TCRLA_Public/150407.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, April 7, 2015, Vol. 16, No. 067


A N T I G U A  &  B A R B U D A

MARPIN TELECOMS: Union Wants Clarification Regarding Sale


ARGENTINA: Suspends US Bank Chief for Being 'Ignorant'


OI SA: S&P Affirms 'BB+' CCR and Revises Outlook to Negative
PETROLEO BRASILEIRO: Problems at Firm as Investors Seek Damages

C A Y M A N  I S L A N D S

CALEDONIAN GROUP: Commences Liquidation Proceedings
CLARITUS M SPC II: Creditors' Proofs of Debt Due April 20
CORE-MALAYSIA: Creditors' Proofs of Debt Due April 20
HITS AFRICA: Creditors to Hold Annual Meeting on April 23
JIMILI INVESTMENTS: Creditors' Proofs of Debt Due April 30

LBA FUNDING: Creditors' Proofs of Debt Due April 29
MIDSHIPS OPPORTUNITY: Placed Under Voluntary Wind-Up
NICHE AVE: Commences Liquidation Proceedings
OWF REAL: Commences Liquidation Proceedings

PICTET TRUST: Creditors' Proofs of Debt Due April 30
SAYBOLT MALAYSIA: Creditors' Proofs of Debt Due April 20
THALASSA LIMITED: Creditors' Proofs of Debt Due April 30


LATAM AIRLINES: Strike Threat at Chile Unit Pushed Back


* JAMAICA: IMF Urges Government to Step up the Pace of Reform

T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Central Bank Says Interest Rate Hike Needed


* Large Companies With Insolvent Balance Sheets

                            - - - - -

A N T I G U A  &  B A R B U D A

MARPIN TELECOMS: Union Wants Clarification Regarding Sale
The Daily Observer reports that the Waterfront and Allied Workers
Union (WAWU) says it is seeking clarification regarding the sale
of the television company, Marpin Telecoms and Broadcasting
(Marpin 2K4 Limited).

WAWU Secretary General Kertist Augustus confirmed that the union
had written to the company amid reports that the discussions with
the potential buyer was "well advanced," according to The Daily

"The union held a meeting with the Marpin staff afternoon.  We
were in fact discussing the whole question of the grape vine news
that the company is up for sale and in fact the process is at an
advanced stage with one of the buyers," the report quoted Mr.
Augustus as saying.  "We were concerned because the company . . .
never indicated in any way to us that plan on their behalf and
since we consider ourselves as being partners in the whole process
that there was a certain degree of slightness being exerted
towards us."

The report notes that Mr. Augustus said the union had a
responsibility of securing and protecting the jobs of its members
and as a result "we felt it was necessary to let the company know
that . . . what our position is on that.

"Again because of the grape vine news we have been hearing certain
things and we do not know right or wrong what is in fact correct.
So we sent off a letter to the management . . . . reminding them
of a letter we sent to them on January 28 where we agreed in 2014
to certain conditions" including a 10 per cent wage cut across the
board," Mr. Augustus said, the report relays.

Last December, the Dominica Social Security (DSS) denied media
reports that it had sold the cash-strapped Marpin 2K4 Ltd
television company to the telecommunications company, LIME, the
report recalls.

The report discloses that DSS, which is the sole owner of the
company, said that it would make a public announcement if and when
the company is sold.

But a senior official of LIME, which is owned by the British
telecommunications giant, Cable and Wireless, had confirmed that
talks were at an advanced stage to acquire the television company,
the report adds.


ARGENTINA: Suspends US Bank Chief for Being 'Ignorant'
The Telegraph reports that Argentina has suspended the head of
Citibank's local subsidiary after the bank said it would stop
processing payments on Argentine bonds caught up in a messy US
court battle.

Gabriel Ribisich is no longer authorized to act as the bank's
legal representative in Argentina, the central bank said in a
statement, accusing him of "misconduct" and giving Citibank 24
hours to designate a new director general, according to The

Citibank has found itself embroiled in a dispute between Argentina
and two US hedge funds that have sued it for full payment on bonds
the country defaulted on during its 2001 economic crisis, the
report relates.

In the aftermath of the crisis, Argentina reached deals with most
of its creditors to swap their defaulted bonds for steeply
discounted "exchange bonds," the report recalls.

But U.S. District Judge Thomas Griesa has blocked banks --
including Citibank -- from processing payments on the exchange
bonds until Argentina settles its dispute with the hedge funds,
which rejected the debt restructuring and are demanding the full
$1.3 billion due.

Argentina condemns the funds -- US billionaire Paul Singer's NML
Capital and Aurelius Capital Management -- as "vultures" for
buying its defaulted debt for pennies on the dollar then holding
out for full payment.

Citibank, which acts as trustee on a set of exchange bonds issued
in dollars under Argentine law, has found itself trapped between
Griesa, who has ruled the bonds are under his jurisdiction, and
Argentina, which insists its laws bind the bank to continue
processing payments, notes the report.

The report adds that Citibank announced that it would pull out of
its Argentine custody business after making two more payments, on
March 31 and June 30, in line with a court order the week before.

According to the report, Argentina's central bank said it was
suspending Ribisich because the announcement showed he was
"ignorant of Argentine legislation on the norms of sovereign debt
restructuring and the execution of agreements signed abroad in
violation of local laws".

The move came after Argentine regulators suspended Citibank
Argentina from conducting capital market operations, says The
Telegraph.  The central bank said it had taken that into account,
as well as Ribisich's failure to meet "the minimum standard of
aptitude", in making its decision.

                           *     *     *

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
   -- 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'.


OI SA: S&P Affirms 'BB+' CCR and Revises Outlook to Negative
Standard & Poor's Ratings Services revised its outlook on Oi S.A.
to negative from stable.  At the same time, S&P affirmed all the
ratings on the company, including the 'BB+' global scale and
'brAA+' national scale corporate credit ratings.

The negative outlook reflects S&P's view that the company may fail
to significantly improve its profitability, and consequently,
credit metrics, as previously expected.  This stems from
challenging macroeconomic conditions and market competition.  The
outlook revision follows S&P's reassessment of Oi's financial risk
profile to "aggressive" from "significant."

