/raid1/www/Hosts/bankrupt/TCRLA_Public/140429.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, April 29, 2014, Vol. 15, No. 83


                            Headlines



A R G E N T I N A

HIDROELECTRICA PIEDRA: S&P Affirms 'CCC+' Rating; Outlook Negative


C A Y M A N  I S L A N D S

3G BRAZIL: Shareholders' Final Meeting Set for May 15
3G BRAZIL: Creditors' Proofs of Debt Due May 14
3G LONG: Shareholders' Final Meeting Set for May 15
3G LONG: Creditors' Proofs of Debt Due May 14
3G ONSHORE: Shareholders' Final Meeting Set for May 15

3G ONSHORE: Creditors' Proofs of Debt Due May 14
BARBARESCO LENDER: Commences Liquidation Proceedings
BARBARESCO LENDER-T: Commences Liquidation Proceedings
CASPIAN SOLITUDE: Creditors' Proofs of Debt Due May 14
CASPIAN SOLITUDE: Shareholders' Final Meeting Set for May 15

LG ASIAN: Commences Liquidation Proceedings
MLR CAPITAL: Commences Liquidation Proceedings
MLR CAPITAL MASTER: Commences Liquidation Proceedings
SUNHILL LIMITED: Creditors' Proofs of Debt Due May 22


C H I L E

MASISA SA: Sells Forestland to US Timber Group for $203 Million


J A M A I C A

JAMAICA: Bankers Reject Levy on Withdrawals From Financial Sector


M E X I C O

COACALCO: Moody's Affirms Caa1 Global Scale Local Currency Rating


P U E R T O   R I C O

PUERTO RICO: Budget Won't Include Borrowing, Official Says
TOWER BONDING: A.M. Best Affirms 'B' Fin'l. Strength Rating


T R I N I D A D  &  T O B A G O

CARIBBEAN AIR: Advised to Drop London Route & Code Share with BA
PETROTRIN: Wins TT$1.8 Billion Case Against World GTL


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Makes New Oil Finds in 3 Different Areas


U R U G U A Y

BANCO BANDES: Moody's Hikes Bank Fin.'l Strength Rating to E+
BANCO BILBAO: S&P Affirms 'BB+' LT ICR; Outlook Stable
DISCOUNT BANK: S&P Affirms 'BB' LT Counterparty Credit Rating


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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


HIDROELECTRICA PIEDRA: S&P Affirms 'CCC+' Rating; Outlook Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' ratings on
Hidroelectrica Piedra del Aguila S.A. (HPDA).  The outlook remains
negative.

S&P's 'CCC+' ratings on HPDA are derived from:

   -- Its 'CCC+' transfer and convertibility (T&C) assessment for
      Argentina and the absence of mitigants to be rated above the
      T&C are reflected in the foreign currency rating;

   -- Its local currency ratings arise from its view that under an
      incremental stress scenario associated with a T&C event,
      HPDA won't be able to repay all the foreign currency debt in
      local currency equivalent;

   -- It's belief that the company couldn't honor its financial
      obligations under a sovereign stress scenario.  As a result,
      the ratings are limited to the same level as those on the
      sovereign; and

   -- Its assessment of HPDA's "vulnerable" business risk profile
      and "significant" financial risk profile.

The ratings on HPDA also reflect the high regulatory risk the
company faces in Argentina, its exposure to potentially poor
hydrology in the country's southwest, and high currency mismatch
risk because revenues are denominated in Argentine pesos and its
debt in dollars.  HPDA's position as a low-cost generator, its
manageable debt maturity schedule, and sizable cash reserves
partially offset these negative factors.  S&P assess HPDA's
business risk profile as "vulnerable" and financial risk profile
as "significant."

The high regulatory risk in Argentina is reflected in low
electricity prices and difficulties in collecting a high
percentage of their sales.


