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/raid1/www/Hosts/bankrupt/TCRLA_Public/141015.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 Wednesday, October 15, 2014, Vol. 15, No. 204 Headlines C A Y M A N I S L A N D S CONTRARIAN ADVANTAGE: Placed Under Voluntary Wind-Up CONTRARIAN CAPITAL: Placed Under Voluntary Wind-Up DIAMOND FINANCE: Commences Liquidation Proceedings FREEDOM COLLATERALIZED: Commences Liquidation Proceedings GALLATIN CLO II 2005-1: Commences Liquidation Proceedings INSURE AMERICA: Commences Liquidation Proceedings MSREF III: Commences Liquidation Proceedings SOLAR INVESTMENT: Commences Liquidation Proceedings STUFU DEAL: Commences Liquidation Proceedings WILBRAHAM CBO: Commences Liquidation Proceedings C H I L E SMU S.A.: S&P Raises LT CCR to 'CCC+'; Outlook Stable D O M I N I C A N R E P U B L I C DOMINICAN REP: Big Business Says Wage Hike This Year 'Implausible' G U Y A N A * GUYANA: IDB, EU Commit Funds for Programs to Improve Electricity J A M A I C A ALCOA INC: Posts US149MM Net Income for Third Quarter * JAMAICA: Minister Wants G20 to Deliver on Financing Promise M E X I C O EMPRESAS ICA: Consortium Signs Deal for Monterrey VI Aqueduct OCEANOGRAFIA SA: Mediator Said to Deny Some Citigroup Claims V E N E Z U E L A VENEZUELA: Default Almost Certain, Harvard Economists Say - - - - - ========================== C A Y M A N I S L A N D S ========================== CONTRARIAN ADVANTAGE: Placed Under Voluntary Wind-Up ---------------------------------------------------- On Aug. 27, 2014, the sole shareholder of Contrarian Advantage Fund I Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Oct. 13, 2014, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Tim Cone Telephone: +1 (345) 815 1767 Facsimile:(345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands CONTRARIAN CAPITAL: Placed Under Voluntary Wind-Up -------------------------------------------------- On Sept. 8, 2014, the sole shareholder of Contrarian Capital Finance Offshore, Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Oct. 13, 2014, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Tim Cone Telephone: +1 (345) 815 1767 Facsimile:(345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands DIAMOND FINANCE: Commences Liquidation Proceedings -------------------------------------------------- At an extraordinary meeting held on Sept. 11, 2014, the members of Diamond Finance Limited 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: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands FREEDOM COLLATERALIZED: Commences Liquidation Proceedings --------------------------------------------------------- At an extraordinary meeting held on Sept. 11, 2014, the members of Freedom Collateralized Holdings 2000 CDO 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: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands GALLATIN CLO II 2005-1: Commences Liquidation Proceedings --------------------------------------------------------- At an extraordinary meeting held on Sept. 11, 2014, the members of Gallatin CLO II 2005-1 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: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands INSURE AMERICA: Commences Liquidation Proceedings ------------------------------------------------- On Sept. 11, 2014, the sole shareholder of Insure America (Cayman) Limited 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: John. M. Noel P.O. Box 1990 Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949-0488 Facsimile: (345) 949-0364 MSREF III: Commences Liquidation Proceedings -------------------------------------------- On Sept. 11, 2014, the members of MSREF III International Funding Limited 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 SOLAR INVESTMENT: Commences Liquidation Proceedings --------------------------------------------------- At an extraordinary meeting held on Sept. 11, 2014, the members of Solar Investment Grade CBO II, Limited 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: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands STUFU DEAL: Commences Liquidation Proceedings --------------------------------------------- At an extraordinary meeting held on Sept. 11, 2014, the members of Stufu Deal Limited 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: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands WILBRAHAM CBO: Commences Liquidation Proceedings ------------------------------------------------ At an extraordinary meeting held on Sept. 11, 2014, the members of Wilbraham CBO 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: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands ========= C H I L E ========= SMU S.A.: S&P Raises LT CCR to 'CCC+'; Outlook Stable ----------------------------------------------------- Standard & Poor's Ratings Services raised its long-term corporate credit and senior unsecured ratings on SMU S.A. y Subsidiarias (SMU) to 'CCC+ from 'CCC-'. The outlook is stable. The upgrade reflects S&P's opinion that the company doesn't face a default risk until Dec. 31, 2015, thanks to SMU's final agreement with its banks. By that date, SMU will need to comply with the bank covenants that S&P believes still depend on the continuing