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                     L A T I N   A M E R I C A

            Tuesday, August 4, 2015, Vol. 16, No. 152


                            Headlines



A R G E N T I N A

ARCOR S.A.I.C: Fitch Affirms 'B-' FC IDR; Outlook Negative
BUENOS AIRES: Fitch Affirms 'CCC' LT Issuer Default Rating
MASTELLONE HERMANOS: Fitch Cuts LC Issuer Default Rating to 'CCC'


B R A Z I L

BANCO DO ESTADO: Fitch Affirms 'BB+' Long-Term Currency IDRs
BRAZIL: Named as "Sick Man" of the Large Emerging Markets


C A Y M A N  I S L A N D S

BAY AREA: Creditors' Proofs of Debt Due Aug. 10
GEMS III: Creditors' Proofs of Debt Due Aug. 10
MESTENIO LTD: S&P Retains 'BB-' Rating on $488.35MM Notes
MYTHEN LTD: Creditors' Proofs of Debt Due Aug. 28
NAPRALAT INC: Creditors' Proofs of Debt Due Aug. 17

NSF FINANCE: Creditors' Proofs of Debt Due Aug. 10
PETROEXPORT LIMITED: Creditors & Contributories to Meet on Aug. 14
PULSE LTD: Creditors' Proofs of Debt Due Aug. 10
SMART CAPITAL: Creditors' Proofs of Debt Due Aug. 14
STEEP ROCK: Commences Liquidation Proceedings

WIZ INFORMATION: Creditors' Proofs of Debt Due Aug. 12


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Medina Wants Wider Strategy to Boost Exports


M E X I C O

FRONTIER STAR: Files for Chapter 11 Bankruptcy Protection
FRONTIER STAR: Section 341 Meeting Scheduled for Sept. 1
FRONTIER STAR: Case Summary & 20 Largest Unsecured Creditors
MEXICO: Sees Poverty Climb Despite Rise in Incomes
MEXICO: 1st-half Oil and Gas Revenues Down 38.3%


P U E R T O   R I C O

ANNA'S LINENS: Stipulation on Adequate Protection Approved
ANNA'S LINENS: SM 101 Withdraws Bid for Relief from Stay
STANDARD REGISTER: Discloses $4.52 Million Net Loss in May
STANDARD REGISTER: Has Until Oct. 8 to File Liquidating Plan


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Expanding Operations in Congo
TRINIDAD & TOBAGO: Inflation Steady at 5.5%


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -



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


ARCOR S.A.I.C: Fitch Affirms 'B-' FC IDR; Outlook Negative
----------------------------------------------------------
Fitch Ratings has affirmed the ratings assigned to Arcor S.A.I.C.
(Arcor). The Rating Outlook is Negative.


KEY RATING DRIVERS

Arcor's ratings reflect its strong business position as a leading
Latin American producer of confectionary and cookie products,
supported by its exports to over 120 countries as well as its
conservative capital structure and manageable liquidity. These
factors have enabled Arcor to maintain its stable performance
despite the weak macroeconomic environment in the region,
specifically Argentina which contributes 90% of consolidated
EBITDA.

Arcor's local currency Issuer Default Rating (IDR) of 'B+'
reflects the company's strong brand recognition in Argentina due
to its comprehensive distribution network and its presence in the
country for more than 60 years. The company also has a presence in
Brazil and Chile. Together, these three markets account for more
than 90% of its total sales. The local currency IDR is two notches
above its foreign currency IDR due to its strong capital
structure. The close correlation of its cash flow with the
strength of the Argentine economy and its exposure to variations
in commodity prices, prevent the company from being rated higher
despite its strong capital structure and solid business position.

Arcor's operations abroad, as well as its exports from Argentina
and Mexico, allow the company's foreign currency IDR of 'B-' to be
rated one notch higher than Argentina's country ceiling of 'CCC'.

Exports & Operations Abroad/ Foreign Currency Revenues

Revenues generated outside of Argentina accounted for
approximately 31% of total consolidated revenues at year-end 2014.
This has remained relatively unchanged since last year and
includes revenues generated outside Argentina and exports from
Argentina.

Argentine Operations Generate Majority of EBITDA

While Arcor's operations in investment-grade countries such as
Brazil and Chile account for approximately 31% of its consolidated
revenues, the contribution to cash flow from operations in those
countries is still low. Operating cash flow is generated in
Argentina and the majority of consolidated EBITDA is concentrated
in that country (89% at December 31, 2014).

Financial Access in Chile and Brazil

The revenue generation in Chilean and Brazilian currency together
with the assets holdings in those countries provides Arcor with
financial access in those countries which may be used to cover the
conversion and transferability risk of Argentina.

Conservative Capital Structure

Leverage is low for the rating category. Arcor had a total debt-
to-EBITDA ratio of 2.3 times (x) and net debt-to-EBITDA ratio of
1.8x as of Dec. 31, 2014. These ratios increased slightly during
the LTM ended March 31 to 2.6x and 2.0x, respectively.

Strong Business Position

Arcor is a leading Latin American producer of confectionary
products and cookie products. Arcor enjoys strong brand equity in
Argentina due to its comprehensive distribution network and its
presence in the country for more than 60 years.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Arcor include
the following:

-- Revenue growth in line with inflation;
-- EBITDA margin remains between 8% - 9%;
-- Senior unsecured notes are refinanced in 2016;
-- Capex steadily increases from ARS1 billion in 2015.

RATING SENSITIVITIES

Arcor's ratings could be negatively affected by a combination of
the following: further economic decline leading to a sustained
deterioration of credit metrics; and/or a change in management's
goal of maintaining a conservative capital structure.

A positive rating action is unlikely in the short- to medium-
term.

