TCRLA_Public/150901.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, September 1, 2015, Vol. 16, No. 172


                            Headlines



B R A Z I L

BR PROPERTIES: S&P Affirms 'BB' CCR & Revises Outlook to Neg.
JBS SA: Second-Quarter Net Profit Slumps 68.5% to $22.7 Million


C A Y M A N  I S L A N D S

CHAUMET INVESTMENTS: Shareholders' Final Meeting Set for Oct. 22
CHRONOGRAPH LIMITED: Shareholders' Final Meeting Set for Oct. 22
EBEL EQUITY: Shareholders' Final Meeting Set for Oct. 22
EQUITY ESA: Shareholders' Final Meeting Set for Oct. 22
LUXURY CORPORATE: Members' Final Meeting Set for Oct. 22

NEW CHAUMET: Members' Final Meeting Set for Oct. 22
TIMEPIECE HOLDINGS II: Members' Final Meeting Set for Oct. 22
TIMEPIECE HOLDINGS III: Members' Final Meeting Set for Oct. 22
TIMEPIECE LTD: Members' Final Meeting Set for Oct. 22
TIMEPIECE NOTE: Members' Final Meeting Set for Oct. 22


C H I L E

AES GENER: Fitch Affirms 'BB' Int'l Jr. Subordinated Debt Rating
CHILE: Low Copper Prices Will Force Country to Borrow Money


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Renewal Key to Reviving Coffee Sector, Says Expert


J A M A I C A

JAMAICA: Official Proposes US$1-Billion Job Creation Fund


M E X I C O

CAMPECHE: Moody's Raises Global Scale, LC Issuer Rating to 'B1'
FRONTIER STAR: Hardee's Restaurant Put on Sale for $2.66 Million
GRUPO PAPELERO: S&P Lowers CCR to 'B'; Outlook Remains Stable
NEMAK SAB: Moody's Raises CFR to Ba1; Outlook Stable


P U E R T O    R I C O

ALONSO & CARUS: Panel Hires Lowenstein Sandler as Counsel
CYMA CLEANING: Case Summary & 20 Largest Unsecured Creditors
DITO INC.: Case Summary & 20 Largest Unsecured Creditors
PUERTO RICO: Gov't Delays Presentation of Debt Restructuring Plan


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Spent $289 Billion in 5 Years


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


BR PROPERTIES: S&P Affirms 'BB' CCR & Revises Outlook to Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on global
and national scale corporate credit ratings on BR Properties S.A.
to negative from stable.  S&P also affirmed its 'BB' global scale
and 'brAA-' national scale corporate credit ratings on the
company.  At the same time, S&P affirmed its 'brAA' secured and
'brAA-' unsecured debt ratings on BR Properties.

The rating action reflects S&P's view that the recently announced
sale of assets, if approved, may weaken the company's competitive
position, depending on the asset quality of the remaining
portfolio.  In addition, the Brazilian economy has deteriorated
during the past few quarters amid higher inflation and interest
rates and an overcapacity in the office rental markets in Sao
Paulo and Rio de Janeiro.  S&P believes that macroeconomic and
industry conditions will remain difficult in the near term,
potentially pressuring occupancy, delinquency rates, rent
readjustments, and profitability.

BR Properties is the largest real estate operator company in
Brazil with a high quality portfolio with several AAA properties
in favorable locations.  This is despite the sale of several
properties during the past few years, which reduced the company's
scale and increased its concentration in the office space segment.
S&P excludes the recently announced sale of 15 properties into its
base case because they are still subject to several approvals.
Nevertheless, S&P notes that these transactions may cause them to
reassess the company's business risk profile depending on overall
quality of the remaining portfolio because the sale may raise
vacancy rates, lower monthly rents, and jeopardize pricing power
in the next few years.  Likewise, S&P could revise its financial
risk profile assessment.

Despite BR Properties' currently high quality portfolio, its
operating metrics have faltered during the past few quarters
resulting in higher financial and physical vacancy rates, rent
readjustments below inflation rates, and more volatile
profitability metrics.  In addition, the significant increase in
basic interest rates in Brazil pushed up the company's debt,
further pressuring its credit metrics.


JBS SA: Second-Quarter Net Profit Slumps 68.5% to $22.7 Million
---------------------------------------------------------------
Reuters reports that JBS SA said its second-quarter net profit
slumped 68.5 percent to BRL80 million ($22.7 million) from a year
earlier.

JBS' earnings before interest, taxes, depreciation and
amortization -- a measure of cash flow known as EBITDA -- was
BRL3.577 billion in the quarter, up 47 percent from BRL2.432
billion a year earlier, according to the filing, notes Reuters.

JBS said it ended the quarter with a net debt of BRL34.8 billion,
the report relates.  The company said on June 21 it would acquire
Moy Park Ltd, the British unit of rival Marfrig Global Foods SA.

On July 1, JBS SA said it was buying Cargill Inc's U.S. pork
business for $1.45 billion, a deal which would make it one of the
largest and most powerful meat companies in the United States, the
report relays.

JBS's board also approved the repurchase of 116,102,539 shares,
including 54,309,482 treasury shares, the report adds.

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


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


CHAUMET INVESTMENTS: Shareholders' Final Meeting Set for Oct. 22
----------------------------------------------------------------
The shareholders of Chaumet Investments II Limited will hold their
final meeting on Oct. 22, 2015, at 11:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CHRONOGRAPH LIMITED: Shareholders' Final Meeting Set for Oct. 22
----------------------------------------------------------------
The shareholders of Chronograph Limited will hold their final
meeting on Oct. 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:

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


EBEL EQUITY: Shareholders' Final Meeting Set for Oct. 22
--------------------------------------------------------
The shareholders of Ebel Equity Limited will hold their final
meeting on Oct. 22, 2015, at 11:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


EQUITY ESA: Shareholders' Final Meeting Set for Oct. 22
-------------------------------------------------------
The shareholders of Equity Esa Limited will hold their final
meeting on Oct. 22, 2015, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LUXURY CORPORATE: Members' Final Meeting Set for Oct. 22
--------------------------------------------------------
The members of Luxury Corporate Holdings Ltd will hold their final
meeting on Oct. 22, 2015, at 1:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


NEW CHAUMET: Members' Final Meeting Set for Oct. 22
---------------------------------------------------
The members of New Chaumet Holdings Limited will hold their final
meeting on Oct. 22, 2015, at 12:45 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TIMEPIECE HOLDINGS II: Members' Final Meeting Set for Oct. 22
-------------------------------------------------------------
The members of Timepiece Holdings II Limited will hold their final
meeting on Oct. 22, 2015, at 12:15 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TIMEPIECE HOLDINGS III: Members' Final Meeting Set for Oct. 22
--------------------------------------------------------------
The members of Timepiece Holdings III Limited will hold their
final meeting on Oct. 22, 2015, at 12:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TIMEPIECE LTD: Members' Final Meeting Set for Oct. 22
-----------------------------------------------------
The members of Timepiece Ltd. will hold their final meeting on
Oct. 22, 2015, at 10:45 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TIMEPIECE NOTE: Members' Final Meeting Set for Oct. 22
------------------------------------------------------
The members of Timepiece Note Holdings Limited will hold their
final meeting on Oct. 22, 2015, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


=========
C H I L E
=========


AES GENER: Fitch Affirms 'BB' Int'l Jr. Subordinated Debt Rating
----------------------------------------------------------------
Fitch Ratings has affirmed AES Gener S.A.'s (Gener) ratings as
follows:

-- Foreign and local currency Issuer Default Ratings (IDRs) at
    'BBB-';
-- International senior unsecured debt at 'BBB-';
-- International junior subordinated debt at 'BB';
-- National long-term ratings at 'A+(cl)';
-- Domestic senior unsecured debt at 'A+(cl)';
-- National equity rating at 'Nivel 2(cl)'.

The Rating Outlook is Stable.

KEY RATING DRIVERS

Gener's ratings reflect the company's balanced contractual
position and a diverse portfolio of generation assets. The ratings
recognize that the company's major plants operate under
constructive regulatory environments in Chile and Colombia. Credit
risks include possible environmental and/or political issues,
which could result in cost overruns or additional modifications in
new and/or existing projects. The credit risks also include the
regulatory uncertainties in Argentina related to Termoandes S.A.,
though these are mitigated given Argentina represented only 5% of
consolidated EBITDA during 2014. In addition, the company could
face pressure from its controlling shareholder, AES Corp. ('BB-
'/Outlook Negative), to increase dividends above those forecast by
Fitch. The company has sufficient liquidity to cushion itself
through significant capex needs in the short- to medium-term.

Gener's equity rating reflects its shares' solid liquidity and
100% availability on the Santiago Stock Exchange during the August
2015 rolling 12-month period. In this period, the company had an
average daily trading volume of USD1.191 million. Gener's free
float continues to be 29.3%.

Improved Financial Results: In the first half of 2015 (1H15), AES
Gener's EBITDA generation totaled USD310 million, which was 9%
higher on a year-over-year (YoY) basis. In Chile the company was
the market share leader in terms of generation volumes for 1H15,
with a 28.5% share. The company achieved its highest-ever EBITDA
generation results in its Chilean Central Interconnected System
(SIC) operations during 1H15, helped by higher efficient
generation and incremental leasing income from its Nueva Renca
power plant. The improvement in overall financial results was also
assisted by higher demand from unregulated customers in the
Northern Interconnected System (SING).

