TCRLA_Public/150616.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 16, 2015, Vol. 16, No. 117


                            Headlines



A N T I G U A  &  B A R B U D A

* CENTRAL MARKETING: Workers Await Pension and Gratuity


A R G E N T I N A

CAMUZZI GAS: Moody's Affirms Caa1 CFR, Alters Outlook to Negative
CMA FCI ABIERTO: Moody's Withdraws B-bf Global Scale Rating
GAS NATURAL: Moody's Affirms Caa1 Global Scale CFR, Outlook Neg


B A H A M A S

BAHAMAS: Challenging Times Still Ahead for Economy, IMF Says


B A R B A D O S

BARBADOS: Offers More Savings Bonds After 2 Sets Sell Out in Days


B E R M U D A

GLOBAL ATLANTIC: Moody's Affirms LT Issuer Rating at Ba1


B R A Z I L

BANCO PINE: S&P Cuts LT Global Scale Rating to 'BB'; Outlook Neg.
CIMENTO TUPI: Fitch Lowers Issuer Default Rating to 'RD'
COMPANHIA SIDERURGICA: Fitch Lowers IDR to 'BB'; Outlook Negative
OI BRASIL: Moody's Rates EUR750MM Proposed Sr. Unsec. Notes at Ba2


C A Y M A N  I S L A N D S

BIENVILLE HEALTH: Shareholder to Hear Wind-Up Report on June 17
CAL DIVE: Shareholder to Hear Wind-Up Report on June 26
HARBERT MACRO: Shareholder to Hear Wind-Up Report on June 17
HARBERT MASTER: Shareholder to Hear Wind-Up Report on June 17
KAWA SOLAR: Shareholders' Final Meeting Set for June 26

MEDIA TOOLS: Shareholder to Hear Wind-Up Report on June 17
PARAMOUNT AIRCRAFT: Shareholders' Final Meeting Set for June 30
PARTNERS FUND: Shareholders' Final Meeting Set for June 18
PROVIDENCE MASTER: Shareholder to Hear Wind-Up Report on June 29
PROVIDENCE SPECIAL: Shareholder to Hear Wind-Up Report on June 29

SCHAHIN II FINANCE: S&P Keeps Notes' 'CC' Rating on Watch Neg.


C H I L E

CHILE: Keeps Key Rates Unchanged Amid Sluggish Growth


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


* CENTRAL MARKETING: Workers Await Pension and Gratuity
-------------------------------------------------------
The Daily Observer reports that after two or three years of
anxious waiting, a number of retirees at the Central Marketing
Corporation have been promised that they should be receiving their
pensions and gratuity soon.

The retired employees who have not been paid for several months
are hopeful they would get the promised cash in the near future,
after hearing that government has approved the release of the
monies to pay them, according to The Daily Observer.

About one dozen people are on the list to be paid either pension
or gratuity, the report notes.  The former employees, specifically
those who are owed pension, have been getting monies periodically,
but are owed for several months, if not at least a year, the
report relates.

Agriculture Minister Arthur Nibbs, under whose purview CMC falls,
said Cabinet made a decision to pay the workers, the report notes.

"They have been running up and down about their payment of pension
and gratuity and on (Wednesday, June 10) it was ratified so that
at least EC$500,000 would be made available so that we could make
good on payment of pension and gratuity to employees there at
CMC," Nibbs said on ZDK Liberty Radio, the report discloses.


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


CAMUZZI GAS: Moody's Affirms Caa1 CFR, Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Latin America affirmed Camuzzi Gas Pampeana S.A.'s
(Pampeana) Caa1 corporate family rating and downgraded its
national scale rating to Baa3.ar from Baa2.ar. In addition,
Moody's changed to negative from stable the rating outlook.

Despite the recently announced approval of the financial aid
(Resolution 362) that will be provided by the federal government
to the local gas distribution companies, the downgrade and outlook
change for Pampeana considers this, as a transitory measure since
it does not solve the weak fundamentals of the gas distribution
business or address the unpredictability of the current regulatory
framework. Moody's recognizes that with the extra funds Pampeana
will be able to operate more comfortably from a cash flow
perspective during the balance of this year; however, Moody's does
not believe this financial assistance is a real solution for the
company's materially weakened business model. In addition, any
further cash needs emerging from continued increased costs driven
by the current high inflation rates in Argentina will make the
company clearly more dependent on periodic government handouts,
rather than on its own ability to charge the real cost of its
operations to its customers.

Similar to this latest measure, Moody's had viewed the
implementation of the fixed charge to consumers in December 2012
and the tariff increase in April 2014 as positive steps toward
establishing some regulatory support for the gas distribution
sector; however, those measures proved to be insufficient for the
utility to contend with increasing costs driven by the current
high rate of inflation. In addition, after the regulator
authorized the new tariff last year, several preliminary
injunctions issued by different courts prevented Pampeana from
charging the authorized new tariff to consumers located in a
substantial portion of its concession area. Consequently, the
intended benefit of the tariff increase was severely limited
causing Pampeana to report a negative operating margin (-11%) in
2014 versus the positive 4.2% margin registered in 2013 resulting
in cash flows in 2014 being less than half of those generated in
2013.

Pampeana's Baa3.ar national scale rating reflects the company's
still fair credit metrics mainly derived from its low leveraged
operations as well as the positioning of the company relative to
other regulated companies operating within the country.

The Caa1 global scale rating remains constrained by the company's
exposure to the unpredictable regulatory framework prevailing in
Argentina for gas distribution utilities which is also a key
consideration underpinning the negative outlook.

