TCRLA_Public/150708.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

            Wednesday, July 8, 2015, Vol. 16, No. 133



ACE SEGUROS: Moody's Affirms B2 IFS Rating; Outlook Remains Neg.
ARGENTINA: IDB OKs $150MM Loan to Boost Investment in Innovation
CONSULTATIO RENTA: Moody's Rates Global Scale Bond Fund Caa-bf
CORDOBA MUNICIPALITY: Moody's Assigns Caa1 Rating to ARS200MM Bond
EDENOR SA: CEO Edgardo Volosin Resigns


BANCO INDUSTRIAL: S&P Lowers ICR to 'BB/B' and Puts on Watch Neg.
BRAZIL: Records Best 1st-Half Trade Balance in 3 Years
BR PROPERTIES: Fitch Affirms 'BB' LT Foreign Currency IDR

C A Y M A N  I S L A N D S

CHERSONESE HOLDINGS: Members' Final Meeting Set for July 14
COUNTRYWIDE HOLDINGS: Shareholders' Final Meeting Set for July 17
HEBER HOLDINGS: Members' Final Meeting Set for July 24
INGLEBY URUGUAY 1: Shareholders' Final Meeting Set for July 29
INGLEBY URUGUAY 2: Shareholders' Final Meeting Set for July 29

KAMUNTING MASTER: Shareholders' Final Meeting Set for July 17
KAMUNTING STREET: Shareholders' Final Meeting Set for July 17
NEW EMERGING: Members' Final Meeting Set for July 14
OC 520 OFFSHORE: Shareholder to Hear Wind-Up Report on Sept. 3
TAUBE MASTER: Shareholder to Hear Wind-Up Report on Aug. 7

TAUBE OFFSHORE: Shareholder to Hear Wind-Up Report on Aug. 7

E L   S A L V A D O R

BANCO AGRICOLA: S&P Affirms 'B+' ICR; Outlook Remains Stable


* JAMAICA: To Conduct Survey of National IT Distribution


BP: Reaches US$18.7 Billion Settlement With US Justice Department


BANCO BILBAO: S&P Affirms 'BB' Rating; Outlook Remains Stable

P U E R T O    R I C O

PUERTO RICO ELECTRIC: Bondholders Extend Forbearance Agreement

T R I N I D A D  &  T O B A G O

BPTT: Won't be Affected by Reaching US$18.7BB Deal With Parent
TTPOST: Delivery of Pension & Social Welfare Cheques Delayed


* Large Companies With Insolvent Balance Sheets

                            - - - - -


ACE SEGUROS: Moody's Affirms B2 IFS Rating; Outlook Remains Neg.
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
affirmed the B2 global local currency insurance financial strength
(IFS) rating and the IFS rating on the Argentine national
scale of ACE Seguros S.A. ("ACE Seguros") following the
announcement on July 1 that ACE Limited (NYSE: ACE) will acquire
all of the outstanding shares of The Chubb Corporation (NYSE: CB,
"Chubb") for approximately $28.3 billion.  The outlook of the
company remains negative.

Moody's took action on July 2 on various subsidiaries of the


According to Moody's, the rating affirmation of ACE Seguros'
ratings primarily reflect Moody's view that its operations'
fundamental business and financial underpinnings, as well as
parental support, will remain intact through the closing of the
acquisition -- which is expected to be completed in Q1 2016 -- and
beyond, and that the operating cultures of Chubb and ACE worldwide
(both being focused on underwriting quality, with strict controls
on risk management, reserving, investments and financial
discipline) are sufficiently similar to ensure that any potential
future combinations of the group's various subsidiaries in the
Latin America region and elsewhere will continue to preserve those
intrinsic characteristics.  Notably, the credit profiles of most
of ACE's subsidiaries throughout the region are meaningfully
influenced by the country-specific insurance operating
environments, which will remain a consideration regardless of the
acquisition.  Furthermore, given the proximity of Chubb's (A2
senior debt, stable outlook) and ACE's (ACE INA senior debt at A3,
stable outlook) overall credit profiles, Moody's expects that any
potential future changes to the group's structure (e.g. in order
to achieve enhanced operational efficiencies both within specific
countries and throughout the region) will largely preserve
existing parental support characteristics.  However, in case of
any structural modification of the Group's strategy towards its
Latin American subsidiaries through the closing of the acquisition
and beyond, Moody's will assess its impact on ACE Seguros' credit

Finally, the rating agency added that the outlook on the ratings
of ACE Seguros is negative, in line with the negative outlook on
sovereign bonds of Argentina and most local financial
institutions, given the company's very high direct investments
exposure (relative to capital) in Argentine sovereign bonds and
other local assets.

