TCRLA_Public/150505.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, May 5, 2015, Vol. 16, No. 087


                            Headlines



B R A Z I L

BRAZIL: Declining Real Estate Prices Adds Stress to Homebuilders
BRAZIL: Turnaround Elusive as Tightening to Come Belies Rally
CONCESSIONARIA DO RODOANEL: Moody's Rates BRL550M Debentures Ba1
FIBRIA CELULOSE: S&P Raises CCR to 'BBB-'; Outlook Stable
PETROLEO BRASILEIRO: Next Steps May Be Tougher Than $17BB Loss


C A Y M A N  I S L A N D S

AGRICOLA AA INVESTMENT: Members' Final Meeting Set for May 25
LSP CAL: Shareholders' Final Meeting Set for May 19
MERIDIAN DIVERSIFIED: Commences Liquidation Proceedings
MOUNTAIN RIDGE: Members' Final Meeting Set for May 25
NOBLE CAPITAL: Shareholders' Final Meeting Set for May 19

OHMA INVESTMENTS: Shareholders' Final Meeting Set for May 21
PRIMACY ASSET: Shareholders' Final Meeting Set for May 21
VISION WEALTH: Creditors' Proofs of Debt Due May 19
VSJ01 HOLDING: Shareholder to Hear Wind-Up Report on June 5
WEXON INVESTMENTS: Shareholders' Final Meeting Set for May 21

WOODVILLE INVESTMENTS: Shareholders' Final Meeting Set for May 27


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: US Lifts Ban on Avocado, Tomato Varieties


M E X I C O

HICOACB 06U: Moody's Cuts Rating of Class A RMBS Certs to B2


P U E R T O    R I C O

PUERTO RICO ELECTRIC: Forbearance Agreement Extended to June


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: To Pay Cemex SAB TT$50 Million Annual Fees
TRINIDAD & TOBAGO: US$5 Billion Held in Local US Accounts


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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B R A Z I L
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BRAZIL: Declining Real Estate Prices Adds Stress to Homebuilders
----------------------------------------------------------------
Moody's America Latina says that the drop in real estate prices
adds further stress for Brazilian homebuilders in 2015. On April
28, Brazil's Economic Research Institute Foundation (Fipe), an
independent research organization, published an analysis of the
Brazilian real estate market along with a new time series based
house asking prices, which indicates a clear downward trend for
real estate prices in the country. This downturn is a major credit
negative for all Brazilian homebuilders, and particularly to those
that have been struggling to deal with high debt levels and rising
costs, such as PDG Realty S.A. Empreend. e Participacoes (B3
negative), Viver Incorporadora e Construtora S.A. (Caa1 negative)
and Brookfield Incorporacoes S.A. (B1 negative).


BRAZIL: Turnaround Elusive as Tightening to Come Belies Rally
-------------------------------------------------------------
Andre Soliani CostaRaymond Colitt at Bloomberg News report that
April was kind to Brazil's investors as the stock exchange entered
a bull market and the currency rallied. Ordinary citizens didn't
fare so well: Unemployment rose to the highest in three years and
interest rates surged to a six-year peak.

Signs that the economy is entering a recession and that policy
makers will continue to tighten credit indicate that the road to
recovery will be long, even as investors show renewed appetite for
the country's assets, according to Bloomberg News.

The report notes that President Dilma Rousseff's administration
has pledged to do what it takes to narrow the budget gap, bring
inflation to target and create conditions for state-run oil
company Petrobras to return to bond markets.  Keeping those
promises may be hard, with Rousseff's popularity at a record low,
lawmakers balking at her economic policies and the economy headed
for its worst contraction in 25 years, the report relates.

"Brazil stepped back from the brink of collapse, but that doesn't
mean that it's poised to rally," Klaus Spielkamp, head of fixed
income at Latin America-focused securities brokerage, asset
management and investment banking firm Bulltick LLC, said by
telephone from Miami, Bloomberg News relays.  "The environment is
still tough," Mr. Spielkamp added.

The report said Sao Paulo stock index entered a bull market on
April 24 after climbing 21 percent since its Jan. 30 low, with
steelmakers Usinas Siderurgicas de Minas Gerais SA and Cia.
Siderurgica Nacional SA among those leading the rally, Bloomberg
News notes.  The real rose 6 percent in April, the biggest
increase among the 16 most-traded currencies tracked by Bloomberg
after the Norwegian krone.

                        Investors Flocked

Rising commodity prices and expectations that the U.S. Federal
Reserve will delay interest-rate increases fueled the gain in
assets, Bloomberg News relays.  Foreign investors also flocked to
Brazil after its state oil company, known formally as Petroleo
Brasileiro SA, reported its first audited results since August and
Rousseff picked the party chief of her biggest coalition partner
to lead negotiations with Congress, Bloomberg News says.

Investors may leave as quickly as they came, said Bernd Berg from
Societe Generale in London, Bloomberg News discloses.  Interest
rates in the U.S. eventually will rise and Brazil's government may
fail to shrink the budget fast enough to appease credit-rating
companies, Bloomberg News notes.  The threat of a downgrade
increased last month when Fitch Ratings cut Brazil's credit-rating
outlook to negative, citing challenges in filling government
coffers amid a stalled economy, Bloomberg News relays.

