/raid1/www/Hosts/bankrupt/TCRLA_Public/140311.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, March 11, 2014, Vol. 15, No. 49


                            Headlines



A R G E N T I N A

TMF TRUST: Moody's Rates ARS17.5MM Certificates 'Ca.ar'


B R A Z I L

OGX PETROLEO: Ready to Auction Off Office Equipment


C A Y M A N  I S L A N D S

CHINA OIL: Creditors' Proofs of Debt Due March 17
EMERGING COUNTRIES: Creditors' Proofs of Debt Due March 18
FREEPORT OFFSHORE: Creditors' Proofs of Debt Due March 26
FREEPORT ONSHORE I: Creditors' Proofs of Debt Due March 26
FREEPORT ONSHORE II: Creditors' Proofs of Debt Due March 26

HYDRIADES II: Creditors' Proofs of Debt Due March 26
LATIGO ULTRA: Creditors' Proofs of Debt Due March 26
MEGA GLOBAL: Commences Liquidation Proceedings
SANTIAGO OFFSHORE: Creditors' Proofs of Debt Due March 21
TRANSIT ALLIANCE: Placed Under Voluntary Wind-Up


J A M A I C A

CARIBBEAN CEMENT: To Operate Halberstadt Quarry Within a Month
PAN-CARIBBEAN SUGAR: Continues to Incur Losses


M E X I C O

CREDITO REAL: S&P Retains 'BB' Rating on 5-Yr. Sr. Unsecured Notes


P U E R T O   R I C O

PUERTO RICO: Hires Restructuring Expert as Financial Adviser
PUERTO RICO: Gets a Break With Rates on its Bonds


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Bourse Gives Review on 2013 Performance & Outlook


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


=================
A R G E N T I N A
=================


TMF TRUST: Moody's Rates ARS17.5MM Certificates 'Ca.ar'
-------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo rates
Fideicomiso Financiero Supervielle Creditos 77, a transaction that
will be issued by TMF Trust Company (Argentina) S.A. -- acting
solely in its capacity as Issuer and Trustee.

The securities for this transaction have not yet been placed in
the market. The transaction is pending approval from the Comision
Nacional de Valores, If any assumption or factor Moody's considers
when assigning the ratings change before closing, the ratings may
also change.

ARS232,500,000 in Floating Rate Debt Securities of "Fideicomiso
Financiero Supervielle Creditos 77", rated Aaa.ar (sf) (Argentine
National Scale) and Ba3 (sf) (Global Scale, Local Currency)

ARS17,500,000 in Certificates of "Fideicomiso Financiero
Supervielle Creditos 77", rated Ca.ar (sf) (Argentine National
Scale) and Ca (sf) (Global Scale, Local Currency)

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 35,086 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS 250,001,532.24.

These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administraci¢n Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.

Overall credit enhancement is comprised of 7% of subordination for
the Class A Floating Rate Debt Securities. In addition the
transaction has various reserve funds and excess spread.

Factors that would lead to an upgrade or downgrade of the rating:

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction, and a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis:

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for prepayments with a mean of
25% and a coefficient of variation of 70%. These assumptions are
derived from the historical performance to date of the
Supervielle's pools. Servicer default was modeled by simulating
the default of the Banco Supervielle as the servicer consistent
with its current rating of B2/Aa3.ar. In the scenarios where the
servicer defaults, Moody's assumed that the defaults on the pool
would increase by 20 percentage points.

The model results showed 1.41% expected loss for the Floating Rate
Debt Securities and 53.21% for the Certificates.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
TMF Trust Company (Argentina) S.A. will be appointed as the back-
up servicer.

Stress Scenarios:

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3% from
the base case scenario for the pool (i.e., mean of 5.5% and a
coefficient of variation of 50%), the ratings of the Floating Rate
debt securities and the Certificates would likely be downgraded to
B1 (sf) and C (sf) respectively.


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B R A Z I L
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OGX PETROLEO: Ready to Auction Off Office Equipment
----------------------------------------------------
Luciana Magalhaes and Jeffrey T. Lewis at Daily Bankruptcy Review
report that investors who tried to buy a piece of Brazil's success
story through embattled Brazilian businessman Eike Batista's many
companies now at least have the chance to buy and take home a
piece of the tycoon's failed empire.

OGX Petroleo e Gas Participaaoes S.A., now known as Oleo e Gas is
auctioning off leftover office equipment after it moved from its
offices in the sumptuous Serrador Building in Rio de Janeiro to a
smaller office space nearby, according to Daily Bankruptcy Review.

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than $30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29 that the talks concluded
without an agreement. The company's cash fell to about $82 million
at the end of September, not enough to sustain operations further
than December.


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


CHINA OIL: Creditors' Proofs of Debt Due March 17
-------------------------------------------------
The creditors of China Oil & Gas Fund are required to file their
proofs of debt by March 17, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 27, 2014.

The company's liquidator is:

          Richard Fear
          c/o Daniel Woolston
          Telephone: (345) 814 7782
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


EMERGING COUNTRIES: Creditors' Proofs of Debt Due March 18
----------------------------------------------------------
The creditors of Emerging Countries Opportunity Fund, Ltd. are
required to file their proofs of debt by March 18, 2014, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 6, 2014.

The company's liquidator is:

          Ogier
          c/o Jacqueline Haynes
          Telephone: (345) 815-1759
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


FREEPORT OFFSHORE: Creditors' Proofs of Debt Due March 26
---------------------------------------------------------
The creditors of Freeport Offshore SPV I, Ltd are required to file
their proofs of debt by March 26, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 10, 2014.

The company's liquidator is:

          Ian D. Stokoe
          c/o Andrew Nembhard
          Telephone: (345) 914 8779
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


FREEPORT ONSHORE I: Creditors' Proofs of Debt Due March 26
----------------------------------------------------------
The creditors of Freeport Onshore SPV I, Ltd are required to file
their proofs of debt by March 26, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 10, 2014.

The company's liquidator is:

          Ian D. Stokoe
          c/o Andrew Nembhard
          Telephone: (345) 914 8779
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


FREEPORT ONSHORE II: Creditors' Proofs of Debt Due March 26
-----------------------------------------------------------
The creditors of Freeport Onshore SPV II, Ltd are required to file
their proofs of debt by March 26, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 10, 2014.

