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

            Tuesday, September 8, 2015, Vol. 16, No. 177



BRAZIL: Economy Shrinks More Than Forecast on Tighter Money
PDG REALTY: Taps Rothschild to Help Restructure BRL5.8BB Debt
PETROLEO BRASILEIRO: Among Borrowers Most at Risk as Real Sinks

C A Y M A N  I S L A N D S

ASIA REAL: Creditors' Proofs of Debt Due Sept. 14
ATR HOLDING: Placed Under Voluntary Wind-Up
JAT PRIME: Commences Liquidation Proceedings
JAT PRIME INTERMEDIATE: Commences Liquidation Proceedings
JAT PRIME MASTER: Commences Liquidation Proceedings

KINKOUCHO HOLDING: Placed Under Voluntary Wind-Up
LONGAN HOLDINGS: Placed Under Voluntary Wind-Up
LONGAN INVESTMENTS: Placed Under Voluntary Wind-Up
MORINOMIYA HOLDING: Placed Under Voluntary Wind-Up
ODEBRECHT OFFSHORE: S&P Affirms 'B+' Rating on Sr. Sec. Notes

OHMORI HOLDING: Placed Under Voluntary Wind-Up
OPN LTD: Creditors' Proofs of Debt Due Sept. 8
TACHIKAWA AKEBONOCHO: Placed Under Voluntary Wind-Up


* GRENADA: PM Urges More Fiscal Discipline for Economic Growth


PETROPERU: Gets OK to Take Over Peru's Largest Oil Block

P U E R T O    R I C O

BTB CORP: Confirms Foreclosure of Collateral for BSPR Loans

T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Signs Agreement for US$200 Million Loan
TRINIDAD & TOBAGO: Economy Contracts by -1.2% in 1Q 2015


* Large Companies With Insolvent Balance Sheets

                            - - - - -


BRAZIL: Economy Shrinks More Than Forecast on Tighter Money
David Biller at Bloomberg News reports that Brazil's economy
contracted more than analysts forecast in the second quarter, as
tighter monetary policy and faster inflation torpedoed confidence
and caused activity to nosedive.

Gross domestic product contracted 1.9 percent in the second three
months of the year from the previous quarter, the national
statistics agency said, Bloomberg News notes.  That was the
biggest contraction in more than six years, and worse than the
median estimate of a 1.7 percent fall from 41 economists surveyed
by Bloomberg.

Bloomberg News relates that Latin America's largest economy is
suffering from multiple woes: borrowing costs at their highest
since 2006, inflation at more than double the target, rising
unemployment, a crumbling currency and a corruption scandal that
could unseat President Dilma Rousseff.  The government has also
chopped investment as part of its effort to fortify fiscal
accounts and avoid a sovereign downgrade to junk, Bloomberg News

"There's no source of growth for Brazil going forward, at least in
the short term -- we see all the confidence indices moving down,"
Luciano Rostagno, chief strategist at Banco Mizuho do Brasil, told
Bloomberg News by phone from Sao Paulo.  "There's no sign that the
economy has found a bottom, so I think we will continue to see
poor data coming," Mr. Rostagno added.

The real, which has depreciated 25 percent this year, fell 0.4
percent to 3.5668 per U.S. dollar at 10:37 a.m. on Aug. 28. Swap
rates on the contract maturing in January 2017 rose nine basis
points, or 0.09 percentage point, to 13.96 percent, Bloomberg News

                        'Deeper Recession'

First quarter GDP was revised downward to a contraction of 0.7
percent from a prior 0.2 percent decline, which signals an "even
deeper recession," according to Mr. Rostagno, Bloomberg News
notes.   GDP in the second quarter fell 2.6 percent from the same
period last year, versus a median forecast for a 2.1 percent drop.
Family spending dropped 2.1 percent from the previous quarter,
while investment tumbled 8.1 percent -- the eighth straight
quarter of contraction, the statistics institute said, Bloomberg
News discloses.  On the economy's supply side, industry contracted
4.3 percent and services declined 0.7 percent, Bloomberg News