                         'Rapidly Exit'

"These investors rapidly exit Brazil assets again on the first
signs of trouble," said Mr. Berg, director of emerging-markets
strategy at the French bank, Bloomberg News notes.  "Growth and
inflation data must improve significantly to attract longer-term
capital inflow," Mr. Berg added.

Traders aren't optimistic that central bank President Alexandre
Tombini will succeed in bringing consumer-price increases to the
4.5 percent target, Bloomberg News discloses.  Even after policy
makers raised interest rates on April 29 for the fifth consecutive
meeting, the bond market's outlook is for a 6.19 percent jump in
the cost of living in a year, Bloomberg News notes.

The central bank signaled in its latest decision it will lift
benchmark borrowing costs for a sixth time in June after inflation
in mid-April surged to more than a 10-year high, Bloomberg News
relays.

With interest rates stoking credit-card bills and prices on things
from electricity to clothing surging, consumption has faltered.
Auto production in March fell 7 percent from a year earlier,
contributing to a 50 percent decline in MAN SE's first-quarter
earnings as the German truck manufacturer said South American
orders dropped, Bloomberg News notes.

                        Worst Performance

Such dynamics have led analysts surveyed by the central bank to
forecast a 1.1 percent drop in gross domestic product this year,
which would be the worst performance since 1990, Bloomberg News
discloses.

The presidential press office didn't respond to an e-mail sent
after business hours seeking comment on Brazil's economic outlook.
The slowdown is eroding tax revenue at a time when Finance
Minister Joaquim Levy says he needs to narrow a budget deficit
that threatens Brazil's investment-grade status, Bloomberg News
relays.  The deficit expanded to 7.8 percent of GDP in the 12
months through March.

Mr. Levy cautioned lawmakers on April 29 that the risk of a
downgrade will "return fast" if Brazil fails to implement measures
to contain spending and raise revenue, Bloomberg News notes.

Senate President Renan Calheiros a day later said the government
is forcing workers to pay the price for Levy's austerity policies,
which include legislation to cut unemployment and pension
benefits, Bloomberg News says.

                        Venting Discontent

"This can't even be called a fiscal adjustment," Mr. Calheiros, a
member of Rousseff's alliance in Congress, told reporters in
Brasilia, Bloomberg News says.  "The fiscal adjustment needs to
cut the fat, reduce the number of ministries and political
appointments. Without that, it's an adjustment for workers," Mr.
Calheiros added.

Bloomberg News notes that more than two million Brazilians in
March took to the streets to vent discontent over the deepening
economic malaise and government graft.  In the country's largest-
ever corruption scandal, federal police are investigating
allegations that a cartel of construction companies fixed bids on
Petrobras contracts and bribed executives during a span stretching
back to when Rousseff was the oil company's chairman, Bloomberg
News relays.

The president's popularity is at a record-low 13 percent as the
majority of Brazilians support impeachment proceedings against
her, according to an April 9-10 poll by public-opinion research
company Datafolha, Bloomberg News notes.

With Rousseff's own political survival in doubt, it won't be easy
to rally support in Congress and on the streets for unpopular
measures that investors say are needed to put the economy back on
track, said Christopher Garman, head of country analysis at
political-risk consulting firm Eurasia Group, Bloomberg News says.

"The president isn't out of the woods just yet," Mr. Garman said
in a phone interview from Washington, Bloomberg News discloses.
"It's still a precarious environment. It would be a mistake to
look at recent developments as a true sign that the administration
is on firmer footing," Mr. Garman added.


CONCESSIONARIA DO RODOANEL: Moody's Rates BRL550M Debentures Ba1
-----------------------------------------------------------------
Moody's America Latina assigned a Ba1 global scale rating and a
Aa2.br national scale rating to Concessionaria do Rodoanel Oeste
S.A.'s BRL550 million senior unsecured, non-convertible, backed
debentures (the "new issuance"). At the same time, Moody's
affirmed the Ba1 global scale rating and the Aa2.br issuer rating
on the NSR to Concessionaria de Rodoanel Oeste S.A.'s senior
unsecured backed second debenture issuance (the "2nd issuance")
due in 2015 (the "2nd series") and 2016 (the "3rd series"). The
outlook for all ratings is stable.

Rodoanel Oeste's new issuance, which is backed by a corporate
guarantee from its parent, CCR S.A. ("CCR"; Ba1/Aa2.br; stable),
will have a 3-year tenor from the issuance date, with a 12-month
grace period and two equal scheduled principal repayments in 2017
and 2018. Interest will be paid semi-annually. The proceeds from
the new issuance will be used to refinance the outstanding amount
of the 2nd series due in May 2015. The indenture of the new
issuance will not have financial covenants similarly to the
indentures of the 2nd and 3rd series.