PETROLEO BRASILEIRO: Problems at Firm as Investors Seek Damages
Madison Marriage and Joe Leahy at The Financial Times report that
problems for Petroleo Brasileiro S.A. (Petrobras), the Brazilian
oil company embroiled in what is believed to be the biggest
corruption scandal in the country's history, show no sign of

In the past two weeks it has emerged that several large
institutional investors, including Dimensional Fund Advisors, the
US fund house, and six New York City pension funds, are
independently suing Petrobras for losses suffered as a result of
corporate embezzlement alleged to have taken place at the company
since 2004, according to The Financial Times.

AP1, the $30 billion Swedish government pension scheme, also
confirmed to The Financial Times that it will take legal action
against the state-owned oil company, which was once considered the
pride of Brazil.

The company has suffered a sudden fall from grace.  Allegations
took hold last year that former directors conspired with
politicians, mostly from the ruling coalition led by President
Dilma Rousseff, and private-sector contractors to funnel billions
of dollars out of the company, the report notes.

The report relays that about 40 executives from Brazil's largest
construction companies and former Petrobras directors have been
arrested in recent months as a result.  In March, the heads of
Brazil's two houses of Congress, former ministers and an ex-
president were named by Brazil's Supreme Court in a list of 54
individuals who will be investigated in relation to the
allegations, the report relays.

The report notes that the investor suits claim that the company
misstated the value of its assets and made misleading statements
about its anti-corruption policies and internal financial
reporting controls.

Petrobras stock was consequently sold at artificially inflated
prices, according to the legal filings, which claim that the
multibillion-dollar bribery scheme is largely to blame for a 43
per cent drop in the company's share price last year, the report

The lawsuits filed in the New York court system are a fresh blow
to Petrobras, against which a number of class action lawsuits have
been filed since December, the report recalls.  Last month the
claims were consolidated into one group class action with the
Universities Superannuation Scheme, the GBP40 billion UK pension
fund, selected as the lead plaintiff, notes the report.

Claudinor Roberto Barbiero, coordinator of the law course at the
Mackenzie Presbyterian University Campinas in Sao Paulo, describes
the class action suit as unprecedented in Brazilian legal history,
the report notes.

"I have been lawyering for 40 years and I have never been
acquainted with a case of such magnitude," the report quoted Mr.
Barbiero as saying.  "You might sometimes see this type of case
involving individuals, but not a multinational company."

It is not just the Brazilian company that is in the line of fire.
Pomerantz, the law firm representing US, amended the class action
lawsuit to name US accounting firm PricewaterhouseCoopers,
Petrobras' auditor since 2012, as a defendant for the first time,
the report relates.

Several former executives are also named as individual defendants.

The New York City pension funds named several of the banks that
underwrote the oil company's securities in 2013 and 2014 as co-
defendants in their claim, the report relays.

According to the Financial Times, Jeremy Lieberman, a partner at
Pomerantz, said in a statement: "The complaint alleges an
unprecedented bribery and money laundering scheme that pervaded
every corner of Petrobras.  It is inconceivable that the company's
senior executives, directors and auditor were unaware of the
nature of the misrepresentations made to unsuspecting investors."

A spokesperson for PwC Brazil says: "We have not been served with
any complaint, and do not believe there is any basis for a
complaint," the report discloses.

Investors are spreading the net wide in their attempt to recoup
losses, notes the report.  By January, Brazilian prosecutors
identified $800 million had been stolen from the company, but the
final amount could amount to $10 billion, according to Andre
Gordon, vice-president of Amec, the Brazilian shareholder
association, and founder of GTI, the Sao Paulo-based asset
manager, the report relays.

Mr. Gordon's estimate is based on the court testimony of several
former Petrobras directors, who claimed that roughly 3 per cent
was skimmed off the company's contracts over a 10-year period,
says the report.

The class action lawsuit estimates the bribery scheme may have
diverted up to $28 billion from the company's coffers.

Petrobras stated in January that it was unable to calculate how
much might have been stolen, the report relays.

The fact that institutional investors are choosing to opt out of
the class action suit and pursue their own claims is a sign of
their confidence that the potential rewards outweigh the financial
risks of funding a lawsuit, according to several legal experts,
the report discloses.  The additional claims could also mean
greater financial damage for Petrobras.

John Coffee, professor of law at Columbia Law School, said: "Large
institutional investors are increasingly opting out of the class
[action] because they do better settling on an individual basis,"
the report discloses.

Petrobras has not yet filed to dismiss any of the lawsuits,
although it is widely expected to do so within the next two weeks,
The Financial Times relates.

The consensus among several legal experts is that a multiyear
court battle awaits, says the report.  "Petrobras is deeply mired
in a scandal and that makes it less likely that it can obtain a
quick dismissal. If it is not dismissed, settlement will probably
follow, but not for three or four more years in a large case like
this," the report quoted Mr. Coffee as saying.

If Petrobras previously asserted that it had adequate financial
controls in place when it sold bonds and stock to investors in the
US, then the investors behind the lawsuits could have a
"reasonable" claim, according to Sam Aguirre, senior managing
director of corporate finance at FTI Consulting, the business
advisory firm, in Sao Paulo, the report relays.

Mr. Aguirre adds that investors might need to consider shifting
the case to Brazil, where the oil company has the majority of its
assets, although he warns that "claiming against a quasi-sovereign
would be a very complicated litigation in Brazil".

While the lawsuits travel through the courts and the corruption
investigation continues, investors are unlikely to rush back into
buying the stock, according to Nick Butler, visiting professor at
King's College London and former vice-president for policy at BP,
the UK energy company, the report relays.

Large institutions including BlackRock and Aberdeen have been
among the biggest sellers of the company in recent months,
according to FT news service FundFire, the report notes.

"I think the plaintiffs have a very strong case. The investor
relations statements from the company over several years have
clearly been misleading," the report quoted Mr. Butler as saying.

"The Brazilian government is clearly up to its neck in the
corruption that has occurred. Anyone buying [Petrobras stock] is
taking a big risk," Mr. Butler added.

                 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 12, 2015, Moody's Investors Service said the corruption
investigation into Petroleo Brasileiro S.A. (Petrobras) will
negatively affect parts of the public and private sectors, but
government support for the company is likely to help contain the
credit-negative impact.

