TCRLA_Public/150421.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 21, 2015, Vol. 16, No. 077


A N T I G U A  &  B A R B U D A

* ANTIGUA & BARBUDA: Small Co Owners Casualties of Foreclosure Law


SCHAHIN GROUP: Files for Bankruptcy Protection

C A Y M A N  I S L A N D S

ATON INVESTMENT: Creditors' Proofs of Debt Due May 13
BANTRAB CAPITAL: Moody's Assigns 'B2' Rating to $100MM Notes
BT GLOBAL A: Creditors' Proofs of Debt Due May 4
BT GLOBAL B: Creditors' Proofs of Debt Due May 4
DHS OFFSHORE: Creditors' Proofs of Debt Due May 13

EVER GLORY: Creditors' Proofs of Debt Due May 13
M TRUST ASSURANCE: Commences Liquidation Proceedings
MANULIFE DYNAMIC: Creditors' Proofs of Debt Due May 14
MCC(15)CH INC: Creditors' Proofs of Debt Due May 5
SENRIGAN PMV: Creditors' Proofs of Debt Due May 13

TANGENT WEALTH: Creditors' Proofs of Debt Due May 5
TRADEWORX ULTRA: Creditors' Proofs of Debt Due May 13
TRADEWORX ULTRA MASTER: Creditors' Proofs of Debt Due May 13


EMPRESAS ICA: Moody's Says New Joint Venture is Credit Positive
* Moody's Implements New Bank Rating Methodology in Mexico


SURINAME: S&P Affirms 'BB-' Long-Term Sovereign Credit Ratings

T R I N I D A D  &  T O B A G O

PETROTRIN: Union Leader Dares Firm to Fire Him
* TRINIDAD & TOBAGO: THA Continues Budget Talks


* Large Companies With Insolvent Balance Sheets

                            - - - - -

A N T I G U A  &  B A R B U D A

* ANTIGUA & BARBUDA: Small Co Owners Casualties of Foreclosure Law
The Daily Observer reports that homeowners and people who operate
small businesses that run into difficulty are most likely to
suffer upon the implementation of the regional foreclosure
legislation, as the law makes it easier for the bank to sell their
property, a regional chartered accountant has warned.

The drafting of regional foreclosure legislation to allow for more
efficient management of collateral by financial institutions is
among the new measures that, Chairman of the Monetary Council of
the Eastern Caribbean Currency Union (ECCU), Prime Minister Ralph
Gonsalves announced recently, will tighten the banking sector in
OECS countries, according to The Daily Observer.

But Chartered Accountant Michel Williams said while banks stand to
benefit, those on the lower end of the bracket, (the depositors)
have to be "very careful," the report notes.

"Banks have been looking for that kind of streamlining for quite
some time, but the people that the banks are now holding
securities for have to be particularly careful," Mr. Williams
said, the report relays.

The former president of the Currency Union Bankers Association,
which represents all banks in the ECCU, said under the Monetary
Council-approved law, banking institutions would not feel obliged
to work along with creditors to cover debts owed, the report adds.


SCHAHIN GROUP: Files for Bankruptcy Protection
Dan Horch, writing for The New York Times Dealbook, reports that
another Brazilian company has fallen to the corruption scandal
surrounding Brazil's petroleum giant, Petrobras: Schahin Group
requested a bankruptcy court's protection for 28 of its

The company's statement said that the filing covered BRL6.5
billion, or $2.1 billion worth of liabilities, and that "the
closure of national and international credit markets" had made "it
impossible to finance the activities of the companies," according
to The New York Times Dealbook.  It added that it would "abandon
its activities in the field of engineering and construction to
focus on the oil and gas area."

The report relates that Schahin is the fourth big Petrobras
subcontractor to seek court protection, after OAS, Alumini
Engenharia and Galvao Engenharia.