LIQUIDITY

Arcor's liquidity risk was moderate as of the March 31 LTM; the
company had USD155 million of cash and equivalents compared with
USD293 million in short-term debt. The company ended 2014 with
USD138 million in cash and USD663 million in total debt. Arcor has
proven access to bank financing, though it has uncommitted credit
limits. It has available limits for approximately USD200 - 250
million. The majority (76%) of Arcor's total debt is in the short-
term, reflecting the availability of the type of financing that is
currently available in the Argentine market. Fitch expects that
the company will be able to refinance the majority of this debt.
About 85% of Arcor's total debt is denominated in Argentine Pesos
and U.S. Dollars; the remaining balance (about 15%) is split
between Brazilian Reals, Chilean Pesos, and Euros.

Fitch affirms the following:

Arcor S.A.I.C.

-- Foreign currency IDR at 'B-';
-- Local currency long-term IDR at 'B+';
-- Senior unsecured notes at 'B-/RR4'.

The Rating Outlook is Negative.


BUENOS AIRES: Fitch Affirms 'CCC' LT Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has affirmed the City of Buenos Aires's (CBA)
ratings as follows:

-- Long-term and local currency Issuer Default Rating (IDR) at
    'CCC';
-- Short-term and local currency IDR at 'C';
-- Euro medium-term note programme (EMTN) up to USD2.29 billion
    long-term rating at 'CCC';
-- Series 10 for USD415 million long-term rating at 'CCC';
-- Series 11 for USD500 million long-term rating at 'CCC';
-- Programme of short-term treasury bills up to ARP950 million
    short-term rating at 'C'.

KEY RATING DRIVERS

CBA's ratings considers its adequate fiscal and budgetary
performance, generating sound operating margins over the last
years despite the pressures on operating expenditures; it
maintains high financial flexibility, adequate leverage and
sustainability ratios; and it is Argentina's primary economic and
financial center. The CBA's unfavorable debt structure (88.8% in
foreign currency) and its country ceiling constrain the rating.

In 2014, the operating margin remained at a very similar level
than 2013 (15% versus 14.9%), based on a very good income dynamics
that surpassed the evolution of operational expenditure.

Fitch estimates that by 2015 the operating margin will maintain
its good performance and be around the average of the last three
years, slightly below the CBA's 2015 budget of 15.8%, however in
adequate levels.

The city has a high financial flexibility. About 89.1% of total
revenues are collected and administered locally. This shows a low
reliance on federal transfers for the city's revenues and compares
very favorably with the provincial average of 43.8%. However, the
revenue structure is exposed to economic fluctuations.

Regarding debt, despite the considerable nominal debt increase in
recent years due to the argentine peso's depreciation and
important investment projects, leverage and sustainability ratios
are still very adequate, compared with peers. In 2014, the
consolidated debt accounted for 28.7% of current revenues and
2.14x the current balance. Fitch expects the city's debt
indicators will be adequate, even considering the authorized new
debt budgeted for 2015. Fitch estimates debt will represent about
25.4% of the current revenues and 1.9x the current balance.

The main risk or limitations for CBA is the structure of debt.
Despite CBA's low level of indebtedness, its debt structure is
largely composed of debt in foreign currency (mainly U.S.
dollars). This constitutes one of the major rating weaknesses due
to the high exposure to the foreign exchange rate risk. In March
2015, foreign currency debt accounted for 88.8%.

The CBA is the country's major economic and financial center.
According to preliminary information, in 2013, the city's
contribution to Argentina's GDP reached about 23.3% and was mainly
driven by the real estate and commerce sectors. CBA's GDP per
capita is three times the national average. Fitch does not expect
significant changes in the city's production structure and its
social and economic indicators.

RATING SENSITIVITIES
Fitch's sensitivity analysis does not foresee any developments
that would lead to a rating downgrade.

An upgrade of the sovereign rating, accompanied by CBA's solid
operating performance, would trigger a positive rating action.


MASTELLONE HERMANOS: Fitch Cuts LC Issuer Default Rating to 'CCC'
-----------------------------------------------------------------
Fitch Ratings has downgraded Mastellone Hermanos Sociedad
Anonima's (Mastellone) local currency Issuer Default Rating (IDR)
to 'CCC' from 'B-' and its senior unsecured notes to 'CCC-/RR4'
from 'CCC/RR4'. All the ratings have been placed on Rating Watch
Negative.

KEY RATING DRIVERS

The downgrade of Mastellone's local currency IDR and its senior
unsecured notes' reflects increased leverage and tighter liquidity
due to weak performance in 2014. The affirmation of its foreign
currency IDR reflects the company's operating environment in
Argentina and that over 80% of EBITDA is generated in that
country. In July 2015 the company paid the USD12.5 million coupon
payment due on its senior unsecured notes. However, Fitch is
concerned that the company will not be able to generate sufficient
cash in the coming months to cover interest payments on its USD200
million notes; the Negative Watch for all the company's ratings
reflects this concern.

Cash Flow Concentrated in Argentina

Mastellone's domestic market of Argentina contributed 87% to total
sales and 82% to EBITDA. Its next most important market is Brazil,
which comprised 7% of total sales and 18% of EBITDA. The company
is exposed to double-digit inflation in Argentina and other direct
and indirect sovereign-related risks, including devaluation and
refinancing risks.

Exposure to Raw Milk Production

Argentine milk production declined for a second straight year in
2014 by about 2%. Mastellone's business is divided between sales
to the Argentine and Brazilian domestic markets and exports; the
excess between raw milk supply and domestic sales is exported. A
shortage of raw milk production could lead to the interruption of
the company's export business (7% of sales) or an increase in
production costs. Both of these occurred in 2014 as Mastellone
decided not to enter into any new export contracts during the
fourth quarter given the low price of powdered milk and the costs
related to the purchase of raw milk increased. Mastellone resumed
exporting in the first quarter of 2015.