On March 6, 2015, the TCLRA reported that the deepening
investigation into the alleged kickback scheme at 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, says Moody's Investors Service.

Moody's Investors Service downgraded all ratings for Petrobras,
including a downgrade of the company's senior unsecured debt to
Ba2 from Baa3, and assigned a Ba2 Corporate Family Rating to the
company, the TCRLA reported on Feb. 27, 2015.  Its failure to
estimate its losses from the alleged corruption scheme and produce
audited third-quarter results prompted Moody's to cut its rating
to junk, the report said.

Rival agency Standard & Poor's delivered a further blow on March
23 when it revised its outlook on the company from stable to
negative, the TCRLA reported on March 26, 2015.

On Feb. 10, 2015, TCRLA said Fitch Ratings has downgraded the
foreign and local currency Issuer Default Ratings (IDRs) and
outstanding debt ratings of Petrobras to 'BBB-' from 'BBB'.
Concurrently, Fitch has placed all of Petrobras' international and
national scale ratings on Rating Watch Negative.

C A Y M A N  I S L A N D S

CALEDONIAN GROUP: Commences Liquidation Proceedings
On March 24, 2015, the sole shareholder of Caledonian Group
Services Limited resolved to voluntarily liquidate the company's

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

The company's liquidators are:

          Keiran Hutchison
          Claire Loebell
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510, Grand Cayman KY1-1106
          Cayman Islands

CLARITUS M SPC II: Creditors' Proofs of Debt Due April 20
The creditors of Claritus M SPC II are required to file their
proofs of debt by April 20, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 10, 2015.

The company's liquidators are:

          Susan Craig
          Lorna Carroll
          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands

CORE-MALAYSIA: Creditors' Proofs of Debt Due April 20
The creditors of Core-Malaysia Holdings Ltd. are required to file
their proofs of debt by April 20, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 3, 2015.

The company's liquidators are:

          Susan Craig
          Lorna Carroll
          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands

HITS AFRICA: Creditors to Hold Annual Meeting on April 23
The creditors of Hits Africa Ltd. will hold their annual meeting
on April 23, 2015, at 7:30 p.m.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 949 8529

JIMILI INVESTMENTS: Creditors' Proofs of Debt Due April 30
The creditors of Jimili Investments Ltd. are required to file
their proofs of debt by April 30, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 9, 2015.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128

LBA FUNDING: Creditors' Proofs of Debt Due April 29
The creditors of LBA Funding (Cayman) Limited are required to file
their proofs of debt by April 29, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 9, 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/ +1 (345) 949-4800
          Facsimile: +1 345-949-7164

MIDSHIPS OPPORTUNITY: Placed Under Voluntary Wind-Up
On March 20, 2015, the sole shareholder of Midships Opportunity
Fund Ltd. resolved to voluntarily wind up the company's

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

The company's liquidator is:

          Hilltop Park Associates LLC
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands

On March 20, 2015, the sole shareholder of Midships Opportunity
Master Fund Ltd. resolved to voluntarily wind up the company's

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

The company's liquidator is:

          Hilltop Park Associates LLC
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands

NICHE AVE: Commences Liquidation Proceedings
On March 3, 2015, the sole shareholder of Niche Ave Fund, Ltd.
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Fabian Schonenberg
          Tromino Financial Services Ltd.
          P.O. Box HM 458, Hamilton HM BX

OWF REAL: Commences Liquidation Proceedings
On March 17, 2015, the sole shareholder of OWF Real Return 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 liquidators are:

          John G. MacDonald
          Steven L. Williamson
          David Rossmiller
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands

PICTET TRUST: Creditors' Proofs of Debt Due April 30
The creditors of Pictet Trust (Cayman) Ltd are required to file
their proofs of debt by April 30, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2015.

The company's liquidator is:

          Ian D. Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands

SAYBOLT MALAYSIA: Creditors' Proofs of Debt Due April 20
The creditors of Saybolt Malaysia Holdings Ltd. are required to
file their proofs of debt by April 20, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 3, 2015.

The company's liquidators are:

          Susan Craig
          Lorna Carroll
          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands

THALASSA LIMITED: Creditors' Proofs of Debt Due April 30
The creditors of Thalassa Limited are required to file their
proofs of debt by April 30, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 9, 2015.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


LATAM AIRLINES: Strike Threat at Chile Unit Pushed Back
Reuters reports that the union representing cabin crews at LATAM
Airlines' Chilean unit have asked for government mediation in
contract talks, pushing back the threat of a strike at the
region's largest carrier.

The 881-member union at LAN Express, which mostly covers routes
within Chile and also has some flights to other South American
destinations, rejected LATAM's contract offer earlier last week
and had set a strike date for April 6 if a deal was not reached by
then, according to Reuters.

With the government-mediated talks, the threat of a strike now has
been pushed back to the weekend of April 11-12, the report notes.

The union is seeking a 15 percent salary increase, plus better
working conditions and benefits, recalls the report.

"We don't want to go on strike but the company is pushing us into
that corner," union general secretary Eric Arce told Reuters.

Mr. Arce said that by extending the negotiations a potential
strike would fall on a weekend, leaving LATAM with little room to
maneuver, the report notes.

LATAM Airlines Group S.A. (LATAM Airlines) is a Chilean-based
airline holding company formed by the business combination of LAN
Airlines S.A. of Chile and TAM S.A. of Brazil in June 2012, which
remain operating as two separate brands. LATAM Airlines is the
larger airline group in South America with local presence in seven
countries (Brazil, Chile, Peru, Ecuador, Argentina, Colombia and
Paraguay). The company provides intra-regional and international
passenger services and it also has a cargo operation that is
carried out through the use of belly space on passenger flights
and dedicated freighter service. In 2014, LATAM Airlines generated
around USD12 billion in net revenues and carried over 67.8 million
passengers and 1.1 million tons.

As reported in the Troubled Company Reporter-Latin America on
April 6, 2015, Fitch Ratings has downgraded LATAM Airlines Group
S.A.'s (LATAM) foreign currency Issuer Default Rating (IDR) to
'BB-' from 'BB'.  In addition, Fitch has downgraded TAM S.A.'s
(TAM) foreign and local currency IDRs to 'BB-' from 'BB' and its
national long-term rating to 'A(bra)' from 'A+(bra)'.