Debt & Liquidity Profile

Despite the negative operating margin and lower cash flow Pampeana
has now almost no debt outstanding. In fact, the company's debt
levels have remained low for several years. The company only
incurs some debt when it uses its bank credit lines to finance its
seasonal working capital needs and, as such, this usage is
typically paid down soon after the winter season. Although debt
levels are likely to rise again during the upcoming winter season,
Moody's expect Pampeana's overall leverage to remain low.

The company's liquidity position is considered adequate. As of
March 31st, Pampeana had cash balances of approximately ARS 100
million and no short term bank debt outstanding. Nevertheless, the
company will need to maintain its access to bank credit lines to
finance its seasonal cash needs. As such, continued access to
those bank credit lines remains a key rating consideration. The
anticipated cash grants from the government will undoubtedly
enhance the company liquidity position over the balance of the
year.

Moody's note, however, that Pampeana has accumulated a sizable
amount of commercial debt which reached ARS 552 million at the end
of March 2015, almost doubling the amount outstanding at year-end
2013. This amount of commercial debt has been built-up as a result
of delaying payments to the gas producers that provide gas to the
company.

Similar to other regulated electric and gas utilities operating in
Argentina, delaying the payment of the trade payables of their
primary suppliers is the financing mechanism that utilities have
been forced to use to fund their operations given the insufficient
cash flows being generated from their regulated business
operations which, in the opinion, is sustainable only as long as
the government has the financial wherewithal to continue to
provide the subsidies and/or support to the respective electricity
and gas suppliers operating in Argentina. Resolution 362
establishes that a portion (yet to be defined by Enargas) of the
additional funds to be provided by the government in monthly
installments should be applied to repay the amounts owed to gas
producers and that no new trade debt should be incurred during
this year. However, beyond 2015 Pampeana will need additional
funding to be able to continue operating without relying on trade
financing from its gas suppliers, which in the opinion constitutes
an unsustainable business model.

Rating Outlook

The negative outlook for Pampeana mainly reflects expectation of
continued deterioration in credit metrics and cash flows beyond
2015 absent an effective mechanism for the company to recover the
continuing inflation driven increase in its operating costs. The
negative outlook also reflects the increased linkage to the credit
quality of the Argentine government (Caa1 Negative) given the
increased dependence of Pampeana on government funding.

What Could Change the Rating - Down:

Additional pressure for a rating downgrade could materialize if
the funding provided by Resolution 362 proves to be insufficient
to cover all of the company's cash needs, including increasing
expenses, debt repayment to gas producers and ongoing capital
expenditures. If margins and cash generation continues to
deteriorate resulting in an inadequate liquidity position the
ratings are likely to be further downgraded.

What Could Change the Rating -- Up:

In light of the negative outlook and recent downgrade, limited
prospects exist for a rating upgrade. However, a reliable ability
to recover costs, positive levels of cash flows and a more
transparent regulatory environment for the company's operations
would be important for any stabilization of the outlook or upgrade
consideration. A further up-grade of the national scale rating
would also require the resolution of the pending tariff review
(RTI) process.

Camuzzi Gas Pampeana S.A. ("Pampeana") is an Argentinean gas
distribution utility, operating in Buenos Aires and La Pampa
Provinces, with over 1.2 million clients and annual revenues of
about AR$ 1300 million. Pampeana is controlled by Sodigas Pampeana
through its holding of 86% of Pampeana's shares. Sodigas' current
controlling shareholders are Camuzzi and Jismol S.A. The remaining
14% of Pampeana floats in the Buenos Aires Stock Exchange.


CMA FCI ABIERTO: Moody's Withdraws B-bf Global Scale Rating
-----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
withdrawn the ratings of CMA FCI Abierto Pymes managed by Capital
Markets Argentina S.A.S.G.F.C.I. (CAPM).

The ratings of the following bond fund have been withdrawn:

  -- CMA FCI Abierto Pymes - global scale rating and national
     scale ratings were withdrawn at B-bf and A-bf.ar,
     respectively.

Moody's has withdrawn the ratings for its own business reasons.

The principal methodology used in this rating was Moody's Bond
Fund Rating Methodology published in May 2013.

CAPM, part of a well-known local and independent financial group,
is a mid-sized asset manager in the Argentinean mutual fund
Industry with a 0.6% market share. As of May 2015, CAPM managed
assets of approximately AR$920.9 million ($102.5 million).


GAS NATURAL: Moody's Affirms Caa1 Global Scale CFR, Outlook Neg
---------------------------------------------------------------
Moody's Latin America downgraded Gas Natural Ban S.A.'s (GNB)
national scale rating to Baa3.ar from Baa2.ar and affirmed Caa1
global scale corporate family rating. Moody's also changed to
negative from stable the rating outlook.

Despite the recently announced approval of the financial aid
(Resolution 362) that will be provided by the federal government
to the local gas distribution companies, the downgrade and outlook
change for GNB considers this as a transitory measure since it
does not solve the weak fundamentals of the gas distribution
business or address the unpredictability of the current regulatory
framework. Moody's recognizes that with the extra funds GNB will
be able to operate more comfortably from a cash flow perspective
during the balance of this year; however, Moody's does not believe
this financial assistance is a real solution for the company's
materially weakened business model. In addition, any further cash
needs emerging from continued increased costs driven by the
current high inflation rates in Argentina will make the company
clearly more dependent on periodic government handouts, rather
than on its own ability to charge the real cost of its operations
to its customers.

Similar to this latest measure, Moody's had viewed the
implementation of the fixed charge to consumers in December 2012
and the tariff increase in April 2014 as positive steps toward
establishing some regulatory support for the gas distribution
sector; however, those measures proved to be insufficient for the
utility to contend with increasing costs driven by the current
high rate of inflation, as evidenced by GNB negative operative
margin (6.4%) in 2014 down from the positive 5% margin reported in
2013.

