TCRLA_Public/150609.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, June 9, 2015, Vol. 16, No. 112


                            Headlines



A R G E N T I N A

ARGENTINA: Ordered to Pay Additional $5.4 Bil. to Bondholders
BUENOS AIRES: S&P Keeps CCC- Rating on US$500M Notes After Add-on


C A Y M A N  I S L A N D S

BA 1998: Commences Liquidation Proceedings
BIENVILLE HEALTH: Placed Under Voluntary Wind-Up
CAL DIVE: Commences Liquidation Proceedings
HARBERT MACRO: Placed Under Voluntary Wind-Up
HARBERT MACRO MASTER: Placed Under Voluntary Wind-Up

KAWA SOLAR: Creditors' Proofs of Debt Due June 24
MEDIA TOOLS: Placed Under Voluntary Wind-Up
PARAMOUNT AIRCRAFT: Creditors' Proofs of Debt Due June 30
TYLER LIMITED: Creditors' Proofs of Debt Due June 24


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: 20%++ Fall in Exports Since 2012 'Alarming'
DOMINICAN REPUBLIC: Benchmark Rate From 5.25% to 5.0%
* DOMINICAN REPUBLIC: Cuban Foreign Ministers Eyes Stronger Ties


E C U A D O R

ECUADOR: Gets OPEC's Support in Dispute With Chevron


E L  S A L V A D O R

TELEMOVIL EL SALVADOR: Fitch Affirms 'BB' IDR; Outlook Stable


J A M A I C A

JAMAICA: Cuts Caricom Imports by Almost 40%


P E R U

CORPORACION PESQUERA: S&P Affirms Then Withdraws 'B' LT CCR


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Inflation Expected to Rise, Central Bank Says


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


=================
A R G E N T I N A
=================


ARGENTINA: Ordered to Pay Additional $5.4 Bil. to Bondholders
-------------------------------------------------------------
EFE News reports that U.S. District Judge Thomas Griesa has handed
down a new decision against Argentina in a long-running debt case,
ruling that the country must pay $5.4 billion to a group of "me-
too" creditors based on an equal-treatment provision in their bond
contracts.

The more than 500 plaintiffs hold debt that Argentina defaulted on
in 2001 and refused to join the vast majority of creditors in
accepting steep haircuts in 2005 and 2010 restructurings,
according to EFE News.

The report notes that Judge Griesa, a federal judge in Manhattan,
ruled in 2012 in favor of another group of holdout bondholders led
by two hedge funds -- NML Capital Ltd., a unit of Paul Singer's
Elliott Management Corp., and Aurelius Capital Management --,
ordering Argentina to pay them $1.3 billion plus interest.

The "me-too" creditors were not initially a part of that earlier
suit but later argued that they should also benefit from Griesa's
ruling, the report relays.

Argentina has refused to pay the holdout creditors, calling hedge
funds such as NML Capital "vulture funds," while also attempting
to pay the exchange bondholders, the report notes.

The report says that Judge Griesa wrote in his latest ruling that
by trying to pay the holders of restructured debt Buenos Aires is
violating a "promise to rank plaintiffs' bonds equally with its
later-issued external indebtedness."

Buenos Aires slammed the latest ruling, saying it will file an
appeal, the report notes.

"These plaintiffs are the same vulture funds that already obtained
a similar order in the past, but now they disguise themselves in
new cases like 'me-too' to exert more pressure" on Argentina to
reach a settlement, Argentine Economy Minister Axel Kicillof said,
the report discloses.

Buenos Aires and holdout creditors have been locked in a
longstanding legal battle that stems from a massive Argentine debt
default in 2001 amid a financial meltdown and economic depression,
the report relays.

The origins of the debt problem go back to Argentina's 1976-1983
military regime, which presided over a 465-percent expansion in
public indebtedness, the report adds.


                         *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court- appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001.  A U.S. judge had ruled that the
interest payment couldn't be made unless the hedge funds led by
Elliott Management Corp., got the US$1.5 billion they claimed.
The country hasn't been able to access international credit
markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.

On April 22, 2015, Moody's Investors Service expanded the portion
of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating
reflects the higher risk of default for both Argentina's
restructured foreign legislation debt (as before) and,
additionally now, its restructured local legislation foreign
currency obligations, as compared with the risk of default on
other debt instruments issued by Argentina.  Argentina's local
currency debt and its non-restructured foreign currency debt are
rated Caa1. The debt that remains in default since Argentina's
2001 default is rated Ca.