Concessionaria do Rodoanel Oeste S.A. ("Rodoanel Oeste" or the
"company") is an operating subsidiary of CCR S.A. ("CCR";
Ba1/Aa2.br; stable). Rodoanel Oeste holds a 30-year concession to
operate and maintain the toll road services of the 32-kilometer
west section of the Mario Covas beltway (the "beltway"). The
beltway surrounds the metropolitan area of the city of Sao Paulo
(not rated), connecting some of the most important highways in the
State of Sao Paulo (Baa2 negative), such as Rodovia dos
Bandeirantes, Rodovia Anhanguera, Rodovia Castello Branco, Rodovia
Raposo Tavares, and Rodovia Regis Bittencourt, through which on
average 240,000 vehicles travel every day.

The concession was granted in 2008 to Consorcio Integracao Oeste,
formed by CCR (98.6%) and Encalso Construcoes (1.4%; not rated).
The concession area involves 7 municipalities with a population of
approximately 13 million, accounting for about 42.2% of the
State's GDP. The State of Sao Paulo contributes more than 1/3 of
Brazil's GDP, housing a highly diversified economic base, which
reflects the State's role as the country's industrial engine.
Furthermore, wealth levels in the State are higher than the
national average, which has resulted in economic growth that has
typically outpaced the country's. In FY2014, the company reported
a 3.9% increase in traffic volume (in equivalent vehicles) as
compared to FY2013.

As per Moody's standard adjustments, Rodoanel Oeste's Funds from
Operations (FFO)-to-Debt ratio averaged -2.1% over the past three
years (2012 to 2014). During the same period, the Cash Interest
Coverage ratio averaged 0.7x. Going forward, we see these metrics
improving as the cash generation turns positive with a gradual
traffic ramp-up combined with a lower leverage level. In our
projections, we forecast that the company will require further
capital injections from CCR due to Rodoanel Oeste's current
negative cash generation.

As guarantor, CCR is one of Brazil's largest infrastructure
concession groups that operates and maintains 3,284 km of toll
road concessions. As of December 31, 2014, the company accounts
for approximately 4% of CCR's consolidated net operating revenues,
and 2% of its reported EBITDA. CCR is controlled by a consortium
formed by AGConcessoes Group, Camargo Correa Group and Soares
Penido Group Concessoes which control CCR with a combined
participation of 51.22%; the remaining 48.78% of shares are free
float.

CCR's Ba1/Aa2.br issuer ratings reflect its structurally
subordinated position as the parent holding company of one of
Brazil's largest infrastructure concession groups. It holds a
diversified portfolio of infrastructure concessions, including
operating toll road concessions that are strategically located in
some of the most economically robust regions of the country. The
ratings consider the mature nature of the majority of CCR's
concessions, which is demonstrated by a solid track record of
tolled traffic that has generated strong as well as stable and
predictable operating cash flows. The ratings also consider its
highly experienced management team, which has been developing
constructive relationships with the regulatory authorities for its
concessions. CCR's above-average corporate governance practices
further support the ratings.

On a consolidated basis, CCR's credit metrics reflect an
investment grade profile commensurate with a Baa3 rating. The
issuer ratings and the ratings assigned to CCR's guaranteed
debentures are rated one notch lower to reflect the structural
subordination of the guarantee provided by the CCR holding company
to other debt at the level of its operating companies. The CCR
holding company largely depends on the regular payment of
dividends up-streamed by its operating subsidiaries to meet its
obligations, including debt service, equity investment commitments
and potential cash requirements related to its guarantees.

The stable outlook of the company's ratings reflects our view that
CCR will continue to rely on strong operating cash flows from its
portfolio of concessions, and that CCR will continue to be able to
raise funds on the capital and bank markets to ensure a solid
liquidity position. Nevertheless, we expect that CCR's expansion
strategy, in Brazil as well as abroad coupled with its track
record of high dividend payments to shareholders could result in
higher leverage, and therefore potentially pressure CCR's current
ratings. Although CCR has so far demonstrated only a moderate
appetite for risk combined with financial discipline, we forecast
that potentially significant additional CAPEX investments in new
concessions could lead to a somewhat weaker liquidity profile as
well as weaker credit metrics as a result of new borrowings to
fund those new investments.

Notwithstanding, CCR has a self-imposed guideline under which
consolidated Net Debt-to-EBITDA should not exceed 3.0x. In
addition, leverage is also limited by financial covenants embedded
in CCR's debt agreements. Currently, these covenants require the
Net-Debt-to-EBITDA ratio to be lower than 3.5x, and the EBITDA-to-
Net Interest Expense coverage to be higher than 2.0x, on a
consolidated basis. As of December 31, 2014, the reported Net
Debt-to-EBITDA was 2.4x, whereas EBITDA-to-Net Interest Expense
was 3.0x. However, more recent debt arrangements contain weaker
limitations, such as the one in Rodoanel Oeste's 2nd issuance,
which requires that the consolidated CCR's Net Debt-to-EBITDA be
lower than 4.0x.

An upgrade in the ratings and/or positive outlook of CCR would
create upward pressure on Rodoanel Oeste's ratings. Also,
sustained growth in operating cash flows and credit metrics in
line with the Baa category of Moody's Privately Managed Toll Roads
methodology could create upward pressure on the ratings.