GNB's Baa3.ar national scale rating reflects the company's still
fair credit metrics mainly derived from its low leveraged
operations as well as the positioning of the company relative to
other regulated companies operating within the country.

The Caa1 global scale rating remains constrained by the company's
exposure to the unpredictable regulatory framework prevailing in
Argentina for gas distribution utilities which is also a key
consideration underpinning the negative outlook.

Debt & Liquidity Profile

GNB's leverage has decreased steadily during the past several
years and remains at very low levels. Debt to book capitalization
stood at 10,0% as of December 2014, while debt to EBITDA rose to
1.4 times from less than 0.5 times at year-end 2013 due to the
lower level of EBITDA generated last year. Nominal debt amounts
continued to decline while the debt maturity profile also improved
as short term debt declined to only ARS 30 million or 50% of total
debt given the materially increased reliance on trade payables.
GASBAN's liquidity has been historically characterized by a high
proportion of short-term debt on its balance sheet. The company's
current total debt outstanding of ARS 59 million appears
manageable considering GNB's internal cash generation of ARS 214
million during 2014 which importantly included ARS 224 million of
working capital financing. As a result, GNB has built up sizable
amount of commercial debt from delaying payments to its gas
suppliers. At the end of March 2015, GNB's trade payables stood at
ARS 997 million nearly double the amount outstanding at year-end
2013.

Similar to other regulated electric and gas utilities operating in
Argentina, delaying the payment of the trade payables of their
primary suppliers is the financing mechanism that utilities have
been forced to use to fund their operations given the insufficient
cash flows being generated from their regulated business
operations which, in Moody's opinion, is sustainable only as long
as the government has the financial wherewithal to continue to
provide the subsidies and/or support to the respective electricity
and gas suppliers operating in Argentina. Resolution 362
establishes that a portion (yet to be defined by Enargas) of the
additional funds to be provided by the government in monthly
installments should be applied to repay the amounts owed to gas
producers and that no new trade debt should be incurred during
this year. However, beyond 2015 GNB will need additional funding
to be able to continue operating without relying on trade
financing from its gas suppliers, which in Moody's opinion
constitutes an unsustainable business model.

Rating Outlook

The negative outlook for GNB mainly reflects expectation of
continued deterioration in credit metrics and cash flows beyond
2015 absent an effective mechanism for the company to recover the
continuing inflation driven increase in its operating costs. The
negative outlook also reflects the increased linkage to the credit
quality of the Argentine government (Caa1 Negative) given the
increased dependence of the company on government funding.

What Could Change the Rating - Down

Additional pressure for a rating downgrade could materialize if
the funding provided by Resolution 362 proves to be insufficient
to cover all of the company's cash needs, including increasing
expenses, debt repayment to gas producers and ongoing capital
expenditures. If margins and cash generation continues to
deteriorate resulting in an inadequate liquidity position the
ratings are likely to be further downgraded.

What Could Change the Rating -- Up

In light of the negative outlook and recent downgrade, limited
prospects exist for a rating upgrade. However, a reliable ability
to recover costs, positive levels of cash flows and a more
transparent regulatory environment for the company's operations
would be important for any stabilization of the outlook or upgrade
consideration. A further up-grade of the national scale rating
would also require the resolution of the pending tariff review
(RTI) process.

Gas Natural BAN S.A. (GNB) is one of the nine regulated gas
distribution companies in Argentina with operations in the
northern area of the Buenos Aires Province. It was created in 1992
when the state-owned gas company was privatized. GNB's service
area has a population of six million and GNB has almost 1,6
million clients within the area. Reported total revenues in 2014
amounted to ARS 1,600 million (approximately USD 190 million).

GNB is directly controlled by Invergas (51%) and Gas Natural SDG
Argentina (19%), while 30% floats in the BCBA (Buenos Aires Stock
Exchange). Invergas and Gas Natural SDG Argentina are, in turn,
controlled by Gas Natural SDG Spain (Baa2, Stable) which has a 72%
stake, and by Chemo Group (unrated), an Argentinean group that
holds the remaining 28%.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in December 2013.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".


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B A H A M A S
=============


BAHAMAS: Challenging Times Still Ahead for Economy, IMF Says
------------------------------------------------------------
Caribbean360.com reports that the International Monetary Fund said
the Bahamas economy is recovering but there are still challenging
times ahead.

Following its Article IV consultation, the Washington-based
institution said that despite the United States' recovery and the
imminent opening of the $3.5 billion Baha Mar resort, growth is
expected to remain "well below pre-global crisis levels", and the
current account deficit remains elevated, according to
Caribbean360.com.

"Growth is expected to strengthen over 2015-16 with the
improvement in US activity and the opening of Baha Mar, but
significant structural impediments remain.  Potential GDP growth
is estimated at about 1.5 per cent over the medium term,
insufficient to generate a significant reduction in the high
unemployment rate," the Executive Board of the IMF reported, the
report notes.

"Absent structural reforms, including in the labor market and the
energy sector, significantly higher growth than currently
projected, will be required to absorb new entrants to the labor
force and reduce the unemployment rate to single digits over the
medium term," IMF said, the report relays.

The IMF therefore called for structural reforms to strengthen
competitiveness, raise potential growth, and lower unemployment;
and for continued efforts to strengthen the fiscal position, the
report notes.

The report discloses that IMF said it was important to finalize
and implement the country's National Development Program to
accelerate medium-to-long-term economic and social development,
including through diversification of the economy.