Headquartered in Buenos Aires, Argentina, ACE Seguros reported
gross premiums written of ARS 737 million and net income of ARS 34
million for the first three months of 2015.  As of March 31, 2015,
ACE Seguros' total assets amounted to ARS 560 million and its
shareholders' equity was ARS 116 million.

ARGENTINA: IDB OKs $150MM Loan to Boost Investment in Innovation
Argentina will increase the productivity of its businesses by
boosting investment in research, development and innovation with a
loan of $150 million approved by the Inter-American Development
Bank (IDB).

The Technological Innovation Program IV will help boost companies'
ability to innovate and generate scientific and technological
knowledge.  It will also enhance their skills at follow-up,
assessment, articulation and spreading science, technology and
innovation policies.

"The program calls for robust support of partnership programs
among companies, universities and research centers with the goal
of generating technological innovations with high impact in top-
priority sectors such as renewable energy, health and agro-
industry. It also makes resources available to consolidate the
workings of the national systems for scientific and technological
research," said Pablo Angelelli, team leader of the IDB project.

This marks the fourth individual operation carried out with funds
from a $750 million line of credit for investments approved in
2009 to finance Argentina's General Program of Technological

The new program will strengthen the business innovation
capabilities through four lines of support: financing of
individual companies' innovation efforts; partnership innovation
efforts, technological services and innovation with high sector
and regional impact.

The initiative will also boost research and technological
innovation capabilities through three complementary lines that
will encourage generation of new scientific and technological
knowledge and its application to the productive sector and society
in general.

The program will finance development of technologies for cleaner
production, creation of in-house research and development units,
management of intellectual property, and technical assistance.

At the same time, it will finance projects developed by groups of
companies, preferably small-and medium-sized ones, the
strengthening of technological services aimed at small-and medium-
size companies, and the creation of technological services centers
to attend to the needs of groups of companies.

Another line of action will involve financial support for
technological innovation projects developed by public-private
consortiums made up of companies, research and development centers
and universities.

Furthermore, the program will finance scientific and technological
research projects that will support state-owned and private
research institutions in the generation of new knowledge, the
modernization of scientific and technological equipment and multi-
disciplinary and inter-institutional research centers.

Among other expected results, the program will trigger an increase
in business investment in innovation, research and development,
greater production of knowledge by researchers and an increase in
the amount of scientific teams managed in a collaborative fashion
and in the number of multi-disciplinary knowledge products, as
well as greater participation by companies.

The IDB loan is over 25 years with a 5.5 year grace period, and an
interest rate pegged to the LIBOR.  Local counterpart financing
totals $40 million.

CONSULTATIO RENTA: Moody's Rates Global Scale Bond Fund Caa-bf
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to Consultatio Renta Mixta FCI (the
Fund), a fund managed by Consultatio Asset Management GFCI SA.

The ratings assigned are:

   -- Global scale bond fund rating: Caa-bf
   -- National scale bond fund rating:


"The ratings are based on the Fund's last five months portfolio
composition that shows key invested assets mainly in government
bonds with global ratings between Caa-bf/ showing a high
immediate liquidity.  Based on this portfolio composition, the
Fund is expected to maintain a maturity-adjusted weighted average
credit quality consistent with a rating level of Caa-bf/
This portfolio will attempt to provide a return similar to the
local government dollar yield curve with an average duration
between three and five years" said Moody's lead analyst Carlos de

The new fund expects key shareholders to be institutional
investors such as local insurance companies and high net worth
individuals who have historically been clients of Galileo.

Consultatio Asset Management G.F.C.I.S.A., is a large independent
asset manager in the Argentinean mutual fund Industry with 3.1% of
market share.  As of May 2015, Consultatio Asset Management,
managed approximately AR$5,098 million in Assets under Management

CORDOBA MUNICIPALITY: Moody's Assigns Caa1 Rating to ARS200MM Bond
Moody's Latin America Agente de Calificacion de Riesgo has
assigned debt ratings of Caa1 (Global Scale, Local Currency) and (Argentina National Scale) to the Municipality of
Cordoba's Series II Bond for up to ARS200 million.  The global
rating of this new debt class is in line with the municipality's
long term local currency issuer ratings, which carry a negative
outlook, whereas its rating on Argentina's national scale is one
notch above Municipality of C¢rdoba's issuer rating of

The Series II Bonds (the "Bonos de Deuda Serie II") constitute
direct, secured and unsubordinated obligations of the Municipality
of C¢rdoba ("The City").  Authorized by Decree N§ 1551 of the
Mayor of C¢rdoba City and payable in Argentine pesos --which
significantly reduces its credit risk compared to other debts
adjusted or link to the US dollar exchange rate-, this bond will
carry local benchmark interest rate plus a margin and will mature
in eighteen months.  Debt will be serviced on a quarterly basis,
with five equal and quarterly amortization payments after a six
months-grace period.  The City will use the proceeds of this bond
to expand the residential connections to the natural gas net and
to other general and maintenance infrastructure works.  According
to the Mayor's Decree, should the Municipality not comply with the
committed uses of the proceeds of this bond, that would represent
an event of default.