BUENOS AIRES: S&P Keeps CCC- Rating on US$500M Notes After Add-on
-----------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'CCC-' issue-level
rating on the province of Buenos Aires' (PBA's) $500 dollar-
denominated senior unsecured notes due 2021 unchanged following
the add-on of up to $533 million as the province launched a bond
exchange offer on June 2, 2015.  At the same time, S&P affirmed
its 'CCC-' foreign and local currency ratings on the PBA.  The
outlook remains negative.

RATIONALE

The province is offering an exchange for up to $500 million of its
outstanding $1.05 billion 11.75% international bond due Oct. 5,
2015.  The PBA will offer up to $533 million in new notes due 2021
in exchange for the existing bonds.  Overall, the province will be
issuing up to $1.03 billion notes due 2021.  S&P expects the
province to pay the non-tendered part of the eligible bond in
accordance to original terms and conditions and the risks
associated with the current rating on the PBA.

As per S&P's criteria, "Rating Implications Of Exchange Offers And
Similar Restructurings, Update," May 12, 2009, it don't consider
this exchange offer as tantamount to default because S&P believes
it doesn't meet the conditions to be considered as such.  Given
that the province is offering a premium above the market value of
the outstanding bonds (which currently trades above par value)
plus accrued and unpaid interest on such existing bonds, the offer
introduces an incentive to compensate investors for the lower
coupon and the maturity extension offered in the new bonds.

The foreign currency rating on the PBA reflects S&P's 'CCC-'
transfer and convertibility (T&C) risk assessment on Argentina
(foreign currency: SD/SD; local currency: CCC+/Negative/C).  S&P
do so to reflect the likelihood that the sovereign could restrict
the domestic entities' access to foreign currency for their debt
obligations.  Argentina's external liquidity continues to be
pressured, particularly due to the sovereign's default since
July 30, 2014.  In S&P's view, it has fully incorporated these
risks in its 'CCC-' foreign currency rating on the province.

Including the $500 million issuance, S&P expects PBA's total debt
to be more than ARP111 billion or about 43% of the province's
estimated 2015 operating revenues, compared with ARP90.3 billion
at the end of 2014.  Given the PBA's moderate debt level, S&P
don't believe this issuance will hurt the province's financial
profile.

A deteriorating macroeconomic environment--weak economic growth,
high inflation, a dual exchange rate, and uncertainty over medium-
terms prospects, which further exacerbate Argentina's volatile and
underfunded intergovernmental institutional framework--limits the
PBA's creditworthiness.  The province posted an operating surplus
of ARP3.3 billion, or 1.7% of operating revenues, in 2014, higher
than 0.2% in 2013.  This stems from ARP4.5 billion in
extraordinary nontax revenue following the 2013 debt restructuring
agreement with the federal government.  The PBA's deficit after
capex was 0.4% of total revenues.  S&P expects some volatility in
its fiscal results in 2015 and 2016 due to inflation of 35%-40%.
S&P also expects the province to tighten its revenue collection
while continuing to restrain the growth of its operating expenses
amid high inflation.

As of the end of 2014, the province's debt totaled ARP90.3
billion, almost 58% of which was denominated in foreign currency.
This factor underscores the PBA's exposure to currency risk
because adverse exchange rate movements could increase debt amid
the Argentine peso's consistent slide.  As of Dec. 31, 2014, PBA
owed 37.5% of its total debt to the federal government, 53.4% to
domestic and international bondholders, 7.8% to multilateral
credit organizations, and the remaining 1.3% to bilateral credit
agencies.

OUTLOOK

The negative outlook reflects S&P's expectations that further
restrictions to foreign currency access could jeopardize PBA's
ability to honor its financial obligations amid limited external
financing due to the sovereign's recent selective default.  S&P
could lower the ratings on the province in the next 12-18 months
if the central government further tightens its exchange control
regime, which could impair PBA's ability to service foreign
currency debt in 2015.  On the other hand, S&P could raise its
ratings if the risks of the sovereign's access to foreign currency
diminish.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Ratings Affirmed

Buenos Aires (Province of)
Issuer Credit Rating                   CCC-/Negative/--
Senior Unsecured                       CCC-


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


BA 1998: Commences Liquidation Proceedings
------------------------------------------
On May 12, 2015, the shareholders of BA 1998 Partners Fund LDC
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:

          Merrill Lynch Alternative Investments LLC
          c/o Jeff McGoey
          250 Vesey Street
          New York
          New York 10080
          United States of America
          Telephone: +1 (212) 449 3520


BIENVILLE HEALTH: Placed Under Voluntary Wind-Up
------------------------------------------------
On May 15, 2015, the sole shareholder of Bienville Health Science
Partners Master Fund, Ltd. resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          Bienville Capital Management, LLC
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