On the other hand, since the new issuance as well as the 2nd and
3rd series are backed by a corporate guarantee from CCR, the
ratings and/or outlook could be downgraded if CCR's ratings or
outlook are downgraded. Higher liquidity risk at the CCR level
combined with more restrictive access to the bank or capital
markets for CCR would also create downward pressure on CCR's
ratings and/or outlook, and consequently, on Rodoanel Oeste's
ratings.

The principal methodology used in these ratings was Privately
Managed Toll Roads published in May 2014.


FIBRIA CELULOSE: S&P Raises CCR to 'BBB-'; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Fibria Celulose S.A. (Fibria) to 'BBB-' from 'BB+'.  S&P
also raised its debt rating on financing vehicle Fibria Overseas
Ltda. to 'BBB-' from 'BB+'.  The outlook is stable.

The upgrade reflects the strengthening of the company's balance
sheet and cash flows following the 25% drop in Brazilian real in
the past six months.  As a result, the company's cash production
costs fell by about R$150 per ton ($50), adding about R$800
million to annual EBITDA generation.  The weaker real not only
reduced Fibria's cash costs but enabled it to reduce sustaining
capital expenditures (capex) to about $120 million per year,
bolstering free cash flow generation.  S&P's expectation is that
the favorable environment for Brazilian exporters, including
Fibria, will persist due to the strengthening of the dollar on the
back of a stronger U.S. economy.

Prices for Fibria's pulp (bleached eucalyptus kraft, or BEKP) have
remained fairly stable ranging between $730 and $750 per ton in
the past three years (delivered in Europe).  S&P believes these
prices will remain in that range for the intermediate term, as
scheduled global capacity additions would likely force inefficient
producers to close or to switch to dissolving pulp mills (an
alternative use for high-cost pulp mills).  In light of these
factors, S&P expects Fibria to continue benefitting from higher
operating cash flows which would allow it to enlarge its Tres
Lagoas industrial complex while keeping its debt at reasonable
levels for a low investment-grade rating.  As a result, S&P
revised its assessment of Fibria's financial risk profile to
"intermediate" from "significant."

The upgrade assumes that the board will approve Tres Lagoas II
project sometime during 2015 and that the new 1.75 million tons
mill will enter into production by the end of 2017.  Investment
into the mill would be about R$7 billion.  In S&P's view, the
future production of the new mill would benefit from the company's
global-leading productivity.  S&P expects the new mill to produce
free operating cash flows of more than $400 million (R$1.2
billion) at full capacity.


PETROLEO BRASILEIRO: Next Steps May Be Tougher Than $17BB Loss
--------------------------------------------------------------
Anna Edgerton at Bloomberg News reports that Petroleo Brasileiro
S.A.'s massive writedowns answer the question about the cost of
its corruption and pose a much bigger one: whether the state-run
driller can restore its role as Brazil's economic anchor and
source of national pride.

According to Bloomberg News, the problem is not just graft.  The
writedown for its executives' transgressions represents less than
one-eighth of Petrobras's $17 billion in charges reported for
2014.

The bulk of the impairment was due to mismanagement of two
refinery projects, Bloomberg News relates.  It was enough to give
Petrobras its first annual operating loss since 1991, Bloomberg
News recalls.

Bloomberg News notes that the former state bankers now running the
world's most indebted oil company averted disaster by getting
long-delayed 2014 earnings audited, thus removing grounds for
creditors to accelerate repayment of part of Petrobras's $135
billion debt.  What remains to be seen is how well they can
insulate the oil giant from decisions that make sense politically
but turn out to be calamitous in a business context, while
reducing debt and delivering projects on time and budget,
Bloomberg News says.

"The biggest lesson to understand is that Petrobras's management
structure, built from political appointments, doesn't work," said
Alvaro Marangoni, who helps manage $500 million as a partner with
Quadrante Investimentos in Sao Paulo, Bloomberg News discloses.

The first sign of a new direction at Petroleo Brasileiro SA is the
absence of government ministers on the new board of directors,
said Joao Augusto de Castro Neves, Latin America director for
Washington-based consultant Eurasia Group, Bloomberg News says.

The previous board was chaired by former Finance Minister Guido
Mantega, and before him Dilma Rousseff, who was chief of staff to
Brazilian President Luiz Inacio Lula da Silva at the time and is
now the country's president herself, Bloomberg News relays.

                           Fuel Losses

It was Mr. Mantega's concern about inflation that led Petrobras to
buy fuel abroad to sell to Brazilians at a loss, keeping prices
low for consumers but running up Petrobras's debt, Bloomberg News
notes.   Other instances of government meddling, from letting
political allies appoint executives to investing in far-flung
refineries that were never finished, were just as costly,
Bloomberg News says.

Now the company says the next chairman will be Murilo Ferreira,
chief executive officer of mining company Vale SA, who will take
over from Luciano Coutinho, president of the state development
bank BNDES, Bloomberg News discloses.