The amount expected to be issued under Series II is ARS200
million, about 2% of total revenues budgeted for 2015.  This
issuance will be guaranteed by the collection of the "Gross
Revenue Contribution" that the Municipality of Cordoba's charges
to large commerce and industrial tax payers, like in the case of
the previous Series.  In addition, debt services of Series II will
be also secured by an additional guarantee, represented by the
pledge on the future collections of charges for new connections to
the City's natural gas residential net.

The Caa1 rating that Moody's has assigned to this Bond Series II
is in line with the Municipality of Cordoba's Caa1 issuer rating
and long-term credit quality.  However, in Moody's view, the
presence of dedicated and enough municipal revenues to back the
services of this new Series enhances the credit quality of this
instrument.  This is reflected in the rating compared to
the Municipality of Cordoba's national scale rating issuer rating

The ratings assigned are based on documentation Moody's had
received as of the rating assignment date.  Moody's does not
expect changes to the documentation between July 6th, 2015 and the
expected closing date of the deal.  Moody's will assess the impact
on the ratings of any differences should the transaction structure
differ from what the submitted documentation outlines, and act


Given the negative outlook on the issuer ratings, Moody's does not
expect upward pressures in the Municipality of C¢rdoba's ratings
in the near to medium term.  However, a change in Argentina's
sovereign outlook back to stable could lead to a stabilization of
the Municipality of Cordoba's outlook.  Conversely, a sharp
deterioration of the City's financial results, coupled with higher
debt levels could add downward pressure to the assigned ratings.
The Municipality of Cordoba could also be downgraded if the
negative outlook on the sovereign rating materializes into a
rating downgrade.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.

EDENOR SA: CEO Edgardo Volosin Resigns
Edgardo A. Volosin tendered his resignation as chief executive
officer of Edenor SA effective July 1, 2015, for personal reasons,
according to a regulatory filing with the Securities and Exchange
Commission.  Mr. Volos¡n will continue acting as regular member of
the Company's Board of Directors.

The Company's Chairman of the Board, Mr. Ricardo A. Torres, will
also be its CEO.

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

Edenor SA reported a loss of ARS780 million on ARS3.59 billion of
revenue for the year ended Dec. 31, 2014, compared with profit of
ARS773 million on ARS3.44 billion of revenue for the year ended
Dec. 31, 2013.

As of March 31, 2015, the Company had ARS10.07 billion in total
assets, ARS9.22 billion in total liabilities and ARS855 million in
total equity.


BANCO INDUSTRIAL: S&P Lowers ICR to 'BB/B' and Puts on Watch Neg.
Standard & Poor's Ratings Service lowered its global scale issuer
credit ratings (ICRs) on Banco Industrial e Comercial S.A. (BIC
Banco) to 'BB/B' from 'BBB-/A-3' and its national scale rating to
'brA+' from 'brAA+'.  S&P also placed all ratings on CreditWatch

The downgrade reflects the bank's weakening performance, asset
quality, and internal capital generation in the past six months.
S&P expects that it will take some time for the bank to reverse
these trends.  S&P upgraded BIC Banco to 'BBB-/A-3' from 'BB/B' on
Oct. 1, 2014, following the final approval of its acquisition by
China Construction Bank Corp. (CCB; A/Stable/A-1).  S&P currently
gives the bank three-notch uplift, reflecting the bank's
"strategic" importance to its new parent, as defined in S&P's
criteria.  Nevertheless, since new shareholder assumed control of
BIC Banco, the Brazilian economy deteriorated and pushed up the
bank's nonperforming loans (NPLs).  Moreover, the bank is in the
midst of revamping its commercial strategy following its
acquisition, and continues to shrink its loan portfolio, which
also drove up its NPLs.  Given the rapid deterioration of the
bank's asset quality, S&P has revised its assessment of its risk
position by two notches to "weak" from "adequate."

The negative CreditWatch listing reflects the uncertainty over the
bank's capitalization for the next three months while it intends
to delist from Bovespa stock exchange.  S&P could take a negative
rating action if the bank's RAC drops below 5%.  S&P believes this
scenario would occur if the bank doesn't receive a capital
injection, or is unable to deleverage its credit risk-weighted
assets, or is unable to compensate for a weakening capitalization
from net losses through a hybrid debt instrument issuance.

Furthermore, S&P still considers that the negative trend in
Brazil's BICRA economic risk trend and that the increasing
household debt burden may take a toll on the banks' finances.
Therefore, if S&P was to revise downward Brazil's BICRA and
anchor, it could also downgrade BIC Banco, because the bank's ICR
already reflects all three notches of uplift, according to S&P's
group rating methodology for a subsidiary with a "strategic"
importance to its parent.