In the last 12 months (LTM) ended June 2015, the company generated
EBITDA of USD691 million, which is 3% higher than in 2014 and 11%
higher versus 2013. EBITDA margins have expanded from 27.7% in
2013 to 31.2% in the LTM June 2015. Overall, financial results
have come in slightly better than Fitch's forecast.

Robust Expansion Spending: The company continues on an aggressive
expansion phase which brings with it execution risk (e.g.
construction delays, accidents, cost-overruns). In addition, the
expansion plan has resulted in additional pressure on the
company's cash flow generation and credit metrics. Positively, the
company has extensive history of finishing major projects on time
and on budget. AES Gener's first phase of expansion took place
between 2007-2013 in which time the company successfully expanded
its generation capacity by 48% to reach 5,082MW of installed
capacity at a total investment cost of USD3 billion.

The company is in the midst of what it has termed a second phase
of expansion, which involves five major projects under
construction that will increase installed capacity by 25%, with
the total investment cost for this expansion phase expected to
cost USD4 billion. The Guacolda V Project's cost is USD450 million
(152MW coal-fired expansion), but it is currently 99% completed
and on schedule to become operational in 4Q15. AES Gener's non-
conventional renewable energy project, the Solar Andes Project
(21MW), whose investment will total USD45 million, is also on
schedule to be operational in 2H15. Tunjita, a 20MW run-of-the-
river project in Colombia at a total cost of USD67 million,
remains on schedule to be operational in 1H16.

The largest projects currently being constructed are Cochrane
(USD1.35 billion) and Alto Maipo (USD2.05 billion). AES Gener
initiated construction in March 2013 of its 532MW Cochrane coal
project in the SING, with an estimated investment of approximately
USD1.35 billion. In the Cochrane project, AES Gener has
incorporated Mitsubishi Corporation as a shareholder with a
60%:40% equity stake, respectively. For Alto Maipo (531MW run-of-
the-river project), AES Gener incorporated Chilean mining company
Minera Los Pelambres S.A., a subsidiary of Antofagasta Minerals
S.A., as a 40% shareholder. Non-recourse financing has been closed
for both projects and the company used funds from junior
subordinated notes (USD300 million) issued in 2013 and a
subsequent USD150 million capital increase to fund the equity
investments in both projects. Cochrane remains on schedule to
become operational in 2016, while Alto Maipo has a commercial
operation date (COD) date in 2018.

Negative FCF: Primarily due to cash outflows to fund the Cochrane
and Alto Maipo projects, Fitch expects the company to generate
negative free cash flow (FCF) in 2015-2017, coinciding with peak
project capex for 2015-2016. The company should return to positive
FCF generation in 2H17. Fitch estimates that Cochrane will become
a significant positive cash flow contributor in 2017 while Alto
Maipo should do so in 2018. The company's financial strategy
revolves around maintaining a balance between continuity of
funding and financial flexibility through internally generated
cash flows, bank loans, bonds, short-term investments, committed
credit lines and uncommitted credit lines.

Pressured Credit Metrics: Given AES Gener is in the midst of an
aggressive expansion plan, Fitch expects a weakening of the
company's credit quality measures in the short- to medium-term.
For the LTM ended June 2015, the company's consolidated debt-to-
EBITDA and EBITDA coverage metrics were 4.6x and 5.1x ,
respectively. These ratios are weaker versus leverage levels of
4.3x and 3.6x in 2013 and 2012, though coverage ratios positively
improved versus 3.5x in 2013.

Excluding the non-recourse debt of the Alto Maipo and Cochrane
power plants, AES Gener's debt-to-EBITDA for the LTM June 2015 was
3.4x. Fitch expects the company's consolidated leverage levels to
remain in the 4.5x-5x range during 2015-2016, which is on the weak
side for the rating category. Leverage levels should slowly
decline to the 4x level starting in 2H17 as Cochrane comes on-line
and begins generating meaningful cash flows in 2016-2017.

High Dividend Payment: AES Gener has a track record of high
dividend payments, and Fitch expects the company to continue to
pay out 100% of net income going forward. Cash flow could be
further pressured in the upcoming expansion phase should this
dividend policy be increased to a payout rate above 100% of net
income during peak capex periods.

RATING SENSITIVITIES

A change in AES Gener's commercial policy that results in an
imbalanced long-term contractual position would be viewed
negatively by Fitch. In addition, a material and sustained
deterioration of credit metrics reflected in total consolidated
debt-to-EBITDA ratios above 4.5x-5x and total non-recourse debt-
to-EBITDA ratios above 3.0x-3.5x on a sustained basis could result
in a negative rating action.

Fitch believes that a positive rating action is limited at this
time due to the expected capacity expansion over the next few
years.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch believes AES Gener has adequate
liquidity to support its financial needs during the peak capex
period, with the recent refinancing of its Angamos and Nueva
Ventanas project finance debt a positive improvement by helping to
reduce interest expense. In addition, the refinancing of its non-
consolidated subsidiary, Empresa Electrica Guacolda, should help
the company begin to generate meaningful dividend income starting
in 2015.

The company's liquidity is supported by reported cash on hand of
USD190 million as of June 30, 2015, which compares favorably with
short-term maturities totalling USD95 million for all of 2015-
2016. The company's liquidity is further buoyed by access to
undrawn committed credit lines totalling USD235 million.
Positively, the company's debt outstanding has no major maturities
coming due during the 2015-2020, which cushions the company for
the large build-out taking place.

KEY ASSUMPTIONS

-- Peak capex for latest expansion program in 2015-2016;
-- Cochrane becomes a positive contributor in 2016, with Alto
    Maipo following suit in 2018;
-- 100% of net income dividend payout rate;
-- Peak leverage at the 4.5x-5x level during 2015-2016, with
    leverage declining slowly starting in 2H17 and reaching below
    4x level in 2019.

Fitch is affirming the following ratings for AES Gener S.A.:

-- Foreign and local currency IDRs at 'BBB-';
-- International senior unsecured bond ratings at 'BBB-';
-- International junior subordinated bond ratings at 'BB';
-- Long-term national scale rating at 'A+(cl)' ;
-- National senior unsecured bond ratings at 'A+(cl)';
-- National equity rating at 'Primera Clase Nivel 2(cl)'.

The Rating Outlook is Stable.


CHILE: Low Copper Prices Will Force Country to Borrow Money
-----------------------------------------------------------
EFE News reports that Chile's finance minister said that low
copper prices will produce a larger budget shortfall and force the
country to borrow money on international markets.

"We're entering a period in which we'll have very little revenues
from copper -- Chile's primary export.  That means we'll have a
bigger deficit (and) will need to borrow some funds"
internationally, Rodrigo Valdes told Canal 13 television,
according to EFE News.

Copper prices have plunged to six-year lows amid concerns over
demand in China, the biggest consumer of the red metal, the report
notes.

China's stock markets tumbled on Aug. 24, delivering a further
blow to the value of copper, which plunged 3.13 percent, notes the
report.

Mr. Valdes said Chile has sufficient savings and "easy access to
the markets" but that the rate of spending will have to slow, the
report relays.

"This is volatile.  We know volatility lasts for some time, but
Chile is very well prepared for this situation," Mr. Valdes
stressed, the report adds.


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


DOMINICAN REP: Renewal Key to Reviving Coffee Sector, Says Expert
-----------------------------------------------------------------
Dominican Today reports that a coffee expert from Colombia says
that renewal and creation of varieties that are resistant to the
Roya disease is the ideal way to revive the country's coffee crop,
until a totally new coffee plantation is achieved.

Agronomist Carlos Mario Jaramillo from the National Coffee Growers
Federation of Colombia said that the strategy that needs to be
followed is one of renovation, and the longer this is delayed, the
worse the situation will become, according to Dominican Today.

The report notes that Mr. Jaramillo added that the policy being
applied by the Dominican Coffee Council (CODOCAFE) for recovering
the coffee crop is the most appropriate and is essential for the
country as it has great potential for coffee production.

The report says that Mr. Jaramillo was speaking during a tour of
several plantations and discussions with the country's coffee
farmers and authorities from the sector.

Meanwhile, the CODOCAFE executive director, engineer Jose Fermin
Nunez said that this event was organized in order to help
producers make the best investment decisions for choosing the
varieties for renewing the plantations, the report notes.

Mr. Jaramillo said that the sector and the coffee farmers appeared
to be well disposed toward finding and making changes, but in
order to achieve these changes the solution is to achieve total
renewal of these plantations.

Mr. Jaramillo added that the most viable, cost-effective and easy
to adopt alternative for the producers is the use of Roya-
resistant varieties.

Engineer Carlos Mario Jaramillo is the National Coordinator of the
Special Coffee Program as well as leading Rural Development
Projects in Colombia's Coffee Growing Areas, the report adds.


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


JAMAICA: Official Proposes US$1-Billion Job Creation Fund
---------------------------------------------------------
Caribbean360.com reports that a top official of government's
Economic Program Oversight Committee (EPOC) has charged the
private sector to work with the administration in setting up a
US$1 billion fund to finance projects in high growth sectors such
as business process outsourcing (BPO) and agriculture.

