TCRLA_Public/150707.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, July 7, 2015, Vol. 16, No. 132


A N T I G U A  &  B A R B U D A

LIAT: Plan to Relocate to Barbados Scrapped, Says Antigua PM


BRAZIL: 1st-Half Auto Sales at Lowest Level Since 2007
JBS SA: To Purchase U.S. Cargill Pork Assets for $1.45 Billion

C A Y M A N  I S L A N D S

AHLI INVESTMENT: Creditors' Proofs of Debt Due July 20
EBL HOLDINGS: Creditors' Proofs of Debt Due July 20
ESG TREASURY: Placed Under Voluntary Wind-Up
ESG TREASURY MASTER: Placed Under Voluntary Wind-Up
OPULEN INVESTMENT: Creditors' Proofs of Debt Due July 14

SCOT ONE: Creditors' Proofs of Debt Due July 13
SILVERTON REAL: Creditors' Proofs of Debt Due July 14
VALUE STREAM: Creditors' Proofs of Debt Due July 22
YANAIS HOLDINGS: Creditors' Proofs of Debt Due July 13


COLOMBIA: Inflation Rate Hits 3.33%


HAITI: Wants Dominican Republic to Negotiate Deal on Deportations

P U E R T O    R I C O

ANNA'S LINENS: Has Interim Access to $80-Mil. DIP Facility
DORAL FINANCIAL: Seeks More Time to Control Bankruptcy Case
HORNED DORSET: Hires Garcia-Arregui as Attorneys
VIACAO AREA: Chapter 15 Case Summary


LATAM: ECLAC Official Calls for Debt Write-off for CARICOM States
* Large Companies With Insolvent Balance Sheets

                            - - - - -

A N T I G U A  &  B A R B U D A

LIAT: Plan to Relocate to Barbados Scrapped, Says Antigua PM
------------------------------------------------------------ reports that Antigua and Barbuda has injected a
further US$400,000 in regional carrier LIAT, operating as Leeward
Islands Air Transport, even as the prime minister vowed that the
airline headquarters will not be moved from St. John's.

Gaston Browne confirmed to Caribbean360 that the cash injection
was made as part of $10 million that his country has promised to
deliver to the airline by yearend.

Speaking on the sidelines of the 36th regular meeting of the
Conference of Heads of Government of CARICOM which began July 2,
Mr. Browne insisted that all plans to relocate the LIAT
headquarters from Antigua and Barbuda had been scrapped, according

The major shareholder governments -- Barbados, St Vincent and the
Grenadines and Dominica -- had announced a plan to shift LIAT's
fleet base to Barbados to focus on the more lucrative southern
Caribbean and to reduce its staff by 180 to help restore the
airline to financial stability, the report notes.

However, Mr. Browne said all claims of relocation is merely "idle
talk," the report relates.

Mr. Browne stressed that the two-island state has not swayed in
its commitment to the airline that has been consistently losing
money, the report adds.

                            About LIAT

LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport
in Antigua.  It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean.  The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on May
8, 2015, the Daily Observer reports that LIAT, operating as
Leeward Islands Air Transport, is attempting to lose excess
baggage as part of measures to make the carrier "a smaller airline
in 2015."  In a document, signed by Director of Human Resources
Ilean Ramsey, eligible employees were asked to opt to apply for
voluntary separation or early retirement packages to avoid being
made redundant, according to The Daily Observer.

TCRLA reported on Dec. 2, 2014, said that
chairman of the shareholder governments of the financially
troubled regional airline LIAT, Dr. Ralph Gonsalves said while he
is unaware of the details regarding any possible retrenchment of
employees, the airline needs to deal with its high cost of

The TCR-LA on March 10, 2014, citing, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation
of Chief Executive Officer Captain Ian Brunton, David Evans
replaced Mr. Brunton as chief executive officer


BRAZIL: 1st-Half Auto Sales at Lowest Level Since 2007
EFE News reports that Brazilian auto sales amounted to 1.31
million units between January and June, down 20.7 percent from the
same period of last year and the lowest first-half total since
2007, the National Federation of Motor Vehicle Dealers, or
Fenabrave, said.

Auto sales in June, including cars, SUVs, trucks and buses but not
motorcycles or agricultural machinery, totaled 212,535 units, down
19.4 percent from the same month of 2014, according to EFE News.

The plunge has prompted Fenabrave to lower its sales projections
for this year to 2.62 million units, which would be a 23.9 percent
decline from 2014, the report notes.

The automotive sector has been reeling due to an end to government
tax breaks for new vehicle purchases, part of an austerity program
enacted after federal, state and local governments ended 2014 with
a cumulative primary budget deficit (before interest payments)
equivalent to around $12.5 billion, the report relates.

Until last year, Brazil's public finances had not been in the red
since the current reporting methodology was adopted in 2001, the
report says.

Automakers also have been hit by high interest rates (the
benchmark Selic rate is at its highest level in more than six
years) aimed at curbing inflation, which is at an 11-year high,
the report discloses.

As part of an effort to adjust production to declining demand,
automakers have reduced payrolls through early retirement and
layoffs and placed workers on paid furloughs, the report adds.

JBS SA: To Purchase U.S. Cargill Pork Assets for $1.45 Billion
Caroline Stauffer and Guillermo Parra Bernal at Reuters report
that JBS SA is buying Cargill Inc.'s U.S. pork business for $1.45
billion, free of debt, it said in a statement, a deal which would
make it one of the largest and most powerful meat companies in the
United States.

The bid by the company's JBS USA subsidiary comes just over a week
after Brazil-based JBS SA said it would buy Moy Park Ltd, the
British unit of rival Marfrig Global Foods SA and marks the latest
sign of consolidation in the U.S. protein sector, according to

Last month, dairy cooperative Land O'Lakes Inc. and United
Suppliers Inc. said they would merge their crops inputs units,
spawning a business -- group with more than $7 billion in annual
sales, the report notes.  In 2013, U.S. pork powerhouse Smithfield
Foods Inc. merged with Shuanghui International of China in a $4.7
billion deal, the report relays.

Like the Shuanghui-Smithfield deal, approval of the Cargill sale
could hinge on whether U.S. federal regulators look at just the
pork unit, or JBS' entire meat business, said Jim Robb, analyst at
the Livestock Marketing Information Center, the report notes.

Industry data puts JBS USA as controlling about 22 percent of the
U.S. beef market, and about 18 percent of the U.S. poultry market,
the second largest player in both sectors behind Tyson Foods Inc.,
the report says.