Dairy Prices Impact EBITDA

The decline in the international WMP price in the 4th quarter of
2014, increased expenses related to raw milk, wages and
distribution-related costs negatively affected the company's
EBITDA generation in 2014. Mastellone's EBITDA decreased to ARS363
million in 2014 from ARS397 million in 2013. EBITDA margins have
deteriorated from 4% in 2013 to 3% in 2014. As of the March 31 LTM
EBITDA was ARS202 million and Mastellone's EBITDA margin was 2%;
the first quarter of 2015 saw continued contraction in Argentina,
low international prices of powdered milk, low availability of raw
milk, and a delay in the transfer of increased costs from the 4Q
2014 and 1Q 2015 to the consumer.

Tight Liquidity

Mastellone reported cash and marketable securities of about USD22
million as of March 31, 2015, relatively flat when compared with
2013. Short-term debt was USD73 million; current cash holdings
cover 30% of current maturities. Fitch does not expect liquidity
to improve in the near-term given the current availability of raw
milk and depressed international prices for milk powder.

Increased Leverage

The significant drop in international prices as well as the low
availability of raw milk and the associated costs led to a
deterioration of Mastellone's leverage ratios above Fitch's
expectation. The company reported debt/EBITDA of 5.9x and net
debt/EBITDA of 5.2x as of year-end 2014; as of the March 31 LTM
these ratios were 11.6x and 10.6x, respectively.

Currency Mismatch

Mastellone's debt is predominantly USD-denominated and creates
currency risk as the company's sales are mainly in Argentine
pesos. The company has not entered into any agreements to hedge
its exposure to devaluation risk.

Solid Business Position

Mastellone is the largest dairy company and the leading processor
of dairy products in Argentina. Mastellone maintains the largest
market share of the fluid milk market in terms of physical volume
with a market share of approximately 67%. The company maintains
the first and second positions in most of its product lines. Its
strong market shares allow it to benefit from economies of scale
in the production, marketing and distribution of products, and to
strengthen bargaining position. Mastellone purchases about 16 -
18% of raw milk production in Argentina which provides it with a
degree of negotiation power.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Mastellone
include the following:

-- Revenue growth in line with inflation;
-- EBITDA margin remains close to 2.5% on average;
-- Maintenance level capex of about ARS200 million per year.

RATING SENSITIVITIES

Mastellone's ratings could be negatively affected by a further
economic deterioration in Argentina and its inability to convert
and transfer foreign exchange for the companies. In addition, a
continued deterioration in cash flows that further weakens the
company's credit metrics could negatively impact Mastellone's
credit rating.

A positive rating action is unlikely in the short- to medium-
term.

LIQUIDITY

Mastellone reported cash and marketable securities of about USD22
million as of March 31, 2015. Short-term debt was USD73 million;
current cash holdings cover 30% of current maturities. Almost 80%
of Mastellone's debt is USD-denominated, which creates significant
currency risk as the company's sales are over 90% denominated in
Argentine Pesos. The company has not entered into any agreements
to hedge its exposure to devaluation risk. The company has pre-
export facilities with local and international banks; each
facility is collateralized by a separate trust containing either
sales collections to the domestic retail market, inventories (of
parent company and Mastellone San Luis), or Leitesol's purchase
order assignments. As of Dec. 31, 2014 the outstanding balance of
the debt was ARS281,940. Fitch does not expect liquidity to
improve substantially in the near-term given the current
availability of raw milk and depressed international prices for
milk powder.

Fitch has taken the following rating actions:

Mastellone Hermanos Sociedad Anonima

-- Foreign currency IDR 'CCC'; Placed on Rating Watch Negative;
-- Local currency long-term IDR downgraded to 'CCC' from 'B-';
    Placed on Rating Watch Negative;
-- Senior unsecured notes downgraded to 'CCC-/RR4' from 'CCC/';
    Placed on Rating Watch Negative.


===========
B R A Z I L
===========


BANCO DO ESTADO: Fitch Affirms 'BB+' Long-Term Currency IDRs
------------------------------------------------------------
Fitch Ratings has affirmed the Local and Foreign Currency IDRs
(Issuer Default Ratings) of Banco do Estado do Rio Grande do Sul
S.A. (Banrisul), as well as its National Ratings. The bank's IDRs
and Long-Term National Rating Outlook was revised to Negative from
Stable.

Key Rating Drivers

Banrisul's Rating Outlook was revised to Negative to reflect
Fitch's expectation of deterioration in its asset quality and
capitalization ratios as a result of the weakening of the State of
Rio Grande do Sul's (ERS) financial profile. A potential
deterioration in the bank's asset quality would demand higher
reserves expenses and impact Banrisul's profitability and its
internal capital generation.

Banrisul's ratings are driven by its stand-alone strengths and are
also influenced by Fitch's internal assessment of ERS'
creditworthiness. Banrisul has a strong operation in ERS, with 17%
market share in credit and 40% in deposits. Around 15% of the
bank's loan portfolio is related to ERS' employees. In addition,
Banrisul has a strong performance in regional corporate credits
within the ERS.

Banrisul's Viability Rating (VR) and IDRs reflect the bank's
regional importance, its stable retail funding base,
profitability, and adequate liquidity ratios. As other government-
owned institutions in Brazil, Fitch contemplates the political
influence on the bank's ratings. The Support Rating of '4' and the
Support Rating Floor of 'B' reflect the limited possibility of
support from the federal government in a stress scenario, due to
the relative importance of Banrisul to the system. The bank ranks
as the 12th largest financial institution in the country in terms
of assets but there are no express guarantees of such support from
the federal government. ERS controls 56% of Banrisul's capital,
while the remainder is divided into minority shareholders and
traded on the Stock Exchange.