EPOC co-chairman Richard Byles said the US$2 billion raised on the
international capital market to pay down the country's PetroCaribe
debt would provide the government with access to some US$500
million of "backup funding", and that money could be used to
implement major job creation projects, according to
Caribbean360.com.

The report relates that Mr. Byles challenged the private sector to
step up to the plate and match that US$500 million.

"Let us have a billion-dollar fund and take that fund and invest
it in projects, in economic activities that are productive, that
give permanent jobs to Jamaicans," Mr. Byles urged, the report
notes.

Mr. Byles said once members of the private sector got on board,
they would have to be given the assurance that the US$1 billion
would be spent "in a productive, constructive manner and not
fritted away to give some jobs today and for there to be no jobs
tomorrow".

The EPOC pointed out that the construction of a technology park
with some of the funds would create jobs and attract investors in
the BPO sector, while investments in the agricultural sector,
using technology and modern equipment, would play a key role in
the country's economic development, the report notes.

Finance and Planning Minister Dr. Phillips, announced that the
government was able to raise US$1.35 billion at a rate of 6.75 per
cent and secure a 30-year issue for $650 million at 7.87 per cent,
which would enable it to buy back a substantial portion of the
country's debt to Venezuela, the report adds.

                            *     *     *

As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches.  The first tranche is for up to US$1,350 million due in
2028.  The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.


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


CAMPECHE: Moody's Raises Global Scale, LC Issuer Rating to 'B1'
---------------------------------------------------------------
Moody's de Mexico upgraded the issuer ratings of the municipality
of Campeche to Baa2.mx (Mexican National Scale) and B1 (Global
Scale, local currency) from Baa3.mx and B2, respectively.  The
outlook on the ratings remains stable.

RATINGS RATIONALE

The upgrade of Campeche's ratings to Baa2.mx (Mexican National
Scale) from Baa3.mx and to B1 (Global Scale, local currency) from
B2 reflects 1) a significant improvement in their management and
transparency practices 2) strengthening of operating and
consolidated financial results in the last three years, 3) debt
levels well below the median of other B-rated Mexican
municipalities and 4) own-source revenue levels that is now higher
than the median of B-rated Mexican municipalities.

Campeche has undertaken a significant improvement in its
management and transparency practices.  Unlike past years, the
municipality's financial information demonstrates greater clarity,
especially surrounding debt and debt service data.  Financial
accounts are published in a timelier manner than in the past.
Management practices have also been strengthened reflected in the
settlement of the municipality's arrears with the State's pension
system which has improved Campeche's liquidity.

Own-source revenues to operating revenues grew to 33.8% in 2014
from 22.8% in 2010 due to the implementation of long-lasting
measures.  This level of own-source revenues along with a general
increase of federal transfers has supported the strengthening of
its operating and consolidated financial results.  The gross
operating balance increased to 3.9% of operating revenues in 2014
from -10.9% in 2010 and its cash financing results have been
roughly balanced over 2012-14, averaging -0.1% of total revenues.
Cash financing surplus in 2014 was equivalent to 0.8% of total
revenues, a strong level compared to a median of -14% of its B-
rated national peers.

As a result of its balanced financial results, debt levels have
remained low over the years.  At the end of 2014, net direct and
indirect debt was equivalent to a low 11% of operating revenues.
Moody's expects debt levels to decline in 2015 as the municipality
does not have any plans to acquire additional loans.  While
Campeche's liquidity position has improved, it continues to be a
significant credit weakness.  Net working capital to total
expenditures stood at -12.3% in 2014 up from -24.0% in 2013.

The stable outlook reflects Moody's expectation that Campeche will
register positive operating results in the next 12-18 months,
which should help improve its liquidity position in the near term.

WHAT COULD CHANGE THE RATINGS UP/DOWN

A significant improvement in their liquidity position and a
consistent recording of positive operating and cash financing
results, could exert upward pressure on the ratings.
Deteriorating operating and financial results that lead to a
reduction of its already tight liquidity position or to a
substantial increase in debt could exert downward pressure on the
ratings.


FRONTIER STAR: Hardee's Restaurant Put on Sale for $2.66 Million
----------------------------------------------------------------
Hardee's Restaurant of Frontier Star is being sold for $2.66
million, Glenn Tanner at The Paris Post-Intelligencer reports,
citing an investment overview packet assembled by EXP Realty
Advisors of New York.

Post-Intelligencer relates that Hardee's workers were reportedly
seeing their paychecks bounce in recent days.

According to Post-Intelligencer, the property is not currently
among those listed on EXP's website.  The report adds that Deke
Havener, manager of Hardee's restaurant at 1005 Mineral Wells
Avenue in Paris, Tennessee, said that the owner's involvement in
bankruptcy proceedings won't have any affect locally and that the
local restaurant would continue to operate as usual.

Restaurants owned by Frontier Star LLC and Frontier Star CJ LLC
wouldn't be affected by the current proceedings, The Restaurant
Finance Monitor states, citing a spokesperson for CKE Restaurants,
which issues franchise licenses for the two restaurant chains.

                       About Frontier Star

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, LLC (Bankr. D. Ariz. Case No. 15-09383) and
affiliate Frontier Star CJ, LLC (Bankr. D. Ariz. Case No. 15-
09385) filed separate Chapter 11 bankruptcy petitions on July 27,
2015, each estimating their assets and liabilities at between $10
million and $50 million.  The petitions were signed by Jason
LeVecke, CEO/manager.

Philip G. Mitchell, Esq., at The Cavanagh Law Firm serves as the
Debtors' bankruptcy counsel.

Frontier Star, LLC, asked the U.S. Bankruptcy Court for the
District of Arizona to issue an order for joint administration of
the bankruptcy cases of Frontier Star, LLC, and Frontier Star CJ,
LLC, under Lead Case No. 15-09383.


GRUPO PAPELERO: S&P Lowers CCR to 'B'; Outlook Remains Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Grupo Papelero Scribe S.A. de C.V. to
'B' from 'B+'.  The outlook remains stable.  At the same time, S&P
also lowered its long-term issue-level rating on Scribe's $300
million senior unsecured notes due 2020 to 'B' from 'B+'.

The rating action reflects Scribe's weaker-than-expected credit
metrics for the 12 months ended June 2015, which will worsen by
year-end 2015 on persistent weak local demand and exposure to US
dollar-denominated debt, amid high exchange rate volatility.
Mexico's sluggish economy, slow government spending due to budget
cuts, high pulp prices, and the recent devaluation of the
company's functional currency took a toll on Scribe's operating
and financial performance for the past few quarters.  The bulk of
the company's debt and the purchase of its pulp input are dollar-
denominated, while the company generates most of its revenues and
EBITDA in Mexican peso (MXN).  However, in the first six months of
2015, Scribe was able to increase its prices to partially
compensate for peso devaluation, which, together with various cost
savings measures, should somewhat mitigate the risk of a further
drops in the company's operating and financial performance.

The stable outlook reflects S&P's view that Scribe's credit
metrics will not continue to deteriorate as the company is already
operating under very stressed conditions, including a challenging
market environment and a functional currency devaluation.
Although S&P expects the company to gradually recover in terms of
its EBITDA margin, and despite its expectation for positive FOCF
generation, S&P believes that Scribe's credit metrics will remain
weak, with debt to EBITDA to remain significantly above 5.0x and
FFO to debt below 12% in 2015.

In the unlikely event of further deceleration in Scribe's volume
sales or a greater devaluation of its functional currency (that
would result in negative FOCF generation or in a reduction in the
company's liquidity), S&P could take a negative rating action.

A positive rating action is possible if Scribe posts debt to
EBITDA below 5.0x and FFO to debt above 12.0% on a consistent
basis, while maintaining positive FOCF generation due to higher-
than-expected sales growth and stronger profitability,
particularly with an EBITDA margin close to 15%.


NEMAK SAB: Moody's Raises CFR to Ba1; Outlook Stable
----------------------------------------------------
Moody's Investors Service upgraded to Ba1 from Ba2 Nemak, S.A.B.
de C.V.'s corporate family and senior unsecured ratings. The
outlook is stable.

Ratings affected

   -- Corporate family rating: upgraded to Ba1 from Ba2.
   -- USD500 million 5.50% senior global notes due 2023: upgraded
      to Ba1 from Ba2.
   -- The outlook is stable.

Rating Rationale

"The ratings upgrade reflects Nemak's strong credit metrics for
the rating category with modest leverage and ample interest
coverage; its high profitability as compared to other industry
peers; its leading position in the aluminum engine blocks and
cylinder head market; and its key supplier relationships with
several major automakers", said Alonso S nchez, a Vice President
at Moody's.  Also incorporated in the ratings are the inherent
cyclicality of the auto manufacturing industry; the company's
sales concentration with the top three US OEMs, which still
account for 60% of its volumes; its reliance in North America,
which accounts for 61% of revenues; and its product focus into
three main segments with the same demand drivers.

The company's credit metrics are strong for the rating category
with Moody's adjusted debt/EBITDA of 2.2 times as of June 30,
2015.  On a quarterly basis, Nemak's leverage (adj. debt/EBITDA)
has been between 2.0 and 2.2 times over the last 18 months ended
June 2015.  Similarly, Nemak's EBITA/Interest expense has been
between 4.7 and 6.6 times every quarter over the last 18 months
ended June 2015.  For the twelve months ended June 30, 2015,
Nemak's adj. EBITA/Interest Expense was 5.7 times.