The deal includes two meat processing plants in Iowa and Illinois,
as well as five feed mills in Missouri, Arkansas, Iowa and Texas
and four hog farms in Arkansas, Oklahoma and Texas, the report

If all protein sectors are included, the U.S. Department of
Justice could find that the company would have too large a slice
of the U.S. meat market: JBS USA touts itself as a leading
processor of beef, pork and lamb, in addition to being a majority
shareholder in chicken processor Pilgrim's Pride Corp, the report

"It depends on how (the U.S. government) cuts it up," Mr. Robb
said.  "JBS has relatively small holdings on the hog side, but
Cargill has relatively large holdings," Mr. Robb added.

                         Strategic Growth

JBS said its latest purchase was in line with its strategy to
"grow its portfolio of prepared and value-added products,
expanding the company's customer base," the report notes.

JBS SA, which grew from a family-run butcher to become Brazil's
largest company by revenue, purchased Australian processed foods
maker Primo Smallgoods in November in order to increase sales to
Asia, the report relays.

Cargill had not been looking to sell its pork business but "JBS
approached us with an offer that we had to consider," said
spokesman Mike Martin, adding the company was sticking with its
other animal protein businesses globally and would "evaluate
opportunities that could provide long-term, profitable growth,"
the report discloses.

News of the deal came as a surprise to some industry watchers and
U.S. farmers.

Cargill Meat Solutions, headquartered in Wichita, Kansas, had
seemed to be trying to increase the ranks of farmers who produce
hogs for the company, said Mike Paustian, an independent hog
producer in Scott County, Iowa, the report notes.  Mr. Paustian
said he saw Cargill advertisements looking for pig growers, the
report relays.

"The impression that I had is they were looking for places to put
pigs," Mr. Paustian said, the report notes.

Still, the takeover should not impact independent producers much
because a lot of Cargill's supply comes from contract growers,
said Mr. Paustian, who usually sells his hogs to Tyson Foods, the
report discloses.

"A lot of what they were processing were their own hogs. They were
pretty integrated.  It's not like you're potentially losing a big
market for us to sell our hogs to," Mr. Paustian said, adds the

JBS S.A. processes and sells beef, lamb, and poultry products in
Brazil and internationally.

As reported in the Troubled Company Reporter-Latin America on
June 24, 2015, Standard & Poor's Ratings Services said that it has
affirmed its 'BB+' global scale corporate credit and issue-level
ratings on JBS S.A. and its subsidiary, JBS USA.  S&P also
affirmed its 'brAA+' national scale rating on JBS.  The outlook
for all corporate ratings remains positive.

C A Y M A N  I S L A N D S

AHLI INVESTMENT: Creditors' Proofs of Debt Due July 20
The creditors of AHLI Investment Services Company Limited are
required to file their proofs of debt by July 20, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 10, 2015.

The company's liquidator is:

          K.D. Blake
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Georgina Lowry
          Telephone: +1 (345) 914-4398/ +1 (345) 949-4800
          Facsimile: +1 (345) 949-7164

EBL HOLDINGS: Creditors' Proofs of Debt Due July 20
The creditors of EBL Holdings Limited are required to file their
proofs of debt by July 20, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 10, 2015.

The company's liquidators are:

          Keiran Hutchison
          Claire Loebell
          c/o Steve Bull
          Telephone: (345) 814 9060
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands

ESG TREASURY: Placed Under Voluntary Wind-Up
On June 12, 2015, the sole shareholder of ESG Treasury
Opportunities Offshore Portfolio 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:

          Emerging Sovereign Group, LLC
          c/o Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands

ESG TREASURY MASTER: Placed Under Voluntary Wind-Up
On June 12, 2015, the sole shareholder of ESG Treasury
Opportunities Master Portfolio 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:

          Emerging Sovereign Group, LLC
          c/o Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands

OPULEN INVESTMENT: Creditors' Proofs of Debt Due July 14
The creditors of Opulen Investment Management Limited are required
to file their proofs of debt by July 14, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on May 29, 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

SCOT ONE: Creditors' Proofs of Debt Due July 13
The creditors of Scot One Investment Company are required to file
their proofs of debt by July 13, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 10, 2015.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands

SILVERTON REAL: Creditors' Proofs of Debt Due July 14
The creditors of Silverton Real Estate Fund are required to file
their proofs of debt by July 14, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 29, 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

VALUE STREAM: Creditors' Proofs of Debt Due July 22
The creditors of Value Stream Limited are required to file their
proofs of debt by July 22, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 10, 2015.

The company's liquidator is:

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

YANAIS HOLDINGS: Creditors' Proofs of Debt Due July 13
The creditors of Yanais Holdings are required to file their proofs
of debt by July 13, 2015, to be included in the company's dividend

The company commenced liquidation proceedings on June 10, 2015.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


COLOMBIA: Inflation Rate Hits 3.33%
EFE News reports that the consumer price index rose 0.10 percent
in Colombia in June, pushing the inflation rate for the first six
months of this year to 3.33 percent, compared to the same period
in 2014, the National Administrative Department of Statistics, or
DANE, said.

The inflation rate in the January-June period was 0.76 percent
higher than in the same period in 2014, when it came in at 2.57
percent, according to EFE News.

The report notes that the inflation rate in June was 0.01 percent
higher than in the same month last year, when it was 0.09 percent,
the DANE said.

Colombia registered an inflation rate of 4.42 percent between July
2014 and June 2015, the report relates.

Of the 24 cities in which the DANE conducted price surveys, nine
registered inflation rates higher than the average for June and 15
registered inflation rates that were lower than the national
consumer price index, the report discloses.

Neiva, the capital of the southwestern province of Huila,
registered the highest inflation rate in June at 0.46 percent, the
report adds.


HAITI: Wants Dominican Republic to Negotiate Deal on Deportations
----------------------------------------------------------------- reports that Haitian President Michel Martelly is
calling on the Dominican Republic government to come to the
negotiating table to hammer out a memorandum of understanding on
the handling of the deportation of Haitian descendants.

Since the expiration of the June 17 deadline for legal residency
in the Dominican Republic, President Martelly said Haiti has had a
very difficult time coping with the number of people who have been
haphazardly crossing over the border it shares with the Dominican
Republic, according to

"After what we have experienced these last three days we are very
concerned.  Haitians are coming, probably voluntarily, but under
pressure because they're coming at any time.  [It's] no good for
us," the president told the media during the three-day meeting of
CARICOM Heads of Government meeting in Barbados, the report quoted
President Martelly as saying.

"We've been trying to get a protocol with the DR so we can agree
on who's coming, when they're coming, how they're coming, how many
are coming.  Lately we have realized that they're coming at one in
the morning, they come all over the border.  Two nights ago 21
people came. They seem to be Dominicans since they had no papers,"
President Martelly said, the report notes.

Speaking ahead of his departure from the island, United Nations
Secretary-General Ban Ki-moon said it was imperative that the
countries reach agreement on the matter that relates to "human
rights and human dignity," the report relays.