Petrobras has also jettisoned many of the managers beholden to the
politicians who pushed job-creating projects like Comperj, the
still-unfinished chemical plant in Rio de Janeiro that contributed
BRL21.8 billion ($7.3 billion) to last year's impairment,
Bloomberg News relates.

Petrobras Chief Executive Officer Aldemir Bendine described the
oil company as the country's "crown jewel" and urged Brazilians to
have the confidence to invest in the company, Bloomberg News
relays.

"I want to apologize in the name of Petrobras employees, because
today I'm one of them," Mr. Bendine said at a press conference
after audited 2014 earnings were published, said the report.
"Today marks the rescue of the company's credibility," Mr. Bendine
added.

                           Debt Pile

Petrobras stock this week recovered enough to wipe out all losses
since Nov. 13, the day before police expanded the corruption
investigation, Bloomberg News relays.  The stock rose 2.8 percent
April 24 to BRL13.28 at 3:23 in Sao Paulo.

Despite shedding potential political snags, many analysts remain
negative on Petrobras, at least in the short term, because of its
debt pile and less-than-inspiring production outlook, Bloomberg
News notes.

Petrobras has missed production targets every year for at least a
decade, Bloomberg News says.

The financial know-how of Mr. Bendine and his Chief Financial
Officer Ivan Monteiro, both from state-owned Banco do Brasil SA,
must be coupled with the oil-industry knowledge of other
executives for the company to thrive, said Castro Neves of Eurasia
Group, Bloomberg News notes.

It will also take a firmer hand to overcome the scandal that's
marred the company's balance sheet and global reputation, said Mr.
Marangoni of Quadrante Investimentos, Bloomberg News discloses.

"What Petrobras needs is a shock of meritocracy," Mr. Marangoni
said.

As the global industry adjusts to lower oil prices, it will be
less forgiving of the extra costs that come from partnering with
Petrobras, Eric Farnsworth, vice president of the Council of the
Americas, said by phone from Washington, Bloomberg News discloses.
The requirement that a percentage of Petrobras's purchases be
local, subpar infrastructure and reserves buried more than a mile
under the ocean make operating in Brazil more expensive at a time
when energy companies are cutting costs, Bloomberg News relays.

                           Good News

Even so, there are positive signs. "The good news for Brazil is
that the oil is there," said Castro Neves, Bloomberg News relays.

Royal Dutch Shell Plc's $70 billion purchase of BG Group Plc,
announced April 8, expands Shell's participation in Brazil's vast
pre-salt oil fields and was seen by analysts as a vote of
confidence in Petrobras, Bloomberg News notes.

Shell Chief Executive Officer Ben van Beurden said Brazil would
account for at least 20 percent of the company's oil production by
the end of the decade, says Bloomberg News.

Petrobras is "a very strong and very competent company, very
strong in the development of deep-water projects," Mr. van Beurden
said in Brasilia after meeting with Rousseff, Bloomberg News
relates.  "I have 100 percent confidence that Petrobras will come
through this, and will probably come stronger than it was before,"
Mr. van Beurden added.

It helps to have at least 50 billion barrels of oil offshore
waiting to be drilled, Bloomberg News says.  The pre-salt reserves
are still profitable with current low oil prices, Mr. van Beurden
added.

                          Divestment Plan

Petrobras also closed four deals this month worth $6.1 billion to
secure its financing needs for the year, in addition to a $3.5
billion loan from China Development Bank, Bloomberg News notes.

The oil company's $13.7 billion divestment plan will probably
include both upstream and downstream assets, according to local
media reports, Bloomberg News relays.  Petrobras is also studying
the sale of part of its participation in the pre-salt oil fields,
according to six people with knowledge of the proposal, Bloomberg
News discloses.

The easiest, most immediate solutions, such as further raising
fuel prices and selling a piece of the pre-salt fields, are also
the most politically difficult, Castro Neves said, Bloomberg News
notes.

"There's always going to be some kind of conflict of interest
because Petrobras is a publicly-traded company that's under
government control," Mr. Neves said, Bloomberg News notes.
"There's no easy way out," Mr. Neves 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
==========================


AGRICOLA AA INVESTMENT: Members' Final Meeting Set for May 25
-------------------------------------------------------------
The members of Agricola AA Investment Company will hold their
final meeting on May 25, 2015, to receive the liquidators' report
on the company's wind-up proceedings and property disposal.

The company's liquidators are:

          Susan Craig
          Jo-Anne Stephens
          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


LSP CAL: Shareholders' Final Meeting Set for May 19
---------------------------------------------------
The shareholders of LSP CAL EB I, Ltd. will hold their final
meeting on May 19, 2015, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MERIDIAN DIVERSIFIED: Commences Liquidation Proceedings
-------------------------------------------------------
On April 17, 2015, the shareholder of Meridian Diversified Compass
Fund, Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Timothy M. Hickey
          Meridian Diversified Fund
          Meridian Diversified Fund Management, LLC
          20 Corporate Woods Boulevard, 4th Floor
          Albany, NY 12211
          United States of America


MOUNTAIN RIDGE: Members' Final Meeting Set for May 25
-----------------------------------------------------
The members of Mountain Ridge Limited will hold their final
meeting on May 25, 2015, to receive the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