According to Nemak's estimates, it has a leading market share in
the production of complex and high-tech aluminum components.  This
leadership is further supported by the company's position as sole
supplier of several auto makers in around 85% of Nemak's sales
volumes as well by its high rate of success in the replacement of
contracts.

Nemak's operations are nonetheless closely linked to the
performance of the automotive industry in North America, where
close to 61% of its revenues are derived.  For example, Nemak's
sales declined by 20% in 2009 as a result of the worldwide
economic crisis and the impact of General Motors and Chrysler
Chapter 11 filings.  Despite falling sales volumes, Nemak's
profitability, as measured by EBITDA per equivalent unit, remained
stable at an average USD10.6 during the 2008-2011 period.
Although Nemak's exposure to cyclical industry trends is high, its
proven resilience in terms of profitability is credit positive.
Moody's current outlook for the global automotive manufacturing
industry is stable.  Moody's expects global light vehicle sales to
grow by 2.8% in 2015 and 3% in 2016, with US sales projected to
increase by 2.8% in 2015 and 2.4% in 2016.

Nemak has a broad customer base with more than 50 clients
worldwide and serves around 650 platforms which provide with some
revenue diversification.  While the Big 3 US OEMs (Ford, GM and
Chrysler) account for 60% of sales volumes, the balance is sold to
BMW, VW Group, Hyundai, Nissan, and Renault, amongst others.

In addition to its main products (cylinder heads and engine
blocks), the company continues to increase its product offering
through its structural component division, having already closed
contracts with four premium OEMs.  Nemak is also increasing its
vertical integration through machining in order to increase its
profitability, improve quality and logistics, and strengthen its
competitive position by increasing entry barriers.

Nemak's liquidity is good.  The company had cash on hands of
MXN1.7 billion as of June 30, 2015 that covered 25% of its short-
term debt.  Free cash flow (defined as cash from operation minus
dividends minus capex) was negative in MXN918 million over the
twelve months ended June 30, 2015 driven by the dividends paid in
the fourth quarter of 2014 and in the second quarter of 2015
totaling MXN1.8 billion.  Moody's expects the company to continue
posting positive free cash flow over the next years.  During July
2015 Nemak completed an initial public offering raising around
USD755 million (including the exercise of the overallotment
option), out of which it USD150 million were kept at Nemak to
finance capital expenditures and for debt reduction.  As alternate
sources of liquidity, Nemak has committed credit facilities of
USD192 million (100% available) and advised lines of credit for
around USD500 million that it uses to cover seasonal working
capital requirements.

The stable outlook reflects our expectation that Nemak will
maintain its strong credit metrics and profitability while further
reducing its leverage.

The ratings could be upgraded if the company maintains its
positive free cash flow generation and strong credit metrics with
debt/EBITDA below 2.0 times and EBITA/Interest expense over 5.0
times.  To be considered for an upgrade, the company should
demonstrate continuity of its prudent financial policies under its
current shareholder configuration after its recent IPO.

The rating could be downgraded if the company's margins are
affected by unfavorable dynamics such as a change in the pass-
through aluminum price agreements with OEMs or adverse changes in
the company's market position.  Also, a deterioration of credit
metrics with debt/EBITDA increasing over 3.0 times with
EBITA/Interest expense declining below 3.5 times or negative free
cash flow generation can led to a downgrade.

The principal methodology used in these ratings was Global
Automotive Supplier Industry published in May 2013.

Nemak, S.A.B. de C.V. is a subsidiary of Alfa S.A.B. de C.V.
(Baa3, stable), a publicly traded Mexican business group. Nemak
produces aluminum cylinder heads, engine blocks and transmission
components for light vehicles manufactured by more than 50
customers worldwide.  Nemak products are sold mainly in North
America and Europe.  The company is 75.24% owned by Alfa, 5.45%
owned by Ford Motor Co., and the 19.31% balance is publicly
traded.  During the twelve months ended June 30, 2015 Nemak
reported revenues of MXN65.2 billion.


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


ALONSO & CARUS: Panel Hires Lowenstein Sandler as Counsel
---------------------------------------------------------
The Official Committee of Unsecured Creditors of Alonso & Carus
Iron Works, Inc. seeks authorization from the U.S. Bankruptcy
Court for the District of Puerto Rico to retain Lowenstein Sandler
LLP as counsel to the Committee, effective July 15, 2015.

The Committee requires Lowenstein Sandler to:

   (a) advise the Committee with respect to its rights, duties,
       and powers in this Chapter 11 Case;

   (b) assist and advise the Committee in its consultations with
       the Debtor relative to the administration of this Chapter
       11 Case;

   (c) assist the Committee in analyzing the claims of the
       Debtor's creditors and the Debtor's capital structure and
       in negotiating with holders of claims and equity interests;

   (d) assist the Committee in its investigation of the acts,
       conduct, assets, liabilities, and financial condition of
       the Debtor and of the operation of the Debtor's business;

   (e) assist the Committee in its investigation of the liens and
       claims of the holders of the Debtor's pre-petition debt and

       the prosecution of any claims or causes of action revealed
       by such investigation;

   (f) assist the Committee in its analysis of, and negotiations
       with, the Debtor or any third party concerning matters
       related to, among other things, the assumption or rejection

       of certain leases of nonresidential real property and
       executory contracts, asset dispositions, sale of assets,
       financing of other transactions and the terms of one or
       more plans of reorganization for the Debtor and
       accompanying disclosure statements and related plan
       documents;

   (g) assist and advise the Committee as to its communications to

       unsecured creditors regarding significant matters in this
       Chapter 11 Case;

   (h) represent the Committee at hearings and other proceedings;

   (i) review and analyze applications, orders, statements of
       operations, and schedules filed with the Court and advise
       the Committee as to their propriety;

   (j) assist the Committee in preparing pleadings and
       applications as may be necessary in furtherance of the
       Committee's interests and objectives;

   (k) prepare, on behalf of the Committee, any pleadings,
       including without limitation, motions, memoranda,
       complaints, adversary complaints, objections, or comments
       in connection with any of the foregoing; and

   (l) perform such other legal services as may be required or are

       otherwise deemed to be in the interest of the Committee in
       accordance with the Committee's powers and duties as set
       forth in the Bankruptcy Code, Bankruptcy Rules, or other
       applicable law.

Lowenstein Sandler will be paid at these hourly rates:

       Partners                     $350
       Counsel/Senior Associates    $275
       Associates                   $200
       Paralegals                   $85

Lowenstein Sandler will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Jeffrey D. Prol, partner of Lowenstein Sandler, assured the Court
that the firm is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code and does not represent
any interest adverse to the Debtors and their estates.

Lowenstein Sandler can be reached at:

       Jeffrey D. Prol, Esq.
       LOWENSTEIN SANDLER LLP
       65 Livingston Avenue &
       6 Becker Farm Road
       Roseland, NJ 07068
       Tel: (973) 597-2490
       Fax: (973) 597-2491
       E-mail: jprol@lowenstein.com

                         About Alonso & Carus

Alonso & Carus Iron Works, Inc., sought Chapter 11 protection
(Bankr. D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on
March 27, 2015.  The case is assigned to Judge Enrique S. Lamoutte
Inclan.

The Catano, Puerto Rico-based debtor has filed schedules of assets
and liabilities, disclosing $23,028,113 in total assets and
$14,919,146 in total debts.

The Debtor on the Petition Date filed applications to employ
Charles A Curpill, PSC Law office, as counsel; and CPA Luis R.
Carrasquillo & Co, PSC as financial consultant.


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

         Debtor                                  Case No.
         ------                                  --------
         CYMA Cleaning Contractors, Inc.         15-06582
         PO Box 29268
         San Juan, PR 00929

         Innova Industrial Contractor, Inc.      15-06584
         PO Box 29177
         San Juan, PR 00929

         Handy Man Services, Inc.                15-06585
           aka Handyman Services, Inc.
         PO Box 29177
         San Juan, PR 00929

Chapter 11 Petition Date: August 27, 2015

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtors' Counsel: Mary Ann Gandia-Fabian, Esq.
                  GANDIA-FABIAN LAW OFFICE
                  PO Box 270251
                  San Juan, PR 00927
                  Tel: 7873907111
                  Fax: 787763-8212
                  Email: gandialaw@gmail.com

                                          Estimated   Estimated
                                            Assets   Liabilities
                                         ----------  -----------
CYMA Cleaning Contractors                $500K-$1MM   $1MM-$10MM
Innova Industrial Contractor             $100K-$500K  $50K-$100K
Handy Man Services                       $100K-$500K  $1MM-$10MM

The petition was signed by Ivelisse Gonzalez Rodriguez, president,
CYMA Cleaning Contractors.

A list of CYMA Cleaning Contractors' 20 largest unsecured
creditors is available for free at:

           http://bankrupt.com/misc/prb15-06582.pdf

A list of Innova Industrial Contractor's 20 largest unsecured
creditors is available for free at:

           http://bankrupt.com/misc/prb15-06584.pdf

A list of Handy Man Services's 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/prb15-06585.pdf


DITO INC.: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Dito, Inc.
        202 Calle Tizol
        San Juan, PR 00901

Case No.: 15-06573

Chapter 11 Petition Date: August 27, 2015

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Maria Soledad Lozada Figueroa, Esq.
                  MS LOZADA LAW OFFICE
                  PO Box 9023888
                  San Juan, PR 00902
                  Tel: 787 520 6002
                  Fax: 787 520 6003
                  Email: lcdamslozada@gmail.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Porfirio Diaz Torres, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb15-06573.pdf


PUERTO RICO: Gov't Delays Presentation of Debt Restructuring Plan
-----------------------------------------------------------------
EFE News reports that the Puerto Rican government postponed the
presentation of its debt restructuring plan, initially scheduled
for Monday, Aug. 31 until Sept. 8 at the latest, and thus the
public will have to wait to learn the features of the government's
key tool to deal with its $73 billion debt burden.

Government chief of staff Victor Suarez announced in a communique
that the team preparing the document will not present the
restructuring plan to Gov. Alejandro Garcia Padilla on Aug. 31,
according to EFE News.

The report notes that Mr. Suarez said in a brief communique that
"given the fact that in recent days all the government's efforts
were focused on preparing the island for the possible passage of a
weather phenomenon, the . . .  analysis of the consultants and the
final editing of the document have not been completed."

The financial markets and Puerto Rico's creditors thus must wait
another week to learn the details of the "roadmap" of measures to
be taken by the government to restructure its public debt, the
report relates.

The document will also outline the economic policy of the Puerto
Rican government to balance the public accounts over the next five
years, the report says.

The report discloses that the importance of the document is such
that the issuance of $750 million in bonds by the aqueduct and
port authority, or AAA, that was to have been performed was also
delayed at the request of investors, who asked -- before buying
the bonds -- to learn of the government's economic plans over the
coming five years.

Garcia Padilla said in late June that Puerto Rico could no longer
afford to make its debt payments, although he gave no details
about how the U.S. commonwealth would deal with those obligations,
the report notes.

Unlike U.S. cities, for instance, Puerto Rico cannot file for
Chapter 9 bankruptcy protection, leaving the island without a
clear legal recourse for resolving its debt crisis, the report
adds.


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


TRINIDAD & TOBAGO: Spent $289 Billion in 5 Years
------------------------------------------------
Trinidad Express reports that Trinidad and Tobago Finance Minister
Larry Howai said that by the end of fiscal 2015, which closes on
September 30, the Government would have spent a total of TT$289
billion under the People's Partnership administration.

The minister was responding to claims made by People's National
Movement (PNM) political leader Dr. Keith Rowley, in the build-up
to the September 7 general election, that Prime Minister Kamla
Persad-Bissessar "has spent or authorized expenditure of almost
$400 billion," according to Trinidad Express.

"If you add up all the budgets and if we spend all the money we
budgeted to spend this year, the total amount we would have spent
is 289 billion, which is about two-thirds of the figure which is
being bandied about everywhere as evidence that this country, this
government has been spending widely," Mr. Howai said, Trinidad
Express relays.

Trinidad Express notes that Mr. Howai spoke on the matter at Caura
Road during a small constituency meeting held by the United
National Congress (UNC), the majority party in the administration.

Mr. Howai also questioned the revenue-earning potential of the
PNM's manifesto proposal to decrease Value Added Tax (VAT) from 15
per cent to 12.5 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)
-------                ------         ---------      ------------
AGRENCO LTD            AGRE LX           285996574      -543142756
AGRENCO LTD-BDR        AGEN33 BZ         285996574      -543142756
AGRENCO LTD-BDR        AGEN11 BZ         285996574      -543142756
ARTHUR LAN-DVD C       ARLA11 BZ        11642254.9     -17154460.3
ARTHUR LAN-DVD P       ARLA12 BZ        11642254.9     -17154460.3
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        LICPN 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 LANG-RT C       ARLA1 BZ         11642254.9     -17154460.3
ARTHUR LANG-RT P       ARLA2 BZ         11642254.9     -17154460.3
BALADARE               BLDR3 BZ          159449535     -52990723.7
BATTISTELLA            BTTL3 BZ           61230059     -26822453.5
BATTISTELLA-PREF       BTTL4 BZ           61230059     -26822453.5
BATTISTELLA-RECE       BTTL9 BZ           61230059     -26822453.5
BATTISTELLA-RECP       BTTL10 BZ          61230059     -26822453.5
BATTISTELLA-RI P       BTTL2 BZ           61230059     -26822453.5
BATTISTELLA-RIGH       BTTL1 BZ           61230059     -26822453.5
BI CIA SECURITIZ       BICS BZ          38231826.5     -584101.548
BOMBRIL                BMBBF US          254413220     -16036964.4
BOMBRIL                FPXE4 BZ         19416013.9      -489914853
BOMBRIL                BOBR3 BZ          254413220     -16036964.4
BOMBRIL - RTS          BOBR11 BZ         254413220     -16036964.4
BOMBRIL CIRIO SA       BOBRON BZ         254413220     -16036964.4
BOMBRIL CIRIO-PF       BOBRPN BZ         254413220     -16036964.4
BOMBRIL HOLDING        FPXE3 BZ         19416013.9      -489914853
BOMBRIL SA-ADR         BMBPY US          254413220     -16036964.4
BOMBRIL SA-ADR         BMBBY US          254413220     -16036964.4
BOMBRIL-PREF           BOBR4 BZ          254413220     -16036964.4
BOMBRIL-RGTS PRE       BOBR2 BZ          254413220     -16036964.4
BOMBRIL-RIGHTS         BOBR1 BZ          254413220     -16036964.4
BOTUCATU TEXTIL        STRP3 BZ         27663605.3     -7174512.12
BOTUCATU-PREF          STRP4 BZ         27663605.3     -7174512.12
BUETTNER               BUET3 BZ         82872146.2     -36299304.3
BUETTNER SA            BUETON BZ        82872146.2     -36299304.3
BUETTNER SA-PRF        BUETPN BZ        82872146.2     -36299304.3
BUETTNER SA-RT P       BUET2 BZ         82872146.2     -36299304.3
BUETTNER SA-RTS        BUET1 BZ         82872146.2     -36299304.3
BUETTNER-PREF          BUET4 BZ         82872146.2     -36299304.3
CAF BRASILIA           CAFE3 BZ          160933830      -149277092
CAF BRASILIA-PRF       CAFE4 BZ          160933830      -149277092
CAFE BRASILIA SA       CSBRON BZ         160933830      -149277092
CAFE BRASILIA-PR       CSBRPN BZ         160933830      -149277092
CELGPAR                GPAR3 BZ          197508346      -905048844
CELGPAR-RTS            GPAR11 BZ         197508346      -905048844
CIA PETROLIFERA        MRLM3 BZ          377592596      -3014215.1
CIA PETROLIFERA        MRLM3B BZ         377592596      -3014215.1
CIA PETROLIFERA        1CPMON BZ         377592596      -3014215.1
CIA PETROLIF-PRF       MRLM4 BZ          377592596      -3014215.1
CIA PETROLIF-PRF       MRLM4B BZ         377592596      -3014215.1
CIA PETROLIF-PRF       1CPMPN BZ         377592596      -3014215.1
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
COBRASMA               CBMA3 BZ         51195095.3     -1858601739
COBRASMA SA            COBRON BZ        51195095.3     -1858601739
COBRASMA SA-PREF       COBRPN BZ        51195095.3     -1858601739
COBRASMA-PREF          CBMA4 BZ         51195095.3     -1858601739
D H B                  DHBI3 BZ         94806424.1      -188014922
D H B-PREF             DHBI4 BZ         94806424.1      -188014922
DHB IND E COM          DHBON BZ         94806424.1      -188014922
DHB IND E COM-PR       DHBPN BZ         94806424.1      -188014922
DOC IMBITUBA           IMBI3 BZ          103926124     -44366334.9
DOC IMBITUBA-RT        8218594Q BZ       103926124     -44366334.9
DOC IMBITUBA-RT        9866923Q BZ       103926124     -44366334.9
DOC IMBITUBA-RT        IMBI1 BZ          103926124     -44366334.9
DOC IMBITUBA-RTC       8174503Q BZ       103926124     -44366334.9
DOC IMBITUBA-RTP       8174507Q BZ       103926124     -44366334.9
DOC IMBITUB-PREF       IMBI4 BZ          103926124     -44366334.9
DOCA INVESTIMENT       DOCA3 BZ          187044412      -204249587
DOCA INVEST-PREF       DOCA4 BZ          187044412      -204249587
DOCAS IMBITUBA         IMBION BZ         103926124     -44366334.9
DOCAS IMBITUB-PR       IMBIPN BZ         103926124     -44366334.9
DOCAS SA               DOCAON BZ         187044412      -204249587
DOCAS SA-PREF          DOCAPN BZ         187044412      -204249587
DOCAS SA-RTS PRF       DOCA2 BZ          187044412      -204249587
EBX BRASIL SA          CTMN3 BZ         2277323307      -528769640
EDELAP-B               ELAP AR           228302327       -21022097
EDELAP-B               ELAPC AR          228302327       -21022097
EDELAP-B               ELAPD AR          228302327       -21022097
ELEC ARG SA-PREF       EASA6 AR         1019816241     -75790649.4
ELEC ARGENT-ADR        EASA LX          1019816241     -75790649.4
ELEC DE ARGE-ADR       1262Q US         1019816241     -75790649.4
ELECTRICIDAD ARG       3447811Z AR      1019816241     -75790649.4
EMPRESA DISTRI-A       0122195D AR       228302327       -21022097
EMPRESA DISTRI-C       0122369D AR       228302327       -21022097
ESTRELA SA             ESTR3 BZ         60876966.1     -93330836.7
ESTRELA SA             ESTRON BZ        60876966.1     -93330836.7
ESTRELA SA-PREF        ESTR4 BZ         60876966.1     -93330836.7
ESTRELA SA-PREF        ESTRPN BZ        60876966.1     -93330836.7
F GUIMARAES            FGUI3 BZ         11016542.2      -151840378
F GUIMARAES-PREF       FGUI4 BZ         11016542.2      -151840378
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
FABRICA TECID-RT       FTRX1 BZ         66603695.4     -76419246.3
FER HAGA-PREF          HAGA4 BZ         15210587.4     -26122509.1
FERRAGENS HAGA         HAGAON BZ        15210587.4     -26122509.1
FERRAGENS HAGA-P       HAGAPN BZ        15210587.4     -26122509.1
FERREIRA GUIMARA       FGUION BZ        11016542.2      -151840378
FERREIRA GUIM-PR       FGUIPN BZ        11016542.2      -151840378
FORJA TAURUS           FJTA11 BZ         312324319     -17602635.1
FORJA TAURUS           FJTA12 BZ         312324319     -17602635.1
FORJA TAURUS           FORJF US          312324319     -17602635.1
FORJA TAURUS           FJTA3 BZ          312324319     -17602635.1
FORJA TAURUS-PRF       FORZF US          312324319     -17602635.1
FORJA TAURUS-PRF       FJTA4 BZ          312324319     -17602635.1
FORJA TAURUS-RCT       1272182D BZ       312324319     -17602635.1
FORJA TAURUS-RCT       1272184D BZ       312324319     -17602635.1
FORJA TAURUS-RCT       1304888D BZ       312324319     -17602635.1
FORJA TAURUS-RCT       1304790D BZ       312324319     -17602635.1
FORJA TAURUS-RTS       1272180D BZ       312324319     -17602635.1
FORJA TAURUS-RTS       1272181D BZ       312324319     -17602635.1
FORJA TAURUS-RTS       1304881D BZ       312324319     -17602635.1
FORJA TAURUS-RTS       1304791D BZ       312324319     -17602635.1
FORJA TAURUS-RTS       FJTA2 BZ          312324319     -17602635.1
FORJA TAURUS-RTS       FJTA1 BZ          312324319     -17602635.1
FORJA TAURUS-RTS       FJTA10 BZ         312324319     -17602635.1
FORJAS TAURUS SA       TAUSON BZ         312324319     -17602635.1
FORJAS TAURUS-PR       TAUSPN BZ         312324319     -17602635.1
GOL                    GOLL3 BZ         3224530350      -323901544
GOL PREF - RCT         1303123D BZ      3224530350      -323901544
GOL PREF - RTS         1303121D BZ      3224530350      -323901544
GOL PREF - RTS         GOLL2 BZ         3224530350      -323901544
GOL-ADR                GOL US           3224530350      -323901544
GOL-ADR                GOQ GR           3224530350      -323901544
GOL-ADR                GOLN MM          3224530350      -323901544
GOL-PREF               GOLL4 BZ         3224530350      -323901544
GOL-RCT                0113335D BZ      3224530350      -323901544
GOL-RCT                0113338D BZ      3224530350      -323901544
GOL-RCT                GOLL9 BZ         3224530350      -323901544
GOL-RCT                1003238D BZ      3224530350      -323901544
GOL-RT                 0113333D BZ      3224530350      -323901544
GOL-RT                 0113334D BZ      3224530350      -323901544
GOL-RT                 GOLL1 BZ         3224530350      -323901544
GOL-RT                 1003237D BZ      3224530350      -323901544
GRADIENTE ELETR        IGBON BZ          183430930      -135324913
GRADIENTE EL-PRA       IGBAN BZ          183430930      -135324913
GRADIENTE EL-PRB       IGBBN BZ          183430930      -135324913
GRADIENTE EL-PRC       IGBCN BZ          183430930      -135324913
GRADIENTE-PREF A       IGBR5 BZ          183430930      -135324913
GRADIENTE-PREF B       IGBR6 BZ          183430930      -135324913
GRADIENTE-PREF C       IGBR7 BZ          183430930      -135324913
HAGA                   HAGA3 BZ         15210587.4     -26122509.1
HOPI HARI SA           PQTM3 BZ          135437870     -15815342.3
HOPI HARI-PREF         PQTM4 BZ          135437870     -15815342.3
HOTEIS OTHON SA        HOOT3 BZ          172663674     -17533639.5
HOTEIS OTHON SA        HOTHON BZ         172663674     -17533639.5
HOTEIS OTHON-PRF       HOOT4 BZ          172663674     -17533639.5
HOTEIS OTHON-PRF       HOTHPN BZ         172663674     -17533639.5
IGB ELETRONICA         IGBR3 BZ          183430930      -135324913
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
IMPSAT FIBER NET       IMPTQ US          535007008       -17164978
IMPSAT FIBER NET       330902Q GR        535007008       -17164978
IMPSAT FIBER NET       XIMPT SM          535007008       -17164978
IMPSAT FIBER-$US       IMPTD AR          535007008       -17164978
IMPSAT FIBER-BLK       IMPTB AR          535007008       -17164978
IMPSAT FIBER-C/E       IMPTC AR          535007008       -17164978
IMPSAT FIBER-CED       IMPT AR           535007008       -17164978
INEPAR                 INEP3 BZ          832445178      -356470593
INEPAR BONUS B         INEP12 BZ         832445178      -356470593
INEPAR SA              INPRON BZ         832445178      -356470593
INEPAR SA-PREF         INPRPN BZ         832445178      -356470593
INEPAR-COM DVD         INEP11 BZ         832445178      -356470593
INEPAR-PREF            INEP4 BZ          832445178      -356470593
INEPAR-PRF DVD         INEP13 BZ         832445178      -356470593
INEPAR-RCT ORD         3697790Q BZ       832445178      -356470593
INEPAR-RCT ORD         INEP9 BZ          832445178      -356470593
INEPAR-RCT PREF        3697794Q BZ       832445178      -356470593
INEPAR-RCT PREF        INEP10 BZ         832445178      -356470593
INEPAR-RT ORD          3697782Q BZ       832445178      -356470593
INEPAR-RT ORD          INEP1 BZ          832445178      -356470593
INEPAR-RT PREF         3697786Q BZ       832445178      -356470593
INEPAR-RT PREF         INEP2 BZ          832445178      -356470593
INVERS ELEC BUEN       IEBAA AR          213542509     -68439920.3
INVERS ELEC BUEN       IEBAB AR          213542509     -68439920.3
INVERS ELEC BUEN       IEBA AR           213542509     -68439920.3
KARSTEN                CTKCF US         91958416.3     -24851238.1
KARSTEN                CTKON BZ         91958416.3     -24851238.1
KARSTEN SA             CTKA3 BZ         91958416.3     -24851238.1
KARSTEN SA - RCT       CTKA9 BZ         91958416.3     -24851238.1
KARSTEN SA - RCT       CTKA10 BZ        91958416.3     -24851238.1
KARSTEN SA - RTS       CTKA1 BZ         91958416.3     -24851238.1
KARSTEN SA - RTS       CTKA2 BZ         91958416.3     -24851238.1
KARSTEN-PREF           CTKPF US         91958416.3     -24851238.1
KARSTEN-PREF           CTKA4 BZ         91958416.3     -24851238.1
KARSTEN-PREF           CTKPN BZ         91958416.3     -24851238.1
KOSMOS COMERCIO        LOAR4 BZ         39080266.4     -2450355045
LAEP INVES-BDR B       0163599D BZ       222902269      -255311026
LAEP INVESTMEN-B       0122427D LX       222902269      -255311026
LAEP INVESTMENTS       LEAP LX           222902269      -255311026
LAEP-BDR               MILK33 BZ         222902269      -255311026
LAEP-BDR               MILK11 BZ         222902269      -255311026
LOJAS ARAPUA           LOAR3 BZ         39080266.4     -2450355045
LOJAS ARAPUA           LOARON BZ        39080266.4     -2450355045
LOJAS ARAPUA-GDR       3429T US         39080266.4     -2450355045
LOJAS ARAPUA-GDR       LJPSF US         39080266.4     -2450355045
LOJAS ARAPUA-PRF       LOARPN BZ        39080266.4     -2450355045
LOJAS ARAPUA-PRF       52353Z US        39080266.4     -2450355045
MANGELS INDL           MGEL3 BZ          130877274     -67079077.9
MANGELS INDL SA        MISAON BZ         130877274     -67079077.9
MANGELS INDL-PRF       MGIRF US          130877274     -67079077.9
MANGELS INDL-PRF       MGEL4 BZ          130877274     -67079077.9
MANGELS INDL-PRF       MISAPN BZ         130877274     -67079077.9
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
METROGAS SA            MGAI US           327285099     -37016892.9
METROGAS SA-A          153255Z AR        327285099     -37016892.9
METROGAS SA-C          153263Z AR        327285099     -37016892.9
METROGAS-ADR           MGS US            327285099     -37016892.9
METROGAS-ADR           MGSA GR           327285099     -37016892.9
METROGAS-B             MGSBF US          327285099     -37016892.9
METROGAS-B             METR AR           327285099     -37016892.9
METROGAS-B             METRC AR          327285099     -37016892.9
METROGAS-B             METRD AR          327285099     -37016892.9
METROGAS-B             MGSB GR           327285099     -37016892.9
METROGAS-B BLOCK       METRB AR          327285099     -37016892.9
MINUPAR                MNPR3 BZ         65882736.8     -76363523.6
MINUPAR SA             MNPRON BZ        65882736.8     -76363523.6
MINUPAR SA-PREF        MNPRPN BZ        65882736.8     -76363523.6
MINUPAR-PREF           MNPR4 BZ         65882736.8     -76363523.6
MINUPAR-RCT            9314634Q BZ      65882736.8     -76363523.6
MINUPAR-RCT            0599564D BZ      65882736.8     -76363523.6
MINUPAR-RCT            MNPR9 BZ         65882736.8     -76363523.6
MINUPAR-RT             9314542Q BZ      65882736.8     -76363523.6
MINUPAR-RT             0599562D BZ      65882736.8     -76363523.6
MINUPAR-RTS            MNPR1 BZ         65882736.8     -76363523.6
MMX MINERACA-GDR       MMXMY US          471049316      -340913823
MMX MINERACA-GDR       0567931D CN       471049316      -340913823
MMX MINERACA-GDR       3M11 GR           471049316      -340913823
MMX MINERACA-GDR       MMXMD US          471049316      -340913823
MMX MINERACAO          TRES3 BZ          471049316      -340913823
MMX MINERACAO          MMXCF US          471049316      -340913823
MMX MINERACAO          MMXM11 BZ         471049316      -340913823
MMX MINERACAO          MMXXF US          471049316      -340913823
MMX MINERACAO          MMXM3 BZ          471049316      -340913823
MMX MINERACAO-RT       4111484Q BZ       471049316      -340913823
MMX MINERACAO-RT       0626050D BZ       471049316      -340913823
MMX MINERACA-RCT       4111488Q BZ       471049316      -340913823
MMX MINERACA-RCT       0626051D BZ       471049316      -340913823
MMX MINERACA-RCT       MMXM9 BZ          471049316      -340913823
MMX MINERACA-RTS       MMXM1 BZ          471049316      -340913823
MORIXE HERM-5 VT       MORI5 AR         19006540.3     -928833.864
MORIXE HERMAN-BL       MORIB AR         19006540.3     -928833.864
MORIXE HERMANOS        MORI AR          19006540.3     -928833.864
MORIXE HERMANOS        MORID AR         19006540.3     -928833.864
MORIXE HERMANOS        MORIC AR         19006540.3     -928833.864
NOVA AMERICA SA        NOVA3 BZ         21287488.9      -183535526
NOVA AMERICA SA        NOVA3B BZ        21287488.9      -183535526
NOVA AMERICA SA        NOVAON BZ        21287488.9      -183535526
NOVA AMERICA SA        1NOVON BZ        21287488.9      -183535526
NOVA AMERICA-PRF       NOVA4 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
OGX PETROLEO           CTCO3 BZ         20975305.4     -23206893.6
OL PREF - RCT          GOLL10 BZ        3224530350      -323901544
OLEO E GAS P-ADR       OGXPY US         20975305.4     -23206893.6
OLEO E GAS P-ADR       OGXPYEUR EO      20975305.4     -23206893.6
OLEO E GAS P-ADR       OGXPYEUR EU      20975305.4     -23206893.6
OLEO E GAS P-ADR       8OGB GR          20975305.4     -23206893.6
OLEO E GAS PART        OGXP3 BZ         20975305.4     -23206893.6
OLEO E GAS PART        OGXP5 BZ         20975305.4     -23206893.6
OLEO E GAS PART        OGXP6 BZ         20975305.4     -23206893.6
OLEO E GAS PART        OGXPF US         20975305.4     -23206893.6
OSX BRASIL - RTS       0701756D BZ      2277323307      -528769640
OSX BRASIL - RTS       0701757D BZ      2277323307      -528769640
OSX BRASIL - RTS       0812903D BZ      2277323307      -528769640
OSX BRASIL - RTS       0812904D BZ      2277323307      -528769640
OSX BRASIL - RTS       OSXB1 BZ         2277323307      -528769640
OSX BRASIL - RTS       OSXB9 BZ         2277323307      -528769640
OSX BRASIL SA          OSXB3 BZ         2277323307      -528769640
OSX BRASIL SA          EBXB3 BZ         2277323307      -528769640
OSX BRASIL SA          OSXRF US         2277323307      -528769640
OSX BRASIL S-GDR       OSXRY US         2277323307      -528769640
PADMA INDUSTRIA        LCSA4 BZ          388720096      -213641152
PARMALAT               LCSA3 BZ          388720096      -213641152
PARMALAT BRASIL        LCSAON 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
PARQUE TEM-DV CM       PQT5 BZ           135437870     -15815342.3
PARQUE TEM-DV PF       PQT6 BZ           135437870     -15815342.3
PARQUE TEM-RCT C       PQTM9 BZ          135437870     -15815342.3
PARQUE TEM-RCT P       PQTM10 BZ         135437870     -15815342.3
PARQUE TEM-RT CM       PQTM1 BZ          135437870     -15815342.3
PARQUE TEM-RT PF       PQTM2 BZ          135437870     -15815342.3
PET MANG-RECEIPT       0229292Q BZ       146857128      -409610413
PET MANG-RECEIPT       0229296Q BZ       146857128      -409610413
PET MANG-RECEIPT       RPMG9 BZ          146857128      -409610413
PET MANG-RECEIPT       RPMG10 BZ         146857128      -40961041
PET MANG-RIGHTS        3678565Q BZ       146857128      -409610413
PET MANG-RIGHTS        3678569Q BZ       146857128      -409610413
PET MANG-RT            4115360Q BZ       146857128      -409610413
PET MANG-RT            4115364Q BZ       146857128      -409610413
PET MANG-RT            0229249Q BZ       146857128      -409610413
PET MANG-RT            0229268Q BZ       146857128      -409610413
PET MANG-RT            RPMG2 BZ          146857128      -409610413
PET MANG-RT            0848424D BZ       146857128      -409610413
PET MANG-RTS           1227980D BZ       146857128      -409610413
PET MANGUINH-PRF       RPMG4 BZ          146857128      -409610413
PET MANGUINH-RTS       RPMG1 BZ          146857128      -409610413
PETRO MANGUINHOS       RPMG3 BZ          146857128      -409610413
PETRO MANGUINHOS       MANGON BZ         146857128      -409610413
PETRO MANGUIN-PF       MANGPN BZ         146857128      -409610413
PILMAIQUEN             PILMAIQ CI        165119822     -32646104.5
PORTX OPERACOES        PRTX3 BZ          976769385     -9407990.18
PORTX OPERA-GDR        PXTPY US          976769385     -9407990.18
PUYEHUE                PUYEH CI         17660616.6     -6652295.06
PUYEHUE RIGHT          PUYEHUOS CI      17660616.6     -6652295.06
RB CAPITAL             RBCS3B BZ        13996658.5     -815.062365
RECRUSUL               RCSL3 BZ         14029393.8       -32749735
RECRUSUL - RCT         4529789Q BZ      14029393.8       -32749735
RECRUSUL - RCT         4529793Q BZ      14029393.8       -32749735
RECRUSUL - RCT         0163582D BZ      14029393.8       -32749735
RECRUSUL - RCT         0163583D BZ      14029393.8       -32749735
RECRUSUL - RCT         0614675D BZ      14029393.8       -32749735
RECRUSUL - RCT         0614676D BZ      14029393.8       -32749735
RECRUSUL - RCT         RCSL10 BZ        14029393.8       -32749735
RECRUSUL - RT          4529781Q BZ      14029393.8       -32749735
RECRUSUL - RT          4529785Q BZ      14029393.8       -32749735
RECRUSUL - RT          0163579D BZ      14029393.8       -32749735
RECRUSUL - RT          0163580D BZ      14029393.8       -32749735
RECRUSUL - RT          0614673D BZ      14029393.8       -32749735
RECRUSUL - RT          0614674D BZ      14029393.8       -32749735
RECRUSUL SA            RESLON BZ        14029393.8       -32749735
RECRUSUL SA-PREF       RESLPN BZ        14029393.8       -32749735
RECRUSUL SA-RCT        RCSL9 BZ         14029393.8       -32749735
RECRUSUL SA-RTS        RCSL1 BZ         14029393.8       -32749735
RECRUSUL SA-RTS        RCSL2 BZ         14029393.8       -32749735
RECRUSUL-BON RT        RCSL11 BZ        14029393.8       -32749735
RECRUSUL-BON RT        RCSL12 BZ        14029393.8       -32749735
RECRUSUL-PREF          RCSL4 BZ         14029393.8       -32749735
RENAUXVIEW SA          TXRX3 BZ         33757610.2     -74431020.7
RENAUXVIEW SA-PF       TXRX4 BZ         33757610.2     -74431020.7
RIMET                  REEM3 BZ          103098359      -185417651
RIMET                  REEMON BZ         103098359      -185417651
RIMET-PREF             REEM4 BZ          103098359      -185417651
RIMET-PREF             REEMPN BZ         103098359      -185417651
SANESALTO              SNST3 BZ         15583653.5     -4261184.52
SANSUY                 SNSY3 BZ          136020731      -152229409
SANSUY SA              SNSYON BZ         136020731      -152229409
SANSUY SA-PREF A       SNSYAN BZ         136020731      -152229409
SANSUY SA-PREF B       SNSYBN BZ         136020731      -152229409
SANSUY-PREF A          SNSY5 BZ          136020731      -152229409
SANSUY-PREF B          SNSY6 BZ          136020731      -152229409
SCHLOSSER              SCLO3 BZ         35479691.9     -46000437.6
SCHLOSSER SA           SCHON BZ         35479691.9     -46000437.6
SCHLOSSER SA-PRF       SCHPN BZ         35479691.9     -46000437.6
SCHLOSSER-PREF         SCLO4 BZ         35479691.9     -46000437.6
SNIAFA SA              SNIA AR          11229696.2     -2670544.86
SNIAFA SA-B            SDAGF US         11229696.2     -2670544.86
SNIAFA SA-B            SNIA5 AR         11229696.2     -2670544.86
STAROUP SA             STARON BZ        27663605.3     -7174512.12
STAROUP SA-PREF        STARPN BZ        27663605.3     -7174512.12
TEC TOY SA-PF B        TOYB6 BZ           14874965     -3087009.49
TEC TOY SA-PREF        TOYDF US           14874965     -3087009.49
TEC TOY SA-PREF        TOYB5 BZ           14874965     -3087009.49
TEC TOY-RCT            7335626Q BZ        14874965     -3087009.49
TEC TOY-RCT            7335630Q BZ        14874965     -3087009.49
TEC TOY-RCT            1254572D BZ        14874965     -3087009.49
TEC TOY-RCT            1254573D BZ        14874965     -3087009.49
TEC TOY-RT             7335610Q BZ        14874965     -3087009.49
TEC TOY-RT             7335614Q BZ        14874965     -3087009.49
TEC TOY-RT             1254570D BZ        14874965     -3087009.49
TEC TOY-RT             1254571D BZ        14874965     -3087009.49
TECTOY                 TOYB3 BZ           14874965     -3087009.49
TECTOY                 TOYB13 BZ          14874965     -3087009.49
TECTOY - RCT           TOYB9 BZ           14874965     -3087009.49
TECTOY - RTS           TOYB1 BZ           14874965     -3087009.49
TECTOY - RTS           TOYB2 BZ           14874965     -3087009.49
TECTOY SA              TOYBON BZ          14874965     -3087009.49
TECTOY SA-PREF         TOYBPN BZ          14874965     -3087009.49
TECTOY-PF-RTS5/6       TOYB11 BZ          14874965     -3087009.49
TECTOY-PREF            TOYB4 BZ           14874965     -3087009.49
TECTOY-RCPT PF B       TOYB12 BZ          14874965     -3087009.49
TEKA                   TKTQF US          263356756      -337860221
TEKA                   TEKA3 BZ          263356756      -337860221
TEKA                   TEKAON BZ         263356756      -337860221
TEKA-ADR               TEKAY US          263356756      -337860221
TEKA-ADR               TKTPY US          263356756      -337860221
TEKA-ADR               TKTQY US          263356756      -337860221
TEKA-PREF              TKTPF US          263356756      -337860221
TEKA-PREF              TEKA4 BZ          263356756      -337860221
TEKA-PREF              TEKAPN BZ         263356756      -337860221
TEKA-RCT               TEKA9 BZ          263356756      -337860221
TEKA-RCT               TEKA10 BZ         263356756      -337860221
TEKA-RTS               TEKA1 BZ          263356756      -337860221
TEKA-RTS               TEKA2 BZ          263356756      -337860221
TELEBRAS SA            TELB3 BZ          552954651     -19314726.6
TELEBRAS SA            TLBRON BZ         552954651     -19314726.6
TELEBRAS SA            TBASF US          552954651     -19314726.6
TELEBRAS SA-PREF       TELB4 BZ          552954651     -19314726.6
TELEBRAS SA-PREF       TLBRPN BZ         552954651     -19314726.6
TELEBRAS SA-RCT        TELB9 BZ          552954651     -19314726.6
TELEBRAS SA-RT         0250949D BZ       552954651     -19314726.6
TELEBRAS/W-I-ADR       TBH-W US          552954651     -19314726.6
TELEBRAS-ADR           TBAPY US          552954651     -19314726.6
TELEBRAS-ADR           TBRAY GR          552954651     -19314726.6
TELEBRAS-ADR           TBH US            552954651     -19314726.6
TELEBRAS-ADR           TBX GR            552954651     -19314726.6
TELEBRAS-ADR           RTB US            552954651     -19314726.6
TELEBRAS-ADR           TBASY US          552954651     -19314726.6
TELEBRAS-BLOCK         TELB30 BZ         552954651     -19314726.6
TELEBRAS-CED C/E       TEL4C AR          552954651     -19314726.6
TELEBRAS-CEDE BL       RCT4B AR          552954651     -19314726.6
TELEBRAS-CEDE PF       RCTB4 AR          552954651     -19314726.6
TELEBRAS-CEDE PF       RCT4C AR          552954651     -19314726.6
TELEBRAS-CEDE PF       RCT4D AR          552954651     -19314726.6
TELEBRAS-CEDE PF       TELB4 AR          552954651     -19314726.6
TELEBRAS-CEDEA $       TEL4D AR          552954651     -19314726.6
TELEBRAS-CM RCPT       RCTB31 BZ         552954651     -19314726.6
TELEBRAS-CM RCPT       TELE31 BZ         552954651     -19314726.6
TELEBRAS-CM RCPT       TBRTF US          552954651     -19314726.6
TELEBRAS-CM RCPT       RCTB32 BZ         552954651     -19314726.6
TELEBRAS-CM RCPT       RCTB30 BZ         552954651     -19314726.6
TELEBRAS-COM RT        0250948D BZ       552954651     -19314726.6
TELEBRAS-COM RTS       TELB1 BZ          552954651     -19314726.6
TELEBRAS-PF BLCK       TELB40 BZ         552954651     -19314726.6
TELEBRAS-PF RCPT       CBRZF US          552954651     -19314726.6
TELEBRAS-PF RCPT       RCTB41 BZ         552954651     -19314726.6
TELEBRAS-PF RCPT       TELE41 BZ         552954651     -19314726.6
TELEBRAS-PF RCPT       RCTB42 BZ         552954651     -19314726.6
TELEBRAS-PF RCPT       RCTB40 BZ         552954651     -19314726.6
TELEBRAS-PF RCPT       TBAPF US          552954651     -19314726.6
TELEBRAS-PF RCPT       TLBRUP BZ         552954651     -19314726.6
TELEBRAS-RCT           RCTB33 BZ         552954651     -19314726.6
TELEBRAS-RCT PRF       TELB10 BZ         552954651     -19314726.6
TELEBRAS-RECEIPT       TLBRUO BZ         552954651     -19314726.6
TELEBRAS-RTS CMN       RCTB1 BZ          552954651     -19314726.6
TELEBRAS-RTS CMN       TCLP1 BZ          552954651     -19314726.6
TELEBRAS-RTS PRF       RCTB2 BZ          552954651     -19314726.6
TELEBRAS-RTS PRF       TLCP2 BZ          552954651     -19314726.6
TELECOMUNICA-ADR       81370Z BZ         552954651     -19314726.6
TEXTEIS RENA-RCT       TXRX9 BZ         33757610.2     -74431020.7
TEXTEIS RENA-RCT       TXRX10 BZ        33757610.2     -74431020.7
TEXTEIS RENAU-RT       TXRX1 BZ         33757610.2     -74431020.7
TEXTEIS RENAU-RT       TXRX2 BZ         33757610.2     -74431020.7
TEXTEIS RENAUX         RENXON BZ        33757610.2     -74431020.7
TEXTEIS RENAUX         RENXPN BZ        33757610.2     -74431020.7
TRESSEM PART SA        1TSSON BZ         471049316      -340913823
VARIG PART EM SE       VPSC3 BZ           83017828      -495721697
VARIG PART EM TR       VPTA3 BZ         49432119.3      -399290357
VARIG PART EM-PR       VPTA4 BZ         49432119.3      -399290357
VARIG PART EM-PR       VPSC4 BZ           83017828      -495721697
VARIG SA               VAGV3 BZ          966298048     -4695211008
VARIG SA               VARGON BZ         966298048     -469521100
VARIG SA-PREF          VAGV4 BZ          966298048     -4695211008
VARIG SA-PREF          VARGPN BZ         966298048     -4695211008
WETZEL SA              MWET3 BZ         70223531.7     -18205488.6
WETZEL SA              MWELON BZ        70223531.7     -18205488.6
WETZEL SA-PREF         MWET4 BZ         70223531.7     -18205488.6
WETZEL SA-PREF         MWELPN BZ        70223531.7     -18205488.6
WIEST                  WISA3 BZ         34107195.1      -126993682
WIEST SA               WISAON BZ        34107195.1      -126993682
WIEST SA-PREF          WISAPN BZ        34107195.1      -126993682
WIEST-PREF             WISA4 BZ         34107195.1      -126993682



                            ***********


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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