The Industrial and Commercial Bank of China and Mizuho Bank of
Japan are among Schahin's largest creditors, and other global
banks are also owed money, the report relates.  HSBC and Deutsche
Bank have both sued Schahin over unpaid loans.  Schahin also has
about $650 million in global bonds.

The report discloses that Schahin's filing has been expected since
the start of the month, when the company said that it no longer
had enough cash to keep operating five drilling rigs and platforms
that it works under contract to Petrobras.

Schahin is one of the many companies that has been accused of
inflating contracts with Petrobras, then passing on the extra
money to politicians and corporate executives, the report says.

As the result, the company has been frozen out of the capital
markets and Petrobras has temporarily barred it from new
contracts, the report relays.  Schahin has denied any wrongdoing.

Schahin had expanded in response to Petrobras's plans to grow
production after discovering gigantic deepwater reserves in 2006
in the presalt layer off Brazil's coast, the report recalls.
Petrobras was originally planning to invest more than $220 billion
between 2014 and 2018.

Now Petrobras is scaling back its investments and trying to
renegotiate contracts with all its suppliers, even those not under
investigation, as it adapts to its weaker financial condition and
to lower global petroleum prices, says Dealbook.

But prospects may soon improve, notes the report.

According to Dealbook, Petrobras has said it will finally issue an
audited balance sheet, revaluing its assets to take into account
lower petroleum prices and losses as a result of corruption.

Once that balance sheet is released, Petrobras will again be able
to access capital markets, and the return of Brazil's bluest chip
company to the markets may facilitate other corporate issuance,
the report adds.

C A Y M A N  I S L A N D S

ATON INVESTMENT: Creditors' Proofs of Debt Due May 13
The creditors of Aton Investment Management are required to file
their proofs of debt by May 13, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 17, 2015.

The company's liquidator is:

          Soterakis Koupepides
          5 Themistocles Dervis Street
          Elenion Building, 2nd Floor
          CY-1066 Nicosia
          Telephone: 00357 22 555800

BANTRAB CAPITAL: Moody's Assigns 'B2' Rating to $100MM Notes
Moody's Investors Service assigned a B2 foreign currency
subordinated debt rating to a proposed issuance of up to US$100
million in 10-year fixed rate notes by Bantrab Capital Notes
Trust, a Cayman Islands-based trust established for the sole
purpose of acquiring a 100% participation interest in a
subordinated unsecured loan made by Deutsche Bank AG, London
Branch to Guatemala's Banco de los Trabajadores (Bantrab) to
secure the notes. Bantrab Capital Notes Trust will thus provide a
pass through of both interest and principal payments on the
Bantrab loan through the Bantrab Capital Notes Trust noteholders.
The rating assigned to Bantrab Capital Notes Trust is subject to
receipt and review of final documentation related to the note

In addition, Moody's affirmed the Ba3/Not Prime local and foreign
currency deposit ratings of Bantrab. The bank's baseline credit
assessment (BCA) is maintained at b1. The rating agency also
affirmed the Ba3 foreign currency senior unsecured debt rating of
Bantrab Senior Trust, a Cayman Island-based trust whose issuance
of senior notes is guaranteed by Bantrab.

The outlook on all ratings is stable.

The following ratings were affirmed with a stable outlook:

Banco de los Trabajadores:

  -- Long and short term local and foreign currency deposit
     ratings: Ba3 / Not Prime

Bantrab Senior Trust:

  -- Foreign currency senior unsecured debt: Ba3

The following rating was assigned to Bantrab Capital Notes Trust:

  -- Foreign currency subordinated debt: B2, stable outlook.

Under the terms of the proposed offering memorandum, the notes
will pay interest semiannually in amounts equivalent to the amount
payable by Bantrab to Deutsche Bank under the subordinated loan.
The loan will be subordinated in right of payment to all of
Bantrab's senior debt and will rank senior to Bantrab's capital
stock. Payment of principal and interest on the notes will be
absolutely, unconditionally, and irrevocably guaranteed by
Bantrab. An event of default under the subordinated loan would
constitute an event of default under the notes, allowing
noteholders to accelerate.

