TCRLA_Public/150710.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

            Friday, July 10, 2015, Vol. 16, No. 135


                            Headlines



B R A Z I L

GALVAO PARTICIPACOES: Fitch Withdraws 'D' Issuer Default Ratings


C A Y M A N  I S L A N D S

FIVE STAR: Shareholders' Final Meeting Set for July 23
HIGHCLERE HOLDINGS: Shareholders' Final Meeting Set for July 14
HIGHCLERE LIMITED: Shareholders' Final Meeting Set for July 14
HSBC NOMINEES: Shareholders' Final Meeting Set for July 17
HYPERION CAPITAL: Shareholders' Final Meeting Set for Aug. 6

JPT SCARLETT: Shareholder to Hear Wind-Up Report on July 24
LIBERTAS PREFERRED: Shareholder to Hear Wind-Up Report on July 24
LSV LOW: Shareholders' Final Meeting Set for July 17
TIPTOE COMMODITY: Shareholder to Hear Wind-Up Report on July 15
YANAIS HOLDINGS: Members' Final Meeting Set for July 20


C H I L E

SOCIEDAD DE INVERSIONES: S&P Lowers Rating to 'B'; Outlook Neg.


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Big Business Questions High Energy Cost
DOMINICAN REPUBLIC: Food Imports Jump 17% in March to US$220.5MM


J A M A I C A

JAMAICA: Parliament Approves Increase in Income Tax Threshold


M E X I C O

OHL MEXICO: Recordings Appear to Show More Wrongdoing


P A N A M A

PANAMA: Real GDP slowed to 6.2 percent in 2014, IMF Says


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: To Upgrade Passenger Service System


                            - - - - -


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B R A Z I L
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GALVAO PARTICIPACOES: Fitch Withdraws 'D' Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has withdrawn these ratings for Galvao Participacoes
S.A. (GalPar) and its fully-owned engineering and construction
subsidiary, Galvao Engenharia S.A. (GESA):

GalPar
   -- Foreign currency Issuer Default Ratings (IDRs) 'D';
   -- Local currency Issuer Default Ratings (IDRs) 'D';
   -- National Long-Term Rating 'D(bra)';
   -- BRL300 million 3rd debentures issuance due 2020 'D(bra)'.

GESA
   -- National Long-Term Rating 'D(bra)'.

Fitch has withdrawn the companies' ratings because they have
entered into bankruptcy proceedings.  Accordingly, Fitch will no
longer provide ratings or analytical coverage for GalPar and GESA.


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


FIVE STAR: Shareholders' Final Meeting Set for July 23
------------------------------------------------------
The shareholders of Five Star Investment Limited will hold their
final meeting on July 23, 2015, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Lyndsey McGillivray
          c/o Blake Applegate
          Citron 2004 Limited
          Telephone: + 44 1534 282276
          Facsimile: + 44 1534 282400
          23-25 Broad Street
          St Helier, Jersey JE4 8ND
          Telephone: 01534 282345


HIGHCLERE HOLDINGS: Shareholders' Final Meeting Set for July 14
---------------------------------------------------------------
The shareholders of Highclere Holdings Limited will hold their
final meeting on July 14, 2015, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HIGHCLERE LIMITED: Shareholders' Final Meeting Set for July 14
--------------------------------------------------------------
The shareholders of Highclere Limited will hold their final
meeting on July 14, 2015, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HSBC NOMINEES: Shareholders' Final Meeting Set for July 17
----------------------------------------------------------
The shareholders of HSBC Nominees (Cayman) Limited 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:

          Jonathan Cooper
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365
          HSBC Cayman Services Limited
          68 West Bay Road
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands


HYPERION CAPITAL: Shareholders' Final Meeting Set for Aug. 6
------------------------------------------------------------
The shareholders of Hyperion Capital Ltd. will hold their final
meeting on Aug. 6, 2015, at 4:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


JPT SCARLETT: Shareholder to Hear Wind-Up Report on July 24
-----------------------------------------------------------
The sole shareholder of JPT Scarlett Holdings Inc. will hear in
July 24, 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:

