TCRLA_Public/150507.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

            Thursday, May 7, 2015, Vol. 16, No. 089


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: A&BWU to Issue Statement on Banking Act


B R A Z I L

BRAZIL: Citizens Protest as Party Vows to Clean Graft From Rank


C A Y M A N  I S L A N D S

ACCELERATOR CAPITAL: Shareholders' Final Meeting Set for May 22
CF HOLDINGS: Shareholder to Hear Wind-Up Report on June 5
FRONT STREET: Shareholders' Final Meeting Set for May 19
GPF PROPERTY: Shareholders' Final Meeting Set for May 22
KB KOOKMIN: Shareholder to Hear Wind-Up Report on June 5

KOREA FIRST: Shareholder to Hear Wind-Up Report on June 5
MINDSPRING LIMITED: Shareholders' Final Meeting Set for June 4
ORF PROPERTY: Shareholders' Final Meeting Set for May 22
SRF PROPERTY: Shareholders' Final Meeting Set for May 22
STEEP ROCK: Shareholders' Final Meeting Set for May 22

VALHOLL LTD: Members' Final Meeting Set for June 11


C O L O M B I A

AVIANCA HOLDINGS: S&P Revises Outlook to Stable & Affirms 'B+' CCR


J A M A I C A

* JAMAICA: Byles Expecting Growth in Manufacturing This Year
* JAMAICA: Tax Administration Ups Court Dates for Delinquents


M E X I C O

* MEXICO: Remittances to Rise 4.9% in First Quarter


P E R U

CAMPOSOL S.A.: S&P Affirms 'B' CCR; Outlook Remains Stable


T R I N I D A D  &  T O B A G O

CARIBBEAN AIR: Taps Dionne Ligoure as Corp. Communications Head



                            - - - - -


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


ANTIGUA & BARBUDA: A&BWU to Issue Statement on Banking Act
----------------------------------------------------------
The Daily Observer reports that the Antigua & Barbuda Workers
Union (A&BWU) will be holding further talks with workers in the
banking sector on the way forward for the controversial Banking
Act of 2015.

Senior Industrial Relations Officer, Chester Hughes said the union
was to hold a meeting May 6, and following that a statement will
be released on the matter, according to The Daily Observer.

The report notes that the planned meeting came weeks after Prime
Minister Gaston Browne promised "minor" changes would be made to
the Act, to which several stakeholders have objected.

The union is far from pleased about the prime minister's statement
on the issue in the subsequent parliamentary debate, the report
relates.

"The prime minister did make one change and there are some
concerns that we have based on what was said in Parliament during
the debate that we have to put to our membership.  Also, with the
issue with regards to the change from officers to directors, he
would have pedalled back on that issue," the report quoted Mr.
Hughes as saying.

Mr. Hughes said the union feels very strongly about the issue,
because some people who are not general decision-makers would be
caught in the loop, the report notes.

"Although the prime minister's exclamation was the whole question
of culpability and collusion, we feel that the whole question of
officers and directors should be properly defined.  We drew it to
the attention of the government and they have failed to address
it," Mr. Hughes said, the report relates.

The report notes that in a previous interview, the PM noted,
"There were two major concerns; one, the absence of the word
'severance' which we will include, and the use of the word
'officer' which will be substituted with 'director.'"

The report relays that Mr. Browne's promise was preceded by weeks
of intense debate and agitation amongst trade unions and hundreds
of bank workers who signed a petition which was also submitted to
his office.

The bank workers and their union were demanding that changes be
made to the Bill, which gives the regulators wide ranging powers
to appoint and dismiss directors, grant licenses and take action
to prevent the collapse of banks in the OECS, before it is brought
to Parliament, the report notes.

The Act has already been passed in St Lucia and St Vincent &
Grenadines and had its First Reading in the Parliament of Antigua
& Barbuda in March, the report relays.

Last week Grenada became the second country to raise concern about
the proposed law, the report adds.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2014, The Daily Observer said that Antigua & Barbuda
could soon find itself in the company of Japan, Zimbabwe, and
Greece, the countries with the highest national debts.