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


NOBLE CAPITAL: Shareholders' Final Meeting Set for May 19
---------------------------------------------------------
The shareholders of Noble Capital Fund will hold their final
meeting on May 19, 2015, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


OHMA INVESTMENTS: Shareholders' Final Meeting Set for May 21
------------------------------------------------------------
The shareholders of OHMA Investments will hold their final meeting
on May 21, 2015, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PRIMACY ASSET: Shareholders' Final Meeting Set for May 21
---------------------------------------------------------
The shareholders of Primacy Asset Management will hold their final
meeting on May 21, 2015, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


VISION WEALTH: Creditors' Proofs of Debt Due May 19
---------------------------------------------------
The creditors of Vision Wealth Management (Cayman) Limited are
required to file their proofs of debt by May 19, 2015, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 16, 2015.

The company's liquidator is:

          Paul Kevin Webb
          Telephone: +44 (0) 7746 531926
          c/o H&J Corporate Services Ltd
          Willow House, 2nd Floor
          Cricket Square
          P.O. Box 866 Grand Cayman KY1-1103
          Cayman Islands


VSJ01 HOLDING: Shareholder to Hear Wind-Up Report on June 5
-----------------------------------------------------------
The shareholder of VSJ01 Holding Limited will hear on June 5,
2015, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


WEXON INVESTMENTS: Shareholders' Final Meeting Set for May 21
-------------------------------------------------------------
The shareholders of Wexon Investments will hold their final
meeting on May 21, 2015, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


WOODVILLE INVESTMENTS: Shareholders' Final Meeting Set for May 27
-----------------------------------------------------------------
The shareholders of Woodville Investments Limited will hold their
final meeting on May 27, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Christopher Tushingham
          c/o Wardour Management Services Limited
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302
          P O Box 10147 Grand Cayman KY1-1002
          Cayman Islands


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


* DOMINICAN REPUBLIC: US Lifts Ban on Avocado, Tomato Varieties
---------------------------------------------------------------
Dominican Today reports that United States has lifted a ban on
Hass avocados and green tomatoes starting April 29 as the push to
eradicate the fruit fly continues.

The ban however is still in effect for Pinkerton, Miguel Bacon,
Lula, Russell, Zutano, Choquete among other avocado varieties,
which host the pest, according to Dominican Today.

The report notes that the US Animal and Plant Health Inspection
Service (APHIS) said the tomato isn't a host for the medfly as
long as more than 30% of its surface isn't pink or red at harvest
time.

APHIS will require that Dominican Republic's Agriculture Ministry
certify that tomatoes are harvested green, the report discloses.

As noted by the APHIS statement prior to March 18, the
requirements still allows mango imports with pre-authorization
issued when treated with hot water, the report relays.


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


HICOACB 06U: Moody's Cuts Rating of Class A RMBS Certs to B2
------------------------------------------------------------
Moody's de Mexico downgraded the Global Scale, Local Currency
ratings of HICOACB 06U Class A to B2 (sf) from Ba3 (sf) and the
Mexican National Scale ratings to Ba1.mx (sf) from Baa1.mx (sf).
CI Banco, Institucion de Banca M£ltiple, Fiduciario acts as
issuer/trustee of these securities.

This rating action concludes Moody's review for downgrade
initiated on Nov. 26, 2014.

- Originator: Hipotecaria Comercial America S. A. de C.V.
   Sociedad Financiera de Objeto Limitado, now Santander
   Vivienda, S.A. de C.V. SOFOM E.R. Grupo Financiero Santander
   Mexico (Santander Vivienda)

- Trustee: CI Banco, Institucion de Banca Multiple, Fiduciario

- Servicer: Santander Vivienda, S.A. de C.V., SOFOM, E.R.

- Common Representative: Monex Casa de Bolsa, S.A. de C.V.

The downgrade primarily reflects the following factors: (1) a
deterioration in the credit quality of the pool of loans that
generate the cash flows to make timely payments to investors, and
(2) a decrease in the credit enhancement in the form of over-
collateralization, which protects senior certificates. Both
factors result from higher-than-expected delinquency and real
estate owned (REO) rates, which increase the risk the trustee will
not be able to make timely interest and principal payments.

As of the date of this rating action, 180-plus delinquencies
represented 37.3% of the current portfolio balance and REO
represented 14.4% of the current pool balance.

In Moody's view, the transaction is increasingly exposed to
liquidity risks and depends on the servicer's ability to re-
activate the payments for 180-plus delinquencies as well as on REO
sales. Moody's notes that in recent months the servicer has
reinforced its collection campaigns and enhanced its management of
the trust's REO inventory; however, delinquency levels for 180-
plus loans have continued to increase in recent months and the REO
balance has not decreased. In addition, this transaction does not
have any cash reserve available to cover potential short-falls in
interest payments.

The current credit support for the Class A is 3.2%, if we exclude
180-plus delinquencies and REOs loans.

Moody's projected net losses for this transaction --assuming a
loss severity of 73% -- are 36.4% of the outstanding balance of
the loan pool.