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


LIBERTAS PREFERRED: Shareholder to Hear Wind-Up Report on July 24
-----------------------------------------------------------------
The shareholder of Libertas Preferred Funding I, Ltd. will hear on
July 24, 2015, at 10:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


LSV LOW: Shareholders' Final Meeting Set for July 17
----------------------------------------------------
The shareholders of LSV Low Volatility 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:

          LSV Advisors, LLC
          540 Madison Avenue
          33rd Floor
          New York, New York 10022
          United States of America
          Telephone: +1 (212) 378 3700
          e-mail: notices@lsvfinancial.com


TIPTOE COMMODITY: Shareholder to Hear Wind-Up Report on July 15
---------------------------------------------------------------
The sole shareholder of Tiptoe Commodity Offshore Fund, Ltd. will
hear in July 15, 2015, at 11:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Alexander Gansch
          c/o Ridhiima Kapoor
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


YANAIS HOLDINGS: Members' Final Meeting Set for July 20
-------------------------------------------------------
The members of Yanais Holdings will hold their final meeting on
July 20, 2015, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


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C H I L E
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SOCIEDAD DE INVERSIONES: S&P Lowers Rating to 'B'; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Sociedad
de Inversiones Pampa Calichera S.A. (Pampa) to 'B' from 'B+'.  The
outlook is negative.

The downgrade reflects the group's narrower covenant cushion,
which weakened to 15% from 40% in mid-2014.  This stems from the
sharp decline in Sociedad Quimica y Minera de Chile S.A.'s (SQM;
BBB/ Negative/--) stock price during the past few months,
particularly in light of the recent investigations of SQM over
allegations of financing political campaigns and the dispute with
Chilean state development agency, Corporacion de Fomento de la
Produccion, over the lease of the Atacama salt mine.

In addition, S&P expects Pampa's refinancing risk to rise because
it faces a $50 million maturity in 2016 and $220 million in 2017.
Although S&P expects SQM's dividend payout ratio to remain at 50%,
its net income would be probably lower than it originally
expected.  This in turn could hinder the group's annual dividend
inflow, which S&P now expects at about $50 million.  The group has
to meet annual operating and financial costs of $45 million.
Therefore, S&P expects some financial constraints by the end of
2016 and during 2017 if Pampa can't refinance its bank loans or
partly divest SQM shares.


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


DOMINICAN REPUBLIC: Big Business Questions High Energy Cost
-----------------------------------------------------------
Dominican Today reports that the National Business Council (Conep)
reminded the CEO of the State-owned electric utility (CDEEE) that
the current cost to generate power has fallen to an average of 12
cents per kilowatt from an average of 16 cents in 2014, a
reduction resulting from lower global oil prices.

It said it's inconceivable that the government debt is higher than
it was in 2014, when the price of oil was higher, the price per
kWh was higher and the profit of the distributors was lower with
their sales price, according to Dominican Today.

                              Concern

The country's leading business organization said it's concerned
with the indifference with how, it says the government has dealt
with a debt of more than US$850 million and stressed that the
situation instills uncertainty in potential investors in Dominican
Republic's electricity sector, the report notes.

The Conep also questions the solution to the lack of payment
voiced by utility CEO Ruben Jimenez Bichara, who said the coal-
fired plants would lead to lower costs, the report relates.

                         Power Companies

The Conep said it agrees with the call by the power companies
grouped in the ADIE to find a solution to the debt because if it
goes unpaid, it jeopardizes its capacity to supply the energy
contracted, the report relays.

"We propose issuing short-term local bonds and the issuance of
discountable promissory notes, and other funding sources which the
State has proven to have access to competitive rates," the ADIE
said on June 23, the report discloses.


DOMINICAN REPUBLIC: Food Imports Jump 17% in March to US$220.5MM
----------------------------------------------------------------
Dominican Today reports that the Dominican Republic imported
US$220.5 million FOB in foods in March, a 17%  jump compared with
February, with 230,400 tons mostly from 82 countries.

