TCRLA_Public/150922.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 22, 2015, Vol. 16, No. 187


                            Headlines



B A H A M A S

BAHA MAR: Developer Exploring Options After Losing Bankruptcy Bid


C A Y M A N  I S L A N D S

1OAK INVESTMENT: Creditors' Proofs of Debt Due Sept. 23
CHARTER LIMITED: Creditors' Proofs of Debt Due Sept. 30
CHEYNE CDO I: Shareholders' Final Meeting Set for Sept. 23
DC HOLDINGS: Shareholders Receive Wind-Up Report
GLS 193: Shareholders' Final Meeting Set for Sept. 24

HUTCHISON WHAMPOA: Shareholders' Final Meeting Set for Oct. 2
ICP STRATEGIC: DLA Piper Wins Dismissal of Liquidators' Suit
ITAU LATIN AMERICA: Placed Under Voluntary Wind-Up
ITAU LATIN MASTER: Placed Under Voluntary Wind-Up
MYSTIC RE III: Members Receive Wind-Up Report

OAKWOOD INVESTMENTS: Shareholders' Final Meeting Set for Sept. 23
SHIRAZ HOLDINGS: Shareholders' Final Meeting Set for Sept. 24
SKYSTREET INVESTMENT: Members' Final Meeting Set for Sept. 29
SM TOPCO: Shareholders Receive Wind-Up Report
YIELD STRATEGIES: Shareholders' Final Meeting Set for Sept. 23


C O S T A   R I C A

AERIS HOLDINGS: Moody's Provisionally Rates US$127MM Sr. Notes Ba2


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Haitians Defy Port-au-Prince's Ban on Products


J A M A I C A

DIGICEL GROUP: To Make Decision on IPO Date Soon
JAMAICA: Current Account Deficit Looking Good, IMF Says


M E X I C O

CONTROLADORA MABE: S&P Affirms 'BB+' Rating; Outlook Positive


P U E R T O    R I C O

AMERICAN AGENCIES: Proposes Doris Barroso Vicens as Accountant
AMERICAN AGENCIES: Wants to Hire C. Conde & Associates as Counsel
AMERICAN AGENCIES: Seeks Substantive Consolidation of Cases
ANNA'S LINENS: Court Okays Hiring of RCS as Real Estate Consultant
ANNA'S LINENS: Court Approves Hiring of BDO as Accountant

PUERTO RICO: Treasury Urges Congress to Act on Restructuring


S T.  L U C I A

ST. LUCIA: Economy on the Rebound but Risks Remain, PM Says


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


=============
B A H A M A S
=============


BAHA MAR: Developer Exploring Options After Losing Bankruptcy Bid
-----------------------------------------------------------------
Caribbean360.com reports that a United States court has dismissed
bankruptcy protection bid from the developers of the multi-
million-dollar Baha Mar resort in the Bahamas.

And while the Bahamas government is thrilled with the decision,
the developers say they will be exploring their options.

Judge Kevin Carey dismissed the Chapter 11 proceedings filed in
the Delaware court by Baha Mar chief executive officer Sarkis
Izmirlian, ruling in favor of the contractor on the project, China
Construction America (CCA), and its financier, the China Export-
Import Bank (CEXIM), according to Caribbean360.com.

The report notes that the developers of the $3.5 million project
had filed for the bankruptcy protection in the US in July,
claiming US$2.7 billion in debt -- including US$2.4 billion owed
to state-owned Export-Import Bank of China -- and arguing that the
general contractor had repeatedly missed deadlines which left the
company without a sufficient source of revenue to continue its
existing business.

The judge ruled that Baha Mar's creditors had "a legitimate
expectation" that any insolvency proceedings involving the mega-
resort should take place in the Bahamas; and that continuing the
Chapter 11 was unlikely to compel Baha Mar, its Chinese partners
and the Bahamas government to return to negotiations to get the
stalled resort, which is said to be 97 per complete and is now
eight months past its original opening date, back on track, the
report notes.

That means the parties have less than two months to reach some
agreement, since provisional liquidators have been appointed to
protect the resort's assets until November 2, at which time the
court in the Bahamas is scheduled to rule on the winding down
petition that will determine the development's fate, the report
relates.

Baha Mar said it was disappointed in the ruling and would "explore
its alternatives," the report discloses.

"Our priority continues to be ensuring Baha Mar is in a position
to be completed properly and opened successfully as soon as
possible.  We are continuing to do all we realistically can,
including working with the provisional liquidators appointed by
the Bahamian Supreme Court, to try to resolve the issues that have
prevented Baha Mar from opening," Baha Mar said, the report
relays.

The report notes that the Bahamas government and CCA, meantime,
welcomed the court's decision.

"The Delaware Bankruptcy Court's decision advances that objective
and recognizes that the interests of the Bahamian Baha Mar
entities and their creditors will be best served by the Bahamian
proceedings and by negotiations.  The government therefore invites
all parties to join it in cooperating with the provisional
liquidators to bring about a prompt resolution of this matter in
the interests of the Bahamian people," the Perry Christie
administration said, the report discloses.

In a statement, CCA said it supports the court's decision that
issues concerning Baha Mar are best resolved within the Bahamas,
the report notes.

The contractor said it would work with the provisional liquidators
and insisted that it was "ready, willing and able to re-mobilize
the appropriate resources to complete the Baha Mar resort as soon
as possible," the report adds.

                          About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The bankruptcy cases are assigned to Judge Kevin J. Carey.  The
Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz,
Esq.,and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in New York.  The Debtors' Delaware counsel are Laura
Davis Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson,
Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones
LLP, in Wilmington, Delaware.  The Debtors' Bahamian counsel is
Glinton Sweeting O'Brien.  The Debtors' special litigation counsel
is Kobre & Kim LLP.  The Debtors' construction counsel is Glaser
Weil Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk
LLC.


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


1OAK INVESTMENT: Creditors' Proofs of Debt Due Sept. 23
-------------------------------------------------------
The creditors of 1OAK Investment Strategies Limited are required
to file their proofs of debt by Sept. 23, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 11, 2015.

The company's liquidator is:

          Giovanni Bonaccorso
          51 Hays Mews
          London W1J 5QJ
          UK
          Telephone: +44 207 016 7979


CHARTER LIMITED: Creditors' Proofs of Debt Due Sept. 30
-------------------------------------------------------
The creditors of Charter Limited are required to file their proofs
of debt by Sept. 30, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 20, 2015.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


CHEYNE CDO I: Shareholders' Final Meeting Set for Sept. 23
----------------------------------------------------------
The shareholders of Cheyne CDO I General Partner Limited will hold
their final meeting on Sept. 23, 2015, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's 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


DC HOLDINGS: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of DC Holdings received on Sept. 21, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor
          64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


GLS 193: Shareholders' Final Meeting Set for Sept. 24
-----------------------------------------------------
The shareholders of GLS 193 Fund, Ltd. will hold their final
meeting on Sept. 24, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Geoff Symonds
          30 Chelsea Park Gardens
          London SW3 6AA
          United Kingdom
          Telephone: +44 2076593131


HUTCHISON WHAMPOA: Shareholders' Final Meeting Set for Oct. 2
-------------------------------------------------------------
The shareholders of Hutchison Whampoa International (03/13)
Limited will hold their final meeting on Oct. 2, 2015, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ying Hing Chiu
          Hopewell Centre, Level 54
          183 Queen's Road East
          Hong Kong
          Telephone: (852) 2980-1988
          Facsimile: (852) 2882-6700
          c/o Maples and Calder
          Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman, KY1-1104
          Cayman Islands


ICP STRATEGIC: DLA Piper Wins Dismissal of Liquidators' Suit
------------------------------------------------------------
DLA Piper LLP (US) won dismissal of a lawsuit filed by Hugh
Dickson and Michael Saville -- in their capacity as the Foreign
Representatives and the Joint Official Liquidators of ICP
Strategic Credit Income Fund Ltd., and ICP Strategic Credit Income
Master Fund Ltd. -- and the Funds for whom the Liquidators act.

The Liquidators assert claims against DLA for:

(1) aiding and abetting fraud;
(2) aiding and abetting breaches of fiduciary duty; and
(3) "fraudulent trading" pursuant to section 147 of the Cayman
Islands Companies Law.

DLA Piper moves to dismiss the complaint under Fed.R.Civ.P.
12(b)(6).

Bankruptcy Judge Robert E. Gerber concludes that the Liquidators
have (though just barely) alleged claims for primary violations
(as that expression is used in aiding and abetting jurisprudence)
of breach of fiduciary duties owed to the Funds. But the
Liquidators have not done so for fraud or fraudulent trading. The
Court further concludes that (assuming that the Liquidators could
show substantial assistance by the delivery of routine legal
services if DLA Piper provided them knowing that it was doing
something wrong) the Liquidators have failed to plausibly allege
the "knowledge" prong of the claim for aiding and abetting
breaches of fiduciary duty -- that DLA Piper knew that it was
assisting in a violation of duty. And most obviously, the
Liquidators are barred from recovery by the in pari delicto
defense under New York's "Wagoner Rule." Accordingly, each of the
claims must be, and is, dismissed.

A copy of Judge Gerber's Sept. 15 Decision and Order is available
at http://is.gd/hjR35qfrom Leagle.com.