"Over the medium term, enhancing the efficiency of labor market
regulations and institutions and greater investment in human
capital will be essential to increasing productivity and
competitiveness," the IMF said, also highlighting the importance
of stepping up reforms of the state-owned enterprises, in
particular in the energy sector, the report discloses.

Among the other recommendations from the Fund were: steadfast
implementation of the planned fiscal consolidation in order to
rebuild buffers and place public debt on a declining path;
continued revenue reforms, including strengthening tax
administration; and rationalization of current expenditures, the
report relays.

The IMF agreed that the exchange rate peg has continued to serve
the Bahamas well, the report notes.  To support the peg going
forward, it stressed the importance of structural reforms to
improve competitiveness, noting that this would also avoid placing
an excessive burden on fiscal policy, the report discloses.

The good news for the financial sector was that the IMF reported
it remains well capitalized and liquid, and said that efforts to
further strengthen financial sector regulation and supervision
should continue, the report adds.


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B A R B A D O S
===============


BARBADOS: Offers More Savings Bonds After 2 Sets Sell Out in Days
-----------------------------------------------------------------
Caribbean360.com reports that the Central Bank of Barbados is
offering another tranche of savings bonds -- more than twice the
value offered before -- after the first two bond issues were sold
out within days.

The $25 million in savings bonds, the third since the Central Bank
re-launched its savings bonds two weeks ago -- went on sale from
June 10, according to Caribbean360.com.

The report relates that the nominal value of the first two series
of bonds, which were made available on June 1 and June 8, was $10
million each.

"We've increased the size of the tranche to ensure that everyone
who is interested in investing in savings bonds is able to get
them," explained Linel Franklin, Senior Operations Officer at the
Central Bank, the report notes.  "We have gotten many calls from
people who want bonds but haven't been able to get them. We don't
want them to be turned away again," Ms. Franklin added.

The report relays that Ms. Franklin confirmed that the pricing and
rate would remain the same for the new series.

They will still cost BDS$76.24 (US$38.12) per BDS$100 (US$50),
with a yield to maturity of 5.5 per cent, the report says.
Purchases can range from BDS$50 (US$25) to BDS$100,000
(US$50,000), the report discloses.

The report relays that Ms. Franklin said Barbadians who bought
bonds from previous series are still eligible to invest in this
new tranche.  "Even if you purchased the maximum, you can still
buy from this one," she said, notes the report.

Governor of the Central Bank Dr. DeLisle Worrell said the response
from the public has been overwhelming, the report says.

"All Barbadians should have the opportunity to take advantage of
these safe, lucrative investments. We're ecstatic that savings
bonds are a secret no more," Mr. Worrell said, the report notes.

The Central Bank of Barbados has been issuing savings bonds for 35
years, the report discloses.  They are available for purchase by
all Barbadian citizens and permanent residents as well as credit
unions, registered charities and other benevolent associations,
the report adds.


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B E R M U D A
=============


GLOBAL ATLANTIC: Moody's Affirms LT Issuer Rating at Ba1
--------------------------------------------------------
Moody's Investors Service affirmed the Ba1 long-term issuer rating
of Global Atlantic Financial Life Limited and the Baa1 insurance
financial strength rating of its primary life and annuity
operating entities, including Commonwealth Annuity and Life
Insurance Company, First Allmerica Financial Life Insurance
Company, and Forethought Life Insurance Company (collectively
Global Atlantic Life & Annuity). Moody's also affirmed the Ba1
senior debt rating of Forethought Financial Group, Inc. The
outlook on these entities was changed to positive from stable.
Please see below for a complete list of rating actions.

According to Moody's Assistant Vice President, Shachar Gonen, "The
affirmation and positive outlook is driven by Global Atlantic Life
& Annuity's improving business profile, strong and sustained
profitability, and improving financial flexibility. In addition,
the company's risk tolerance in terms of large acquisitions has
abated and its rapid growth in annuity sales is beginning to
moderate."

Moody's noted that Global Atlantic Life & Annuity's market
position benefits from its larger and more diversified footprint
in the life insurance industry. The establishment of Global
Atlantic Life & Annuity's retail insurance platform, encompassing
annuities, preneed, and life insurance augments its historical
block reinsurance business. Additionally, the company has expanded
the diversity of its product offering and distribution channels.

The rating agency expects that Global Atlantic Life & Annuity will
maintain its strict focus on profitability and continue to
generate consistently strong returns on capital (ROC). Global
Atlantic Life & Annuity has maintained good capital levels and
Moody's expects operating company capital levels to be bolstered
by the deployment of proceeds from the recent sale of Ariel Re
(P&C reinsurance business, unrated).

The rating agency added that financial flexibility has improved
with the recent refinancing of the company's outstanding bank term
loan. The new $450 million four-year revolving credit facility
($260 million currently drawn) extends the company's maturity
profile and takes advantage of the low interest rate environment.
Cashflow coverage is also improving as Commonwealth has moved to a
positive unassigned surplus position, allowing for ordinary
dividend capacity.

Moody's noted that the company's strengths are tempered by the
prior rapid expansion of the annuity business, at above industry
average levels over the past two years, given the competitive
environment. However, recent annuity sales growth has moderated
and Moody's expects it will revert to more sustainable levels.
Given the company's emphasis on fixed annuities, disintermediation
risk and related ALM challenges would increase should interest
rates rise rapidly. In addition, the company's current reliance on
bank financing is not consistent with an investment grade capital
structure, although Moody's expects the company to ultimately term
out the loan in the debt capital markets.

Moody's said the following factors could lead to an upgrade of
Global Atlantic Life & Annuity's ratings: the risk profile of the
insurance liabilities and investments does not materially increase
from current levels; the NAIC company action level (CAL) risk
based capital (RBC) ratio remains above 400%, after adjusting for
captive reinsurers; strong profitability is maintained with ROC
consistently above 10%; and profitable premium growth is
maintained at levels more consistent with industry levels.