Industry and Commerce deputy minister Anina M. Del Castillo said
50.04% (RD$110.4 million) of all imports were corn, wheat, soybean
oil, biscuits and other solid soybean derivatives, such as animal
feed, and beef and pork from the US, according to Dominican Today.

Ms. Del Castillo said at US$8.8 million (3.99%), Colombia is the
second market, with crude palm oil, non-alcoholic beverages,
sweets, biscuits and canned fish, the report relates.

Mexico is third with US$8.4 million or 3.84%, on imports of milk
formula, biscuits, sweets and cereals; Netherlands ranks fourth
with US$6.73 million (3.05%) on milk formula, cheese, powdered
milk, processed foods and processed potatoes; Norway stood at
US$6.16 million (2.79%) with salted codfish and salmon, Del
Castillo said in the Internal Commerce monthly report, Dominican
Today adds.


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


JAMAICA: Parliament Approves Increase in Income Tax Threshold
-------------------------------------------------------------
RJR News reports that the House of Representatives approved an
amendment to the Income Tax Act, effectively raising the threshold
amount at which a person begins to income tax.

The amendment has moved the income tax threshold from J$507,000
per annum to J$557,000, according to RJR News.

It was passed by the Senate as well.

Finance Minister Dr. Peter Phillips led the motion in the House,
after provisionally announcing the change last year, 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'.


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


OHL MEXICO: Recordings Appear to Show More Wrongdoing
-----------------------------------------------------
EFE News reports that newly released clandestine recordings appear
to show that OHL Mexico paid for a vacation for Communications and
Transportation Secretary Gerardo Ruiz Esparza and received
privileged information from that department about highway
projects.

One of the audio recordings, which allegedly took place in
February and March and were uploaded to YouTube, purportedly shows
former OHL Mexico executive Pablo Wallentin telling a company
secretary that he's going to "kick (her) butt" for having charged
the minister for his stay at one of the group's hotel complexes,
according to EFE News.

"They're our guests," the ex-executive with the highway builder
and operator, a unit of Spanish construction and engineering giant
OHL, said, instructing the secretary to find out "how much the
(hotel) stay was and who paid for it," the report notes.

"If it was paid with (Ruiz's) credit cards, reimburse him
immediately and charge it to mine," Mr. Wallentin said, the report
relates.

The report discloses that a separate audio recording, dated just
before the other one, allegedly shows the executive asking the
same secretary, identified as Adriana, to handle the matter.

"I categorically deny that the company OHL (Mexico) paid for some
vacation, or any other type (of expense)," Mr. Ruiz said, the
report relays.

In early May, a first batch of audio recordings involving
purported senior OHL Mexico executives appeared to show wrongdoing
in connection with a 30 percent hike in the toll motorists are
charged to use the Viaducto Bicentenario, a highway built and
operated by OHL Mexico in the central state of Mexico, the report
notes.

The report says that persons on one of the taped conversations,
which purportedly took place in January, said the toll hike is
based on construction costs for future highway phases and discuss
ways to trick authorities into approving the increases.

In one of the other initial leaked recordings, Mr. Wallentin
appears to offer to pay for a family vacation of the
communications secretary of Mexico state, Apolinar Mena,
apparently as a favor for authorizing the toll hike, the report
notes.

Mr. Wallentin and Mr. Mena both resigned after being implicated in
the scandal, which continued to unfold with recordings revealing
alleged bribes paid by the company to Mexican judges, the report
discloses.

Those revelations led Ruiz, the federal communications and
transportation chief, to ask the Public Administration Secretariat
to conduct audits of all of its contracts with OHL Mexico, the
report says.

In another clandestine recording, Mr. Wallentin purportedly tells
the chairman of OHL Mexico, Jose Andres de Oteyza, that an
official with the Communications and Transportation Secretariat,
Carlos Bussey, gave him a CD with information about two highway
projects, the report discloses.

One of them was located in the southeastern resort city of Ciudad
del Carmen and the other in Indios Verdes, in Mexico City's
northern outskirts, the report relays.