S&P could assign a stable outlook if it changes its economic risk
trend on Brazil's BICRA to stable, and if S&P believes the bank's
RAC ratio will remain above 5% for the next 18 months.

BRAZIL: Records Best 1st-Half Trade Balance in 3 Years
EFE News reports that Brazil posted a $2.2 billion trade surplus
in the first half of 2015, its most favorable trade balance for
that six-month period in the past three years, the government

Exports were valued at $94.3 billion between January and June,
down 14.7 percent from the first half of 2014, while imports fell
18.5 percent to $92.1 billion, according to EFE News.

Brazil registered a $4.5 billion trade surplus in June, up from
$2.8 billion in May and $2.3 billion in June 2014, according to
figures from the Development, Industry and Foreign Trade Ministry,
the report notes.

In June, exports amounted to $19.6 billion, the highest total of
2015, while imports totaled $15.1 billion, the report relates.

The recent lifting of bans on imports of Brazilian fresh beef by
the United States and China and a projected reduction in the
country's oil account deficit should further improve the country's
trade balance going forward, the government said, the report

Brazil posted a trade deficit of $3.9 billion in 2014, the first
time in 14 years that the South American country's imports
exceeded its exports, the report says.

Nevertheless, Brazil's development, industry and foreign trade
minister, Armando Monteiro, said the country will end 2015 with a
trade surplus of between $5 billion and $8 billion, the report

BR PROPERTIES: Fitch Affirms 'BB' LT Foreign Currency IDR
Fitch Ratings has affirmed BR Properties S.A.'s (BR Properties)
ratings as follows:

-- Long-term foreign currency Issuer Default Rating (IDR) at
-- Long-term local currency IDR at 'BB';
-- USD285 million senior unsecured perpetual notes at 'BB';
-- Long-term national scale rating at 'AA-(bra)'.

Fitch has removed the Rating Watch Negative from BR Properties'
ratings and assigned a Stable Rating Outlook.


The affirmation and assignment of the Stable Outlook to BR
Properties' ratings reflects the cancellation of the proposed
tender offer. BR Properties' ratings were on Watch Negative since
February 2015 due to the tender offer, when the company received a
Letter of Intention for a voluntary takeover of its shares. In
Fitch's view, there were high uncertainties of the impact on BR
Properties' credit metrics. With the cancellation of the tender
offer, the ratings are not influenced anymore by the transaction.
However, according to BR Properties, Brookfield group, which was
initially involved in the tender offer, remains interested in
acquiring important assets of the company. The sale of assets that
results in a considerable increase in leverage and weaker interest
coverage ratios, as well as a less diversified and weaker
portfolio of properties, could generate strong downgrade pressure
on BR Properties' ratings.

BR Properties' ratings reflect the company's leading position in
the Brazilian commercial properties segment, the high quality of
the properties and of its tenant base which, combined with the
scale of its business, adds more consistency to its results. The
ratings incorporate the company's adequate cash flow generation
from lease agreements and the expectation that cash flow
generation should be affected by weaker market environment, with
higher vacancy rates and lower lease spreads, once demand for
commercial properties is directly related to Brazil's
macroeconomic conditions. Fitch projects that BR Properties will
continue to report EBITDA to gross interest expenses ratio above
1.3x in the next couple of years.

BR Properties has an adequate financial profile for its business
sector and a prudent risk management policy, preserving an
adequate cash reserve to cover annual debt amortization and an
eventual increase in the vacancy rates. BR Properties' ratings
remain constrained by the cyclicality of the commercial properties

Operational Cash Flow to be Pressured by Challenging Macroeconomic

BR Properties benefits from a predictable cash flow from lease
agreements. In the latest 12 months (LTM) ended March 2015, the
company generated BRL863 million of EBITDA and included about
BRL172 million of gains from the sale of 61 properties. Recurring
EBITDA was BRL691 million during the period. Fitch projects EBITDA
to reduce to about BRL600 million, if vacancy rates increase to
15% for office and warehouse segments and leasing spreads are
below inflation rate. The company's capacity to continue to
generate adequate cash flow is strongly correlated to domestic
market conditions, once demand for commercial properties is
directly related to Brazil's macroeconomic conditions.

In the LTM ended March 2015, BR Properties reported negative cash
flow from operations (CFFO) of BRL3 million, compared to BRL194
million in 2013, as per Fitch's calculation. This reduction was
due to punctual factors related to the sale of assets and
acquisition of participation in one SPE, and CFFO should improve
to about BR150 million in 2015. High dividend distribution of
BRL1.8 billion and investments of BRL113 million resulted in a
negative free cash flow (FCF) of BRL1.9 billion in the LTM ended
March 2015, covered by the sale of assets of BRL3.1 billion.