The case is captioned, ICP STRATEGIC CREDIT INCOME MASTER FUND
LTD., ICP STRATEGIC CREDIT INCOME FUND LTD., and HUGH DICKSON and
STEPHEN AKERS, solely in their capacity as the Foreign
Representatives and Joint Official Liquidators of ICP Strategic
Credit Income Fund Ltd. and ICP Strategic Credit Income Master
Fund Ltd., Plaintiffs, v. DLA PIPER LLP (US), Defendant (Bankr.
S.D.N.Y.).

Strategic Credit Income Master Fund Ltd., Plaintiff, represented
by:

         Craig A. Boneau, Esq.
         Joshua J. Bruckerhoff, Esq.
         Rachel S. Fleishman, Esq.
         William T. Reid IV, Esq.
         Reid Collins & Tsai LLP
         1301 S. Capital of Texas Hwy
         Building C, Suite 300
         Austin, TX 78746
         Tel: (512) 647-6123
         (512) 647-6100
         E-mail: cboneau@rctlegal.com
                 jbruckerhoff@rctlegal.com
                 rfleishman@rctlegal.com
                 wreid@rctlegal.com

DLA Piper L.L.P. (US), Defendant, is represented by:

         Matthew Stewart Kahn, Esq.
         GIBSON, DUNN & CRUTCHER LLP
         555 Mission Street, Suite 3000
         San Francisco, CA 94105-0921
         Tel: 415.393.8212
         Fax: 415.374.8466
         E-mail: mkahn@gibsondunn.com

                - and -

         Craig H. Millet, Esq.
         GIBSON, DUNN & CRUTCHER LLP
         3161 Michelson Drive
         Irvine, CA 92612-4412
         Tel: 949.451.3986
         Fax: 949.475.4651
         E-mail: cmillet@gibsondunn.com

                - and

         Kevin S. Rosen, Esq.
         GIBSON, DUNN & CRUTCHER LLP
         Los Angeles Office
         333 South Grand Avenue
         Los Angeles, CA 90071-3197
         Tel: 213.229.7635
         Fax: 213.229.6635
         E-mail: krosen@gibsondunn.com

ICP Strategic Credit Income Fund Ltd. and ICP Structured Credit
Income Fund Ltd. filed petitions under Chapter 15 of the
Bankruptcy Code on June 28, 2013, before Judge Robert E. Gerber of
the U.S. Bankruptcy Court for the Southern District of New York
(Manhattan), Case No. 13-12116. The Debtors' Chapter 15 counsel
is William T. Reid, IV, Esq., at REID COLLINS & TSAI LLP.


ITAU LATIN AMERICA: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Aug. 19, 2015, the sole shareholder of Itau Latin America Long
Short (Offshore) Fund resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Anna Cummings
          Telephone: +1 (345) 949 9876 or 815 1858
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


ITAU LATIN MASTER: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Aug. 19, 2015, the sole shareholder of Itau Latin America Long
Short Master Fund resolved to voluntarily wind up the company's
operations

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

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Anna Cummings
          Telephone: +1 (345) 949 9876 or 815 1858
          Ogier
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


MYSTIC RE III: Members Receive Wind-Up Report
---------------------------------------------
The members of Mystic RE III Ltd received on Sept. 21, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Russell Smith
          c/o Antoine Powell
          Telephone: (345) 815-4558
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2 - Building 3
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman, KY1-1205
          Cayman Islands


OAKWOOD INVESTMENTS: Shareholders' Final Meeting Set for Sept. 23
-----------------------------------------------------------------
The shareholders of Oakwood Investments Ltd will hold their final
meeting on Sept. 23, 2015, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SHIRAZ HOLDINGS: Shareholders' Final Meeting Set for Sept. 24
-------------------------------------------------------------
The shareholders of Shiraz Holdings Ltd. will hold their final
meeting on Sept. 24, 2015, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


SKYSTREET INVESTMENT: Members' Final Meeting Set for Sept. 29
-------------------------------------------------------------
The members of Skystreet Investment Fund SPC will hold their final
meeting on Sept. 29, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Turners Management Ltd.
          P.O. Box 2636
          Strathvale House, 3rd Floor
          90 North Church Street
          Grand Cayman, KY1-1102
          Cayman Islands
          c/o Kirsten Le Pape
          Telephone: +1 (345) 814 0721


SM TOPCO: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of SM Topco received on Sept. 21, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor
          64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


YIELD STRATEGIES: Shareholders' Final Meeting Set for Sept. 23
--------------------------------------------------------------
The shareholders of Yield Strategies Fund II Master Fund, Ltd.
will hold their final meeting on Sept. 23, 2015, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          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


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C O S T A   R I C A
===================


AERIS HOLDINGS: Moody's Provisionally Rates US$127MM Sr. Notes Ba2
------------------------------------------------------------------
Moody's Investors Service assigned a provisional rating of (P) Ba2
to Aeris Holdings Costa Rica S.A. de C.V.'s issuance of
approximately US$127 million of senior notes.  Proceeds will be
used to refinance the outstanding loans consisting of roughly
$89 million obtained in 2011 from Overseas Private Investment
Corporation and Inter-American Development Bank, and $25 million
of the IBSA Subordinated Loan (a loan from the shareholders).

Upon review of final documentation, unless there are material
changes to the information and documents reviewed to date, we
would expect to assign a definitive rating of Ba2 to the bonds.

Aeris Holding Costa Rica S.A. operates Aeropuerto Internacional
Juan Santamaria, Costa Rica's (Ba1 stable) main airport, under a
management contract (Contrato de Gestion Interesada, "CGI") due
May 2026.  Responsibilities include the provision of services for
the operation, management, maintenance, renovation, financing,
construction and promotion of the airport.

RATINGS RATIONALE

The (P) Ba2 rating is supported by the airport's strategic
importance to Costa Rica, where its market share is 80% of total
air travel.  Handling more than 80% of the country's tourists, a
significant portion of its revenues come from international
travelers, providing the company with a natural hedge to the
domestic economy and related risks.  Recent passenger trends have
been positive, with a compound annual passenger growth of 3.2%
since 2010.  These growth trends are expected to continue given
the better economic prospects for the United States of America,
origin of 50% of international travelers.

The assigned rating also reflect a comparatively short time
remaining under the CGI contract (around 11 years), coupled with
the challenges of a large capital investment program for the first
five years of the life of the Notes.  Under the CGI, these
investments are to be recovered via tariffs, with a set Internal
Rate of Return, over the shorter of the next ten years or the time
left under the contract.  As such, any material shortages and/or
delays on the capital program, might have a negative impact on
Aeris' revenues.  While Moody's acknowledges the clear tariff-
setting and investment recovery provisions under the CGI,
including an economic equilibrium provision, we also note that the
governing contract is different from the concession agreements
under which most other privately managed airports operate outside
of the United States.

Under Moody's Base Case, Funds From Operations to Debt is expected
to average 29.7% and Moody's Debt Service Coverage is estimated to
average 2.4x over the life of the Notes, in line with the Ba range
under Moody's rating methodology.  Nevertheless, over the first
few years of the transaction these metrics are weaker given the
large capital investments incurred over this period.  The rating
also takes into account the subordination of the IBSA Subordinated
Loan.  Over the first five years of the life of the Notes, IBSA
Subordinated Loan interest payments will be capitalized.  If cash
is available, and if a historic and projected Debt Service
Coverage Ratio of 1.2x is met, then IBSA interests payments may be
made starting 2019.  No principal payments to the IBSA
Subordinated Loan are permitted until the Notes, and any accrued
interest, have been paid in full.

The rating is also supported by the project finance features under
the Notes, including: a trust managed cash waterfall, a 6-month
(one semiannual payment) debt service reserve account, a forward
looking 3-month Operation and Maintenance Reserve Account,
limitations on additional indebtedness, distribution lock-up
tests, and a Capital Expenditure Prefunding Account, equivalent to
around 20% of the total Capital Program.

The rating outlook is stable.  The stable outlook reflects Moody's
expectation that Aeris will continue to show a positive trend of
passenger growth, execute the capital program to maintain its
infrastructure to support the demand growth, and sustain
manageable debt levels and strong liquidity leading to solid cash
interest coverage ratios.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on the rating could develop if Aeris' passenger
growth exceeds projections on a sustainable basis leading to
consistent stronger credit metrics with Moody's debt service
coverage ratio above 1.8 times.

Downward pressure on the issuer and debt ratings could develop if
there are sustained decreases in passenger traffic or if there are
significant capital expenditure overruns, or Aeris' credit metrics
weaken on a sustained basis with cash interest coverage ratio
consistently below 2.0 times or its FFO/Debt ratio was
consistently below 7.5%.



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


DOMINICAN REPUBLIC: Haitians Defy Port-au-Prince's Ban on Products
------------------------------------------------------------------
Dominican Today, citing local media, reports that Haitian
merchants defied their government's ban on the entry of 23
products from Dominican Republic for the land border.

The merchants asked the Finance Ministry in Port-au-Prince to
suspend the ban until October 1, alleging the need to meet
financial commitments, according to Dominican Today.

Since early Sept. 18, hundreds of merchants were hauling the wares
bought in Dajabon's market into their territory on wheelbarrows
and other means, the report notes.

Quoted by elcaribe.com.do, retailers association president
Fernando Diaz said the merchants can't withstand the many
obstacles to legal commerce, whereas his colleague Abigail Bueno
said he's heard of "shakedowns" on products the Haitians buy on
the Dominican side of the border, with around 50 cartons of
cooking oil seized in nearby Ouanaminthe, the report adds.


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


DIGICEL GROUP: To Make Decision on IPO Date Soon
------------------------------------------------
RJR News reports that Digicel Group Limited may set a date for its
initial public offer after the decision on US interest rates.

Digicel, which runs telecoms networks in the Caribbean, Central
America and the Pacific, is planning to raise US$1.5 to US$2
billion from the sale of some of its shares on the New York Stock
Exchange, according to RJR News.

A report in the Irish Times newspaper said the company could fix a
launch date after the Federal Reserve -- the US central bank --
meets.

The Fed is likely to decide whether to raise interest rates, a
move reports say would provide Digicel with the nearest
opportunity to set a price and date for the stock market
flotation, the report relates.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 25, 2015, Fitch Ratings has affirmed the ratings of Digicel
Group Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred to as 'Digicel' as follows.

DGL
  -- Long-term Issuer Default Rating (IDR) at 'B' with a Stable
     Outlook;
  -- USD 2.5 billion 8.25% senior subordinated notes due 2020 at
     'B-/RR5';
  -- USD 1 billion 7.125% senior unsecured notes due 2022 at 'B
     -/RR5'.

DL

  -- Long-term IDR at 'B' with a Stable Outlook;
  -- USD 250 million 7% senior notes due 2020 at 'B/RR4';
  -- USD 1.3 billion 6% senior notes due 2021 at 'B/RR4';
  -- USD 925 million 6.75% senior notes due 2023 at 'B/RR4';

DIFL

  -- Long-term IDR at 'B' with a Stable Outlook;
  -- Senior secured credit facility at 'B+/RR3'.


JAMAICA: Current Account Deficit Looking Good, IMF Says
-------------------------------------------------------
RJR News reports that the International Monetary Fund (IMF) is
projecting Jamaica's current account deficit over the next two
years to be in the region of three-to-four per cent of  Gross
Domestic Product.

This figure is ideal for the country, according to Bert Van Selm,
IMF Resident Representative in Jamaica, according to RJR News.

"That's a major difference from where we were when we started this
economic reform program, when we were well into double-digits in
current account," he said, RJR News notes.

The current account reflects the difference between what a country
earns and what it spends, the report relays.

"That difference cannot be too large, because if it is too large,
you will just continue to increase your debt," Mr. Van Selm
stressed, the report notes.

But, according to him, the deficit, as it stands now, is "roughly
where it should be for an emerging country like Jamaica; it's
normal to have a minor current account deficit," the report adds.

                           *     *     *

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



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


CONTROLADORA MABE: S&P Affirms 'BB+' Rating; Outlook Positive
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Controladora Mabe, S.A. de C.V. (Mabe) to positive from stable.
At the same time, S&P affirmed its 'BB+' corporate and issue-level
ratings on the company.

The outlook revision reflects Mabe's enhanced operating
performance that has strengthened its cash flow generation and
liquidity, leading to debt to EBITDA slightly below 3.0x on a
quarterly basis as of June 30, 2015.  S&P believes Mabe will
continue to improve its operating performance during the second
half of 2015, considering its large presence in Mexico and the
U.S., as well as the favorable environment of raw materials
globally.  The company operates in the U.S. through its joint
venture with General Electric Co. (GE; AA+/Stable/A-1+); these two
markets are the main revenue drivers for the company because S&P
expects they will continue generating about 60% of total sales.
On the other hand, despite the Mexican peso's recent depreciation
that has led to a currency mismatch between debt and sales for
some Mexican companies, S&P believes Mabe is less vulnerable given
that about 50% of its revenues are dollar-denominated from the
sales in the U.S. and exports.  Moreover, S&P expects the company
will continue to sell its non-core assets, and it expects Mabe
will use these proceeds to pay down debt.  Therefore, S&P could
revise its financial risk profile on Mabe to "intermediate" from
"significant" in the next 12 months and raise the ratings.

Mabe's business risk profile reflects the company's strong market
position in most of the countries where it operates and its
geographic diversification throughout the Americas with a broad
portfolio of brands, which it customizes to meet local demand
preferences.

Mabe's financial risk profile reflects S&P's expectations that
despite the company's improved cash flow generation, its adjusted
FOCF to debt will continue to be below 15% by the end of 2015.
However, S&P believes that if the company continues posting a
favorable cash flow generation, this ratio, along with its
expectation of a debt to EBITDA below 3x, could improve further in
the following months and lead to a revision of the company's
financial risk profile to "intermediate" from "significant."


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


AMERICAN AGENCIES: Proposes Doris Barroso Vicens as Accountant
--------------------------------------------------------------
American Agencies Co., Inc. seeks the Bankruptcy Court's authority
to employ Doris Barroso Vicens, CPA, from the firm of RSM ROC &
Company as its accountant. Ms. Vicens will:

(a) prepare or review required monthly operating reports and
reports pursuant to Rule 2015-3 of the Federal Rule of
Bankruptcy Procedure;

(b) reconcile proofs of claim;

(c) prepare or review the Debtor's projections;

(d) analyze profitability of the Debtor's operations;

(e) assist in the development or review of a plan of
reorganization or disclosure statements;

(f) consult on strategic alternatives and develop business
plan; and

(g) perform any other consulting or expert witness services.

The Debtor intends to pay RSM ROC based on the firm's hourly
rates:

  Partner                            $200 to $300
  Managers                           $100 to $150
  Seniors                              $75 to $90
  Staff                                $60 to $70

Ms. Vicens' current hourly rate is $235. The Debtors will also
reimburse the accountant for costs and expenses. The Debtor paid
the accountant $5,000 as retainer.

RSM ROC & Company has acted as consultants/accountants for the
following creditors listed by the Debtors in matters unrelated to
this case:

* Departamento de Hacienda, PRASA and PREPA
* Linde Gas Puerto Rico, Inc.

To the best of the Debtor's knowledge, neither Ms. Vicens nor any
of her employees, represent or hold any interest adverse to the
Debtor in the matters upon which she is to be engaged.

About American Agencies

American Agencies Co., Inc. and New Steel, Inc., manufacturers of
steel structures, filed Chapter 11 bankruptcy petitions (Bankr. D.
P.R. Case Nos. 15-07088 and 15-07090, respectively) on Sept. 15,
2015. The petition was signed by Omir Mendez as president.

C. Conde & Associates represents the Debtors as counsel. Doris
Barroso Vicens, CPA, at RSM ROC & Company, serves as the Debtors'
accountant.


AMERICAN AGENCIES: Wants to Hire C. Conde & Associates as Counsel
-----------------------------------------------------------------
American Agencies Co., Inc., seeks permission from the Bankruptcy
Court to employ Carmen D. Conde Torres, Esq., of C. Conde &
Associates as its legal counsel. Ms. Torres will:

(a) advise the Debtor with respect to its duties, powers and
responsibilities in this case under the laws of the United
States and Puerto Rico in which the Debtor conducts
operations, does business, or is involved in litigation;

(b) advise the Debtor in connection with a determination
whether a reorganization is feasible and, if not, help the
Debtor in the orderly liquidation of its assets;

(c) assist the Debtor with respect to negotiations with
creditors for the purpose of arranging the orderly
liquidation of assets and proposing a viable plan of
reorganization;

(d) prepare on behalf of the Debtor the necessary complaints,
answers, orders, reports, memoranda of law and any legal
papers or documents;

(e) appear before the Bankruptcy Court, or any court in which
the Debtor asserts a claim interest or defense directly or
indirectly related to this bankruptcy case;

(f) perform other services as may be required; and

(g) employ other professional services, if necessary.

The Debtor proposes to pay C. Conde & Associates based on these
hourly rates:

Carmen D. Conde Torres (Senior Attorney)         $300
Associates                                       $275
Junior Attorney                                  $250
Paralegal/In house Special Clerk/                $150
Accounting Analyst

The Debtor also proposes to reimburse the firm for its costs and
expenses.

The Debtor paid C. Conde & Associates a retainer of $30,000.

C. Conde & Assoc., represented a creditor of the Debtor, FRAMA
Construction Co., Inc. in its bankruptcy case proceedings, Case
No. 10-10056 (ESL). This case was completed, confirmed and closed.

To the best of the Debtor's knowledge, C. Conde & Associates is a
"disinterested person" within the meaning of Section 101 (14) of
the Bankruptcy Code.

                       About American Agencies

American Agencies Co., Inc. and New Steel, Inc., manufacturers of
steel structures, filed Chapter 11 bankruptcy petitions (Bankr. D.
P.R. Case Nos. 15-07088 and 15-07090, respectively) on Sept. 15,
2015. The petition was signed by Omir Mendez as president.

C. Conde & Associates represents the Debtors as counsel. Doris
Barroso Vicens, CPA, at RSM ROC & Company, serves as the Debtors'
accountant.


AMERICAN AGENCIES: Seeks Substantive Consolidation of Cases
-----------------------------------------------------------
American Agencies Co., Inc., and New Steel, Inc., ask the
Bankruptcy Court to order a substantive consolidation of their
bankruptcy cases on an expedited basis.

New Steel fabricates steel structures upon demand of American
Agencies. American Agencies is the sole client of New Steel. Both
Debtors share common stockholders and management and are both
liable to main secured creditor Banco Popular Puerto Rico.

Should the Debtors be forced to reorganize seperately, the
administrative costs and the costs associated with separate
litigation of common liabilities will be detrimental to the estate
and all of the creditors, says Carmen D. Conde Torres, Esq., at C.
Conde & Assoc.

The Debtors contend that creditors will benefit from substantive
consolidation because it will allow for a more expeditious
adjudication of disputes, a clearer statement of obligations and
available assets, and facilitate the implementation of a plan.

                      About American Agencies

American Agencies Co., Inc. and New Steel, Inc., manufacturers of
steel structures, filed Chapter 11 bankruptcy petitions (Bankr.
D.P.R. Case Nos. 15-07088 and 15-07090, respectively) on Sept. 15,
2015. The petition was signed by Omir Mendez as president.

C. Conde & Associates represents the Debtors as counsel. Doris
Barroso Vicens, CPA, at RSM ROC & Company, serves as the Debtors'
accountant.


ANNA'S LINENS: Court Okays Hiring of RCS as Real Estate Consultant
------------------------------------------------------------------
Anna's Linens, Inc. sought and obtained permission from the Hon.
Theodor C. Albert of the U.S. Bankruptcy Court for the Central
District of California to employ Retail Consulting Services, Inc.
dba RCS Real Estate Advisors as exclusive real estate consultant,
effective Sep. 1, 2015.

The Debtor requires RCS to:

   (a) prepare a Lease Portfolio Book organized by store showing
       (i) current lease terms, (ii) sales, (iii) profits, and
       (iv) occupancy cost and store contribution percentages
       relative to sales;

   (b) undertake an in-depth analysis of all lease real estate
       assets;

   (c) attend and participate in all Court hearings, Creditors'
       Committee meetings, and meetings with Debtor and Debtor's
       Counsel when requested to do so by the Debtor;

   (d) coordinate all real estate matters with Debtor, Debtor's
       Counsel and all other interested parties with respect to
       the Real Estate Action Plan, progress and ongoing
       modifications to said plan; and

   (e) offer properties for disposition on terms and conditions

       established by the Debtor, with the Debtor retaining the
       complete discretion and authority to accept or reject any
       offer.

RCS will be paid the following Fee Structure:

    -- Engagement Fee in the amount of $30,000 shall be paid (i)
       50% upon entry of the Bankruptcy Court order approving the
       Debtor's retention of RCS, and (ii) 50% on the earlier of
       the closing of a transaction that results in the
       disposition of all of the Disposition Properties or
       September 15, 2015.

    -- Transaction Fee shall be paid as a commission upon closing
       of a transaction that disposes of any or all of the
       Disposition Properties, whether by assignment to a third
       party or surrender to the respective landlords on terms and

       conditions satisfactory to the Debtor.

RCS will be paid at these hourly rates for additional services
that are beyond the scope of the letter agreement:

       President                     $750
       Senior Vice President         $650
       Vice President                $550
       Paralegal                     $375
       Administrators                $250

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

Ivan L. Friedman, president of RCS, assured the Court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.

RCS can be reached at:

       Ivan L. Friedman
       RCS REAL ESTATE ADVISORS
       450 West 34th Street
       New York, NY 10001
       Tel: (212) 239-1100
       Fax: (212) 268-5484

                        About Anna's Linens

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

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

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

The U.S. trustee overseeing the Chapter 11 case of Anna's Linens
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.


ANNA'S LINENS: Court Approves Hiring of BDO as Accountant
---------------------------------------------------------
Anna's Linens, Inc. sought and obtained permission from the Hon.
Theodor C. Albert of the U.S. Bankruptcy Court for the Central
District of California to employ BDO USA, LLP as accountant and
tax consultant, effective July 14, 2015.

The Debtor requires BDO to:

   (a) prepare the Debtor's federal, state and local income tax
       returns with supporting schedules for 2014 and 2015
       (the "Tax Returns");

   (b) assist the Debtor in responding to tax notices as received,

       if any, from various state and local tax authorities
       regarding income tax, sales tax, employment tax, or other
       tax matters (the "State Notices").

With respect to preparation of the 2014 and 2015 Income Tax
Returns, BDO seeks to be compensated a flat fee of $35,000.

For work performed in assisting the Debtor in connection with the
State Notices, BDO will be paid at these hourly rates:

       Staff                   $175
       Senior Associate        $250
       Manager                 $350
       Senior Manager          $425
       Partner                 $600

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

On the Petition Date, BDO had a claim against the Debtor's estate
in the amount of $143,300 for fees incurred prior to the Petition
Date related to the performance of assurance services to audit the
Debtor's 2014 financial statements and preliminary tax services
provided to start preparation of the Debtor's 2014 income tax
returns. However, BDO has agreed to waive its pre-petition claim
in the amount of $143,300.

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

BDO can be reached at:

       David Des Roches
       BDO USA, LLP
       3200 Bristol St., 4th Flr.
       Costa Mesa, CA 92626
       Tel: (714) 668-7372
       E-mail: ddesroches@bdo.com

                        About Anna's Linens

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

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

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

The U.S. trustee overseeing the Chapter 11 case of Anna's Linens
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.


PUERTO RICO: Treasury Urges Congress to Act on Restructuring
------------------------------------------------------------
Carmen Germaine at Law360.com reports that the U.S. Department of
the Treasury urged U.S. lawmakers to take action to open
bankruptcy protections to Puerto Rico, saying action is imperative
as the territory faces $73 billion in debt.

Treasury called for action after Secretary Jacob Lew met with
Puerto Rico Gov. Alejandro Garcia Padilla, saying addressing the
territory's financial difficulties will be difficult without
federal legislation and praising an economic growth plan proposed
by Padilla earlier this month, according to Law360.com.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2015, Standard & Poor's Ratings Services lowered its
ratings on the Commonwealth of Puerto Rico's tax-backed debt to
'CC' from 'CCC-' and removed the ratings from CreditWatch, where
they had been placed with negative implications July 20.  The
outlook is negative.


===============
S T.  L U C I A
===============


ST. LUCIA: Economy on the Rebound but Risks Remain, PM Says
-----------------------------------------------------------
The Daily Observer reports that St. Lucia Prime Dr. Minister Kenny
Anthony said while the national economy is on the road to recovery
after three years of contraction, significant risk remains as
evidenced by the country's high public debt stock.

"The stock of public debt as at June 2015 stood at EC$2,791.16
million representing an increase of 0.1 percent relative to
December 2014.  The low rate of increase was influenced by a
EC$63.5 million loan which was paid off during the period under
review," he told a news conference, according to The Daily
Observer.

The report notes that Mr. Anthony said interest payment on the
debt is expected to be the largest contributor to growth in
current expenditure in 2015/16, reflecting past debt accumulation
and the maturity profile of the debt stock.  "This trend of rising
debt service cost is expected to continue as an increasingly
larger amount of the debt comes to maturity," Mr. Anthony added.

The report relates that Mr. Anthony, who is also Finance Minister,
said despite the first quarter improvements in fiscal performance,
he expects that there will be, a widening of fiscal deficit in the
current as expenditure pressures accelerates.

"You will recall that I had indicated that this would happen in
the 2015/16 Budget Statement. It is therefore important that
measures to contain expenditure remain firmly in place," Mr.
Anthony stressed, the report relays.

Mr. Anthony told the media that preliminary data for the period
January to June 2015 suggests increases in output for most
economic sectors, led by tourism, the report relays.

Mr. Anthony said that during the first half of 2015 total stay
over arrivals increased by 5.3 percent to 185, 424 representing a
record level of arrivals over the last five years for the first
six months of the year, the report notes.

Mr. Anthony disclosed that the performance was mainly attributed
to a 12.3 percent growth in arrivals from the United States, Saint
Lucia's largest market, the report relays.

According to the Prime Minister, cruise ship passenger arrivals
grew by point eight percent to 399,746 persons who visited during
the first half of 2015, the report says.

"Economic performance in 2015 is likely to be strengthened by the
turnaround that is being witnessed in the construction industry,"
Mr. Anthony asserted, the report notes.

Mr. Anthony revealed that based on preliminary data, for the first
six months of 2015 the value of imported construction materials
increased by 4.8 percent compared with the corresponding period
for 2014, the report discloses.

Mr. Anthony noted that public sector expenditure in construction
projects is expected to increase with several new projects,
including the Soufriere Square, the Aquatic Centre and the
expansion of the Choc Gros Islet highway, the report notes.

In the private sector, Mr. Anthony cited several developments such
as Sugar Beach in Soufriere and the EC$100 million Smugglers Hotel
project that would have a major impact on the revival of the
construction sector, the report relays.

Mr. Anthony told the media briefing that there were mixed fortunes
in the Agriculture industry, with a fall in banana exports to the
United Kingdom, but a six percent increase in purchases of produce
by supermarkets and hotels, the report notes.

Mr. Anthony also disclosed that notwithstanding the challenges in
the manufacturing sector, indications are that production
increased between January to June this year by 1.8 percent while
food and food products registered a decline, the report relays.

Mr. Anthony revealed that the performance of the government also
improved, with an increase in revenue and grants and an increase
in the current account, the report adds.



