/raid1/www/Hosts/bankrupt/TCRLA_Public/140930.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, September 30, 2014, Vol. 15, No. 193


                            Headlines



A R G E N T I N A

TELECOM ARGENTINA: Zacks Cuts Rating to "Underperform"


B R A Z I L

AES CORPORATION: Brazil Unit Wins US$260 Million Customer Rebate
ESPIRITO SANTO CENTRAIS: S&P Affirms 'BB+' Global Scale CCR
JBS SA: Delays US$1.7BB IPO Amid Market Slide, Sources Say
OSX BRASIL: Netherlands Unit Gets Approval to Stop Payments


C A Y M A N  I S L A N D S

BLANDARE LTD: Shareholders' Final Meeting Set for Sept. 30
BSOF PARALLEL: Shareholders' Final Meeting Set for Oct. 1
CAYMAN CAPITAL: Shareholders' Final Meeting Set for Sept. 30
GMR AVIATION: Shareholders' Final Meeting Set for Oct. 1
JEANFAY CO: Members' Final Meeting Set for Oct. 3

JOHO ASIA: Shareholders' Final Meeting Set for Oct. 3
NOBLE AMERICAS: To Loan PetroEcuador US$1 Billion
RAM ONE: Shareholders Receive Wind-Up Report
ROGERS RAW: Shareholders' Final Meeting Set for Oct. 1
UBS PW EQUITY: Shareholders' Final Meeting Set for Oct. 8

VINTAGE YEAR: Shareholders' Final Meeting Set for Oct. 3


G U A T E M A L A

EMPRESA ELECTRICA: S&P Affirms 'BB' Corp. Credit Rating


J A M A I C A

JAMAICA: Stock of Bad Debt Declines, BOJ Says


M E X I C O

CEMEX SAB: Discloses Pricing of US$200MM in Convertible Units


P E R U

* PERU: To Get US$67.3 Million IDB Loan to Support Wind Power


P U E R T O    R I C O

PMC MARKETING: PREPA Wins Favorable Ruling From 1st Cir. BAP
OFG BANCORP: To Report Third Quarter 2014 Results on Oct. 23


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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


TELECOM ARGENTINA: Zacks Cuts Rating to "Underperform"
------------------------------------------------------
Hanz Christensen at Watch List News reports that Telecom Argentina
SA was downgraded by Zacks from a "neutral" rating to an
"underperform" rating in a research report issued on Sept. 25.

Telecom Argentina currently has a US$19.20 price target on the
stock.  Zacks's price target points to a potential downside of
5.19% from the stock's previous close, according to Watch List
News.

Shares of Telecom Argentina SA traded down 0.64% during mid-day
trading on Thursday, Sept. 25, hitting US$20.12.  Watch List News
notes that 41,216 shares of the company's stock traded hands.

Telecom Argentina SA has a 1-year low of US$13.93 and a 1-year
high of US$25.56, Watch List News notes.  The stock has a 50-day
moving average of US$19.81 and a 200-day moving average of
US$20.49, Watch List News relates.  The company has a market cap
of $3.900 billion and a price-to-earnings ratio of 9.33.

Telecom Argentina SA last announced its earnings results on
Monday, August 4.  The company reported US$0.58 EPS for the
quarter, missing the Thomson Reuters consensus estimate of US$0.65
by US$0.07, Watch List News relays.  Analysts expect that Telecom
Argentina SA will post US$2.43 earnings per share for the current
fiscal year, Watch List News discloses.

The company also recently declared a special dividend, which is
scheduled for Monday, September 29.  Shareholders of record on
Friday, September 19 will be given a dividend of US$0.369 per
share, Watch List News notes.  This represents a yield of 1.9%.
The ex-dividend date of this dividend is Wednesday, September 17.

Separately, analysts at TheStreet downgraded shares of Telecom
Argentina SA to a "hold" rating in a research note on Thursday,
August 21, Watch List News says.  One analyst has rated the stock
with a sell rating and four have issued a hold rating to the
company, Watch List News relays.  The company currently has a
consensus rating of "Hold" and a consensus price target of
US$19.07, the report adds.

                    About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides telephone-
related services, such as international long-distance service and
data transmission and Internet services, and through its
subsidiaries, wireless telecommunications services, international
wholesale services and telephone directory publishing.

As reported by the Troubled Company Reporter-Latin America on
May 16, 2014, Moody's Latin America Calificadora de Riesgo has
assigned a first time Corporate Family Rating of Caa1 on its
Global Scale and Ba1.ar on its Argentina National Scale to Telecom
Argentina S.A. (Telecom). The outlook is stable.



===========
B R A Z I L
===========


AES CORPORATION: Brazil Unit Wins US$260 Million Customer Rebate
----------------------------------------------------------------
Leonardo Goy e Alberto Alerigi Jr. at Reuters reports that
Eletropaulo Metropolitana SA, a Brazilian electricity utility
controlled by U.S.-based AES Corp, said it won a court injunction
against an order to pay a BRL626 million (US$260 million) consumer
rebate.

Brazil's electricity regulator Agencia Nacional de Energia
Electrica (ANEEL) ordered the rebate for the allegedly improper
incorporation by Eletropaulo of 246,000 meters of power cables as
company assets, according to Reuters.

Eletropaulo did not immediately provide further details of the
ruling.

Reuters notes that the company is the principal distributor of
electricity to Sao Paulo, Brazil and South America's largest and
most industrialized metropolitan area.

Half the fine has already been covered by ANEEL when it limited
the company's annual tariff adjustment to 18.66 percent in July,
3.3 percent less than Eletropaulo had the right to receive after a
drought caused Brazilian power generation costs to soar, the
report discloses.

Eletropaulo shares fell 1.9 percent in Tuesday, Sept. 23, trading
on the Sao Paulo BM&FBovespa exchange before the ruling was
confirmed, the report notes.

The company lost 17 percent of its value so far in the third
quarter, making it the fourth-worst performer on the Bovespa index
of the BM&FBovespa's most-traded stocks, the report relates.

AES Corp. owns 78 percent of Eletropaulo voting shares, according
to the Eletropaulo website.  When non-voting preferred shares are
included, AES owns 31 percent of total Eletropaulo stock.

The AES Corporation is a globally diversified power holding
company that owns a portfolio of electricity generation and
distribution businesses in 20 countries. AES' assets are largely
financed on a non-recourse basis and include a combination of
regulated utilities and merchant/contracted generating facilities.
In total, AES has ownership interests in more than 40,000 MWs of
generating capacity across the globe.

