TCRLA_Public/150915.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 15, 2015, Vol. 16, No. 182


                            Headlines




B R A Z I L

BANCO INDUSTRIAL: Moody's Lowers BCA to B1, Outlook Changed to Neg
BIC ARRENDAMENTO: Moody's Affirms Ba1 Subordinated Debt Rating
BRAZIL: Among Emerging Markets at Risk of Bank Crisis
COMPANIA MINERA: S&P Lowers CCR to 'BB+', Outlook Negative
SAO PAULO: S&P Lowers Global Scale LT FC Credit Rating to 'BB+'

SUZANO PAPEL: Fitch Affirms 'BB' IDR, Outlook Positive


C A Y M A N  I S L A N D S

ATR HOLDING: Shareholders Receive Wind-Up Report
CHEYNE CDO I: Creditors' Proofs of Debt Due Sept. 21
FARADAY ADVISORS: Shareholders Receive Wind-Up Report
GROVE CREDIT: Shareholders Receive Wind-Up Report
KINKOUCHO HOLDING: Shareholders Receive Wind-Up Report

NEXUS ENERGY: Shareholder Receives Wind-Up Report
NEXUS ENERGY SPC: Shareholder Receives Wind-Up Report
OC 527 OFFSHORE: Shareholder Receives Wind-Up Report
SAIREF LTD: Commences Liquidation Proceedings
SUNRISE MARINE: Shareholders Receive Wind-Up Report

TREMBLANT SELECT: Shareholder Receives Wind-Up Report


P E R U

CONTINENTAL TRUSTEES LTD: S&P Lowers Rating on Notes to 'BB'
CORPORACION LINDLEY: S&P Puts 'BB+' CCR on CreditWatch Positive


P U E R T O  R I C O

BTB CORP: Had Until Sept. 14 to File Ch. 11 Plan, Disclosures
HORNED DORSET: Bennazar Garcia Okayed to Handle State Court Suits
PUERTO RICO: Fitch Expects to Cut Rating to 'C' on Restructuring
UNIVERSITY OF PUERTO RICO: S&P Lowers Longterm Rating to 'CC'


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
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BANCO INDUSTRIAL: Moody's Lowers BCA to B1, Outlook Changed to Neg
------------------------------------------------------------------
Moody's Investors Service has downgraded Banco Industrial and
Comercial S.A.'s (BICBANCO) baseline credit assessment (BCA) to b1
from ba3.

Moody's has also affirmed BICBANCO's adjusted BCA of baa3, the
long-term global local- and foreign-currency deposit ratings of
Baa3; the short-term global local- and foreign-currency deposit
ratings of Prime-3; the long-term foreign-currency senior
unsecured debt rating of Baa3; the senior unsecured MTN program
(foreign currency) rating of (P)Baa3; the long-term foreign-
currency subordinated debt rating of Ba1; the long-term Brazilian
national scale deposit rating of Aa1.br; and the short-term
Brazilian national scale deposit rating of BR-1. The outlook for
all ratings was changed to negative from stable.

In addition, Moody's affirmed Banco Industrial e Comercial S.A.,
Cayman's long-term foreign-currency debt rating of Baa3 and the
senior unsecured MTN program (foreign currency) rating of (P)Baa3,
and changed the outlook to negative from stable.

The following ratings assigned to Banco Industrial e Comercial
S.A. were affirmed:

Long-term global local-currency deposit ratings of Baa3;
negative outlook

Short-term global local-currency deposit ratings of Prime-3

Long-term foreign-currency deposit rating of Baa3; negative
outlook

Short-term foreign-currency deposit rating of Prime-3

Long-term foreign-currency senior unsecured debt rating of Baa3;
negative outlook

Senior unsecured MTN program (foreign currency) rating of
(P)Baa3

Long-term foreign-currency subordinated debt rating of Ba1

Long-term Brazilian national scale deposit rating of Aa1.br

Short-term Brazilian national scale deposit rating of BR-1

Adjusted Baseline credit assessment of baa3

The following assessment was downgraded:

Baseline credit assessment to b1, from ba3

The following assessments were affirmed:

Long-term counterparty risk (CR) assessment of Baa2(cr)

Short-term counterparty risk (CR) assessment of Prime-2(cr)

The following ratings assigned to Banco Industrial e Comercial
S.A., Cayman were also affirmed:

Long-term foreign currency senior unsecured debt rating of Baa3;
negative outlook

Senior unsecured MTN program (foreign currency) rating of
(P)Baa3

The following assessments were affirmed:

Long-term counterparty risk (CR) assessment of Baa2(cr)

Short-term counterparty risk (CR) assessment of Prime-2(cr)

RATINGS RATIONALE

The downgrade of BICBANCO's BCA to b1 from ba3 reflects the bank's
weakened capital position in second-quarter 2015, when its core
capital, measured as tangible common equity relative to risk-
weighted assets, declined further to 5.2%, from 5.6% in the prior
quarter. Continuing credit losses and high funding costs have led
to five consecutive quarters of net losses, thus significantly
diminishing BICBANCO's financial flexibility and delaying its
objective of achieving breakeven. This goal is likely to become
more challenging in light of the deteriorating economic and credit
conditions in Brazil, which may prompt the need for additional
provisions for loan losses, in spite of management's more
selective loan origination and early signs of declining new non-
performing loan formation. Over the past 12 months, BICBANCO's
loan book contracted by 18.1%, in part reflecting management's
initiatives to shift the asset mix to lower risk exposures. The
repositioning of the loan book would be credit positive for
BICBANCO, but it may take longer than anticipated.

BICBANCO has recorded a steady improvement in its liquid
resources, and its dependence on market funds is dwindling, owing
in part to the large amount of funding the bank has received from
its parent bank, China Construction Bank (Asia) Corp. Ltd. (CCB;
A1 stable, baa2 BCA), amounting to BRL1.5 billion in the second-
quarter 2015.

AFFIRMATION OF SUPPORTED RATINGS

The affirmation of BICBANCO's deposit and senior debt ratings at
Baa3 incorporates the assessment of a very high probability of
parental support, which results in a four-notch uplift from its
BCA of b1. The support assessment reflects CCB's majority
ownership of BICBANCO, the strategic positioning of the subsidiary
in light of the important trade relationship between Brazil and
China, and the parent's growing funding support to the subsidiary.
BICBANCO's deposit ratings, however, do not benefit from
government support uplift because of the bank's modest market
share of domestic deposits.

OUTLOOK CHANGED TO NEGATIVE FROM STABLE

The negative outlook takes into account the challenges the bank
will continue to face to replenish its capital with internal
earnings generation, because of the potential effect of Brazil's
weak economy on the bank's asset quality and profitability. The
stabilization of the bank's asset quality will be key to revert
the loss making trend of recent quarters. Also, the transition to
a business model that is aligned to CCB's could take longer than
planned and consequently hurt profitability, to the extent it
reduces the size of the bank's balance sheet and a focus on low-
yielding, low risk assets limits revenues, factors that are only
partially offset by the increasing share of low-cost funding
sourced from the parent bank.

WHAT COULD MAKE THE RATING GO DOWN

A downgrade could be driven by continuing erosion of the bank's
capital in the event further provisions are required, which will
indicate its inability to improve capitalization, restore
profitability, or minimize asset risk.

WHAT COULD MAKE THE RATING GO UP

A significant improvement in capitalization, a decline in asset
risk supported by tighter credit risk standards, and consistent
improvement in profitability could lead to an upgrade to
BICBANCO's ratings.

Also, downgrade (or upgrade) to CCB's BCA of baa2 could lead to a
downgrade (or upgrade) of BICBANCO's deposit and debt ratings.

LAST RATING ACTION

The last rating action on BICBANCO and Banco Industrial e
Comercial S.A., Cayman, was on June 12, 2015, when Moody's
affirmed the bank's deposit and debt ratings and downgraded the
BCA to ba3 from ba2. The outlook for the ratings was not changed.

The principal methodology used in these ratings was Banks
published in March 2015.

BICBANCO, headquartered in Sao Paulo, Brazil, had total
consolidated assets of BRL15.3 billion (USD4.9 billion) and
shareholders' equity of BRL944 million (USD304 million), as of 30
June 2015.


BIC ARRENDAMENTO: Moody's Affirms Ba1 Subordinated Debt Rating
--------------------------------------------------------------
Moody's America Latina Ltda. (MAL) has affirmed BIC Arrendamento
Mercantil S.A.'s (BIC Leasing) long-term global local-currency
issuer rating of Baa3, the long-term local currency subordinated
debt rating of Ba1, and the long-term Brazilian national scale
issuer rating of Aa1.br, and the long-term Brazilian national
scale subordinate debt rating of Aa2.br. The outlook on BIC
Leasing's issuer rating was changed to negative from stable.

The following ratings assigned to BIC - Arrendamento Mercantil
S.A. were affirmed:

Long-term global local-currency issuer rating of Baa3; negative
outlook

Long-term Brazilian national scale issuer rating of Aa1.br

Long-term global local-currency subordinate debt rating of Ba1

Long-term Brazilian national scale subordinate debt rating of
Aa2.br

RATINGS RATIONALE

The affirmation of the local currency issuer rating assigned to
BIC Leasing follows the affirmation of ratings assigned to its
parent bank Banco Industrial e Comercial S.A. (BICBANCO).

BICBANCO's baseline credit assessment (BCA) was downgraded to b1
from ba3, to reflect the bank's weakened capital position in
second-quarter 2015, when its core capital, measured as tangible
common equity relative to risk-weighted assets, declined further
to 5.2%, from 5.6% in the prior quarter. Continuing credit losses
and high funding costs have led to five consecutive quarters of
net losses, thus significantly diminishing BICBANCO's financial
flexibility and delaying its objective of achieving breakeven.
This goal is likely to become more challenging in light of the
deteriorating economic and credit conditions in Brazil, which may
prompt the need for additional provisions for loan losses, in
spite of management's more selective loan origination and early
signs of declining new non-performing loan formation. Over the
past 12 months, BICBANCO's loan book contracted by 18.1%, in part
reflecting management's initiatives to shift the asset mix to
lower risk exposures. The repositioning of the loan book would be
credit positive for BICBANCO, but it may take longer than
anticipated.

BICBANCO has recorded a steady improvement in its liquid
resources, and its dependence on market funds is dwindling, owing
in part to the large amount of funding the bank has received from
its parent bank, China Construction Bank (CCB; A1 stable, baa2
BCA), amounting to BRL1.5 billion in the second-quarter 2015.

At the same time, BICBANCO's deposit and senior debt ratings of
Baa3 were affirmed, which incorporates the assessment of a very
high probability of parental support, resulting in a four-notch
uplift from its BCA of b1. The support assessment reflects CCB's
majority ownership of BICBANCO, the strategic positioning of the
subsidiary in light of the important trade relationship between
Brazil and China, and the parent's growing funding support to the
subsidiary. BICBANCO's deposit ratings, however, do not benefit
from government support uplift because of the bank's modest market
share of domestic deposits.

OUTLOOK CHANGED TO NEGATIVE FROM STABLE

The negative outlook takes into account the challenges BICBANCO
will continue to face to replenish its capital with internal
earnings generation , because of the potential effect of Brazil's
weak economy on the bank's asset quality and profitability. The
stabilization of the bank's asset quality will be key to revert
the loss making trend of recent quarters. Also, the transition to
a business model that is aligned to CCB's could take longer than
planned and consequently hurt profitability, to the extent it
reduces the size of the bank's balance sheet and a focus on low-
yielding, low risk assets limits revenues, factors that are only
partially offset by the increasing share of low-cost funding
sourced from the parent bank.

WHAT COULD MAKE THE RATING GO DOWN

A downgrade could be driven by continuing erosion of BICBANCO's
capital in the event further provisions are required, which will
indicate its inability to improve capitalization, restore
profitability, or minimize asset risk.

WHAT COULD MAKE THE RATING GO UP

A significant improvement in capitalization, a decline in asset
risk supported by tighter credit risk standards, and consistent
improvement in profitability could lead to an upgrade to
BICBANCO's ratings.

Also, downgrade (or upgrade) to CCB's BCA of baa2 could lead to a
downgrade (or upgrade) of BICBANCO's deposit and debt ratings.

The principal methodology used in these ratings was Banks
published in March 2015.

LAST RATING ACTIONS

Moody's took its last rating action on BIC -- Arrendamento
Mercantil S.A. on June 12, 2015, when Moody's America Latina
affirmed all ratings assigned to BIC Leasing, including the long-
term global local-currency issuer rating of Baa3; the long-term
Brazilian national scale issuer rating of Aa1.br; the long-term
global local-currency subordinate debt rating of Ba1; and the
long-term Brazilian national scale subordinate debt rating of
Aa2.br. The outlook on its ratings remained stable. The rating
action was in line with the rating action Moody's took on Banco
Industrial and Comercial S.A. (BICBANCO), announced on June 12,
2015.


BRAZIL: Among Emerging Markets at Risk of Bank Crisis
-----------------------------------------------------
Credit growth in China, Brazil and Turkey doesn't only risk
spurring a hangover in bad debt -- it also signals a banking
crisis is on the horizon, Tom Beardsworth and Lyubov Pronina of
Bloomberg News report, citing the Bank for International
Settlements.

According to the report, BIS said a ratio of credit to gross
domestic product, a measure of how much private-sector credit has
deviated from its long-term trend, stands at 25.4 percent in
China.  That's the highest of any major economy and compares with
16.6 percent in Turkey and 15.7 percent in Brazil, says Bloomberg
News.

"Early warning indicators of banking stress pointed to risks
arising from strong credit growth," according to the bank,
Bloomberg News relays.  Historically, a country with a ratio above
a 10 percent threshold has a two-thirds chance of "serious banking
strains" occurring within three years, BIS said.

The report says the biggest banks in Brazil, which is in the midst
of the worst contraction in a quarter century, are boosting
provisions to cover their bad loans. Banco do Brasil SA, Latin
America's largest bank by assets, last month increased money set
aside for bad loans by 21 percent.

The report recalls that state-owned bank and Banco Bradesco SA
were among 13 financial-services firms in Brazil that had their
global scale ratings lowered by Standard & Poor's last week after
the nation's credit grade was cut to junk.

"Estimated debt service ratios also pointed to continuing risks,"
BIS said in the report, Bloomberg News says. For example,
"households and firms in Brazil, China and Turkey spent
significantly more on servicing their debt than in the past."


COMPANIA MINERA: S&P Lowers CCR to 'BB+', Outlook Negative
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and issue-level ratings on Compania Minera Milpo S.A.A. (Milpo) to
'BB+' from 'BBB-', at the same time S&P revised the outlook to
negative from stable.

The rating action follows the downgrade on its parent, Votorantim
Participacoes S.A. (Votorantim), which was lowered as a result of
the downgrade on Brazil's sovereign rating.

Under S&P's group rating methodology, as it considers Milpo a
"strategically important" subsidiary for its parent, the 'bb'
stand-alone credit profile (SACP) on Milpo receives support from
Votorantim, which owns 60% of voting stock.  However, the support
is capped one notch below Votorantim's "BBB-" corporate credit
rating, translating into a one-notch of support for Milpo's SACP,
instead of two notches.

The negative outlook mirrors that of its parent company,
reflecting S&P's view of the possibility of another downgrade if
it further lowers the ratings on Votorantim.

Given that the ratings incorporate one notch of support from
Milpo's parent, S&P could lower the ratings if it perceives that
there is a change in the level of parent support or if S&P further
downgrades the parent company.  However, the cross-default clauses
in some of Votorantim's financing agreements that may be triggered
if Milpo defaults reinforce our expectation for continued support.
S&P could also downgrade the company if it fails to increase its
production capacity as expected, if metal prices fall sharply, and
if additional capital expenditures (capex) erode cash flow metrics
alongside higher debt to finance the investments, leading to debt
to EBITDA of more than 2.0x.

An upgrade, although unlikely in the short to intermediate term,
could be possible if S&P raises the rating on its parent company.


SAO PAULO: S&P Lowers Global Scale LT FC Credit Rating to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale long-
term FC credit ratings on the states of Sao Paulo, Minas Gerais,
and Santa Catarina to 'BB+' from 'BBB-' following the similar
action on the sovereign.  S&P also lowered its FC rating on the
state of Rio de Janeiro to 'BB' from 'BB+'.  At the same time, S&P
lowered the FC ratings on the city of Rio de Janeiro to 'BBB-/A-3'
from 'BBB/A-2'.  S&P also revised its outlook on our 'brAAA'
national scale rating on the city of Rio de Janeiro to negative
from stable.  Additionally, S&P lowered its national scale ratings
on Sao Paulo and Santa Catarina to 'brAA+' from 'brAAA', the state
of  Rio de Janeiro to 'brAA-' from 'brAA+', and Minas Gerais to
'brAA' from 'brAAA'.  S&P maintained the negative outlooks on
long-term FC and national scale ratings.

RATIONALE

The rating actions on these local and regional governments (LRGs)
reflect a similar action on Brazil and their close links to the
sovereign.

Amid a deeper and longer economic contraction, Brazilian LRGs are
facing increasing pressures to control or cut expenditures while
their revenues have shrunk, except for the city of Rio de Janeiro.
Under Brazil's economic contraction scenario, S&P expects
Brazilian LRGs' economic growth, employment levels, and revenues
to suffer for the rest of 2015 and 2016.  In addition, they have a
very limited ability to cut costs given their high and
structurally rigid operating expenses and urgent infrastructure
needs.  Therefore, S&P expects LRGs' funding needs to increase
while the central government is likely to further reduce federal
transfers and freeze authorization for new borrowings to LRGs.  In
addition to facing similar economic challenges, the federal
government and LRGs share critical links because they owe most of
their debt to the federal government, receive indirect financing
through public banks such as the Brazilian Development Bank
(BNDES), Banco do Brasil, and Caixa Economica Federal, and require
approval for new debt issuance.

The global long- term ratings on the states of Sao Paulo, Minas
Gerais, and Santa Catarina reflect their own individual credit
profile.  Additionally, S&P continues to think that these states
don't meet the criteria under which it would rate a LRG higher
than its sovereign.

Under this criteria, an LRG can have a higher rating than its
sovereign only if it can maintain stronger credit characteristics
than the sovereign in a stress scenario, has a predictable
institutional framework that limits central government's
interference, and displays high financial flexibility.  S&P thinks
that due to the high debt levels and its overall view of "less
than adequate" or "weak" liquidity, these three states don't meet
this criteria.  Furthermore, their economies are to a large extent
tightly linked with the sovereign's.