Leverage to Remain Moderate in the Medium Term

BR Properties' ratings incorporate Fitch's expectation that the
company's net leverage will be between 5.0x and 5.5x in the medium
term. In the LTM ended March 2015, net debt/EBITDA ratio was 4.5x,
from 3.9x in 2014 and 5.7x in 2013, and benefited from greater
cash generation from sale of assets. Considering only recurring
EBITDA, net debt/recurring EBITDA ratio was 5.6x. In March 2015,
net debt was BRL3.8 billion, compared with BRL4.6 billion in
December 2013, as BR Properties used part of proceeds from the
sale of assets to amortize debt. Relative to the value of the
company's property portfolio, leverage is manageable with a loan-
to-value ratio of about 41% and 36% on a net basis, in March 2015.

Cyclicality of Commercial Properties Business

High vacancy rate remains as a concern. In March 2015, financial
vacancy rate was 9% and physical vacancy was 8%, compared to 8.5%
and 7.2%, respectively, in 2014. Higher stock in the market also
contributed to lower leasing spread, of 3.4% in March 2015,
considering same properties, and lower than average inflation
rates. BR Properties' lease contract expiration timeline continues
well distributed, with 13% of the contracts (by revenues) expiring
up to the end of 2015 and 9% in 2016. The company has maintained
low delinquency rates, even under diverse macroeconomic

The company's properties have a favorable leasing profile with
tenants representing a cross section of industries. Fitch also
considers high the customer concentration, with the five and 10
largest tenants representing about 45% and 54%, respectively, of
the company's revenues in 2014. BR Properties is the leader in the
Brazilian commercial properties segment, with high quality assets,
and had 57 properties, with 965 thousand sqm GLA and an estimated
market value of BRL10.7 billion as of March 31, 2015.

Moderate Financial Flexibility from Unencumbered Assets

BR Properties financial flexibility from its unencumbered assets
improved in 2014. As of Dec. 31, 2014, about BRL2.7 billion of
total debt was guaranteed by receivables from rental agreements or
by the properties. Unencumbered assets had an estimated market
value of BRL3.9 billion, which may be available for sale or serve
as collateral for a secured financing, if needed. The estimated
value of unencumbered assets covered about 2.6x of unsecured debt
of BRL1.5 billion.


Fitch's key assumptions within the rating case for the issuer

-- No sale of asset or acquisition of new properties;
-- Vacancy rates between 10% and 15%;
-- Increase in average rent below inflation rates;
-- Net leverage between 5.0x and 5.5x.

Future developments that may individually or collectively lead to
a negative rating action includes:

-- Increase in net leverage to levels above 6.0x;
-- EBITDA to gross interest expense coverage ratio below 1.2x.
-- Liquidity falling to levels that considerably weaken short-
    term debt coverage;
-- Vacancy rates consistently above 10% and higher delinquency
    rates, which could result in a reduction in operational cash
-- Sale of assets that results in a less diversified and weaker
    portfolio of properties, with a significant reduction of the
    company's cash flow generation capacity.

Positive rating actions are not expected in the medium term.


BR Properties has a prudent risk management policy and has
preserved an adequate cash reserve to cover annual debt
amortization and an eventual increase in the vacancy rates. As of
March 31, 2015, the company reported cash and marketable
securities of BRL515 million and BRL4.4 billion of total debt.
Cash conservatively covered 1.8x short-term debt of BRL294
million, and Fitch considers the concentration of debt maturities
of BRL566 million from April to December 2016 and BRL602 million
in 2017 manageable. Fitch also expects EBITDA to gross interest
expenses ratio above 1.3x in 2015 and 2016, compared to 1.7x in
the LTM ended March 2015.


Fitch has affirmed the following ratings for BR Properties S.A.:

-- Long-term foreign currency Issuer Default Rating (IDR) at
-- Long-term local currency IDR at 'BB';
-- USD285 million senior unsecured perpetual notes at 'BB';
-- Long-term national scale rating at 'AA-(bra)'.

Fitch has removed the Rating Watch Negative from BR Properties'
ratings and assigned a Stable Rating Outlook.