"He gave me the CD with all the information . . . and how they
will be auctioned off," Mr. Wallentin appears to say, the report
notes.

OHL Mexico has repeatedly denied that it made illegal payments or
engaged in wrongdoing, saying the recordings have been manipulated
and that it is a victim of a "groundless" campaign aimed at
discrediting the company, the report adds.


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P A N A M A
===========


PANAMA: Real GDP slowed to 6.2 percent in 2014, IMF Says
--------------------------------------------------------
On June 10, 2015, the Executive Board of the International
Monetary Fund concluded the Article IV consultation1 with Panama.

Panama's economic performance is expected to remain strong. Real
GDP slowed to 6.2 percent in 2014, reflecting a slower pace of
public investment, continued weakness in Colon Free Zone activity,
and delays in the Canal expansion.  Growth is expected to remain
stable in 2015. Lower oil prices and the U.S. recovery will be
positive forces but these will be offset by U.S. dollar
appreciation and some lags in new public investment.  Over the
medium term, the expanded Canal and the new copper mine should
help maintain growth at 6-7 percent.  Inflation moderated to 2.6
percent in 2014 as a result of lower oil prices and price controls
on certain food items.  Inflation is expected at around 1 percent
in 2015, taking into consideration the January increase in
electricity tariffs, and assuming a slow upward trajectory for oil
prices and the elimination of price controls in July.

The 2014 fiscal deficit reached 4.3 percent of 1996-base GDP.
Revenues increased by 1.1 percent while current primary
expenditures grew by 13 percent.  Going forward, the fiscal
framework envisaged in the Social and Fiscal Responsibility Law
(SFRL) aims at removing the effects on government spending of
cyclical fluctuations in Canal contributions.  Accordingly, the
overall fiscal deficit can exceed the SFRL deficit ceilings up to
the amount that budget contributions from the Canal are below 3.5
percent of GDP (if above, the difference would instead be credited
to the Sovereign Wealth Fund).  In line with the framework, the
2015 fiscal deficit is expected at 3.8 percent of 1996-base GDP in
order to accommodate past commitments on capital expenditures as
well as a projected weak revenue performance.  Total gross debt of
the public sector (including the Canal Authority debt) increased
to about 46 percent of GDP in 2014, reversing the declining trend
seen since 2005.  Nonetheless, public debt is projected as
sustainable.  Under the planned policies, total gross public debt
is projected to decline by about 5 percentage points of GDP by
2019.  However, additional liabilities encompass unfunded pension
liabilities, other outstanding public liabilities, and the
contingent liabilities linked to public companies.

The current account deficit remained elevated in 2014, at 12
percent of GDP, owing in part to strong investment-related
imports, but should moderate over time as investment projects wind
down and exports increase.  This deficit is expected to continue
to be financed by buoyant foreign direct investment inflows
(including in the mining, logistics and energy sectors).

The authorities and the Financial Action Task Force (FATF) agreed
on a plan to address the deficiencies related to Panama's Anti-
Money Laundering and Combating the Financing of Terrorism
(AML/CFT) framework, to bring the framework in line with the
international standard.  The authorities have made substantial
progress, including the passing of new AML/CFT legislation.
Near-term risks mostly relate to a weaker global economy or to
possible delays in enhancing financial transparency.  Slower-than-
expected global growth and weaker trade represent downside risks.
An abrupt surge in global financial market volatility or an upward
shift in U.S. interest rates would feed quickly into the local
financial system, with spillover effects on the local economy.

However, strong fundamentals and the room to implement a
countercyclical fiscal response would mitigate the impact of such
external shocks.  The potential negative impact from delays in
concluding the measures to tackle financial transparency
shortcomings could be significant.  Conducting international
transactions has become somewhat more difficult due to concerns
over transparency and weaknesses of the AML/CFT framework,
including through increased due diligence by correspondent banks.
Delaying reforms to financial integrity and transparency could
have negative implications for the economy through higher costs of
trade settlements, difficulty in obtaining cross-border borrowing
and potential decline in FDIs.