The notes, the loan and the guarantee will be governed by the laws
of the State of New York.

Bantrab's b1 BCA takes into account the bank's strong liquidity
position coupled with relatively stable customer-based deposit
funding and a low reliance on short term bank borrowings and
senior debt financing. The BCA also considers the bank's
relatively strong asset quality, which benefits from the bank's
emphasis on payroll-deductible loans coupled with its preferential
creditor status (as mandated per the bank's Organic Law). However,
high loan growth, coupled with a focus on consumer lending, points
to potential increase in delinquencies. While profitability is
expected to face pressure due to declining net interest margins
and modest efficiency owing in part to high operating outlays, it
remains adequate.

However, the BCA is constrained by the bank's very weak core
capital, which will be further pressured by the robust loan

Upward pressures on the BCA may occur if the bank successfully
manages its high pace of growth without suffering a deterioration
of its asset quality, which would affect its profitability
indicators. On the other hand, the ratings could face downward
pressure if the increase in nonperforming loans and hence in loan
loss provisions is larger than expected, resulting in a
deterioration in earnings and potentially capitalization.

The B2 foreign currency subordinated debt rating assigned to
Bantrab Capital Notes Trust's proposed notes is one notch below
Bantrab's b1 adjusted BCA, in line with Moody's approach to rating
subordinated obligations. Bantrab's Ba3 local and foreign currency
deposit ratings reflect one notch of uplift from the bank's b1 BCA
as a result of Moody's assessment of a moderate probability of
government support in case of need. This assessment is based on
the bank's importance as a lender to Guatemalan public and private
sector workers as well as its sizeable deposit base.

The last rating action on Banco de los Trabajadores was on 13 May
2013, when Moody's assigned the bank a first time Ba3/Not Prime
local and foreign currency deposit ratings.

The last rating action on Bantrab Senior Trust was on 29 October
2013, when Moody's assigned the Trust a Ba3 foreign currency
senior unsecured debt rating.

The principal methodology used in these ratings was Banks
published in March 2015.

Banco de los Trabajadores is domiciled in Guatemala city and was
established by Decree Law 383, the Organic Law of Banco de los
Trabajadores. Ninety-nine percent of the bank's common shares are
held by some 700,000 Guatemalan workers, with the remaining 1%
owned by the government. As of December 2014, Bantrab was
Guatemala's fifth largest bank with loan and deposit market shares
of around 6% and reported consolidated assets of US$1.8 billion
(GTQ14.1 billion), deposits of US$1.4 billion, and shareholders'
equity of US$167 million.

Bantrab Capital Notes Trust and Bantrab Senior Trust are Cayman
Islands special purpose trusts governed by the laws of the Cayman

BT GLOBAL A: Creditors' Proofs of Debt Due May 4
The creditors of BT Global Networking A Limited are required to
file their proofs of debt by May 4, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 25, 2015.

The company's liquidator is:

          Russell Smith
          Antoine Powell
          Telephone: (345) 815 4558
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2 - Building 3
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman KY1 1205
          Cayman Islands

BT GLOBAL B: Creditors' Proofs of Debt Due May 4
The creditors of BT Global Networking B Limited are required to
file their proofs of debt by May 4, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 25, 2015.

The company's liquidator is:

          Russell Smith
          Antoine Powell
          Telephone: (345) 815 4558
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2 - Building 3
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman KY1 1205
          Cayman Islands

DHS OFFSHORE: Creditors' Proofs of Debt Due May 13
The creditors of DHS Offshore SPC are required to file their
proofs of debt by May 13, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 31, 2015.

The company's liquidator is:

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

EVER GLORY: Creditors' Proofs of Debt Due May 13
The creditors of Ever Glory Holdings Limited are required to file
their proofs of debt by May 13, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 30, 2015.