                          *     *     *

As reported in the Troubled Company Reporter on May 19, 2014,
Moody's Investors Service affirmed the ratings of AES Corporation,
including the Corporate Family Rating (CFR) and senior unsecured
rating at Ba3, the Probability of Default Rating (PDR) at Ba3-PD,
the convertible Trust preferred rating at B2, the Senior Secured
Bank Credit Facility at Ba1, as well as the SGL-2 speculative
grade liquidity rating. The rating outlook for AES is stable.


ESPIRITO SANTO CENTRAIS: S&P Affirms 'BB+' Global Scale CCR
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global scale
and 'brAA+' national scale corporate credit ratings on Espirito
Santo Centrais Eletricas S.A. (Escelsa).  In addition, S&P
affirmed its 'brAA+' national scale long-term rating on
Bandeirante Energia S.A. (Bandeirante).  The outlook on both
remains stable.

S&P's ratings on Escelsa and Bandeirante reflect its view that
both entities are integral to EDP Energias do Brasil S.A.'s (EDP
Brasil; not rated) business activities and strategy.  EDP Brasil
owns 100% of both companies, which are core members of the group,
in S&P's view. EDP-Energias de Portugal (EDP; BB+/Stable/--) holds
51% of EDP Brasil.  Therefore, S&P's ratings on Escelsa and
Bandeirante are based on the analysis of EDP Brasil's consolidated
figures.  The ratings also reflect S&P's view that EDP Brasil is
EDP's "strategically important" subsidiary, given that Brazil is
EDP's third-largest market, representing 16% of its consolidated
EBITDA in 2013.  The ratings on EDP and S&P's view of its 'bb+'
group profile limit the ratings on Escelsa and Bandeirante.

S&P assess EDP Brasil's business risk profile as "satisfactory"
reflecting the "low risk" of its units (regulated and unregulated
electric companies) and the "moderately high" country risk because
it operates only in Brazil.  The business risk profile also
reflects S&P's favorable view of the regulatory framework in
Brazil

S&P's assessment of EDP Brasil's financial risk profile is
"significant," because it expects its cash flow from operations
will be volatile in the next few months due to potential working
capital swings in the electric distribution segment, and
relatively high capital expenditures (capex) and dividends.


JBS SA: Delays US$1.7BB IPO Amid Market Slide, Sources Say
----------------------------------------------------------
Gustavo Bonato at Reuters reports that JBS SA has put off a plan
to raise BRL4 billion (US$1.7 billion) from the initial public
offering of its pork, poultry and food-processing operations in
Brazil, two sources with direct knowledge of the decision said.

JBS SA and banks are wary that market volatility stemming from
uncertainty about the outcome of Brazil's October presidential
election could cloud sentiment ahead of potential investor
meetings, according to the sources, Reuters notes.

It was the second time JBS SA suspended the deal since June.

Reuters relates that other potential IPOs at risk include those of
cellphone tower operator T4U Holding Brasil SA and vet product
maker Ouro Fino Saude Animal Participacoes SA, which last month
announced their plans, both sources said.  The offerings were
initially set to happen next month, between the first and second
rounds of Brazil's most unpredictable presidential election in 12
years, Reuters discloses.

Reuters notes that a number of pension funds and asset management
firms are wary over the impact of election-related risks, reduced
global liquidity, and an economic recession on the future
performance of IPOs.  The companies pushed forward with the deals
after markets rallied in August on speculation that President
Dilma Rousseff could lose the October election to a more business-
friendly challenger, Reuters relays.

The benchmark Bovespa stock index .BVSP shed 1 percent on
Sept. 19.  The index, which jumped in August, has fallen 5.7
percent since the start of the month, when President Rousseff
began to cut into the second round lead of opposition candidate
Marina Silva, Reuters relays.

"There's too much noise at the moment," said one of the sources,
who sought anonymity since the decision is private, Reuters notes.

The last time a Brazilian company listed shares on the Sao Paulo
Stock Exchange was December 2013, when travel agency CVC Brasil
Operadora de Turismo SA (CVCB3.SA) raised BRL540 million from
investors, the report recalls.  This year, IPOs in Brazil are
likely to have their worst year in at least a decade, the report
notes.

The unit, which will be spun off under the name of JBS Foods,
accounted for nearly 10 percent of JBS SA's US$40 billion in
revenue last year, Reuters says.  JBS aims to list the unit in the
Sao Paulo Stock Exchange's Novo Mercado chapter, where corporate
governance rules are the toughest and requires that a company list
at least 25 percent of its shares, the report discloses.

Itau BBA SA, Banco Bradesco BBI and Bank of America Merrill Lynch
are among the group of at least five banks that have been mandated
for the JBS Foods transaction, the source added, the report adds.

                          About JBS SA

JBS SA is a multinational food processing company, producing
factory processed beef, chicken and pork, and also selling by-
products from the processing of these meats.  It is headquartered
in Sao Paulo. It was founded in 1953 in Anapolis, Goias. The
company has 150 industrial plants around the world.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2014, Moody's Investors Service affirmed JBS's Ba3 ratings
(global scale) and revised the ratings outlook to stable from
negative.  The stabilization of the outlook reflects the
improvements in credit metrics given the rapid and efficient
integration of Seara, the maintenance of an adequate liquidity
position and their expectations that metrics will converge to pre-
acquisition levels by year-end.


OSX BRASIL: Netherlands Unit Gets Approval to Stop Payments
-----------------------------------------------------------
OSX WHP 1&2, a Netherlands unit of bankrupt Brazilian shipbuilder
OSX Brasil SA, received final approval from a Dutch court to
suspend payments to creditors until January 2016, OSX said in an
e-mailed statement obtained by Reuters.

OSX WHP 1&2 was set up to finance, build, and lease well-head oil
production platforms to Oleo e Gas Participacoes SA, a now
bankrupt Brazilian oil company, according to Reuters.

Oleo e Gas, formerly known as OGX Petroleo e Gas Participacoes SA,
and OSX were created by Brazilian tycoon Eike Batista, the report
notes.  The suspension was first granted on a temporary basis in
July, Reuters relates.

                         About OSX Brasil

Brazilian shipbuilding firm OSX Brasil SA, controlled by
businessman Eike Batista, filed for protection from creditors on
November 2013 on liabilities of BRL5.34 billion (US$2.30 billion).
OSX Brasil filed for bankruptcy -- called "judicial recovery" in
Brazil -- after Oleo e Gas Participacoes SA, formerly known as OGX
Petroleo e Gas Participacoes, filed for bankruptcy on Oct. 30,
2013.