CAL DIVE: Commences Liquidation Proceedings
-------------------------------------------
On May 11, 2015, the sole shareholder of Cal Dive Offshore
Services, 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:

          Quinn J. Hebert
          Cal Dive Offshore International Ltd
          Telephone: (713) 361-2600
          Facsimile: (713) 587-7338
          2500 CityWest Blvd.
          Suite 2200, Houston
          Texas 77042
          USA


HARBERT MACRO: Placed Under Voluntary Wind-Up
---------------------------------------------
On May 15, 2015, the sole shareholder of Harbert Macro Offshore
Fund, Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Harbert Macro Fund GP, LLC
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


HARBERT MACRO MASTER: Placed Under Voluntary Wind-Up
----------------------------------------------------
On May 15, 2015, the sole shareholder of Harbert Macro Master
Fund, Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Harbert Macro Fund GP, LLC
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


KAWA SOLAR: Creditors' Proofs of Debt Due June 24
-------------------------------------------------
The creditors of Kawa Solar Investments Offshore Ltd. are required
to file their proofs of debt by June 24, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on May 18, 2015.

The company's liquidator is:

          SCL Limited
          Smeets Law (Cayman)
          Reference: JAPF
          Telephone: (+1) 345 815 2800
          Facsimile: (+1) 345 947 4728
          Suite 2206, Cassia Court
          72 Market Street, Camana Bay
          P.O. Box 32302 Grand Cayman, KY1-1209
          Cayman Islands


MEDIA TOOLS: Placed Under Voluntary Wind-Up
-------------------------------------------
On May 15, 2015, the sole shareholder of Media Tools Global
Services Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Waldyr Gozzi
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


PARAMOUNT AIRCRAFT: Creditors' Proofs of Debt Due June 30
---------------------------------------------------------
The creditors of Paramount Aircraft Leasing (Pal), Inc. are
required to file their proofs of debt by June 30, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 16, 2015.

The company's liquidator is:

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


TYLER LIMITED: Creditors' Proofs of Debt Due June 24
----------------------------------------------------
The creditors of Tyler Limited are required to file their proofs
of debt by June 24, 2015, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 15, 2015.

The company's liquidator is:

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


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


DOMINICAN REPUBLIC: 20%++ Fall in Exports Since 2012 'Alarming'
---------------------------------------------------------------
Dominican Today reports that the Industries Association (AIRD)
president Campos de Moya called the more than 20% fall in
Dominican Republic's domestic non-mining exports since 2012
"alarming."

"This means that for every five dollars we received for the value
of our non-mining domestic exports in the first quarter of 2012,
in the first quarter of 2015 we received one dollar," de Moya
said, according to Dominican Today.

Mr. de Moya said that although price fluctuation of some local
products can explain part of the decline, Dominican Republic has
yet to stay on track for sustained growth in exports, both in
volume and value, the report notes.

In a statement, the head of the AIRD said the Central Bank
confirmed a 5% fall in exports in the first quarter compared to
the same period a year ago and, as an economist already noted,
it's the most significant reduction posted in one quarter in the
past five years, and the third consecutive quarter of decline, the
report relates.

The report discloses that Mr. De Moya said that even putting gold
aside, which has had a significant drop in global prices, domestic
exports fell 4.3% in the first quarter compared with last year,
and prompted him to ask "what are we doing wrong that national
production has yet to fully stabilize our exports' sustained
growth? What are the economic and social implications of the
industrial policies that are implemented in Dominican Republic?"


DOMINICAN REPUBLIC: Benchmark Rate From 5.25% to 5.0%
-----------------------------------------------------
Dominican Today reports that the Central Bank disclosed a decrease
of its monetary policy benchmark rate for a third consecutive
month, in this occasion a decline of 25 basis points, from 5.25%
to 5.00% per annum starting June 1.

It said the decision places this year's cumulative rate reduction
at 125 basis points, according to Dominican Today.

According to the short term liquidity management formula, the
overnight rate is reduced from 3.75% to 3.50% per annum and the
rate of expansion facilities (repos) decreased from 6.75% to 6.50%
per annum, the report says.

Outlook

"The decision to cut the benchmark rate was adopted after
analyzing the national macroeconomic picture, especially the
balance of risks around inflation projections and the evolution of
the relevant international environment and its impact on market
expectations and the Dominican economy," the Central Bank said the
report notes.

"It's expected that the policy decision will impact positively on
economic growth without jeopardizing the inflation target in the
policy horizon," the central bank added, the report relays.