The company's liquidator is:

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

M TRUST ASSURANCE: Commences Liquidation Proceedings
On March 6, 2015, the sole shareholder of M Trust Assurance
Company, Ltd. 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:

          Cristina Steele
          Kieran Mehigan
          Marsh Management Services Cayman Ltd.
          23 Lime Tree Bay Avenue, Governors Square
          Building 4, 2nd Floor
          P.O. Box 1051 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 914 5752

MANULIFE DYNAMIC: Creditors' Proofs of Debt Due May 14
The creditors of Manulife Dynamic Fund are required to file their
proofs of debt by May 14, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 26, 2015.

The company's liquidator is:

          K.D. Blake
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: +1 (345) 914-4350/ +1 (345) 949-4800
          Facsimile: +1 (345) 949-7164

MCC(15)CH INC: Creditors' Proofs of Debt Due May 5
The creditors of MCC(15)CH Inc. are required to file their proofs
of debt by May 5, 2015, to be included in the company's dividend

The company commenced liquidation proceedings on March 31, 2015.

The company's liquidator is:

          Michael Saville
          Felicia Connor
          10 Market Street #765
          Camana Bay, Grand Cayman KY1-9006
          Cayman Islands
          Telephone: (345) 769 7216
          Facsimile: (345) 949 7120

SENRIGAN PMV: Creditors' Proofs of Debt Due May 13
The creditors of Senrigan PMV Limited are required to file their
proofs of debt by May 13, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 23, 2015.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands

TANGENT WEALTH: Creditors' Proofs of Debt Due May 5
The creditors of Tangent Wealth Management Limited are required to
file their proofs of debt by May 5, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 30, 2015.

The company's liquidator is:

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

TRADEWORX ULTRA: Creditors' Proofs of Debt Due May 13
The creditors of Tradeworx Ultra Select Offshore Fund, Ltd. are
required to file their proofs of debt by May 13, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 30, 2015.

The company's liquidator is:

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

TRADEWORX ULTRA MASTER: Creditors' Proofs of Debt Due May 13
The creditors of Tradeworx Ultra Select Master Fund, SPC are
required to file their proofs of debt by May 13, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 30, 2015.

The company's liquidator is:

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


Moody's de Mexico has withdrawn for business reasons the bank
financial strength ratings (BFSR) on all Mexican banks, following
the implementation of the rating agency's updated bank rating
methodology in Mexico. Going forward, the baseline credit
assessment (BCA) will be the only indicator of issuers' standalone
intrinsic strength. Neither the BCAs assigned to each bank nor any
of their other ratings are affected by today's rating action.

The following BFSRs were withdrawn:

  -- BBVA Bancomer, S.A.: BFSR of C- withdrawn

  -- Banco Nacional de Mexico, S.A.: BFSR of C- withdrawn

  -- Banco Mercantil del Norte, S.A.: BFSR of C- withdrawn

  -- Banco Santander (Mexico), S.A.: BFSR of C- withdrawn

  -- HSBC Mexico, S.A.: BFSR of C- withdrawn

  -- Scotiabank Inverlat, S.A.: BFSR of C- withdrawn

  -- Banco del Bajio, S.A.: BFSR of D+ withdrawn

  -- Banco Regional de Monterrey, S.A.: BFSR of D+ withdrawn

  -- Banco Interacciones, S.A.: BFSR of D- withdrawn

  -- Banco Azteca, S.A.: BFSR of D- withdrawn

  -- Banco Ve por Mas, S.A.: BFSR of D- withdrawn

  -- Volkswagen Bank, S.A.: BFSR of E+ withdrawn

  -- Bank of Tokyo-Mitsubishi UFJ (Mexico), S.A.: BFSR of D

  -- Deutsche Bank Mexico, S.A.: BFSR of D withdrawn

  -- Barclays Bank Mexico, S.A.: BFSR of D withdrawn

Moody's has withdrawn these ratings for its own business reasons.
Going forward the baseline credit assessment (BCA) will be the
only indicator of issuers' standalone intrinsic strength.