Banrisul' profitability ratios show a declining trend, although
they remain at an adequate level (ROAA declined to 1.0% as of
first quarter 2015 (1Q15) from 1.2% in 2014 and 1.6% in 2013). In
view of the more challenging economic environment for companies in
the State and its increasing focus on services, Banrisul revised
its credit expansion - which averaged annual growth in the last
four years of around 15% - to between 9% and 13% in 2015

Ninety-day past due loans reached 3.6% of the bank's portfolio in
1Q15 (3.4% in 2014). Despite the loan portfolio's adequate
quality, Fitch expects some deterioration in the bank's corporate
credit portfolio over the next 12 to 18 months. Negative
developments with respect to companies considered within the scope
of the 'Lava Jato' investigation could also have an impact on
Banrisul, given the bank's exposure to some of the names involved.

Banrisul benefits from the lower costs of its deposit base,
captured through its franchise. The bank has been issuing
subordinated debt to reset its capital base, which is not included
in the calculation of its Fitch Core Capital (FCC) ratio. Even
discounting these issuances from the calculations, the FCC was an
adequate 13.9% in March 2015 (14.1% in 2014).

Banrisul Debt

Financial Bills: Banrisul's national unsecured debt issuances rank
equally with its other senior unsecured debts and their ratings
are in line with the bank's Long-Term National Rating.

Subordinated Notes Tier 2 Capital denominated in USD: Banrisul's
subordinated notes, rated by Fitch as 'BB-', due in January 2022,
are notched down from the bank's 'bb+' VR. The notching includes
one notch lower for loss severity features and its subordinated
status, and a one-notch deduction due to moderate non-performance
risk. These notes rank equally with the other subordinated debt of
the bank and rely on a cumulative coupon deferral mechanism, which
can be exercised in case the minimum regulatory capital
requirements are not met. These notes have been experiencing
discounts, since they do not qualify to be capital under Basel 3
rules.

RATING SENSITIVITIES

Banrisul's ratings could be downgraded in case of further
deterioration of asset quality ratios, with increase in credits
past due over 90 days above 5%, should the coverage for credit
losses deteriorate, or if the FCC falls to less than 12%.
Furthermore, Banrisul's ratings can be affected by any change of
Fitch's opinion on ERS' creditworthiness, given the bank's strong
operations in the state.

On the other hand, the Outlook could be revised to Stable from
Negative if Banrisul maintains adequate profitability, even in an
adverse economic environment, as expressed by an Operating Profit
over Gross Average Assets ratio above 2%, together with the good
asset quality ratios, as measured by loans past due over 90 days
around 3% and FCC of 14%.

Fitch has affirmed the following ratings:

-- Long-Term Foreign and Local Currency IDRs at 'BB+'; Outlook
    Negative;
-- Short-Term Foreign and Local Currency IDRs at 'B';
-- Viability Rating at 'bb+';
-- Support Rating at '4';
-- Support Rating Floor at 'B';
-- Long-Term National Rating at 'AA-(bra)' ; Outlook Negative;
-- Short-Term National Rating at 'F1+(bra)' ;
-- Rating of the first issuance of senior unsecured financial
    bills at 'AA-(bra)' ;
-- Rating of the subordinated notes Tier II Capital, due in
    February 2022, at 'BB-'.


BRAZIL: Named as "Sick Man" of the Large Emerging Markets
---------------------------------------------------------
The Financial Times reports that Brazil has gone from being a
motor of the world economy as one of the fast-growing so-called
Bric nations to the sick man of the large emerging markets.

Unemployment is soaring, business confidence plummeting. Standard
& Poor's, the ratings agency, is considering cutting its
investment grade rating to junk, according to The Financial Times.

The country is breaking records in all the wrong ways, the report
notes.  "We think the current recession will prove Brazil's worst
in recent history, at least since quarterly data started to be
collected in 1996," says BNP Paribas, which is predicting a
contraction in gross domestic product this year of 2.5 per cent,
down from positive 0.1 per cent last year, the report relates.

Among large emerging markets, only Russia is expected to do worse
this year, according to International Monetary Fund GDP forecasts,
notes Financial Times.

Only six months into her second four-year term, Dilma Rousseff is
suffering from the lowest ratings of any president in Brazil's
recent democratic history, the report notes.  Worse, the weak
economy is jeopardizing the prized achievement of her left-leaning
ruling Workers' party, or PT, during its 13 years in power -- the
creation of a vast new lower-middle class, the report discloses.

The fragile hold on prosperity of this group is at risk -- and
along with it her grip on power, the report adds.



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


BAY AREA: Creditors' Proofs of Debt Due Aug. 10
-----------------------------------------------
The creditors of Bay Area Finance Limited are required to file
their proofs of debt by Aug. 10, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 3, 2015.

The company's liquidator is:

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


GEMS III: Creditors' Proofs of Debt Due Aug. 10
-----------------------------------------------
The creditors of Gems III Limited are required to file their
proofs of debt by Aug. 10, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 30, 2015.

The company's liquidators are:

          David Van Oppen
          Patrick Lam Chun Kin
          c/o Maples and Calder
          Attorneys-at-law
          Att. Ms Aisling Dwyer
          The Center, 53rd Floor
          99 Queen's Road Central
          Hong Kong


MESTENIO LTD: S&P Retains 'BB-' Rating on $488.35MM Notes
---------------------------------------------------------
Standard & Poor's Ratings Services provided its rating agency
confirmation (RAC) that the 'BB-' rating on Mestenio Ltd.'s
$488.35 million pass-through notes series 1 due 2020 will not be
affected following proposed amendments to the transaction
resulting in an additional issuance of up to US$ 176,666,668.00 to
be consolidated to form a single series with the outstanding
series issued on Dec. 2, 2014.