* DOMINICAN REPUBLIC: Cuban Foreign Ministers Eyes Stronger Ties
----------------------------------------------------------------
Dominican Today reports that the Dominican Foreign Affairs
minister Andres Navarro met with his Cuban counterpart Bruno
Rodriguez, aimed at bolstering bilateral ties between Havana and
Santo Domingo.

Mr. Navarro and Mr. Rodriguez discussed the upcoming CELAC-EU
Summit, the formation of a RD-Cuba Joint Commission, as well as
trade and cooperation within the changes in hemispheric relations,
according to Dominican Today.

"In the new foreign policy set forth by president Danilo Medina
stronger bilateral relations in the Caribbean is a priority and in
this context seek to boost ties with friendly countries like
Haiti, Puerto Rico, Cuba, Jamaica, Trinidad and Tobago, among
others," the official said, the report notes.



=============
E C U A D O R
=============


ECUADOR: Gets OPEC's Support in Dispute With Chevron
----------------------------------------------------
EFE News reports that the Organization of the Petroleum Exporting
Countries expressed support for Ecuador in an ongoing arbitration
process brought against that member nation by U.S. oil supermajor
Chevron Corp.

"The Conference (the oil cartel's top authority) expressed its
support to Ecuador in the exercise of its sovereign rights over
its natural resources, in accordance with international law," OPEC
said after a ministerial meeting in the Austrian capital,
according to EFE News.

OPEC called for "amicable negotiations and a good faith resolution
for the dispute, within a framework of utmost respect for the
sovereignty of Ecuador and without resorting to ex parte (for the
benefit of only one party) pre-judgement measures that would make
impartial solutions more difficult," the report relates.

U.S. oil company Texaco, which Chevron acquired in 2001, was
accused by residents of the northeastern village of Lago Agrio of
dumping billions of gallons of crude residue and toxic waste water
in a nearby area of the Ecuadorian Amazon between 1964 and the
early 1990s, the report discloses.

After a decades-long legal fight in the United States and Ecuador,
a Lago Agrio court ordered Chevron in 2011 to pay $19 billion in
damages for that pollution, the report says.

In a November 2013 decision, Ecuador's highest court, the National
Court of Justice, upheld the earlier verdict but lowered the
damages award to $8.6 billion, the report relays.

Chevron, which has no assets in Ecuador, has refused to pay,
saying the court rulings against the company there lack merit and
are the result of an unprecedented fraud, notes the report.

Besides fighting the case in Ecuador, Chevron filed an
international arbitration claim against Ecuador in 2009 before the
Permanent Court of Arbitration in The Hague, accusing the country
of violating its obligations under the U.S.-Ecuador bilateral
investment treaty, investment agreements and international law,
the report discloses.

Through that process, it is seeking to hold Ecuador accountable
for what it describes as the "denial of justice" that occurred
with the multi-billion-dollar pollution verdict, the report says.

Separately, Chevron secured a favorable ruling in March 2014 by a
New York federal court, which found that the Ecuadorian judgment
was the product of fraud and racketeering activity, the report
notes.

According to the report, the oil company said that Texaco ceased
operating in Ecuador in 1992 and that state-owned oil company
Petroecuador, which it says should be the target of the
plaintiffs' legal action, has been "the sole and exclusive owner
and operator of greatly expanded operations in the area from (that
year) to the present."

The pollution case was initially filed against Texaco in New York
in 1993, but after inheriting the lawsuit Chevron succeeded in
having it moved from the United States to Ecuador in 2003, four
years before President Rafael Correa came to power amid voter
anger at corruption and traditional politicians, the report
discloses.

Chevron, however, later said the case had become politicized under
the leftist Correa and that it could not receive a fair trial, the
report notes.

Although the oil company maintains that Texaco was cleared of any
liability for damages after performing remediation work in the
mid-1990s, plaintiffs say that 1998 agreement with the Ecuadorian
government of the time did not release it from third-party claims
and that Chevron is reneging on its pledge to abide by whatever
decision was handed down by the Ecuadorian courts, the report
says.

Chevron, however, says that 1990s agreement also released Texaco
from any liability for collective third-party claims, the report
notes.

The Ecuadorian plaintiffs have sought to enforce the judgment in
countries including Argentina, Canada and Brazil by asking courts
in those nations to seize Chevron's assets, the report adds.


====================
E L  S A L V A D O R
====================


TELEMOVIL EL SALVADOR: Fitch Affirms 'BB' IDR; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Telemovil El Salvador, S.A.'s foreign
and local currency Issuer Default Ratings at 'BB'.  The Rating
Outlook is Stable.  Fitch has simultaneously withdrawn the ratings
as the bonds were repaid.