"I am encouraged the Dominican Republic and Haiti have maintained
binational dialogue during this challenging time.  I strongly
believe that it is critical for them to engage in a frank and
constructive dialogue," President Martelly said, the report

The thorny issue was one of the main agenda items of the meeting
that was attended by 17 heads of government and secretaries
generals from the Commonwealth and the Organization of American
States, the report says.

St Vincent and the Grenadines' Prime Minister Dr. Ralph Gonsalves
said CARICOM's position on the citizenship row is clear, the
report notes.

"We cannot accept in the 21st century, in our Caribbean
civilization, that citizenship be determined on the basis of
ethnicity or national origin of a people where that national
origin is but a cloak for an ethnic discrimination," Dr. Gonsalves
said, the report relays.

Officials in the Dominican Republic say only 10,000 people have
provided the documents required by its immigration registration
program, though an estimated 460,000 Haitian migrants reside in
the country, the report adds.

P U E R T O    R I C O

ANNA'S LINENS: Has Interim Access to $80-Mil. DIP Facility
U.S. Bankruptcy Judge Theodor Albert has granted interim approval
to the motion of Anna's Linens to access DIP financing up to an
aggregate principal amount of $80 million. The Debtor is also
authorized to use cash collateral.  Pursuant to a credit agreement
dated July 18, 2014, the Debtor is indebted to Salus Capital
Partners, LLC, as administrative agent for a consortium of
lenders, the approximate amount of $66.425 million. Salus, as
postpetition administrative agent for a consortium of lender,
agreed to provide a DIP Facility of up to approximately $20
million in excess of the outstanding secured debt to Salus and
other prepetition secured lenders.

The DIP Facility accrues interest at LIBOR plus 8.5%, with a
minimum interest rate of 8.75%, paid monthly in arrears. During an
event of default, the applicable rate will increase by 4%.
The DIP Facility also provides for a closing fee equal to 0.5% of
the aggregate DIP Facility commitment amount of approximately $20
million in excess of the Prepetition Obligations, which fee will
be fully earned and due and payable on the Closing Date. An exit
fee equal to 1.0% of the aggregate of the aggregate DIP Facility
commitment amount of approximately $20 million in in excess of the
Prepetition Obligations, which fee will be fully earned on the
Closing Date, and concern sale so exit fee will be reduced to

A DIP Facility monitoring fee of $120,000 per annum, paid monthly
in advance in the amount $10,000 is also required under the DIP

                         About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices. Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.
Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.  The case is assigned to Judge Theodor Albert. The Debtor
tapped Levene, Neale, Bender, Yoo & Brill LLP as counsel. The
Debtor estimated assets of $50 million to $100 million and debt of
$100 million to $500 million.

DORAL FINANCIAL: Seeks More Time to Control Bankruptcy Case
Joseph Checkler, writing for The Wall Street Journal, reported
that the bankrupt parent of Puerto Rico's failed Doral Bank wants
three more months to control its chapter 11 case without the
threat of rival proposals as it looks to sell off more assets.

According to the Journal, in a June 29 filing with U.S. Bankruptcy
Court in Manhattan, Doral Financial Corp. said that while it has
"achieved a number of important tasks" in its Chapter 11 case so
far, including selling its insurance unit, it needs until Oct. 7
to file a viable reorganization plan and until Jan. 5, 2016, to
solicit votes on that plan.

Without the approval of Judge Shelley C. Chapman of U.S.
Bankruptcy Court in Manhattan, those periods would expire after
July 9 and Sept. 7, respectively, the Journal noted.

                       About Doral Financial

Doral Financial Corporation is a holding company whose primary
operating asset was equity in Doral Bank.  DFC maintains offices
in New York City, Coral Gables, Florida and San Juan, Puerto Rico.

DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.  The case is assigned to
Judge Shelley C. Chapman.

DFC estimated $50 million to $100 million in assets and $100
million to $500 million in debt as of the bankruptcy filing.

The Debtor tapped Ropes & Gray LLP as counsel.

The Debtor's Chapter 11 plan and Disclosure Statement are due July
9, 2015.  The initial case conference is set for April 10, 2015.

The U.S. trustee overseeing the Chapter 11 case of Doral Financial
Corp. appointed five creditors of the company to serve on the
official committee of unsecured creditors.

HORNED DORSET: Hires Garcia-Arregui as Attorneys
The Horned Dorset Primavera Inc. seeks authorization from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Garcia-
Arregui & Fullana PSC as attorneys.

The Debtor requires Garcia-Arregui to:

   (a) advise the Debtor with respect to its duties, powers, and
       responsibilities in this case under the laws of the United
       States and Puerto Rico in which the debtor in possession
       conducts its operations, do business, or is involved in

   (b) advise Debtor in possession with the determination whether
       reorganization is feasible and, if not helping debtor in
       the orderly liquidation of its assets;

   (c) assist the Debtor with respect to negotiations with
       creditors for the purpose of arranging the orderly
       liquidation of assets and for proposing a viable plan of

   (d) prepare on behalf of the Debtor the necessary complains
       answer, order, reports memoranda of law under, or any other
       legal document;

   (e) appear before the bankruptcy court, or any other court in
       which the Debtor asserts a claim interest or defense
       directly or indirectly related to this bankruptcy case;

   (f) perform other legal services for Debtor as may be required
       in these proceedings or in connection with the operation
       of/and involvement with the Debtor's business, including
       but not limited to notary services.

Garcia-Arregui will be paid at these hourly rates:

       Isabel M. Fullana, Partner          $250
       Associates                          $100-$150
       Paralegal                           $90

Garcia-Arregui received a $20,000 retainer plus $1,717 filing fee
which was paid by the Debtor.

Isabel M. Fullana, partner of Garcia-Arregui, assured the Court
that the firm is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code and does not represent
any interest adverse to the Debtors and their estates.

Garcia-Arregui can be reached at:

       Isabel M. Fullana, Esq.
       252 Ponce de Leon Ave., Suite 1101
       Hato Rey 00918
       Tel: (787) 766-2530
       Fax: (787) 756-7800

                   About The Horned Dorset Primavera

The Horned Dorset Primavera Inc. operates the Horned Dorset
Primavera, a small luxury hotel located in northwestern Puerto
Rico, two miles from the town of Rincon.  The hotel -- is set among rolling hills at the
edge of the beautiful Caribbean Sea and is known for reserved
European service executed in an atmosphere unique in Puerto Rico
and the award-winning Restaurant Aaron.  The hotel is a member of
Relais & Chateaux.

The Horned Dorset Primavera Inc. commenced a Chapter 11 bankruptcy
case (Bankr. D.P.R. Case No. 15-03837) in Old San Juan, Puerto
Rico on May 22, 2015.