                       'Severe Contraction'

"When you look at final domestic demand, the contraction was
pretty nasty: very, very severe contraction of investment spending
and private consumption," said Alberto Ramos, chief Latin America
economist for Goldman Sachs Group Inc. in New York, Bloomberg News
notes.  "It was a broad-based sharp decline of activity whether
you look at the supply side or demand side," Bloomberg News

There's more contraction for investment in store, Carlos Kawall, a
former Treasury secretary and currently chief economist at Banco
Safra SA, said before release of the data, Bloomberg News

In part that's due to the so-called Carwash investigation into
kickbacks at state-run oil company Petrobras that has implicated
the country's largest construction and engineering companies,
Bloomberg News relays.  The daily stream of developments in the
case has helped push business confidence as measured by the
National Industry Confederation to a record low, Bloomberg News

Bloomberg News notes that the probe has spread to top figures in
the ruling Workers' Party and put dozens of lawmakers under
investigation, including the heads of the Senate and the Chamber
of Deputies, which has complicated government efforts to fortify
fiscal accounts.

The central bank released fiscal data showing the budget deficit
before interest payments in July was worse than forecast by all
economists surveyed by Bloomberg.  The so-called primary deficit
reached 10 billion reais ($2.8 billion) in July, and amounted to
negative 0.89 percent of GDP over the prior 12 months, Bloomberg
News notes.  Brazil targets a 2015 primary surplus of 0.15 percent
of GDP.

                           Falling Stocks

Amid mounting concern over the political crisis, the benchmark
Ibovespa stock index has plunged 18 percent since its 2015 peak
reached on May 5, Bloomberg News relays.

Higher borrowing costs pose another obstacle for investment. In
July the central bank raised the benchmark Selic rate for the
seventh straight time, to 14.25 percent, and signaled that
maintaining that rate for a prolonged period will be necessary to
slow inflation to the 4.5 percent target by year-end 2016. Prices
rose at more than twice that pace in the 12 months through August,
Bloomberg News notes.

With inflation eating into real wages and the jobless rate at its
highest in more than five years, consumer spending has suffered.
Consumer confidence as measured by the Getulio Vargas Foundation
is at its lowest level since the survey began almost a decade ago,
Bloomberg News discloses.

                           Silver Lining

The silver lining in the data was the 3.4 percent jump in exports,
spurred by a weaker currency and helping prevent an even larger
contraction, Bloomberg News notes.  Brazil's real has depreciated
more against the U.S. dollar this year than any of the 16 major
currencies tracked by Bloomberg, which improved export
competitiveness of Latin America's largest economy, Bloomberg News

"Positive contribution to growth from net exports is the first
sign that the weaker real is starting to bring some benefits to
Brazil's economy," Neil Shearing, chief emerging markets economist
at Capital Economics, said by phone from New York before release
of the data, Bloomberg News relays.

In spite of a weaker currency that boosts import costs, inflation
is projected to slow, with analysts surveyed by the central bank
forecasting a 5.5 percent pace in 2016, Bloomberg News notes.
Second-quarter GDP will also be the worst of 2015, with a
shallower contraction of 0.5 percent in the third quarter,
according to the median estimate in a Bloomberg survey.

                           Feeling Pain

That may be little consolation to Brazilians yet to glimpse the
upside of Rousseff's austerity policy. The government's approval
rating stands at 8 percent, a record low, according to a survey by
polling firm Datafolha taken Aug. 4-5. Economists surveyed by the
central bank have begun forecasting back-to-back years of
recession this year and next, Bloomberg News notes.  That would be
the first such instance since 1931.

"We are feeling the pains of the adjustment -- the exchange rate,
prices, taxes -- and we aren't feeling the benefits," Roberto
Setubal, chief executive officer of Itau Unibanco Holding SA, said
Aug. 20 at an event in Sao Paulo, Bloomberg News discloses.

President Rousseff said in a speech that Brazilians will overcome
their difficulties and light "the end of the tunnel with our hope,
optimism, and capacity to build a Brazil for everyone," Bloomberg
News adds.

PDG REALTY: Taps Rothschild to Help Restructure BRL5.8BB Debt
Julia Leite and Paula Sambo at Bloomberg News report that not long
ago, Brazil's real-estate market was one of the biggest symbols of
the country's burgeoning economic might.

Now, it's fallen victim to an ever-deepening recession.

PDG Realty SA, once the largest homebuilder by revenue, hired
Rothschild to help restructure BRL5.8 billion ($1.6 billion) of
debt after second-quarter net sales sank 88 percent, according to
Bloomberg News.

In August, Rossi Residencial SA, which has BRL2.5 billion in debt,
also brought in advisers to "restructure operations and review
strategies," Bloomberg News notes.  Since 2010, the builder has
lost 99 percent of its stock-market value, Bloomberg News relays.

The real-estate industry, which is equal to about 10 percent of
Brazil's economy, is emerging as one of the latest casualties of a
recession that analysts forecast will be its longest since the
1930s, Bloomberg News discloses.  To make matters worse, interest
rates are the highest in almost a decade while inflation is
soaring, Bloomberg News notes.

"There is no real estate company that survives without sales,"
Bruno Mendonca Lima de Carvalho, the head of fixed income at Guide
Investimentos SA, said from Sao Paulo, Bloomberg News notes.  "You
can't import or export apartments.  You're relying solely on
domestic activity," Bloomberg News quoted Mr. de Carvalho as

The builder has tried to boost revenue by lowering prices,
financing up to 20 percent of some home purchases and even
offering to buy back apartments if banks deny financing, Bloomberg
News relays.  Still, it sold just 217 units in the second quarter
on a net basis, compared with 1,749 in 2014, Bloomberg News notes.

                          Negative Outlook

Moody's Investors Service cut PDG's rating three levels to Caa3,
citing the possibility of significant losses for bondholders and
other lenders.  Secured creditors may recover less than 80 percent
in a default, according to Moody's, which kept a negative outlook
on the rating.

"The company is facing additional liquidity pressures from a
prolonged deterioration in industry dynamics, including weak sales
speed, tight financing availability and declining real estate
prices," Moody's said.

Sao Paulo-based Rossi Residencial said in an e-mailed response to
questions that second quarter sales improved and that the
company's main focus is to reduce debt, Bloomberg News relays.
Gross debt fell about 30 percent in the 12 months ended in June,
Rossi Residencial added.

Home sales in Latin America's biggest economy tumbled 14 percent
in the first half of 2015, according to data from the national
real estate institute.  Builders cut new projects by 20 percent
during that span, while available financing shrank by about a
quarter, Bloomberg News notes.

                           Real's Collapse

That's a reversal from just two years ago, when real-estate prices
in places like Rio de Janeiro and Sao Paulo had surged as much as
230 percent as rising incomes, a soaring real and record-low
borrowing costs ignited a wave of home buying, Bloomberg News

Brazilians find themselves in drastically different circumstances.
The currency fell 0.4 percent Aug. 26 as of 3:25 p.m. in New York,
extending its loss this year to 26 percent.  The jobless rate
climbed to a five-year high of 7.5 percent in July, Bloomberg News

The central bank boosted its key rate to 14.25 percent in July,
making it ever more expensive to finance the purchase of a home,
Bloomberg News says.

"It's a matter of demand, and demand is really weak," Will
Landers, who manages Latin American stocks at BlackRock, said from
Princeton, New Jersey, Bloomberg News relays.  "We may have
reached a peak in interest rates, but they should continue to be
at these levels for a while. Consumers will stay on the sidelines
because debt levels are still high, and employment will get
worse," Bloomberg News quoted Mr. Landers as saying.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 25, 2015, Moody's America Latina has downgraded the Corporate
Family Ratings (CFR) assigned to PDG Realty S.A. Empreendimentos e
Parts (PDG) to Caa3 on the global scale and to on the
Brazilian national scale from B3 and, respectively.