C A Y M A N  I S L A N D S

CHERSONESE HOLDINGS: Members' Final Meeting Set for July 14
The members of Chersonese Holdings, Ltd. will hold their final
meeting on July 14, 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:

          Gregory Seidell
          c/o Campbells
          Willow House, Floor 4
          Cricket Square
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613

COUNTRYWIDE HOLDINGS: Shareholders' Final Meeting Set for July 17
The shareholders of Countrywide Holdings, Ltd. will hold their
final meeting on July 17, 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:

          Gareth Williams
          Countrywide PLC
          County House
          100 New London Road
          Chelmsford CM2 0RG
          United Kingdom
          Telephone: +44 1245 294 005

HEBER HOLDINGS: Members' Final Meeting Set for July 24
The members of Heber Holdings Inc. will hold their final meeting
on July 24, 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:

          Luiz Alves Paes De Barros
          Telephone: 949-8344
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands

INGLEBY URUGUAY 1: Shareholders' Final Meeting Set for July 29
The shareholders of Ingleby Uruguay Holding 1 Ltd. will hold their
final meeting on July 29, 2015, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Christopher Kennedy
          c/o Omar Grant
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295
          Windward 1, Regatta Office Park
          P.O. Box 897 Grand Cayman KY1-1103
          Cayman Islands

INGLEBY URUGUAY 2: Shareholders' Final Meeting Set for July 29
The shareholders of Ingleby Uruguay Holding 2 Ltd. will hold their
final meeting on July 29, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Christopher Kennedy
          c/o Omar Grant
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295
          Windward 1, Regatta Office Park
          P.O. Box 897 Grand Cayman KY1-1103
          Cayman Islands

KAMUNTING MASTER: Shareholders' Final Meeting Set for July 17
The shareholders of Kamunting Street Special Opportunity Master
Fund, Ltd. will hold their final meeting on July 17, 2015, at
10:15 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Kamunting Street Capital Management, L.P.
          c/o George Marinopoulos
          325 Greenwich Avenue
          3rd Floor, Greenwich, Connecticut 06830
          United States of America
          Telephone: +1 203 541 4250

KAMUNTING STREET: Shareholders' Final Meeting Set for July 17
The shareholders of Kamunting Street Special Opportunity Offshore
Fund, Ltd. will hold their final meeting on July 17, 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:

          Kamunting Street Capital Management, L.P.
          c/o George Marinopoulos
          325 Greenwich Avenue
          3rd Floor, Greenwich, Connecticut 06830
          United States of America
          Telephone: +1 203 541 4250

NEW EMERGING: Members' Final Meeting Set for July 14
The members of New Emerging Medical Opportunities Fund, Ltd. will
hold their final meeting on July 14, 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:

          Gene Dacosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands

OC 520 OFFSHORE: Shareholder to Hear Wind-Up Report on Sept. 3
The shareholder of OC 520 Offshore Fund, Ltd. will hear on
Sept. 3, 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:

          Westport Services Ltd.
          c/o Richard Lewis
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands

TAUBE MASTER: Shareholder to Hear Wind-Up Report on Aug. 7
The shareholder of Taube Offshore Master Fund will hear on Aug. 7,
2015, at 9:15 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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

TAUBE OFFSHORE: Shareholder to Hear Wind-Up Report on Aug. 7
The shareholder of Taube Offshore Fund will hear on Aug. 7, 2015,
at 9:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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

E L   S A L V A D O R

BANCO AGRICOLA: S&P Affirms 'B+' ICR; Outlook Remains Stable
Standard & Poor's Ratings services affirmed its 'B+' long-term and
'B' short-term issuer credit ratings (ICRs) on Banco Agricola S.A.
The outlook remains stable.

S&P's assessment on Banco Agricola's business position is
"strong."  This assessment reflects the bank's leading market
position in the Salvadorian banking system, its well-diversified
loan portfolio by business lines, nationwide footprint, and the
stability due to its long-standing customer relationships.

S&P's view on Banco Agricola's capital and earnings remains
"adequate," reflecting a projected risk-adjusted capital ratio of
about 9.1% during the next 12-18 months.

S&P assess Banco Agricola's risk position as "adequate."  In S&P's
view, aggressive growth rates and changes in exposure is not a
concern for Banco Agricola, considering its modest projected
growth, conservative risk appetite, and the loan portfolio's
composition, which S&P expects to remain unchanged during the next
12 months.  The bank's healthy asset quality is due to its
adequate underwriting standards and risk diversification by
individual debtors and economic sectors.

Banco Agricola's funding remains "average," because it relies
heavily on retail deposits, which in S&P's view, is one of its
main funding strengths.  Core customer deposits represented 81% of
the bank's funding base as of March 31, 2015.  The bank's deposit
base is fragmented with the top 20 depositors accounting for only
8.8% of total deposits.  S&P's assessment of Banco Agricola's
liquidity remains "adequate."  As of March 2015, the bank's liquid
assets--cash and interbank deposits plus government securities--
represented about 32% of its total deposits.


* JAMAICA: To Conduct Survey of National IT Distribution
RJR News reports that Technology Minister Phillip Paulwell
disclosed that the Government will be embarking on a national
survey, to determine the distribution of information technology
(IT) throughout the island.

The survey will ascertain the extent of access to internet
service, the level of penetration, and the use of computers,
according to RJR News.

The report notes that Mr. Paulwell said the purpose of  the
exercise was to establish the level and access to IT services in
Jamaica and provide international agencies with updated
information on the status of the country's IT infrastructure.