According to the docket, the Debtor's Chapter 11 plan is due Nov.
18, 2015.

The Debtor has tapped Isabel M Fullana, Esq., at Garcia Arregui &
Fullana PSC, as counsel.

VIACAO AREA: Chapter 15 Case Summary
VIACAO AREA SAO PAULO: Chapter 15 Case Summary
Chapter 15 Petitioner: Alexandre Tajra

Chapter 15 Debtor: Viacao Area Sao Paulo S.A
                   Praa da S, 21, Conjunto 203 e 207
                   S, So Paulo, SP 01001-001

Chapter 15 Case No.: 15-22091

Type of Business: Airline

Chapter 15 Petition Date: July 2, 2015

Court: United States Bankruptcy Court
       Southern District of Florida (Miami)

Chapter 15 Petitioner's Counsel: John D Couriel, Esq.
                                 Michael S. Kim, Esq.
                                 Jeremy Hollembeak, Esq.
                                 KOBRE & KIM LLP
                                 2 S Biscayne Blvd 35 Floor
                                 Miami, FL 33131
                                 Tel: +1 305-967-6100
                                 Fax: +1 305 967 6120

Estimated Assets: $1 million to $10 million

Estimated Debts: More than $1 billion


LATAM: ECLAC Official Calls for Debt Write-off for CARICOM States
---------------------------------------------------------------- reports that Caribbean leaders appear to be
giving serious consideration to making a proposal requesting the
gradual write-off of billions of dollars in external debt.

The issue was raised by Executive Secretary of the UN Economic
Commission for Latin America and the Caribbean (ECLAC), Alicia
Barcena at a high-level meeting that preceded an official opening
of the 36th regular meeting of the Conference of Heads of
Government of CARICOM, according to

Ms. Barcena pointed out that 40 per cent of the Caribbean's US$46
billion debt is to multinational agencies, with 14 per cent being
bilateral, the report notes.

Of that amount, Ms. Barcena said, US$30 billion was accumulated
between 1990 and 2014 as a result of natural disasters, the report

The report notes that Ms. Barcena described the situation facing
regional states are serious, explaining that five Caribbean
countries are among the most indebted in the world.

Ms. Barcena said the problems are compounded by the
vulnerabilities of Caribbean economies that are already facing a
decline in foreign direct investment, the report discloses.

"Antigua and Barbuda, Barbados, Grenada, Jamaica, St Kitts and
Nevis are the top five in the Caribbean," Ms. Barcena said, the
report relays.  "Nobody talks about them. We all hear about
Belize.  Of course it represents one per cent of the global debt
so we are not a systematic problem," Ms. Barcena added.

The report notes that the ECLAC official said "the time is ripe"
for CARICOM states, along with the Caribbean Development Bank, the
International Monetary Fund and the World Bank to hammer out an
agreement on a proposal for debt relief.

"The debt service payments should go to a resilience fund that can
probably be managed by the Caribbean Development Bank.  The
resilience fund should be used . . . for infrastructure
adaptation, sea defense," Ms. Barcena said, the report relays.

"Another fund that should be very important is  . . . an external
micro economic fund. That fund is for external shocks. Who should
support that external micro economic fund is the larger economies
of Latin America, the Brazil and Columbia," Ms. Barcena said, the
report discloses.

In his intervention, President of the Caribbean Development Bank
Dr. Warren Smith said Caribbean leaders need to show they are
serious about change by making hard decisions, the report notes.

"Even as we make a case for that debt relief we need to
demonstrate to those with whom we are negotiating that we are
prepared to take the tough decisions to do the right thing," Dr.
Smith told the meeting, the report relays.

"We need to change the structure of our economies.  We can't
continue to do what we have done in the past and expect different
results," Dr. Smith added.

The discussion was attended by UN Secretary-General Ban Ki-moon,
Secretary-General of the Organization of American States Luis
Almagro Lemes, and Secretary-General of the Commonwealth Kamalesh
Sharma, among other officials, the report adds.

