efficiencies," according to
Jamaica Observer.

The release added that Scotiabank is now focused on ensuring that
customers are informed of these changes and will be guiding them
through this process, the report notes.

"We are also committed to supporting our employees through this
transition while staying true to our principles of treating
employees fairly, equitably and with respect," the release said,
the report notes.

"Scotiabank continues to see Jamaica and the Caribbean region as
an important part of our international footprint, and remain
committed to Jamaica and the local community.  We have a long
history in Jamaica -- 125 years -- and we remain the pre-eminent
bank in the Caribbean," it added, the report discloses.



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M E X I C O
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HIPOTECARIA SU CASITA: Moody's Corrects Ratings of Securities
-------------------------------------------------------------
On April 3, 2014, Moody's de Mexico S.A. de C.V. corrected the
ratings of the HSCCB 08 Series A Certificates, a securitization of
construction loans in Mexico, to C.mx (sf) (National Scale) and C
(sf) (Global Scale, Local Currency) from WR.  The ratings for
these obligations were previously withdrawn on March 27, 2014 due
to an internal administrative error.  The maturity date of the
HSCCB 08 certificates was extended to April 30, 2019 from March
28, 2014.

The release also includes certain regulatory disclosures regarding
these ratings.


METROFINANCIERA: Moody's Corrects Ratings For 7 Construction Loans
------------------------------------------------------------------
On April 22, 2014, Moody's de Mexico S.A. de C.V. corrected the
ratings of seven securitizations of construction loans in Mexico.
The ratings for these obligations were previously withdrawn due to
an internal administrative error.

The complete correction is as follows:

  -- METROCB 02, to C.mx (sf) (National Scale) and C (sf) (Global
     Scale, Local Currency) from WR.  The ratings for these
     obligations were previously withdrawn on Dec. 14, 2013 due
     to an internal administrative error.  The maturity date of
     the METROCB 02 certificates was extended to Dec. 15, 2016
     from Dec. 15, 2013.

  -- METROCB 03-2, to C.mx (sf) (National Scale) and C (sf)
     (Global Scale, Local Currency) from WR.  The ratings for
     these obligations were previously withdrawn on Dec. 14, 2013
     due to an internal administrative error.  The maturity date
     of the METROCB 03-2 certificates was extended to Dec. 15,
     2016 from Dec. 15, 2013.

  -- METROCB 03-3, to C.mx (sf) (National Scale) and C (sf)
     (Global Scale, Local Currency) from WR.  The ratings for
     these obligations were previously withdrawn on Dec. 14, 2013
     due to an internal administrative error.  The maturity date
     of the METROCB 03-3 certificates was extended to Dec. 15,
     2016 from Dec. 15, 2013.

  -- METROCB 04, to C.mx (sf) (National Scale) and C (sf) (Global
     Scale, Local Currency) from WR.  The ratings for these
     obligations were previously withdrawn on Dec. 14, 2013 due
     to an internal administrative error.  The maturity date of
     the METROCB 04 certificates was extended to Dec. 15, 2016
     from Dec. 15, 2013.

  -- METROCB 05, to C.mx (sf) (National Scale) and C (sf) (Global
     Scale, Local Currency) from WR.  The ratings for these
     obligations were previously withdrawn on Nov. 30, 2013 due
     to an internal administrative error.  The maturity date of
     the METROCB 05 certificates was extended to Dec. 1, 2016
     from Dec. 1, 2013.

  -- METROCB 07, to C.mx (sf) (National Scale) and C (sf) (Global
     Scale, Local Currency) from WR.  The ratings for these
     obligations were previously withdrawn on Jan. 25, 2014 due
     to an internal administrative error.  The maturity date of
     the METROCB 07 certificates was extended to Jan. 26, 2018
     from Jan. 26, 2014.

  -- METROCB 07-3, to C.mx (sf) (National Scale) and C (sf)
     (Global Scale, Local Currency) from WR.  The ratings for
     these obligations were previously withdrawn on Nov. 6, 2013
     due to an internal administrative error.  The maturity date
     of the METROCB 07-3 certificates was extended to Nov. 7,
     2017 from Nov. 7, 2013.