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


3G BRAZIL: Shareholders' Final Meeting Set for May 15
-----------------------------------------------------
The shareholders of 3G Brazil Onshore Fund Ltd. will hold their
final meeting on May 15, 2014, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on April 1, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


3G BRAZIL: Creditors' Proofs of Debt Due May 14
-----------------------------------------------
The creditors of 3G Brazil Onshore Fund Ltd. are required to file
their proofs of debt by May 14, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 1, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


3G LONG: Shareholders' Final Meeting Set for May 15
---------------------------------------------------
The shareholders of 3G Long Biased Equity Onshore Fund, Ltd. will
hold their final meeting on May 15, 2014, at 8:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on April 1, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


3G LONG: Creditors' Proofs of Debt Due May 14
---------------------------------------------
The creditors of 3G Long Biased Equity Onshore Fund, Ltd. are
required to file their proofs of debt by May 14, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 1, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


3G ONSHORE: Shareholders' Final Meeting Set for May 15
------------------------------------------------------
The shareholders of 3G Onshore Fund Ltd. will hold their final
meeting on May 15, 2014, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on April 1, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


3G ONSHORE: Creditors' Proofs of Debt Due May 14
------------------------------------------------
The creditors of 3G Onshore Fund Ltd. are required to file their
proofs of debt by May 14, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 1, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


BARBARESCO LENDER: Commences Liquidation Proceedings
----------------------------------------------------
On April 1, 2014, the shareholder of Barbaresco Lender Finance-TE
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Stephen Nelson
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460
          Charles Adams Ritchie & Duckworth
          P.O. Box 709
          122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


BARBARESCO LENDER-T: Commences Liquidation Proceedings
------------------------------------------------------
On April 1, 2014, the shareholder of Barbaresco Lender-T resolved
to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Stephen Nelson
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460
          Charles Adams Ritchie & Duckworth
          P.O. Box 709
          122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


CASPIAN SOLITUDE: Creditors' Proofs of Debt Due May 14
------------------------------------------------------
The creditors of Caspian Solitude International, Ltd. are required
to file their proofs of debt by May 14, 2014, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 21, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


CASPIAN SOLITUDE: Shareholders' Final Meeting Set for May 15
------------------------------------------------------------
The shareholders of Caspian Solitude International, Ltd. will hold
their final meeting on May 15, 2014, at 3:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on March 21, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


LG ASIAN: Commences Liquidation Proceedings
-------------------------------------------
On April 3, 2014, the members of LG Asian Natural Resources Fund
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          William Walter Raleigh Kerr
          The Dower House, Melbourne
          Derbyshire DE73 8JH
          United Kingdom


MLR CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
On April 7, 2014, the sole shareholder of MLR Capital Offshore
Fund, Ltd resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          MLR Capital Management, LLC
          c/o Michael Layden
          49 Engert Avenue, #3
          Brooklyn, New York 11222
          United States of America
          Telephone: +1 (917) 450 9221


MLR CAPITAL MASTER: Commences Liquidation Proceedings
-----------------------------------------------------
On April 7, 2014, the sole shareholder of MLR Capital Offshore
Master Fund, Ltd resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          MLR Capital Management, LLC
          c/o Michael Layden
          49 Engert Avenue, #3
          Brooklyn, New York 11222
          United States of America
          Telephone: +1 (917) 450 9221
          e-mail: mlayden.mlr@gmail.com


SUNHILL LIMITED: Creditors' Proofs of Debt Due May 22
-----------------------------------------------------
The creditors of Sunhill Limited are required to file their proofs
of debt by May 22, 2014, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 7, 2014.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943-3100


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


MASISA SA: Sells Forestland to US Timber Group for $203 Million
---------------------------------------------------------------
Karen Koenig at Woodworking Network reports that Masisa S.A. has
reached an agreement to sell 62,000 hectares of its Chilean
forestland to US Hancock Natural Resource Group for $203.6
million.

News sources report the transaction is expected to be completed
within the next two months, according to Woodworking Network.

The report relates that a new company, NewCo, is being formed as
part of the deal, with Hancock receiving 80 percent of the shares
and Masisa the remaining 20 percent.

"NewCo and Masisa signed a long-term contract for the supply of
the raw materials for the board plants of Masisa in Chile," the
company stated in IHB.de, the report notes.

The forestland is located in the Chilean regions of Vadivia and
Temuco.  Almost half of the timber is radiata pine.

"This agreement will allow us to fund our growth plan for the
years 2014 and 2015, strengthen our financial profile and add a
partner with a global expertise in investment and management of
forest assets, which means an important contribution to the
strategy Masisa comprehensive development," Masisa Chief Executive
Officer Roberto Salas stated in Latercera.com, the report relates.

                           About Masisa S.A.

Headquartered in Las Condes, Chile, Masisa S.A. produces and
markets wood particle and fiber boards for furniture and interior
architecture in Latin America. Its primary products include medium
density fiberboards, medium density particleboards,
particleboards, and melamine and coated boards.

                              *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 22, 2014, Standard & Poor's Ratings Services said that it
assigned its preliminary 'BB-' issuer credit rating to Masisa S.A.
The outlook is stable.  At the same time, S&P assigned its
preliminary 'BB-' issue rating to the company's proposed $300
million notes.


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


JAMAICA: Bankers Reject Levy on Withdrawals From Financial Sector
-----------------------------------------------------------------
RJR News reports that the Jamaica Bankers Association (JBA) has
rejected the government's decision to impose a levy on withdrawals
from the financial sector.

The JBA issued a statement calling on the government to employ a
more prudent and equitable strategy including strengthening
efforts to increase tax compliance, according to RJR News.

The report notes that the association said it is concerned that
the government has not presented a more equitable and sustainable
strategy to meet the J$6.7 billion dollar shortfall in revenue for
the 2014/2015 fiscal year.  But turning directly to the tax on
withdrawals . . .  the bankers argue that "the levy may discourage
some individuals and businesses from utilizing the formal banking
system," the report relates.

They say this not only conflicts with the country's aim to achieve
greater financial inclusion, but encourages greater activity in
the informal economy, the report discloses.  However, the levy is
not the only concern.

The bankers say they're also "concerned about the government's
decision "to raise an additional J$1.7 billion by increasing the
asset tax for deposit-taking entities regulated by the Bank of
Jamaica, the report notes.

According to the bankers, the solution cannot be to impose
repeated and increasing demands on the financial sector that is
the most compliant and one of the largest contributors to tax
revenues, the report relates.

The JBA says as it stands, financial institutions are "already
subject to a higher rate of corporate income tax compared to other
companies, the report discloses.

The bankers also seem to regard the move as a slap in the face,
saying they already supported the government's debt reduction
strategy through the Jamaica Debt Exchange and the National Debt
Exchange, the report says.

RJR News relates that Jamaica Securities Dealers Association has
also registered its opposition to the tax.


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


COACALCO: Moody's Affirms Caa1 Global Scale Local Currency Rating
-----------------------------------------------------------------
Moody's de Mexico affirmed the issuer ratings of Caa1.mx (Mexico
National Scale) and Caa1 (Global Scale, local currency) of the
Municipality of Coacalco and changed the outlook to stable from
negative.

Ratings Rationale

Moody's affirmation of the ratings reflects the municipality's
ongoing liquidity pressures, negative gross operating balances and
high debt levels. The change of outlook to stable reflects an
improvement in consolidated financial results, a slight recovery
of gross operating balances and a decrease of debt levels.

In the last two years, total expenditures have dropped 7.4% while
revenue has grown 15.7%. As a result, cash financing requirements
improved to -0.3% of total revenue in 2013, from -25.3% in 2011.
The gross operating balance in 2013 was equivalent to -10.3% of
operating revenues, up from -20.6% in 2011. These indicators have
improved mainly because of expenditure controls. Going forward,
Moody's expects operating and consolidated financial results to
progressively strengthen.

Given the reduction of cash financing requirements, debt levels
decreased to 67.5% of operating revenue in 2013, from 84% in 2011.
Debt levels, however, remain higher than the median for Mexican
rated municipalities.

Liquidity remains Coacalco's greatest challenge as net working
capital (current assets less current liabilities) to total
expenditures has been fluctuating in the negative double digits
and was equal to -32.2% of total expenditures in 2013.

What Could Change the Rating -- Up/Down

If Coacalco's measures to rebalance its financial performance lead
to a significant improvement in liquidity, and a reduction of debt
levels, the ratings could face upward pressure.

If Coacalco continues to register negative gross operating
balances, liquidity deteriorates further and debt levels increase,
the ratings could face downward pressure.

The principal methodology used in this rating was Regional and
Local Governments published on January 2013.

The period of time covered in the financial information used to
determine municipality of Coacalco's rating is between 1 January
2009 and 31 December 2013.


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


PUERTO RICO: Budget Won't Include Borrowing, Official Says
----------------------------------------------------------
Michelle Kaske at Bloomberg News reports that for the first time
in two decades, Puerto Rico plans to balance its budget without
selling debt, said Governor Alejandro Garcia Padilla's chief of
staff.

Garcia Padilla's proposed financial plan for the fiscal year
starting July 1 relies mostly on spending cuts, Ingrid Vila
Biaggi said in a telephone interview from San Juan, according to
Bloomberg News.  The administration will also raise additional
funds through "revenue enhancements," Ms. Biaggi said, Bloomberg
News relates.