In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer.  However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report noted.

Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report related.


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


BRAZIL: Citizens Protest as Party Vows to Clean Graft From Rank
--------------------------------------------------------------
Anna Edgerton at Bloomberg News reports that Brazilians in cities
including Sao Paulo, Rio de Janeiro and Brasilia staged
demonstrations as the ruling party took to airways to defend
itself from allegations of corruption.

Engaging in a traditional form of protest for Latin America, some
Brazilians on the evening of May 5 banged pots and pans while the
Workers' Party aired a television spot pledging to ban members who
have been convicted of corruption, according to Bloomberg News.
President Dilma Rousseff and her predecessor, Luiz Inacio Lula Da
Silva, are members of the party, known as PT.

The report notes that the 10-minute PT commercial follows charges
that the party received millions of dollars in illegal campaign
money.  It denies the allegations, the report relates.

More than one million Brazilians in March took to the streets to
vent discontent over the deepening economic malaise and charges of
government graft, the report discloses.

President Rousseff, whose approval rating is at a record low,
didn't appear in the commercial, the report adds.


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


ACCELERATOR CAPITAL: Shareholders' Final Meeting Set for May 22
---------------------------------------------------------------
The shareholders of Accelerator Capital Fund Inc. will hold their
final meeting on May 22, 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:

          Accelerator Capital Management Inc.
          c/o Peter Rizakos
          200 King Street West, Suite 1902
          Toronto
          Ontario M5H3T4
          Canada
          Telephone: +1 (416) 640 4256


CF HOLDINGS: Shareholder to Hear Wind-Up Report on June 5
---------------------------------------------------------
The shareholder of CF Holdings (II) Limited will hear on June 5,
2015, at 10:15 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


FRONT STREET: Shareholders' Final Meeting Set for May 19
--------------------------------------------------------
The shareholders of Front Street Life and Annuity SPC will hold
their final meeting on May 19, 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:

          Stuart Jessop
          Advantage International Management (Cayman) Ltd.
          Regatta Office Park, 5th Floor, Windward 3
          P.O. Box 2185 Grand Cayman KY1-1105
          Cayman Islands
          c/o Niall Hanna
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4201


GPF PROPERTY: Shareholders' Final Meeting Set for May 22
--------------------------------------------------------
The shareholders of GPF Property Holdings Limited will hold their
final meeting on May 22, 2015, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Jane Fleming
          c/o Jane Fleming or Jean Ebanks
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands


KB KOOKMIN: Shareholder to Hear Wind-Up Report on June 5
--------------------------------------------------------
The shareholder of KB Kookmin Card First International Ltd. will
hear on June 5, 2015, at 10:30 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


KOREA FIRST: Shareholder to Hear Wind-Up Report on June 5
---------------------------------------------------------
The shareholder of Korea First Mortgage No. 9 Limited will hear on
June 5, 2015, at 10:45 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MINDSPRING LIMITED: Shareholders' Final Meeting Set for June 4
--------------------------------------------------------------
The shareholders of Mindspring Limited will hold their final
meeting on June 4, 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:

          Alexandria Bancorp Limtied
          The Grand Pavilion Commercial Centre
          802 West Bay Road
          P.O. Box 2428 Grand Cayman KY1-1105
          Cayman Islands
          Telephone: (345) 945-1111
          Facsimile: (345) 945-1122


ORF PROPERTY: Shareholders' Final Meeting Set for May 22
--------------------------------------------------------
The shareholders of ORF Property Holdings Limited will hold their
final meeting on May 22, 2015, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Jane Fleming
          c/o Jane Fleming or Jean Ebanks
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands


SRF PROPERTY: Shareholders' Final Meeting Set for May 22
--------------------------------------------------------
The shareholders of SRF Property Holdings Limited will hold their
final meeting on May 22, 2015, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Jane Fleming
          c/o Jane Fleming or Jean Ebanks
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands


STEEP ROCK: Shareholders' Final Meeting Set for May 22
------------------------------------------------------
The shareholders of Steep Rock Russia Fund, Ltd. will hold their
final meeting on May 22, 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:

          Steep Rock Russia General Partner, Ltd.
          c/o Kevin Hurley
          Steep Rock Limited
          104/3 Nizhegorodskaya UI
          Moscow 109052, Russia
          Telephone: +7 (495) 671 5968


VALHOLL LTD: Members' Final Meeting Set for June 11
---------------------------------------------------
The members of Valholl, Ltd. will hold their final meeting on
June 11, 2015, at 4:00 p.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


===============
C O L O M B I A
===============


AVIANCA HOLDINGS: S&P Revises Outlook to Stable & Affirms 'B+' CCR
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook on Avianca Holdings S.A. to stable from positive.  At the
same time, S&P affirmed its 'B+' corporate credit rating and its
'B' issue-level rating on the company's $550 million senior
unsecured notes due 2020.

"The outlook revision reflects a lack of improvement in Avianca's
key financial metrics as we had previously expected.  This was
mainly a result of redistribution of capacity, still high oil
prices during most of 2014, and the impact of the devaluation of
some Latin American currencies," Standard & Poor's credit analyst
Francisco Gutierrez.  "Although we expect some improvements in the
next few years, we expect Avianca's key credit metrics to remain
in line with its "aggressive" financial risk profile."

S&P's issue rating on the notes is one notch lower than its
corporate credit rating on Avianca, reflecting the structural
subordination of the notes to existing secured debt.  Under S&P's
criteria, operating leases and other aircraft financing are
assumed to be senior secured obligations with priority of payment
relative to unsecured debt.  Currently, Avianca's secured debt
represents about 35% of its total assets.

Avianca's "weak" business risk profile reflects the company's
smaller size than those of its peers; the relatively small and
competitive markets in which it operates; high geographic
concentration of operations, particularly in Colombia with about
45% of total revenues; and inherent risks of the airline industry
such as its cyclical nature that results in wide fluctuations in
supply and demand, capital intensity, exposure to foreign exchange
fluctuations, and the volatility in operating margins due to jet
fuel price swings.  In S&P's view, the mitigating factors are
Avianca's leading position in the airline markets where it
operates; efficient and well-integrated operations; an
increasingly larger, younger, and more efficient fleet; increased
international and domestic routes and frequencies; stronger cargo
business, frequent flyer program, and ancillary businesses; cost-
savings initiatives, and favorable and more stable margins.

S&P's assessment of the company's "aggressive" financial risk
profile reflects Avianca's mostly debt-financed growth strategy,
significant fleet renewal, and expansion program that results in
high capital expenditures and increased debt, leveraged capital
structure, and its low, but improving, cash flow generation.  In
S&P's opinion the company's margins will benefit from currently
low oil prices, which should adjust gradually in the next two to
three years.

For the 12 months ended Dec. 31, 2014, Avianca's consolidated debt
to EBITDA was 5.3x, funds from operations (FFO) to debt was 13.1%,
and EBITDA interest coverage was 3.5x, which were weaker than
S&P's expectations of less than 4.0x, about 21%, and about 5.0x,
respectively.  This stemmed from mainly from lower-than-expected
sales growth due to challenging market conditions-such as foreign
exchange devaluation, deployment of capacity, and continued
decrease in fares--higher operating costs related mainly to ground
operations, maintenance, repairs, and aircraft rentals and
traffic; and additional debt related mostly to fleet financing.

S&P's base-case scenario assumes:

   -- Colombia's and Latin America's GDP growth of about 3.5% and
      of 0.8% in 2015 and 4.0% and 2.7% in 2016, respectively.

   -- Revenue growth of about 1% in 2015 due to the abovementioned
      factors and about 9% in 2016 mainly owing to the
      consolidation of expanded capacity, new routes, and cargo
      business, and improved macroeconomic conditions.