OSX had outstanding debts of around US$2.2 billion as of June 30,
2013, including dollar-and real-denominated loans and bonds held
by a mix of banks, investors and government institutions, such as
Brazil's Merchant Marine Fund, according to The Wall Street
Journal.

The move on Nov. 11 at a Rio de Janeiro court follows a default
and bankruptcy filing the prior month for Mr. Batista's flagship
oil firm OGX Petroleo e Gas Participacoes SA, n/k/a Oleo e Gas,
according to the WSJ report.  The firm went public in 2008 for
$4.1 billion but failed to produce nearly any of the up to 10.8
billion barrels it claimed to have.



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


BLANDARE LTD: Shareholders' Final Meeting Set for Sept. 30
----------------------------------------------------------
The shareholders of Blandare Ltd. will hold their final meeting on
Sept. 30, 2014, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          UBS Trustees (Bahamas) Ltd.
          UBS House, East Bay Street
          Nassau
          Bahamas


BSOF PARALLEL: Shareholders' Final Meeting Set for Oct. 1
---------------------------------------------------------
The shareholders of BSOF Parallel Able Fund Ltd will hold their
final meeting on Oct. 1, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Sean Flynn
          c/o Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


CAYMAN CAPITAL: Shareholders' Final Meeting Set for Sept. 30
------------------------------------------------------------
The shareholders of Cayman Capital Management Partners, Ltd. will
hold their final meeting on Sept. 30, 2014, at 8:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Douglas Ross Stringer
          306 Upland Creek
          San Antonio
           TX 78245, USA


GMR AVIATION: Shareholders' Final Meeting Set for Oct. 1
--------------------------------------------------------
The shareholders of GMR Aviation Partners Ltd. will hold their
final meeting on Oct. 1, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Macquarie Aircraft Leasing Services (US), Inc.
          c/o Barnaby Gowrie
          Telephone:+1 (345) 914 6365


JEANFAY CO: Members' Final Meeting Set for Oct. 3
-------------------------------------------------
The members of Jeanfay Co Ltd will hold their final meeting on
Oct. 3, 2014, at 10:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Jo-Anne Maher
          Telephone: (345) 814-9255
          Facsimile: (345) 949-4647


JOHO ASIA: Shareholders' Final Meeting Set for Oct. 3
-----------------------------------------------------
The shareholders of Joho Asia Growth Fund, Ltd. will hold their
final meeting on Oct. 3, 2014, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Jane Fleming
          c/o Jean Ebanks
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          PO Box 30464 Grand Cayman KY1-1202
          Cayman Islands


NOBLE AMERICAS: To Loan PetroEcuador US$1 Billion
-------------------------------------------------
Katia Porzecanski, Nathan Gill and Boris Korby at Bloomberg News
report that the U.S. unit of Noble Group Ltd. loaned Ecuador's
state oil company, PetroEcuador, US$1 billion, then repackaged the
debt into securities that it sold to bond investors this month,
according to a prospectus for the notes.

The notes were issued through a Cayman Islands-based special
purpose entity known as Noble Sovereign Funding I Ltd., according
to the document, which was provided to Bloomberg News by a person
who asked not to be identified because the offering was private.
The securities due 2019 carried an interest rate of 5.63
percentage points above three-month Libor and were sold at 98.1
cents on the dollar, according to data compiled by Bloomberg.

Standard & Poor's rated the notes B+, four levels below investment
grade, saying the transaction relies on cash flows from the
government as the guarantor of the underlying loan. The loan was
made by Noble Americas Corp., according to the prospectus,
Bloomberg News discloses.

Bloomberg News relates that PetroEcuador, in charge of refining
and selling the OPEC nation's crude, has stepped up fuel imports
in the past months as planned maintenance at its Esmeraldas
refinery, the nation's biggest, crimps local fuel supplies.  The
refinery began partial shutdowns on July 12 and output will be
completely halted at the 110,000 barrel-per-day complex in
October, Bloomberg News relays.

JPMorgan Chase & Co. helped arrange the loan securitization.

Noble Group Limited, an investment holding company, provides
supply chain management services for agricultural and energy
products, metals, minerals, and ores worldwide.


RAM ONE: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of Ram One (Cayman) Ltd received on Aug. 23,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


ROGERS RAW: Shareholders' Final Meeting Set for Oct. 1
------------------------------------------------------
The shareholders of Rogers Raw Materials Index Fund, Ltd. will
hold their final meeting on Oct. 1, 2014, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Beeland Management Co., LLC
          c/o Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


UBS PW EQUITY: Shareholders' Final Meeting Set for Oct. 8
---------------------------------------------------------
The shareholders of UBS PW Equity Opportunity Fund, Ltd. will hold
their final meeting on Oct. 8, 2014, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


VINTAGE YEAR: Shareholders' Final Meeting Set for Oct. 3
--------------------------------------------------------
The shareholders of Vintage Year Opportunity - Japan Offices Ltd.
will hold their final meeting on Oct. 3, 2014, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jane Fleming
          c/o Jean Ebanks
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          PO Box 30464 Grand Cayman KY1-1202
          Cayman Islands



=================
G U A T E M A L A
=================


EMPRESA ELECTRICA: S&P Affirms 'BB' Corp. Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' rating on
Empresa Electrica de Guatemala S.A. (EEGSA).  The outlook remains
stable.

The 'BB' corporate credit rating on EEGSA reflects its
"intermediate" financial risk profile, "weak" business risk
profile, and "adequate" liquidity.  Furthermore, the rating
reflects the company's prudent debt management and our expectation
that its key financial metrics will remain in line with S&P's
base-case scenario.  These factors result in EEGSA's 'bb' stand-
alone credit risk profile (SACP).

S&P believes there is a "moderate" likelihood of timely and
sufficient extraordinary support from the Republic of Guatemala
(foreign currency: BB/Stable/B; local currency: BB+/Stable/B) to
EEGSA in the event of financial distress.  S&P bases this opinion
on its assessment of EEGSA's role as the largest electricity
distribution company in Guatemala and its limited link with the
government, given its 14% ownership stake in the company.
Empresas Publicas de Medellin (EPM; unrated), a Colombia-based
multiutility, holds an 80.9% stake in EEGSA.