The principal methodology used in these ratings was Banks
published in April 2015.

The period of time covered in the financial information used to
determine the rating is between Jan. 1, 2011 and Dec. 31, 2014
(source: Moody's, Issuers' financial statements, Comisi¢n Nacional
Bancaria y de Valores and Banco de M‚xico).

The sources and items of information used to determine the ratings
include 2013 and 2014 interim financial statements (source:
Moody's and Issuers' financial statements); year-end 2013 and 2014
audited financial statements (source: Moody's and Issuers' annual
audited financial statements); information on market position
(source: Comisi¢n Nacional Bancaria y de Valores); regulatory
capital information (source: Banco de Mexico).

EMPRESAS ICA: Moody's Says New Joint Venture is Credit Positive
On April 13, 2015, Empresas ICA, S.A.B. de C.V. (B2 stable), the
Mexican engineering and construction company, announced a MXN3
billion deal with Caisse De Depot Et Placement Du Quebec (CDPQ,
unrated) that gives the Canadian investment management firm a 49%
stake in a new joint venture to place house ICA's toll-road
projects into a single entity. The transaction is credit positive
for ICA, which will use most of the proceeds to continue

* Moody's Implements New Bank Rating Methodology in Mexico
Moody's de Mexico implemented its updated methodology for rating
banks in Mexico.

The new MdM bank methodology mirrors the updated global bank
methodology implemented by Moody's Investors Service (MIS) last
month. Please refer to the press release "Moody's publishes its
new bank rating methodology," published on March 16, 2015. The
introduction of this new methodology follows a market
consultation initiated via a Request for Comment published on Sep.
9, 2014.

Moody's updated bank rating methodology incorporates several new
components: the introduction of a Macro Profile into the elements
that Moody's considers when it assigns a bank's baseline credit
assessment (BCA); a BCA scorecard which now incorporates not only
financial ratios but also a broader range of metrics and
qualitative considerations; a Loss Given Failure (LGF) analysis;
and a Counterparty Risk Assessment (CR Assessment). The revisions
to the methodology reflect insights gained from the crisis and the
fundamental shift in the banking industry and its regulation. The
revised approach to establishing BCAs helps to more accurately
predict bank failures, while Moody's LGF framework assesses how
different creditor classes are likely to be affected when a bank
enters resolution based on the relevant resolution policy and
balance sheet structure.

A key change is the revision of our framework for assessing the
risk of bank failure, expressed by the BCA. This includes the
introduction of a Macro Profile, which explicitly incorporates
system-wide pressures that Moody's believes are predictive of the
propensity of banks to fail. The Macro Profile comprises six
elements: economic strength, institutional strength,
susceptibility to event risk, credit conditions, funding
conditions and industry structure. Mexico's Macro Profile is
Strong -, on a scale ranging from Very Strong + to Very Weak -.

The framework for assigning BCAs is structured around a new
Scorecard that more comprehensively integrates Moody's analytical
judgments. The Scorecard begins by focusing on five core ratios
that Moody's has found to be predictive of bank failure, covering
five main financial factors: asset risk, capital, profitability,
funding structure and liquidity resources. Additionally, analysts
and rating committees may consider supplementary ratios, as
relevant, for each institution. Individual scores for each factor
will now directly incorporate not only financial ratios, but also
a broader range of metrics, Moody's forward-looking judgments and
qualitative considerations relative to each.

The Macro Profile, combined with the results of the Scorecard,
helps establish the bank's Financial Profile. This results in the
BCA, representing Moody's view of a bank's probability of default,
in the absence of support.