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


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

                                                         Total
                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------
CONSTRUCCIONES          CONCIV CB      50839466.4    -25554988.4
DOC IMBITUBA-RTC      8174503Q BZ       103926124    -44366334.9
DOC IMBITUBA-RTP      8174507Q BZ       103926124    -44366334.9
TELECOMUNICA-ADR        81370Z BZ       628229764    -46558625.3
FABRICA TECID-RT         FTRX1 BZ      66603695.4    -76419246.3
METROGAS SA-A          153255Z AR       395437653    -33187926.6
METROGAS SA-C          153263Z AR       395437653    -33187926.6
TECTOY-PF-RTS5/6        TOYB11 BZ      12406257.1    -2797000.25
TEKA-ADR                 TEKAY US       271521130     -360176693
GOL-PREF                 GOLL4 BZ      3173611977     -465114406
GOL-ADR                    GOL US      3173611977     -465114406
GOL                      GOLL3 BZ      3173611977     -465114406
METROGAS-B               MGSBF US       395437653    -33187926.6
BOMBRIL                  BMBBF US       256955171    -24963790.5
KARSTEN                  CTKCF US      91824643.9    -28389069.7
KARSTEN-PREF             CTKPF US      91824643.9    -28389069.7
MANGELS INDL-PRF         MGIRF US       134962177    -67749528.3
TELEBRAS-PF RCPT         CBRZF US       628229764    -46558625.3
TEKA                     TKTQF US       271521130     -360176693
TEKA-PREF                TKTPF US       271521130     -360176693
SNIAFA SA-B              SDAGF US      11229696.2    -2670544.86
TEC TOY SA-PREF          TOYDF US      12406257.1    -2797000.25
PUYEHUE RIGHT         PUYEHUOS CI        16578544    -7533710.62
BATTISTELLA-RIGH         BTTL1 BZ      59711285.7    -33374424.9
BATTISTELLA-RI P         BTTL2 BZ      59711285.7    -33374424.9
BATTISTELLA-RECE         BTTL9 BZ      59711285.7    -33374424.9
BATTISTELLA-RECP        BTTL10 BZ      59711285.7    -33374424.9
AGRENCO LTD-BDR         AGEN33 BZ       285996574     -543142756
GOL-ADR                    GOQ GR      3173611977     -465114406
PET MANG-RIGHTS       3678565Q BZ       146857128     -409610413
PET MANG-RIGHTS       3678569Q BZ       146857128     -409610413
PET MANG-RECEIPT      0229292Q BZ       146857128     -409610413
PET MANG-RECEIPT      0229296Q BZ       146857128     -409610413
MMX MINERACAO            TRES3 BZ       135425661     -367990918
LUPATECH SA              LUPA3 BZ       301912839    -18027616.1
INEPAR-RT ORD         3697782Q BZ       874770027     -338632409
INEPAR-RT PREF        3697786Q BZ       874770027     -338632409
INEPAR-RCT ORD        3697790Q BZ       874770027     -338632409
INEPAR-RCT PREF       3697794Q BZ       874770027     -338632409
RB CAPITAL              RBCS3B BZ      13996658.5    -815.062365
MMX MINERACA-GDR         MMXMY US       135425661     -367990918
BOMBRIL HOLDING          FPXE3 BZ      19416013.9     -489914853
BOMBRIL                  FPXE4 BZ      19416013.9     -489914853
SANESALTO                SNST3 BZ      16282468.2    -4707586.38
VIVER INCORPORAD         VIVR3 BZ       472874908    -9626315.69
CEEE-D                   CEED3 BZ      1060724542    -3299108.46
CEEE-D-PREF              CEED4 BZ      1060724542    -3299108.46
VIVER-S GDR 144A         INAAL US       472874908    -9626315.69
INPAR-S GDR REGS         INASL US       472874908    -9626315.69
BOMBRIL-RGTS PRE         BOBR2 BZ       256955171    -24963790.5
BOMBRIL-RIGHTS           BOBR1 BZ       256955171    -24963790.5
MMX MINERACA-GDR      0567931D CN       135425661     -367990918
TELEBRAS/W-I-ADR         TBH-W US       628229764    -46558625.3
MMX MINERACA-GDR          3M11 GR       135425661     -367990918
LAEP-BDR                MILK33 BZ       222902269     -255311026
AGRENCO LTD               AGRE LX       285996574     -543142756
LAEP INVESTMENTS          LEAP LX       222902269     -255311026
INVERS ELEC BUEN         IEBAA AR       213542509    -68439920.3
INVERS ELEC BUEN         IEBAB AR       213542509    -68439920.3
OSX BRASIL SA            OSXB3 BZ      2341831724     -578077527
MMX MINERACAO            MMXCF US       135425661     -367990918
LUPATECH SA              LUPTF US       301912839    -18027616.1
CELGPAR                  GPAR3 BZ       206352324     -953477771
RECRUSUL - RT         4529781Q BZ      14029393.8      -32749735
RECRUSUL - RT         4529785Q BZ      14029393.8      -32749735
RECRUSUL - RCT        4529789Q BZ      14029393.8      -32749735
RECRUSUL - RCT        4529793Q BZ      14029393.8      -32749735
RECRUSUL-BON RT         RCSL11 BZ      14029393.8      -32749735
RECRUSUL-BON RT         RCSL12 BZ      14029393.8      -32749735
FORJA TAURUS            FJTA11 BZ       315868563    -18371045.2
FORJA TAURUS            FJTA12 BZ       315868563    -18371045.2
BALADARE                 BLDR3 BZ       159449535    -52990723.7
INPAR SA              0614469D BZ       472874908    -9626315.69
INPAR SA              0614470D BZ       472874908    -9626315.69
TEXTEIS RENAU-RT         TXRX1 BZ      35618784.3    -79358527.7
TEXTEIS RENAU-RT         TXRX2 BZ      35618784.3    -79358527.7
TEXTEIS RENA-RCT         TXRX9 BZ      35618784.3    -79358527.7
TEXTEIS RENA-RCT        TXRX10 BZ      35618784.3    -79358527.7
TELEBRAS SA-RT        0250949D BZ       628229764    -46558625.3
CIA PETROLIF-PRF         MRLM4 BZ       377592596     -3014215.1
CIA PETROLIFERA          MRLM3 BZ       377592596     -3014215.1
NOVA AMERICA SA          NOVA3 BZ      21287488.9     -183535526
NOVA AMERICA-PRF         NOVA4 BZ      21287488.9     -183535526
LUPATECH SA-RT          LUPA11 BZ       301912839    -18027616.1
EBX BRASIL SA            CTMN3 BZ      2341831724     -578077527
GOL-ADR                   GOLN MM      3173611977     -465114406
OSX BRASIL SA            EBXB3 BZ      2341831724     -578077527
LUPATECH SA-ADR          LUPAY US       301912839    -18027616.1
ELECTRICIDAD ARG      3447811Z AR      1019816241    -75790649.4
TEC TOY-RT            7335610Q BZ      12406257.1    -2797000.25
TEC TOY-RT            7335614Q BZ      12406257.1    -2797000.25
TEC TOY-RCT           7335626Q BZ      12406257.1    -2797000.25
TEC TOY-RCT           7335630Q BZ      12406257.1    -2797000.25
MMX MINERACAO-RT      4111484Q BZ       135425661     -367990918
MMX MINERACA-RCT      4111488Q BZ       135425661     -367990918
GOL-RT                0113333D BZ      3173611977     -465114406
GOL-RT                0113334D BZ      3173611977     -465114406
GOL-RCT               0113335D BZ      3173611977     -465114406
GOL-RCT               0113338D BZ      3173611977     -465114406
PET MANG-RT           4115360Q BZ       146857128     -409610413
PET MANG-RT           4115364Q BZ       146857128     -409610413
INEPAR-RT ORD            INEP1 BZ       874770027     -338632409
INEPAR-RT PREF           INEP2 BZ       874770027     -338632409
INEPAR-RCT ORD           INEP9 BZ       874770027     -338632409
INEPAR-RCT PREF         INEP10 BZ       874770027     -338632409
BI CIA SECURITIZ          BICS BZ      38231826.5    -584101.548
MINUPAR-RT            9314542Q BZ      70200521.9    -79362709.4
MINUPAR-RCT           9314634Q BZ      70200521.9    -79362709.4
CEEE-D                  CEED3B BZ      1060724542    -3299108.46
MMX MINERACAO-RT      0626050D BZ       135425661     -367990918
MMX MINERACA-RCT      0626051D BZ       135425661     -367990918
CEEE-D-PREF             CEED4B BZ      1060724542    -3299108.46
PET MANG-RT           0229249Q BZ       146857128     -409610413
PET MANG-RT           0229268Q BZ       146857128     -409610413
RECRUSUL - RT         0163579D BZ      14029393.8      -32749735
RECRUSUL - RT         0163580D BZ      14029393.8      -32749735
RECRUSUL - RCT        0163582D BZ      14029393.8      -32749735
RECRUSUL - RCT        0163583D BZ      14029393.8      -32749735
PORTX OPERA-GDR          PXTPY US       976769385    -9407990.18
PORTX OPERACOES          PRTX3 BZ       976769385    -9407990.18
OSX BRASIL S-GDR         OSXRY US      2341831724     -578077527
TEC TOY-RT            1254570D BZ      12406257.1    -2797000.25
TEC TOY-RT            1254571D BZ      12406257.1    -2797000.25
TEC TOY-RCT           1254572D BZ      12406257.1    -2797000.25
TEC TOY-RCT           1254573D BZ      12406257.1    -2797000.25
DOC IMBITUBA-RT       8218594Q BZ       103926124    -44366334.9
DOC IMBITUBA-RT       9866923Q BZ       103926124    -44366334.9
INPAR SA                 INPR3 BZ       472874908    -9626315.69
MMX MINERACAO           MMXM11 BZ       135425661     -367990918
MINUPAR-RT            0599562D BZ      70200521.9    -79362709.4
MINUPAR-RCT           0599564D BZ      70200521.9    -79362709.4
DOC IMBITUBA-RT          IMBI1 BZ       103926124    -44366334.9
PET MANG-RT              RPMG2 BZ       146857128     -409610413
PET MANG-RT           0848424D BZ       146857128     -409610413
PET MANG-RECEIPT         RPMG9 BZ       146857128     -409610413
PET MANG-RECEIPT        RPMG10 BZ       146857128     -409610413
GOL-RT                   GOLL1 BZ      3173611977     -465114406
GOL-RT                1003237D BZ      3173611977     -465114406
GOL-RCT                  GOLL9 BZ      3173611977     -465114406
GOL-RCT               1003238D BZ      3173611977     -465114406
EMPRESA DISTRI-A      0122195D AR       228302327      -21022097
EMPRESA DISTRI-C      0122369D AR       228302327      -21022097
LAEP INVESTMEN-B      0122427D LX       222902269     -255311026
LAEP INVES-BDR B      0163599D BZ       222902269     -255311026
RECRUSUL - RT         0614673D BZ      14029393.8      -32749735
RECRUSUL - RT         0614674D BZ      14029393.8      -32749735
RECRUSUL - RCT        0614675D BZ      14029393.8      -32749735
RECRUSUL - RCT        0614676D BZ      14029393.8      -32749735
TEKA-RTS                 TEKA1 BZ       271521130     -360176693
TEKA-RTS                 TEKA2 BZ       271521130     -360176693
TEKA-RCT                 TEKA9 BZ       271521130     -360176693
TEKA-RCT                TEKA10 BZ       271521130     -360176693
TELEBRAS-COM RTS         TELB1 BZ       628229764    -46558625.3
TELEBRAS SA-RCT          TELB9 BZ       628229764    -46558625.3
LUPATECH SA-RTS       1041054D BZ       301912839    -18027616.1
LUPATECH SA -RCT         LUPA9 BZ       301912839    -18027616.1
MINUPAR-RTS              MNPR1 BZ      70200521.9    -79362709.4
MINUPAR-RCT              MNPR9 BZ      70200521.9    -79362709.4
INPAR SA                 INPR1 BZ       472874908    -9626315.69
INPAR SA                 INPR9 BZ       472874908    -9626315.69
VIVER INCORP-RTS         VIVR1 BZ       472874908    -9626315.69
VIVER INCORP-RCT         VIVR9 BZ       472874908    -9626315.69
RECRUSUL SA-RTS          RCSL1 BZ      14029393.8      -32749735
RECRUSUL SA-RTS          RCSL2 BZ      14029393.8      -32749735
RECRUSUL SA-RCT          RCSL9 BZ      14029393.8      -32749735
RECRUSUL - RCT          RCSL10 BZ      14029393.8      -32749735
OSX BRASIL - RTS      0701756D BZ      2341831724     -578077527
OSX BRASIL - RTS      0701757D BZ      2341831724     -578077527
MMX MINERACA-RTS         MMXM1 BZ       135425661     -367990918
MMX MINERACA-RCT         MMXM9 BZ       135425661     -367990918
OSX BRASIL - RTS      0812903D BZ      2341831724     -578077527
OSX BRASIL - RTS      0812904D BZ      2341831724     -578077527
FORJA TAURUS             FORJF US       315868563    -18371045.2
OSX BRASIL SA            OSXRF US      2341831724     -578077527
OSX BRASIL - RTS         OSXB1 BZ      2341831724     -578077527
OSX BRASIL - RTS         OSXB9 BZ      2341831724     -578077527
PET MANG-RTS          1227980D BZ       146857128     -409610413
VIVER INCORP-RTS        VIVR11 BZ       472874908    -9626315.69
AGRENCO LTD-BDR         AGEN11 BZ       285996574     -543142756
LAEP-BDR                MILK11 BZ       222902269     -255311026
FORJA TAURUS-PRF         FORZF US       315868563    -18371045.2
MMX MINERACA-GDR         MMXMD US       135425661     -367990918
MMX MINERACAO            MMXXF US       135425661     -367990918
FORJA TAURUS-RTS      1272180D BZ       315868563    -18371045.2
FORJA TAURUS-RTS      1272181D BZ       315868563    -18371045.2
FORJA TAURUS-RCT      1272182D BZ       315868563    -18371045.2
FORJA TAURUS-RCT      1272184D BZ       315868563    -18371045.2
GOL PREF - RTS        1303121D BZ      3173611977     -465114406
GOL PREF - RCT        1303123D BZ      3173611977     -465114406
LUPATECH SA-ADR          LUPAQ US       301912839    -18027616.1
LUPATECH SA              LUPAF US       301912839    -18027616.1
LUPATECH SA              LUPTQ US       301912839    -18027616.1
BOMBRIL - RTS           BOBR11 BZ       256955171    -24963790.5
LUPATECH SA-RTS          LUPA1 BZ       301912839    -18027616.1
KARSTEN SA - RTS         CTKA1 BZ      91824643.9    -28389069.7
KARSTEN SA - RTS         CTKA2 BZ      91824643.9    -28389069.7
KARSTEN SA - RCT         CTKA9 BZ      91824643.9    -28389069.7
KARSTEN SA - RCT        CTKA10 BZ      91824643.9    -28389069.7
CELGPAR-RTS             GPAR11 BZ       206352324     -953477771
PET MANGUINH-RTS         RPMG1 BZ       146857128     -409610413
TECTOY - RTS             TOYB1 BZ      12406257.1    -2797000.25
TECTOY - RCT             TOYB9 BZ      12406257.1    -2797000.25
TECTOY - RTS             TOYB2 BZ      12406257.1    -2797000.25
FORJA TAURUS-RTS      1304881D BZ       315868563    -18371045.2
FORJA TAURUS-RTS      1304791D BZ       315868563    -18371045.2
FORJA TAURUS-RCT      1304888D BZ       315868563    -18371045.2
FORJA TAURUS-RCT      1304790D BZ       315868563    -18371045.2
LUPATECH SA-ADR          LUPAD US       301912839    -18027616.1
GOL PREF - RTS           GOLL2 BZ      3173611977     -465114406
OL PREF - RCT           GOLL10 BZ      3173611977     -465114406
FORJA TAURUS-RTS         FJTA2 BZ       315868563    -18371045.2
FORJA TAURUS-RTS         FJTA1 BZ       315868563    -18371045.2
FORJA TAURUS-RTS        FJTA10 BZ       315868563    -18371045.2
TELEBRAS SA              TELB3 BZ       628229764    -46558625.3
TELEBRAS SA             TLBRON BZ       628229764    -46558625.3
TELEBRAS SA              TBASF US       628229764    -46558625.3
TELEBRAS SA-PREF         TELB4 BZ       628229764    -46558625.3
TELEBRAS SA-PREF        TLBRPN BZ       628229764    -46558625.3
TELEBRAS-ADR             TBAPY US       628229764    -46558625.3
TELEBRAS-ADR             TBRAY GR       628229764    -46558625.3
TELEBRAS-CEDE PF         RCTB4 AR       628229764    -46558625.3
TELEBRAS-CEDE PF         RCT4C AR       628229764    -46558625.3
TELEBRAS-CEDE PF         RCT4D AR       628229764    -46558625.3
TELEBRAS-CEDE BL         RCT4B AR       628229764    -46558625.3
TELEBRAS-ADR               TBH US       628229764    -46558625.3
TELEBRAS-ADR               TBX GR       628229764    -46558625.3
TELEBRAS-ADR               RTB US       628229764    -46558625.3
TELEBRAS-ADR             TBASY US       628229764    -46558625.3
TELEBRAS-RCT PRF        TELB10 BZ       628229764    -46558625.3
TELEBRAS-RTS CMN         RCTB1 BZ       628229764    -46558625.3
TELEBRAS-RTS PRF         RCTB2 BZ       628229764    -46558625.3
TELEBRAS-RTS CMN         TCLP1 BZ       628229764    -46558625.3
TELEBRAS-RTS PRF         TLCP2 BZ       628229764    -46558625.3
TELEBRAS-COM RT       0250948D BZ       628229764    -46558625.3
TELEBRAS-CM RCPT        RCTB31 BZ       628229764    -46558625.3
TELEBRAS-CM RCPT        TELE31 BZ       628229764    -46558625.3
TELEBRAS-RCT            RCTB33 BZ       628229764    -46558625.3
TELEBRAS-CM RCPT         TBRTF US       628229764    -46558625.3
TELEBRAS-CM RCPT        RCTB32 BZ       628229764    -46558625.3
TELEBRAS-PF RCPT        RCTB41 BZ       628229764    -46558625.3
TELEBRAS-PF RCPT        TELE41 BZ       628229764    -46558625.3
TELEBRAS-PF RCPT        RCTB42 BZ       628229764    -46558625.3
TELEBRAS-CEDE PF         TELB4 AR       628229764    -46558625.3
TELEBRAS-CED C/E         TEL4C AR       628229764    -46558625.3
TELEBRAS-CM RCPT        RCTB30 BZ       628229764    -46558625.3
TELEBRAS-PF RCPT        RCTB40 BZ       628229764    -46558625.3
TELEBRAS-PF RCPT         TBAPF US       628229764    -46558625.3
TELEBRAS-RECEIPT        TLBRUO BZ       628229764    -46558625.3
TELEBRAS-PF RCPT        TLBRUP BZ       628229764    -46558625.3
TELEBRAS-BLOCK          TELB30 BZ       628229764    -46558625.3
TELEBRAS-PF BLCK        TELB40 BZ       628229764    -46558625.3
TELEBRAS-CEDEA $         TEL4D AR       628229764    -46558625.3
METROGAS-B                METR AR       395437653    -33187926.6
METROGAS-B BLOCK         METRB AR       395437653    -33187926.6
METROGAS-B               METRC AR       395437653    -33187926.6
METROGAS-B               METRD AR       395437653    -33187926.6
METROGAS SA               MGAI US       395437653    -33187926.6
METROGAS-B                MGSB GR       395437653    -33187926.6
METROGAS-ADR               MGS US       395437653    -33187926.6
METROGAS-ADR              MGSA GR       395437653    -33187926.6
ARTHUR LANGE             ARLA3 BZ      11642254.9    -17154460.3
ARTHUR LANGE SA         ALICON BZ      11642254.9    -17154460.3
ARTHUR LANGE-PRF         ARLA4 BZ      11642254.9    -17154460.3
ARTHUR LANGE-PRF        ALICPN BZ      11642254.9    -17154460.3
ARTHUR LANG-RT C         ARLA1 BZ      11642254.9    -17154460.3
ARTHUR LANG-RT P         ARLA2 BZ      11642254.9    -17154460.3
ARTHUR LANG-RC C         ARLA9 BZ      11642254.9    -17154460.3
ARTHUR LANG-RC P        ARLA10 BZ      11642254.9    -17154460.3
ARTHUR LAN-DVD C        ARLA11 BZ      11642254.9    -17154460.3
ARTHUR LAN-DVD P        ARLA12 BZ      11642254.9    -17154460.3
BOMBRIL                  BOBR3 BZ       256955171    -24963790.5
BOMBRIL CIRIO SA        BOBRON BZ       256955171    -24963790.5
BOMBRIL-PREF             BOBR4 BZ       256955171    -24963790.5
BOMBRIL CIRIO-PF        BOBRPN BZ       256955171    -24963790.5
BOMBRIL SA-ADR           BMBPY US       256955171    -24963790.5
BOMBRIL SA-ADR           BMBBY US       256955171    -24963790.5
BUETTNER                 BUET3 BZ      82872146.2    -36299304.3
BUETTNER SA             BUETON BZ      82872146.2    -36299304.3
BUETTNER-PREF            BUET4 BZ      82872146.2    -36299304.3
BUETTNER SA-PRF         BUETPN BZ      82872146.2    -36299304.3
BUETTNER SA-RTS          BUET1 BZ      82872146.2    -36299304.3
BUETTNER SA-RT P         BUET2 BZ      82872146.2    -36299304.3
CAF BRASILIA             CAFE3 BZ       160933830     -149277092
CAFE BRASILIA SA        CSBRON BZ       160933830     -149277092
CAF BRASILIA-PRF         CAFE4 BZ       160933830     -149277092
CAFE BRASILIA-PR        CSBRPN BZ       160933830     -149277092
DOC IMBITUBA             IMBI3 BZ       103926124    -44366334.9
DOCAS IMBITUBA          IMBION BZ       103926124    -44366334.9
DOC IMBITUB-PREF         IMBI4 BZ       103926124    -44366334.9
DOCAS IMBITUB-PR        IMBIPN BZ       103926124    -44366334.9
IGUACU CAFE              IGUA3 BZ       190073766      -74308212
IGUACU CAFE             IGCSON BZ       190073766      -74308212
IGUACU CAFE              IGUCF US       190073766      -74308212
IGUACU CAFE-PR A         IGUA5 BZ       190073766      -74308212
IGUACU CAFE-PR A        IGCSAN BZ       190073766      -74308212
IGUACU CAFE-PR A         IGUAF US       190073766      -74308212
IGUACU CAFE-PR B         IGUA6 BZ       190073766      -74308212
IGUACU CAFE-PR B        IGCSBN BZ       190073766      -74308212
SCHLOSSER                SCLO3 BZ      35479691.9    -46000437.6
SCHLOSSER SA             SCHON BZ      35479691.9    -46000437.6
SCHLOSSER-PREF           SCLO4 BZ      35479691.9    -46000437.6
SCHLOSSER SA-PRF         SCHPN BZ      35479691.9    -46000437.6
KARSTEN SA               CTKA3 BZ      91824643.9    -28389069.7
KARSTEN                  CTKON BZ      91824643.9    -28389069.7
KARSTEN-PREF             CTKA4 BZ      91824643.9    -28389069.7
KARSTEN-PREF             CTKPN BZ      91824643.9    -28389069.7
COBRASMA                 CBMA3 BZ      52538543.6    -1986594292
COBRASMA SA             COBRON BZ      52538543.6    -1986594292
COBRASMA-PREF            CBMA4 BZ      52538543.6    -1986594292
COBRASMA SA-PREF        COBRPN BZ      52538543.6    -1986594292
D H B                    DHBI3 BZ      94806424.1     -188014922
DHB IND E COM            DHBON BZ      94806424.1     -188014922
D H B-PREF               DHBI4 BZ      94806424.1     -188014922
DHB IND E COM-PR         DHBPN BZ      94806424.1     -188014922
DOCA INVESTIMENT         DOCA3 BZ       187044412     -204249587
DOCAS SA                DOCAON BZ       187044412     -204249587
DOCA INVEST-PREF         DOCA4 BZ       187044412     -204249587
DOCAS SA-PREF           DOCAPN BZ       187044412     -204249587
DOCAS SA-RTS PRF         DOCA2 BZ       187044412     -204249587
FABRICA RENAUX           FTRX3 BZ      66603695.4    -76419246.3
FABRICA RENAUX          FRNXON BZ      66603695.4    -76419246.3
FABRICA RENAUX-P         FTRX4 BZ      66603695.4    -76419246.3
FABRICA RENAUX-P        FRNXPN BZ      66603695.4    -76419246.3
HAGA                     HAGA3 BZ      15936121.7    -26674218.2
FERRAGENS HAGA          HAGAON BZ      15936121.7    -26674218.2
FER HAGA-PREF            HAGA4 BZ      15936121.7    -26674218.2
FERRAGENS HAGA-P        HAGAPN BZ      15936121.7    -26674218.2
FORJA TAURUS             FJTA3 BZ       315868563    -18371045.2
FORJAS TAURUS SA        TAUSON BZ       315868563    -18371045.2
FORJA TAURUS-PRF         FJTA4 BZ       315868563    -18371045.2
FORJAS TAURUS-PR        TAUSPN BZ       315868563    -18371045.2
CIMOB PARTIC SA          GAFP3 BZ      44047412.2    -45669964.1
CIMOB PARTIC SA          GAFON BZ      44047412.2    -45669964.1
CIMOB PART-PREF          GAFP4 BZ      44047412.2    -45669964.1
CIMOB PART-PREF          GAFPN BZ      44047412.2    -45669964.1
IGB ELETRONICA           IGBR3 BZ       183430930     -135324913
GRADIENTE ELETR          IGBON BZ       183430930     -135324913
GRADIENTE-PREF A         IGBR5 BZ       183430930     -135324913
GRADIENTE EL-PRA         IGBAN BZ       183430930     -135324913
GRADIENTE-PREF B         IGBR6 BZ       183430930     -135324913
GRADIENTE EL-PRB         IGBBN BZ       183430930     -135324913
GRADIENTE-PREF C         IGBR7 BZ       183430930     -135324913
GRADIENTE EL-PRC         IGBCN BZ       183430930     -135324913
HOTEIS OTHON SA          HOOT3 BZ       179057269    -20332807.8
HOTEIS OTHON SA         HOTHON BZ       179057269    -20332807.8
HOTEIS OTHON-PRF         HOOT4 BZ       179057269    -20332807.8
HOTEIS OTHON-PRF        HOTHPN BZ       179057269    -20332807.8
RENAUXVIEW SA            TXRX3 BZ      35618784.3    -79358527.7
TEXTEIS RENAUX          RENXON BZ      35618784.3    -79358527.7
RENAUXVIEW SA-PF         TXRX4 BZ      35618784.3    -79358527.7
TEXTEIS RENAUX          RENXPN BZ      35618784.3    -79358527.7
INEPAR                   INEP3 BZ       874770027     -338632409
INEPAR SA               INPRON BZ       874770027     -338632409
INEPAR-PREF              INEP4 BZ       874770027     -338632409
INEPAR SA-PREF          INPRPN BZ       874770027     -338632409
INEPAR-COM DVD          INEP11 BZ       874770027     -338632409
INEPAR BONUS B          INEP12 BZ       874770027     -338632409
INEPAR-PRF DVD          INEP13 BZ       874770027     -338632409
PARMALAT                 LCSA3 BZ       388720096     -213641152
PARMALAT BRASIL         LCSAON BZ       388720096     -213641152
PADMA INDUSTRIA          LCSA4 BZ       388720096     -213641152
PARMALAT BRAS-PF        LCSAPN BZ       388720096     -213641152
PARMALAT BR-RT C         LCSA5 BZ       388720096     -213641152
PARMALAT BR-RT P         LCSA6 BZ       388720096     -213641152
MANGELS INDL             MGEL3 BZ       134962177    -67749528.3
MANGELS INDL SA         MISAON BZ       134962177    -67749528.3
MANGELS INDL-PRF         MGEL4 BZ       134962177    -67749528.3