The company's liquidator is:

          Ian D. Stokoe
          c/o Andrew Nembhard
          Telephone: (345) 914 8779
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


HYDRIADES II: Creditors' Proofs of Debt Due March 26
----------------------------------------------------
The creditors of Hydriades II Limited are required to file their
proofs of debt by March 26, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 10, 2014.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: Tracy Hylton
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647; or

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 George Town
          Grand Cayman KY1-1108
          Cayman Islands


LATIGO ULTRA: Creditors' Proofs of Debt Due March 26
----------------------------------------------------
The creditors of Latigo Ultra Access Fund Ltd are required to file
their proofs of debt by March 26, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 13, 2014.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


MEGA GLOBAL: Commences Liquidation Proceedings
----------------------------------------------
On Feb. 11, 2014, the sole shareholder of Mega Global Asset
Management Company Limited resolved to voluntarily liquidate the
company's business.

The company's liquidators are:

          Cosimo Borrelli
          Borrelli Walsh Limited
          Admiralty Centre, Level 17, Tower 1
          18 Harcourt Road
          Hong Kong


SANTIAGO OFFSHORE: Creditors' Proofs of Debt Due March 21
---------------------------------------------------------
The creditors of Santiago Offshore Gold Partners Ltd are required
to file their proofs of debt by March 21, 2014, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 6, 2014.

The company's liquidator is:

          Techdis Limited
          Suite 2206, Cassia Court
          72 Market Street, Camana Bay
          P.O. Box 32302 Grand Cayman, KY1-1209
          Cayman Islands
          c/o Smeets Law (Cayman)
          Attorneys-at-Law for the Company
          Reference: JAPF
          Telephone: (+1) 345 815 2800
          Facsimile: (+1) 345 947 4728


TRANSIT ALLIANCE: Placed Under Voluntary Wind-Up
------------------------------------------------
On Feb. 12, 2014, the sole shareholder of The Transit Alliance
Insurance Co., Ltd. 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:

          Joel Hammer
          c/o Global Captive Management Ltd.
          Building 3, 2nd Floor, Governors Square
          23 Lime Tree bay Avenue
          P.O. Box 1363 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 949 7966
          Facsimile: +1 (345) 949 8068


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


CARIBBEAN CEMENT: To Operate Halberstadt Quarry Within a Month
--------------------------------------------------------------
Jamaica Observer reports that Caribbean Cement Company Limited
hopes to start using a gypsum quarry that has been dormant for
four decades, within a month.

The Halberstadt Quarry will supply the company's cement plant with
the gypsum needed for the production of ordinary portland and
blended cements, according to Jamaica Observer.

The report notes that the company has already received an
environmental permit with stipulated conditions from the National
Environment and Planning Agency (NEPA).

Of course, becoming operational is subject to receiving other
necessary approvals such as a mining license from the Commissioner
of Mines, the report relates.

"I really can't definitively say when we will start, but I hope to
start within a month," the report quoted Anthony Haynes, general
manager of Caribbean Cement, as saying.

Even so, the report relates that the company has only about three
months' supply of gypsum in its inventory that it has been using
for cement production locally.  The overall objective is to also
produce gypsum to meet the demand of its parent company, Trinidad
Cement Limited (TCL) Group.

For the year ended December 31, 2013 the company posted J$594.7
million in local cement sales up from J$536.3 million in the
corresponding period in the prior year or an 11 per cent increase,
while export was six per cent higher during the year under review,
up from J$218.7 million year over year.  The company improved its
bottom line and posted a profit of J$113.9 million, compared to a
loss of J$3.3 billion in the prior year.

The Halberstadt Quarry is located towards the eastern boundary of
St Andrew, less than a kilometre west of St Thomas, said the EIS.
It is reportedly approximately 1.5 km north and 1.2 km northeast
of Salt Spring and Bito, St Andrew, respectively.

Caribbean Cement Company Limited manufactures and sells cement.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 7, 2013, RJR News said that Caribbean Cement Company Limited
suffered a consolidated loss of J$137 million for the first six
months of 2013 down from J$1.2 billion during the corresponding
period last year, according to RJR News.  The report related that
the loss resulted from J$701 million of non-cash foreign exchange
losses compared to J$136 million in 2012.


PAN-CARIBBEAN SUGAR: Continues to Incur Losses
----------------------------------------------
Jamaica Observer reports that Chinese-Owned Pan-Caribbean Sugar
continued to incur losses in the second half of the year,
following a bad start in 2013.

In a profit warning on the Hong Kong Stock Exchange, Hua Lien
International, an affiliate of Pan Caribbean, said that "the
substantial operating loss for the newly acquired sugar business
in Jamaica continued for the second half of 2013," according to
Jamaica Observer.

The report relates that for the first half of 2013, it blamed
foreign exchange losses from US dollar-denominated debts, and the
decrease in fair value of biological assets due to extreme
weather-related conditions, for losses at the group's new
operations in Jamaica.

In the latest profit warning, Hua Lien's board added the
persistent high operating cost to the list, Jamaica Observer
notes.

"The heavy foreign exchange loss from the US dollar-denominated
debts continued in second half as the exchange rate between
Jamaican dollars and US dollars fell by another approximately five
per cent in second half of 2013.  The depreciation of the Jamaican
dollars against other major currencies has pushed up the prices of
all major local production inputs, such as labor," said the
company filing, the report discloses.

The profit warning continued: "Drought conditions and hurricane
resulted in the reduction in the quantity of harvested canes and
the decrease in supply of the key raw material leading to a
reduction in the production scale, which together caused an
increase in the per unit production cost for current harvest
season," the report points out.

The report says that high energy cost and low efficiency due to
the insufficiency of electricity and stream generated from the
outdated and old bagasse boiler and turbine also pushed the
company into the red.

Pan-Caribbean bought three Government of Jamaica-owned sugar
assets -- Frome, Monymusk and Bernard Lodge -- and committed to
reviving the industrial and agricultural production plant and
facilities by mid-August 2014.  Complant and Hua Lien agreed to
inject US$38 million and US$89 million, respectively, into a joint
venture to purchase Pan-Caribbean Sugar.  Some of the funds went
towards the repayment of short-term loans and working capital.