The release also includes certain regulatory disclosures regarding
these ratings.


=======================================
N E T H E R L A N D S   A N T I L L E S
=======================================

THOMSON CELEBRATION: Cruise Ship Cancel its Stop in St John's
-------------------------------------------------------------
The Daily Observer reports that a Cruise ship carrying about 1,200
passengers has cancelled its scheduled stop into the St John's
Harbor after experiencing difficulties in St Kitts.

The Thomson Celebration was the only ship due in port March 13.

President of the Cruise Association Nathan Dundas, who broke the
news, said there would be significant loss in March 13's earnings,
according to The Daily Observer.

"To all the stakeholders, to all the taxi drivers and the vendors
and store owners and the heritage quay and so forth, this is an
announcement to let them know that the ship will not be calling in
Antigua," the report quoted Mr. Dundas as saying.

"We do not know when, or if it's going to call later on, or if
it's going to continue its itinerary after it has resolved its
issues.  But for now, there will be no cruise ship in port until
March 14," Mr. Dundas said, the report notes.

However, Mr. Dundas said businesses that benefit from the cruise
industry would have fared better on March 12.

MS Thomson Celebration is a cruise ship owned by Holland America
Line.  The ship is registered in Netherlands Antilles.


=======
P E R U
=======


VOLCAN COMPANIA: S&P Revises Outlook to Neg. & Affirms 'BB+' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Peru-
based mining company Volcan Compania Minera S.A.A. (Volcan) to
negative from stable and affirmed the 'BB+' corporate credit and
senior unsecured ratings on the company and its debt.  S&P
subsequently withdrew all the ratings at Volcan's request.

"The negative outlook reflects our expectation that it will take
longer than we initially projected for Volcan's leverage metrics
to improve mainly due to the decline in silver and zinc prices,"
said Standard & Poor's credit analyst Francisco Serra.  At the
same time, S&P believes that the company's zinc and silver output
prospects remain solid, as the new production facilities,
Alpamarca Rio-Pallanga and Oxides, continue to work at full
capacity.


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


ACTON VALLEY: TTSEC Warns Investors Over Bogus Company
------------------------------------------------------
Trinidad Express reports that the Trinidad and Tobago Securities
and Exchange Commission (TTSEC) is warning potential investors
that a company advertising that it can make ten times their
investment capital is not registered with the SEC to conduct
business.

In a statement the SEC noted that an entity called Acton Valley
Investment has been advertising over the past week in the print
media under the headline "Investment Opportunities," according to
Trinidad Express.

It told investors they could make ten times their investment
capital in 14 days with "no risk involved," the report relates.

The report notes that Action Valley also indicated it specialized
in foreign exchange brokerage and potential investors were
requested to contact the company through an e-mail address.

The Express e-mailed the company and got no response.
An online search turned up a company called Acton Valley
Investment with listed offices in the United States and the United
Kingdom but gave no phone numbers to contact the company.

The report discloses that the SEC advised: "Acton Valley
Investment is not now and has never been registered with the
Trinidad and Tobago Securities and Exchange Commission to conduct
business according to any of the following categories: Broker
Dealer, Investment Adviser, Underwriter, Reporting Issuer or Self-
Regulatory Organization."

It reminded members of the public that:

* All offers to the public of securities (shares) must be
  registered with the Commission under section 62 (1) of the
  Securities Act, 2012.

* Only persons and entities registered by the Commission under the
  Act are permitted to offer and deal in securities. Investors and
  potential investors are further advised that they ought to be
  aware of the risks of accepting investment advice from persons
  who are unregistered and/or unqualified to provide same.

* Persons and/or entities that trade in securities and/or offer
  securities to the public without being registered with the
  Commission are contravening the Act and are therefore, subject
  to sanctions/penalties imposed by the Commission.