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


JAMAICA: Stock of Bad Debt Declines, BOJ Says
---------------------------------------------
RJR News reports that Bank of Jamaica disclosed that the stock of
bad debt in the country's financial sector has declined.

Bad debts, which are loans that have been unpaid for at least 90
days, fell to J$23.9 billion at the end of June, according to RJR
News.  That was down 7.4% from June last year.

The report notes that bad debts now make up 5% of loans in the
financial system.

                    Central Bank Assets

In the meantime, Central Bank assets among commercial banks
exceeded J$810 billion at the end of June, RJR News relates.  Most
of the assets are private loans, with loans to government ranking
second among banking assets, the report notes.

At the same time, commercial banks owe J$13 billion to other
financial institutions in Jamaica, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign and local currency and 'B' short-term
foreign and local currency sovereign credit ratings on Jamaica.
At the same time, S&P revised the outlook on the long-term
sovereign credit ratings to positive from stable.  In addition,
S&P affirmed its 'B' transfer and convertibility (T&C) assessment.



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


CEMEX SAB: Discloses Pricing of US$200MM in Convertible Units
-------------------------------------------------------------
CEMEX, S.A.B. de C.V. disclosed the pricing of its private
offering of 200,000 Contingent Convertible Units, each with a
stated amount of US$1,000.  The Contingent Convertible Units are
intended to finance payment of the principal amount of US$200
million of CEMEX's 4.875% Convertible Subordinated Notes due 2015
that mature without conversion.  There is currently approximately
US$204 million aggregate principal amount of 2015 Existing
Convertible Notes outstanding.

This transaction completes CEMEX's objective of addressing the
contingent maturity of its 2015 Existing Convertible Notes.

Each Contingent Convertible Unit will consist of (a) a note
purchase contract, under which the holder will agree to purchase
from CEMEX, and CEMEX will agree to sell to the holder, on March
13, 2015, for US$1,000 in cash, US$1,000 in principal amount of
CEMEX's to be issued Convertible Subordinated Notes due 2020 if
the Note Purchase Contract is exercised; and (b) prior to the Note
Purchase Date, an undivided beneficial ownership interest in
qualifying treasury securities, as well as certain additional
amounts, held in a securities account at The Bank of New York
Mellon, which will be funded with the proceeds of the offering of
Contingent Convertible Units, and which will collateralize the
holder's obligation to purchase New Convertible Notes on the Note
Purchase Date.

CEMEX SAB will pay the holder of a Note Purchase Contract monthly
contract payments from, and including, the date the Contingent
Convertible Units are issued to, but excluding, the Note Purchase
Date, at the annual rate of 3.0%.

Whether and to what extent the Note Purchase Contracts are
exercised will be determined based upon the aggregate principal
amount of the 2015 Existing Convertible Notes that matures without
being converted into American Depositary Shares of CEMEX.  If less
than US$100 million aggregate principal amount of the 2015
Existing Convertible Notes matures without conversion, no Note
Purchase Contracts will be exercised.

If from US$100 million to, and including, US$200 million aggregate
principal amount of 2015 Existing Convertible Notes matures
without conversion, then Note Purchase Contracts representing such
aggregate principal amount will be exercised.  If more than US$200
million aggregate principal amount of the 2015 Existing
Convertible Notes matures without conversion, then Note Purchase
Contracts representing U.S.$200 million aggregate principal will
be exercised.

On the Note Purchase Date, the payments that will have been
received in the Securities Account as the Treasury Securities
mature will be released from the Securities Account and (a) for
Note Purchase Contracts that are exercised, applied to pay the
purchase price under the related Note Purchase Contract or (b) for
Note Purchase Contracts that are not exercised, released back to
holders of the Contingent Convertible Units.

If any Note Purchase Contracts are exercised and New Convertible
Notes are issued, interest on the New Convertible Notes will be
payable at a rate equal to the 5-year swap rate on March 11, 2015
plus a spread of 195 basis points, subject to incremental
adjustments if the 5 Day Average VWAP (as defined below) of the
ADSs is lower than US$8.62.

Interest on any New Convertible Notes would be payable semi-
annually in arrears on March 15 and September 15 of each year,
commencing on September 15, 2015. The New Convertible Notes would
be convertible by holders into ADSs at an initial conversion price
equal to the greater of (a) US$11.20, (b) 130% of the 5 Day
Average VWAP of the ADSs and (c) 110% of the closing sale price of
the ADSs on the New York Stock Exchange on the Note Purchase Date.

The "5 Day Average VWAP" of the ADSs will be equal to the average
of the daily volume-weighted average prices of the ADSs for the 5
trading day period beginning on March 18, 2015.  The initial
conversion rate of any New Convertible Notes would be equal to the
quotient of (x) 1,000 divided by (y) the initial conversion price,
rounded to the nearest 1/10,000th of an ADS.  CEMEX's ordinary
shares currently held in treasury that underlie the 2015 Existing
Convertible Notes would be kept in CEMEX's treasury and would be
re-allocated to ensure the conversion rights of any New
Convertible Notes that are issued.

CEMEX will only receive proceeds from the offering of the
Contingent Convertible Units to the extent that Note Purchase
Contracts are exercised on the Note Purchase Date.  CEMEX intends
to use the net proceeds from the offering of the Contingent
Convertible Units, together with available cash, if necessary, to
repay in full the amount outstanding under the 2015 Existing
Convertible Notes that matures without conversion.

                        About CEMEX SAB

CEMEX, S.A.B. de C.V., is a holding company of entities which
main activities are oriented to the construction industry,
through the production, marketing, distribution and sale of
cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 8, 2014, Fitch Ratings has assigned expected ratings of 'BB-
/RR3(EXP)' to CEMEX S.A.B. de C.V.'s (CEMEX) proposed USD notes
due in 2025 and its proposed Euro notes due in 2022. Proceeds from
the Euro notes issuance will be used for general corporate
purposes, including the repayment of indebtedness under CEMEX's
Facilities Agreement.  Proceeds from the USD issuance will be used
for general corporate purposes, including the repurchase of a
portion of the company's outstanding 2018 and 2020 notes.



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


* PERU: To Get US$67.3 Million IDB Loan to Support Wind Power
-------------------------------------------------------------
The Inter-American Development Bank (IDB) discloses the approval
of loans of US$23.2 million and US$44.1 million to the Marcona and
Tres Hermanas wind farm projects in the department of Nazca, south
of Lima.  The loans will provide long-term financing for two of
the first commercial-scale wind power projects in Peru, leading to
the displacement of an estimated 440,000 tons of CO2 emissions
annually.

Together, the energy generated by the two farms is expected to
produce a supply equivalent to meet the needs of an estimated
500,000 Peruvian consumers.  Construction on the Marcona farm and
associated facilities was completed in March of this year. Work on
the Tres Hermanas site began in July and is expected to be
completed in September 2015.

"The IDB's financing of these two projects will send a strong
signal to potential investors in Peru's wind market," noted Jean-
Marc Aboussouan, chief of the Infrastructure Division in the
Bank's Structured and Corporate Finance Department.  "Wind offers
a complement to thermal and hydroelectric sources, which today
account for 97 percent of the country's energy matrix, and will
serve as a seasonal complement to hydro in particular."

IDB support for the two farms is also expected to include
subordinated debt funding from the Canadian Climate Fund for the
Private Sector ("C2F"), which will play a critical role in
optiminzing the capital structure of the project.  The IDB is also
discussing the design of training and recruitment initiatives for
women, including internship programs in science, technology,
engineering and mathematics, with the project sponsor Cobra
Instalaciones y Servicios S.A.

     About the Structured and Corporate Finance Department

The Structured and Corporate Finance Department (SCF) leads all
IDB non-sovereign guaranteed operations for large-scale projects,
companies and financial institutions in Latin America and the
Caribbean.  The department serves as a catalyst, helping to
mobilize third-party resources by partnering with commercial
banks, institutional investors, co-guarantors and other co-
financing entities in high-impact development projects.


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


PMC MARKETING: PREPA Wins Favorable Ruling From 1st Cir. BAP
------------------------------------------------------------
Puerto Rico Electric Power Authority appeals to the Bankruptcy
Appellate Panel Judge for the First Circuit from a bankruptcy
court order denying its motion for payment of administrative
expenses under Bankruptcy Code Sec. 503(b)(9), as well as a
subsequent order denying its motion for reconsideration in the
Chapter 7 case of PMC Marketing Corp., a/k/a Farmacias El Amal,
a/k/a COD Drugs.

In a September 23, 2014 decision available at http://is.gd/9qGPDT
from Leagle.com, the First Circuit vacated the order denying the
Expense Motion and remanded to the bankruptcy court for further
proceedings consistent with its opinion. The appeal of the order
denying the Reconsideration Motion is waived.

PREPA seeks administrative expense priority under Sec. 503(b)(9)
in the amount of $89,336.42, representing the value of its claim
for electricity supplied to PMC during the 20-day period preceding
the petition date.

PMC Marketing Corp. filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 09-02048) on March 18, 2009.  The case was
converted into a Chapter 7 proceeding on May 19, 2010.  On May 20,
2010, Noreen Wiscovitch-Rentas was appointed the Chapter 7
trustee.


OFG BANCORP: To Report Third Quarter 2014 Results on Oct. 23
------------------------------------------------------------
OFG Bancorp will report its third quarter 2014 financial results
on Thursday, October 23, 2014, after the market closes and will
hold its conference call on Friday, October 24, 2014, at 10:00
a.m. Eastern Time.

The call will be accessible live via a webcast on OFG's Investor
Relations website at http://www.ofgbancorp.com/  A webcast replay
will be available shortly thereafter.

OFG Bancorp, a financial holding company, provides various banking
and financial services primarily in Puerto Rico.  It operates in
three segments: Banking, Financial Services, and Treasury.  The
Banking segment offers checking and savings accounts; mortgage,
commercial, and consumer lending products; financial planning,
insurance, financial service, and investment brokerage; and
corporate and individual trust and retirement services.  This
segment operates 55 branches in Puerto Rico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 5, 2014, Standard & Poor's Ratings Services said it lowered
its counterparty credit rating on Puerto Rico-based regional
banking company OFG Bancorp (OFG) to 'B+' from 'BB-'.  At the same
time, S&P lowered its counterparty credit rating on OFG's main
bank subsidiary, Oriental Bank, to 'BB' from 'BB+'.  S&P removed
the ratings from CreditWatch with negative implications, where it
placed them on July 14, 2014.  S&P also lowered its ratings on the
preferred stock by one notch to 'CCC+' from 'B-' given it sees
higher risk of payment deferral.  The outlook on both entities is
negative.



=================
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-BDR        AGEN33 BZ      339244073      -561405847
AGRENCO LTD-BDR        AGEN11 BZ      339244073      -561405847
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
BALADARE               BLDR3 BZ       159449535     -52990723.7
BATTISTELLA            BTTL3 BZ       115297369       -19538107
BATTISTELLA-PREF       BTTL4 BZ       115297369       -19538107
BATTISTELLA-RECE       BTTL9 BZ       115297369       -19538107
BATTISTELLA-RECP       BTTL10 BZ      115297369       -19538107
BATTISTELLA-RI P       BTTL2 BZ       115297369       -19538107
BATTISTELLA-RIGH       BTTL1 BZ       115297369       -19538107
BOMBRIL                BMBBF US       309951278     -57714449.4
BOMBRIL                FPXE4 BZ      19416013.9      -489914853
BOMBRIL                BOBR3 BZ       309951278     -57714449.4
BOMBRIL - RTS          BOBR11 BZ      309951278     -57714449.4
BOMBRIL CIRIO SA       BOBRON BZ      309951278     -57714449.4
BOMBRIL CIRIO-PF       BOBRPN BZ      309951278     -57714449.4
BOMBRIL HOLDING        FPXE3 BZ      19416013.9      -489914853
BOMBRIL SA-ADR         BMBPY US       309951278     -57714449.4
BOMBRIL SA-ADR         BMBBY US       309951278     -57714449.4
BOMBRIL-PREF           BOBR4 BZ       309951278     -57714449.4
BOMBRIL-RGTS PRE       BOBR2 BZ       309951278     -57714449.4
BOMBRIL-RIGHTS         BOBR1 BZ       309951278     -57714449.4
BOTUCATU TEXTIL        STRP3 BZ      27663605.3     -7174512.12
BOTUCATU-PREF          STRP4 BZ      27663605.3     -7174512.12
BUETTNER               BUET3 BZ      95403660.1     -37550595.1
BUETTNER SA            BUETON BZ     95403660.1     -37550595.1
BUETTNER SA-PRF        BUETPN BZ     95403660.1     -37550595.1
BUETTNER SA-RT P       BUET2 BZ      95403660.1     -37550595.1
BUETTNER SA-RTS        BUET1 BZ      95403660.1     -37550595.1
BUETTNER-PREF          BUET4 BZ      95403660.1     -37550595.1
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      1029019993      -128321599
CAIUA SA               ELCON BZ      1029019993      -128321599
CAIUA SA-DVD CMN       ELCA11 BZ     1029019993      -128321599
CAIUA SA-DVD COM       ELCA12 BZ     1029019993      -128321599
CAIUA SA-PREF          ELCPN BZ      1029019993      -128321599
CAIUA SA-PRF A         ELCAN BZ      1029019993      -128321599
CAIUA SA-PRF A         ELCA5 BZ      1029019993      -128321599
CAIUA SA-PRF B         ELCA6 BZ      1029019993      -128321599
CAIUA SA-PRF B         ELCBN BZ      1029019993      -128321599
CAIUA SA-RCT PRF       ELCA10 BZ     1029019993      -128321599
CAIUA SA-RTS           ELCA2 BZ      1029019993      -128321599
CAIVA SERV DE EL       1315Z BZ      1029019993      -128321599
CELGPAR                GPAR3 BZ       202489694     -1054621126
CENTRAL COST-ADR       CCSA LI        271025064     -37667553.4
CENTRAL COSTAN-B       CRCBF US       271025064     -37667553.4
CENTRAL COSTAN-B       CNRBF US       271025064     -37667553.4
CENTRAL COSTAN-C       CECO3 AR       271025064     -37667553.4
CENTRAL COST-BLK       CECOB AR       271025064     -37667553.4
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      73710194.2     -2330089496
COBRASMA SA            COBRON BZ     73710194.2     -2330089496
COBRASMA SA-PREF       COBRPN BZ     73710194.2     -2330089496
COBRASMA-PREF          CBMA4 BZ      73710194.2     -2330089496
D H B                  DHBI3 BZ       103378506      -180639480
D H B-PREF             DHBI4 BZ       103378506      -180639480
DHB IND E COM          DHBON BZ       103378506      -180639480
DHB IND E COM-PR       DHBPN BZ       103378506      -180639480
DOCA INVESTIMENT       DOCA3 BZ       187044412      -204249587
DOCA INVEST-PREF       DOCA4 BZ       187044412      -204249587
DOCAS SA               DOCAON BZ      187044412      -204249587
DOCAS SA-PREF          DOCAPN BZ      187044412      -204249587
DOCAS SA-RTS PRF       DOCA2 BZ       187044412      -204249587
EBX BRASIL SA          CTMN3 BZ      2670745328      -202996314
ELEC ARG SA-PREF       EASA6 AR       945325071     -56471446.1
ELEC ARGENT-ADR        EASA LX        945325071     -56471446.1
ELEC DE ARGE-ADR       1262Q US       945325071     -56471446.1
ELECTRICIDAD ARG       3447811Z AR    945325071     -56471446.1
ENDESA - RTS           CECOX AR       271025064     -37667553.4
ENDESA COST-ADR        CRCNY US       271025064     -37667553.4
ENDESA COSTAN-         CECO2 AR       271025064     -37667553.4
ENDESA COSTAN-         CECOD AR       271025064     -37667553.4
ENDESA COSTAN-         CECOC AR       271025064     -37667553.4
ENDESA COSTAN-         EDCFF US       271025064     -37667553.4
ENDESA COSTAN-A        CECO1 AR       271025064     -37667553.4
ESTRELA SA             ESTR3 BZ      76575881.3      -120012837
ESTRELA SA             ESTRON BZ     76575881.3      -120012837
ESTRELA SA-PREF        ESTR4 BZ      76575881.3      -120012837
ESTRELA SA-PREF        ESTRPN BZ     76575881.3      -120012837
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      19848769.9     -38798309.5
FERRAGENS HAGA         HAGAON BZ     19848769.9     -38798309.5
FERRAGENS HAGA-P       HAGAPN BZ     19848769.9     -38798309.5
FERREIRA GUIMARA       FGUION BZ     11016542.2      -151840378
FERREIRA GUIM-PR       FGUIPN BZ     11016542.2      -151840378
GRADIENTE ELETR        IGBON BZ       346216965     -42013205.9
GRADIENTE EL-PRA       IGBAN BZ       346216965     -42013205.9
GRADIENTE EL-PRB       IGBBN BZ       346216965     -42013205.9
GRADIENTE EL-PRC       IGBCN BZ       346216965     -42013205.9
GRADIENTE-PREF A       IGBR5 BZ       346216965     -42013205.9
GRADIENTE-PREF B       IGBR6 BZ       346216965     -42013205.9
GRADIENTE-PREF C       IGBR7 BZ       346216965     -42013205.9
HAGA                   HAGA3 BZ      19848769.9     -38798309.5
HOTEIS OTHON SA        HOOT3 BZ       238958413     -22929896.5
HOTEIS OTHON SA        HOTHON BZ      238958413     -22929896.5