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


CREDITO REAL: S&P Retains 'BB' Rating on 5-Yr. Sr. Unsecured Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB' issue-level
rating on Mexican finance company Credito Real, S.A.B. de C.V.,
SOFOM, E.N.R.'s (Credito Real) proposed five-year senior unsecured
notes remains unchanged after it increased the amount to
$350 million from $300 million.  The incremental debt doesn't
weaken the company's financial profile, because S&P expects
Credito Real to use part of the proceeds to reduce its position in
local market debt.  S&P expects Credito Real's market debt to
represent no more than 70% of its total funding structure and its
short-term market debt funding not to exceed 35% of its total
market debt.

The 'BB' rating on the notes is the same as the long-term global
scale issuer credit rating on Credito Real, and indicates that the
notes will rank equally in right of payment with all of the
company's existing and future senior unsecured debt.  S&P expects
Credito Real to use the proceeds for general corporate purposes,
including improving its asset-liability management (through a
tender offer for its outstanding 2015 notes), and for organic and
inorganic loan portfolio growth.  The company has the option to
redeem the notes within three years after the issuance date at a
redemption price.  The rating on the notes incorporates a cross-
currency swap (CCS) on the principal and interest during the
issuance's term.  S&P expects the company to complete a CCS for
the whole amount of the issuance by June 30, 2014, at the latest.

RATINGS LIST
Credito Real, S.A.B. de C.V., SOFOM, E.N.R.
Counterparty Credit Rating
  Global scale rating                    BB/Stable/--
  CaVal (Mexico) National Scale          mxA/Stable/mxA-2
  Senior Unsecured                       BB



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


PUERTO RICO: Hires Restructuring Expert as Financial Adviser
------------------------------------------------------------
Reuters reported that Puerto Rico's Government Development Bank
has hired a restructuring expert to evaluate potential funding
sources and financial proposals for the bank and commonwealth, it
said on March 4, less than a week before the commonwealth's
expected multi-billion dollar municipal bond offering.

According to the report, the GDB, which acts as the territory's
central bank, said the hiring of Millco Advisors LP, a Washington,
D.C.-based affiliate of Millstein & Co LP, should not raise fears
of default.

"We can say clearly, we have not hired anyone to advise on
restructuring. Millco is simply acting as a financial adviser and
has been very helpful with various aspects of the fiscal plan,"
Reuters said, citing GDB spokeswoman Betsy Nazario.

Still, the news is expected to roil a U.S. municipal bond market
that has been growing increasingly anxious about the island's
financial deterioration, the report related.  As a territory,
Puerto Rico cannot file for protection under Chapter 9 of the
bankruptcy code. But the commonwealth said in a draft statement
for the bond sale that the GDB is investigating measures akin to a
bankruptcy filing.

"I don't see how this helps demand in any way," said Robert
Donahue, managing director of Municipal Market Advisers, adding
Puerto Rico should have made the announcement weeks ago, the
report further related. "It seems like a bad idea to disclose this
right before a huge deal, especially given Millstein's
background."

                        *     *     *

The Troubled Company Reporter, on March 6, 2014, reported that
Fitch Ratings has assigned a 'BB' rating to the Commonwealth of
Puerto Rico's up to $3.5 billion general obligation (GO) Bonds of
2014, Series A.  Fitch has also affirmed the 'BB' rating on $10
billion of outstanding GO bonds of the commonwealth.  The Rating
Outlook is Negative.

Standard & Poor's Ratings Services, on the same day, has assigned
its 'BB+' rating to Puerto Rico's $3.5 billion series 2014 GO
refunding bonds and placed the rating on CreditWatch with negative
implications, as S&P did the approximately $15.9 billion of
outstanding Puerto Rico GO and guaranteed debt on Feb. 4, 2014.

Moody's Investors Service also assigned a rating of (P) Ba2, with
a negative outlook, to Puerto Rico's planned issuance of up to
$3.5 billion 2014 A General Obligation Bonds.  The bonds would
provide liquidity to repay internal loans from the Government
Development Bank for Puerto Rico (GDB), the commonwealth's fiscal
agent, as well as to refund the commonwealth's general obligation
variable rate bonds and terminate related swaps.


PUERTO RICO: Gets a Break With Rates on its Bonds
-------------------------------------------------
Michael Corkery and Mary Williams Walsh, writing for The New York
Times' DealBook, reported that Puerto Rico is expected to sell
roughly $3 billion in bonds today, March 11 at interest rates that
are considerably lower than many investors in the municipal market
had expected, providing a rare bright spot for the cash-squeezed
island.

According to the report, the lower yields, investors say, are
being driven by a combination of factors, including a recent flow
of investments in mutual funds that are large buyers of municipal
bonds, Puerto Rico's progress in closing its chronic budget gap,
its improved financial disclosures and a general sense of relief
that the commonwealth still has access to the debt market.

"There's a very explicit, almost to the point of jarring,
acknowledgment of many problems," the report cited Robert Donahue,
a managing director at Municipal Market Advisors, referring to a
long-sought liquidity report issued last week by the Puerto Rican
government. "Now the commonwealth has opened the curtain."

But the commonwealth's fiscal agent, the Government Development
Bank, also has hired an affiliate of a well-known restructuring
firm, raising concerns among some investors that Puerto Rico is
weighing a revamping of its existing debt load, even as it
prepares to raise fresh funds, the report noted.

"I have to say it lends an element of discomfort as you look at
the new deal," Joseph Rosenblum, director of municipal credit
research at AllianceBernstein, said of the hiring of the
restructuring firm Millco Advisers, an affiliate of Millstein &
Company, the report related.  The firm's founder is James E.
Millstein, a former Treasury Department official who oversaw the
government's revamping of the bailed-out insurance giant American
International Group after the financial crisis.

                        *     *     *

The Troubled Company Reporter, on March 6, 2014, reported that
Fitch Ratings has assigned a 'BB' rating to the Commonwealth of
Puerto Rico's up to $3.5 billion general obligation (GO) Bonds of
2014, Series A.  Fitch has also affirmed the 'BB' rating on $10
billion of outstanding GO bonds of the commonwealth.  The Rating
Outlook is Negative.