PETROLEO BRASILEIRO: Among Borrowers Most at Risk as Real Sinks
Filipe Pacheco at Bloomberg News reports that Petroleo Brasileiro
SA 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, according to Bloomberg News.

Bloomberg News notes 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, notes Bloomberg.

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

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 in July, while Moody's Investors
Service cut the country's grade one notch on Aug. 11, according to
Bloomberg News.

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 notes.

Bloomberg News says 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.

Bloomberg News says that 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.  The notes now trade at about
50 cents on the dollar.

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.

C A Y M A N  I S L A N D S

ASIA REAL: Creditors' Proofs of Debt Due Sept. 14
The creditors of Asia Real Estate Prime Development Fund Ltd are
required to file their proofs of debt by Sept. 14, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 1, 2015.

The company's liquidator is:

         K.D. Blake
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands
         c/o Georgina Lowry
         Telephone: +1 (345) 914-4398/ +1 (345) 949-4800
         Facsimile: +1 (345) 949-7164

ATR HOLDING: Placed Under Voluntary Wind-Up
On July 27, 2015, the sole member of ATR Holding resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Sept. 7, 2015, will be included in the company's dividend

The company's liquidator is:

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

JAT PRIME: Commences Liquidation Proceedings
On Aug. 5, 2015, the shareholders of Jat Prime Fund, Ltd. resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Sept. 7, 2015, will be included in the company's dividend

The company's liquidator is:

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

JAT PRIME INTERMEDIATE: Commences Liquidation Proceedings
On Aug. 5, 2015, the shareholders of Jat Prime Intermediate Fund,
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Sept. 7, 2015, will be included in the company's dividend

The company's liquidator is:

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

JAT PRIME MASTER: Commences Liquidation Proceedings
On Aug. 5, 2015, the shareholders of Jat Prime Master Fund, Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Sept. 7, 2015, will be included in the company's dividend

The company's liquidator is:

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

KINKOUCHO HOLDING: Placed Under Voluntary Wind-Up
On July 27, 2015, the sole member of Kinkoucho Holding resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Sept. 7, 2015, will be included in the company's dividend

The company's liquidator is:

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

LONGAN HOLDINGS: Placed Under Voluntary Wind-Up
On July 27, 2015, the sole member of Longan Holdings Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Sept. 7, 2015, will be included in the company's dividend

The company's liquidator is:

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

LONGAN INVESTMENTS: Placed Under Voluntary Wind-Up
On July 27, 2015, the sole member of Longan Investments Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Sept. 7, 2015, will be included in the company's dividend

The company's liquidator is:

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

MORINOMIYA HOLDING: Placed Under Voluntary Wind-Up
On July 27, 2015, the sole member of Morinomiya Holding resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Sept. 7, 2015, will be included in the company's dividend

The company's liquidator is:

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

ODEBRECHT OFFSHORE: S&P Affirms 'B+' Rating on Sr. Sec. Notes
Standard & Poor's Ratings Services said that it affirmed its 'B+'
rating on Odebrecht Offshore Drilling Finance Ltd's (OODFL) senior
secured notes and placed them on CreditWatch with negative

The CreditWatch Negative reflects the risk of an event of default
after (according to a communication from OODF) Petrobras notified
the operator that it has the right to early terminate the service
and charter agreements of the drillship ODN Tay IV.  ODN Tay IV
has stopped  providing services for over 60 days.

S&P believes this situation will evolve in one of three ways: (i)
Petrobras might decide to terminate the service and charter
contract with ODN Tay IV, which may cause an non-automatic
acceleration event of the notes if not properly replaced within 90
days, according to the terms of the notes, and would likely result
in a multiple notch downgrade; (ii) negotiate the terms of the
acceptance, which are not defined at the moment and may impact the
future cash flow of the project, and most likely have a negative
impact on the rating; or (iii) waive this maintenance stoppage
event and resume business.  S&P expects to have a better
understanding of the next steps, and therefore resolve the
CreditWatch listing within the next 90 days.