Mestenio Ltd.'s series 1 is a repackaged transaction backed by 10
promissory notes with a five-year maturity totaling $488.35
million issued by the Dominican Republic's Ministry of Finance.
The promissory notes are direct, unconditional, unsubordinated,
and unsecured obligations of the Dominican Republic, and are
backed by the full faith and credit of its federal government.

On July 17, 2015, Mestenio Ltd. proposed to amend the securities'
terms and conditions to enable the issuer to occasionally issue
further securities.  As a result of this amendment, and with the
approval of at least 75% of the noteholders, Mestenio Ltd. will
issue up to an additional $176,666,668.00 of notes into the
series, depending on the number of additional promissory notes to
be included in the structure.

Based on S&P's review of the updated documents, it has concluded
that the implementation of the proposed amendments will not in
itself result in a change to, withdrawal of, or qualification of
our respective ratings on the outstanding notes in the trust
program.  S&P has issued its RAC based on documentation that has
not been executed, but which S&P believes to be in substantially
final form.


MYTHEN LTD: Creditors' Proofs of Debt Due Aug. 28
-------------------------------------------------
The creditors of Mythen Ltd. are required to file their proofs of
debt by Aug. 28, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on July 1, 2015.

The company's liquidators are:

          James Trundle
          Kevin Poole
          P.O. Box 10233 171 Elgin Avenue
          Willow House
          Grand Cayman
          Cayman Islands
          Telephone: 914-2270/ 949-5263
          Facsimile: 949-6021


NAPRALAT INC: Creditors' Proofs of Debt Due Aug. 17
---------------------------------------------------
The creditors of Napralat Inc. are required to file their proofs
of debt by Aug. 17, 2015, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 8, 2015.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: 1 (345) 949-9808
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


NSF FINANCE: Creditors' Proofs of Debt Due Aug. 10
--------------------------------------------------
The creditors of NSF Finance Limited are required to file their
proofs of debt by Aug. 10, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 3, 2015.

The company's liquidator is:

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


PETROEXPORT LIMITED: Creditors & Contributories to Meet on Aug. 14
------------------------------------------------------------------
The creditors and contributories of Petroexport Limited will hold
a meeting on Aug. 14, 2015, at 10:00 a.m.

The company's liquidator is:

          Mr. Roy Bailey
          c/o Tom Bussanich
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 8977
          Facsimile: (345) 949 8529


PULSE LTD: Creditors' Proofs of Debt Due Aug. 10
------------------------------------------------
The creditors of Pulse Ltd. are required to file their proofs of
debt by Aug. 10, 2015, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 6, 2015.

The company's liquidator is:

           Richard Fear
           Name: Ryan Charles
           Telephone: (345) 814 7364
           Facsimile: (345) 945 3902
           P.O. Box 2681 Grand Cayman KY1-1111
           Cayman Islands


SMART CAPITAL: Creditors' Proofs of Debt Due Aug. 14
----------------------------------------------------
The creditors of Smart Capital Investment are required to file
their proofs of debt by Aug. 14, 2015, to be included in the
company's dividend distribution.

The company's liquidator is:

          Alric Lindsay
          Telephone: (345)-926-1688
          Artillery Court Shedden Road
          P.O. Box 11371 George Town
          Grand Cayman KY1-1008
          Cayman Islands


STEEP ROCK: Commences Liquidation Proceedings
---------------------------------------------
On July 1, 2015, the sole shareholder of Steep Rock Russia General
Partner, Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Kevin Hurley
          c/o Steep Rock Limited
          104/3 Nizhegorodskaya UI
          Moscow 109052
          Russia
          Telephone: +7 (495) 671 5968


WIZ INFORMATION: Creditors' Proofs of Debt Due Aug. 12
------------------------------------------------------
The creditors of Wiz Information Technology Capital Corporation
are required to file their proofs of debt by Aug. 12, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 26, 2015.

The company's liquidator is:

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


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


DOMINICAN REPUBLIC: Medina Wants Wider Strategy to Boost Exports
----------------------------------------------------------------
Dominican Today reports that President Danilo Medina headed the
first meeting of the Presidency's Committee Promote to Exports
(MPFE), and said he wants an effort to develop a strategy to
bolster the sector.

In the over two-hour meeting at the National Palace were the heads
of 14 government agencies and eight from the private sector, who
stated a willingness to cooperate, according to Dominican Today.

The report notes that among other aspects the officials proposed
strategic collaboration and stressed that from 2012 to 2014
Dominican Republic exports, including free zones, jumped 11.0
percent, from US$8.9 billion to US$9.9 billion.

Medina pledged support for the export sector and stressed his
administration's commitment to public and private sector efforts
to boost exports and expand markets for Dominican products, the
report relates.


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


FRONTIER STAR: Files for Chapter 11 Bankruptcy Protection
---------------------------------------------------------
Russ Wiles at The Republic reports that Frontier Star LLC and
Frontier Star CJ LLC filed for Chapter 11 bankruptcy protection on
July 27, 2015, listing more than $10 million apiece in debts.
According to the filings, both Debtors listed more than 200
creditors, but none of the other creditors is owed more than
$16,400.

Frontier Star CJ listed CKE Carl's Jr. Restaurants LLC as its
largest creditor, owed at $1.52 million, while Frontier Star LLC
disclosed its largest creditor to be CKE Hardee's Restaurants,
owed at nearly $985,000, suggesting that the Debtors were having
trouble making franchisee or royalty payments, The Republic
relates, citing bankruptcy expert Adam Stein-Sapir of Pioneer
Funding Group LLC.

The Republic says that the filings didn't reveal how many Carl's
Jr. or Hardee's restaurants in Arizona are affected.