Standard & Poor's Ratings Services, on the same day, has assigned
its 'BB+' rating to Puerto Rico's $3.5 billion series 2014 GO
refunding bonds and placed the rating on CreditWatch with negative
implications, as S&P did the approximately $15.9 billion of
outstanding Puerto Rico GO and guaranteed debt on Feb. 4, 2014.

Moody's Investors Service also assigned a rating of (P) Ba2, with
a negative outlook, to Puerto Rico's planned issuance of up to
$3.5 billion 2014 A General Obligation Bonds.  The bonds would
provide liquidity to repay internal loans from the Government
Development Bank for Puerto Rico (GDB), the commonwealth's fiscal
agent, as well as to refund the commonwealth's general obligation
variable rate bonds and terminate related swaps.



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


TRINIDAD CEMENT: Bourse Gives Review on 2013 Performance & Outlook
------------------------------------------------------------------
Trinidad Express reports that Bourse Securities Limited gave a
review on Trinidad Cement Limited's 2013 performance and outlook.

Bourse Securities said that following the TT$1.32 loss per share
recorded in the year 2012, Trinidad Cement Limited (TCL) delivered
an EPS of TT$0.24 for 2013 boosted by increased sales locally and
regionally, according to Trinidad Express.  The report relates
that sales came in at TT$1.941 billion, 20 per cent higher than
the comparable period of 2012.

Bourse Securities said that an increase in sales of domestic
cement volumes and export levels along with higher profit margins
contributed to TCL's strong earnings before interest, tax,
depreciation and amortization (EBITDA) levels, the report notes.
EBITDA came in at TT$423 million in 2013 which was more than
doubled the TT$154.5 million attained in 2012.

Trinidad Express notes that a quarterly basis, EBITDA levels have
outperformed those of 2012 despite the overall downward trend
throughout the year and even excluding the TT$38.8 million tax
credit included during the second quarter.  EBITDA margins have
also improved, increasing from 9.6 per cent in 2012 to 21.8 per
cent in 2013, the report relays.

This improvement is attributed to increases in key operating
metrics with domestic cement sales volumes (especially in Trinidad
and Jamaica) increasing by 13 per cent year-on-year (y-o-y),
cement export volumes increased by 22 per cent y-o-y and clinker
production increased 15 per cent y-o-y, Bourse Securities said,
the report discloses.

The report notes that PBT of TT$52.9 million was a marked
improvement over the TT$384 million loss experienced in the
previous year.  Lower depreciation of the Jamaican dollar,
impairment charges, finance costs and a deferred tax credit
provided major benefits to the 2013 results, the report relays.

Bourse Securities said that looking at the balance sheet, TCL's
asset base fell by 1.5 per cent to TT$3.61 billion from TT$3.67
billion while its liabilities decreased by 4.3 per cent from
TT$2.99 billion to TT$2.86 billion, the report discloses.

Bourse Securities said that at a current trading price of TT$2.15,
TCL's stock price is down 2.3 per cent YTD with a trailing P/E of
9.1 times.   TCL's stock price traded as high as TT$10.95 in July
2008 before falling to a low of TT$0.95 in May 2013.

The report notes that TCL's results in 2012 were dampened by
production difficulties in the region and a 92-day labor strike in
the Trinidad cement plant.  For 2013, the Group's financial
position and liquidity strengthened throughout the year with all
loan payments being made and financial ratio covenants being
achieved, the report relays.

The report says that the Group is optimistic about its performance
in 2014 as critical repairs at its Barbados plant have been
completed and exports are being made to buoyant markets such as
Guyana.

Bourse Securities said that the Trinidad and Tobago market is
forecast to remain buoyant as economic conditions strengthen which
may contribute to improved cement and concrete business. An
increase in TCL's market share will bode well for the Group's
revenue and its ability to finance TT$2 billion in outstanding
debt obligations as at December 2013, the report says.

Bourse Securities said that based on the notes to its financial
statement, TCL's debt service (inclusive of principal and
interest) is forecast to be TT$368 million for 2014.  The ability
of TCL to generate and grow sufficient cash flows to service its
debt remains the biggest challenge to the Group coming out of the
restructuring of its debt portfolio, the report notes.  Bourse
Securities recommends a HOLD on the stock.

Bourse Securities Limited, a Securities Company Licensed by the
Trinidad and Tobago Securities and Exchange Commission, offers
stock broking services.  The firm provides security trading,
investment advisory, and corporate and institutional financing
services.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 5, 2011, RJR News reports that Trinidad Cement Limited
reached an agreement with its debtors on the terms and conditions
attached to the repayment of its debt.  The agreement will convert
most of the company's debt into an 8-year facility, to be paid,
quarterly, from March 2013, according to RJR News.  The report
related that deal also includes certain performance criteria for
repaying the debt and if those are not met, the company will be
penalized.


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


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

                                                         Total
                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------

AGRENCO LTD            AGRE LX          339244073      -561405847


AGRENCO LTD            AGRE LX          339244073      -561405847
AGRENCO LTD-BDR        AGEN33 BZ        339244073      -561405847
AGRENCO LTD-BDR        AGEN11 BZ        339244073      -561405847
ALL ORE MINERACA       AORE3 BZ         10519766.1     -18449684.9
ALL ORE MINERACA       STLB3 BZ         10519766.1     -18449684.9
ARTHUR LAN-DVD C       ARLA11 BZ        11642254.9     -17154460.3
ARTHUR LAN-DVD P       ARLA12 BZ        11642254.9     -17154460.3
ARTHUR LANGE           ARLA3 BZ         11642254.9     -17154460.3
ARTHUR LANGE SA        ALICON BZ        11642254.9     -17154460.3
ARTHUR LANGE-PRF       ARLA4 BZ         11642254.9     -17154460.3
ARTHUR LANGE-PRF       ALICPN BZ        11642254.9     -17154460.3
ARTHUR LANG-RC C       ARLA9 BZ         11642254.9     -17154460.3
ARTHUR LANG-RC P       ARLA10 BZ        11642254.9     -17154460.3
ARTHUR LANG-RT C       ARLA1 BZ         11642254.9     -17154460.3
ARTHUR LANG-RT P       ARLA2 BZ         11642254.9     -17154460.3
B&D FOOD CORP          BDFCE US         14423532       -3506007
B&D FOOD CORP          BDFC US          14423532       -3506007
BALADARE               BLDR3 BZ         159449535      -52990723.7
BATTISTELLA            BTTL3 BZ         161941587      -30698112.2
BATTISTELLA-PREF       BTTL4 BZ         161941587      -30698112.2
BATTISTELLA-RECE       BTTL9 BZ         161941587      -30698112.2
BATTISTELLA-RECP       BTTL10 BZ        161941587      -30698112.2
BATTISTELLA-RI P       BTTL2 BZ         161941587      -30698112.2
BATTISTELLA-RIGH       BTTL1 BZ         161941587      -30698112.2
BIOMM SA               BIOM3M BZ        14879155       -13567385
BIOMM SA               BIOM3 BZ         14879155       -13567385
BIOMM SA - RCT         BIOM9 BZ         14879155       -13567385
BIOMM SA-PREF          BIOM4 BZ         14879155       -13567385
BIOMM SA-RT            0905492D BZ      14879155       -13567385
BIOMM SA-RT            BIOM2 BZ         14879155       -13567385
BIOMM SA-RTS           0905518D BZ      14879155       -13567385
BIOMM SA-RTS           BIOM10 BZ        14879155       -13567385
BIOMM SA-RTS           BIOM1 BZ         14879155       -13567385
BOMBRIL                BMBBF US         324115454      -16635219.6
BOMBRIL                FPXE4 BZ         19416013.9     -489914853
BOMBRIL                BOBR3 BZ         324115454      -16635219.6
BOMBRIL CIRIO SA       BOBRON BZ        324115454      -16635219.6
BOMBRIL CIRIO-PF       BOBRPN BZ        324115454      -16635219.6
BOMBRIL HOLDING        FPXE3 BZ         19416013.9     -489914853
BOMBRIL SA-ADR         BMBPY US         324115454      -16635219.6
BOMBRIL SA-ADR         BMBBY US         324115454      -16635219.6
BOMBRIL-PREF           BOBR4 BZ         324115454      -16635219.6
BOMBRIL-RGTS PRE       BOBR2 BZ         324115454      -16635219.6
BOMBRIL-RIGHTS         BOBR1 BZ         324115454      -16635219.6
BOTUCATU TEXTIL        STRP3 BZ         27663605.3     -7174512.12
BOTUCATU-PREF          STRP4 BZ         27663605.3     -7174512.12
BUETTNER               BUET3 BZ         96231802.9     -32473494
BUETTNER SA            BUETON BZ        96231802.9     -32473494
BUETTNER SA-PRF        BUETPN BZ        96231802.9     -32473494
BUETTNER SA-RT P       BUET2 BZ         96231802.9     -32473494
BUETTNER SA-RTS        BUET1 BZ         96231802.9     -32473494
BUETTNER-PREF          BUET4 BZ         96231802.9     -32473494
CAF BRASILIA           CAFE3 BZ         160933830      -149277092
CAF BRASILIA-PRF       CAFE4 BZ         160933830      -149277092
CAFE BRASILIA SA       CSBRON BZ        160933830      -149277092
CAFE BRASILIA-PR       CSBRPN BZ        160933830      -149277092
CAIUA ELEC-C RT        ELCA1 BZ         1059986022     -76183286
CAIUA SA               ELCON BZ         1059986022     -76183286
CAIUA SA-DVD CMN       ELCA11 BZ        1059986022     -76183286
CAIUA SA-DVD COM       ELCA12 BZ        1059986022     -76183286
CAIUA SA-PREF          ELCPN BZ         1059986022     -76183286
CAIUA SA-PRF A         ELCAN BZ         1059986022     -76183286
CAIUA SA-PRF A         ELCA5 BZ         1059986022     -76183286
CAIUA SA-PRF B         ELCA6 BZ         1059986022     -76183286
CAIUA SA-PRF B         ELCBN BZ         1059986022     -76183286
CAIUA SA-RCT PRF       ELCA10 BZ        1059986022     -76183286
CAIUA SA-RTS           ELCA2 BZ         1059986022     -76183286
CAIVA SERV DE EL       1315Z BZ         1059986022     -76183286
CELGPAR                GPAR3 BZ         204382297      -934172491
CENTRAL COST-ADR       CCSA LI          319571114      -114350021
CENTRAL COSTAN-B       CRCBF US         319571114      -114350021
CENTRAL COSTAN-B       CNRBF US         319571114      -114350021
CENTRAL COSTAN-C       CECO3 AR         319571114      -114350021
CENTRAL COST-BLK       CECOB AR         319571114      -114350021
CIA PETROLIFERA        MRLM3 BZ         377592596      -3014215.1
CIA PETROLIFERA        MRLM3B BZ        377592596      -3014215.1
CIA PETROLIFERA        1CPMON BZ        377592596      -3014215.1
CIA PETROLIF-PRF       MRLM4 BZ         377592596      -3014215.1
CIA PETROLIF-PRF       MRLM4B BZ        377592596      -3014215.1
CIA PETROLIF-PRF       1CPMPN BZ        377592596      -3014215.1
CIMOB PARTIC SA        GAFP3 BZ         44047412.2     -45669964.1
CIMOB PARTIC SA        GAFON BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFP4 BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFPN BZ         44047412.2     -45669964.1
COBRASMA               CBMA3 BZ         75391731.7     -2212560088
COBRASMA SA            COBRON BZ        75391731.7     -2212560088