===========================
V I R G I N   I S L A N D S
===========================


QGOG ATLANTIC: Fitch Cuts 2019 Notes Rating to 'BB+'
----------------------------------------------------
Fitch Ratings has downgraded the following QGOG Atlantic/Alaskan
notes:

-- Series 2011-1 senior secured notes due 2019 downgraded to
'BB+' from 'BBB-' ($371.6 million outstanding).

The rating remains on Rating Watch Negative.

The notes are backed by the flows related to the charter
agreements signed with Petroleo Brasileiro (Petrobras) for the use
of the moored semi-submersibles Atlantic Star and Alaskan Star.
Queiroz Galvao Oleo e Gas S.A. (QGOG) is the operator of the
vessels and QGOG Constellation S.A. (QGOG Constellation) is the
primary sponsor of the transaction.

The rating action reflects Fitch's view related to Petrobras'
willingness to honor the underlying offshore charter and service
agreements in the event of a performance-related breach, and the
continued pressure on global day rates and asset values caused by
stressed oil prices. While the Atlantic Star and Alaskan Star have
strong historical performance, these mid-water assets are
considered less strategic than the ultra-deep water assets within
Petrobras's overall fleet and therefore may be more vulnerable to
contract termination. The ratings are ultimately supported by the
credit quality of Petrobras, the underlying long-term contracts,
QGOG's position as one of Petrobras' top performing service
providers and the credit quality of QGOG Constellation. The the
Negative Watch reflects the Negative Watch in place for Petrobras'
ratings.

KEY RATING DRIVERS

Petrobras' Willingness and Ability to Honor Existing Agreements:
Petrobras' rating ('BBB-'; Negative Watch) acts as an ultimate cap
to the structured finance (SF) transaction ratings. Fitch believes
continued financial pressure on Petrobras may impact the company's
ability to meet its projected capital expenditures (capex) and
therefore its willingness to honor all existing charter
agreements. While the exploration and production (E&P) contracts
remain a strategic capex investment and the bulk of Petrobras'
contracted fleet relates to production, Petrobras may decide to
keep the most strategic and best operating assets within the
chartered fleet while reducing costs on those perceived as less
attractive. Although the underlying assets backing the SF
transaction have relatively strong historical performance, any
considerable downtime in the future might increase the risk of
contract termination.

Strategic Nature of the Assets: While Petrobras has indicated its
intention to continue honoring the terms of its existing offshore
charter and service contracts, the company may choose to
differentiate these payments in the future. In Fitch's view, this
specific equipment is not considered as strategic to Petrobras
production plans as UDW rigs. Although the Atlantic Star and
Alaskan Star have strong historical performance, their charter
agreements could be more vulnerable if future performance changes.

Credit Quality of QGOG Constellation: On Jan. 12, 2015, Fitch
placed QGOG Constellation S.A.'s (holding company) 'BB-' IDRs on
Negative Watch to reflect Petrobras' decision to temporarily ban
all companies associated with the Queiroz Galvao business group
from entering into contracts and participating in new bidding
processes with Petrobras. While Fitch does not believe the
temporary ban will impact the existing contracts for the Atlantic
Star and Alaskan Star, the SF transaction is directly and
indirectly exposed to the credit quality of QGOG as the charter
and service agreements have termination clauses that include
bankruptcy and performance issues.

Strong Performance, Low Leverage Mitigate Pressured Asset Values:
During 2013 and 2014, performance of the Atlantic Star and Alaskan
Star was excellent, with both vessels recording average uptime
levels near 99%. Despite strong uptime performance, mid-water
semi-submersibles have seen recent pressure on global utilization,
day rates, and, as a result, asset values. A sustained drop in oil
process could exacerbate this issue; however, this exposure is
significantly mitigated since the transaction continues to de-
lever and net loan-to-values have decreased, providing sufficient
protection to investors.

RATING SENSITIVITIES

The ratings are sensitive to changes in the credit quality of
Petrobras (as offtaker to the transaction) and its willingness to
honor existing contracts, results of the ongoing Lava Jato
investigations on the Queiroz Galvao business group and the
Brazilian oil and gas industry, the credit quality of QGOG
Constellation, and the operating performance of the rigs.


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


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

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

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *