TCRLA_Public/150828.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, August 28, 2015, Vol. 16, No. 170


                            Headlines



B R A Z I L

PETROLEO BRASILEIRO: Among Borrowers Most at Risk as Real Sinks
SUZANO PAPEL: S&P Raises CCR to 'BB+'; Outlook Stable


C A Y M A N  I S L A N D S

CARRY LTD: Members' Final Meeting Set for Oct. 30
ENZIAN WACHSTUM: Shareholders Receive Wind-Up Report
HAMALAJ CORP: Sole Member to Hear Wind-Up Report on Sept. 15
LATITUDE ZERO: Shareholders' Final Meeting Set for Aug. 31
PAC-LINK FUND: Shareholders Receive Wind-Up Report

PASQUALE INVESTMENTS: Shareholders' Final Meeting Set for Aug. 31
RAINBOW BEACH: Sole Member to Hear Wind-Up Report on Sept. 15
RENEWABLE CO: Sole Member to Hear Wind-Up Report on Sept. 14
ROUND TABLE MASTER: Shareholders' Final Meeting Set for Sept. 22
TIMEPIECE CORPORATE: Creditors' Proofs of Debt Due Sept. 16


D O M I N I C A N   R E P U B L I C

FALCONBRIDGE DOMINICANA: Mining Sector "Unaware of Sale"
DOMINICAN REPUBLIC: PRM Blasts Government for Overpriced Fuels


M E X I C O

MEXICO: Foreign Reserves Fall by $1 Billion


P E R U

PETROPERU: Protesters Call on Firm to Take Over Largest Oil Block


P U E R T O    R I C O

INDUSTRIAS VASSALLO: Court Denies USIC's Reconsideration Bid
SAMUEL MARTINEZ: Scotiabank Not Entitled to Postpetition Interest


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Global Stocks Recover; Country Vulnerable


                            - - - - -


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B R A Z I L
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PETROLEO BRASILEIRO: Among Borrowers Most at Risk as Real Sinks
---------------------------------------------------------------
Filipe Pacheco at Bloomberg News reports that Petroleo Brasileiro
SA, the state-controlled oil producer with $55 billion of overseas
bonds, is among the Brazilian companies most at risk of seeing
leverage ratios swell as the real posts the world's biggest
currency losses.

For Petrobras, the electric utility known as Eletrobras, airline
Gol Linhas Aereas Inteligentes SA and mall operator General
Shopping Brasil SA, every 10 percent depreciation in the real
boosts the companies' debt-to-earnings ratio by a factor of one,
according to Fitch Ratings, Bloomberg News notes.

Bloomberg News discloses that the companies, with a combined $60.1
billion of overseas bonds outstanding, are vulnerable to a falling
real because they have high levels of foreign-currency debt while
most of their sales are in the local tender, said Joe Bormann, a
managing director for Latin America corporate finance at Fitch.

The ratings company has Petrobras at the lowest level of
investment grade, while the other companies are classified as
junk, Bloomberg News relays.

"Those are the names that we see as the most exposed to a
depreciation of the real," Mr. Bormann said from Chicago,
Bloomberg News notes.  "The depreciation materially changes the
amount of leverage that they have to a higher degree than a lot of
their peers," Mr. Bormann added.

Bloomberg News relays that the real has tumbled 25 percent this
year, the worst performer among 16 major currencies tracked by
Bloomberg, as President Dilma Rousseff struggles to sustain a
coalition in Congress that can support her plan to cut spending
and shore up fiscal accounts.  Standard & Poor's lowered the
outlook on Brazil's BBB- sovereign rating from stable to negative
last month, while Moody's Investors Service cut the country's
grade one notch on Aug. 11, Bloomberg News relays.

While the four companies compose a group considered most at risk
to currency swings, the Sao Paulo state water utility known as
Sabesp is seen as a "medium-risk concern" on the same basis, Mr.
Bormann said, Bloomberg News discloses.

Bloomberg News notes that most Brazilian issuers haven't used
derivative instruments to completely eliminate foreign-exchange
risk because the country's 14.25 percent benchmark interest rate,
the highest among the world's biggest economies, makes hedging
expensive, Mr. Bormann said.  Local policy makers have increased
borrowing costs seven times since October to control above-target
inflation, Bloomberg News relays.