* Large Companies With Insolvent Balance Sheets

                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------
FABRICA TECID-RT         FTRX1 BZ    66603695.4     -76419246.3
METROGAS SA-A          153255Z AR     331403741     -24462400.6
METROGAS SA-C          153263Z AR     331403741     -24462400.6
LA POLAR SA           NUEVAPOL CI     571550458     -31565432.3
TECTOY-PF-RTS5/6        TOYB11 BZ    27114628.6     -8215580.95
TEKA-ADR                 TEKAY US     313948165      -395261073
GOL-PREF                 GOLL4 BZ    3769323901      -125802483
GOL-ADR                    GOL US    3769323901      -125802483
GOL                      GOLL3 BZ    3769323901      -125802483
METROGAS-B               MGSBF US     331403741     -24462400.6
BOMBRIL                  BMBBF US     323685704       -31241748
KARSTEN                  CTKCF US     174656858     -10482924.6
KARSTEN-PREF             CTKPF US     174656858     -10482924.6
MANGELS INDL-PRF         MGIRF US     176399866     -61689625.2
TEKA                     TKTQF US     313948165      -395261073
TEKA-PREF                TKTPF US     313948165      -395261073
SNIAFA SA-B              SDAGF US    11229696.2     -2670544.86
TEC TOY SA-PREF          TOYDF US    27114628.6     -8215580.95
PUYEHUE RIGHT         PUYEHUOS CI      17878064     -7344408.97
BATTISTELLA-RIGH         BTTL1 BZ     120474772     -21271905.1
BATTISTELLA-RI P         BTTL2 BZ     120474772     -21271905.1
BATTISTELLA-RECE         BTTL9 BZ     120474772     -21271905.1
BATTISTELLA-RECP        BTTL10 BZ     120474772     -21271905.1
AGRENCO LTD-BDR         AGEN33 BZ     285996574      -543142756
GOL-ADR                    GOQ GR    3769323901      -125802483
PET MANG-RIGHTS       3678565Q BZ     140957879      -410925540
PET MANG-RIGHTS       3678569Q BZ     140957879      -410925540
PET MANG-RECEIPT      0229292Q BZ     140957879      -410925540
PET MANG-RECEIPT      0229296Q BZ     140957879      -410925540
MMX MINERACAO            TRES3 BZ    1223308090      -312940530
INEPAR-RT ORD         3697782Q BZ    1191789041      -214360998
INEPAR-RT PREF        3697786Q BZ    1191789041      -214360998
INEPAR-RCT ORD        3697790Q BZ    1191789041      -214360998
INEPAR-RCT PREF       3697794Q BZ    1191789041      -214360998
RB CAPITAL              RBCS3B BZ    13996658.5     -815.062365
MMX MINERACA-GDR         MMXMY US    1223308090      -312940530
BOMBRIL HOLDING          FPXE3 BZ    19416013.9      -489914853
BOMBRIL                  FPXE4 BZ    19416013.9      -489914853
SANESALTO                SNST3 BZ    21339668.9     -6954061.77
BOMBRIL-RGTS PRE         BOBR2 BZ     323685704       -31241748
BOMBRIL-RIGHTS           BOBR1 BZ     323685704       -31241748
MMX MINERACA-GDR      0567931D CN    1223308090      -312940530
MMX MINERACA-GDR          3M11 GR    1223308090      -312940530
LAEP-BDR                MILK33 BZ     222902269      -255311026
AGRENCO LTD               AGRE LX     285996574      -543142756
LAEP INVESTMENTS          LEAP LX     222902269      -255311026
INVERS ELEC BUEN         IEBAA AR     239575758     -28902145.8
INVERS ELEC BUEN         IEBAB AR     239575758     -28902145.8
OSX BRASIL SA            OSXB3 BZ    2592199410      -291661108
MMX MINERACAO            MMXCF US    1223308090      -312940530
CELGPAR                  GPAR3 BZ     233784351     -1156798479
RECRUSUL - RT         4529781Q BZ    25757600.8     -21626049.7
RECRUSUL - RT         4529785Q BZ    25757600.8     -21626049.7
RECRUSUL - RCT        4529789Q BZ    25757600.8     -21626049.7
RECRUSUL - RCT        4529793Q BZ    25757600.8     -21626049.7
RECRUSUL-BON RT         RCSL11 BZ    25757600.8     -21626049.7
RECRUSUL-BON RT         RCSL12 BZ    25757600.8     -21626049.7
BALADARE                 BLDR3 BZ     159449535     -52990723.7
TEXTEIS RENAU-RT         TXRX1 BZ    48951015.5     -73535330.8
TEXTEIS RENAU-RT         TXRX2 BZ    48951015.5     -73535330.8
TEXTEIS RENA-RCT         TXRX9 BZ    48951015.5     -73535330.8
TEXTEIS RENA-RCT        TXRX10 BZ    48951015.5     -73535330.8
CIA PETROLIF-PRF         MRLM4 BZ     377592596      -3014215.1
CIA PETROLIFERA          MRLM3 BZ     377592596      -3014215.1
NEWTEL PARTICIPA         NEWT3 BZ    10517157.2     -10542831.7
NOVA AMERICA SA          NOVA3 BZ    21287488.9      -183535526
NOVA AMERICA-PRF         NOVA4 BZ    21287488.9      -183535526
EBX BRASIL SA            CTMN3 BZ    2592199410      -291661108
GOL-ADR                   GOLN MM    3769323901      -125802483
OSX BRASIL SA            EBXB3 BZ    2592199410      -291661108
LA POLAR-RT           LAPOLARO CI     571550458     -31565432.3
ELECTRICIDAD ARG      3447811Z AR     948261051      -148983927
TEC TOY-RT            7335610Q BZ    27114628.6     -8215580.95
TEC TOY-RT            7335614Q BZ    27114628.6     -8215580.95
TEC TOY-RCT           7335626Q BZ    27114628.6     -8215580.95
TEC TOY-RCT           7335630Q BZ    27114628.6     -8215580.95
MMX MINERACAO-RT      4111484Q BZ    1223308090      -312940530
MMX MINERACA-RCT      4111488Q BZ    1223308090      -312940530
GOL-RT                0113333D BZ    3769323901      -125802483
GOL-RT                0113334D BZ    3769323901      -125802483
GOL-RCT               0113335D BZ    3769323901      -125802483
GOL-RCT               0113338D BZ    3769323901      -125802483
PET MANG-RT           4115360Q BZ     140957879      -410925540
PET MANG-RT           4115364Q BZ     140957879      -410925540
INEPAR-RT ORD            INEP1 BZ    1191789041      -214360998
INEPAR-RT PREF           INEP2 BZ    1191789041      -214360998
INEPAR-RCT ORD           INEP9 BZ    1191789041      -214360998
INEPAR-RCT PREF         INEP10 BZ    1191789041      -214360998
MINUPAR-RT            9314542Q BZ    76619687.5     -91780261.5
MINUPAR-RCT           9314634Q BZ    76619687.5     -91780261.5
MMX MINERACAO-RT      0626050D BZ    1223308090      -312940530
MMX MINERACA-RCT      0626051D BZ    1223308090      -312940530
PET MANG-RT           0229249Q BZ     140957879      -410925540
PET MANG-RT           0229268Q BZ     140957879      -410925540
RECRUSUL - RT         0163579D BZ    25757600.8     -21626049.7
RECRUSUL - RT         0163580D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0163582D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0163583D BZ    25757600.8     -21626049.7
PORTX OPERA-GDR          PXTPY US     976769385     -9407990.18
PORTX OPERACOES          PRTX3 BZ     976769385     -9407990.18
OSX BRASIL S-GDR         OSXRY US    2592199410      -291661108
TEC TOY-RT            1254570D BZ    27114628.6     -8215580.95
TEC TOY-RT            1254571D BZ    27114628.6     -8215580.95
TEC TOY-RCT           1254572D BZ    27114628.6     -8215580.95
TEC TOY-RCT           1254573D BZ    27114628.6     -8215580.95
MMX MINERACAO           MMXM11 BZ    1223308090      -312940530
MINUPAR-RT            0599562D BZ    76619687.5     -91780261.5
MINUPAR-RCT           0599564D BZ    76619687.5     -91780261.5
PET MANG-RT              RPMG2 BZ     140957879      -410925540
PET MANG-RT           0848424D BZ     140957879      -410925540
PET MANG-RECEIPT         RPMG9 BZ     140957879      -410925540
PET MANG-RECEIPT        RPMG10 BZ     140957879      -410925540
GOL-RT                   GOLL1 BZ    3769323901      -125802483
GOL-RT                1003237D BZ    3769323901      -125802483
GOL-RCT                  GOLL9 BZ    3769323901      -125802483
GOL-RCT               1003238D BZ    3769323901      -125802483
LAEP INVESTMEN-B      0122427D LX     222902269      -255311026
LAEP INVES-BDR B      0163599D BZ     222902269      -255311026
RECRUSUL - RT         0614673D BZ    25757600.8     -21626049.7
RECRUSUL - RT         0614674D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0614675D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0614676D BZ    25757600.8     -21626049.7
TEKA-RTS                 TEKA1 BZ     313948165      -395261073
TEKA-RTS                 TEKA2 BZ     313948165      -395261073
TEKA-RCT                 TEKA9 BZ     313948165      -395261073
TEKA-RCT                TEKA10 BZ     313948165      -395261073
MINUPAR-RTS              MNPR1 BZ    76619687.5     -91780261.5
MINUPAR-RCT              MNPR9 BZ    76619687.5     -91780261.5
LA POLAR-RT           LAPOLAOS CI     571550458     -31565432.3
RECRUSUL SA-RTS          RCSL1 BZ    25757600.8     -21626049.7
RECRUSUL SA-RTS          RCSL2 BZ    25757600.8     -21626049.7
RECRUSUL SA-RCT          RCSL9 BZ    25757600.8     -21626049.7
RECRUSUL - RCT          RCSL10 BZ    25757600.8     -21626049.7
OSX BRASIL - RTS      0701756D BZ    2592199410      -291661108
OSX BRASIL - RTS      0701757D BZ    2592199410      -291661108
LA POLAR SA            LAPOLAR CI     571550458     -31565432.3
MMX MINERACA-RTS         MMXM1 BZ    1223308090      -312940530
MMX MINERACA-RCT         MMXM9 BZ    1223308090      -312940530
OSX BRASIL - RTS      0812903D BZ    2592199410      -291661108
OSX BRASIL - RTS      0812904D BZ    2592199410      -291661108
OSX BRASIL SA            OSXRF US    2592199410      -291661108
OSX BRASIL - RTS         OSXB1 BZ    2592199410      -291661108
OSX BRASIL - RTS         OSXB9 BZ    2592199410      -291661108
NEWTEL PARTI-RTS      1051621D BZ    10517157.2     -10542831.7
PET MANG-RTS          1227980D BZ     140957879      -410925540
AGRENCO LTD-BDR         AGEN11 BZ     285996574      -543142756
LAEP-BDR                MILK11 BZ     222902269      -255311026
MMX MINERACA-GDR         MMXMD US    1223308090      -312940530
MMX MINERACAO            MMXXF US    1223308090      -312940530
GOL PREF - RTS           GOLL2 BZ    3769323901      -125802483
GOL PREF - RCT          GOLL10 BZ    3769323901      -125802483
BOMBRIL - RTS           BOBR11 BZ     323685704       -31241748
KARSTEN SA - RTS         CTKA1 BZ     174656858     -10482924.6
KARSTEN SA - RTS         CTKA2 BZ     174656858     -10482924.6
KARSTEN SA - RCT         CTKA9 BZ     174656858     -10482924.6
KARSTEN SA - RCT        CTKA10 BZ     174656858     -10482924.6
NEWTEL PARTI-RCT        NEWT9B BZ    10517157.2     -10542831.7
NEWTEL PARTI-RTS        NEWT1B BZ    10517157.2     -10542831.7
CELGPAR-RTS             GPAR11 BZ     233784351     -1156798479
LA POLAR-RTS BON      LAPOLAOB CI     571550458     -31565432.3
PET MANGUINH-RTS         RPMG1 BZ     140957879      -410925540
METROGAS-B                METR AR     331403741     -24462400.6
METROGAS-B BLOCK         METRB AR     331403741     -24462400.6
METROGAS-B               METRC AR     331403741     -24462400.6
METROGAS-B               METRD AR     331403741     -24462400.6
METROGAS SA               MGAI US     331403741     -24462400.6
METROGAS-B                MGSB GR     331403741     -24462400.6
METROGAS-ADR               MGS US     331403741     -24462400.6
METROGAS-ADR              MGSA GR     331403741     -24462400.6
ARTHUR LANGE             ARLA3 BZ    11642254.9     -17154460.3
ARTHUR LANGE SA         ALICON BZ    11642254.9     -17154460.3
ARTHUR LANGE-PRF         ARLA4 BZ    11642254.9     -17154460.3
ARTHUR LANGE-PRF        ALICPN BZ    11642254.9     -17154460.3
ARTHUR LANG-RT C         ARLA1 BZ    11642254.9     -17154460.3
ARTHUR LANG-RT P         ARLA2 BZ    11642254.9     -17154460.3
ARTHUR LANG-RC C         ARLA9 BZ    11642254.9     -17154460.3
ARTHUR LANG-RC P        ARLA10 BZ    11642254.9     -17154460.3
ARTHUR LAN-DVD C        ARLA11 BZ    11642254.9     -17154460.3
ARTHUR LAN-DVD P        ARLA12 BZ    11642254.9     -17154460.3
BOMBRIL                  BOBR3 BZ     323685704       -31241748
BOMBRIL CIRIO SA        BOBRON BZ     323685704       -31241748
BOMBRIL-PREF             BOBR4 BZ     323685704       -31241748
BOMBRIL CIRIO-PF        BOBRPN BZ     323685704       -31241748
BOMBRIL SA-ADR           BMBPY US     323685704       -31241748
BOMBRIL SA-ADR           BMBBY US     323685704       -31241748
BUETTNER                 BUET3 BZ    82872146.2     -36299304.3
BUETTNER SA             BUETON BZ    82872146.2     -36299304.3
BUETTNER-PREF            BUET4 BZ    82872146.2     -36299304.3
BUETTNER SA-PRF         BUETPN BZ    82872146.2     -36299304.3
BUETTNER SA-RTS          BUET1 BZ    82872146.2     -36299304.3
BUETTNER SA-RT P         BUET2 BZ    82872146.2     -36299304.3
CAF BRASILIA             CAFE3 BZ     160933830      -149277092
CAFE BRASILIA SA        CSBRON BZ     160933830      -149277092
CAF BRASILIA-PRF         CAFE4 BZ     160933830      -149277092