S&P believes that the project's contractual foundation provides
the basis of S&P's 'B+' rating.  In addition, the rating on the
notes is the same as Petrobras' SACP and indicates that S&P would
lower the rating on the issues if it revises Petrobras' SACP
downward.  Although S&P's base-case assumptions don't include
payment delays (from Petrobras or extraordinary support from the
government to meet drillship contracts in a timely fashion), any
delays in payments--which, in S&P's view, would weaken the
project's cash flow available for debt service--could also lead to
a downgrade.

OHMORI HOLDING: Placed Under Voluntary Wind-Up
On July 27, 2015, the sole member of Ohmori Holding resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Sept. 7, 2015, will be included in the company's dividend

The company's liquidator is:

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

OPN LTD: Creditors' Proofs of Debt Due Sept. 8
The creditors of OPN Ltd are required to file their proofs of debt
by Sept. 8, 2015, to be included in the company's dividend

The creditors will hold their first meeting on Sept. 10 2015, at
10:00 a.m.

The company commenced wind-up proceedings on July 30, 2015.

The company's liquidator is:

          Tammy Fu
          c/o Christina Ward
          Telephone: +1 (345) 814 4037
          Zolfo Cooper, 38 Market Street
          Canella Court, 2nd Floor
          Camana Bay
          Grand Cayman, Cayman Islands KY1-9006
          Cayman Islands

TACHIKAWA AKEBONOCHO: Placed Under Voluntary Wind-Up
On July 27, 2015, the sole member of Tachikawa Akebonocho Holding
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Sept. 7, 2015, will be included in the company's dividend

The company's liquidator is:

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


* GRENADA: PM Urges More Fiscal Discipline for Economic Growth
The Daily Observer reports that the Prime Minister of Grenada Dr.
Keith Mitchell has advised his counterparts, who are seeking debt
relief from the international community, to try to do more to help

Mr. Mitchell said while he supported the call made by Prime
Minster Gaston Browne in Addis Abba, the region must send the
right messages about its own fiscal discipline, according to The
Daily Observer.

Mr. Mitchell said the call by itself will not work, "because
people are going to ask you what you are doing to change the
condition which led you to be where you are today," the report

The report relays that Mr. Browne told the United Nations
conference on financing development that high debt was one of the
factors which hindered economic growth in the Caribbean.

But speaking on the margins of the International Monetary Fund
(IMF) High Level Forum in St Kitts, the Grenadian leader urged his
colleagues to put their financial houses in order, the report

Mr. Browne said combining diplomatic missions overseas is one way
that the Organisation of Eastern Caribbean States (OECS) can save
money, the report adds.


PETROPERU: Gets OK to Take Over Peru's Largest Oil Block
EFE News reports that Peru's Congress has given state-owned oil
company Petroperu authorization to develop the country's largest
oil block despite the opposition of President Ollanta Humala's
administration, which said the move is unconstitutional because it
would increase public spending.

In a vote of 71-10 with two abstentions, Congress authorized
Perupetro, the state licensing agency for hydrocarbons
concessions, after prior evaluation, to directly award a
production contract for Lot 192 to Petroperu, according to EFE

The legislation modifies a law that requires Petroperu to
prioritize a $3.5 billion project to modernize and expand the
Talara refinery, the report notes.

While the bill was being debated in the unicameral legislature,
Peruvian Energy and Mines Minister Rosa Maria Ortiz warned
lawmakers it was unconstitutional because they are only authorized
to raise government spending via budget bills, the report says.

The report discloses that Petroperu is unprepared to develop the
block, located in the northern Amazon region of Loreto, and will
need unbudgeted funds to do so, Ms. Ortiz said in a press

Ms. Ortiz also recalled that Humala's administration recently
directly awarded a two-year service contract to Canada's Pacific
Stratus Energy, a unit of Pacific Exploration & Production
(formerly Pacific Rubiales Energy), to develop Lot 192, the report

Non-compliance with the contract with Pacific would have serious
consequences for the Peruvian government and the country's
investment climate" because it would raise questions about legal
certainty in the Andean nation, Ms. Ortiz said, the report notes.