Guadalupe, Arizona-based Frontier Star LLC and Frontier Star CJ
LLC are owned by three grandchildren of Carl Karcher, who founded
the fast-food chain.  The grandchildren include the LeVecke
siblings Carl, Margaret and Jason, who is listed as chief
executive officer/manager of both companies.  The LeVecke siblings
had more than 130 Carl's Jr. and Hardee's franchises in seven
states and Puerto Vallarta, Mexico, as of late 2013, according to
an Arizona Republic article that announced the grand opening of a
new sports-themed Carl's Jr. restaurant in Glendale.


FRONTIER STAR: Section 341 Meeting Scheduled for Sept. 1
--------------------------------------------------------
A meeting of creditors in the bankruptcy cases of Frontier Star,
LLC and Frontier Star CJ, LLC will be held on Sept. 1, 2015, 9:00
a.m. at US Trustee Meeting Room, 230 N. First Avenue, Suite 102,
in Phoenix, Arizona.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
meeting of creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Guadalupe, Arizona-based Frontier Star LLC and Frontier Star CJ
LLC are owned by three grandchildren of Carl Karcher, who founded
the fast-food chain.  The grandchildren include the LeVecke
siblings Carl, Margaret and Jason, who is listed as chief
executive officer/manager of both companies.  The LeVecke siblings
had more than 130 Carl's Jr. and Hardee's franchises in seven
states and Puerto Vallarta, Mexico, as of late 2013, according to
an Arizona Republic article that announced the grand opening of a
new sports-themed Carl's Jr. restaurant in Glendale.


FRONTIER STAR: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

      Debtor                                   Case No.
      ------                                   --------
      Frontier Star, LLC                       15-09383
      5210 S. Priest
      Guadalupe, AZ 85283

      Frontier Star CJ, LLC                    15-09385
      5210 S. Priest
      Guadalupe, AZ 85283

Type of Business: Restaurant

Chapter 11 Petition Date: July 27, 2015

Court: United States Bankruptcy Court
       District of Arizona (Phoenix)

Debtors' Counsel: Philip G. Mitchell, Esq.
                  THE CAVANAGH LAW FIRM
                  1850 N Central Ave Ste 2400
                  Phoenix, AZ 85004
                  Tel: 602-322-4000
                  Fax: 602-322-4105
                  Email: Philip.Mitchell@azbar.org

                                     Estimated    Estimated
                                      Assets     Liabilities
                                    -----------  -----------
Frontier Star                       $10MM-$50MM  $10MM-$50MM
Frontier Star CJ                    $10MM-$50MM  $10MM-$50MM

The petition was signed by Jason LeVecke, CEO/manager.

List of Frontier Star's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
CKE                                                      $984,687
Hardee's Restaurants, LLC
100 N Broadway Ste 1200
St. Louis, Missouri 63102

DMS 2, LLC                                                $14,166
James Scrima                                              $14,000
Triceratops, LLC                                          $13,800
James H. Evans, Trustee                                   $13,125
McNeil Property No. 3 LLC                                 $11,900
SanPolo Holdings, Inc.                                    $11,812
HDI Chicago Rest, LLC                                     $11,667
Tom or Gayle Sinkiewicz                                   $10,875
The Margaret and David Firestone Living Trust             $10,500
CSC Holdings, LLC                                         $10,500
Paul T. Herron and Paula R. Herron                         $9,275
Wen Lung Chow & Alice J. Yu                                $9,275
Aras Capital Co.                                           $8,758
Dr. P.M. Corp.                                             $8,699
Puccinelli Equities of Springfield                         $8,263
The Bohn Family Trust                                      $7,986
Ike & Squeaker D. Bootsma                                  $7,976
Glenn J. Pratt and Judith K. Pratt                         $7,446
The Gary L. Johnson and Geraldine C. Johnson Trust         $7,037


List of Frontier Star, CJ's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
CKE                                                    $1,517,306
Carl's Jr. Restaurants, LLC
100 N. Broadway, Ste. 1200
St. Louis, Missouri 63102

National Retail Properties                                $16,399
Strata Equity                                             $14,709
Real Estate Services                                      $14,625
Alpha Mae, LLC                                            $13,635
La Cholla Pad                                             $13,388
Carl's Jr. Trust                                          $13,325
National Retail Properties                                $13,263
Steve Brandlin                                            $13,094
La Cholla Pad                                             $13,083
Rossmore Enterprises                                      $12,861
Cheeseburger, LLC                                         $12,384
Cheeseburger, LLC                                         $10,853
Cheeseburger, LLC                                         $10,436
Cheeseburger, LLC                                          $9,691
Fairfield Homes Title                                      $9,430
Rubyco Holding LLC                                         $9,224
JAML                                                       $8,052
GVD Commercial Properties                                  $6,870
CFT C Properties, LLC                                      $4,250

Guadalupe, Arizona-based Frontier Star LLC and Frontier Star CJ
LLC are owned by three grandchildren of Carl Karcher, who founded
the fast-food chain.  The grandchildren include the LeVecke
siblings Carl, Margaret and Jason, who is listed as chief
executive officer/manager of both companies.  The LeVecke siblings
had more than 130 Carl's Jr. and Hardee's franchises in seven
states and Puerto Vallarta, Mexico, as of late 2013, according to
an Arizona Republic article that announced the grand opening of a
new sports-themed Carl's Jr. restaurant in Glendale.


MEXICO: Sees Poverty Climb Despite Rise in Incomes
--------------------------------------------------
The Financial Times reports that Mexico, a middle-income but
highly unequal country, is betting on sweeping structural reforms
to catapult it into the big league of advanced economies.

But it is not winning the battle against poverty and has not been
for the past quarter of a century, despite economic growth and its
membership of the North American Free Trade Agreement (Nafta),
according to the Financial Times.

The report says that is the stark conclusion to be drawn from a
new bi-annual report from Coneval, a Mexican government agency
charged with evaluating social policies.