                    Executive Board Assessment

Executive Directors commended Panama's robust macroeconomic
performance and continued solid economic growth.  Noting Panama's
exposure to external shocks in global growth, trade, and financial
markets, Directors stressed the importance of enhancing the fiscal
framework and fostering resilience through strengthened fiscal
buffers, while maintaining financial stability and sustaining
strong and inclusive growth.

Directors encouraged the authorities to strengthen the fiscal
framework for the medium term.  They advised revising the
threshold for canal contributions in line with average expected
contributions, while adopting a more comprehensive definition of
net debt in the Social and Fiscal Responsibility Law (SFRL).

Directors also recommended continued efforts to enhance revenue
mobilization through capacity building and administrative reforms.
They welcomed the progress in reducing electricity subsidies, and
encouraged further efforts to improve the targeting of subsidies
and streamline current spending.

Directors underscored the importance of reforming the pension
system to address large unfunded liabilities, while curbing other
contingent liabilities.  They looked forward to full
implementation of the Single Treasury Account and progress on
other initiatives to improve public financial management.

Directors commended the authorities for the progress in enhancing
the financial integrity and transparency frameworks, including the
recent passage of AML/CFT legislation and ongoing implementation
of the action plan agreed with the Financial Action Task Force
(FATF).  They called for expeditious resolution of the remaining
deficiencies to bring the financial integrity and transparency
frameworks fully in line with the international standard.
Directors noted that Panama's banking system remains stable, well
capitalized and highly liquid, but advised continued efforts to
strengthen bank supervision and risk monitoring.  They encouraged
swift implementation of the remaining 2011 FSAP recommendations,
and called for further progress on a well-designed liquidity
facility for banks. Directors also recommended better monitoring
of financial risks and macrofinancial linkages, and further
development of the macroprudential policy framework.

Directors agreed that improvements in productivity and human
capital are key to sustainable, equitable, and inclusive growth.
This will require efforts to further enhance the quality of public
education and healthcare, upgrade skills, stimulate youth
employment and female labor force participation, and strengthen
institutions.  They also recommended that the authorities take
advantage of the current benign inflation environment to phase out
price controls.

Directors encouraged the authorities to improve the quality and
coverage of statistics, which would help close gaps in data that
are relevant for conducting sound macroeconomic policy and risk
assessment.


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


CARIBBEAN AIRLINES: To Upgrade Passenger Service System
-------------------------------------------------------
RJR News reports that Caribbean Airlines Limited selected
international IT group AMADEUS as the provider to upgrade its
Passenger Service System.

The airline is promising that the combined reservations, airport
check-in, ticketing, inventory management system and e-Commerce
will usher in a new era for CAL and its customers, as part of its
"customer-centric" strategy, according to RJR News.

By unifying the systems, every customer touch point will be
consolidated with the ability to provide comprehensive real-time
information, at a lower cost to the airline than its existing
system, the report relates.

                 About Caribbean Airlines

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

As reported in the Troubled Company Reporter-Latin America on
March 19, 2015, RJR News said that Caribbean Airlines Limited is
still facing an acute shortage of pilots.  Trinidad's Newsday
newspaper said the airline is still reeling from the loss of close
to a dozen pilots from its Jamaican operations last year, forcing
it to send Trinidadian pilots to operate some of the Jamaican
routes to US destinations, according to RJR News.

The TCRLA reported on Sept. 24, 2014, that Trinidad Express said
Caribbean Airlines Limited will get a total of TT$1.8 billion
support from the Government during the period 2013 and 2015.
Finance Minister Larry Howai stated that the Caribbean
Airlines management had informed him that the company expects to
break-even in three years time.  Mr. Howai, however, said that
government would have to provide funds for CAL in 2015, 2016 and
2017.

On July 11, 2014, the TCRLA citing Trinidad and Tobago Newsday,
said that Caribbean Airlines is facing a loss.  Minister Howai was
hopeful the loss could be narrowed down to less than TT$100
million.

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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