Personnel from STATIN and the University of the West Indies, Mona
will conduct field work and analysis of data to determine the
level of Internet access across the country, the report relates.
It will take into account the variety of devices, such as desktop
and laptop computers, tablets as well as smartphones, the report

Mr. Paulwell noted that currently Jamaica has a poor international
ranking in IT, due to the lack of reporting on the work that is
being done to improve access to information technology, the report

The survey is expected to be completed by the end of summer, the
report adds.

                           *     *     *

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


BP: Reaches US$18.7 Billion Settlement With US Justice Department
RJR News reports that BP has reached an $18.7 billion settlement
with the US Department of Justice, arising from the 2010 Gulf of
Mexico oil spill.

A US federal judge had been expected to rule on how much BP owed
in Clean Water Act penalties following the environmental disaster,
according to RJR News.

The report notes that more than 125 million gallons of oil spewed
into the Gulf after an explosion at the Deepwater Horizon oil rig
in 2010.

The settlement is the largest paid by a single company in US
history, the report relates.

The Deepwater Horizon oil spill was one of the worst environmental
disasters in US history and claimed the lives of 11 people, the
report discloses.

In December the US Supreme Court rejected the oil company's legal
challenge over an original compensation deal agreed in 2012, the
report says.

At the time BP had already paid out $2.3 billion in so-called
business economic loss claims out of a total of $4.25 billion in
compensation claims to individuals and businesses, according to
Patrick Juneau, the administrator appointed by the courts to
handle claims, the report notes.

The settlement process is also separate from other court
proceedings relating to the spill, including environmental and
criminal penalties, the report relays.

BP has said its costs associated with the oil spill have already
exceeded $43 billion even without the Clean Water Act fine, the
report says.

BP said it expected impact of the settlement to "increase the
cumulative pre-tax charge associated with the Deepwater Horizon
accident and spill by around $10 billion from $43.8 billion at the
end of the first quarter," the report adds.


BANCO BILBAO: S&P Affirms 'BB' Rating; Outlook Remains Stable
Standard & Poor's Ratings Services said it has affirmed its 'BB'
long term and 'B' short term ratings on Paraguay- based Banco
Bilbao Vizcaya Argentaria Paraguay S.A. (BBVA Paraguay).  The
outlook remains stable.

The ratings on BBVA Paraguay reflect S&P's view of the bank's
"strong" business position among banks in Paraguay, its  "weak"
capital and earnings (based in S&P's on its forecasted RAC ratio),
its "adequate" risk position (with asset quality metrics in line
with banking industry), "average" funding (mainly from deposits),
and "adequate" liquidity.  The stand-alone credit profile (SACP)
is 'bb-'.  The 'BB' issuer credit rating on BBVA Paraguay
incorporates notching from group support.  S&P believes BBVA
Paraguay is a "moderately strategic" subsidiary for its Spain-
based parent, Banco Bilbao Vizcaya Argentaria S.A. (BBVA;
BBB/Stable/A-2), which owns 99.99% of the bank's equity. BBVA
Paraguay's strategy and operations are aligned with those of its
parent.  BBVA Paraguay's subsidiary status allows the credit
rating on the bank to be one notch above its SACP.

The stable outlook incorporates S&P's expectation that the bank
will maintain its strong business position as one of the fourth
largest bank in the industry, adequate asset quality metrics, a
RAC ratio of about 4.4%  for the next 12-18 months, and funding
and liquidity levels in line with the industry average.  S&P also
incorporate its expectation for continued support from the group.

P U E R T O    R I C O

PUERTO RICO ELECTRIC: Bondholders Extend Forbearance Agreement
The Puerto Rico Electric Power Authority (PREPA) Bondholder Group
on July 1 disclosed that they have agreed to extend their
forbearance agreement until September 15, 2015 and amend their
trust agreement to allow PREPA to avoid a payment default on July
1, 2015.  During the forbearance period the bondholders will
continue to collaborate with PREPA towards a comprehensive plan
that will sustainably improve PREPA.

"We remain focused on working with PREPA and its professionals to
refine a long-term plan that is in the best interest of all
stakeholders.  Over the past several months of direct negotiations
with PREPA and the GDB, we have made progress towards a workable
solution for PREPA, and are hopeful that we have established a
foundation for reaching an equitable deal for all PREPA
stakeholders, which will help the island in its revitalization,"
said Stephen Spencer of Houlihan Lokey, the PREPA Bondholder
Group's financial advisor.

If a restructuring support agreement is not reached by September
1, 2015, the forbearance agreement will automatically terminate.