Coneval found that Mexico's overall poverty rate in 2014 rose to
46.2 per cent of the population, of 55.3 million people, from 45.5
per cent or 53.3 million people in 2012 -- an increase of 2
million people, or 3.7 per cent of those considered to be in
poverty, in two years, the report notes.  The increase took place
despite gross domestic product rising 3.9 per cent in 2012, 1.4
per cent in 2013 and 2.1 per cent in 2014, the report adds.


MEXICO: 1st-half Oil and Gas Revenues Down 38.3%
------------------------------------------------
EFE News reports that Mexico's oil and gas revenues totaled
MXN381.9 billion ($23.2 billion) in the first half of 2015, down
38.3 percent from the same period of last year, the Finance and
Public Credit Secretariat said.

The revenue decline "reflects the drop in the price of petroleum
and natural gas (47.5 percent and 33.8 percent lower,
respectively), as well as a reduction in crude production (down
8.5 percent)," the secretariat said in its report on Mexico's
economy, finances and public debt in the year's first six months,
according to EFE News.

The report notes that oil production has fallen by around 30
percent from a high of 3.38 million barrels per day in 2004 due to
a sharp decline in output at offshore Cantarell, formerly Mexico's
most productive field, and a lack of investment in the country's
promising deep-water frontier.

To reverse that trend, Mexico recently carried out a historic
energy overhaul that opened the sector to foreign investment for
the first time since 1938, the report relates.

First-half public-sector revenues rose 4 percent in real terms
compared to the same period of 2014, according to the secretariat,
the report says.

Non-petroleum revenues climbed 23.4 percent, highlighted by a 28.8
percent increase in the tax take, and served to offset the
reduction in oil and gas revenues, the portfolio added, the report
discloses.

It said the economy, which grew at a 2.5 percent clip in the first
quarter, continued on a growth path in the first half despite a
"complex and volatile" global scenario, the report relays.

The budget deficit in the first half of the year amounted to 345
billion pesos ($21 billion), which the secretariat said was
consistent with the level approved by Congress, adds the report.


=====================
P U E R T O   R I C O
=====================


ANNA'S LINENS: Stipulation on Adequate Protection Approved
----------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
approved a stipulation between Anna's Linens, Inc., and Transplace
Texas LP for adequate protection of possessory lien and turnover
of property of the estate.

Prepetition, the Debtor entered into one or more agreements with
Transplace, pursuant to which Transplace agreed to store goods
delivered by the Debtor and provide certain warehouse services.

The Debtor has requested that Transplace agree to release the
stored goods without obtaining other adequate protection of its
possessory lien in the form of an administrative claim because
processing and sale of the stored goods are integral to the
operation of its business.

As of the Petition Date, Transplace asserted a claim of
approximately $1,814,256.

The stipulation provides that, among other things:

   1. The Debtor will immediately pay $700,000 to Transplace on
account of Transplace secured claim;

   2. In addition to all of its other rights, liens claims and
remedies provided for in the order, Transplace will have an
administrative priority claim pursuant to Sections 503(b)(1), 507
(a)(2), and 507(b) or the balance of the Transplace secured claim
in the remaining amount of approximately $1,114,256; and

   3. Transplace will release and cause the store goods to be
delivered to the Debtor and its stores as directed by the Debtor.

A copy of the stipulation is available for free at:

  http://bankrupt.com/misc/Anna'sLinens_Stipuation_Transplace.pdf

                       About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.

Salus Capital Partners, LLC, as administrative agent for a
consortium of lenders, agreed to provide a DIP Facility of up to
approximately $20 million in excess of the outstanding secured
debt to Salus and other prepetition secured lenders.

The U.S. trustee appointed seven creditors to serve on the
official committee of unsecured creditors.


ANNA'S LINENS: SM 101 Withdraws Bid for Relief from Stay
--------------------------------------------------------
SM 101 Six, LLC, notified the U.S. Bankruptcy Court for the
Central District of California that it has withdrawn its motion
for relief from automatic stay in Anna's Linens, Inc.'s commercial
property located at 2342 South Bradley Road, Unit Santa Maria,
California.

SM 101 is represented by:

         Gordon G. May, Esq.
         GRANT, GENOVESE, & BARATTA, LLP
         2030 Main street, Site 1600
         Irvine, CA 92614
         Tel: (949) 660-1600
         Fax: (949) 660-6060
         E-mail: dcg@gb-law.com
                 ggm@ggb-law.com

                        About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.

Salus Capital Partners, LLC, as administrative agent for a
consortium of lenders, agreed to provide a DIP Facility of up to
approximately $20 million in excess of the outstanding secured
debt to Salus and other prepetition secured lenders.

The U.S. trustee appointed seven creditors to serve on the
official committee of unsecured creditors.


STANDARD REGISTER: Discloses $4.52 Million Net Loss in May
----------------------------------------------------------
The Standard Register Company, et. al., on June 19, 2015, filed
their monthly operating report for the period May 4, 2015 to May
31, 2015.

The Debtors reported a $4.52 million net loss for the month on
$63.38 million of revenues.

As of May 31, 2015, the Debtors listed $443.73 million in total
assets, $267.47 million in total liabilities not subject to
compromise, $413.86 million in total liabilities subject to
compromise, and $237.60 million in total shareholders' deficit.

For May 2015, the Debtors posted total cash receipts of $72.08
million and total cash disbursements of $73.76 million.

A copy of the monthly operating report is available at:

   http://bankrupt.com/misc/StandardRegisterMay2015mor.pdf

                     About Standard Register

Standard Register provides market-specific insights and a
compelling portfolio of workflow, content and analytics solutions
to address the changing business landscape in healthcare,
financial services, manufacturing and retail markets.  The Company
has operations in all U.S. states and Puerto Rico, and currently
employs 3,500 full-time employees and 16 part-time employees.

The Standard Register Company and 10 affiliated debtors sought
Chapter 11 protection in Delaware on March 12, 2015, with plans to
launch a sale process where its largest secured lender would serve
as stalking horse bidder in an auction.