The introduction of a Loss Given Failure (LGF) analysis addresses
expected loss and assesses the impact a bank's failure would have
on its various debt instruments and deposits in the absence of any
support. Moody's employs both a basic and an advanced LGF

The basic LGF analysis applies to banks that are not subject to
operational resolution regimes, as is the case in Mexico in
Moody's view. Basic LFG analysis continues the previous notching
practice, whereby senior unsecured debt and deposits are
positioned at the level of the adjusted BCA (adjusted BCA is the
BCA plus Moody's assessment of support from affiliates being
forthcoming in the event of need), before government support and
additional coupon-related notching considerations. This remains an
appropriate guide to loss severity for banks in these systems
without operational resolution regimes.

Advanced LGF analysis applies to banks that are subject to
operational resolution regimes, including the European Union's
Bank Recovery and Resolution Directive and Titles I and II of the
Dodd-Frank Act. In operational resolution regimes, losses can be
imposed selectively on creditors outside of a liquidation, and
through which specific legislation provides a reasonable degree of
clarity on how the bank's failure could affect depositors and
other creditors. Under advanced LGF analysis, Moody's bases its
notching on (1) the likely bank-wide loss rate in failure; (2) the
amount of subordination below a given instrument class; and (3)
the volume of a given instrument class itself. In Moody's view,
taking these together provides a more refined and predictive view
of expected loss for each instrument class under new resolution

Lastly, Moody's has introduced a Counterparty Risk Assessment (CR
Assessment) into its analysis. This is not a rating, but an
assessment of an issuer's ability to avoid defaulting on certain
senior bank operating obligations and other contractual
commitments. The CR Assessment takes into account the issuer's
standalone strength as well as the likelihood of affiliate and
government support in the event of need, reflecting the
anticipated seniority of counterparty obligations in the hierarchy
of liabilities. The CR Assessment also takes into account other
steps authorities can take to preserve the key operations of a
bank in resolution.


SURINAME: S&P Affirms 'BB-' Long-Term Sovereign Credit Ratings
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
sovereign credit ratings on the Republic of Suriname. The outlook
remains stable.

"At the same time, we affirmed our 'B' short-term sovereign credit
ratings on Suriname and our 'BB' transfer and convertibility (T&C)


The ratings on Suriname reflect its narrow economy that is
vulnerable to commodity price swings, monetary and exchange rate
rigidities, shallow domestic capital markets, and a high level of
dollar-denominated assets and liabilities in its financial system.
Suriname's public-sector institutions are weaker than those of
most countries at a similar level of per capita income, although
recent changes have strengthened the Ministry of Finance and
improved debt management.

"The ratings also reflect the country's favorable medium-term
growth prospects, led by foreign direct investment in mining, and
its low burden of net general government debt and narrow net
external debt."

Suriname's stable democratic government, based on a coalition of
parties, typically favors compromise and negotiation among an
ethnically diverse society.

"We expect continuity in economic policy after national elections
in late May 2015 when the current president and National Assembly
finish their five-year term."

"We expect that per capita GDP growth could be 2%-3% in the next
four years, depending in part on commodity prices. Real per capita
GDP has grown by 2.8%, on average, during 2007-2014. GDP growth
could be 4% in 2015. The country's medium-term growth prospects
are favorable thanks to expansion of gold mining, which will
partially compensate for decline in prices for oil and bauxite.
However, concentration in extractive industries--gold, aluminum,
and oil exports represent at least 40% of GDP directly--increases
the economy's sensitivity to commodity price fluctuations. Gold
alone represents two-thirds of exports."

Low export prices are likely to lower the trade surplus to about
2% of GDP in 2015, resulting in a current account deficit (CAD) of
about 6% of GDP. The CAD is likely to remain around 5%-6% of GDP
in 2016 before declining as new mining projects start to boost
exports. Suriname's gross external financing requirements as a
share of current account receipts (CAR) and usable reserves are
likely to remain below 100%, on average, in the next four years.

"We expect that the country will remain close to a net external
creditor position by our measure of narrow net external debt, with
projected net assets of about 5% of CAR on average in the next
three years. Suriname's external accounts have reflected material
data inconsistencies historically."