improvement of the company's operating performance. Otherwise, SMU would have to depend again on negotiating waivers with the banks. On Sept. 30, 2014, SMU reached a final agreement with its banks as follows: -- On Sept. 30, 2014, the controlling shareholders bought the company's CLP10 billion ($17 million) in syndicated loans it owes to banks and CLP1.6 billion ($2.7 million) in debt it owes to Banco BICE. The remaining amount still owed to the syndicated banks is about CLP53 billion ($89 million). -- On June 1, 2015, the controlling shareholders will buy SMU's debt for about CLP1 billion ($1.7 million) that the company still owes to Banco BICE. -- SMU will continue seeking to sell Construmart and its 40% z take in Montserrat. The company has until June 1, 2015 (which could be extended up to Dec. 1, 2015) to sell its assets and use the proceeds to pay down the Construmart and Montserrat tranches, which are now consolidated in one installment. If SMU fails to sell its assets by Dec. 2015 or the sale price is less than the outstanding debt, the shareholders will pay down 50% of the total debt related to the new consolidated installment. The remaining amount of about CLP31.2 billion ($53.1 million) will be amortized during the following five years. -- As stipulated in the agreement, the amortization payments mentioned above for the remaining amount will be possible only if the controlling shareholders pay down the CLP48.3 billion ($87.8 million) of the local bond due Nov. 2015, and the company pays the accrued interest to the banks corresponding to the Restructuring Agreement of about CLP1.4 billion ($2.5 million). "These actions reinforce the support of the controlling shareholders to SMU, which we believe will continue in the next few years," said Standard & Poor's credit analyst Sandra Tinoco. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: Big Business Says Wage Hike This Year 'Implausible' ----------------------------------------------------------------- Dominican Today reports that National Business Council Executive Vice President (CONEP) Rafael Paz said a salary increase isn't legally plausible this year, as labor unions demand. Mr. Paz said labor legislation stipulates a review of the minimum wage every two years, during which the National Wage Committee convenes talks between management and labor, according to Dominican Today. Citing Central Bank data, Mr. Paz said employers were ordered to raise wages 14 percent last year, a figure he affirms is higher than the accumulated inflation in that period, the report notes. Interviewed on Telesistema Channel 11, Mr. Paz denied that employers agreed to review wages this year as union leaders allege, the report relates. Mr. Paz said employers are only subjected to what the law says, for which all Conept actions are in compliance, the report notes. "The rule of law is very clear in that regard, that the minimum wage is reviewed every two years, and now the private sector hand applied a wage increase of 14 per cent last year, which was higher than the increase in inflation for that period," the report quoted Mr. Paz as saying. =========== G U Y A N A =========== * GUYANA: IDB, EU Commit Funds for Programs to Improve Electricity ------------------------------------------------------------------ The Inter-American Development Bank (IDB) and the European Union (EU) are committed to supporting the efforts of the Government of Guyana to improve the quality and delivery of reliable water supply and also to strengthen the reliability and efficiency of electricity service delivery. In this regard, both organizations met to sign a loan and investment grant agreement with the Government of Guyana. The signing took place at the IDB's headquarters in Washington, D.C. on October 10, 2014 with the participation of IDB President Luis Alberto Moreno, Guyanese Finance Minister Ashni Singh, and European Union Commissioner Andris Piebalgs. Both the EU and the IDB recognize the need to assist Guyana's continued development through investments in the energy and water sectors and have therefore allocated US$54,480,000 of IDB resources, further leveraging up to US$41,769,500 through the European Union's Caribbean Investment Facility (CIF) to address the priority needs of these sectors. IDB financing comprises US$24,480,000 in blended resources from the Fund for Special Operations (FSO) and Ordinary Capital (OC), as well as US$30,000,000 from the Grant Leveraging Mechanism (GLM). The EU contribution represents sixty percent of the total 10th European Development Fund national allocation for Guyana totalling US$68,300,000. This is the first IDB project using the Grant Leveraging Mechanism, which leverages grant resources from bilateral and multilateral donors with US$100 million of the IDB's ordinary capital to finance operations in shared priority areas for some of the poorest countries in Latin America and the Caribbean region. Guyana will strengthen and improve access to drinking water and sanitation services with a US$16,838,250 loan from the IDB and a US$14,838,250 grant from the Caribbean Investment Fund of the European Union. The Program to Improve Water and Sanitation Infrastructure and Supply will finance