/raid1/www/Hosts/bankrupt/TCRLA_Public/150113.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, January 13, 2015, Vol. 16, No. 008


                            Headlines



A R G E N T I N A

CORDOBA: Moody's Rates 2015 ST Treasury Note Program (P)Caa1


B R A Z I L

BRAZIL: Orders Spending Cuts Until Budget Bill for 2015 Approved
BRAZIL: May Add Tax Increase to Budget Cuts, Finance Chief Says
BRAZIL: Fitch Expects Construction Cos. to Continue to Default
OAS SA: To Seek US$760 Million Loan After Payment Missed


C A Y M A N  I S L A N D S

CHATER CAPITAL: Shareholder Receives Wind-Up Report
CHEYNE EXPLORER: Shareholders Receive Wind-Up Report
FORTISSIMO ASSET: Shareholder Receives Wind-Up Report
HARBERT CREDIT: Shareholder Receives Wind-Up Report
HDN DIVERSIFIED: Commences Liquidation Proceedings

LANCELOT FUND: Shareholders Receive Wind-Up Report
MBAM JANDAKOT: Commences Liquidation Proceedings
MBAM LEVERAGED: Commences Liquidation Proceedings
MOKSHA CAPITAL: Shareholders Receive Wind-Up Report
OCTAVE-1 FUND: Commences Liquidation Proceedings

OCTAVE-1 LTD: Commences Liquidation Proceedings
SSF III: Shareholder Receives Wind-Up Report
UBS ALTERNATIVE: Shareholders Receive Wind-Up Report
UBS ALTERNATIVE MASTER: Shareholders Receive Wind-Up Report


M E X I C O

FICREA SA: Credit Unions' $184 Million Fraud Triggers Review
MEXICO: 10,000 Lose Jobs as Oil Slump Cause Contract Cuts


P A N A M A

NEWLAND INT'L: Fitch Cuts $257.6MM Sr. Sec. Note Ratings to 'Dsf'


P U E R T O    R I C O

DORAL FINANCIAL: FBI Raids Doral Bank Citing Unspecified Probes


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


CORDOBA: Moody's Rates 2015 ST Treasury Note Program (P)Caa1
------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a (P)Caa1 (global scale local currency) and Baa3.ar
(Argentina National Scale) ratings to the 2015 Short-Term Treasury
Note Program of the Municipality of Cordoba. The ratings are in
line with the municipality's long term local currency issuer
ratings, which carry a negative outlook.

Ratings Rationale

The 2015 program, authorized by laws No12.378 and Mayor's Decree
No03/15 considers a maximum issuance of ARS360 million.

The assigned debt ratings reflect Moody's view that the
willingness and capacity of the Municipality of Cordoba to honor
these short-term treasury notes is in line with the municipality's
long-term credit quality as captured in the Caa1/Baa3.ar issuer
ratings.

The first issuance under the 2015 program (Series XIII, for up to
ARS40 --extendable to ARS60 million) will mature within a period
of 130 days and will be backed by the Contribution over Commerce,
Industry, and Service Companies. The total amount authorized by
the program represents less than 4% of the municipality's 2015
expected total revenues.

In addition to Series XIII, the Municipality intends to issue
another four tranches throughout the current fiscal year.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
or anticipates changes in the main conditions that the notes will
carry. Should issuance conditions and/or final documentation of
any of the series under this program deviate from the original
ones submitted and reviewed by the rating agency, Moody's will
assess the impact that these differences may have on the ratings
and act accordingly.

What Could Change The Rating Up/Down

Given the negative outlook on the issuer ratings, Moody's does not
expect upward pressures in the Municipality of Cordoba's ratings
in the near to medium term. However, a change in Argentina's
sovereign outlook back to stable could lead to a change in the
outlook back to stable of the Municipality of Cordoba. Conversely,
a sharp deterioration of the City's financial results, coupled
with higher debt levels could add downward pressure to the
assigned ratings. The Municipality of Cordoba could also be
downgraded if the negative outlook on the sovereign rating
materializes into a rating downgrade.