Mr. Spencer continued, "While we believe there is the opportunity
to reach an agreement by September 1st, it is essential that both
sides be willing to compromise, treat each other fairly and
negotiate in good faith.  As a result, the agreement may be
discontinued and appropriate legal action taken if there are
unforeseen deteriorations in either the negotiations with PREPA or
a broader decision made by Puerto Rico as a whole to treat
bondholders unnecessarily unfairly during this process."

                          *     *     *

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

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

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

T R I N I D A D  &  T O B A G O

BPTT: Won't be Affected by Reaching US$18.7BB Deal With Parent
Andre Bagoo at Trinidad and Tobago Newsday reports that local
operations of BPTT will not be affected by the reaching of a
US$18.7 billion settlement between its parent company and US
officials in relation to the 2010 Gulf of Mexico oil spill, the
worst offshore oil spill in US history.

The US justice department, along with the states of Louisiana,
Mississippi, Alabama, Texas and Florida, all sued BP for damages
not covered by the company's previous settlements with businesses
and individuals harmed by the disaster which saw eleven workers
killed and wreaked untold damage to marine and coastal life,
according to Trinidad and Tobago Newsday.

The settlement disclosed ends all litigation between BP, the
states and the US government and allows the company to pay over 18
years, the report relates.

A spokesperson for the local operations of BP said the settlement
would not affect the company's cash position or operations, the
report says.

"It will have no impact on our investment plans or operations,"
said the spokesman, the report notes.  "While we continue to
manage cash rigorously a settlement like this has been built into
our planning. It should be also worthy of note that the settlement
will be paid over a period of years."

BP also assured that it has made significant changes to its
operations locally in the wake of the 2010 disaster, the report

"In the last five years, BP has made significant changes to its
operating models and safety practices thus we have very a strong
position on safety," the spokesman said, the report relays.
"Safety continues to be our number one priority," the spokesman

The BP settlement comes at a time when there has been a concerted
effort to minimise the role played by fossil fuels in the supply
of energy. The US has been pushing for reforms to encourage green
energy in order to reduce carbon emissions and dent ongoing
climate change, the report notes.

UN Secretary-General Ban Ki-moon called on Caricom leaders to
assert their voice globally on the issue of climate change, as he
addressed a strategic meeting of Caricom foreign affairs ministers
at Barbados ahead of a summit of Caricom leaders which ends there
this weekend, the report notes.

BPTT officials said its operations in this country will not be
affected by a US$18.7 billion settlement between its parent
company BP and the US government, the report adds.

TTPOST: Delivery of Pension & Social Welfare Cheques Delayed
Sasha Harrinanan at Trinidad and Tobago Newsday reports that the
delivery of pension and social welfare cheques this month has been
delayed in several parts of the country due to an apparent 'sick
out' by TTPost workers frustrated over the delayed start to their
2011 to 2013 negotiations.

Trinidad and Tobago Newsday understands the 'sick out' began last
Thursday, June 25 when an estimated 70 percent of the staff who
work in the processing centre at TTPost's Piarco head office
called in sick.  They did the same the following day, June 26 but
all reportedly reported to work as normal this past Monday, June
29, according to Trinidad and Tobago Newsday.

The report notes that two days is the maximum an employee can call
in sick without providing a sick leave from his/her doctor.

Just as management may have thought things were returning to
normal, delivery officers across the country called in sick, the
report says.

However, TTPost's National Delivery Manager, Kerry Morris, assured
that the staff who have reported to work are "focused on getting
pension cheques, grant cheques and the like sorted out by July 1.
So hopefully there won't be much of a delay," the report

Mr. Morris also told Newsday the first of each month is known as
Pension Day because that's when many pensioners usually visit
their local post office to collect their cheques.  Those who don't
go in person will get their cheques delivered to their mailboxes,
the report relays.

Questioned about the apparent 'sick out', President of the
Trinidad and Tobago Postal Workers Union (TTPWU), David Forbes
told Newsday "several TTPost employees noticed a spike in their
blood pressure recently and this may be why they took sick leave"
but he couldn't say why others had called in sick, the report

The report discloses that Mr. Forbes made it clear TTPost workers
aren't simply frustrated by an extensive delay in the start of

They are also "fed up" he said, by Chief Personnel Officer (CPO)
Stephanie Lewis' "non-pronouncement (guidance) to TTPost
management on the proposal we submitted almost a year ago, August
2014," the report notes.

According to the report, Mr. Lewis is part of the Secretariat to
the Government's Inter-Ministerial Committee (IMC), which must
evaluate proposals from the union and the management of TTPost.

Workers are also frustrated by allegedly sub-standard working
conditions in several post offices, including sewer problems in
one north Trinidad post office and cramped office space in central
Trinidad, the report relates.

That's not all.  Workers want to know why there continues to be a
delay in implementing a 2010 job evaluation, in which an
independent HR consultant recommended an 18.5 percent increase in
basic salaries for several positions within TTPost, the report


* 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.

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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

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