"We project the change in general government debt could approach
4% of GDP annually in the next three years before declining
moderately. Net general government debt is likely to remain below
20% of GDP in the next four years and interest expenses below 10%
of fiscal revenues."

A shallow domestic capital market limits the government's domestic
financing options.  Dollarization of Suriname's resident financial
system remains high. Nearly half of commercial bank and credit
union (other depository corporation) deposits and 30% of claims on
residents are denominated in foreign currency.

Suriname's rigid exchange rate limits its monetary policy

"Therefore, the local currency ratings are the same as the foreign
currency ratings."


The stable outlook is based on our expectation of continuity in
economic policy after the elections due in late May 2015. We also
expect the next administration to undertake tax and spending
measures necessary to contain the fiscal deficit and alleviate
pressures on foreign exchange reserves, especially if commodity
prices stay low.

Boosting investment in mining projects, as well as improving
business conditions to attract more investment in other sectors of
the economy, would sustain long-term GDP growth and fiscal

Higher output could, in part, compensate for potentially low
commodity prices. That, combined with fiscal adjustment to reduce
the budget deficit, would reduce the vulnerability of public
finances to volatile commodity prices. The resulting strengthening
of the sovereign's financial profile, as well as its resilience
against commodity price cycles, could lead to an upgrade.

Conversely, delays in strengthening the government's revenue base,
especially through the introduction of a proposed value-added tax,
could result in persistently high fiscal deficits and rising
government debt. Loose fiscal policy, combined with persistent
CADs, could reduce the central bank's foreign exchange reserves,
weakening external liquidity, and threaten exchange rate

"We could lower the rating as a result."


Ratings Affirmed

Suriname (The Republic of)
Sovereign Credit Rating                       BB-/Stable/B
Transfer & Convertibility Assessment          BB

T R I N I D A D  &  T O B A G O

PETROTRIN: Union Leader Dares Firm to Fire Him
---------------------------------------------- reports that President of the Oilfields Workers'
Trade Union (OWTU), Ancel Roget, is likely to be dismissed from
his substantial post at the state-owned oil company, Petroleum
Company of Trinidad and Tobago (Petrotrin), after he tore up a
letter demanding his return to work there.

Mr. Roger told reporters that the letter was part of a strategy by
the Kamla Persad Bissessar led coalition People's Partnership
government and the company to muzzle the union ahead of the
general election due no later than September this year, according

"Fire us if you so desirous and we will take it from there. We
reject the letter," said Mr. Roget, who said similar letters had
been sent to key executive officers including first vice-president
Carlton Gibson and Chief Labor Relations Officer John Boiselle,
the report notes.

"Tell Kamla I am here to stay. I challenge them to fire me now,
cause I am not going back," said Mr. Roget, adding that the
company's letter had indicated that the union officials had
exceeded their leave for union business and the company will not
be granting them further extensions, the report relays.

The report discloses that Mr. Roget, who had the backing of
workers and union representatives from various Petrotrin branches
and state enterprises, instead called for the removal of vice-
president Human Resources and Corporate Services Keith Ramnath,
Persad-Bissessar and Energy Minister Kevin Ramnarine.

The report relays that Mr. Roget said the union had never before
encountered a situation where the company had refused to grant
leave extensions to the union heads.

"In a most vicious and unprecedented move the company wrote to the
union's general secretary advising him that in one month time the
positions of president general, first vice-president and chief
labor relations officer, all top positions in the union, that
these officers must return to their jobs.

"What that means is that the union will be without top leadership
and so if I were to abide by the contents of that letter by
tomorrow, I will be back on my job in Trinmar and once that occurs
the union will be left brotherless and they will have their way.

"We took the position, after careful examination of the contents
of that letter, that it is most disrespectful, unprecedented. It
is a frontal attack on the union and its leadership and therefore
we will not be returning to work.

"Nowhere in the history of this trade union we could have
recounted a time when the top officers would have gone back to
their jobs," said Mr. Roget, who took over the OWTU leadership in
2008 after the resignation of Errol Mcleod, who is now the Labour
Minister, the report discloses.