infrastructure projects to build, upgrade and expand water treatment plants as well as to enhance access to adequate sanitation through measures to strengthen the Guyana Water Incorporated (GWI). The IDB-EU program is expected to increase the percentage of households with 24-hour access to water and water pressure that is in line with national standards, reduce the percentage of water that goes unaccounted for and raise the number of homes with improved access to drinking water and proper sanitation arrangements. The program will also fund the design and implementation of an initiative to reduce Non-Revenue Water and a public awareness campaign on the use of water and proper hygiene practices. In addition, the Inter-American Development Bank approved a loan totaling US$37,641,750 and a US$26,931,250 grant from the Caribbean Investment Fund of the European Union to help boost the efficiency and reliability of Guyana's power system through increasing operational efficiency, reducing energy losses, and strengthening the management and corporate performance of the country's utility, the Guyana Power and Light, Inc. (GPL). GPL is now facing various challenges in trying to provide additional electricity on an efficient and reliable basis, which include high levels of electricity losses. As Guyana's energy demand increases due to the growth of its residential and commercial sectors and the expected return of large customers to the national power grid, the distribution infrastructure will experience greater stresses, and in turn, this will challenge GPL's management and its ability to manage electricity supply. This IDB-EU program will fundthe rehabilitation of 830 km of distribution lines in GPL's network. The European Union approved the creation of the Caribbean Investment Facility (CIF) on April 30, 2012. The purpose of the CIF is to strengthen Caribbean regional integration and to foster investments in key infrastructure in the Caribbean, with a particular focus on the energy, environment, climate change mitigation and adaptation, transport and social infrastructure sectors. These projects are the first to be funded under the CIF program. ============= J A M A I C A ============= ALCOA INC: Posts US149MM Net Income for Third Quarter ----------------------------------------------------- RJR News report that Alcoa Inc., the US based part owner of the Jamalco alumina operation in Clarendon, Jamaica, has reported a stronger-than-expected increase in third-quarter profit as higher aluminum prices and lower costs drove a recovery in its business unit that produces aluminum. Alcoa Inc.'s net income rose to US149 million, from US$24 million a year ago, even as it took restructuring charges for smelter closures, according to RJR News. The report notes that Alcoa Inc.'s growing business making specialized goods for automotive and aerospace customers has helped offset a weak market for aluminum. The company has also been working to improve costs. Plans to Sell News came in June that Alcoa Inc., is moving to sell its interest in Jamalco, RJR News notes. The company has 55% ownership in the refinery, while the government-owned Clarendon Alumina Production (CAP) owns the remaining 45%. Alcoa Inc. produces and manages primary aluminum, fabricated aluminum, and alumina. The company operates in four segments: Alumina, Primary Metals, Global Rolled Products, and Engineered Products and Solutions. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 22, 2014, Fitch Ratings has assigned a 'BB+' rating to Alcoa Inc.'s issuance of approximately US$1 billion in senior notes due 2024. The Rating Outlook is Stable. * JAMAICA: Minister Wants G20 to Deliver on Financing Promise ------------------------------------------------------------- RJR News report that Dr. Peter Phillips, Jamaica's Finance and Planning Minister, is urging the G20 nations to carry out their promise to assist the Caribbean to mitigate the effects of the financial recession of 2008. Dr. Phillips, speaking at a Caribbean breakfast and caucus meeting in Washington D.C on Oct. 9, expressed concern that the group of major economies has not kept its promise to provide financial support to the region, according to RJR News. The report notes that Dr. Phillips cited the region's high debt burden, climatic vulnerabilities, along with energy insecurity. Dr. Phillips said the Caribbean was most severely affected by the recession and is the region where the effects have been the most prolonged, the report adds. =========== M E X I C O =========== EMPRESAS ICA: Consortium Signs Deal for Monterrey VI Aqueduct ------------------------------------------------------------ Empresas ICA, S.A.B. de C.V. disclosed that a consortium led by its subsidiary Controladora de Operaciones de Infraestructura, S.A. de C.V. signed one of the first contracts under the new Public Private Partnership law in Mexico with Servicios de Agua y Drenaje de Monterrey, the water and sanitation services company of the State of Nuevo Leon. CONOISA has a 37.75% interest in the consortium. The bulk water delivery contract includes the construction, equipment, operation, and maintenance of the Monterrey VI Aqueduct. The 372 km pipeline will have a