As of March 2015, HICOACB 06U certificates have been paid down by
44%.

The underlying collateral of this transaction consists of first-
lien, fixed-rate mortgage loans denominated in inflation-indexed
Unidades de Inversion (UDIs) units and granted primarily to low
and middle income borrowers in Mexico.

The complete rating action is as follows:

  -- Moody's downgraded the HICOACB 06U Class A certificates to
     B2 (sf) from Ba3 (sf) (global scale, local currency) and to
     Ba1.mx (sf) from Baa1.mx (sf) (Mexican national scale).

The last rating action was on Nov. 26, 2014 when Moody's placed
the Ba3 (sf) / Baa1.mx (sf) ratings on these certificates on
review for possible downgrade.

The period of time covered in the financial information used to
determine HICOACB 06U's rating is from January 1, 2014 to April
28, 2015 (source: periodic collections and remittance reports from
servicers, trustees and common representative agents, as well as
historical information from previous deals rated by Moody's)

Factors that would lead to an upgrade or downgrade of the rating:

The performance of this transaction will depend on the performance
of the pool of loans backing the transaction and the servicer's
ability to reactivate payments from delinquent loans as well as on
REO sales.

The ratings address the expected loss that investors could incur
by the legal final maturity. The structure allows for timely
payment of interest and ultimate payment of principal with respect
to the certificates by their legal final maturity.

The principal methodology used in this rating was Moody's Approach
to Rating RMBS Using the MILAN Framework published in January
2015.

The secondary methodology considered was Moody's Approach to
Monitoring Residential Mortgage-Backed Securitizations in Mexico
published in August 2009.

Other methodologies and factors that may have been considered for
the ratings can also be found at www.moodys.com.mx in the Rating
Methodologies sub-directory under the Research & Ratings tab.


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


PUERTO RICO ELECTRIC: Forbearance Agreement Extended to June
------------------------------------------------------------
The Puerto Rico Electric Power Authority (PREPA) bondholders
agreed to extend their forbearance agreement for 35 additional
days to provide the framework for a collaborative dialogue that
will contribute to PREPA's transformation through a comprehensive
plan.  The newly extended forbearance agreement will expire on
June 4.  During the new forbearance period, PREPA will have the
opportunity to provide information to its creditors and meet on a
timely basis to discuss all the elements of a plan that will
improve PREPA.  Under the agreement PREPA has agreed to provide an
informative session between the authority's rate consultant and
creditors' advisors by May 11 and deliver a proposal for a
comprehensive recovery plan to the bondholders' advisors by June
1.  Both dates are within the 35-day time frame.

                         *     *     *

The Troubled Company Reporter on Feb. 4, 2015 reported that
Standard & Poor's Ratings Services said that it maintained its
'CCC' rating on the Puerto Rico Electric Power Authority's (PREPA)
power revenue bonds on CreditWatch with negative implications.
S&P originally placed the rating on CreditWatch on June 18, 2014.

On Dec. 15, 2014, TCRLA reported that Fitch is maintaining the
$8.6 billion of Puerto Rico Electric Power Authority (PREPA) power
revenue bonds on Negative Rating Watch.  The bonds are currently
rated 'CC'.

As reported in the Troubled Company Reporter on Sept. 19, 2014,
Moody's Investors Service has downgraded the rating for Puerto
Rico Electric Power Authority's (PREPA) $8.8 billion of Power
Revenue Bonds to Caa3 from Caa2.  This rating action concludes the
rating review that Moody's initiated on July 1, 2014.  PREPA's
rating outlook is negative.


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


TRINIDAD CEMENT: To Pay Cemex SAB TT$50 Million Annual Fees
-----------------------------------------------------------
Trinidad and Tobago Newsday reports that Trinidad Cement Limited
former Chief Executive Officer, Rollin Bertrand, has estimated
that TCL might pay TT$50 million per year to its largest
shareholder, Cemex SAB, as the typical cost charged by the Mexican
giant, for a "Technical and Managerial Services Agreement"
announced by TCL.

Mr. Bertnard said TCL had never stated what this deal is costing
them, according to Trinidad and Tobago Newsday.

"Based on my knowledge of Cemex and the industry, I suspect that
TCL has entered into a very costly agreement, which will allow
Cemex to extract a lot of value from the company for Cemex's
benefit," the report quoted Mr. Bertrand as saying.  Mr. Bertrand
alleged that such deals by Cemex SAB typically cost 2.5 percent of
revenue, require Cemex SAB to supply three executives to manage
the technical aspects of a company, and in this case will require
TCL to pay local costs such as housing, travel and car allowance,
the report notes.

Mr. Bertrand reckoned that compared to a TT$50 million charge to
TCL, the provision of a trio of managers would cost Cemex SAB $15
million thereby netting them a TT$35 million profit, the report
relates.  Mr. Bertrand saw this TT$35 million as an "immediate
return" of over ten percent, on its investment of TT$313 million
on TCL's former rights issue, the report notes.