CAFE BRASILIA-PR        CSBRPN BZ     160933830      -149277092
IGUACU CAFE              IGUA3 BZ     190073766       -74308212
IGUACU CAFE             IGCSON BZ     190073766       -74308212
IGUACU CAFE              IGUCF US     190073766       -74308212
IGUACU CAFE-PR A         IGUA5 BZ     190073766       -74308212
IGUACU CAFE-PR A        IGCSAN BZ     190073766       -74308212
IGUACU CAFE-PR A         IGUAF US     190073766       -74308212
IGUACU CAFE-PR B         IGUA6 BZ     190073766       -74308212
IGUACU CAFE-PR B        IGCSBN BZ     190073766       -74308212
SCHLOSSER                SCLO3 BZ    46981417.3     -55419754.7
SCHLOSSER SA             SCHON BZ    46981417.3     -55419754.7
SCHLOSSER-PREF           SCLO4 BZ    46981417.3     -55419754.7
SCHLOSSER SA-PRF         SCHPN BZ    46981417.3     -55419754.7
KARSTEN SA               CTKA3 BZ     174656858     -10482924.6
KARSTEN                  CTKON BZ     174656858     -10482924.6
KARSTEN-PREF             CTKA4 BZ     174656858     -10482924.6
KARSTEN-PREF             CTKPN BZ     174656858     -10482924.6
COBRASMA                 CBMA3 BZ    68585867.9     -2324358597
COBRASMA SA             COBRON BZ    68585867.9     -2324358597
COBRASMA-PREF            CBMA4 BZ    68585867.9     -2324358597
COBRASMA SA-PREF        COBRPN BZ    68585867.9     -2324358597
D H B                    DHBI3 BZ    94806424.1      -188014922
DHB IND E COM            DHBON BZ    94806424.1      -188014922
D H B-PREF               DHBI4 BZ    94806424.1      -188014922
DHB IND E COM-PR         DHBPN BZ    94806424.1      -188014922
DOCA INVESTIMENT         DOCA3 BZ     187044412      -204249587
DOCAS SA                DOCAON BZ     187044412      -204249587
DOCA INVEST-PREF         DOCA4 BZ     187044412      -204249587
DOCAS SA-PREF           DOCAPN BZ     187044412      -204249587
DOCAS SA-RTS PRF         DOCA2 BZ     187044412      -204249587
FABRICA RENAUX           FTRX3 BZ    66603695.4     -76419246.3
FABRICA RENAUX          FRNXON BZ    66603695.4     -76419246.3
FABRICA RENAUX-P         FTRX4 BZ    66603695.4     -76419246.3
FABRICA RENAUX-P        FRNXPN BZ    66603695.4     -76419246.3
HAGA                     HAGA3 BZ    17930008.8       -31863962
FERRAGENS HAGA          HAGAON BZ    17930008.8       -31863962
FER HAGA-PREF            HAGA4 BZ    17930008.8       -31863962
FERRAGENS HAGA-P        HAGAPN BZ    17930008.8       -31863962
CIMOB PARTIC SA          GAFP3 BZ    44047412.2     -45669964.1
CIMOB PARTIC SA          GAFON BZ    44047412.2     -45669964.1
CIMOB PART-PREF          GAFP4 BZ    44047412.2     -45669964.1
CIMOB PART-PREF          GAFPN BZ    44047412.2     -45669964.1
IGB ELETRONICA           IGBR3 BZ     307112239     -59872446.9
GRADIENTE ELETR          IGBON BZ     307112239     -59872446.9
GRADIENTE-PREF A         IGBR5 BZ     307112239     -59872446.9
GRADIENTE EL-PRA         IGBAN BZ     307112239     -59872446.9
GRADIENTE-PREF B         IGBR6 BZ     307112239     -59872446.9
GRADIENTE EL-PRB         IGBBN BZ     307112239     -59872446.9
GRADIENTE-PREF C         IGBR7 BZ     307112239     -59872446.9
GRADIENTE EL-PRC         IGBCN BZ     307112239     -59872446.9
HOTEIS OTHON SA          HOOT3 BZ     207664352     -21612890.7
HOTEIS OTHON SA         HOTHON BZ     207664352     -21612890.7
HOTEIS OTHON-PRF         HOOT4 BZ     207664352     -21612890.7
HOTEIS OTHON-PRF        HOTHPN BZ     207664352     -21612890.7
RENAUXVIEW SA            TXRX3 BZ    48951015.5     -73535330.8
TEXTEIS RENAUX          RENXON BZ    48951015.5     -73535330.8
RENAUXVIEW SA-PF         TXRX4 BZ    48951015.5     -73535330.8
TEXTEIS RENAUX          RENXPN BZ    48951015.5     -73535330.8
INEPAR                   INEP3 BZ    1191789041      -214360998
INEPAR SA               INPRON BZ    1191789041      -214360998
INEPAR-PREF              INEP4 BZ    1191789041      -214360998
INEPAR SA-PREF          INPRPN BZ    1191789041      -214360998
INEPAR-COM DVD          INEP11 BZ    1191789041      -214360998
INEPAR BONUS B          INEP12 BZ    1191789041      -214360998
INEPAR-PRF DVD          INEP13 BZ    1191789041      -214360998
PARMALAT                 LCSA3 BZ     388720096      -213641152
PARMALAT BRASIL         LCSAON BZ     388720096      -213641152
PADMA INDUSTRIA          LCSA4 BZ     388720096      -213641152
PARMALAT BRAS-PF        LCSAPN BZ     388720096      -213641152
PARMALAT BR-RT C         LCSA5 BZ     388720096      -213641152
PARMALAT BR-RT P         LCSA6 BZ     388720096      -213641152
MANGELS INDL             MGEL3 BZ     176399866     -61689625.2
MANGELS INDL SA         MISAON BZ     176399866     -61689625.2
MANGELS INDL-PRF         MGEL4 BZ     176399866     -61689625.2
MANGELS INDL-PRF        MISAPN BZ     176399866     -61689625.2
ESTRELA SA               ESTR3 BZ     101429217      -112373470
ESTRELA SA              ESTRON BZ     101429217      -112373470
ESTRELA SA-PREF          ESTR4 BZ     101429217      -112373470
ESTRELA SA-PREF         ESTRPN BZ     101429217      -112373470
MET DUQUE                DUQE3 BZ    75039127.4     -2847420.37
MET DUQUE                MDUON BZ    75039127.4     -2847420.37
MET DUQUE-PREF           DUQE4 BZ    75039127.4     -2847420.37
MET DUQUE-PREF           MDUPN BZ    75039127.4     -2847420.37
WETZEL SA                MWET3 BZ      85449973     -19170318.6
WETZEL SA               MWELON BZ      85449973     -19170318.6
WETZEL SA-PREF           MWET4 BZ      85449973     -19170318.6
WETZEL SA-PREF          MWELPN BZ      85449973     -19170318.6
MINUPAR                  MNPR3 BZ    76619687.5     -91780261.5
MINUPAR SA              MNPRON BZ    76619687.5     -91780261.5
MINUPAR-PREF             MNPR4 BZ    76619687.5     -91780261.5
MINUPAR SA-PREF         MNPRPN BZ    76619687.5     -91780261.5
NOVA AMERICA SA         NOVA3B BZ    21287488.9      -183535526
NOVA AMERICA SA         NOVAON BZ    21287488.9      -183535526
NOVA AMERICA-PRF        NOVA4B BZ    21287488.9      -183535526
NOVA AMERICA-PRF        NOVAPN BZ    21287488.9      -183535526
NOVA AMERICA-PRF        1NOVPN BZ    21287488.9      -183535526
NOVA AMERICA SA         1NOVON BZ    21287488.9      -183535526
RECRUSUL                 RCSL3 BZ    25757600.8     -21626049.7