S&P also lowered its FC long-term rating on the state of Rio de
Janeiro to 'BB' from 'BB+', and consequently S&P lowered its
national scale on it to 'brAA-' from 'brAA+'.  The outlook on both
ratings is negative because S&P believes the state is likely to
report wider fiscal deficits in a more depressed economy.  Under
such scenario, the state's fiscal performance and liquidity could
further erode in the next two years, comparing weaker than its
national peers.  The state continues struggling to fund its
ambitious infrastructure program.  In addition, its budgetary
constraints stem from interest payments and public payroll and
pension payments that eat up most of its spending, while it has
limited ability to cut its capex plans.  S&P believes that a
weaker economy, characterized by a longer contraction, lower
business confidence, and Petrobras' likely reduced investment amid
lower international oil prices, could further hurt the state's
fiscal profile.

"We believe that given the city of Rio de Janeiro's high cash
reserves, "average" budgetary flexibility, relatively high
operating surplus, moderate debt levels, and strong credit
culture, its creditworthiness should be stronger than Brazil's.
The track record of the city's strong financial management and its
high cash position in relation to financial obligations make the
city's credit quality stronger than its national peers.  As a
result, we continue to rate the city one notch above the
sovereign.  Still, we believe that as Brazilian economy
deteriorates, the city's economy and finances will suffer as well.
Due to our expectation of economic contraction in 2015, we will
continue performing stress tests to determine whether our ratings
on the city can remain above those on the sovereign.  At any
point, if the city doesn't pass the stress, we could downgrade
it," S&P said.

OUTLOOK

The negative outlooks on the states of Sao Paulo, Minas Gerais,
and Santa Catarina mostly reflect the outlook on Brazil because
S&P don't believe these states could have a higher rating than the
one on the sovereign, according to S&P's criteria.  The negative
outlook on the state of Rio de Janeiro reflects S&P's view that
the state is likely to face higher fiscal deficits than its peers
in the next two years amid a likely deeper and longer economic
contraction, hampering its ability to cut its currently high
fiscal deficits.  In addition, S&P expects these states to
continue facing fiscal and financing challenges during 2015 and
2016.  Another downgrade is possible if these states' deficits
after borrowing are consistently wider than S&P's expectations.

The negative outlook on the city of Rio de Janeiro reflects S&P's
belief that there is also greater than one-in-three likelihood of
its downgrade if Brazil's deeper and longer economic contraction
prevents the city from maintaining its rating above the
sovereign's.  Despite the city's "average" budgetary flexibility,
S&P still believes that the links to the state and federal
governments are strong because the city receives about 36% of its
operating revenues from them.  If S&P lowered the sovereign
rating, it would lower the ratings on the city.  Additionally, if
the city, at any point, doesn't pass the stress test due to weaker
liquidity or budgetary flexibility--as a result of limited ability
to adjust expenditures under a prolonged recession period--S&P
would no longer rate it above the FC rating on Brazil.

Brazil's negative outlook reflects S&P's view that there is a
greater than one-in-three likelihood that it could lower its
ratings on Brazil again.  S&P anticipates that within the next
year a downgrade could stem in particular from a further
deterioration of Brazil's fiscal position, or from potential key
policy reversals given the fluid political dynamics, including a
further lack of cohesion within the cabinet.  A downgrade could
also result from greater economic turmoil than S&P currently
expects either due to governability issues or the weakened
external environment.

S&P could revise the outlook to stable if Brazil's political
uncertainties and conditions for consistent policy execution were
to improve across branches of government to staunch fiscal
deterioration and strengthen GDP growth prospects.  S&P expects
that these improvements would support a quicker turnaround and
could help Brazil exit from the current recession, facilitating
improved fiscal performance and providing more room to maneuver in
the face of economic shocks.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Ratings Lowered
                          To             From

State of Rio de Janeiro
Issuer Credit Rating
Global Scale              BB/Neg/--      BB+/Neg./--
Brazilian National Scale  brAA-/Neg./--  brAA+/Neg./--

State of Sao Paulo
Issuer Credit Rating
Global Scale              BB+/Neg./--    BBB-/Neg./--
Brazilian National Scale  brAA+/Neg./--  brAAA/ Neg./--

State of Minas Gerais
Issuer Credit Rating
Global Scal               BB+/Neg./--    BBB-/ Neg./--
Brazilian National Scale  brAA/Neg./--   brAAA/ Neg./--

Santa Catarina (State of)
Issuer Credit Rating
Global Scale              BB+/Neg./--    BBB-/Neg./--
Brazilian National Scale  brAA+/Neg./--  brAAA/Neg. /--

City of Rio de Janeiro
Issuer Credit Rating
Global Scale              BBB-/Neg./A-3  BBB/Neg./A-2
Brazilian National Scale  brAAA/Neg./--  brAAA/Stable/--


SUZANO PAPEL: Fitch Affirms 'BB' IDR, Outlook Positive
------------------------------------------------------
Fitch Ratings has affirmed Suzano Papel e Celulose S.A.'s foreign
currency and local currency Issuer Default Ratings (IDR) at 'BB'.
At the same time, Fitch has upgraded its national scale long-term
rating to 'AA-(bra)' from 'A+(bra)'.  The Rating Outlook for the
corporate ratings is revised to Positive from Stable.

The upgrade of the company's national scale rating was due to the
marked improvement in the company's free cash flow (FCF) due to
the depreciation of the Brazilian real during 2015, which has
reduced the company's cost structure.  Stronger cash flow has
accelerated the deleveraging of Suzano's balance sheet post the
start-up of the Maranhao pulp mill at a pace more rapid than
originally projected.

The Positive Rating Outlook for both the international and
national scale ratings reflects Fitch's expectation that the
company's free cash will remain strong during 2016.  By the end of
next year, Fitch expects Suzano's net leverage to be around 2.5x.
An upgrade could occur if the company's uses its FCF to reduce
gross debt levels to around BRL13 billion if the exchange rates is
in the range of BRL3.5 to BRL3.75.

KEY RATING DRIVERS

Strong Business Position and Liquidity Position

Suzano's ratings continue to reflect the company's leading
position in printing and writing paper and paperboard in Brazil,
and its position as the fifth largest producer of market pulp in
the world.  The ratings also incorporate Suzano's strong liquidity
and comfortable debt amortization schedule, and the expectation
that net leverage will be reduced during 2015 to 2017.

Leverage Will Continue to Decline

Suzano's net debt-to-EBITDA ratio for the latest 12 months (LTM)
was 3.6x as of June 30, 2015, per Fitch's calculation, and should
fall to 2.5x or below by the end of 2016.  Historically, Suzano
has operated with a higher level than its Latin America peer
group, with an average net leverage ratio of 3.6x between 2008 and
2011, and 5.0x between 2012 and 2014. F itch's base case considers
that the company will maintain capex in the next two years around
USD500 million to USD600 million per year as the company scales
back investments.  Net pulp prices are projected to improve from
around USD625 per ton in 2016 to USD675 per ton in 2018.  If
prices were USD100 per ton higher in 2016, the company's net
leverage ratio would decline to around to 2.0x.

Positive Credit Trends

Fitch projects Suzano will lower its net debt by BRL2 billion to
BRL10 billion by the end of 2017.  As of June 30, 2015, the
company had BRL14.7 billion of total debt and BRL2.9 billion of
cash. Fitch expects Suzano to generate about BRL5 billion of
EBITDA and BRL3 billion of funds from operations (FFO) in 2016.
During 2015, the company benefited from the weakening of the
Brazilian real versus the U.S. dollar and strong sales volumes
from its new pulp mill (Maranhao).  Suzano generated BRL3.3
billion of EBITDA, BRL2.7 billion of FFO and BRL663 million of FCF
in the LTM ended June 2015.  This compares with BRL2.4 billion of
EBITDA, BRL1.8 billion of FFO and negative FCF of BRL8 million
during 2014.  Stronger operating cash flow and lower investments
will contribute toward the company's debt reduction strategy.

Solid Business Position

Suzano is the leading producer of printing and writing paper in
Brazil, as well as paperboard, with 1.3 million tons of annual
production capacity.  The company's strong market shares in
uncoated printing and writing paper and in paperboard allow it to
be a price leader in Brazil.  With 3.4 million tons of market pulp
capacity, Suzano is the fifth largest producer of market pulp in
the world.  Like other producers of hardwood pulp in Brazil,
Suzano enjoys a production cost structure that is among the lowest
in the world.  This enables Suzano to generate positive cash flows
during troughs in the pulp and paper cycle, ensuring its long-term
competitiveness.

Significant Forestry Holdings

A key credit consideration that further enhances Suzano's credit
profile is its ownership of about 1 million hectares of land,
where the company developed about 522,000 hectares of eucalyptus
plantations.  The forestry assets are valued at BRL3.9 billion.
Importantly, the nearly ideal conditions for growing trees in the
region make these plantations extremely efficient by global
standards and give the company a sustainable advantage in terms of
cost of fiber and transportation costs between forest and mills.

KEY ASSUMPTIONS

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

   -- Net pulp prices between USD575 and USD625 per ton during
      2015-2017.
   -- Pulp sales volume of 3.4 million tons per year.
   -- Pulp cash cost of USD200/ton.
   -- A Brazilian real weaker than 3.2 BRL/USD.

RATING SENSITIVITIES

Future developments that may individually or collectively lead to
a positive rating action includes:

   -- Material reduction in gross debt to close to BRL13 billion.
   -- Reduction in net leverage to levels consistently below 3.0x
      through the cycle.
   -- Higher than expected cash generation during 2015 and 2016.
   -- Additional proactive steps by the company to materially
      bolster its capital structure in the absence of high
      operating cash flow.
   -- A positive outlook for pulp prices in the next couple of
      years could also bolster the probability of positive rating
      actions.