COBRASMA SA-PREF       COBRPN BZ        75391731.7     -2212560088
COBRASMA-PREF          CBMA4 BZ         75391731.7     -2212560088
D H B                  DHBI3 BZ         100548065      -171900717
D H B-PREF             DHBI4 BZ         100548065      -171900717
DHB IND E COM          DHBON BZ         100548065      -171900717
DHB IND E COM-PR       DHBPN BZ         100548065      -171900717
DOCA INVESTIMENT       DOCA3 BZ         273120349      -211736213
DOCA INVESTI-PFD       DOCA4 BZ         273120349      -211736213
DOCAS SA               DOCAON BZ        273120349      -211736213
DOCAS SA-PREF          DOCAPN BZ        273120349      -211736213
DOCAS SA-RTS PRF       DOCA2 BZ         273120349      -211736213
ELEC ARG SA-PREF       EASA6 AR         1395153160     -106158748
ELEC ARGENT-ADR        EASA LX          1395153160     -106158748
ELEC DE ARGE-ADR       1262Q US         1395153160     -106158748
ELECTRICIDAD ARG       3447811Z AR      1395153160     -106158748
ENDESA - RTS           CECOX AR         319571114      -114350021
ENDESA COST-ADR        CRCNY US         319571114      -114350021
ENDESA COSTAN-         CECO2 AR         319571114      -114350021
ENDESA COSTAN-         CECOD AR         319571114      -114350021
ENDESA COSTAN-         CECOC AR         319571114      -114350021
ENDESA COSTAN-         EDCFF US         319571114      -114350021
ENDESA COSTAN-A        CECO1 AR         319571114      -114350021
ESTRELA SA             ESTR3 BZ         71379826.3     -111239817
ESTRELA SA             ESTRON BZ        71379826.3     -111239817
ESTRELA SA-PREF        ESTR4 BZ         71379826.3     -111239817
ESTRELA SA-PREF        ESTRPN BZ        71379826.3     -111239817
F GUIMARAES            FGUI3 BZ         11016542.2     -151840378
F GUIMARAES-PREF       FGUI4 BZ         11016542.2     -151840378
FABRICA RENAUX         FTRX3 BZ         66603695.4     -76419246.3
FABRICA RENAUX         FRNXON BZ        66603695.4     -76419246.3
FABRICA RENAUX-P       FTRX4 BZ         66603695.4     -76419246.3
FABRICA RENAUX-P       FRNXPN BZ        66603695.4     -76419246.3
FABRICA TECID-RT       FTRX1 BZ         66603695.4     -76419246.3
FER HAGA-PREF          HAGA4 BZ         18439489.1     -40509835.2
FERRAGENS HAGA         HAGAON BZ        18439489.1     -40509835.2
FERRAGENS HAGA-P       HAGAPN BZ        18439489.1     -40509835.2
FERREIRA GUIMARA       FGUION BZ        11016542.2     -151840378
FERREIRA GUIM-PR       FGUIPN BZ        11016542.2     -151840378
GRADIENTE ELETR        IGBON BZ         381918698      -32078427.7
GRADIENTE EL-PRA       IGBAN BZ         381918698      -32078427.7
GRADIENTE EL-PRB       IGBBN BZ         381918698      -32078427.7
GRADIENTE EL-PRC       IGBCN BZ         381918698      -32078427.7
GRADIENTE-PREF A       IGBR5 BZ         381918698      -32078427.7
GRADIENTE-PREF B       IGBR6 BZ         381918698      -32078427.7
GRADIENTE-PREF C       IGBR7 BZ         381918698      -32078427.7
HAGA                   HAGA3 BZ         18439489.1     -40509835.2
HOTEIS OTHON SA        HOOT3 BZ         227388586      -68129377.9
HOTEIS OTHON SA        HOTHON BZ        227388586      -68129377.9
HOTEIS OTHON-PRF       HOOT4 BZ         227388586      -68129377.9
HOTEIS OTHON-PRF       HOTHPN BZ        227388586      -68129377.9
IGB ELETRONICA         IGBR3 BZ         381918698      -32078427.7
IGUACU CAFE            IGUA3 BZ         224229556      -68866571
IGUACU CAFE            IGCSON BZ        224229556      -6886657
IGUACU CAFE            IGUCF US         224229556      -68866571
IGUACU CAFE-PR A       IGUA5 BZ         224229556      -68866571
IGUACU CAFE-PR A       IGCSAN BZ        224229556      -68866571
IGUACU CAFE-PR A       IGUAF US         224229556      -68866571
IGUACU CAFE-PR B       IGUA6 BZ         224229556      -68866571
IGUACU CAFE-PR B       IGCSBN BZ        224229556      -68866571
IMPSAT FIBER NET       IMPTQ US         535007008      -17164978
IMPSAT FIBER NET       330902Q GR       535007008      -17164978
IMPSAT FIBER NET       XIMPT SM         535007008      -17164978
IMPSAT FIBER-$US       IMPTD AR         535007008      -17164978
IMPSAT FIBER-BLK       IMPTB AR         535007008      -17164978
IMPSAT FIBER-C/E       IMPTC AR         535007008      -17164978
IMPSAT FIBER-CED       IMPT AR          535007008      -17164978
INVERS ELEC BUEN       IEBAA AR         260343959      -14950013.8
INVERS ELEC BUEN       IEBAB AR         260343959      -14950013.8
INVERS ELEC BUEN       IEBA AR          260343959      -14950013.8
LAEP INVES-BDR B       0163599D BZ      222902269      -255311026
LAEP INVESTMEN-B       0122427D LX      222902269      -255311026
LAEP INVESTMENTS       LEAP LX          222902269      -255311026
LAEP-BDR               MILK33 BZ        222902269      -255311026
LAEP-BDR               MILK11 BZ        222902269      -255311026
LATTENO FOOD COR       LATF US          14423532       -3506007
LOJAS ARAPUA           LOAR3 BZ         38302784.1     -3417423475
LOJAS ARAPUA           LOARON BZ        38302784.1     -3417423475
LOJAS ARAPUA-GDR       3429T US         38302784.1     -3417423475
LOJAS ARAPUA-GDR       LJPSF US         38302784.1     -3417423475
LOJAS ARAPUA-PRF       LOAR4 BZ         38302784.1     -3417423475
LOJAS ARAPUA-PRF       LOARPN BZ        38302784.1     -3417423475
LOJAS ARAPUA-PRF       52353Z US        38302784.1     -3417423475
LUPATECH SA            LUPA3 BZ         665993697      -188699451
LUPATECH SA            LUPAF US         665993697      -188699451
LUPATECH SA -RCT       LUPA9 BZ         665993697      -188699451
LUPATECH SA-ADR        LUPAY US         665993697      -188699451