Mr. Roget said McLeod had served as president general for 21
years, the report relates.

To do that, he would have had significant numbers of two-year
extensions and therefore they (management) are stepping out of the
norm, the report relays.

"The collective agreement provides for us to be on second belt and
it says in situations that are not normal these office holders
will have extensions . . . . therefore, the president of OWTU is
not a normal position, you don't make a president general every
day. In 78 years the union has had just about five president
generals," Mr. Roget said, notes the report.

Mr. Roget said the matter was now in the hands of the union's
attorneys and he expected a slew of legal letters from Petrotrin,
the report adds.

                     About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on Dec.
2, 2014, Trinidad and Tobago Newsday said that in the face of
falling global oil prices, which is beginning to impact on
Trinidad and Tobago's earnings from its petroleum resources,
Petroleum Company of Trinidad and Tobago has rolled out a plan to
remain viable and to survive in the harsh global oil industry.
Petrotrin said in a media release that it is forging ahead with
objective cost management decisions imperative to secure its
viability, according to Trinidad and Tobago Newsday.  The report
said Petrotrin's operations have also been severely impacted due
to unfavorable margins.

The TCRLA reported on Jan. 21, 2014 that Trinidad Express, citing
Energy Minister Kevin Ramnarine, said Petrotrin will make a loss
for its 2013 financial year.  According to Mr. Ramnarine,
Petrotrin was scheduled to make the loss even before the series of
oil spills affecting Trinidad's southwestern peninsula since
December, reports Trinidad Express.

* TRINIDAD & TOBAGO: THA Continues Budget Talks
Trinidad and Tobago Newsday reports that Tobago House of Assembly
Secretary of Finance and Enterprise Development Joel Jack hosted
the first round of the Tobago House of Assembly (THA's) Annual
Budget consultations with finance, enterprise, tourism,
agricultural interest groups and the credit union movement.

The THA's Executive Council also attended the event held at Victor
E Bruce Financial Complex, Scarborough, according to Trinidad and
Tobago Newsday.

In welcoming the audience, Secretary Jack stated that the forum
provided an invaluable opportunity for stakeholders to share
sector-specific information for inclusion in the THA's upcoming
fiscal package, the report notes.  "This event," he added, "was in
keeping with a consultative approach adopted by the Assembly to
further develop the island," the report relates.

In his address, Chief Secretary, Orville London emphasized the
value of the activity to the entire budgetary process.

"All sectors must be involved in the island's governance," Mr.
London said, "while also assuring that we are all partners in this
exercise," the report notes.

Presenting on behalf of the Bankers Association of Trinidad and
Tobago was Gregory Hines, General Manager at Scotiabank.  Mr.
Hines focused on Tobago's role in the long-term development and
diversification of the country's economy and tourism's potential
contribution, the report notes.

Sharing similar sentiments was Christopher James, President of the
Tobago Hotel and Tourism Association who stated that tourism can
rapidly stimulate growth in Tobago when compared to most other
activities, since it is the fastest growing industry in the world,
the report relays.

Representatives of the Tobago Agro Processors Association also
shared major challenges being experienced by the sector, and in so
doing, recommended further grant assistance for small businesses
on the island, the report notes.

According to the Association's President, Darilyn Smart ". . . .
in order to become competitive with our regional counterparts, our
businesses require additional equipment, machinery and working
capital," the report relays.

Speaking on behalf of the Tobago Division of the Trinidad and
Tobago Chamber of Industry of Commerce, Diane Hadad, Chairman,
reinforced the importance of the resuscitation of the tourism
industry critical to Tobago's development, as identified in the
THA's Comprehensive Economic Development Plan -- the economic
roadmap for the island, the report notes.

The Division of Finance and Enterprise Development will support
this exercise with further internal data gathering among the
Divisions before the final fiscal package is prepared for delivery
in June by the Secretary for Finance, 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 * * *