The report discloses that Mr. Bertrand also alleged that contrary
to TCL's past assertions, Cemex SAB is now allegedly in control of
TCL at all levels.  "They have a majority on the Board, they
control all key positions in management, and control the
shareholding by virtue of having more than 30 percent of the
company (equity)," the report quoted Mr. Bertrand as saying.

Mr. Bertrand said that Cemex is portrayed as a paragon of
management, but he alleged they cannot even put their own house in
order but rather in Q1 of 2015 had lost US$149 million, in a
continuation of five past years of losses, the report notes.

Mr. Bertrand queried TCL's Q1 2015 results which he said were
"startling good" at 38 percent in earnings (that is, earnings
before interest, taxes, depreciation and amortization, EBITDA),
the report relays.

Mr. Bertrand alleged that most of this had come from TCL's Jamaica
operations -- the Caribbean Cement Company Limited (CCCL) -- which
in Q1 of 2005 had an EBITDA of J$439 million and a net profit of
J$248 million, both respectively rises of 100 percent and 79
percent over 2014, the report discloses.

Mr. Bertrand urged CCCL's directors to explain this alleged
"anomaly", as he cautioned investors over whether this is a "pump
and dump" strategy or a "feel good" strategy by the new Board
ahead of the AGM, the report adds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 25, 2015, Leah Sorias at Trinidad Express said that Trinidad
Cement Limited (TCL) has recorded major losses for financial year
2014.  TCL's profit before tax position fell by TT$136 million
compared with 2013, chief executive officer of the cash-strapped
company, Alejandro Ramirez, said at a press conference at the
Queen's Park Oval, Woodbrook.  Mr. Ramirez noted that in 2013,
pre-tax profit stood at TT$39 million while in 2014, TCL recorded
a loss of TT$97 million.

Dr. Rollin Bertrand, Chief Executive Officer of Trinidad Cement
Limited, the parent company for Jamaica's Caribbean Cement
Limited, was sacked, the TCRLA, citing RJR News, reported on
Oct. 6, 2014.

The report noted that Dr. Bertrand, TCL Chairman Andy Bhajan, and
four other directors, tendered their resignations minutes before a
group of shareholders met to have them removed at an August 19
special meeting.  Although he resigned as director at that
meeting, Dr. Bertrand retained his position as Chief Executive
Officer at that time.

On Oct. 8, 2014, the TCRLA said that Standard & Poor's Ratings
Services lowered its corporate credit rating on Trinidad Cement
Limited Group (TCL) to 'D' from 'B'.  The downgrade reflects TCL's
missed debt service payments due Sept. 30, 2014.

On Oct. 9, 2014, the TCRLA reported that Fitch Ratings downgraded
Trinidad Cement Limited Group's (TCL) foreign and local Currency
Issuer Default Ratings (IDRs) to 'D' from 'B-'.

Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.


TRINIDAD & TOBAGO: US$5 Billion Held in Local US Accounts
---------------------------------------------------------
Verne Burnett at Trinidad and Tobago Newsday reports that the
local business community is causing the continuing foreign
exchange problems they complain about by holding onto the US
dollars released into the financial system by the Central Bank.

Trade, Industry, Investment and Communications Minister Vasant
Bharath said that business people are buying up huge amounts of
the US dollars released into the system by the Central Bank and
holding it in US accounts in local banks, according to Trinidad
and Tobago Newsday.  The report notes that Minister Bharath said
there is some US$5 billion being held in such accounts while the
business community continues to complain about problems in getting
foreign exchange.

The report relays that Mr. Bharath, who is also Minister in the
Ministry of Finance and the Economy, made the remarks during a
panel discussion at the 59th Annual General Meeting and Business
Breakfast of the Trinidad and Tobago Manufacturers' Association
(TTMA) at the ballroom of the Hilton Trinidad and Conference
Centre, St Ann's.  Mr. Bharath told the packed ballroom that he
and Finance and Economy Minister Larry Howai, meet with the
Central Bank Governor every week to discuss the foreign exchange
issue, the report notes.

The report discloses that Mr. Bharath said the Central Bank had
put more money into the system this year than ever before.  In its
most recent public announcement on the foreign exchange situation,
which was issued on April 2, 2015, the bank said demand for
foreign exchange from the business community and the public
totaled US$625 million in March 2015, while supply of foreign
exchange amounted to US$595 million, leaving an overall gap of
US$30 million, the report relays.

The Central Bank said that in keeping with its program of
supporting the domestic foreign exchange market, it sold US$60
million to the banking system, completely offsetting the gap and
providing more than US$30 million in excess to be used in early
April 2015, the report discloses.

Arthur Lok Jack, chairman of Associated Brands Industries Limited,
who was also on the panel, said the problem in the country
relating to foreign exchange was one of confidence and there was a
distribution problem, the report relays.

Mr. Bharath said people must be persuaded to stop shifting their
funds from TT dollars into US dollars and keeping it in the banks
as some kind of safety valve in case something goes wrong, the
report notes.

"We need to have the confidence to understand that the balance
sheet of the country is good, it's not weak," Mr. Bharath said,
the report adds.


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


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

                                                         Total
                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------
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 conferences@bankrupt.com


                            ***********


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

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

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

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

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

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


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