* JAMAICA: IMF Urges Government to Step up the Pace of Reform
RJR News reports that the Executive Board of the International
Monetary Fund (IMF) has urged the government to step up the pace
of reforms to boost growth and employment.

The urging came as the Fund approved the seventh review of
Jamaica's performance under its four year program, according to
RJR News.  However, it said bold efforts are needed to reform the
energy sector, improve the business climate and advance investment
in critical infrastructure, the report notes.

The IMF also praised the Government's commitment to the program
demonstrated in the recent budget and said the effort must be
maintained while containing public sector wage costs, the report

With the passage of the seventh IMF test, Jamaica now has access
to a further US$39 million to add to the Net International
Reserves (NIR), the report relays.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2015, Fitch Ratings has affirmed Jamaica's long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'B-'.
The issue ratings on Jamaica's senior unsecured foreign and local
currency bonds are also affirmed at 'B-'.  The Rating Outlooks on
the long-term IDRs are revised to Positive from Stable.  The
Country Ceiling is affirmed at 'B' and the short-term foreign
currency IDR at 'B'.

T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Central Bank Says Interest Rate Hike Needed
The Daily Observer reports that Trinidad and Tobago Central Bank
of Trinidad and Tobago (CBTT) said it will continue with an
aggressive programme to absorb excess liquidity so as to
strengthen the impact higher interest rates are expected to have
throughout the financial system.

The bank said it had also agreed to raise the "repo Rate" for a
fourth consecutive time to 3.75 per cent, according to The Daily

"Central Bank's aggressive liquidity management program
contributed to a significant reduction in commercial banks' excess
reserves in the first quarter 2015.  Tighter liquidity levels
prompted inter-bank activity in February 2015, the first time
since 2013.  The Bank will maintain this program to keep banking
system liquidity at an appropriate level to support the monetary
transmission of increases in the Repo rate," the CBTT said in a
statement obtained by the news agency.

It said that since it has noted the domestic economy appears to be
approaching full capacity and that this  situation remains
unchanged, even though headline inflation slowed for the third
consecutive month in February 2015 to just over six per cent from
six per cent in November 2014, the report notes.

"The slowdown in food inflation, as a result of higher food supply
and favorable weather conditions, contributed to the deceleration
in headline inflation.  This easing in headline inflation may be
short lived, as inflationary pressures are expected to pick up in
the rest of 2015 due to a number of factors," CBTT said, the
report relays.

The report discloses that the CBTT said growth of consumer credit
remains robust, increasing by nearly 8.5 per cent in January 2015,
suggesting consumers are still willing to spend despite negative
sentiment surrounding falling oil prices.

"Current and expected settlement of wage negotiations for
teachers, civil servants and other public sector workers with
considerably large retroactive payments and salary increments will
boost consumer spending and further stoke inflationary pressures,"
CBTT said, the report relays.

But the bank said that the expansionary fiscal stimulus remains on
track and that Central Government's spending on its capital
program was higher by seven per cent in the first four months of
the financial year 2014/2015 when compared to the corresponding
period one year ago, notes the report.

"Over the final quarter of 2014, economic growth was buoyed by
further positive momentum in the non-energy sector, even as
activity in the energy sector was marred by maintenance work.
Discussions with upstream energy producers suggest there was no
carry-over of maintenance-related activity into early 2015 and the
start-up of BGTT's Starfish well is expected to provide a fillip
to upstream gas production in 2015," CBTT said, the report notes.

The CBTT said that both natural gas and crude oil output were
higher by almost two per cent and 12.5 per cent, respectively, in
January 2015, the report relays.  The near-term outlook for the
non-energy sector is for continued steady performance, albeit at a
slower pace than in 2014, the report adds.