Petrobras's $2.5 billion in bonds due 2024 have dropped about 9
percent this year as top executives from the company were cited in
a bribery scandal, a scandal that delayed the publication of its
annual results and led to a change of its top management,
Bloomberg News notes.  Yields on the notes fell 0.35 percentage
point Aug. 25 to to 8.36 percent as of 11:32 a.m. in New York,
Bloomberg News relays.

Perpetual bonds issued by Sao Paulo-based General Shopping
totaling $250 million have plummeted 44 percent since December as
rising unemployment and inflation running at 9.6 percent a year
damped consumption, Bloomberg News notes.  The notes now trade at
about 50 cents on the dollar, Bloomberg News says.

Rio de Janeiro-based Eletrobras's $1.75 billion of bonds due 2021
have tumbled 13 percent since December, while Gol's $325 million
in notes due 2022 slumped 17 percent, Bloomberg News adds.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 13, 2015, Moody's Investors Service affirmed all ratings for
Petroleo Brasileiro S.A. (Petrobras) and ratings based on
Petrobras' guarantee. This includes the affirmation of Petrobras'
Ba2 senior unsecured debt rating.  The company's b2 baseline
credit assessment (BCA) is unchanged.  The outlook is stable for
Petrobras and its guaranteed debt.


SUZANO PAPEL: S&P Raises CCR to 'BB+'; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Suzano
Papel e Celulose S.A. (Suzano), including the global scale
corporate credit rating to 'BB+' from 'BB'.  The outlook is
stable.  S&P also revised its recovery rating on Suzano's issue-
level rating to '3H' from '4H', indicating its expectation for
meaningful recovery (50%-70%) of principal in the event of a
payment default.

The upgrade reflects Suzano's stronger capital structure and less
leveraged balance sheet following the ramp-up of Suzano's 1.5
million ton pulp mill in Maranhao and the weaker Brazilian real
(which depreciated 55% in the past 12 months).  Those factors
boosted EBITDA generation to R$3.3 billion in the 12 months ended
June 2015 from R$1.9 billion in the year-earlier period.  S&P's
expectation is that the favorable environment for Brazilian
exporters, including Suzano, will persist due to the strengthening
of the dollar on the back of a stronger U.S. economy.

Prices for Suzanos's pulp (bleached eucalyptus kraft, or BEKP)
have remained fairly stable ranging between $730 and $750 per ton
in the past three years (delivered in Europe).  S&P believes these
prices will remain in that range for the short term because
scheduled global capacity additions would likely force inefficient
producers to close or to switch to dissolving pulp mills (an
alternative use for high-cost pulp mills).  In light of these
factors, S&P expects Suzano to continue benefitting from higher
operating cash flows, which would allow it to keep its debt at
reasonable levels.

Despite Brazil's softening economy, S&P believes Suzano's paper
and paperboard divisions will continue to perform well because the
company benefits from substantial pricing power because domestic
supply is relatively concentrated among few domestic players.
Also, S&P don't expect competition from coated and uncoated paper
imports to become a concern, because incentives for paper
producers to increase capacity are rather low due to the
abnormally high prices for softwood pulp, which is the main raw
material.


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


CARRY LTD: Members' Final Meeting Set for Oct. 30
-------------------------------------------------
The members of Carry Ltd. will hold their final meeting on
Oct. 30, 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 liquidators are:

          Stuart Brankin
          Desmond Campbell
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981 Grand Cayman
          Cayman Islands
          Telephone: (345) 949 5586


ENZIAN WACHSTUM: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Enzian Wachstum Aktiv received on Aug. 27,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Doran + Minehane
          Crescent House, 4th Floor
          Hartstonge Street
          Limerick
          Ireland
          Telephone: 00353 61 413200
          Facsimile: 00353 61 408613


HAMALAJ CORP: Sole Member to Hear Wind-Up Report on Sept. 15
------------------------------------------------------------
The sole member of Hamalaj Corp. will hear on Sept. 15, 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:

          Lion International Management Limited
          P.O. Box 71 Craigmuir Chambers
          Road Town, Tortola
          British Virgin Islands


LATITUDE ZERO: Shareholders' Final Meeting Set for Aug. 31
----------------------------------------------------------
The shareholders of Latitude Zero Investment Management Ltd. will
hold their final meeting on Aug. 31, 2015, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PAC-LINK FUND: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Pac-Link Fund received on Aug. 25, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Hsiao, Ming-Huei
          5th Floor, No.3, Sec.3, Zhongxing Rd.
          Xindian Dist., New Taipei City 231
          Taiwan (R.O.C.)