RECRUSUL SA             RESLON BZ    25757600.8     -21626049.7
RECRUSUL-PREF            RCSL4 BZ    25757600.8     -21626049.7
RECRUSUL SA-PREF        RESLPN BZ    25757600.8     -21626049.7
PETRO MANGUINHOS         RPMG3 BZ     140957879      -410925540
PETRO MANGUINHOS        MANGON BZ     140957879      -410925540
PET MANGUINH-PRF         RPMG4 BZ     140957879      -410925540
PETRO MANGUIN-PF        MANGPN BZ     140957879      -410925540
RIMET                    REEM3 BZ     103098359      -185417651
RIMET                   REEMON BZ     103098359      -185417651
RIMET-PREF               REEM4 BZ     103098359      -185417651
RIMET-PREF              REEMPN BZ     103098359      -185417651
SANSUY                   SNSY3 BZ     164647493      -171565662
SANSUY SA               SNSYON BZ     164647493      -171565662
SANSUY-PREF A            SNSY5 BZ     164647493      -171565662
SANSUY SA-PREF A        SNSYAN BZ     164647493      -171565662
SANSUY-PREF B            SNSY6 BZ     164647493      -171565662
SANSUY SA-PREF B        SNSYBN BZ     164647493      -171565662
SNIAFA SA                 SNIA AR    11229696.2     -2670544.86
SNIAFA SA-B              SNIA5 AR    11229696.2     -2670544.86
PILMAIQUEN             PILMAIQ CI     169175281     -28425493.1
BOTUCATU TEXTIL          STRP3 BZ    27663605.3     -7174512.12
STAROUP SA              STARON BZ    27663605.3     -7174512.12
BOTUCATU-PREF            STRP4 BZ    27663605.3     -7174512.12
STAROUP SA-PREF         STARPN BZ    27663605.3     -7174512.12
TECTOY                   TOYB3 BZ    27114628.6     -8215580.95
TECTOY SA               TOYBON BZ    27114628.6     -8215580.95
TECTOY-PREF              TOYB4 BZ    27114628.6     -8215580.95
TECTOY SA-PREF          TOYBPN BZ    27114628.6     -8215580.95
TEC TOY SA-PREF          TOYB5 BZ    27114628.6     -8215580.95
TEC TOY SA-PF B          TOYB6 BZ    27114628.6     -8215580.95
TECTOY                  TOYB13 BZ    27114628.6     -8215580.95
TECTOY-RCPT PF B        TOYB12 BZ    27114628.6     -8215580.95
TEKA                     TEKA3 BZ     313948165      -395261073
TEKA                    TEKAON BZ     313948165      -395261073
TEKA-PREF                TEKA4 BZ     313948165      -395261073
TEKA-PREF               TEKAPN BZ     313948165      -395261073
TEKA-ADR                 TKTPY US     313948165      -395261073
TEKA-ADR                 TKTQY US     313948165      -395261073
F GUIMARAES              FGUI3 BZ    11016542.2      -151840378
FERREIRA GUIMARA        FGUION BZ    11016542.2      -151840378
F GUIMARAES-PREF         FGUI4 BZ    11016542.2      -151840378
FERREIRA GUIM-PR        FGUIPN BZ    11016542.2      -151840378
VARIG SA                 VAGV3 BZ     966298048     -4695211008
VARIG SA                VARGON BZ     966298048     -4695211008
VARIG SA-PREF            VAGV4 BZ     966298048     -4695211008
VARIG SA-PREF           VARGPN BZ     966298048     -4695211008
WIEST                    WISA3 BZ    34107195.1      -126993682
WIEST SA                WISAON BZ    34107195.1      -126993682
WIEST-PREF               WISA4 BZ    34107195.1      -126993682
WIEST SA-PREF           WISAPN BZ    34107195.1      -126993682
ELEC ARG SA-PREF         EASA6 AR     948261051      -148983927
ELEC ARGENT-ADR           EASA LX     948261051      -148983927
ELEC DE ARGE-ADR         1262Q US     948261051      -148983927
LOJAS ARAPUA             LOAR3 BZ    37959788.7     -3613691912
LOJAS ARAPUA            LOARON BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF         LOAR4 BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF        LOARPN BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF        52353Z US    37959788.7     -3613691912
LOJAS ARAPUA-GDR         3429T US    37959788.7     -3613691912
LOJAS ARAPUA-GDR         LJPSF US    37959788.7     -3613691912
BATTISTELLA              BTTL3 BZ     120474772     -21271905.1
BATTISTELLA-PREF         BTTL4 BZ     120474772     -21271905.1
HOPI HARI SA             PQTM3 BZ     129077627     -2031408.69
HOPI HARI-PREF           PQTM4 BZ     129077627     -2031408.69
PARQUE TEM-DV CM          PQT5 BZ     129077627     -2031408.69
PARQUE TEM-DV PF          PQT6 BZ     129077627     -2031408.69
PARQUE TEM-RT CM         PQTM1 BZ     129077627     -2031408.69
PARQUE TEM-RT PF         PQTM2 BZ     129077627     -2031408.69
PARQUE TEM-RCT C         PQTM9 BZ     129077627     -2031408.69
PARQUE TEM-RCT P        PQTM10 BZ     129077627     -2031408.69
INVERS ELEC BUEN          IEBA AR     239575758     -28902145.8
NEWTEL PARTICIPA        NEWT3B BZ    10517157.2     -10542831.7
NEWTEL PARTICIPA        1NEWON BZ    10517157.2     -10542831.7
MMX MINERACAO            MMXM3 BZ    1223308090      -312940530
TRESSEM PART SA         1TSSON BZ    1223308090      -312940530
CIA PETROLIFERA         MRLM3B BZ     377592596      -3014215.1
CIA PETROLIF-PRF        MRLM4B BZ     377592596      -3014215.1
CIA PETROLIFERA         1CPMON BZ     377592596      -3014215.1
CIA PETROLIF-PRF        1CPMPN BZ     377592596      -3014215.1
PUYEHUE                  PUYEH CI      17878064     -7344408.97
IMPSAT FIBER NET         IMPTQ US     535007008       -17164978
IMPSAT FIBER NET       330902Q GR     535007008       -17164978
IMPSAT FIBER NET         XIMPT SM     535007008       -17164978
IMPSAT FIBER-CED          IMPT AR     535007008       -17164978
IMPSAT FIBER-C/E         IMPTC AR     535007008       -17164978
IMPSAT FIBER-$US         IMPTD AR     535007008       -17164978
IMPSAT FIBER-BLK         IMPTB AR     535007008       -17164978
VARIG PART EM TR         VPTA3 BZ    49432119.3      -399290357
VARIG PART EM-PR         VPTA4 BZ    49432119.3      -399290357
VARIG PART EM SE         VPSC3 BZ      83017828      -495721697
VARIG PART EM-PR         VPSC4 BZ      83017828      -495721697


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to


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

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

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

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

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

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

                   * * * End of Transmission * * *