HOTEIS OTHON-PRF       HOOT4 BZ       238958413     -22929896.5
HOTEIS OTHON-PRF       HOTHPN BZ      238958413     -22929896.5
IGB ELETRONICA         IGBR3 BZ       346216965     -42013205.9
IGUACU CAFE            IGUA3 BZ       214061113     -63930746.9
IGUACU CAFE            IGCSON BZ      214061113     -63930746.9
IGUACU CAFE            IGUCF US       214061113     -63930746.9
IGUACU CAFE-PR A       IGUA5 BZ       214061113     -63930746.9
IGUACU CAFE-PR A       IGCSAN BZ      214061113     -63930746.9
IGUACU CAFE-PR A       IGUAF US       214061113     -63930746.9
IGUACU CAFE-PR B       IGUA6 BZ       214061113     -63930746.9
IGUACU CAFE-PR B       IGCSBN BZ      214061113     -63930746.9
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       239575758     -28902145.8
INVERS ELEC BUEN       IEBAB AR       239575758     -28902145.8
INVERS ELEC BUEN       IEBA AR        239575758     -28902145.8
KARSTEN                CTKCF US       161482221     -4141092.01
KARSTEN                CTKON BZ       161482221     -4141092.01
KARSTEN SA             CTKA3 BZ       161482221     -4141092.01
KARSTEN SA - RCT       CTKA9 BZ       161482221     -4141092.01
KARSTEN SA - RCT       CTKA10 BZ      161482221     -4141092.01
KARSTEN SA - RTS       CTKA1 BZ       161482221     -4141092.01
KARSTEN SA - RTS       CTKA2 BZ       161482221     -4141092.01
KARSTEN-PREF           CTKPF US       161482221     -4141092.01
KARSTEN-PREF           CTKA4 BZ       161482221     -4141092.01
KARSTEN-PREF           CTKPN BZ       161482221     -4141092.01
LAEP INVES-BDR B       0163599D BZ    222902269      -255311026
LAEP INVESTMEN-B       0122427D LX    222902269      -255311026
LAEP INVESTMENTS       LEAP LX        222902269      -255311026
LAEP-BDR               MILK33 BZ      222902269      -255311026
LAEP-BDR               MILK11 BZ      222902269      -255311026
LOJAS ARAPUA           LOAR3 BZ      38857516.9     -3355978520
LOJAS ARAPUA           LOARON BZ     38857516.9     -3355978520
LOJAS ARAPUA-GDR       3429T US      38857516.9     -3355978520
LOJAS ARAPUA-GDR       LJPSF US      38857516.9     -3355978520
LOJAS ARAPUA-PRF       LOAR4 BZ      38857516.9     -3355978520
LOJAS ARAPUA-PRF       LOARPN BZ     38857516.9     -3355978520
LOJAS ARAPUA-PRF       52353Z US     38857516.9     -3355978520
LUPATECH SA            LUPA3 BZ       584100366      -304853641
LUPATECH SA            LUPTF US       584100366      -304853641
LUPATECH SA            LUPAF US       584100366      -304853641
LUPATECH SA            LUPTQ US       584100366      -304853641
LUPATECH SA -RCT       LUPA9 BZ       584100366      -304853641
LUPATECH SA-ADR        LUPAY US       584100366      -304853641
LUPATECH SA-ADR        LUPAQ US       584100366      -304853641
LUPATECH SA-RT         LUPA11 BZ      584100366      -304853641
LUPATECH SA-RTS        1041054D BZ    584100366      -304853641
LUPATECH SA-RTS        LUPA1 BZ       584100366      -304853641
MANGELS INDL           MGEL3 BZ       186096273       -50186882
MANGELS INDL SA        MISAON BZ      186096273       -50186882
MANGELS INDL-PRF       MGIRF US       186096273       -50186882
MANGELS INDL-PRF       MGEL4 BZ       186096273       -50186882
MANGELS INDL-PRF       MISAPN BZ      186096273       -50186882
MINUPAR                MNPR3 BZ      90210352.5      -117166643
MINUPAR SA             MNPRON BZ     90210352.5      -117166643
MINUPAR SA-PREF        MNPRPN BZ     90210352.5      -117166643
MINUPAR-PREF           MNPR4 BZ      90210352.5      -117166643
MINUPAR-RCT            9314634Q BZ   90210352.5      -117166643
MINUPAR-RCT            0599564D BZ   90210352.5      -117166643
MINUPAR-RCT            MNPR9 BZ      90210352.5      -117166643
MINUPAR-RT             9314542Q BZ   90210352.5      -117166643
MINUPAR-RT             0599562D BZ   90210352.5      -117166643
MINUPAR-RTS            MNPR1 BZ      90210352.5      -117166643
NORDON MET             NORD3 BZ      10859129.2     -33570700.5
NORDON METAL           NORDON BZ     10859129.2     -33570700.5
NORDON MET-RTS         NORD1 BZ      10859129.2     -33570700.5
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
OGX PETROLEO           CTCO3 BZ      2104841243     -4244633894
OLEO E GAS P-ADR       OGXPY US      2104841243     -4244633894
OLEO E GAS P-ADR       OGXPYEUR EO   2104841243     -4244633894
OLEO E GAS P-ADR       OGXPYEUR EU   2104841243     -4244633894
OLEO E GAS P-ADR       8OGB GR       2104841243     -4244633894
OLEO E GAS PART        OGXP3 BZ      2104841243     -4244633894
OLEO E GAS PART        OGXP5 BZ      2104841243     -4244633894
OLEO E GAS PART        OGXP6 BZ      2104841243     -4244633894
OLEO E GAS PART        OGXPF US      2104841243     -4244633894
OSX BRASIL - RTS       0701756D BZ   2670745328      -202996314
OSX BRASIL - RTS       0701757D BZ   2670745328      -202996314
OSX BRASIL - RTS       0812903D BZ   2670745328      -202996314
OSX BRASIL - RTS       0812904D BZ   2670745328      -202996314
OSX BRASIL - RTS       OSXB1 BZ      2670745328      -202996314
OSX BRASIL - RTS       OSXB9 BZ      2670745328      -202996314
OSX BRASIL SA          OSXB3 BZ      2670745328      -202996314
OSX BRASIL SA          EBXB3 BZ      2670745328      -202996314
OSX BRASIL SA          OSXRF US      2670745328      -202996314
OSX BRASIL S-GDR       OSXRY US      2670745328      -202996314
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
PETROLERA DEL CO       PSUR AR       70120174.9       -27864484
PILMAIQUEN             PILMAIQ CI     200140666     -20597929.7
PORTX OPERACOES        PRTX3 BZ       976769385     -9407990.18
PORTX OPERA-GDR        PXTPY US       976769385     -9407990.18
PUYEHUE                PUYEH CI      21553021.9     -5145184.07
PUYEHUE RIGHT          PUYEHUOS CI   21553021.9     -5145184.07
RECRUSUL               RCSL3 BZ      41395863.2     -21007926.7
RECRUSUL - RCT         4529789Q BZ   41395863.2     -21007926.7
RECRUSUL - RCT         4529793Q BZ   41395863.2     -21007926.7