* Large Companies With Insolvent Balance Sheets

                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------
FABRICA TECID-RT         FTRX1 BZ    66603695.4     -76419246.3
METROGAS SA-A          153255Z AR     331403741     -24462400.6
METROGAS SA-C          153263Z AR     331403741     -24462400.6
LA POLAR SA           NUEVAPOL CI     571550458     -31565432.3
TECTOY-PF-RTS5/6        TOYB11 BZ    27114628.6     -8215580.95
TEKA-ADR                 TEKAY US     313948165      -395261073
GOL-PREF                 GOLL4 BZ    3769323901      -125802483
GOL-ADR                    GOL US    3769323901      -125802483
GOL                      GOLL3 BZ    3769323901      -125802483
METROGAS-B               MGSBF US     331403741     -24462400.6
BOMBRIL                  BMBBF US     323685704       -31241748
KARSTEN                  CTKCF US     174656858     -10482924.6
KARSTEN-PREF             CTKPF US     174656858     -10482924.6
MANGELS INDL-PRF         MGIRF US     176399866     -61689625.2
TEKA                     TKTQF US     313948165      -395261073
TEKA-PREF                TKTPF US     313948165      -395261073
SNIAFA SA-B              SDAGF US    11229696.2     -2670544.86
TEC TOY SA-PREF          TOYDF US    27114628.6     -8215580.95
PUYEHUE RIGHT         PUYEHUOS CI      17878064     -7344408.97
BATTISTELLA-RIGH         BTTL1 BZ     120474772     -21271905.1
BATTISTELLA-RI P         BTTL2 BZ     120474772     -21271905.1
BATTISTELLA-RECE         BTTL9 BZ     120474772     -21271905.1
BATTISTELLA-RECP        BTTL10 BZ     120474772     -21271905.1
AGRENCO LTD-BDR         AGEN33 BZ     285996574      -543142756
GOL-ADR                    GOQ GR    3769323901      -125802483
PET MANG-RIGHTS       3678565Q BZ     140957879      -410925540
PET MANG-RIGHTS       3678569Q BZ     140957879      -410925540
PET MANG-RECEIPT      0229292Q BZ     140957879      -410925540
PET MANG-RECEIPT      0229296Q BZ     140957879      -410925540
MMX MINERACAO            TRES3 BZ    1223308090      -312940530
INEPAR-RT ORD         3697782Q BZ    1191789041      -214360998
INEPAR-RT PREF        3697786Q BZ    1191789041      -214360998
INEPAR-RCT ORD        3697790Q BZ    1191789041      -214360998
INEPAR-RCT PREF       3697794Q BZ    1191789041      -214360998
RB CAPITAL              RBCS3B BZ    13996658.5     -815.062365
MMX MINERACA-GDR         MMXMY US    1223308090      -312940530
BOMBRIL HOLDING          FPXE3 BZ    19416013.9      -489914853
BOMBRIL                  FPXE4 BZ    19416013.9      -489914853
SANESALTO                SNST3 BZ    21339668.9     -6954061.77
BOMBRIL-RGTS PRE         BOBR2 BZ     323685704       -31241748
BOMBRIL-RIGHTS           BOBR1 BZ     323685704       -31241748
MMX MINERACA-GDR      0567931D CN    1223308090      -312940530
MMX MINERACA-GDR          3M11 GR    1223308090      -312940530
LAEP-BDR                MILK33 BZ     222902269      -255311026
AGRENCO LTD               AGRE LX     285996574      -543142756
LAEP INVESTMENTS          LEAP LX     222902269      -255311026
INVERS ELEC BUEN         IEBAA AR     239575758     -28902145.8
INVERS ELEC BUEN         IEBAB AR     239575758     -28902145.8
OSX BRASIL SA            OSXB3 BZ    2592199410      -291661108
MMX MINERACAO            MMXCF US    1223308090      -312940530
CELGPAR                  GPAR3 BZ     233784351     -1156798479
RECRUSUL - RT         4529781Q BZ    25757600.8     -21626049.7
RECRUSUL - RT         4529785Q BZ    25757600.8     -21626049.7
RECRUSUL - RCT        4529789Q BZ    25757600.8     -21626049.7
RECRUSUL - RCT        4529793Q BZ    25757600.8     -21626049.7
RECRUSUL-BON RT         RCSL11 BZ    25757600.8     -21626049.7
RECRUSUL-BON RT         RCSL12 BZ    25757600.8     -21626049.7
BALADARE                 BLDR3 BZ     159449535     -52990723.7
TEXTEIS RENAU-RT         TXRX1 BZ    48951015.5     -73535330.8
TEXTEIS RENAU-RT         TXRX2 BZ    48951015.5     -73535330.8
TEXTEIS RENA-RCT         TXRX9 BZ    48951015.5     -73535330.8
TEXTEIS RENA-RCT        TXRX10 BZ    48951015.5     -73535330.8
CIA PETROLIF-PRF         MRLM4 BZ     377592596      -3014215.1
CIA PETROLIFERA          MRLM3 BZ     377592596      -3014215.1
NEWTEL PARTICIPA         NEWT3 BZ    10517157.2     -10542831.7
NOVA AMERICA SA          NOVA3 BZ    21287488.9      -183535526
NOVA AMERICA-PRF         NOVA4 BZ    21287488.9      -183535526
EBX BRASIL SA            CTMN3 BZ    2592199410      -291661108
GOL-ADR                   GOLN MM    3769323901      -125802483
OSX BRASIL SA            EBXB3 BZ    2592199410      -291661108
LA POLAR-RT           LAPOLARO CI     571550458     -31565432.3
ELECTRICIDAD ARG      3447811Z AR     948261051      -148983927
TEC TOY-RT            7335610Q BZ    27114628.6     -8215580.95
TEC TOY-RT            7335614Q BZ    27114628.6     -8215580.95
TEC TOY-RCT           7335626Q BZ    27114628.6     -8215580.95
TEC TOY-RCT           7335630Q BZ    27114628.6     -8215580.95
MMX MINERACAO-RT      4111484Q BZ    1223308090      -312940530
MMX MINERACA-RCT      4111488Q BZ    1223308090      -312940530
GOL-RT                0113333D BZ    3769323901      -125802483
GOL-RT                0113334D BZ    3769323901      -125802483
GOL-RCT               0113335D BZ    3769323901      -125802483
GOL-RCT               0113338D BZ    3769323901      -125802483
PET MANG-RT           4115360Q BZ     140957879      -410925540
PET MANG-RT           4115364Q BZ     140957879      -410925540
INEPAR-RT ORD            INEP1 BZ    1191789041      -214360998
INEPAR-RT PREF           INEP2 BZ    1191789041      -214360998
INEPAR-RCT ORD           INEP9 BZ    1191789041      -214360998
INEPAR-RCT PREF         INEP10 BZ    1191789041      -214360998
MINUPAR-RT            9314542Q BZ    76619687.5     -91780261.5
MINUPAR-RCT           9314634Q BZ    76619687.5     -91780261.5
MMX MINERACAO-RT      0626050D BZ    1223308090      -312940530
MMX MINERACA-RCT      0626051D BZ    1223308090      -312940530
PET MANG-RT           0229249Q BZ     140957879      -410925540
PET MANG-RT           0229268Q BZ     140957879      -410925540
RECRUSUL - RT         0163579D BZ    25757600.8     -21626049.7
RECRUSUL - RT         0163580D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0163582D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0163583D BZ    25757600.8     -21626049.7
PORTX OPERA-GDR          PXTPY US     976769385     -9407990.18
PORTX OPERACOES          PRTX3 BZ     976769385     -9407990.18
OSX BRASIL S-GDR         OSXRY US    2592199410      -291661108
TEC TOY-RT            1254570D BZ    27114628.6     -8215580.95
TEC TOY-RT            1254571D BZ    27114628.6     -8215580.95
TEC TOY-RCT           1254572D BZ    27114628.6     -8215580.95
TEC TOY-RCT           1254573D BZ    27114628.6     -8215580.95
MMX MINERACAO           MMXM11 BZ    1223308090      -312940530
MINUPAR-RT            0599562D BZ    76619687.5     -91780261.5
MINUPAR-RCT           0599564D BZ    76619687.5     -91780261.5
PET MANG-RT              RPMG2 BZ     140957879      -410925540
PET MANG-RT           0848424D BZ     140957879      -410925540
PET MANG-RECEIPT         RPMG9 BZ     140957879      -410925540
PET MANG-RECEIPT        RPMG10 BZ     140957879      -410925540
GOL-RT                   GOLL1 BZ    3769323901      -125802483
GOL-RT                1003237D BZ    3769323901      -125802483
GOL-RCT                  GOLL9 BZ    3769323901      -125802483
GOL-RCT               1003238D BZ    3769323901      -125802483
LAEP INVESTMEN-B      0122427D LX     222902269      -255311026
LAEP INVES-BDR B      0163599D BZ     222902269      -255311026
RECRUSUL - RT         0614673D BZ    25757600.8     -21626049.7
RECRUSUL - RT         0614674D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0614675D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0614676D BZ    25757600.8     -21626049.7
TEKA-RTS                 TEKA1 BZ     313948165      -395261073
TEKA-RTS                 TEKA2 BZ     313948165      -395261073
TEKA-RCT                 TEKA9 BZ     313948165      -395261073
TEKA-RCT                TEKA10 BZ     313948165      -395261073
MINUPAR-RTS              MNPR1 BZ    76619687.5     -91780261.5
MINUPAR-RCT              MNPR9 BZ    76619687.5     -91780261.5
LA POLAR-RT           LAPOLAOS CI     571550458     -31565432.3
RECRUSUL SA-RTS          RCSL1 BZ    25757600.8     -21626049.7
RECRUSUL SA-RTS          RCSL2 BZ    25757600.8     -21626049.7
RECRUSUL SA-RCT          RCSL9 BZ    25757600.8     -21626049.7
RECRUSUL - RCT          RCSL10 BZ    25757600.8     -21626049.7
OSX BRASIL - RTS      0701756D BZ    2592199410      -291661108
OSX BRASIL - RTS      0701757D BZ    2592199410      -291661108
LA POLAR SA            LAPOLAR CI     571550458     -31565432.3
MMX MINERACA-RTS         MMXM1 BZ    1223308090      -312940530
MMX MINERACA-RCT         MMXM9 BZ    1223308090      -312940530
OSX BRASIL - RTS      0812903D BZ    2592199410      -291661108
OSX BRASIL - RTS      0812904D BZ    2592199410      -291661108
OSX BRASIL SA            OSXRF US    2592199410      -291661108
OSX BRASIL - RTS         OSXB1 BZ    2592199410      -291661108
OSX BRASIL - RTS         OSXB9 BZ    2592199410      -291661108
NEWTEL PARTI-RTS      1051621D BZ    10517157.2     -10542831.7
PET MANG-RTS          1227980D BZ     140957879      -410925540
AGRENCO LTD-BDR         AGEN11 BZ     285996574      -543142756
LAEP-BDR                MILK11 BZ     222902269      -255311026
MMX MINERACA-GDR         MMXMD US    1223308090      -312940530
MMX MINERACAO            MMXXF US    1223308090      -312940530
GOL PREF - RTS           GOLL2 BZ    3769323901      -125802483
GOL PREF - RCT          GOLL10 BZ    3769323901      -125802483
BOMBRIL - RTS           BOBR11 BZ     323685704       -31241748
KARSTEN SA - RTS         CTKA1 BZ     174656858     -10482924.6
KARSTEN SA - RTS         CTKA2 BZ     174656858     -10482924.6
KARSTEN SA - RCT         CTKA9 BZ     174656858     -10482924.6
KARSTEN SA - RCT        CTKA10 BZ     174656858     -10482924.6
NEWTEL PARTI-RCT        NEWT9B BZ    10517157.2     -10542831.7
NEWTEL PARTI-RTS        NEWT1B BZ    10517157.2     -10542831.7
CELGPAR-RTS             GPAR11 BZ     233784351     -1156798479
LA POLAR-RTS BON      LAPOLAOB CI     571550458     -31565432.3
PET MANGUINH-RTS         RPMG1 BZ     140957879      -410925540
METROGAS-B                METR AR     331403741     -24462400.6
METROGAS-B BLOCK         METRB AR     331403741     -24462400.6
METROGAS-B               METRC AR     331403741     -24462400.6
METROGAS-B               METRD AR     331403741     -24462400.6
METROGAS SA               MGAI US     331403741     -24462400.6
METROGAS-B                MGSB GR     331403741     -24462400.6
METROGAS-ADR               MGS US     331403741     -24462400.6
METROGAS-ADR              MGSA GR     331403741     -24462400.6
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-RT C         ARLA1 BZ    11642254.9     -17154460.3
ARTHUR LANG-RT P         ARLA2 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 LAN-DVD C        ARLA11 BZ    11642254.9     -17154460.3
ARTHUR LAN-DVD P        ARLA12 BZ    11642254.9     -17154460.3
BOMBRIL                  BOBR3 BZ     323685704       -31241748
BOMBRIL CIRIO SA        BOBRON BZ     323685704       -31241748
BOMBRIL-PREF             BOBR4 BZ     323685704       -31241748
BOMBRIL CIRIO-PF        BOBRPN BZ     323685704       -31241748
BOMBRIL SA-ADR           BMBPY US     323685704       -31241748
BOMBRIL SA-ADR           BMBBY US     323685704       -31241748
BUETTNER                 BUET3 BZ    82872146.2     -36299304.3
BUETTNER SA             BUETON BZ    82872146.2     -36299304.3