The governor will also release a capital-improvement plan, the
report quotes Ms. Biaggi as saying.  The four-year agenda will
provide opportunities and identify actions to reposition Puerto
Rico's economy, she added.

Bloomberg News recalls that Puerto Rican economy has declined in
five of the past seven fiscal years.  The commonwealth and its
agencies owe US$73 billion, according to bond documents, the
report relates.

The long-term strategy won't include restructuring the island's
debt load, Ms. Biaggi said, Bloomberg News notes.

The three largest rating firms dropped Puerto Rico credit below
investment grade in February because of limited liquidity, after
citing the use of deficit financing in earlier downgrades,
Bloomberg News relays.

Puerto Rico sold US$3.5 billion of tax-exempt general-obligation
debt March 11 at 93 cents on the dollar to balance budgets and
repay debt, the biggest junk-rated muni borrowing ever, Bloomberg
News notes.   The bond traded today, April 29, at an average price
of 89.78 cents after trading as low as 86 cents on April 11 and as
high as 99 cents on March 12, data compiled by Bloomberg show.


TOWER BONDING: A.M. Best Affirms 'B' Fin'l. Strength Rating
-----------------------------------------------------------
A.M. Best Co. has revised the outlook to negative from stable and
affirmed the financial strength rating of B (Fair) and the issuer
credit rating of "bb" of Tower Bonding and Surety Company (Tower
Bonding) (San Juan, PR).

The negative outlook reflects Tower Bonding's weakened operating
performance in 2013 as a reduction in earned premium combined with
an increase in incurred losses resulted in an underwriting loss.
As the loss was only partially offset by investment income, Tower
Bonding reported its first pre-tax operating loss of the recent
five-year period in 2013, which further weakened long-term return
measures.

The ratings of Tower Bonding reflect its ongoing weak operating
performance as evidenced by a pre-tax operating return on revenue
measures that trail the fidelity and surety composite by a wide
margin.  The weak results reflect declining premium volume
combined with a high underwriting expense structure and lack of
premium scale to support fixed costs.  The ratings also reflect
the company's geographic concentration within Puerto Rico, which
exposes it to judicial, regulatory and economic concerns occurring
within that market as all business is produced locally.

Somewhat offsetting these negative rating factors are Tower
Bonding's low loss and loss adjustment expense measures relative
to the fidelity and surety composite over the long term,
historically profitable underwriting results and sound investment
income, which has driven earnings during the previous five-year
period.  The company's surety book of business has performed well,
reflective of a low occurrence of losses and favorable reserve
development on both an accident and calendar year basis over the
long term.

Factors that could result in upward rating movement for Tower
Bonding are a significant improvement and stabilization in
operating earnings and a return on revenue measures that can be
sustained over an extended period.  Accordingly, this would
enhance the company's ability to generate surplus growth, which
has been constrained by weakened return measures in recent years.

A weakening in the company's overall capitalization driven by
strong premium growth and/or a weakened operating performance will
likely result in negative ratings pressure.



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


CARIBBEAN AIR: Advised to Drop London Route & Code Share with BA
----------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited has been advised
to drop its London route and code share with British Airways to
improve its fortunes.

The advice comes from the Australia-based CAPA Centre for Aviation
which is a provider of independent aviation market intelligence,
analysis and data services, according to RJR News.

The report notes that CAPA said in a recent analysis that while
Caribbean Airlines might have some traction in the Port-of-Spain
market, making inroads in the London route has been challenging
due to the presence of  Virgin Atlantic and Thomson Airways.

The analysts said at one point CAL's forerunner, BWIA, code-shared
with British Airways on service from London to the Caribbean, and
it may be time for reconsideration, the report relates.

The analysts added that Caribbean Airlines is the largest carrier
in Kingston, so a code-share with British Airways could prove more
viable than three weekly long-haul flights that are losing money,
the report discloses.

In the meantime, RJR News notes that CAPA said the acquisition of
Air Jamaica by Caribbean Airlines can hardly be deemed a success.

According to the firm, the most recent example of the failed
execution was protest by pilots from both carriers over not
receiving incentive payments owed to them, the report relays.

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on May
20, 2013, Caribbean360.com said Trinidad and Tobago Finance
Minister Larry Howai said Caribbean Airlines Limited recorded
losses estimated at US$70 million in 2012.  In 2011, CAL had
recorded losses of US43.7 million.


PETROTRIN: Wins TT$1.8 Billion Case Against World GTL
-----------------------------------------------------
Ria Taitt at Trinidad Express reports that the Trinidad and Tobago
Government and Petroleum Company of Trinidad and Tobago
(Petrotrin) have scored a "historic" and "amazing legal victory"
over energy company World GTL which had brought a TT$1.8 billion
claim against the state-owned oil company.

That arbitration had two legs -- one based in Toronto, the other
in London -- and the risk exposure to Petrotrin was so great that
it ran to over TT$1.8 billion, the Attorney General Anand Ramlogan
stated, according to Trinidad Express.

"It could have crippled and bankrupt our national oil company ...
with dire implications for our economy...had the claim against
Petrotrin succeeded, since it would have entailed payment of
damages of US$228 million plus interest and costs," the report
quoted Attorney General Ramlogan as saying.

However, the report notes that General Ramlogan said WGTL's claim
was dismissed and legal costs amounting to approximately TT$24.3
million were awarded in Petrotrin's favor.

Attorney General Ramlogan stated, however, that he would now have
to do an international means and assets search to see if he could
recover one red cent for WGTL, which went into receivership in
2011, the report notes.

Petrotrin was represented by British Queen's Counsel Alan Newman,
together with New York attorneys Louis Kimmelman and Erin Thomas.

According to the report, Mr. Ramlogan said the failed joint
venture gas-to-liquids venture had been an unmitigated disaster
for Petrotrin. He said the project was initially funded by US$125
million project loan from Credit Suisse, cash equity contributions
of US$10 million from Petrotrin and the issuance of US$30 million
non-voting preference shares. And he said it was agreed that all
cost overruns would be borne in proportion of the sharing of the
parties- which was 49 per cent/51 per cent. "Incredibly,
inexplicably and disastrously, that never happened."

"To date Petrotrin funded every red cent of those cost overruns
because WGTL did not appear to have any money," he said. Petrotrin
funded cost overruns to the tune of US$190.4 million. "In the end,
the actual construction cost to date of this unfinished plant is
US$400 million compared with an initial project cost in 2007 of
US$160 million," Mr. Ramlogan added, notes the report.

The project began when the Malcolm Jones-led board of Petrotrin
entered into an agreement to jointly develop a gas to liquids
(GTL) project with World GTL in September 2005. WGTL filed a claim
against Petrotrin in December 2011 wherein it sought damages for
alleged breaches of fiduciary duty, based on statements and
representations made by the former Petrotrin Jones-led board.
Ramlogan said had there been even elementary due diligence on the
part of the board and in particular by Malcolm Jones, the then
executive chairman, WGTL's lack of funds and lack of licence for
the catalyst would have been discovered, the project against would
never have been signed in the first place and the loan repayment
as well as the 33 cost overrun contributions paid by Petrotrin to
Credit Suisse would not have occurred, reports Trinidad Express.

                         About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2013, Trinidad Express reports that production levels at
Petroleum Company of Trinidad and Tobago (Petrotrin)'s Trinmar
operations in Point Fortin have been affected by industrial action
involving employees of the company's marine transport contractors.
Petrotrin stated that it was informed of a what it described as a
stand-off between its marine contractors and their employees, who
cited issues, including their current rates of remuneration,
according to Trinidad Express.


=================
V E N E Z U E L A
=================


PETROLEOS DE VENEZUELA: Makes New Oil Finds in 3 Different Areas
----------------------------------------------------------------
Business Standard reports that state-owned Venezuelan oil giant
Petroleos de Venezuela SA (PDVSA) has said it has made new oil
finds in three different areas of the Andean nation.

An "effective exploratory drilling plan" dating back to late 2013
has resulted in the discovery of 185 million barrels of crude and
1.1 trillion cubic feet of gas, PDVSA said in a statement obtained
by Business Standard.

Venezuela has 297.5 billion barrels of proven oil reserves, more
than any other country.  Most of that crude is located in the
Orinoco Belt, a territory in eastern Venezuela that holds roughly
a quarter of the world's petroleum.

The three latest finds, all onshore, include 100 million barrels
in an area straddling the northwestern states of Zulia and Falcon,
75 million barrels in the northeastern state of Anzoategui and 10
million barrels in an area overlapping the western states of
Barinas and Apure, Business Standard notes.

Petroleos de Venezuela S.A. -- http://www.PDVSA.com/-- engages in
the exploration, production, refining, transport, and commerce of
hydrocarbons.  The company was founded in 1975 and is based in
Caracas, Venezuela.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 27, 2014, Fitch Ratings downgraded Petroleos de Venezuela,
S.A.'s (PDVSA) foreign and local currency issuer default ratings
(IDRs) to 'B' from 'B+', The Rating Outlook is Negative.  Fitch
has also downgraded approximately USD26.4 billion of senior
unsecured debt outstanding to 'B/RR4' from 'B+/RR4'.
Concurrently, Fitch has affirmed PDVSA's national long-term rating
at 'AAA(ven)'.


=============
U R U G U A Y
=============


BANCO BANDES: Moody's Hikes Bank Fin.'l Strength Rating to E+
-------------------------------------------------------------
Moody's Investors Service upgraded Banco Bandes Uruguay S.A.'s
(Bandes Uruguay) bank financial strength rating (BFSR) to E+ from
E, reassessing its baseline credit assessment (BCA) to b3 from
caa1. At the same time, Moody's affirmed the bank's local and
foreign currency deposits ratings at B3 and Not Prime, as well as
the Baa3.uy local and foreign currency deposit ratings in
Uruguay's national scale.

In addition, Moody's changed the outlook on the deposit ratings to
stable from negative. All the ratings have a stable outlook.

The following ratings of Bandes Uruguay were upgraded:

Bank financial strength rating: upgraded to E+ from E, with a
stable outlook

Standalone Bank Financial Strength Rating: reassessed to b3 from
caa1

The following ratings of Bandes Uruguay were affirmed:

Long term local currency deposit ratings: B3/Not Prime, with
stable outlook

Long term foreign currency deposit ratings: B3/Not Prime, with
stable outlook

National scale local currency deposit rating: Baa3.uy, with stable
outlook

National scale foreign currency deposit rating: Baa3.uy, with
stable outlook

Ratings Rationale

In upgrading Bandes Uruguay's standalone rating, Moody's
recognizes the improvement on the bank's financial performance
which derives from the reduction in its operating structure, the
gradual improvement in the quality of earnings and asset quality
metrics, and the modest diversification of its client deposit
base.

As it concludes a three year restructuring program, Bandes is
finally returning to profitability, following six years of
negative performance. The turnaround is in part explained by the
agreement between the Uruguayan and Venezuelan governments,
through which Banco Bandes transferred nine branches and almost
150 employees to Uruguayan government owned banks in 2013. This
move allowed Bandes Uruguay to adequate its operating structure to
a revised business strategy, which is now targeted to lending to
individuals and small- and medium-sized companies. The bank is
also focused on developing a fee-based business derived from
structure finance operations and asset management.

Bandes' earnings in 2013 were mainly driven by interest and fee
income, which reflected the sizable loan growth rates observed in
the past years. Net interest margins were robust, but operating
efficiency, though improving, remained poor, at a 97% cost to
income ratio. Continued improvements in efficiency will likely
boost future earnings, together with well managed credit costs. In
that regard, Bandes' non-performing loan ratio nearly halved from
previous year's, supported by good loan granularity, although
softening economic activity and competition may challenge the
system's asset quality in 2014. Reserve coverage is robust, as
indicated by the ratio of provision to past due loans of 164%.

The rating also captures Bandes Uruguay's funding profile, which
is largely institutional, reflecting the predominance of interbank
depositors and its own shareholder, despite efforts to attract
retail and SME depositors. Around 59% of total deposits are
foreign currency deposits, and 21% of the total are non-residents
deposits, in line with the average of the Uruguayan banking
system. The rating also considers the bank's weak positioning in
the Uruguayan banking system as the tenth largest bank, with a
1.2% market share in terms of deposits, as well as the increasing
competitiveness of the system.

As a subsidiary of the Venezuelan government's development bank,
Banco de Desarrollo Econ¢mico y Social de Venezuela (Bandes,
unrated), the bank could benefit from opportunities for potential
trade-related businesses among the Mercosur alliance. Bandes
Uruguay's 12% tier 1 capital ratio is satisfactory to support
further business and loan expansion in the coming quarters.

Bandes's B3 deposit rating derives from the bank's standalone
credit assessment of b3, and does not benefit from any type of
support.