PASQUALE INVESTMENTS: Shareholders' Final Meeting Set for Aug. 31
-----------------------------------------------------------------
The shareholders of Pasquale Investments Limited will hold their
final meeting on Aug. 31, 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:

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


RAINBOW BEACH: Sole Member to Hear Wind-Up Report on Sept. 15
-------------------------------------------------------------
The sole member of Rainbow Beach Ltd. will hear on Sept. 15, 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:

          Lion International Management Limited
          P.O. Box 71 Craigmuir Chambers
          Road Town, Tortola
          British Virgin Islands


RENEWABLE CO: Sole Member to Hear Wind-Up Report on Sept. 14
------------------------------------------------------------
The sole member of Renewable Co. Ltd. will hear on Sept. 14, 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:

          Lion International Management Limited
          P.O. Box 71 Craigmuir Chambers
          Road Town, Tortola
          British Virgin Islands


ROUND TABLE MASTER: Shareholders' Final Meeting Set for Sept. 22
----------------------------------------------------------------
The shareholders of Round Table Interest Rate Master Fund, Ltd.
will hold their final meeting on Sept. 22, 2015, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855, Grand Cayman, KY1-1207
          Cayman Islands
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294


TIMEPIECE CORPORATE: Creditors' Proofs of Debt Due Sept. 16
-----------------------------------------------------------
The creditors of Timepiece Corporate Holdings Ltd. are required to
file their proofs of debt by Sept. 16, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 23, 2015.

The company's liquidator is:

          Mufeed Rajab
          c/o Dominique Massias
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


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


FALCONBRIDGE DOMINICANA: Mining Sector "Unaware of Sale"
---------------------------------------------------------
Dominican Today reports that the president of the Dominican
Chamber of the Mining and Petroleum sector (Camipe), Jose Sena,
said that they were unaware of the sale of 100% of the shares of
Glencore Canada Corporation (ANL) in Falconbridge Dominicana
(Falcondo) to the Americano Nickel Limited investment fund, adding
that they found out about it via the media.

Mr. Sena clarified, however, that this sale is a normal operation,
because mining is a raw material, cyclical business where
companies "are fed by capital that could come from the stock
exchanges, investment funds and shareholders," according to
Dominican Today.

In terms of oil exploration, Mr. Sena called on the public
authorities and private companies to observe Law 146 on Mining,
and recalled that the country is free of oil exploration
concessions because they have all expired, the report notes.

                         *     *     *
As reported in the Troubled Company Reporter-Latin America on Dec.
16, 2008, Dominican Today said that Toronto-based Xstrata Nickel
recently laid off about 70% of its workers at Falconbridge
Dominicana.  The Dominican government said it will find jobs for
most of the workers laid off, The Dominican Today reports.

President Fernandez, the report related, said about 90 workers
could qualify for early retirement.


DOMINICAN REPUBLIC: PRM Blasts Government for Overpriced Fuels
--------------------------------------------------------------
Dominican Today reports that the opposition PRM's National
Economic Secretary, Arturo Martinez Moya, accused the government
of charging consumers an extra RD$1 billion weekly for fuels.

The report notes that Mr. Moya said despite the fact that crude
oil and derivatives used in the country are at the same
international pricing levels as in the last week of 2008, the
government expects the public to pay RD$213.50 per gallon of
premium gasoline, or an extra 81.24%, RD$196.00 for regular
gasoline, overpriced by 81.48%, RD$152.90 for premium diesel,
40.28% overpriced, RD$144.50 for regular diesel, 43.07% more, and
RD$77.20 per gallon of LPG, overpriced by 54.40%.

Mr. Moya stated that the government is charging the consumer an
extra RD$96.00 for premium gasoline, RD$88.00 for regular, and RD$
28.00 for Liquid Petroleum Gas, the report notes.

Mr. Moya, an economist, was speaking during a press conference on
Aug. 25 accompanied by the party's presidential candidate Luis
Abinader and leading PRM figures.  Mr. Moya stated that the PLD
government could not explain why it was overcharging the public
for fuels by over one billion pesos each week, the report
discoses.

"This overpricing of all fuels reduces wages for workers,
increases the cost of living and increases poverty", Mr. Moya
concluded, the report adds.