KEY RATING DRIVERS

Telemovil's ratings reflect its leading market positions in the
mobile and pay-TV segment in El Salvador, backed by its well-
established network coverage and quality, and resultant strong
brand recognition.  The ratings also factor in Telemovil's strong
linkage with its parent, Millicom International Cellular S.A.
(MIC) (rated 'BB+' by Fitch), which helps Telemovil to achieve
synergies related to the larger scale of the parent and provides
expertise in management.

The company's credit quality is tempered by a persistently high
level of competition which continues to weigh on its market share
and cash flow generation.

RATING SENSITIVITIES

The company has completed the repayment of USD311 million notes in
April 2015, which were issued by Telemovil Finance Co., Ltd. and
fully guaranteed by Telemovil.  Fitch will no longer provide
ratings or analytical coverage of the issuer.


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


JAMAICA: Cuts Caricom Imports by Almost 40%
-------------------------------------------
RJR News reports that Jamaica has cut its imports from CARICOM by
almost 40 per cent in the first two months of 2015.

Imports from the region during January and February were valued at
US$80 million, down from US$131 million in the similar period a
year ago, according to RJR News.

Most of the decline was due to lower imports of oil from Trinidad
& Tobago, the report notes.

Food and chemical imports from the region also declined, the
report adds.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 5, 2015, Standard & Poor's Ratings Services raised its long-
term foreign and local currency sovereign credit ratings on
Jamaica to 'B' from 'B-'.  In addition, S&P affirmed the 'B'
short-term ratings on Jamaica.  The outlook on the long-term
ratings is stable.  S&P also raised the transfer and
convertibility assessment to 'B+' from 'B'.


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


CORPORACION PESQUERA: S&P Affirms Then Withdraws 'B' LT CCR
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and issue-level ratings on Corporacion Pesquera
Inca S.A.C. and removed them from CreditWatch negative following a
similar action on China Fishery Group Ltd. (CFG; Copeinca's parent
company).  S&P subsequently withdrew the ratings at Copeinca's
request.

At the time of the withdrawal, the rating on Copeinca mirrored
that of CFG (global scale: B/Stable/--).  On May 20, 2015, S&P
affirmed its ratings on CFG and removed them from CreditWatch
negative following the timely completion of its rights issue and
repayment of Copeinca's notes.  Therefore, Copeinca can now
provide a guarantee to the outstanding balance of CFG's
$650 million credit facility and $300 million notes.  Moreover,
S&P continues to view Copeinca as a "core" subsidiary of CFG,
based on the level of integration of the group's fishmeal
operations in Peru.  Copeinca's significant contribution to the
group's cash flows and consolidated revenue base, because it
generates about 80% of CFG's sales, also supports S&P's
assessment.

The stable outlook on Copeinca at the time of the withdrawal
mirrored that on CFG and reflected S&P's expectation that CFG
won't breach its financial covenants and will lower its leverage,
but would remain vulnerable to volatility cash flows.


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


* TRINIDAD & TOBAGO: Inflation Expected to Rise, Central Bank Says
------------------------------------------------------------------
Daily Express reports that Trinidad and Tobago's rate of inflation
is expected to rise this year because of pressure on food prices
and continued spending on motor vehicles and other goods, the
Central Bank has warned.

The bank said its Monetary Policy Committee was concerned about
rising inflationary pressures, according to Daily Express.

The report notes that this was disclosed during the latest
Monetary Policy Forum, hosted by the San Juan Business
Association, at the House of Angostura, Laventille.

A Central Bank statement released at the meeting said: "Based on
the recently rebased Retail Prices Index, headline inflation stood
at almost six per cent in April 2015, the report discloses.  Core
inflation accelerated to a ten-month high of around two per cent
in April 2015," the report relays.

The report notes that it said the committee expects inflationary
pressures to further pick up in the rest of 2015 due to a number
of factors:

   -- the rainy season has begun with the possibility of flooding
      causing disruptions to agricultural supplies and the
      attendant effect on food price inflation, which continues to
      drive overall headline inflation. As at April 2015, food
      inflation stood at nine per cent, close to double-digit
      territory;

   -- growth of consumer credit remains strong, suggesting
      consumers are still willing to borrow to finance the
      purchase of new motor vehicles and other consumer durables,
      despite subdued economic conditions.

"We expect recently concluded wage agreements with teachers and
civil servants, as well as successful settlement of outstanding
negotiations with the Police, Fire and Prison services to increase
consumer spending and inflationary pressures," the Central Bank
stated, the report discloses.


=================
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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