The rating agency added that the following factors could result in
a return of the outlook to stable: A materially increased risk
profile or growth appetite, including another material
acquisition; reduced profitability of Global Atlantic Life &
Annuity with ROC falling below 5%; a decline in the NAIC CAL RBC
ratio to below 350%; or adjusted financial leverage consistently
above 25%.

The following ratings were affirmed with a positive outlook:

  -- Commonwealth Annuity and Life Insurance Co.: insurance
     financial strength rating at Baa1;

  -- First Allmerica Financial Life Insurance Co.: insurance
     financial strength rating at Baa1;

  -- Forethought Life Insurance Company: insurance financial
     strength rating at Baa1;

  -- Forethought Financial Group, Inc.: senior unsecured debt
     rating at Ba1;

  -- Global Atlantic Financial Life Limited: long-term issuer
     rating at Ba1.

In 2014, Commonwealth Annuity and Life Insurance Company, the
primary life operating company of Global Atlantic Financial Group,
reported a statutory net gain of $216 million. As of 2014,
Commonwealth Annuity and Life Insurance Company reported capital
and surplus of $1.7 billion, and statutory assets of $10.5
billion.

The principal methodology used in these ratings was Global Life
Insurers published in August 2014.



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B R A Z I L
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BANCO PINE: S&P Cuts LT Global Scale Rating to 'BB'; Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term global scale rating on Banco Pine S.A. to 'BB' from 'BB+'.
At the same time, S&P lowered its national scale rating on the
bank to 'brA+' from 'brAA'.  S&P affirmed its 'B' short-term
global-scale rating on Pine.  The outlook is negative.

"The rating action follows a weakening in Pine's asset-quality
metrics--which were previously above the peer average--to below
historical levels.  This is largely because of the bank's exposure
to sectors that recently faced financial distress in Brazil,"
Standard & Poor's credit analyst Guilherme Machado said.

The negative outlook on Pine reflects S&P's view of the negative
economic risk trend in S&P's Banking Industry Country Risk
Assessment (BICRA) on Brazil.  S&P believes Pine's finances could
deteriorate because of pressures on Brazil's banking system as a
result of the sovereign's fiscal and monetary tightening.  Under
such a scenario, S&P could revise Pine's stand-alone credit
profile (SACP) downward and lower the ratings.  Brazil's stagnant
economy could further weaken the bank's asset quality and revenues
stability.


CIMENTO TUPI: Fitch Lowers Issuer Default Rating to 'RD'
--------------------------------------------------------
Fitch Ratings has downgraded Cimento Tupi S.A.'s foreign and local
currency Issuer Default Ratings to 'RD' from 'C' and its national
scale rating to 'RD (bra)' from 'C (bra)'.  Fitch has also
affirmed Tupi's senior notes at 'C/RR4'.

KEY RATING DRIVERS

The downgrades follow the expiration of the 30-day grace period
after the non-payment of the company's interest payments on its
USD185 million 2018 senior unsecured notes.  Payment of the bond
was due on May 11, 2015 with the 30-day grace period expiring on
June 11, 2015.

RATING SENSITIVITIES

The company's ratings could be revised to 'D' from 'RD' pursuant
to Fitch's rating definition.  An upgrade is unlikely at this
time.


COMPANHIA SIDERURGICA: Fitch Lowers IDR to 'BB'; Outlook Negative
-----------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Foreign and Local
currency Issuer Default Ratings of Companhia Siderurgica Nacional
to 'BB' from 'BB+' and National scale rating to 'AA-(bra)' from
'AA(bra)'.  The Rating Outlook remains Negative.

The downgrade reflects deterioration in the company's capital
structure due to high capex, weak demand for steel in Brazil, and
a sharp decline in iron ore prices.  The negative rating action
further reflects Fitch's more negative view of long-term iron ore
prices, which will continue to affect the company's capital
structure in the future.

KEY RATING DRIVERS

Deteriorating Credit Metrics Straining Capital Structure

CSN's leverage metrics have been negatively impacted over the last
12 months by weak domestic steel demand, low iron ore prices,
continued capital investments, and sustained negative free cash
flow (FCF) generation.  Based on Fitch's methodology, CSN's net
leverage increased to 5.8x for LTM March 31, 2015 from 4.7x in
2014, and 3.4x in 2013.  Fitch's net leverage calculation excludes
CSN's proportional cash held in Namisa and also removes several
non-cash EBITDA adjustments that are included by the company in
its calculations.  Absent the completion of the merger between
Casa de Pedra and Namisa or significant asset sales, Fitch
projects CSN would be unable to deleverage from its current
financial position over the next four years.

Persistent Negative FCF

Fitch has revised its long-term price for iron ore down to $70 per
ton from $90 per ton, which will continue to hurt CSN's operating
cash flows.  The company has generated negative FCF over the last
five years due to heavy capital investments and high dividend
payments.  While capital expenditures and dividends declined
during 2014, FCF remained negative at BRL1.2 billion due to lower
profitability.  To stabilize its capital structure, which could
lead to a revision of CSN's Rating Outlook to Stable, the company
will need to reduce capital expenditures and dividends.

Potential Asset Sales

CSN has the potential to sell off several of its non-core assets
in order to improve its capital structure over the next six to 18
months.  Key assets include CSN's holdings of 14.13% of the common
shares and 20.69% of the preferred shares in Usiminas.  The
company could also sell its container port terminal and reduce its
shares in the railroad, MRS Logistica, that are not restricted by
the existing shareholder agreement.  Net leverage could decline by
0.2x-1.0x in 2015 depending on which, and if, CSN goes through
with the sale of any of these non-core assets.