Future developments that may individually or collectively lead to
a negative rating action includes:

   -- Weaker liquidity position.
   -- Increase in net leverage ratio to levels above 4.5x,
      considering pulp prices at USD600 per ton.
   -- Sharp deterioration of market conditions with significant
      reduction of pulp prices.
   -- A debt financed acquisition.

LIQUIDITY

Suzano has historically maintained a strong cash position.  As of
June 30, 2015, the company had BRL2.9 billion of cash and
marketable securities.  Liquidity covered short-term debt
obligations by a ratio of 1.8x.  Suzano has manageable debt
maturities of BRL2.3 billion up to the end of 2016 and BRL1.3
billion in 2017.  During the first half of 2015, Suzano prepaid
about BRL2.7 billion of debt with BNDES and continued to extend
its debt maturity profile with the issuance of USD600 million
syndicated loan and BRL675 million Export Credit Note.

FULL LIST OF RATING ACTIONS

Fitch has taken these rating actions:

Suzano

   -- Long-term foreign currency Issuer Default Rating (IDR)
      affirmed at 'BB';
   -- Long-term local currency IDR affirmed at 'BB';
   -- Long-term national scale rating upgraded to 'AA-(bra)' from
      'A+(bra)'.

Suzano Trading Ltd.

   -- USD650 million senior notes, due Jan. 23, 2021 and
      guaranteed by Suzano, affirmed at 'BB'.

The Rating Outlook for the corporate ratings is revised to
Positive from Stable.



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


ATR HOLDING: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of ATR Holding received on Sept. 8, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


CHEYNE CDO I: Creditors' Proofs of Debt Due Sept. 21
----------------------------------------------------
The creditors of Cheyne CDO I General Partner Limited are required
to file their proofs of debt by Sept. 21, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 6, 2015.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Jo-Anne Maher
          Telephone: (345) 814-9255
          Facsimile: (345) 949-4647
          94 Solaris Avenue
          Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


FARADAY ADVISORS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Faraday Advisors Ltd. received on Sept. 9,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Amicorp Cayman Fiduciary Ltd
          c/o Daniella Skotnicki
          Ogier, Attorneys
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


GROVE CREDIT: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Grove Credit Investments received on Sept. 9,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Grove Services International Limited
          c/o Daniella Skotnicki
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


KINKOUCHO HOLDING: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Kinkoucho Holding received on Sept. 8, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


NEXUS ENERGY: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Nexus Energy Partners Fund Ltd received on
Aug. 28, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Nexus Asset Management LLC
          c/o Jonathan Turnham
          Ogier, Attorneys
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


NEXUS ENERGY SPC: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Nexus Energy Partners SPC Ltd received on
Aug. 28, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Nexus Asset Management LLC
          c/o Jonathan Turnham
          Ogier, Attorneys
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


OC 527 OFFSHORE: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of OC 527 Offshore Fund, Ltd. received on Sept. 8,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


SAIREF LTD: Commences Liquidation Proceedings
---------------------------------------------
On April 7, 2015, the members of Sairef Ltd. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
April 27, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Harry J. Thompson
          Telephone: (345) 946-4111
          Facsimile: (345) 946-4222
          P.O. Box 32315 Grand Cayman KY1-1209
          Cayman Islands


SUNRISE MARINE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Sunrise Marine Ltd. received on Sept. 14,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Ian Slack
         26 New Street, St. Helier
         Jersey JE2 3RA
         Telephone: + 44 (0) 1534 814814
         Facsimile: + 44 (0) 1534 814815


TREMBLANT SELECT: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Tremblant Select Ltd received on Sept. 8, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Tremblant Select Capital LP
          c/o Daniella Skotnicki
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877



=======
P E R U
=======


CONTINENTAL TRUSTEES LTD: S&P Lowers Rating on Notes to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
20 Peruvian structured finance transactions.  Fifteen of the
transactions are diversified payment rights (DPRs) securitizations
backed by U.S. dollar-denominated Society for Worldwide Interbank
Financial Telecommunications (SWIFT) MT100 or MT200 series payment
order messages, which are a product of the respective Peruvian
bank's international financial operations.  Four transactions are
from BBVA Banco Continental: three are synthetic asset-backed
securities (ABS) transactions that depend on S&P's rating on BBVA
Banco Continental, and one is a residential mortgage-backed
securities (RMBS) transaction.

The rating actions follow several downgrades and affirmations
taken on Sept. 8, 2015, on Peruvian banks after Peru's Banking
Industry Country Risk Assessment (BICRA) was revised.  In S&P's
view, domestic banks now face tougher operating conditions, which
S&P believes weakened their financial profiles, notably their
asset quality and capital and earnings.  These combined effects
have led to the downgrade of five banks.  Standard & Poor's
affirmed its ratings on three banks, reflecting their group or
sovereign support, which offsets the impact of the higher economic
and industry risks in Peru.

The ratings and SPUR on the 15 series backed by DPRs were
unaffected by the Sept. 8, 2015, lowering of S&P's global scale
issuer credit ratings on their respective originator banks;
however, one rating was lowered given that the originator's stand-
alone credit profile was lowered further than its peers.  The
ratings and SPUR on these transactions reflect each bank's ability
to generate the specific flow of receivables that are being
securitized, the transactions' supportive structural features, and
our view of the transactions' sovereign interference risk.

The three ABS synthetic transactions have structures that mirror
the credit risk of the underlying collateral's credit quality in
the form of a participation interest in a senior loan (Continental
Senior Trustees and Continental Senior Trustees II) and a
subordinate loan (Continental Trustee Ltd.) issued by BBVA Banco
Continental S.A. ('BBB/Stable/A-2'), which was downgraded.  The
RMBS notes it issued are backed by a pool of U.S. dollar-
denominated fixed-rate mortgages on residential properties in
Peru.  Based on its good underlying pool performance and the
available credit enhancement, and considering that the downgrade
on BBVA Banco Continental did not affect the assessment as bank
account provider, S&P affirmed its rating on the transaction.

S&P will continue to monitor the ratings on these structured
finance transactions and revise the ratings as necessary to
reflect any changes in the transactions' underlying credit
quality.

RATINGS AFFIRMED

CCR Inc. MT-100 Payment Rights Master Trust
(Underlying collateral: future DPR receivables)
Series            Rating
2006-A            A
2006-A (SPUR)     A
2010-B            A
2010-C            A
2012-A            A
2012-B            A
2012-C            A

Continental DPR Finance Co.
(Underlying collateral: future DPR receivables)
Series            Rating
2008-A            A
2010-A            A
2012-A            A
2012-B            A
2012-C            A
2012-D            A

SBP DPR Finance Co.
(Underlying collateral: future DPR receivables)
Series            Rating
2010-A            A
2010-B            A
2012-A            A

BBVA Banco Continental RMBS (Peru)
(Underlying collateral: fixed-rate mortgages)
Class             Rating
Sr. Notes         BBB (sf)

RATINGS LOWERED

IBK DPR Securitizadora
(Underlying collateral: future DPR receivables)
Series            Rating
             To             From
2009-A       A-             A

Continental Trustees Ltd.
(Underlying collateral: synthetic)
Class             Rating
             To             From
Notes        BB             BB+

Continental Senior Trustees (Cayman) Ltd.
(Underlying collateral: synthetic)
Series             Rating
             To             From
2010         BBB            BBB+

Continental Senior Trustees (Cayman) II Ltd.
(Underlying collateral: synthetic)
Series             Rating
             To             From
2011         BBB            BBB+


CORPORACION LINDLEY: S&P Puts 'BB+' CCR on CreditWatch Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term
corporate credit and issue-level ratings, on Peru-based
Corporacion Lindley S.A.'s on CreditWatch with positive
implications, following the announcement that Arca Continental
S.A.B. de C.V. reached an agreement to acquire 53.16% of
Corporacion Lindley's capital.

The CreditWatch listing follows the announcement that Arca
Continental S.A.B. de C.V. (mxAAA/Stable/--) reached an agreement
to acquire 53.16% of voting shares in Corporacion Lindley S.A.,
from various members of the Lindley family that form its control
group.  Assuming the acquisition is completed, S&P could raise its
ratings on Lindley depending on its assessment of the potential
support from its new parent company.  S&P does not expect
substantial operating changes to Lindley following this
acquisition but S&P believes it could benefit from both the
potential synergies and Arca Continental's expertise in other
countries of Latin America in the bottling industry.
Additionally, S&P don't expect changes in the company's business
or financial risk profiles.  S&P expects the transaction to close
during the fourth quarter of 2015, subject to the antitrust
authority and Arca's shareholders general assembly approvals.

S&P aims to resolve the CreditWatch once the transaction is
completed and it reviews Lindley's importance to and its expected
integration within the new controlling group.  Therefore, S&P
could raise its long-term ratings on Lindley by at least one notch
following the antitrust authority and Arca's shareholder general
assembly approvals.  If for some reason the transaction is not
completed, S&P would affirm the ratings with a stable outlook.



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


BTB CORP: Had Until Sept. 14 to File Ch. 11 Plan, Disclosures
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico,
according to minutes of hearing held on Aug. 5, 2015, directed BTB
Corporation to file the Chapter 11 Plan and explanatory Disclosure
Statement by Sept. 14, 2015.  The hearing on approval of the
Disclosure Statement is scheduled for Oct. 28, 2015, at 9:00 a.m.

                      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
assets.

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


HORNED DORSET: Bennazar Garcia Okayed to Handle State Court Suits
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
authorized Horned Dorset Primavera Inc. to employ Bennazar, Garcia
& Milian Law Firm as special counsel.

The Debtor stated that as of the Petition Date, several complaints
were pending in a state court in which the Debtor asserted
affirmative defenses against the plaintiff's claims.  The
litigation in the cases were being handled as of the date of the
petition by counsel Antonio Juan Bennazar, Esq., partner in
Bennazar Garcia.

The Debtor has determined that the prosecution of the valid claims
would benefit the estate and decided to retain Mr. Bennazar to
appear on its behalf and continue the litigation before the State
Court Aguada Branch.

The representation entails:

   (a) preparation of the necessary motions, answer, order,
reports, memoranda of law or any other legal document related to
the prosecution of the claim for damages before the State Court;
and

   (b) appear before the State Court at any and all hearings, or
any other court in which the Debtor asserts a claim interest or
defense directly or indirectly related to the issues pending
before the State Court.

The firm has represented the Debtor for the past 30 years, thus is
knowledgeable of all matters concerning the sale of the property
to Inmobiliaria T & M Inc., the granting of the Right of Usufruct
over said property.

The hourly rates of the firm's personnel are:

         Partners                         $250
         Associate Lawyers                $125
         Paralegals                        $50

The firm will also charge actual and necessary expenses incurred
in the prosecution of the matters.

To the best of the Debtor's knowledge, the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                   About The Horned Dorset Primavera

The Horned Dorset Primavera Inc. operates the Horned Dorset
Primavera, a small luxury hotel located in northwestern Puerto
Rico, two miles from the town of Rincon.  The hotel --
http://www.horneddorset.net/-- is set among rolling hills at the
edge of the beautiful Caribbean Sea and is known for reserved
European service executed in an atmosphere unique in  Puerto Rico
and the award-winning Restaurant Aaron.  The hotel is a member of
Relais & Chateaux.

The Horned Dorset Primavera Inc. commenced a Chapter 11 bankruptcy
case (Bankr. D.P.R. Case No. 15-03837) in Old San Juan, Puerto
Rico on May 22, 2015.

According to the docket, the Debtor's Chapter 11 plan is due
Nov. 18, 2015.

The Debtor has tapped Isabel M. Fullana, Esq., at Garcia Arregui &
Fullana PSC, as counsel.


PUERTO RICO: Fitch Expects to Cut Rating to 'C' on Restructuring
----------------------------------------------------------------
Fitch says the Puerto Rico Fiscal and Economic Growth Plan (FEGP)
released Sept. 9 is another indication that the commonwealth plans
to broadly restructure its debt, and all of its credits are at
risk of restructuring.  The government's direction and
interactions with debtholders are highly dynamic, limiting the
predictability of outcomes.  The rating for all of the
commonwealth debt rated by Fitch is 'CC', Rating Watch Negative,
which indicates Fitch's view that default of some kind appears
probable.

As the commonwealth's restructuring plans become clearer, Fitch
expects to downgrade to 'C' on a security-specific basis at the
point that default pursuant to Fitch's rating definitions appears
to be inevitable.  Fitch's public finance ratings do not address
the loss given default of the rated liability.

The FEGP is the product of a working group that Puerto Rico's
governor created this summer after he declared that the
commonwealth's debt is unpayable in aggregate, without
distinguishing among its numerous securities.  The FEGP recommends
that the commonwealth's advisors begin work on a voluntary
exchange offer to its various creditors.

Reducing the commonwealth's debt burden is one of the stated key
objectives of the FEGP.  The working group has drafted legislation
that would require the commonwealth to submit a consolidated five-
year FEGP by the end of the second quarter of fiscal 2016 to a new
control board that would be created by the same legislation.
Beyond debt restructuring, a significant number of the working
group's proposals rely on action by the federal government.  In
Fitch's view, political challenges to action at the federal level
and in the commonwealth's Legislature are likely and the outcome
is uncertain.

Following is the list of commonwealth credits rated by Fitch, all
at 'CC' Rating Watch Negative:

   -- Commonwealth of Puerto Rico GO and GO-guaranteed bonds;
   -- Puerto Rico Sales Tax Financing Corporation (COFINA) senior
      and subordinate lien sales tax revenue bonds;
   -- Employees Retirement System of the Commonwealth of Puerto
      Rico (ERS) pension funding bonds;
   -- Puerto Rico Aqueduct and Sewer Authority (PRASA) senior lien
      revenue bonds;
   -- Puerto Rico Electric Power Authority (PREPA) power revenue
      bonds.


UNIVERSITY OF PUERTO RICO: S&P Lowers Longterm Rating to 'CC'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating
and underlying rating (SPUR) to 'CC' from 'CCC-' on the University
of Puerto Rico (UPR) existing university system revenue bonds.
Some of these bonds were issued by the Puerto Rico Industrial,
Tourist, Educational, Medical, and Environmental Control
Facilities Authority.  In addition, S&P withdrew the stand-alone
credit profile (SACP) on the university.  S&P no longer considers
UPR a government-related entity given the inability of the
commonwealth to provide extraordinary support.

The downgrade reflects the downgrade of the general obligation
rating on the Commonwealth of Puerto Rico to CC/Negative.  The
rating on the university has moved in tandem with the commonwealth
rating given the university's significant dependence on the
commonwealth (about 68% of 2014 revenues).  Although
appropriations are not pledged to the bonds, they make up the
largest portion of revenues available for operations.  Any delay
or reduction in appropriations could have a serious effect on the
university's operations.

The university system's revenue bonds are obligations of the
University of Puerto Rico, secured primarily by a first lien on
tuition and fees and certain other specifically pledged revenues.
S&P views this as an unlimited student fee equivalent pledge.

The negative outlook mirrors that on the general obligation bonds
of Puerto Rico in that S&P could lower the rating on the
university if the rating on Puerto Rico falls or if the state
appropriation payment to the university is delayed or reduced such
that operating liquidity is pressured.  Given the negative outlook
on Puerto Rico, S&P do not believe a positive rating action on the
university is possible during the one-year outlook period.



=================
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          285996574      -543142756
AGRENCO LTD-BDR        AGEN33          285996574      -543142756
AGRENCO LTD-BDR        AGEN11          285996574      -543142756
ARTHUR LAN-DVD C       ARLA11           11642255       -17154460
ARTHUR LAN-DVD P       ARLA12           11642255       -17154460
ARTHUR LANGE            ARLA3           11642255       -17154460
ARTHUR LANGE SA        ALICON           11642255       -17154460
ARTHUR LANGE-PRF        ARLA4           11642255       -17154460
ARTHUR LANGE-PRF       ALICPN           11642255       -17154460
ARTHUR LANG-RC C        ARLA9           11642255       -17154460
ARTHUR LANG-RC P       ARLA10           11642255       -17154460
ARTHUR LANG-RT C        ARLA1           11642255       -17154460
ARTHUR LANG-RT P        ARLA2           11642255       -17154460
BALADARE                BLDR3          159449535       -52990724
BATTISTELLA             BTTL3           59711286       -33374425
BATTISTELLA-PREF        BTTL4           59711286       -33374425
BATTISTELLA-RECE        BTTL9           59711286       -33374425
BATTISTELLA-RECP       BTTL10           59711286       -33374425
BATTISTELLA-RI P        BTTL2           59711286       -33374425
BATTISTELLA-RIGH        BTTL1           59711286       -33374425
BI CIA SECURITIZ         BICS           38231827         -584102
BOMBRIL                 BMBBF          256955171       -24963790
BOMBRIL                 FPXE4           19416014      -489914853
BOMBRIL                 BOBR3          256955171       -24963790
BOMBRIL - RTS          BOBR11          256955171       -24963790
BOMBRIL CIRIO SA       BOBRON          256955171       -24963790
BOMBRIL CIRIO-PF       BOBRPN          256955171       -24963790
BOMBRIL HOLDING         FPXE3           19416014      -489914853
BOMBRIL SA-ADR          BMBPY          256955171       -24963790
BOMBRIL SA-ADR          BMBBY          256955171       -24963790
BOMBRIL-PREF            BOBR4          256955171       -24963790
BOMBRIL-RGTS PRE        BOBR2          256955171       -24963790
BOMBRIL-RIGHTS          BOBR1          256955171       -24963790
BOTUCATU TEXTIL         STRP3           27663605        -7174512
BOTUCATU-PREF           STRP4           27663605        -7174512
BUETTNER                BUET3           82872146       -36299304
BUETTNER SA            BUETON           82872146       -36299304
BUETTNER SA-PRF        BUETPN           82872146       -36299304
BUETTNER SA-RT P        BUET2           82872146       -36299304
BUETTNER SA-RTS         BUET1           82872146       -36299304
BUETTNER-PREF           BUET4           82872146       -36299304
CAF BRASILIA            CAFE3          160933830      -149277092
CAF BRASILIA-PRF        CAFE4          160933830      -149277092
CAFE BRASILIA SA       CSBRON          160933830      -149277092
CAFE BRASILIA-PR       CSBRPN          160933830      -149277092
CEEE-D                  CEED3         1060724542        -3299108
CEEE-D                 CEED3B         1060724542        -3299108
CEEE-D-PREF             CEED4         1060724542        -3299108
CEEE-D-PREF            CEED4B         1060724542        -3299108
CELGPAR                 GPAR3          206352324      -953477771
CELGPAR-RTS            GPAR11          206352324      -953477771
CIA PETROLIFERA         MRLM3          377592596        -3014215
CIA PETROLIFERA        MRLM3B          377592596        -3014215
CIA PETROLIFERA        1CPMON          377592596        -3014215
CIA PETROLIF-PRF        MRLM4          377592596        -3014215
CIA PETROLIF-PRF       MRLM4B          377592596        -3014215
CIA PETROLIF-PRF       1CPMPN          377592596        -3014215
CIMOB PARTIC SA         GAFP3           44047412       -45669964
CIMOB PARTIC SA         GAFON           44047412       -45669964
CIMOB PART-PREF         GAFP4           44047412       -45669964
CIMOB PART-PREF         GAFPN           44047412       -45669964
COBRASMA                CBMA3           52538544     -1986594292
COBRASMA SA            COBRON           52538544     -1986594292
COBRASMA SA-PREF       COBRPN           52538544     -1986594292
COBRASMA-PREF           CBMA4           52538544     -1986594292
D H B                   DHBI3           94806424      -188014922
D H B-PREF              DHBI4           94806424      -188014922
DHB IND E COM           DHBON           94806424      -188014922
DHB IND E COM-PR        DHBPN           94806424      -188014922
DOC IMBITUBA            IMBI3          103926124       -44366335
DOC IMBITUBA-RT      8218594Q          103926124       -44366335
DOC IMBITUBA-RT      9866923Q          103926124       -44366335
DOC IMBITUBA-RT         IMBI1          103926124       -44366335
DOC IMBITUBA-RTC     8174503Q          103926124       -44366335
DOC IMBITUBA-RTP     8174507Q          103926124       -44366335
DOC IMBITUB-PREF        IMBI4          103926124       -44366335
DOCA INVESTIMENT        DOCA3          187044412      -204249587
DOCA INVEST-PREF        DOCA4          187044412      -204249587
DOCAS IMBITUBA         IMBION          103926124       -44366335
DOCAS IMBITUB-PR       IMBIPN          103926124       -44366335
DOCAS SA               DOCAON          187044412      -204249587
DOCAS SA-PREF          DOCAPN          187044412      -204249587
DOCAS SA-RTS PRF        DOCA2          187044412      -204249587
EBX BRASIL SA           CTMN3         2341831724      -578077527
EDELAP-B                 ELAP          228302327       -21022097
EDELAP-B                ELAPC          228302327       -21022097
EDELAP-B                ELAPD          228302327       -21022097
ELEC ARG SA-PREF        EASA6         1019816241       -75790649
ELEC ARGENT-ADR          EASA         1019816241       -75790649
ELEC DE ARGE-ADR        1262Q         1019816241       -75790649
ELECTRICIDAD ARG     3447811Z         1019816241       -75790649
EMPRESA DISTRI-A     0122195D          228302327       -21022097
EMPRESA DISTRI-C     0122369D          228302327       -21022097
ESTRELA SA              ESTR3           63482896       -99406808
ESTRELA SA             ESTRON           63482896       -99406808
ESTRELA SA-PREF         ESTR4           63482896       -99406808
ESTRELA SA-PREF        ESTRPN           63482896       -99406808
F GUIMARAES             FGUI3           11016542      -151840378
F GUIMARAES-PREF        FGUI4           11016542      -151840378
FABRICA RENAUX          FTRX3           66603695       -76419246
FABRICA RENAUX         FRNXON           66603695       -76419246
FABRICA RENAUX-P        FTRX4           66603695       -76419246
FABRICA RENAUX-P       FRNXPN           66603695       -76419246
FABRICA TECID-RT        FTRX1           66603695       -76419246
FER HAGA-PREF           HAGA4           15936122       -26674218
FERRAGENS HAGA         HAGAON           15936122       -26674218
FERRAGENS HAGA-P       HAGAPN           15936122       -26674218
FERREIRA GUIMARA       FGUION           11016542      -151840378
FERREIRA GUIM-PR       FGUIPN           11016542      -151840378
FORJA TAURUS           FJTA11          315868563       -18371045
FORJA TAURUS           FJTA12          315868563       -18371045
FORJA TAURUS            FORJF          315868563       -18371045
FORJA TAURUS            FJTA3          315868563       -18371045
FORJA TAURUS-PRF        FORZF          315868563       -18371045
FORJA TAURUS-PRF        FJTA4          315868563       -18371045
FORJA TAURUS-RCT     1272182D          315868563       -18371045
FORJA TAURUS-RCT     1272184D          315868563       -18371045
FORJA TAURUS-RCT     1304888D          315868563       -18371045
FORJA TAURUS-RCT     1304790D          315868563       -18371045
FORJA TAURUS-RTS     1272180D          315868563       -18371045
FORJA TAURUS-RTS     1272181D          315868563       -18371045
FORJA TAURUS-RTS     1304881D          315868563       -18371045
FORJA TAURUS-RTS     1304791D          315868563       -18371045
FORJA TAURUS-RTS        FJTA2          315868563       -18371045
FORJA TAURUS-RTS        FJTA1          315868563       -18371045
FORJA TAURUS-RTS       FJTA10          315868563       -18371045
FORJAS TAURUS SA       TAUSON          315868563       -18371045
FORJAS TAURUS-PR       TAUSPN          315868563       -18371045
GOL                     GOLL3         3173611977      -465114406
GOL PREF - RCT       1303123D         3173611977      -465114406
GOL PREF - RTS       1303121D         3173611977      -465114406
GOL PREF - RTS          GOLL2         3173611977      -465114406
GOL-ADR                   GOL         3173611977      -465114406
GOL-ADR                   GOQ         3173611977      -465114406
GOL-ADR                     GOLN      3173611977      -465114406
GOL-PREF                GOLL4         3173611977      -465114406
GOL-RCT              0113335D         3173611977      -465114406
GOL-RCT              0113338D         3173611977      -465114406
GOL-RCT                 GOLL9         3173611977      -465114406
GOL-RCT              1003238D         3173611977      -465114406
GOL-RT               0113333D         3173611977      -465114406
GOL-RT               0113334D         3173611977      -465114406
GOL-RT                  GOLL1         3173611977      -465114406
GOL-RT               1003237D         3173611977      -465114406
GRADIENTE ELETR         IGBON          183430930      -135324913
GRADIENTE EL-PRA        IGBAN          183430930      -135324913
GRADIENTE EL-PRB        IGBBN          183430930      -135324913
GRADIENTE EL-PRC        IGBCN          183430930      -135324913
GRADIENTE-PREF A        IGBR5          183430930      -135324913
GRADIENTE-PREF B        IGBR6          183430930      -135324913
GRADIENTE-PREF C        IGBR7          183430930      -135324913
HAGA                    HAGA3           15936122       -26674218
HOPI HARI SA            PQTM3          135437870       -15815342
HOPI HARI-PREF          PQTM4          135437870       -15815342
HOTEIS OTHON SA         HOOT3          179057269       -20332808
HOTEIS OTHON SA        HOTHON          179057269       -20332808
HOTEIS OTHON-PRF        HOOT4          179057269       -20332808
HOTEIS OTHON-PRF       HOTHPN          179057269       -20332808
IGB ELETRONICA          IGBR3          183430930      -135324913
IGUACU CAFE             IGUA3          190073766       -74308212
IGUACU CAFE            IGCSON          190073766       -74308212
IGUACU CAFE             IGUCF          190073766       -74308212
IGUACU CAFE-PR A        IGUA5          190073766       -74308212
IGUACU CAFE-PR A       IGCSAN          190073766       -74308212