MANGELS INDL-PRF        MISAPN BZ       134962177    -67749528.3
ESTRELA SA               ESTR3 BZ        63482896    -99406807.5
ESTRELA SA              ESTRON BZ        63482896    -99406807.5
ESTRELA SA-PREF          ESTR4 BZ        63482896    -99406807.5
ESTRELA SA-PREF         ESTRPN BZ        63482896    -99406807.5
MET DUQUE                DUQE3 BZ      75039127.4    -2847420.37
MET DUQUE                MDUON BZ      75039127.4    -2847420.37
MET DUQUE-PREF           DUQE4 BZ      75039127.4    -2847420.37
MET DUQUE-PREF           MDUPN BZ      75039127.4    -2847420.37
WETZEL SA                MWET3 BZ      71188964.5    -21819176.8
WETZEL SA               MWELON BZ      71188964.5    -21819176.8
WETZEL SA-PREF           MWET4 BZ      71188964.5    -21819176.8
WETZEL SA-PREF          MWELPN BZ      71188964.5    -21819176.8
MINUPAR                  MNPR3 BZ      70200521.9    -79362709.4
MINUPAR SA              MNPRON BZ      70200521.9    -79362709.4
MINUPAR-PREF             MNPR4 BZ      70200521.9    -79362709.4
MINUPAR SA-PREF         MNPRPN BZ      70200521.9    -79362709.4
NOVA AMERICA SA         NOVA3B BZ      21287488.9     -183535526
NOVA AMERICA SA         NOVAON BZ      21287488.9     -183535526
NOVA AMERICA-PRF        NOVA4B BZ      21287488.9     -183535526
NOVA AMERICA-PRF        NOVAPN BZ      21287488.9     -183535526
NOVA AMERICA-PRF        1NOVPN BZ      21287488.9     -183535526
NOVA AMERICA SA         1NOVON BZ      21287488.9     -183535526
RECRUSUL                 RCSL3 BZ      14029393.8      -32749735
RECRUSUL SA             RESLON BZ      14029393.8      -32749735
RECRUSUL-PREF            RCSL4 BZ      14029393.8      -32749735
RECRUSUL SA-PREF        RESLPN BZ      14029393.8      -32749735
PETRO MANGUINHOS         RPMG3 BZ       146857128     -409610413
PETRO MANGUINHOS        MANGON BZ       146857128     -409610413
PET MANGUINH-PRF         RPMG4 BZ       146857128     -409610413
PETRO MANGUIN-PF        MANGPN BZ       146857128     -409610413
RIMET                    REEM3 BZ       103098359     -185417651
RIMET                   REEMON BZ       103098359     -185417651
RIMET-PREF               REEM4 BZ       103098359     -185417651
RIMET-PREF              REEMPN BZ       103098359     -185417651
SANSUY                   SNSY3 BZ       142208953     -165790983
SANSUY SA               SNSYON BZ       142208953     -165790983
SANSUY-PREF A            SNSY5 BZ       142208953     -165790983
SANSUY SA-PREF A        SNSYAN BZ       142208953     -165790983
SANSUY-PREF B            SNSY6 BZ       142208953     -165790983
SANSUY SA-PREF B        SNSYBN BZ       142208953     -165790983
MORIXE HERMANOS           MORI AR      19006540.3    -928833.864
MORIXE HERMAN-BL         MORIB AR      19006540.3    -928833.864
MORIXE HERMANOS          MORID AR      19006540.3    -928833.864
MORIXE HERMANOS          MORIC AR      19006540.3    -928833.864
MORIXE HERM-5 VT         MORI5 AR      19006540.3    -928833.864
SNIAFA SA                 SNIA AR      11229696.2    -2670544.86
SNIAFA SA-B              SNIA5 AR      11229696.2    -2670544.86
PILMAIQUEN             PILMAIQ CI       153008625    -31066410.1
BOTUCATU TEXTIL          STRP3 BZ      27663605.3    -7174512.12
STAROUP SA              STARON BZ      27663605.3    -7174512.12
BOTUCATU-PREF            STRP4 BZ      27663605.3    -7174512.12
STAROUP SA-PREF         STARPN BZ      27663605.3    -7174512.12
TECTOY                   TOYB3 BZ      12406257.1    -2797000.25
TECTOY SA               TOYBON BZ      12406257.1    -2797000.25
TECTOY-PREF              TOYB4 BZ      12406257.1    -2797000.25
TECTOY SA-PREF          TOYBPN BZ      12406257.1    -2797000.25
TEC TOY SA-PREF          TOYB5 BZ      12406257.1    -2797000.25
TEC TOY SA-PF B          TOYB6 BZ      12406257.1    -2797000.25
TECTOY                  TOYB13 BZ      12406257.1    -2797000.25
TECTOY-RCPT PF B        TOYB12 BZ      12406257.1    -2797000.25
TEKA                     TEKA3 BZ       271521130     -360176693
TEKA                    TEKAON BZ       271521130     -360176693
TEKA-PREF                TEKA4 BZ       271521130     -360176693
TEKA-PREF               TEKAPN BZ       271521130     -360176693
TEKA-ADR                 TKTPY US       271521130     -360176693
TEKA-ADR                 TKTQY US       271521130     -360176693
F GUIMARAES              FGUI3 BZ      11016542.2     -151840378
FERREIRA GUIMARA        FGUION BZ      11016542.2     -151840378
F GUIMARAES-PREF         FGUI4 BZ      11016542.2     -151840378
FERREIRA GUIM-PR        FGUIPN BZ      11016542.2     -151840378
VARIG SA                 VAGV3 BZ       966298048    -4695211008
VARIG SA                VARGON BZ       966298048    -4695211008
VARIG SA-PREF            VAGV4 BZ       966298048    -4695211008
VARIG SA-PREF           VARGPN BZ       966298048    -4695211008
WIEST                    WISA3 BZ      34107195.1     -126993682
WIEST SA                WISAON BZ      34107195.1     -126993682
WIEST-PREF               WISA4 BZ      34107195.1     -126993682
WIEST SA-PREF           WISAPN BZ      34107195.1     -126993682
ELEC ARG SA-PREF         EASA6 AR      1019816241    -75790649.4
ELEC ARGENT-ADR           EASA LX      1019816241    -75790649.4
ELEC DE ARGE-ADR         1262Q US      1019816241    -75790649.4
LOJAS ARAPUA             LOAR3 BZ      39089446.4    -2523382189
LOJAS ARAPUA            LOARON BZ      39089446.4    -2523382189
KOSMOS COMERCIO          LOAR4 BZ      39089446.4    -2523382189
LOJAS ARAPUA-PRF        LOARPN BZ      39089446.4    -2523382189
LOJAS ARAPUA-PRF        52353Z US      39089446.4    -2523382189
LOJAS ARAPUA-GDR         3429T US      39089446.4    -2523382189
LOJAS ARAPUA-GDR         LJPSF US      39089446.4    -2523382189
COOMEVA ENTIDAD         COOMEV CB       389726370     -261681914
BATTISTELLA              BTTL3 BZ      59711285.7    -33374424.9
BATTISTELLA-PREF         BTTL4 BZ      59711285.7    -33374424.9
HOPI HARI SA             PQTM3 BZ       135437870    -15815342.3
HOPI HARI-PREF           PQTM4 BZ       135437870    -15815342.3
PARQUE TEM-DV CM          PQT5 BZ       135437870    -15815342.3
PARQUE TEM-DV PF          PQT6 BZ       135437870    -15815342.3
PARQUE TEM-RT CM         PQTM1 BZ       135437870    -15815342.3
PARQUE TEM-RT PF         PQTM2 BZ       135437870    -15815342.3
PARQUE TEM-RCT C         PQTM9 BZ       135437870    -15815342.3
PARQUE TEM-RCT P        PQTM10 BZ       135437870    -15815342.3
EDELAP-B                  ELAP AR       228302327      -21022097
EDELAP-B                 ELAPC AR       228302327      -21022097
EDELAP-B                 ELAPD AR       228302327      -21022097
INVERS ELEC BUEN          IEBA AR       213542509    -68439920.3
MMX MINERACAO            MMXM3 BZ       135425661     -367990918
TRESSEM PART SA         1TSSON BZ       135425661     -367990918
CIA PETROLIFERA         MRLM3B BZ       377592596     -3014215.1
CIA PETROLIF-PRF        MRLM4B BZ       377592596     -3014215.1
CIA PETROLIFERA         1CPMON BZ       377592596     -3014215.1
CIA PETROLIF-PRF        1CPMPN BZ       377592596     -3014215.1
PUYEHUE                  PUYEH CI        16578544    -7533710.62
IMPSAT FIBER NET         IMPTQ US       535007008      -17164978
IMPSAT FIBER NET       330902Q GR       535007008      -17164978
IMPSAT FIBER NET         XIMPT SM       535007008      -17164978
IMPSAT FIBER-CED          IMPT AR       535007008      -17164978
IMPSAT FIBER-C/E         IMPTC AR       535007008      -17164978
IMPSAT FIBER-$US         IMPTD AR       535007008      -17164978
IMPSAT FIBER-BLK         IMPTB AR       535007008      -17164978
VARIG PART EM TR         VPTA3 BZ      49432119.3     -399290357
VARIG PART EM-PR         VPTA4 BZ      49432119.3     -399290357
VARIG PART EM SE         VPSC3 BZ        83017828     -495721697
VARIG PART EM-PR         VPSC4 BZ        83017828     -495721697


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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