LUPATECH SA-RT         LUPA11 BZ        665993697      -188699451
LUPATECH SA-RTS        LUPA1 BZ         665993697      -188699451
MANGELS INDL           MGEL3 BZ         223698552      -29148696.3
MANGELS INDL SA        MISAON BZ        223698552      -29148696.3
MANGELS INDL-PRF       MGIRF US         223698552      -29148696.3
MANGELS INDL-PRF       MGEL4 BZ         223698552      -29148696.3
MANGELS INDL-PRF       MISAPN BZ        223698552      -29148696.3
MINUPAR                MNPR3 BZ         115960018      -93783465.1
MINUPAR SA             MNPRON BZ        115960018      -93783465.1
MINUPAR SA-PREF        MNPRPN BZ        115960018      -93783465.1
MINUPAR-PREF           MNPR4 BZ         115960018      -93783465.1
MINUPAR-RCT            9314634Q BZ      115960018      -93783465.1
MINUPAR-RCT            0599564D BZ      115960018      -93783465.1
MINUPAR-RCT            MNPR9 BZ         115960018      -93783465.1
MINUPAR-RT             9314542Q BZ      115960018      -93783465.1
MINUPAR-RT             0599562D BZ      115960018      -93783465.1
MINUPAR-RTS            MNPR1 BZ         115960018      -93783465.1
NORDON MET             NORD3 BZ         11025606.1     -32196764.5
NORDON METAL           NORDON BZ        11025606.1     -32196764.5
NORDON MET-RTS         NORD1 BZ         11025606.1     -32196764.5
NOVA AMERICA SA        NOVA3 BZ         21287488.9     -183535526
NOVA AMERICA SA        NOVA3B BZ        21287488.9     -183535526
NOVA AMERICA SA        NOVAON BZ        21287488.9     -183535526
NOVA AMERICA SA        1NOVON BZ        21287488.9     -183535526
NOVA AMERICA-PRF       NOVA4 BZ         21287488.9     -183535526
NOVA AMERICA-PRF       NOVA4B BZ        21287488.9     -183535526
NOVA AMERICA-PRF       NOVAPN BZ        21287488.9     -183535526
NOVA AMERICA-PRF       1NOVPN BZ        21287488.9     -183535526
PADMA INDUSTRIA        LCSA4 BZ         388720096      -213641152
PARMALAT               LCSA3 BZ         388720096      -213641152
PARMALAT BRASIL        LCSAON BZ        388720096      -213641152
PARMALAT BRAS-PF       LCSAPN BZ        388720096      -213641152
PARMALAT BR-RT C       LCSA5 BZ         388720096      -213641152
PARMALAT BR-RT P       LCSA6 BZ         388720096      -213641152
PET MANG-RECEIPT       0229292Q BZ      155768607      -254677565
PET MANG-RECEIPT       0229296Q BZ      155768607      -254677565
PET MANG-RECEIPT       RPMG9 BZ         155768607      -254677565
PET MANG-RECEIPT       RPMG10 BZ        155768607      -254677565
PET MANG-RIGHTS        3678565Q BZ      155768607      -254677565
PET MANG-RIGHTS        3678569Q BZ      155768607      -254677565
PET MANG-RT            4115360Q BZ      155768607      -254677565
PET MANG-RT            4115364Q BZ      155768607      -254677565
PET MANG-RT            0229249Q BZ      155768607      -254677565
PET MANG-RT            0229268Q BZ      155768607      -254677565
PET MANG-RT            RPMG2 BZ         155768607      -254677565
PET MANG-RT            0848424D BZ      155768607      -254677565
PET MANG-RTS           RPMG1 BZ         155768607      -254677565
PET MANGUINH-PRF       RPMG4 BZ         155768607      -254677565
PETRO MANGUINHOS       RPMG3 BZ         155768607      -254677565
PETRO MANGUINHOS       MANGON BZ        155768607      -254677565
PETRO MANGUIN-PF       MANGPN BZ        155768607      -254677565
PETROLERA DEL CO       PSUR AR          66017869       -5551136.01
PORTX OPERACOES        PRTX3 BZ         976769385      -9407990.18
PORTX OPERA-GDR        PXTPY US         976769385      -9407990.18
PUYEHUE                PUYEH CI         23402631.8     -5029378.21
PUYEHUE RIGHT          PUYEHUOS CI      23402631.8     -5029378.21
RECRUSUL               RCSL3 BZ         42021562       -18866127
RECRUSUL - RCT         4529789Q BZ      42021562       -18866127
RECRUSUL - RCT         4529793Q BZ      42021562       -18866127
RECRUSUL - RCT         0163582D BZ      42021562       -18866127
RECRUSUL - RCT         0163583D BZ      42021562       -18866127
RECRUSUL - RCT         0614675D BZ      42021562       -18866127
RECRUSUL - RCT         0614676D BZ      42021562       -18866127
RECRUSUL - RCT         RCSL10 BZ        42021562       -18866127
RECRUSUL - RT          4529781Q BZ      42021562       -18866127
RECRUSUL - RT          4529785Q BZ      42021562       -18866127
RECRUSUL - RT          0163579D BZ      42021562       -18866127
RECRUSUL - RT          0163580D BZ      42021562       -18866127
RECRUSUL - RT          0614673D BZ      42021562       -18866127
RECRUSUL - RT          0614674D BZ      42021562       -18866127
RECRUSUL SA            RESLON BZ        42021562       -18866127
RECRUSUL SA-PREF       RESLPN BZ        42021562       -18866127
RECRUSUL SA-RCT        RCSL9 BZ         42021562       -18866127
RECRUSUL SA-RTS        RCSL1 BZ         42021562       -18866127
RECRUSUL SA-RTS        RCSL2 BZ         42021562       -18866127
RECRUSUL-BON RT        RCSL11 BZ        42021562       -18866127
RECRUSUL-BON RT        RCSL12 BZ        42021562       -18866127
RECRUSUL-PREF          RCSL4 BZ         42021562       -18866127
REDE EMP ENE ELE       ELCA4 BZ         1059986022     -76183286
REDE EMP ENE ELE       ELCA3 BZ         1059986022     -76183286
REDE EMPRESAS-PR       REDE4 BZ         1059986022     -76183286
REDE ENERGIA SA        REDE3 BZ         1059986022     -76183286
REDE ENERG-UNIT        REDE11 BZ        1059986022     -76183286
REDE ENER-RCT          3907731Q BZ      1059986022     -76183286
REDE ENER-RCT          REDE9 BZ         1059986022     -76183286
REDE ENER-RCT          REDE10 BZ        1059986022     -76183286
REDE ENER-RT           3907727Q BZ      1059986022     -76183286