Solid Business Positions

CSN is one of two of the largest flat steel producers in Brazil,
with a strong domestic position.  Its market share in products
such as tinplate and galvanized steel in Brazil were 88% and 39%
during 2013.  CSN's solid Brazilian market position resulted in a
25% EBITDA margin from its steel division, which compares
favorably amongst its global peers.  CSN's Brazilian steel
industry position is complemented by its seaborne iron business.
CSN exported 28.9 million tons of iron ore (including 60% of
Namisa's output) during 2014, nearly 89% of which went to Asia.

Strong Liquidity

CSN has maintained a strong liquidity base despite the difficult
environment it has faced over the last 12 months, with over BRL9
billion of cash and marketable securities as of March 31, 2015.
CSN had a cash-to-short-term debt ratio of 5.2x as of March 31,
2015 which has remained above 3.0x the last four years.  Cash on
the balance sheet is enough to cover debt repayments until 2018.
Furthermore, Fitch expects CSN to maintain strong access to
financing in the local markets should the company seek additional
funding.

Weak Domestic Steel Demand

Fitch expects CSN's profitability will be challenged over the next
two years, as lower domestic steel demand will only be partially
offset by sales by its international subsidiaries.  CSN's steel
volumes increased 12% during first quarter 2015 (1Q15) from 4Q14
primarily due to higher volumes sold by its overseas subsidiaries.
Brazilian steel producers are expected to continue to benefit from
12% steel import tariffs; however, reduced demand within the
automobile, home appliance, and construction sectors will persist
in the domestic market.

KEY ASSUMPTIONS

   -- 11% decline in steel volumes sold;
   -- 24% decline in iron ore volumes sold;
   -- 23% EBITDA margin in 2015;
   -- EBITDA of BRL3.5 billion in 2015.

RATING SENSITIVITIES
Fitch could downgrade CSN's ratings if its credit metrics and cash
flow generation further deteriorate and the company continues to
develop its projects at a pace that results in its net adjusted
debt/EBITDA ratio remain above 4.0x.  A downgrade could also
follow deterioration in the company's comfortable liquidity
position and/or a further deterioration in the Brazilian operating
environment.

A ratings upgrade is unlikely in 2015 or 2016.  A revision in the
Rating Outlook to Stable could occur if the company successfully
completes the merger of its Namisa, Casa de Pedra, and port and
railway facilities into one new entity.

LIQUIDITY AND DEBT STRUCTURE

CSN's strong liquidity profile is driven by its large cash
position of over BRL9 as of March 31, 2015.  During the same
period, the company's total debt was BRL31.1 billion, which was
comprised mainly of senior notes, perpetual bonds and bank loans.
Fitch believes CSN's announcement of a new strategic alliance with
its partners in Namisa for a merger of CSN's mining assets,
including Namisa and Casa de Pedra, would be a credit positive
event.  Namisa is owned 60% by CSN and 40% by an Asian consortium
including Itochu Corporation, JFE Steel Corporation, Kobe Steel,
Ltd, Nisshin Steel Co. Ltd., Posco, and China Steel Corporation.
The outcome of the merger would dilute the Asian consortium's
standalone stake in Namisa for a smaller stake of the combined
entity, which will be named Congonhas Minerios S.A.  After the
transaction, CSN would hold 88.25% and the Asian consortium would
hold 11.75% of Congonhas Minerios' capital on a debt-free and cash
basis, respectively.  The closing date is scheduled for the end of
2015.  As of Dec. 31, 2014, Namisa standalone had cash and cash
equivalents of BRL5.4 billion and loans and financing of BRL398
million, most of which was through related parties.

FULL LIST OF RATING ACTIONS

Fitch has downgraded these ratings:

   -- Long-term Foreign and Local currency IDRs to 'BB' from
      'BB+';
   -- CSN National Long-Term rating to 'AA-(bra)' from 'AA(bra)';
   -- CSN Islands XI senior unsecured Long-Term rating guaranteed
      by CSN to'BB' from 'BB+';
   -- CSN Islands XII senior unsecured Long-Term rating guaranteed
      by CSN to 'BB' from 'BB+';
   -- CSN Resources S.A. Senior unsecured USD Note Long-Term
      rating guaranteed by CSN to 'BB' from 'BB+'.

The Rating Outlook remains Negative.


OI BRASIL: Moody's Rates EUR750MM Proposed Sr. Unsec. Notes at Ba2
------------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the proposed
EUR750 million senior unsecured notes due 2021 to be issued by Oi
Brasil Holdings Cooperatief U.A. ("Oi Brasil") and unconditionally
guaranteed by Oi S.A. ("Oi"). Oi's existing ratings and its Ba1
CFR remain unchanged. The ratings outlook is negative.

The issuance is part of Oi's liability management with the
objective of extending the company's debt maturity profile, and
will not affect its leverage metrics since the proposed issuance
will replace existing indebtedness.

The rating of the proposed notes assumes that the issuance will be
successfully completed as planned and will replace EUR 750 million
worth of existing debt, and that the final transaction documents
will not be materially different from draft legal documentation
reviewed by Moody's to date and assume that these agreements are
legally valid, binding and enforceable.

Rating assigned:

Issuer: Oi Brasil Holdings Cooperatief U.A.

  -- EUR750 million Senior unsecured notes due 2021: Ba2
(unconditionally guaranteed by Oi S.A.)

The company's existing ratings are unchanged:

Issuer: Oi S.A.