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


MEXICO: Foreign Reserves Fall by $1 Billion
-------------------------------------------
EFE News reports that Mexico's foreign reserves declined by $1.01
billion to $187.33 billion last week, the Bank of Mexico said.

Gold and foreign currency reserves fell in the week ending Aug. 21
mainly due to the daily auctions of dollars without a minimum
price, the central bank said, according to EFE News.

The report notes that foreign reserves have fallen by $5.9 billion
since the end of 2014, the Bank of Mexico said in a statement.

The M1 money supply, which includes currency, coins and demand
deposits, fell by MXN8.61 billion (about $503 million) to MXN1.07
trillion (some $62.57 billion) last week, the central bank said,
the report relays.

The money supply has increased by 9 billion pesos ($526 billion)
since Jan. 1, the report adds.


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P E R U
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PETROPERU: Protesters Call on Firm to Take Over Largest Oil Block
-----------------------------------------------------------------
EFE News reports that authorities, labor unions and indigenous
organizations in the northern Peruvian region of Loreto staged a
24-hour strike to demand that state-owned oil firm PetroPeru take
over operation of the country's largest oil block, which was
awarded to Canada's Pacific Stratus Energy.

Loreto Gov. Fernando Melendez said the population showed its
"patriotic conviction" by halting activities because it
"understands that its economy is at risk," according to EFE News.

The report notes that stores, schools and public transportation
were paralyzed Aug. 25 in Loreto's capital, Iquitos, and some
demonstrators even clashed with police near the airport and on
access roads.

Interior Minister Jose Luis Perez Guadalupe said several arrests
were made during the protest but that police had brought the
situation in Iquitos under control, the report relates.

The regional government, the CGT labor federation, a group known
as the Patriotic Front for the Defense of Loreto and at least four
indigenous federations backed the protest, the report notes.

In an interview with RPP Noticias, Mr. Melendez criticized the
government for awarding Pacific a two-year contract for operating
Lot 192 without taking into account the environmental damage
caused by 45 years of oil production in that area, the report
says.

The report notes that the block had been developed since 2001 by
Argentine oil company Pluspetrol, accused by indigenous
communities of polluting the area.  With that firm's contract
expiring at month's end and an international bidding process
failing to attract interest, the Peruvian government directly
awarded the block to Pacific, the report relays.

But the governor predicted that the block's output will fall and
adversely affect the regional economy, the report notes.  Mr.
Melendez said indigenous peoples in Loreto want investment
guarantees covering a span of 30 years and reject the short-term
deal with Pacific as "irresponsible," the report discloses

The block, located near Peru's border with Ecuador, yields around
11,000 barrels of crude from 16 wells and accounts for 17 percent
of the country's total oil production, the report says.

PetroPeru, for its part, issued a statement saying that it lacks
the technical conditions and economic resources to operate Lot
192, the report adds.


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


INDUSTRIAS VASSALLO: Court Denies USIC's Reconsideration Bid
------------------------------------------------------------
Judge Brian K. Tester of the United States Bankruptcy Court for
the District of Puerto Rico denied the motion for reconsideration
filed by United Surety & Indemnity Company.

On January 8, 2010, USIC filed a Motion Requesting Intervention
into Industrias Vassallo, Inc.'s adversary proceeding against the
Puerto Rico Electric Power Authority.  The court granted USIC's
motion on January 26, 2010.

On May 22, 2015, Vassallo filed its motion requesting the
voluntary dismissal of its amended complaint against PREPA.  On
the same date, USIC filed an amended complaint in intervention
against PREPA, but was denied by the court due to Vassallo's
request for voluntary dismissal of the adversary proceeding.

On June 4, 2015, USIC filed a motion for reconsideration of the
order denying its amended complaint in intervention.

Judge Tester held that the bankruptcy court is not the correct
forum for a proceeding between two non-debtor parties which does
not affect the bankruptcy estate.  Judge Tester found that the
bankruptcy court lacks jurisdiction to entertain USIC's complaint
in intervention, given the fact that Vassallo voluntarily
dismissed its complaint against PREPA, along with the fact that
USIC's complaint in intervention against PREPA does not pertain to
Vassallo, nor would USIC's complaint in intervention have any
conceivable effect on Vassallo's bankruptcy estate.

The adversary proceeding is INDUSTRIAS VASSALLO, INC. Plaintiff,
v. PUERTO RICO ELECTRIC POWER AUTHORITY, Defendant, ADVERSARY NO.
09-00258 BKT (Bankr. D.P.R.).