capacity of 6 m3/s and will increase by more than 40% the supply of potable water for the Monterrey metropolitan region -- Mexico's third largest metropolis and industrial capital -- ensuring adequate supplies for the next 30 years. Total investment in the project is expected to be approximately MXN 17,684 million. The Monterrey VI Aqueduct will bring water from intake works on the Rio Panuco to the existing Cerro Prieto reservoir in Linares, Nuevo Leon and pass through the states of San Luis Potosi, Veracruz, and Tamaulipas. The 84-inch diameter pipeline will have a maximum capacity of 6,000 liters/second. The project also includes six pumping stations, seven regime change tanks, a regulation tank, a pre-treatment system, and telemetry. Alonso Quintana, ICA's CEO, said, "We are proud to be part of the solution for Monterrey's need for additional water resources. As a result of the region through which it passes, the Monterrey VI aqueduct will be a great engineering challenge in which we are pleased to participate. This project is an important addition to our portfolio of concessions, and keeps us in the vanguard of public private partnerships in Mexico." Empresas ICA, S.A.B. de C.V. is an infrastructure company in Mexico. ICA carries out large-scale civil and industrial construction projects and operates a portfolio of long-term assets, including airports, toll roads, water systems, and real estate. Founded in 1947, ICA is listed on the Mexican and New York Stock exchanges. * * * As reported in the Troubled Company Reporter-Latin America on May 23, 2014, Standard & Poor's Ratings Services affirmed its 'B+' global scale and 'mxBBB' national scale corporate credit ratings on Empresas ICA S.A.B. de C.V. (ICA). At the same time, S&P assigned its 'B' issue-level rating on the company's proposed $500 million senior unsecured notes. The recovery rating of '5' on the notes, indicating expectation of modest (10% to 30%) recovery in the event of a payment default, remains unchanged. The outlook is negative. OCEANOGRAFIA SA: Mediator Said to Deny Some Citigroup Claims ------------------------------------------------------------ Ben Bain at Bloomberg News reports that Oceanografia SA's bankruptcy has rejected at least MXN2 billion (US$150 million) of claims sought by Citigroup Inc., said a person with knowledge of the matter. Citigroup Inc. had sought about MXN7.7 billion of claims in the case, said the person, who asked not to be named because the findings aren't public, according to Bloomberg News. The government-appointed mediator, Jose Antonio de Anda Turati, excluded some of the New York-based bank's claims because it didn't provide sufficient documentation to support them, the person said, Bloomberg News relates. Bloomberg News notes that the mediator's decision marks the latest setback for Citigroup Inc.'s Mexican unit, Banamex, since it disclosed in February a US$360 million pretax loss on loans to Oceanografia linked to fraud. Earlier this month, Citigroup Inc. said that Javier Arrigunaga resigned as Banamex chief executive officer because of "challenges" at the unit this year, Bloomberg News notes. Prosecutors have obtained arrest warrants for at least three former Banamex executives amid regulatory and criminal probes of the fraud, Bloomberg News relates. With more than MXN5 billion of claims that were accepted by the mediator, Citigroup Inc. remains the biggest creditor in Oceanografia's bankruptcy case, the person said, Bloomberg News relates. Mr. De Anda Turati recognized about MXN20 billion of claims from all creditors, the person said, notes the report. Citigroup's claims were not granted priority status, meaning they will be subordinated to others including workers, social security, fiscal authorities and bondholders, the person said, Bloomberg News relays. 100 Boxes The bank presented its claims to the mediator in September along with more than 100 small boxes of supporting documents, Mr. de Anda Turati said at the time, Bloomberg News notes. The mediator submitted the list of creditors on Oct. 10 to the bankruptcy judge for approval, the person said, Bloomberg News relays. Citigroup Inc. would still have a chance to appeal. Oceanografia SA owns a fleet of ships that provide offshore drilling support to the government oil company, Petroleos Mexicanos, known as Pemex. The government seized Ciudad del Carmen-based Oceanografia SA following the Citigroup Inc. accusations, saying jobs had to be protected and critical oil- servicing operations preserved. Oceanografia SA de CV provides offshore services for the oil industry in the Gulf of Mexico. It offers engineering, diving, installation, inspection and maintenance of marine structures; drilling support services; materials logistics; and personal carriers and inspection, installation, and construction of subsea pipelines. ================= V E N E Z U E L A ================= VENEZUELA: Default Almost Certain, Harvard Economists Say --------------------------------------------------------- Anatoly Kurmanaev, Katia Porzecanski and Sebastian Boyd at Bloomberg News report that Venezuela will probably default on its foreign debt as a shortage of dollars makes it impossible for the government to meet