RECRUSUL - RCT         0163582D BZ   41395863.2     -21007926.7
RECRUSUL - RCT         0163583D BZ   41395863.2     -21007926.7
RECRUSUL - RCT         0614675D BZ   41395863.2     -21007926.7
RECRUSUL - RCT         0614676D BZ   41395863.2     -21007926.7
RECRUSUL - RCT         RCSL10 BZ     41395863.2     -21007926.7
RECRUSUL - RT          4529781Q BZ   41395863.2     -21007926.7
RECRUSUL - RT          4529785Q BZ   41395863.2     -21007926.7
RECRUSUL - RT          0163579D BZ   41395863.2     -21007926.7
RECRUSUL - RT          0163580D BZ   41395863.2     -21007926.7
RECRUSUL - RT          0614673D BZ   41395863.2     -21007926.7
RECRUSUL - RT          0614674D BZ   41395863.2     -21007926.7
RECRUSUL SA            RESLON BZ     41395863.2     -21007926.7
RECRUSUL SA-PREF       RESLPN BZ     41395863.2     -21007926.7
RECRUSUL SA-RCT        RCSL9 BZ      41395863.2     -21007926.7
RECRUSUL SA-RTS        RCSL1 BZ      41395863.2     -21007926.7
RECRUSUL SA-RTS        RCSL2 BZ      41395863.2     -21007926.7
RECRUSUL-BON RT        RCSL11 BZ     41395863.2     -21007926.7
RECRUSUL-BON RT        RCSL12 BZ     41395863.2     -21007926.7
RECRUSUL-PREF          RCSL4 BZ      41395863.2     -21007926.7
REDE EMP ENE ELE       ELCA4 BZ      1029019993      -128321599
REDE EMP ENE ELE       ELCA3 BZ      1029019993      -128321599
REDE EMPRESAS-PR       REDE4 BZ      1029019993      -128321599
REDE ENERGIA SA        REDE3 BZ      1029019993      -128321599
REDE ENERGIA SA-       REDE2 BZ      1029019993      -128321599
REDE ENERGIA-RTS       REDE1 BZ      1029019993      -128321599
REDE ENERG-UNIT        REDE11 BZ     1029019993      -128321599
REDE ENER-RCT          3907731Q BZ   1029019993      -128321599
REDE ENER-RCT          REDE9 BZ      1029019993      -128321599
REDE ENER-RCT          REDE10 BZ     1029019993      -128321599
REDE ENER-RT           3907727Q BZ   1029019993      -128321599
REDE ENER-RT           1011624D BZ   1029019993      -128321599
REDE ENER-RT           1011625D BZ   1029019993      -128321599
RENAUXVIEW SA          TXRX3 BZ      54394844.4     -90675345.2
RENAUXVIEW SA-PF       TXRX4 BZ      54394844.4     -90675345.2
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      20127540.6     -7418183.32
SANSUY                 SNSY3 BZ       188091749      -164364290
SANSUY SA              SNSYON BZ      188091749      -164364290
SANSUY SA-PREF A       SNSYAN BZ      188091749      -164364290
SANSUY SA-PREF B       SNSYBN BZ      188091749      -164364290
SANSUY-PREF A          SNSY5 BZ       188091749      -164364290
SANSUY-PREF B          SNSY6 BZ       188091749      -164364290
SCHLOSSER              SCLO3 BZ      51334306.9       -58463309
SCHLOSSER SA           SCHON BZ      51334306.9       -58463309
SCHLOSSER SA-PRF       SCHPN BZ      51334306.9       -58463309
SCHLOSSER-PREF         SCLO4 BZ      51334306.9       -58463309
SNIAFA SA              SNIA AR       11229696.2     -2670544.86
SNIAFA SA-B            SDAGF US      11229696.2     -2670544.86
SNIAFA SA-B            SNIA5 AR      11229696.2     -2670544.86
STAROUP SA             STARON BZ     27663605.3     -7174512.12
STAROUP SA-PREF        STARPN BZ     27663605.3     -7174512.12
TEC TOY SA-PF B        TOYB6 BZ      33401974.6     -468978.338
TEC TOY SA-PREF        TOYDF US      33401974.6     -468978.338
TEC TOY SA-PREF        TOYB5 BZ      33401974.6     -468978.338
TEC TOY-RCT            7335626Q BZ   33401974.6     -468978.338
TEC TOY-RCT            7335630Q BZ   33401974.6     -468978.338
TEC TOY-RCT            TOYB9 BZ      33401974.6     -468978.338
TEC TOY-RCT            TOYB10 BZ     33401974.6     -468978.338
TEC TOY-RT             7335610Q BZ   33401974.6     -468978.338
TEC TOY-RT             7335614Q BZ   33401974.6     -468978.338
TEC TOY-RT             TOYB1 BZ      33401974.6     -468978.338
TEC TOY-RT             TOYB2 BZ      33401974.6     -468978.338
TECTOY                 TOYB3 BZ      33401974.6     -468978.338
TECTOY                 TOYB13 BZ     33401974.6     -468978.338
TECTOY SA              TOYBON BZ     33401974.6     -468978.338
TECTOY SA-PREF         TOYBPN BZ     33401974.6     -468978.338
TECTOY-PF-RTS5/6       TOYB11 BZ     33401974.6     -468978.338
TECTOY-PREF            TOYB4 BZ      33401974.6     -468978.338
TECTOY-RCPT PF B       TOYB12 BZ     33401974.6     -468978.338
TEKA                   TKTQF US       367577608      -421708949
TEKA                   TEKA3 BZ       367577608      -421708949
TEKA                   TEKAON BZ      367577608      -421708949
TEKA-ADR               TEKAY US       367577608      -421708949
TEKA-ADR               TKTPY US       367577608      -421708949
TEKA-ADR               TKTQY US       367577608      -421708949
TEKA-PREF              TKTPF US       367577608      -421708949
TEKA-PREF              TEKA4 BZ       367577608      -421708949
TEKA-PREF              TEKAPN BZ      367577608      -421708949
TEKA-RCT               TEKA9 BZ       367577608      -421708949
TEKA-RCT               TEKA10 BZ      367577608      -421708949
TEKA-RTS               TEKA1 BZ       367577608      -421708949
TEKA-RTS               TEKA2 BZ       367577608      -421708949
TEXTEIS RENA-RCT       TXRX9 BZ      54394844.4     -90675345.2
TEXTEIS RENA-RCT       TXRX10 BZ     54394844.4     -90675345.2
TEXTEIS RENAU-RT       TXRX1 BZ      54394844.4     -90675345.2
TEXTEIS RENAU-RT       TXRX2 BZ      54394844.4     -90675345.2
TEXTEIS RENAUX         RENXON BZ     54394844.4     -90675345.2
TEXTEIS RENAUX         RENXPN BZ     54394844.4     -90675345.2
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
WETZEL SA              MWET3 BZ      97509409.1     -4549842.72
WETZEL SA              MWELON BZ     97509409.1     -4549842.72
WETZEL SA-PREF         MWET4 BZ      97509409.1     -4549842.72
WETZEL SA-PREF         MWELPN BZ     97509409.1     -4549842.72
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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