REDE ENER-RT           REDE1 BZ         1059986022     -76183286
REDE ENER-RT           REDE2 BZ         1059986022     -76183286
REII INC               REIC US          14423532       -3506007
RENAUXVIEW SA          TXRX3 BZ         56213385.5     -85196762.8
RENAUXVIEW SA-PF       TXRX4 BZ         56213385.5     -85196762.8
RIMET                  REEM3 BZ         103098359      -185417651
RIMET                  REEMON BZ        103098359      -185417651
RIMET-PREF             REEM4 BZ         103098359      -185417651
RIMET-PREF             REEMPN BZ        103098359      -185417651
SANESALTO              SNST3 BZ         21873314.7     -5053458.96
SANSUY                 SNSY3 BZ         189305928      -145401613
SANSUY SA              SNSYON BZ        189305928      -145401613
SANSUY SA-PREF A       SNSYAN BZ        189305928      -145401613
SANSUY SA-PREF B       SNSYBN BZ        189305928      -145401613
SANSUY-PREF A          SNSY5 BZ         189305928      -145401613
SANSUY-PREF B          SNSY6 BZ         189305928      -145401613
SAUIPE                 PSEG3 BZ         14685534.1     -4799640.46
SAUIPE SA              PSEGON BZ        14685534.1     -4799640.46
SAUIPE SA-PREF         PSEGPN BZ        14685534.1     -4799640.46
SAUIPE-PREF            PSEG4 BZ         14685534.1     -4799640.46
SCHLOSSER              SCLO3 BZ         51944742.3     -56657680.1
SCHLOSSER SA           SCHON BZ         51944742.3     -56657680.1
SCHLOSSER SA-PRF       SCHPN BZ         51944742.3     -56657680.1
SCHLOSSER-PREF         SCLO4 BZ         51944742.3     -56657680.1
SNIAFA SA              SNIA AR          11229696.2     -2670544.86
SNIAFA SA-B            SDAGF US         11229696.2     -2670544.86
SNIAFA SA-B            SNIA5 AR         11229696.2     -2670544.86
STAROUP SA             STARON BZ        27663605.3     -7174512.12
STAROUP SA-PREF        STARPN BZ        27663605.3     -7174512.12
STEEL - RCT ORD        STLB9 BZ         10519766.1     -18449684.9
STEEL - RT             STLB1 BZ         10519766.1     -18449684.9
TEKA                   TKTQF US         375873311      -389045810
TEKA                   TEKA3 BZ         375873311      -389045810
TEKA                   TEKAON BZ        375873311      -389045810
TEKA-ADR               TEKAY US         375873311      -389045810
TEKA-ADR               TKTPY US         375873311      -389045810
TEKA-ADR               TKTQY US         375873311      -389045810
TEKA-PREF              TKTPF US         375873311      -389045810
TEKA-PREF              TEKA4 BZ         375873311      -389045810
TEKA-PREF              TEKAPN BZ        375873311      -389045810
TEKA-RCT               TEKA9 BZ         375873311      -389045810
TEKA-RCT               TEKA10 BZ        375873311      -389045810
TEKA-RTS               TEKA1 BZ         375873311      -389045810
TEKA-RTS               TEKA2 BZ         375873311      -389045810
TEXTEIS RENA-RCT       TXRX9 BZ         56213385.5     -85196762.8
TEXTEIS RENA-RCT       TXRX10 BZ        56213385.5     -85196762.8
TEXTEIS RENAU-RT       TXRX1 BZ         56213385.5     -85196762.8
TEXTEIS RENAU-RT       TXRX2 BZ         56213385.5     -85196762.8
TEXTEIS RENAUX         RENXON BZ        56213385.5     -85196762.8
TEXTEIS RENAUX         RENXPN BZ        56213385.5     -85196762.8
VARIG PART EM SE       VPSC3 BZ         83017828       -495721697
VARIG PART EM TR       VPTA3 BZ         49432119.3     -399290357
VARIG PART EM-PR       VPTA4 BZ         49432119.3     -399290357
VARIG PART EM-PR       VPSC4 BZ         83017828       -495721697
VARIG SA               VAGV3 BZ         966298048      -4695211008
VARIG SA               VARGON BZ        966298048      -4695211008
VARIG SA-PREF          VAGV4 BZ         966298048      -4695211008
VARIG SA-PREF          VARGPN BZ        966298048      -4695211008
VULCABRAS AZALEI       VULC3 BZ         602662162      -27406558
VULCABRAS AZ-PRF       VULC4 BZ         602662162      -27406558
VULCABRAS SA           VULCON BZ        602662162      -27406558
VULCABRAS SA-PRF       VULCPN BZ        602662162      -27406558
VULCABRAS-RCT          0893211D BZ      602662162      -27406558
VULCABRAS-RCT          VULC9 BZ         602662162      -27406558
VULCABRAS-REC PR       VULC10 BZ        602662162      -27406558
VULCABRAS-RECEIP       0853207D BZ      602662162      -27406558
VULCABRAS-RIGHT        0853205D BZ      602662162      -27406558
VULCABRAS-RIGHT        VULC2 BZ         602662162      -27406558
VULCABRAS-RT PRF       VULC11 BZ        602662162      -27406558
VULCABRAS-RTS          0893207D BZ      602662162      -27406558
VULCABRAS-RTS          VULC1 BZ         602662162      -27406558
WETZEL SA              MWET3 BZ         96094336.6     -4635219.98
WETZEL SA              MWELON BZ        96094336.6     -4635219.98
WETZEL SA-PREF         MWET4 BZ         96094336.6     -4635219.98
WETZEL SA-PREF         MWELPN BZ        96094336.6     -4635219.98
WIEST                  WISA3 BZ         34107195.1     -126993682
WIEST SA               WISAON BZ        34107195.1     -126993682
WIEST SA-PREF          WISAPN BZ        34107195.1     -126993682
WIEST-PREF             WISA4 BZ         34107195.1     -126993682



                            ***********


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

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

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


                            ***********


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

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

Copyright 2014.  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
202-241-8200.


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