its citizens' basic needs, Harvard University economists Carmen Reinhart and Kenneth Rogoff said. The economy is so badly managed that per-capita gross domestic product is 2 percent below 1970 levels, the professors wrote in a column published by Project Syndicate on Oct. 13, according to Bloomberg News. A decade of currency controls has made dollars scarce in the country with the world's biggest oil reserves, causing shortages of everything from deodorant to airplane tickets, Bloomberg News relates. "They have extensive domestic defaults and an economy that is really imploding," Mr. Reinhart said in a telephone interview with Bloomberg News from Cambridge, Massachusetts. "What they really need to do is get their house in order. If an external default would trigger such a possibility, that's not a bad thing," Mr. Reinhart added. Bloomberg News relays that the suggestion that the country stop servicing its bonds comes a month after Harvard colleagues Ricardo Hausmann and Miguel Angel Santos wrote that Venezuela should consider defaulting given that it was piling up arrears to importers. Venezuela owes about US$21 billion to domestic companies and airlines, according to Caracas-based consultancy Ecoanalitica, Bloomberg News notes. Venezuelan debt is the riskiest in the world, yielding 15.42 percentage points more than similar maturity Treasuries, according to data compiled by JPMorgan Chase & Co, Bloomberg News relays. The cost to insure the country's bonds against default with credit-default swaps is also the highest for any government globally, Bloomberg News notes. "Given that the government is defaulting in numerous ways on its domestic residents already, the historical cross-country probability of an external default is close to" 100 percent, Messrs. Reinhart and Mr. Rogoff wrote in their piece, Bloomberg News discloses. Bond Decline The country's bonds lost 1.9 percent on Sept. 5, the day Messrs. Hausmann and Santos published their article, and 4.4 percent on Sept. 8, the next trading day, Bloomberg News notes. The two-day decline was the steepest in more than a year. President Nicolas Maduro dubbed Mr. Hausmann a "financial hitman" and "outlaw," and instructed the attorney general and public prosecutor to take "actions" against the Venezuelan-born professor for seeking to destabilize the country, Bloomberg News discloses. For Venezuela to recover, President Maduro must unwind policies that have fueled annual inflation of 63 percent and eroded wages, Mr. Reinhart said, Bloomberg News relays. The poverty rate has risen since President Maduro came to power 18 months ago, climbing to 32 percent at the end of last year from a record low 25 percent in 2012, according to the National Statistics Institute, reports Bloomberg News. "They're paying no one," Bloomberg News quoted Mr. Reinhart as saying. "At those levels, inflation is certainly expropriation," Mr. Reinhart added. Debt Payments Discontent over rising prices, soaring crime and mounting shortages sparked nationwide protests in February that were put down by soldiers and police, Bloomberg News notes. Forty-three people will killed in clashes, according to the public prosecutor's office. Venezuela paid back US$1.5 billion of debt that matured Oct. 8. It dipped into its international reserves to make the payment, pushing them to an 11-year low of US$19.8 billion, Bloomberg News relays. The payment didn't end the decline in the country's bonds, which have lost 22 percent in the past three months, Bloomberg News notes. State-owned oil company Petroleos de Venezuela SA is due to repay $3 billion of bonds maturing on Oct. 28. It has already bought back 60 percent of the debt, a company official said Oct. 10, notes Bloomberg News. The company will also pay interest on bonds due in 2017, 2027 and 2037 on Oct. 14, it said in an e-mailed statement obtained by Bloomberg News. Mr. Rogoff is the former chief economist at the International Monetary Fund and author of a 1985 paper suggesting central banks should focus more on low inflation than spurring employment, Bloomberg News relays. Debt Ratios Mr. Rogoff and Mr. Reinhart wrote the 2009 book "This Time Is Different: Eight Centuries of Financial Folly," which predicted that the recovery from the financial crisis would be a "protracted affair," featuring extended declines in asset markets, large contractions in output and employment, and an explosion of government debt -- similar to the aftermath of past financial crises, Bloomberg News notes. Mr. Reinhart and Mr. Rogoff argued in a 2010 paper that high government debt depresses GDP growth. In developing countries, high debt-to-GDP ratios may also spark inflation, they wrote, Bloomberg News discloses. In 2013, the professors acknowledged they had inadvertently left some data out of their calculations for the paper, which had been used by some policy makers to justify austerity in the U.S. and Europe, after researchers at the University of Massachusetts at Amherst questioned their methods, Bloomberg News says. The professors said the error didn't change the thrust of their research, Bloomberg News adds. *********** 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. * * * End of Transmission * * *