   -- Oil prices of $50-$70 per barrel and increasing year over
      year for the next three years, according to our price deck.
      EBITDA of about $950 million in 2015 and $1 billion in 2016
      mainly due to lower fuel consumption--given depressed oil
      prices and a new fleet--lower maintenance and repair costs,
      and other operating efficiencies.

   -- Capital expenditures (capex) of about $840 million in 2015
      and $620 million in 2016 with about 70% and 60% of these
      amounts for fleet renewal, respectively.

   -- Additional debt of about $800 million in 2015 and $350
      million in 2016, 50%-70% of which is for fleet financing and
      the rest for other corporate projects.

   -- Dividend payment of about $38 million in 2015 and $42
      million in 2016.

Based on the assumptions, S&P arrives at these credit measures in
2015 and 2016:

   -- EBITDA margin of about 20%.
   -- Debt to EBITDA of 4.0x-4.5x.
   -- FFO to debt of 15%-20%.
   -- Free operating cash flow to debt of about -4% in 2015 and 5%
      in 2016.

S&P views Avianca's liquidity as "adequate," based on S&P's view
that the company's sources of liquidity will exceed its uses by at
least 1.2x in 2015 and 2016 even if S&P's forecasted EBITDA
declines by 30%.  Avianca currently holds approximately $281
million of cash in Venezuelan bank accounts, and S&P considers
that it's highly unlikely for the company to repatriate those
funds in the short term.  Therefore, S&P is excluding that portion
of cash from its analysis.

Principal liquidity sources:

   -- Cash and short-term investments of about $362 million as of
      Dec. 31, 2014, which excludes the portion trapped in
      Venezuela.

   -- Projected FFO of about $490 million in 2015.

   -- Contracted debt of about $35 million in 2015 for fleet
      renewal.

Principal liquidity uses:

   -- Debt payments of about $462 million in 2015.
   -- Working capital requirements of about $15 million in 2015.
   -- Capital expenditures of about $200 million in 2015 mostly
      used for maintenance purposes.
   -- Dividend payments of about $38 million in 2015.

S&P's liquidity analysis also incorporates qualitative factors,
including its view that the company has a good relationship with
local banks, good standing in the debt market, and generally
prudent risk management.

Mr. Gutierrez added: "The stable outlook incorporates our
expectation that the company will maintain its key credit ratios
in line with its "aggressive" financial risk profile in the next
two years, including debt to EBITDA of less than 5.0x and its FFO
to debt well above 12%, amid Latin America's more challenging
macroeconomic conditions."

A downgrade is possible if adverse industry conditions, such as
lower-than-expected economic growth, a prolonged spike in jet fuel
prices, increased competition, or the incurrence of additional
debt for fleet renewal program weaken the company's operating
margins and debt to EBITDA to more than 5.0x on a sustained basis.

Although unlikely in the short to medium term, S&P could raise the
ratings if the company's operating performance is above its
expectations, which would result in debt to EBITDA below 4.0x and
FFO to debt above 20%.


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


* JAMAICA: Byles Expecting Growth in Manufacturing This Year
------------------------------------------------------------
RJR News reports that Richard Byles, Co-Chairman of Jamaica's
Economic Policy Oversight Committee (EPOC) has tapped the
manufacturing sector for growth this fiscal year.

Mr. Byles, giving his monthly review of the performance of the
economy on May 5, said he was expecting the economy to grow by
2.5% and that manufacturing will play its role in that
achievement, according to RJR News.

The report notes that expectation of manufacturing growth was
helped by more favorable energy costs, Mr. Byles said.

The decline in manufacturing "has bottomed out" towards the end of
2013/ or the beginning of 2014, Mr. Byles said, as a result of
which "we should see some growth out of that this year," the
report adds.

                         *     *     *

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


* JAMAICA: Tax Administration Ups Court Dates for Delinquents
-------------------------------------------------------------
RJR News reports that Stephanie Smith, Property Tax Regional
Manager with Tax Administration Jamaica (TAJ) said the agency has
intensified efforts by the agency to take court action against tax
delinquents, increasing to two, the number of monthly court dates
for property tax delinquents.