BUETTNER-PREF            BUET4 BZ    82872146.2     -36299304.3
BUETTNER SA-PRF         BUETPN BZ    82872146.2     -36299304.3
BUETTNER SA-RTS          BUET1 BZ    82872146.2     -36299304.3
BUETTNER SA-RT P         BUET2 BZ    82872146.2     -36299304.3
CAF BRASILIA             CAFE3 BZ     160933830      -149277092
CAFE BRASILIA SA        CSBRON BZ     160933830      -149277092
CAF BRASILIA-PRF         CAFE4 BZ     160933830      -149277092
CAFE BRASILIA-PR        CSBRPN BZ     160933830      -149277092
IGUACU CAFE              IGUA3 BZ     190073766       -74308212
IGUACU CAFE             IGCSON BZ     190073766       -74308212
IGUACU CAFE              IGUCF US     190073766       -74308212
IGUACU CAFE-PR A         IGUA5 BZ     190073766       -74308212
IGUACU CAFE-PR A        IGCSAN BZ     190073766       -74308212
IGUACU CAFE-PR A         IGUAF US     190073766       -74308212
IGUACU CAFE-PR B         IGUA6 BZ     190073766       -74308212
IGUACU CAFE-PR B        IGCSBN BZ     190073766       -74308212
SCHLOSSER                SCLO3 BZ    46981417.3     -55419754.7
SCHLOSSER SA             SCHON BZ    46981417.3     -55419754.7
SCHLOSSER-PREF           SCLO4 BZ    46981417.3     -55419754.7
SCHLOSSER SA-PRF         SCHPN BZ    46981417.3     -55419754.7
KARSTEN SA               CTKA3 BZ     174656858     -10482924.6
KARSTEN                  CTKON BZ     174656858     -10482924.6
KARSTEN-PREF             CTKA4 BZ     174656858     -10482924.6
KARSTEN-PREF             CTKPN BZ     174656858     -10482924.6
COBRASMA                 CBMA3 BZ    68585867.9     -2324358597
COBRASMA SA             COBRON BZ    68585867.9     -2324358597
COBRASMA-PREF            CBMA4 BZ    68585867.9     -2324358597
COBRASMA SA-PREF        COBRPN BZ    68585867.9     -2324358597
D H B                    DHBI3 BZ    94806424.1      -188014922
DHB IND E COM            DHBON BZ    94806424.1      -188014922
D H B-PREF               DHBI4 BZ    94806424.1      -188014922
DHB IND E COM-PR         DHBPN BZ    94806424.1      -188014922
DOCA INVESTIMENT         DOCA3 BZ     187044412      -204249587
DOCAS SA                DOCAON BZ     187044412      -204249587
DOCA INVEST-PREF         DOCA4 BZ     187044412      -204249587
DOCAS SA-PREF           DOCAPN BZ     187044412      -204249587
DOCAS SA-RTS PRF         DOCA2 BZ     187044412      -204249587
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
HAGA                     HAGA3 BZ    17930008.8       -31863962
FERRAGENS HAGA          HAGAON BZ    17930008.8       -31863962
FER HAGA-PREF            HAGA4 BZ    17930008.8       -31863962
FERRAGENS HAGA-P        HAGAPN BZ    17930008.8       -31863962
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
IGB ELETRONICA           IGBR3 BZ     307112239     -59872446.9
GRADIENTE ELETR          IGBON BZ     307112239     -59872446.9
GRADIENTE-PREF A         IGBR5 BZ     307112239     -59872446.9
GRADIENTE EL-PRA         IGBAN BZ     307112239     -59872446.9
GRADIENTE-PREF B         IGBR6 BZ     307112239     -59872446.9
GRADIENTE EL-PRB         IGBBN BZ     307112239     -59872446.9
GRADIENTE-PREF C         IGBR7 BZ     307112239     -59872446.9
GRADIENTE EL-PRC         IGBCN BZ     307112239     -59872446.9
HOTEIS OTHON SA          HOOT3 BZ     207664352     -21612890.7
HOTEIS OTHON SA         HOTHON BZ     207664352     -21612890.7
HOTEIS OTHON-PRF         HOOT4 BZ     207664352     -21612890.7
HOTEIS OTHON-PRF        HOTHPN BZ     207664352     -21612890.7
RENAUXVIEW SA            TXRX3 BZ    48951015.5     -73535330.8
TEXTEIS RENAUX          RENXON BZ    48951015.5     -73535330.8
RENAUXVIEW SA-PF         TXRX4 BZ    48951015.5     -73535330.8
TEXTEIS RENAUX          RENXPN BZ    48951015.5     -73535330.8
INEPAR                   INEP3 BZ    1191789041      -214360998
INEPAR SA               INPRON BZ    1191789041      -214360998
INEPAR-PREF              INEP4 BZ    1191789041      -214360998
INEPAR SA-PREF          INPRPN BZ    1191789041      -214360998
INEPAR-COM DVD          INEP11 BZ    1191789041      -214360998
INEPAR BONUS B          INEP12 BZ    1191789041      -214360998
INEPAR-PRF DVD          INEP13 BZ    1191789041      -214360998
PARMALAT                 LCSA3 BZ     388720096      -213641152
PARMALAT BRASIL         LCSAON BZ     388720096      -213641152
PADMA INDUSTRIA          LCSA4 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
MANGELS INDL             MGEL3 BZ     176399866     -61689625.2
MANGELS INDL SA         MISAON BZ     176399866     -61689625.2
MANGELS INDL-PRF         MGEL4 BZ     176399866     -61689625.2
MANGELS INDL-PRF        MISAPN BZ     176399866     -61689625.2
ESTRELA SA               ESTR3 BZ     101429217      -112373470
ESTRELA SA              ESTRON BZ     101429217      -112373470
ESTRELA SA-PREF          ESTR4 BZ     101429217      -112373470
ESTRELA SA-PREF         ESTRPN BZ     101429217      -112373470
MET DUQUE                DUQE3 BZ    75039127.4     -2847420.37
MET DUQUE                MDUON BZ    75039127.4     -2847420.37
MET DUQUE-PREF           DUQE4 BZ    75039127.4     -2847420.37
MET DUQUE-PREF           MDUPN BZ    75039127.4     -2847420.37
WETZEL SA                MWET3 BZ      85449973     -19170318.6
WETZEL SA               MWELON BZ      85449973     -19170318.6
WETZEL SA-PREF           MWET4 BZ      85449973     -19170318.6
WETZEL SA-PREF          MWELPN BZ      85449973     -19170318.6
MINUPAR                  MNPR3 BZ    76619687.5     -91780261.5
MINUPAR SA              MNPRON BZ    76619687.5     -91780261.5
MINUPAR-PREF             MNPR4 BZ    76619687.5     -91780261.5
MINUPAR SA-PREF         MNPRPN BZ    76619687.5     -91780261.5
NOVA AMERICA SA         NOVA3B BZ    21287488.9      -183535526
NOVA AMERICA SA         NOVAON 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
NOVA AMERICA SA         1NOVON BZ    21287488.9      -183535526
RECRUSUL                 RCSL3 BZ    25757600.8     -21626049.7
RECRUSUL SA             RESLON BZ    25757600.8     -21626049.7
RECRUSUL-PREF            RCSL4 BZ    25757600.8     -21626049.7
RECRUSUL SA-PREF        RESLPN BZ    25757600.8     -21626049.7
PETRO MANGUINHOS         RPMG3 BZ     140957879      -410925540
PETRO MANGUINHOS        MANGON BZ     140957879      -410925540
PET MANGUINH-PRF         RPMG4 BZ     140957879      -410925540
PETRO MANGUIN-PF        MANGPN BZ     140957879      -410925540
RIMET                    REEM3 BZ     103098359      -185417651
RIMET                   REEMON BZ     103098359      -185417651
RIMET-PREF               REEM4 BZ     103098359      -185417651
RIMET-PREF              REEMPN BZ     103098359      -185417651
SANSUY                   SNSY3 BZ     164647493      -171565662
SANSUY SA               SNSYON BZ     164647493      -171565662
SANSUY-PREF A            SNSY5 BZ     164647493      -171565662
SANSUY SA-PREF A        SNSYAN BZ     164647493      -171565662
SANSUY-PREF B            SNSY6 BZ     164647493      -171565662
SANSUY SA-PREF B        SNSYBN BZ     164647493      -171565662
SNIAFA SA                 SNIA AR    11229696.2     -2670544.86
SNIAFA SA-B              SNIA5 AR    11229696.2     -2670544.86
PILMAIQUEN             PILMAIQ CI     169175281     -28425493.1
BOTUCATU TEXTIL          STRP3 BZ    27663605.3     -7174512.12
STAROUP SA              STARON BZ    27663605.3     -7174512.12
BOTUCATU-PREF            STRP4 BZ    27663605.3     -7174512.12
STAROUP SA-PREF         STARPN BZ    27663605.3     -7174512.12
TECTOY                   TOYB3 BZ    27114628.6     -8215580.95
TECTOY SA               TOYBON BZ    27114628.6     -8215580.95
TECTOY-PREF              TOYB4 BZ    27114628.6     -8215580.95
TECTOY SA-PREF          TOYBPN BZ    27114628.6     -8215580.95
TEC TOY SA-PREF          TOYB5 BZ    27114628.6     -8215580.95
TEC TOY SA-PF B          TOYB6 BZ    27114628.6     -8215580.95
TECTOY                  TOYB13 BZ    27114628.6     -8215580.95
TECTOY-RCPT PF B        TOYB12 BZ    27114628.6     -8215580.95
TEKA                     TEKA3 BZ     313948165      -395261073
TEKA                    TEKAON BZ     313948165      -395261073
TEKA-PREF                TEKA4 BZ     313948165      -395261073
TEKA-PREF               TEKAPN BZ     313948165      -395261073
TEKA-ADR                 TKTPY US     313948165      -395261073
TEKA-ADR                 TKTQY US     313948165      -395261073
F GUIMARAES              FGUI3 BZ    11016542.2      -151840378
FERREIRA GUIMARA        FGUION BZ    11016542.2      -151840378
F GUIMARAES-PREF         FGUI4 BZ    11016542.2      -151840378
FERREIRA GUIM-PR        FGUIPN BZ    11016542.2      -151840378
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
WIEST                    WISA3 BZ    34107195.1      -126993682
WIEST SA                WISAON BZ    34107195.1      -126993682
WIEST-PREF               WISA4 BZ    34107195.1      -126993682
WIEST SA-PREF           WISAPN BZ    34107195.1      -126993682
ELEC ARG SA-PREF         EASA6 AR     948261051      -148983927
ELEC ARGENT-ADR           EASA LX     948261051      -148983927
ELEC DE ARGE-ADR         1262Q US     948261051      -148983927
LOJAS ARAPUA             LOAR3 BZ    37959788.7     -3613691912
LOJAS ARAPUA            LOARON BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF         LOAR4 BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF        LOARPN BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF        52353Z US    37959788.7     -3613691912
LOJAS ARAPUA-GDR         3429T US    37959788.7     -3613691912
LOJAS ARAPUA-GDR         LJPSF US    37959788.7     -3613691912
BATTISTELLA              BTTL3 BZ     120474772     -21271905.1
BATTISTELLA-PREF         BTTL4 BZ     120474772     -21271905.1
HOPI HARI SA             PQTM3 BZ     129077627     -2031408.69
HOPI HARI-PREF           PQTM4 BZ     129077627     -2031408.69
PARQUE TEM-DV CM          PQT5 BZ     129077627     -2031408.69
PARQUE TEM-DV PF          PQT6 BZ     129077627     -2031408.69
PARQUE TEM-RT CM         PQTM1 BZ     129077627     -2031408.69
PARQUE TEM-RT PF         PQTM2 BZ     129077627     -2031408.69
PARQUE TEM-RCT C         PQTM9 BZ     129077627     -2031408.69
PARQUE TEM-RCT P        PQTM10 BZ     129077627     -2031408.69
INVERS ELEC BUEN          IEBA AR     239575758     -28902145.8
NEWTEL PARTICIPA        NEWT3B BZ    10517157.2     -10542831.7
NEWTEL PARTICIPA        1NEWON BZ    10517157.2     -10542831.7
MMX MINERACAO            MMXM3 BZ    1223308090      -312940530
TRESSEM PART SA         1TSSON BZ    1223308090      -312940530
CIA PETROLIFERA         MRLM3B BZ     377592596      -3014215.1
CIA PETROLIF-PRF        MRLM4B BZ     377592596      -3014215.1
CIA PETROLIFERA         1CPMON BZ     377592596      -3014215.1
CIA PETROLIF-PRF        1CPMPN BZ     377592596      -3014215.1
PUYEHUE                  PUYEH CI      17878064     -7344408.97
IMPSAT FIBER NET         IMPTQ US     535007008       -17164978
IMPSAT FIBER NET       330902Q GR     535007008       -17164978
IMPSAT FIBER NET         XIMPT SM     535007008       -17164978
IMPSAT FIBER-CED          IMPT AR     535007008       -17164978
IMPSAT FIBER-C/E         IMPTC AR     535007008       -17164978
IMPSAT FIBER-$US         IMPTD AR     535007008       -17164978
IMPSAT FIBER-BLK         IMPTB AR     535007008       -17164978
VARIG PART EM TR         VPTA3 BZ    49432119.3      -399290357
VARIG PART EM-PR         VPTA4 BZ    49432119.3      -399290357
VARIG PART EM SE         VPSC3 BZ      83017828      -495721697
VARIG PART EM-PR         VPSC4 BZ      83017828      -495721697


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


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

                   * * * End of Transmission * * *