The bankruptcy case is IN RE: INDUSTRIAS VASSALLO, INC., Chapter
11, Debtor, CASE NO. 08-07752 BKT (Bankr. D.P.R.).

A full-text copy of Judge Tester's July 31, 2015 opinion and order
is available at http://is.gd/PSKcY5from Leagle.com.


SAMUEL MARTINEZ: Scotiabank Not Entitled to Postpetition Interest
-----------------------------------------------------------------
Judge Edward A. Godoy of the United States Bankruptcy Court for
the District of Puerto Rico denied Scotiabank's motion for
reconsideration of the court's denial of its request for
postpetition interest.

On September 23, 2013, Scotiabank filed two secured claims in the
debtor Samuel A. Figueroa Martinez's bankruptcy: one for the
Caparra property in the amount of $65,178, the other for the
Metropolis property in the amount of $148,854.  Six days after the
confirmation of the debtor's plan, Scotiabank filed a motion
requesting payment of post-petition interest.  After a hearing on
April 17, 2015, the court denied the motion.

On May 11, 2015, Scotiabank filed for reconsideration, arguing
that the court erred by adopting the debtor's arguments and
treating its motion as a request for administrative expenses
pursuant to section 503(b) rather than as a request for post-
petition interest.  It further contended that the disclosure
statement when compared to the proofs of claim show Scotiabank is
over-secured, entitling Scotiabank to post-petition interest.
Scotiabank also attempted to convert the original motion filed
under section 506(b) into a motion based on the binding effect of
the debtor's confirmed plan.

Judge Godoy quickly dispensed with Scotiabank's first argument
since it was clear from the record that the court did not rely on
section 503(b) in making its ruling, but rather explicitly adopted
the debtor's argument with regard to section 506(b), in which the
debtor laid out the procedure Scotiabank should have followed.

As to Scotiabank's second argument, Judge Godoy held that
Scotiabank cannot establish that its claims are over-secured just
by pointing to the disclosure statement and proofs of claims.  The
judge found that the record is unclear as to whether the values in
the schedules were estimates or an accurate market value, and
Scotiabank has not presented the necessary evidence to
substantiate that those values are an accurate market value of the
asset.

Judge Godoy was likewise unpersuaded by Scotiabank's final
argument in which it sought to rely on the binding effect of the
confirmed plan.  The judge explained that Scotiabank's allowed
claim does not automatically include post-petition interest
because no request for post-petition interest has been allowed by
the court.

The case is IN RE: SAMUEL A. FIGUEROA MARTINEZ, Debtor, Case No.
13-06862 (EAG) (Bankr. D.P.R.).

A full-text copy of Judge Godoy's August 3, 2015 opinion and order
is available at http://is.gd/DhxSJkfrom Leagle.com.


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


TRINIDAD & TOBAGO: Global Stocks Recover; Country Vulnerable
------------------------------------------------------------
Verne Burnett at Trinidad and Tobago Newsday reports that while
the crash of global stock markets and the fall of global oil
prices on Aug. 24 are not connected, Trinidad and Tobago remains
vulnerable to this kinds of situations.

This was the view expressed by Group Chief Executive Officer of
JMMB Investments Trinidad and Tobago Limited, Ronald Carter,
according to Trinidad and Tobago Newsday.

On the implications which these developments have for this
country, Mr. Carter said TT is more of a gas than an oil economy
but there is a correlation between oil and gas, the report
relates.

Mr. Carter said what is happening in the oil market is separate
from the stock market crash, the report notes.

Mr. Carter said the fall in oil prices had to do with high US
stockpiles and the conclusion of negotiations between the US and
Iran, the report relays.  Mr. Carter said the US' closing a deal
with Iran signals that oil prices will increase since Iran once
more becomes able to engage in international trade, the report
discloses.

Mr. Carter said the Iran factor is going to have a very big impact
on the price of oil and this is what is pushing down the price of
oil, the report notes.  Mr. Carter added that where China fits in
is that China is a big consumer of oil, the report relays.  Should
China slowdown, Carter said, that creates a scenario of increased
US oil supplies and a deal with Iran, increases global oil
supplies further, the report says.

Mr. Carter explained that together with declining growth in China,
the world's largest consumer, all of this translates into a much
lower oil price, the report adds.


                            ***********


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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