Ms. Smith said court action has proved to be effective in getting
persons to pay outstanding property tax, according to RJR News.

Ms. Smith said prior to court action, however, the TAJ uses moral
suasion via telephone calls and notices to get persons to pay
their property tax, the report notes.

In some cases, arrangements are made for delinquent persons to pay
50 per cent up front and the remainder in three months, the report
relates.

                           *     *     *

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


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


* MEXICO: Remittances to Rise 4.9% in First Quarter
---------------------------------------------------
EFE News reports that remittances sent to Mexico by emigrants
totaled $5.7 billion in the first quarter, up 4.9 percent compared
to the same period last year, the Bank of Mexico said.

The average remittance was $297.53 in the January-March period, up
slightly from the $296.10 average registered in the same period in
2014, according to EFE News.

The report notes that the number of transactions climbed from
18.44 million in the first quarter of 2014 to 19.25 million in the
same period this year, with the majority of remittances sent via
electronic funds transfers, the central bank said.

Mexico received $23.64 billion in remittances in 2014, a figure
that was up 8 percent from 2013, the report relates.

Remittances sent by Mexicans living abroad, mainly in the United
States, are the country's second-largest source of foreign
exchange, after oil, and help cover the living expenses of
millions of people, the report adds.


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


CAMPOSOL S.A.: S&P Affirms 'B' CCR; Outlook Remains Stable
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit and issue-level ratings on Camposol S.A.  The outlook on
the corporate credit rating remains stable.

Camposol's "vulnerable" business risk profile reflects the
company's smaller scale of operations than those of other global
agribusiness rated firms, its asset concentration in Peru, its
product concentration and its exposure to risks beyond its control
such as adverse weather conditions, international trade barriers,
agricultural harvest productivity, and earnings volatility.

The mitigating factors are Camposol's leading market position in
the exportation of asparagus and avocados, thanks to a favorable
production location.  Moreover, S&P believes that Camposol's
vertical integration, increasing product mix diversity--
particularly from shrimp and blueberries--some operating
efficiencies from economies of scale, and cost-saving initiatives
may help bolster profitability.

Camposol's "aggressive" financial risk profile reflects the
fluctuating nature of its working capital and significant
investments to support its expansion strategy, which has led to
negative FOCF generation and higher debt.  It also reflects the
volatility of the company's credit metrics due to its commodity-
oriented business.


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


CARIBBEAN AIR: Taps Dionne Ligoure as Corp. Communications Head
---------------------------------------------------------------
Trinidad Express reports that Caribbean Airlines Limited has
appointed Dionne Ligoure to the position of Head Corporate
Communications, effective May 1.

Ms. Ligoure has oversight of Caribbean Airlines' media and public
relations, crisis communication, employee communication and
corporate social responsibility, according to Trinidad Express.

"Ms. Dionne brings passion, energy and over 15 years professional
experience to this critical position in Caribbean Airlines. She
has worked in international and multi-cultural environments in the
Caribbean, the United States and Europe, and we welcome her to the
Caribbean Airlines team," CAL chief executive Michael DiLollo said
in a statement obtained by the news agency.

The report notes that Ms. Ligoure started her airline career in
1995 and has held a number of communications positions of
increasing responsibility.

Ms. Ligoure holds a Master of Science, Information and
Communication Sciences and a BSc Management Studies.  She replaced
former CAL communications manager Clint Williams who left the
company last year, the report notes.

                  About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on July
11, 2014, Trinidad and Tobago Newsday said that Caribbean Airlines
is facing another loss.  However, Finance Minister Larry Howai is
hopeful the loss could be narrowed down to less than TT$100
million, according to Trinidad and Tobago Newsday.  Mr. Howai
noted the airline industry is not the easiest and many airlines
have gone bankrupt at some point.

Citing Caribbean360.com, the TCRLA on May 20, 2013, said Minister
Howai said Caribbean Airlines Limited recorded losses estimated at
US$70 million in 2012.  In 2011, CAL had recorded losses of US43.7
million.


                            ***********


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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