IGUACU CAFE-PR A        IGUAF          190073766       -74308212
IGUACU CAFE-PR B        IGUA6          190073766       -74308212
IGUACU CAFE-PR B       IGCSBN          190073766       -74308212
IMPSAT FIBER NET        IMPTQ          535007008       -17164978
IMPSAT FIBER NET      330902Q          535007008       -17164978
IMPSAT FIBER NET        XIMPT          535007008       -17164978
IMPSAT FIBER-$US        IMPTD          535007008       -17164978
IMPSAT FIBER-BLK        IMPTB          535007008       -17164978
IMPSAT FIBER-C/E        IMPTC          535007008       -17164978
IMPSAT FIBER-CED         IMPT          535007008       -17164978
INEPAR                  INEP3          832445178      -356470593
INEPAR BONUS B         INEP12          832445178      -356470593
INEPAR SA              INPRON          832445178      -356470593
INEPAR SA-PREF         INPRPN          832445178      -356470593
INEPAR-COM DVD         INEP11          832445178      -356470593
INEPAR-PREF             INEP4          832445178      -356470593
INEPAR-PRF DVD         INEP13          832445178      -356470593
INEPAR-RCT ORD       3697790Q          832445178      -356470593
INEPAR-RCT ORD          INEP9          832445178      -356470593
INEPAR-RCT PREF      3697794Q          832445178      -356470593
INEPAR-RCT PREF        INEP10          832445178      -356470593
INEPAR-RT ORD        3697782Q          832445178      -356470593
INEPAR-RT ORD           INEP1          832445178      -356470593
INEPAR-RT PREF       3697786Q          832445178      -356470593
INEPAR-RT PREF          INEP2          832445178      -356470593
INPAR SA             0614469D          472874908        -9626316
INPAR SA             0614470D          472874908        -9626316
INPAR SA                INPR3          472874908        -9626316
INPAR SA                INPR1          472874908        -9626316
INPAR SA                INPR9          472874908        -9626316
INPAR-S GDR REGS        INASL          472874908        -9626316
INVERS ELEC BUEN        IEBAA          213542509       -68439920
INVERS ELEC BUEN        IEBAB          213542509       -68439920
INVERS ELEC BUEN         IEBA          213542509       -68439920
KARSTEN                 CTKCF           91824644       -28389070
KARSTEN                 CTKON           91824644       -28389070
KARSTEN SA              CTKA3           91824644       -28389070
KARSTEN SA - RCT        CTKA9           91824644       -28389070
KARSTEN SA - RCT       CTKA10           91824644       -28389070
KARSTEN SA - RTS        CTKA1           91824644       -28389070
KARSTEN SA - RTS        CTKA2           91824644       -28389070
KARSTEN-PREF            CTKPF           91824644       -28389070
KARSTEN-PREF            CTKA4           91824644       -28389070
KARSTEN-PREF            CTKPN           91824644       -28389070
KOSMOS COMERCIO         LOAR4           39089446     -2523382189
LAEP INVES-BDR B     0163599D          222902269      -255311026
LAEP INVESTMEN-B     0122427D          222902269      -255311026
LAEP INVESTMENTS         LEAP          222902269      -255311026
LAEP-BDR               MILK33          222902269      -255311026
LAEP-BDR               MILK11          222902269      -255311026
LOJAS ARAPUA            LOAR3           39089446     -2523382189
LOJAS ARAPUA           LOARON           39089446     -2523382189
LOJAS ARAPUA-GDR        3429T           39089446     -2523382189
LOJAS ARAPUA-GDR        LJPSF           39089446     -2523382189
LOJAS ARAPUA-PRF       LOARPN           39089446     -2523382189
LOJAS ARAPUA-PRF       52353Z           39089446     -2523382189
LUPATECH SA             LUPA3          301912839       -18027616
LUPATECH SA             LUPTF          301912839       -18027616
LUPATECH SA             LUPAF          301912839       -18027616
LUPATECH SA             LUPTQ          301912839       -18027616
LUPATECH SA -RCT        LUPA9          301912839       -18027616
LUPATECH SA-ADR         LUPAY          301912839       -18027616
LUPATECH SA-ADR         LUPAQ          301912839       -18027616
LUPATECH SA-ADR         LUPAD          301912839       -18027616
LUPATECH SA-RT         LUPA11          301912839       -18027616
LUPATECH SA-RTS      1041054D          301912839       -18027616
LUPATECH SA-RTS         LUPA1          301912839       -18027616
MANGELS INDL            MGEL3          134962177       -67749528
MANGELS INDL SA        MISAON          134962177       -67749528
MANGELS INDL-PRF        MGIRF          134962177       -67749528
MANGELS INDL-PRF        MGEL4          134962177       -67749528
MANGELS INDL-PRF       MISAPN          134962177       -67749528
MET DUQUE               DUQE3           75039127        -2847420
MET DUQUE               MDUON           75039127        -2847420
MET DUQUE-PREF          DUQE4           75039127        -2847420
MET DUQUE-PREF          MDUPN           75039127        -2847420
METROGAS SA              MGAI          395437653       -33187927
METROGAS SA-A         153255Z          395437653       -33187927
METROGAS SA-C         153263Z          395437653       -33187927
METROGAS-ADR              MGS          395437653       -33187927
METROGAS-ADR             MGSA          395437653       -33187927
METROGAS-B              MGSBF          395437653       -33187927
METROGAS-B               METR          395437653       -33187927
METROGAS-B              METRC          395437653       -33187927
METROGAS-B              METRD          395437653       -33187927
METROGAS-B               MGSB          395437653       -33187927
METROGAS-B BLOCK        METRB          395437653       -33187927
MINUPAR                 MNPR3           70200522       -79362709
MINUPAR SA             MNPRON           70200522       -79362709
MINUPAR SA-PREF        MNPRPN           70200522       -79362709
MINUPAR-PREF            MNPR4           70200522       -79362709
MINUPAR-RCT          9314634Q           70200522       -79362709
MINUPAR-RCT          0599564D           70200522       -79362709
MINUPAR-RCT             MNPR9           70200522       -79362709
MINUPAR-RT           9314542Q           70200522       -79362709
MINUPAR-RT           0599562D           70200522       -79362709
MINUPAR-RTS             MNPR1           70200522       -79362709
MMX MINERACA-GDR        MMXMY          135425661      -367990919
MMX MINERACA-GDR     0567931D          135425661      -367990919
MMX MINERACA-GDR         3M11          135425661      -367990919
MMX MINERACA-GDR        MMXMD          135425661      -367990919
MMX MINERACAO           TRES3          135425661      -367990919
MMX MINERACAO           MMXCF          135425661      -367990919
MMX MINERACAO          MMXM11          135425661      -367990919
MMX MINERACAO           MMXXF          135425661      -367990919
MMX MINERACAO           MMXM3          135425661      -367990919
MMX MINERACAO-RT     4111484Q          135425661      -367990919
MMX MINERACAO-RT     0626050D          135425661      -367990919
MMX MINERACA-RCT     4111488Q          135425661      -367990919
MMX MINERACA-RCT     0626051D          135425661      -367990919
MMX MINERACA-RCT        MMXM9          135425661      -367990919
MMX MINERACA-RTS        MMXM1          135425661      -367990919
MORIXE HERM-5 VT        MORI5           19006540         -928834
MORIXE HERMAN-BL        MORIB           19006540         -928834
MORIXE HERMANOS          MORI           19006540         -928834
MORIXE HERMANOS         MORID           19006540         -928834
MORIXE HERMANOS         MORIC           19006540         -928834
NOVA AMERICA SA         NOVA3           21287489      -183535526
NOVA AMERICA SA        NOVA3B           21287489      -183535526
NOVA AMERICA SA        NOVAON           21287489      -183535526
NOVA AMERICA SA        1NOVON           21287489      -183535526
NOVA AMERICA-PRF        NOVA4           21287489      -183535526
NOVA AMERICA-PRF       NOVA4B           21287489      -183535526
NOVA AMERICA-PRF       NOVAPN           21287489      -183535526
NOVA AMERICA-PRF       1NOVPN           21287489      -183535526
OL PREF - RCT          GOLL10         3173611977      -465114406
OSX BRASIL - RTS     0701756D         2341831724      -578077527
OSX BRASIL - RTS     0701757D         2341831724      -578077527
OSX BRASIL - RTS     0812903D         2341831724      -578077527
OSX BRASIL - RTS     0812904D         2341831724      -578077527
OSX BRASIL - RTS        OSXB1         2341831724      -578077527
OSX BRASIL - RTS        OSXB9         2341831724      -578077527
OSX BRASIL SA           OSXB3         2341831724      -578077527
OSX BRASIL SA           EBXB3         2341831724      -578077527
OSX BRASIL SA           OSXRF         2341831724      -578077527
OSX BRASIL S-GDR        OSXRY         2341831724      -578077527
PADMA INDUSTRIA         LCSA4          388720096      -213641152
PARMALAT                LCSA3          388720096      -213641152
PARMALAT BRASIL        LCSAON          388720096      -213641152
PARMALAT BRAS-PF       LCSAPN          388720096      -213641152
PARMALAT BR-RT C        LCSA5          388720096      -213641152
PARMALAT BR-RT P        LCSA6          388720096      -213641152
PARQUE TEM-DV CM         PQT5          135437870       -15815342
PARQUE TEM-DV PF         PQT6          135437870       -15815342
PARQUE TEM-RCT C        PQTM9          135437870       -15815342
PARQUE TEM-RCT P       PQTM10          135437870       -15815342
PARQUE TEM-RT CM        PQTM1          135437870       -15815342
PARQUE TEM-RT PF        PQTM2          135437870       -15815342
PET MANG-RECEIPT     0229292Q          146857128      -409610413
PET MANG-RECEIPT     0229296Q          146857128      -409610413
PET MANG-RECEIPT        RPMG9          146857128      -409610413
PET MANG-RECEIPT       RPMG10          146857128      -409610413
PET MANG-RIGHTS      3678565Q          146857128      -409610413
PET MANG-RIGHTS      3678569Q          146857128      -409610413
PET MANG-RT          4115360Q          146857128      -409610413
PET MANG-RT          4115364Q          146857128      -409610413
PET MANG-RT          0229249Q          146857128      -409610413
PET MANG-RT          0229268Q          146857128      -409610413
PET MANG-RT             RPMG2          146857128      -409610413
PET MANG-RT          0848424D          146857128      -409610413
PET MANG-RTS         1227980D          146857128      -409610413
PET MANGUINH-PRF        RPMG4          146857128      -409610413
PET MANGUINH-RTS        RPMG1          146857128      -409610413
PETRO MANGUINHOS        RPMG3          146857128      -409610413
PETRO MANGUINHOS       MANGON          146857128      -409610413