The cases are pending before the Honorable Judge Brendan L.
Shannon and are jointly administered under Case No. 15-10541.

The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young
Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery &
Transformation Services U.S., LLC, as restructuring advisors; and
Prime Clerk LLC as claims agent.

The Official Committee of Unsecured Creditors tapped Lowenstein
Sandler LLP as its counsel and Jefferies LLC as its exclusive
investment banker.


STANDARD REGISTER: Has Until Oct. 8 to File Liquidating Plan
------------------------------------------------------------
Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware extended The Standard Register Company, et
al.'s exclusive plan filing period through and including Oct. 8,
2015, and their exclusive solicitation period through and
including Dec. 7, 2015.

The Debtors sought further extension of exclusivity to give them
time to close the sale of substantially all of their assets, and,
subsequent thereto, wind down their estates.  According to the
Debtors, following the closing, they intend to pursue a Chapter 11
plan of liquidation to efficiently and expeditiously conclude the
proceedings.

The Debtors said in court documents that the sale of its assets to
Taylor Corp. is expected to close by Friday, July 31.

                   About Standard Register

Standard Register provides market-specific insights and a
compelling portfolio of workflow, content and analytics solutions
to address the changing business landscape in healthcare,
financial services, manufacturing and retail markets.  The Company
has operations in all U.S. states and Puerto Rico, and currently
employs 3,500 full-time employees and 16 part-time employees.

The Standard Register Company and 10 affiliated debtors sought
Chapter 11 protection in Delaware on March 12, 2015, with plans to
launch a sale process where its largest secured lender would serve
as stalking horse bidder in an auction.

The cases are pending before the Honorable Judge Brendan L.
Shannon and are jointly administered under Case No. 15-10541.

The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young
Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery &
Transformation Services U.S., LLC, as restructuring advisors; and
Prime Clerk LLC as claims agent.

The Official Committee of Unsecured Creditors tapped Lowenstein
Sandler LLP as its counsel and Jefferies LLC as its exclusive
investment banker.


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


TRINIDAD CEMENT: Expanding Operations in Congo
----------------------------------------------
Andre Bagoo at Trinidad and Tobago Newsday reports that the
operations of Trinidad Cement Limited are being expanded in the
Republic of Congo, Minister of Trade and Industry Vasant Bharath
said as he urged business persons to take advantage of
opportunities for trans-Atlantic trade between this region and
Africa.

"Currently, Trinidad Cement Limited is expanding its operations in
the Republic of Congo and other African countries with the
assistance from South African investors," Mr. Bharath said,
speaking at the 15th Annual Trans-Atlantic Trade and Investment
Symposium, hosted by the Emancipation Support Committee, according
to Trinidad and Tobago Newsday.

"Other opportunities have also arisen where skills cooperation
exist Ghana, Tanzania. I urge you to be encouraged by our shared
history and to take advantage of these possibilities." Mr. Bharath
noted the country's largest bank, Republic Bank Limited, already
had a major investment at Nigeria, the report notes.  He said
RBL's largest shareholder is the Government.

"Therefore, the Government of Trinidad and Tobago is essentially
very supportive of investments of this nature," the Minister said
at the event, held at the Hilton Trinidad, the report relates.

The report discloses that Mr. Bharath called for empowerment
through the leveraging of the strengths of the diaspora.

"Economic empowerment is needed if we are to conduct trade with
more African countries," the report quoted the Minister as saying.

"Our discussions should also look at ways and means in which
African and the diaspora can leverage its combined strengths,
expertise and resources to drive further growth in their
respective and collective economies. Trinidad and Tobago has been
taking steps to becoming more globally competitive," the minister
added, the report relays.

The report says that Mr. Bharath said historical forces must be
overcome in forging new trade links.

"The theme of the symposium -- 'Re-inventing the Triangle' --
calls for us to shift the archetype from one which was driven by
colonialism and exploitation to a reality focused on mutually
beneficial trade in our regions which has the ability to harness
positive economic circumstances for all of us," the Minister said,
the report relays.  Mr. Bharath said Nigeria was a key nation this
country could learn from, with its high growth rate of 6.3
percent.  He said that country focused on its non-oil sectors,
took major steps in mitigating shocks, output and fostered
diversification of the economy, adds the report.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 1, 2015, Fitch Ratings has upgraded the Foreign and Local
currency Issuer Default Ratings (IDRs) of Trinidad Cement Limited
(TCL) to 'B-' from 'D' and assigned an expected rating to the
company's proposed senior secured term loan of 'B-(EXP)/RR4'. The
Rating Outlook is Stable.


TRINIDAD & TOBAGO: Inflation Steady at 5.5%
-------------------------------------------
Trinidad Express reports that inflation in the country held steady
at just over 5.5 per cent in June, the Central Bank said.

Core inflation slowed marginally to just below two per cent, the
bank said in its latest Monetary Policy announcement, according to
Trinidad Express.

"However, the Monetary Policy Committee expects inflationary
pressures to pick up in the remaining months of 2015 due to a
number of factors," the bank said, the report notes.

Food inflation accelerated for the first time in 2015 spurred by
rising input costs (specifically poultry) and falling supply
associated with the outbreak of a pest in the Dominican Republic,
a major source market for fruits and vegetables, the report
relays.  In June 2015, food inflation rose to 9.7 per cent, the
report says.  The advent of the rainy season raises the
possibility of flooding and may lead to additional disruptions to
domestic agricultural supply, further pushing up food inflation,
which drives headline inflation, the report notes.

Earlier, Food Production Minister Devant Maharaj said in a
statement that food price inflation in May according to the
Central Statistical Office stood at 8.5 per cent, the report adds.


=================
X X X X X X X X X
=================


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

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




                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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