  -- Corporate Family Rating: Ba1

  -- USD348 million GLOBAL BONDS due 2016: Ba2

  -- USD883 million GLOBAL BONDS due 2017: Ba1

  -- USD142 million GLOBAL BONDS due 2019: Ba1

  -- USD1,787 million GLOBAL BONDS due 2020: Ba1

  -- USD1,500 million GLOBAL NOTES due 2022: Ba2

Issuer: Portugal Telecom International Finance B.V.

  -- BACKED Senior Unsecured MTN: (P) Ba2

  -- USD666 million GTD EURO MTNS due 2016: Ba2

  -- USD277 million GTD EURO MTNS due 2017: Ba2

  -- USD555 million GTD GLOBAL MTNS due 2017: Ba2

  -- USD833 million GTD EURO MTNS due 2018: Ba2

  -- USD55 million GTD FLT RT EURO MTNS due 2019: Ba2

  -- USD833 million GTD EURO MTNS due 2019: Ba2

  -- USD1,110 million GTD EURO MTNS due 2020: Ba2

  -- USD555 million GTD EURO MTNS due 2025: Ba2

The outlook for all ratings is Negative

Oi's Ba1 corporate family rating reflects its scale, geographic
diversity, broad asset base and network coverage and strong
margins. These strengths are offset by the company's challenges to
upgrade its network in Brazil to meet shifting consumer demand,
the highly competitive markets in Brazil, the margin pressure it
faces from an unfavorable product mix shift and the company's
limited financial flexibility.

On June 2nd, 2015, Oi announced the closing of the sale of
Portugal Telecom ("PT")'s assets to Altice S.A. (B1 under review
down). Altice paid Oi EUR 5.8 billion for the acquisition, being
EUR 4.92 billion in cash and EUR 869 million for the repayment of
debt originally issued by PT. The closing of the sale increased
the company's liquidity, while reducing its gross leverage and
extending debt maturity profile.

The sale will elevate Oi's leverage ratio during the liability
management process because of the immediate loss of PT's EBITDA.
In the current structure that considers the leverage increase
during the liability management process, Moody's expect the
company's adjusted debt/EBITDA to peak at around 5.5x and fall
towards 4.3x at year-end 2015, assuming that most of the proceeds
from the sale of PT will be used for deleveraging. Moreover, Oi
has already mentioned its intention to resume the sale of non-core
assets such as towers, call centers, real estate, as well as its
business in Africa, which according to Moody's estimates could
raise additional BRL 5.0 billion that can also be used for debt
reduction. Accordingly, if the additional BRL 5.0 billion from
asset sales are also used for repaying debt, Oi's adjusted gross
leverage could decrease to as low as 3.9x.

Moody's believes that Oi has adequate liquidity to meet its
obligations over the next 12 to 18 months. Oi had approximately
BRL 2.7 billion in cash in the end of March 2015, access to
approximately BRL 8.7 billion in committed credit facilities, and
about BRL 20.3 billion from the sale of PT's assets. The company
had upcoming maturities of BRL 7.0 billion in 2015 and BRL 8.6
billion in 2016 in the end of March 2015.

Moody's rates unsecured debt at Oi S.A. Ba2, including the
proposed EUR 750 million notes due 2021 and debt originally issued
by Portugal Telecom International Finance B.V. ("PTIF"), one notch
below the corporate family rating due to its junior position in
the capital structure. Certain note issuances at Oi (the 5.5% USD
notes due 2020, the 9.5% USD notes due 2019 and the 5.125% EUR
notes due 2017) which benefit from an upstream guarantee from its
main Brazilian subsidiary Telemar Norte Leste S.A. ("Telemar") are
rated Ba1 reflecting their priority claim on approximately two
thirds of Oi's Brazilian operating cash flows and assets.

Oi's negative outlook reflects its ongoing operational and
strategic challenges.

Further negative rating pressure could arise if Oi's leverage
remains above 4.5x (Moody's adjusted) for an extended period of
time or if the company is not on a trajectory to produce
sustainable positive free cash flow.

Oi's ratings could be upgraded if leverage can be sustained
comfortably below 4x (Moody's adjusted) and the company produces
sustained positive free cash flow. In addition, an upgrade would
be predicated upon the company's willingness and ability to
continue investing (both network capex and spectrum acquisition)
at a level which will improve its competitive position.
Alternatively, Moody's could consider an upgrade if the company's
asset-light strategy is successful in retaining market share and
result in EBITDA growth such that it meets the financial metrics
above.

The principal methodology used in this rating was Global
Telecommunications Industry published in December 2010.

Headquartered in Rio de Janeiro, Brazil, Oi is Brazil's largest
incumbent local exchange carrier with 17.1 million residential
revenue generating units (RGU). The company also has 47.9 million
personal mobility customers and 7.8 million B2B customers. For the
last twelve months ended March 2015, the company generated
approximately BRL 28.5 billion in pro-forma consolidated net
revenues.