The congressional vote took place in Iquitos, the capital of
Loreto, where civil society organizations staged a region-wide
strike to protest the decision to award the block to Pacific
instead of Petroperu, the report discloses.

The report says that Loreto Gov. Fernando Melendez said the bill
passed by Congress "did justice" to the region's demands and urged
Humala to sign it into law.

During last week's protests in Loreto, a group of Achuar Indians
seized 11 oil wells and an airfield located in Lot 8; that block
is operated by Argentine energy company Pluspetrol, whose contract
for the nearby Lot 192 expired, the report notes.

Another group of demonstrators clashed with police after trying to
seize Lot 8's heliport, although no injuries were reported, police
and Pluspetrol spokespersons said, the report relays.

Pluspetrol, which began developing Lot 192 in 2001, was
periodically accused by indigenous federations of polluting their
territories and failing to live up to commitments to cover
remediation costs, the report says.

Lot 192, located near Peru's border with Ecuador, yields around
11,000 barrels of crude per day from around 16 wells and accounts
for 17 percent of the country's total oil production, the report

P U E R T O    R I C O

BTB CORP: Confirms Foreclosure of Collateral for BSPR Loans
BTB Corp. has signed a stipulation confirming that some of its
accounts receivable were properly foreclosed by Banco Santander
Puerto Rico and do not constitute part of its bankruptcy estate.

Prior to BTB's bankruptcy filing, Banco Santander, a secured
creditor, initiated a foreclosure proceeding against the company
after the latter failed to repay its loans.

The loans are secured by BTB's accounts receivable and

The company owes Banco Santander more than $10.64 million as of
May 17, 2015, court filings show.

A copy of the stipulation is available without charge at

                      About BTB Corporation

BTB Corporation sought Chapter 11 protection (Bankr. D.P.R. Case
No. 15-03681) in Old San Juan, Puerto Rico, on May 17, 2015.
Samuel Lizardi signed the petition as interim president.  The
Debtor disclosed total assets of $16.5 million and total
liabilities of $13.2 million.

BTB said it sought bankruptcy protection as it is unable to meet
obligations as they mature, and creditors are threatening suit and
have threatened to undertake steps to obtain possession of its

The Debtor tapped Alexis Fuentes Hernandez, Esq., at Fuentes Law
Offices, LLC, as its counsel.

T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Signs Agreement for US$200 Million Loan
Trinidad Express reports that Trinidad Cement Limited has signed
off on US$200 million loan agreement with international banks
Credit Suisse and Citibank.

The loans will run for a five-year period.

At the recent signing at Citibank (Trinidad and Tobago), Queen's
Park East, Port of Spain, TCL chairman Wilfred Espinet noted that
the agreement presents a critical phase in the company's
comprehensive restructuring, as the capital structure is one of
the elements to position the company for long-term viability,
according to Trinidad Express.

Mr. Espinet pointed out that in addition to the lead arrangers,
the deal attracted the participation of a diversified group of
nine regional and global investors as well as past creditors of
the company, the report adds.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 21, 2015, Standard & Poor's Ratings Services raised its
corporate credit rating on Trinidad Cement Limited Group (TCL) to
'B-' from 'CCC', and removed it from CreditWatch with positive
implications.  The outlook is stable.  At the same time, S&P
assigned its 'B-' issue- level rating to the company's $200
million senior secured term loan.

TRINIDAD & TOBAGO: Economy Contracts by -1.2% in 1Q 2015
Aleem Khan at Trinidad Express reports that the economy of
Trinidad and Tobago contracted by -1.2 per cent in the first
quarter of 2015.