The change in the bank's deposits outlook to stable from negative,
derives from the stable outlook on Bandes Uruguay's standalone
rating. In the past, Bandes Uruguay deposits ratings benefited
from the parental support of its ultimate parent, the Venezuelan
Government, which is now rated Caa1, with a negative outlook.

The principal methodology used in this rating was Global Banks
published in May 2013.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in October 2012
entitled "Mapping Moody's National Scale Credit Ratings to Global
Scale Credit Ratings".


BANCO BILBAO: S&P Affirms 'BB+' LT ICR; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
and 'B' short-term issuer credit ratings on Banco Bilbao Vizcaya
Argentaria Uruguay (BBVA Uruguay).  The outlook remains stable.
The stand-alone credit profile (SACP) on BBVA Uruguay remains at
'bb+'.

The issuer credit ratings on BBVA Uruguay reflect its "strong"
business position, "moderate" capital and earnings, "adequate"
risk position, "average"funding, and "adequate" liquidity.

The ratings also reflect S&P's view of BBVA Uruguay's status as a
"moderately strategic" subsidiary to its parent, Banco Bilbao
Vizcaya Argentaria S.A. (BBB-/Stable/A-3), which owns 100% of the
bank's equity.  Under S&P's group methodology, the long-term
issuer credit rating on a "moderately strategic" subsidiary is
generally one notch above its SACP, subject to a cap of one notch
below the credit rating on the parent.  The ratings on BBVA
Uruguay are at the same level as its 'bb+' SACP.  Therefore, the
issuer credit ratings on the bank do not include notches of
support from the parent.

S&P classifies the Uruguayan government as "support uncertain"
under its bank criteria methodology.  For that reason, and despite
BBVA Uruguay's moderately important status in the country's
financial system, the credit ratings on the bank don't include
extraordinary government support.


DISCOUNT BANK: S&P Affirms 'BB' LT Counterparty Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term and
'B' short-term counterparty credit ratings on Discount Bank Latin
America S.A. (DBLA).  The outlook remains stable.  The bank's
stand-alone credit profile (SACP) is 'bb'.

S&P's ratings on DBLA continue to reflect its 'bb' anchor for
banks operating only in Uruguay and S&P's view of the bank's
"adequate" business position, "moderate" capital and earnings,
"adequate" risk position, "average" funding, and "adequate"
liquidity, as S&P's criteria define these terms.

S&P's bank criteria uses its BICRA economic risk and industry risk
scores to determine a bank's anchor SACP, the starting point in
assigning an issuer credit rating.  The anchor for banks operating
only in Uruguay is 'bb'.  S&P considers economic risks for Uruguay
to be relatively low compared to those of its regional peers given
sound economic growth in the last few years and good prospects in
the medium term mainly due to robust foreign direct investment
(FDI).  Nevertheless, S&P believes limited monetary flexibility,
given the system's high dollarization, weakens economic
resilience.  Economic imbalances, such as credit-fuelled asset
bubbles, do not pose significant risks, but credit has grown
rapidly in the past three years.  This, however, has occurred
during significant economic growth and S&P expects credit
expansion to slow slightly as a response to the Central Bank of
Uruguay's (BCU) monetary policy moves during 2013.  Although
leverage in the system is low and income and debt capacity has
improved in recent years, high dollarization increases credit
risks.

Industry risks in Uruguay are higher than those of its peers.
Although Uruguay benefits from a large share of customer deposits,
these have proven to be volatile in the past.  In terms of
competitive dynamics, we believe there are certain market
distortions such as the significant presence of government-owned
banks, labor market rigidities, caps on lending rates, and the
presence of non-deposit taking financial institutions.  Finally,
the BCU has made significant efforts to move towards the
implementation of international standards and improve regulation
and supervision, but there is still room for further improvement.

The Israel Discount Bank of New York (IDBNY; not rated) controls
DBLA.  IDBNY is a wholly-owned subsidiary of Discount Bancorp Inc.
(unrated), a bank holding company incorporated in Delaware.
Israel Discount Bank Ltd. (IDB; BBB-/Stable/A-3) owns Discount
Bancorp Inc. and therefore is the ultimate owner of the Uruguayan
bank.

"In 2013, IDB announced that it may sell its New York subsidiary,
including its Uruguayan operations, as part of its capital
management plan.  Although, at the beginning of 2014, IDB decided
to cancel the sale of IDBNY, it still plans to sell smaller assets
like DBLA to raise funds," said Standard & Poor's credit analyst
Sebastian Liutvinas.


=================
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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