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


BIENVILLE HEALTH: Shareholder to Hear Wind-Up Report on June 17
---------------------------------------------------------------
The shareholder of Bienville Health Science Partners Master Fund,
Ltd. will hear on June 17, 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:

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


CAL DIVE: Shareholder to Hear Wind-Up Report on June 26
-------------------------------------------------------
The shareholder of Cal Dive Offshore Services, Ltd. will hear on
June 26, 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:

          Quinn J. Hebert
          CAL Dive Offshore International, Ltd
          Telephone: (713) 361-2600
          Facsimile: (713) 586-7338
          2500 CityWest Blvd.
          Suite 2200, Houston
          Texas 77042
          USA


HARBERT MACRO: Shareholder to Hear Wind-Up Report on June 17
------------------------------------------------------------
The shareholder of Harbert Macro Offshore Fund, Ltd. will hear on
June 17, 2015, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


HARBERT MASTER: Shareholder to Hear Wind-Up Report on June 17
-------------------------------------------------------------
The shareholder of Harbert Macro Master Fund, Ltd. will hear on
June 17, 2015, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


KAWA SOLAR: Shareholders' Final Meeting Set for June 26
-------------------------------------------------------
The shareholders of Kawa Solar Investments Offshore Ltd. will hold
their final meeting on June 26, 2015, at 12:30 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MEDIA TOOLS: Shareholder to Hear Wind-Up Report on June 17
----------------------------------------------------------
The shareholder of Media Tools Global Services Ltd. will hear on
June 17, 2015, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Waldyr Gozzi
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


PARAMOUNT AIRCRAFT: Shareholders' Final Meeting Set for June 30
---------------------------------------------------------------
The shareholders of Paramount Aircraft Leasing (Pal), Inc. will
hold their final meeting on June 30, 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


PARTNERS FUND: Shareholders' Final Meeting Set for June 18
----------------------------------------------------------
The shareholders of Partners Fund LDC will hold their final
meeting on June 18, 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:

          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


PROVIDENCE MASTER: Shareholder to Hear Wind-Up Report on June 29
----------------------------------------------------------------
The shareholder of Providence Special Situations Master Fund, Ltd.
will hear on June 29, 2015, at 11:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Providence Investment Management, LP
          Frank Giorgio, CCO
          c/o Jacqueline Haynes
          Telephone: (345) 949 9876
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


PROVIDENCE SPECIAL: Shareholder to Hear Wind-Up Report on June 29
-----------------------------------------------------------------
The shareholder of Providence Special Situations Fund, Ltd. will
hear on June 29, 2015, at 11:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Providence Investment Management, LP
          Frank Giorgio, CCO
          c/o Jacqueline Haynes
          Telephone: (345) 949 9876
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


SCHAHIN II FINANCE: S&P Keeps Notes' 'CC' Rating on Watch Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services said it kept its 'CC' rating on
Schahin II Finance Company (SPV) Limited's notes on CreditWatch
with negative implications.

"The rating reflects our view of an imminent default on Schahin
II's notes, following the termination of the charter agreement
with Petroleo Brasileiro S.A. - Petrobras, which is defined as an
event of default under the indenture of the notes, on top of the
other event of default caused by Black Oil Drilling LLC's request
for judicial reorganization on April 17, 2015," said Standard &
Poor's credit analyst Julyana Yokota.

The occurrence of such events of default, allows the majority of
bondholders to instruct the commencement of the early amortization
period of the bond, and a collateral disposition event under the
definition of the notes terms.


=========
C H I L E
=========



CHILE: Keeps Key Rates Unchanged Amid Sluggish Growth
-----------------------------------------------------
John Quigley and Javiera Quiroga at Bloomberg News report that
Chile and Peru kept borrowing costs unchanged at a four-year low
as high inflation deters policy makers from doing more to boost
weak domestic demand.

Chile's central bank kept the benchmark interest rate at 3 percent
June 11, as forecast by all 27 economists surveyed by Bloomberg.

Peru's central bank maintained its key lending rate at 3.25
percent, as forecast by all 20 economists, according to Bloomberg
News.

Bloomberg News relates that the two Andean economies are
recovering more slowly than expected after the end of a decade-
long boom in copper, their main export, damped investment and
consumer demand.  Inflation remains around the top end of the
target range in Chile and above target in Peru after a year in
which their currencies fell 12 percent and 11 percent against the
dollar respectively, Bloomberg News discloses.

Chile's rate is "pretty expansionary, but they have room to do
that," said Italo Lombardi, an economist at Standard Chartered
Bank, by phone from New York, Bloomberg News notes. "Peru is
comfortable with rates where they are for now and is focusing on
the currency given it's a very dollarized economy," Bloomberg News
quoted Mr. Lombardi as saying.

Both countries' central banks cut their 2015 growth forecasts in
the last month as weak business sentiment delays a rebound in
private investment, Bloomberg News relays.

                             'Weakness'

Economic activity in Chile expanded less than analysts forecast in
April, while exports and imports slumped at the fastest pace in
six years the month after, Bloomberg News relays.

Chile's "economy is still showing signs of weakness and the
central bank thinks that will aid an additional reduction in
inflation," said Alfredo Coutino, director for Latin America at
Moody's Analytics Inc., a unit of Moody's Corp, Bloomberg News
notes.

The report says that the nation's consumer prices climbed 4
percent in May from the year earlier, compared with the 2 percent
to 4 percent target range.

While Chilean policy makers likely will raise rates in the fourth
quarter as growth picks up, Peru's recovery may take longer given
investor caution before presidential elections next year, Mr.
Lombardi said, Bloomberg News relays.

                          Convergence

Peru's economy expanded 1.6 percent in the year through March,
compared with 5.8 percent in the year-earlier period, as mining
investment contracted and exports slumped, Bloomberg News
discloses.

Policy makers are using alternatives to rate cuts to boost growth.
The monetary authority cut reserve requirements for a 10th
consecutive month on June 1 and tightened controls on derivatives
trading in an effort to curb sol volatility, Bloomberg News says.

Faster food and energy price inflation in Peru has prevented
inflation from converging to the central bank's target range, even
as domestic demand eases, Bloomberg News relays.

The annual inflation rate quickened to 3.37 percent last month.
The central bank targets inflation in a range of 1 percent to 3
percent, notes Bloomberg News.

Inflation will start converging to target and be close to 3
percent by December or January, central bank President Julio
Velarde said in Rio de Janeiro, Bloomberg News 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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