This just released figure by the Central Bank in its Economic
Bulletin (EB) dated July 2015 is directly and unambiguously
contradicting what Finance Minister Larry Howai has been telling
the country, according to Trinidad Express.

The report notes that speaking at a United National Congress (UNC)
cottage meeting at Green Acres, San Fernando, Mr. Howai said
"despite falling energy prices, Trinidad and Tobago's economy has
continued to record positive growth," according to a release from
the UNC campaign office Kamla 2015.

However, Trinidad & Tobago economic activity slowed in the first
quarter of 2015 year-on-year (y-o-y) to -1.2 per cent, the Central
Bank of Trinidad & Tobago (CBTT) said in the EB, the report
relates.  Trinidad and Tobago's energy sector contracted -3.3 per
cent y-o-y in Q1 2015 while non-energy shrunk -0.7 per cent over
the same period, CBTT said, the report notes.

The country's overall deficit also doubled y-o-y from -0.9 per
cent of gross domestic product (GDP) from October 2013 to May 2014
to -1.8 per cent of GDP October 2014 to May 2015, the CBTT said,
the report discloses.

                   Howai: Exceptional Performance

Meanwhile, Howai in the release said: "In the nine months income
was down by $3 billion and we actually were able to bring in
exceptional income by selling assets that we had for CLICO.  They
have to start paying us back and that reduced the negative income.
We reduced the expenses by TT$6 billion so overall while we
expected a deficit of TT$4 billion we only showed a deficit of
TT$1 billion.  The first nine months was exceptional for us in
terms of performance of our economy," the report notes.

                    9,100 Women Stopped Working

Unemployment increased to 3.7 per cent in Q1 2015 vs 3.1 per cent
in Q1 2014, as 20,400 persons are no longer employed, the CBTT
said, Trinidad Express relays.  The increase in the unemployment
rate was mainly on account of a decline in the number of
individuals with jobs (20,400 persons) when compared to the
corresponding period in 2014, Trinidad Express notes.  However,
the number of persons without jobs only increased by 3,300 persons
reflecting a withdrawal of individuals from the labor force, the
CBTT said, Trinidad Express says.

As a result, the participation rate declined to 60.9 per cent from
62.6 per cent in Q1 y-o-y. An analysis of employment by industry
revealed job losses were broad-based across sectors, the report
discloses.  While there were employment gains emerging in the
Wholesale and Retail Trade, Restaurants and Hotels (6,600 persons)
and Agriculture (3,000 persons) sectors, sizeable job losses were
observed in the Community, Social and Personal Services (16,700
persons), Construction (5,900 persons) and Transport, Storage and
Communication (4,200 persons) sectors, among others, the report

The report discloses that CBTT said: "An analysis of labor
transfers revealed notable shifts in employment among the sectors
but more so a significant withdrawal of persons from the labor
force since 2014.  The majority of persons leaving the labor force
were females (9,100 persons) who were previously employed under
temporary arrangements," the report notes.

                       Foreign Reserves Fall

Foreign reserves also fell from 12.7 months of import cover to
12.2 months, from US$11.3 billion to US$10.59 billion as at June
2015 , said CBTT, the report relays.

The Central Bank said the current account surplus of 8.3 per cent
of GDP in 2014 is estimated to shrink to 5.2 per cent of GDP this
year, the report notes.

                        Public Debt to Rise

Taxpayers also have more US dollar denominated debt to inherit,
the report notes.

The report adds that CBTT said: "External debt increased slightly
to $12.9 billion as a result of US$30 million in disbursements
from the Caribbean Development Bank for the Compressed Natural Gas
(CNG) Project Initiative.  External debt is expected to accelerate
on account of new loans contracted during the quarter but not yet
disbursed. This includes borrowings of US$215 million from the ING
Bank N.V. in Amsterdam, Netherlands and US$171.9 million from the
Export Import Bank of China.  These monies are to be used to
finance the purchase of naval assets, as well as for the
construction of the Arima Hospital."


* Large Companies With Insolvent Balance Sheets

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

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

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

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

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

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

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