PETRO MANGUIN-PF       MANGPN          146857128      -409610413
PILMAIQUEN            PILMAIQ          165119822       -32646104
PORTX OPERACOES         PRTX3          976769385        -9407990
PORTX OPERA-GDR         PXTPY          976769385        -9407990
PUYEHUE                 PUYEH           17660617        -6652295
PUYEHUE RIGHT        PUYEHUOS           17660617        -6652295
RB CAPITAL             RBCS3B           13996658            -815
RECRUSUL                RCSL3           14029394       -32749735
RECRUSUL - RCT       4529789Q           14029394       -32749735
RECRUSUL - RCT       4529793Q           14029394       -32749735
RECRUSUL - RCT       0163582D           14029394       -32749735
RECRUSUL - RCT       0163583D           14029394       -32749735
RECRUSUL - RCT       0614675D           14029394       -32749735
RECRUSUL - RCT       0614676D           14029394       -32749735
RECRUSUL - RCT         RCSL10           14029394       -32749735
RECRUSUL - RT        4529781Q           14029394       -32749735
RECRUSUL - RT        4529785Q           14029394       -32749735
RECRUSUL - RT        0163579D           14029394       -32749735
RECRUSUL - RT        0163580D           14029394       -32749735
RECRUSUL - RT        0614673D           14029394       -32749735
RECRUSUL - RT        0614674D           14029394       -32749735
RECRUSUL SA            RESLON           14029394       -32749735
RECRUSUL SA-PREF       RESLPN           14029394       -32749735
RECRUSUL SA-RCT         RCSL9           14029394       -32749735
RECRUSUL SA-RTS         RCSL1           14029394       -32749735
RECRUSUL SA-RTS         RCSL2           14029394       -32749735
RECRUSUL-BON RT        RCSL11           14029394       -32749735
RECRUSUL-BON RT        RCSL12           14029394       -32749735
RECRUSUL-PREF           RCSL4           14029394       -32749735
RENAUXVIEW SA           TXRX3           35618784       -79358528
RENAUXVIEW SA-PF        TXRX4           35618784       -79358528
RIMET                   REEM3          103098359      -185417651
RIMET                  REEMON          103098359      -185417651
RIMET-PREF              REEM4          103098359      -185417651
RIMET-PREF             REEMPN          103098359      -185417651
RIOSULENSE SA           RSUL3           59211114        -1322540
RIOSULENSE SA          RSULON           59211114        -1322540
RIOSULENSE SA-PR        RSUL4           59211114        -1322540
RIOSULENSE SA-PR       RSULPN           59211114        -1322540
SANESALTO               SNST3           16282468        -4707586
SANSUY                  SNSY3          142208953      -165790983
SANSUY SA              SNSYON          142208953      -165790983
SANSUY SA-PREF A       SNSYAN          142208953      -165790983
SANSUY SA-PREF B       SNSYBN          142208953      -165790983
SANSUY-PREF A           SNSY5          142208953      -165790983
SANSUY-PREF B           SNSY6          142208953      -165790983
SCHLOSSER               SCLO3           35479692       -46000438
SCHLOSSER SA            SCHON           35479692       -46000438
SCHLOSSER SA-PRF        SCHPN           35479692       -46000438
SCHLOSSER-PREF          SCLO4           35479692       -46000438
SNIAFA SA                SNIA           11229696        -2670545
SNIAFA SA-B             SDAGF           11229696        -2670545
SNIAFA SA-B             SNIA5           11229696        -2670545
STAROUP SA             STARON           27663605        -7174512
STAROUP SA-PREF        STARPN           27663605        -7174512
TEC TOY SA-PF B         TOYB6           12406257        -2797000
TEC TOY SA-PREF         TOYDF           12406257        -2797000
TEC TOY SA-PREF         TOYB5           12406257        -2797000
TEC TOY-RCT          7335626Q           12406257        -2797000
TEC TOY-RCT          7335630Q           12406257        -2797000
TEC TOY-RCT          1254572D           12406257        -2797000
TEC TOY-RCT          1254573D           12406257        -2797000
TEC TOY-RT           7335610Q           12406257        -2797000
TEC TOY-RT           7335614Q           12406257        -2797000
TEC TOY-RT           1254570D           12406257        -2797000
TEC TOY-RT           1254571D           12406257        -2797000
TECTOY                  TOYB3           12406257        -2797000
TECTOY                 TOYB13           12406257        -2797000
TECTOY - RCT            TOYB9           12406257        -2797000
TECTOY - RTS            TOYB1           12406257        -2797000
TECTOY - RTS            TOYB2           12406257        -2797000
TECTOY SA              TOYBON           12406257        -2797000
TECTOY SA-PREF         TOYBPN           12406257        -2797000
TECTOY-PF-RTS5/6       TOYB11           12406257        -2797000
TECTOY-PREF             TOYB4           12406257        -2797000
TECTOY-RCPT PF B       TOYB12           12406257        -2797000
TEKA                    TKTQF          271521130      -360176693
TEKA                    TEKA3          271521130      -360176693
TEKA                   TEKAON          271521130      -360176693
TEKA-ADR                TEKAY          271521130      -360176693
TEKA-ADR                TKTPY          271521130      -360176693
TEKA-ADR                TKTQY          271521130      -360176693
TEKA-PREF               TKTPF          271521130      -360176693
TEKA-PREF               TEKA4          271521130      -360176693
TEKA-PREF              TEKAPN          271521130      -360176693
TEKA-RCT                TEKA9          271521130      -360176693
TEKA-RCT               TEKA10          271521130      -360176693
TEKA-RTS                TEKA1          271521130      -360176693
TEKA-RTS                TEKA2          271521130      -360176693
TELEBRAS SA             TELB3          628229764       -46558625
TELEBRAS SA            TLBRON          628229764       -46558625
TELEBRAS SA             TBASF          628229764       -46558625
TELEBRAS SA-PREF        TELB4          628229764       -46558625
TELEBRAS SA-PREF       TLBRPN          628229764       -46558625
TELEBRAS SA-RCT         TELB9          628229764       -46558625
TELEBRAS SA-RT       0250949D          628229764       -46558625
TELEBRAS/W-I-ADR        TBH-W          628229764       -46558625
TELEBRAS-ADR            TBAPY          628229764       -46558625
TELEBRAS-ADR            TBRAY          628229764       -46558625
TELEBRAS-ADR              TBH          628229764       -46558625
TELEBRAS-ADR              TBX          628229764       -46558625
TELEBRAS-ADR              RTB          628229764       -46558625
TELEBRAS-ADR            TBASY          628229764       -46558625
TELEBRAS-BLOCK         TELB30          628229764       -46558625
TELEBRAS-CED C/E        TEL4C          628229764       -46558625
TELEBRAS-CEDE BL        RCT4B          628229764       -46558625
TELEBRAS-CEDE PF        RCTB4          628229764       -46558625
TELEBRAS-CEDE PF        RCT4C          628229764       -46558625
TELEBRAS-CEDE PF        RCT4D          628229764       -46558625
TELEBRAS-CEDE PF        TELB4          628229764       -46558625
TELEBRAS-CEDEA $        TEL4D          628229764       -46558625
TELEBRAS-CM RCPT       RCTB31          628229764       -46558625
TELEBRAS-CM RCPT       TELE31          628229764       -46558625
TELEBRAS-CM RCPT        TBRTF          628229764       -46558625
TELEBRAS-CM RCPT       RCTB32          628229764       -46558625
TELEBRAS-CM RCPT       RCTB30          628229764       -46558625
TELEBRAS-COM RT      0250948D          628229764       -46558625
TELEBRAS-COM RTS        TELB1          628229764       -46558625
TELEBRAS-PF BLCK       TELB40          628229764       -46558625
TELEBRAS-PF RCPT        CBRZF          628229764       -46558625
TELEBRAS-PF RCPT       RCTB41          628229764       -46558625
TELEBRAS-PF RCPT       TELE41          628229764       -46558625
TELEBRAS-PF RCPT       RCTB42          628229764       -46558625
TELEBRAS-PF RCPT       RCTB40          628229764       -46558625
TELEBRAS-PF RCPT        TBAPF          628229764       -46558625
TELEBRAS-PF RCPT       TLBRUP          628229764       -46558625
TELEBRAS-RCT           RCTB33          628229764       -46558625
TELEBRAS-RCT PRF       TELB10          628229764       -46558625
TELEBRAS-RECEIPT       TLBRUO          628229764       -46558625
TELEBRAS-RTS CMN        RCTB1          628229764       -46558625
TELEBRAS-RTS CMN        TCLP1          628229764       -46558625
TELEBRAS-RTS PRF        RCTB2          628229764       -46558625
TELEBRAS-RTS PRF        TLCP2          628229764       -46558625
TELECOMUNICA-ADR       81370Z          628229764       -46558625
TEXTEIS RENA-RCT        TXRX9           35618784       -79358528
TEXTEIS RENA-RCT       TXRX10           35618784       -79358528
TEXTEIS RENAU-RT        TXRX1           35618784       -79358528
TEXTEIS RENAU-RT        TXRX2           35618784       -79358528
TEXTEIS RENAUX         RENXON           35618784       -79358528
TEXTEIS RENAUX         RENXPN           35618784       -79358528
TRESSEM PART SA        1TSSON          135425661      -367990919
VARIG PART EM SE        VPSC3           83017828      -495721697
VARIG PART EM TR        VPTA3           49432119      -399290357
VARIG PART EM-PR        VPTA4           49432119      -399290357
VARIG PART EM-PR        VPSC4           83017828      -495721697
VARIG SA                VAGV3          966298048     -4695211008
VARIG SA               VARGON          966298048     -4695211008
VARIG SA-PREF           VAGV4          966298048     -4695211008
VARIG SA-PREF          VARGPN          966298048     -4695211008
VIVER INCORPORAD        VIVR3          472874908        -9626316
VIVER INCORP-RCT        VIVR9          472874908        -9626316
VIVER INCORP-RTS        VIVR1          472874908        -9626316
VIVER INCORP-RTS       VIVR11          472874908        -9626316
VIVER-S GDR 144A        INAAL          472874908        -9626316
WETZEL SA               MWET3           71188964       -21819177
WETZEL SA              MWELON           71188964       -21819177
WETZEL SA-PREF          MWET4           71188964       -21819177
WETZEL SA-PREF         MWELPN           71188964       -21819177
WIEST                   WISA3           34107195      -126993682
WIEST SA               WISAON           34107195      -126993682
WIEST SA-PREF          WISAPN           34107195      -126993682
WIEST-PREF              WISA4           34107195      -126993682



                            ***********


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.


                   * * * End of Transmission * * *