The principal methodology used in this rating was Regional and
Local Governments published in January 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 ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".


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


BRAZIL: Orders Spending Cuts Until Budget Bill for 2015 Approved
----------------------------------------------------------------
globalinsolvency.com, citing The Wall Street Journal, reports that
Brazil's Planning and Budget Ministry ordered the federal
government to cut some spending until the country's congress
approves a budget law for 2015.

The measure, which is more restrictive than existing rules, is
another sign new Finance Minister Joaquim Levy and his economic
team, which includes Planning and Budget Minister Nelson Barbosa,
are serious about getting public finances in order, economists
said, according to globalinsolvency.com.

The order, announced Jan. 8, will save BRL1.9 billion (US$708
million) a month, according to Brazil's Planning and Budget
Ministry, Bloomberg News discloses.

That amounts to about one-third of the covered outlays, according
to the ministry's website.

Bloomberg News relays that spending on items such as salaries and
unemployment and retirement benefits aren't included in the cuts.

Weak economic growth, ambitious investment programs and targeted
tax cuts intended to spur business investment and consumer
spending have reduced the flow of revenue into government coffers,
hurt the government's credibility with financial markets and put
Brazil's investment-grade debt rating at risk, Bloomberg News
adds.


BRAZIL: May Add Tax Increase to Budget Cuts, Finance Chief Says
---------------------------------------------------------------
Raymond Colitt at Bloomberg News reports that Brazil's government
may have to increase tax collection if spending cuts fail to slow
inflation and boost growth, Finance Minister Joaquim Levy said.

"We will probably need to think about re-balancing some taxes,
because some of them were reduced a while ago," Mr. Levy wrote in
a question and answer session on Facebook Inc."  "That revenue is
now needed," he added.

Bloomberg News says that President Dilma Rousseff pledged to
control spending and contain inflation after billions in tax cuts
and subsidized credit failed to boost growth in her first term.
Since winning re-election in October by the narrowest margin since
at least 1945, she has capped monthly spending, cut pension and
labor benefits and raised interest rates on loans from state
development bank BNDES, Bloomberg News relays.

The government's objective is to increase the primary budget
surplus target, which excludes interest payments, to 1.2 percent
of gross domestic product this year from a deficit of 0.2 percent
in the 12 months through November.  Possible tax measures would be
taken cautiously and only after other possibilities have been
explored, Mr. Levy wrote, Bloomberg News notes.

Bloomberg News says that while inflationary pressure will rise in
January due to seasonal increases of education, transportation and
other costs, budget adjustments will help slow inflation next
year, according to the minister, who replaced Guido Mantega this
month.

                         'Slow Inflation'

"In order to slow inflation, it's necessary that the government
not spend too much," Levy wrote, Bloomberg News discloses.

Annual inflation moderated to 6.41 percent in December, within the
target range for the first time in five months, the national
statistics agency reported, Bloomberg News says.  Inflation has
remained above the midpoint of the 2.5 percent to 6.5 percent
target band since President Rousseff entered office in 2011,
Bloomberg News relays.

Bloomberg News notes that the price increases have eroded business
and consumer confidence, hampering economic gains.  Analysts
surveyed by Bloomberg forecast Brazil's economy will expand 0.85
percent this year after increasing an estimated 0.2 percent in
2014.  Growth in both instances is less than half the Latin
American average, according to the survey, Bloomberg News says.

Standard & Poor's in March last year downgraded Brazil's credit
rating to one level above junk, citing the economic slowdown and
deteriorating fiscal accounts, notes Bloomberg News.  Moody's
Investors Service in September lowered its outlook on the Baa2
rating to negative. That is the second-lowest investment grade,
says the report.


BRAZIL: Fitch Expects Construction Cos. to Continue to Default
--------------------------------------------------------------
More Brazilian construction companies are expected to default in
the coming months and numerous downgrades will likely occur,
according to Fitch Ratings.  Accessing credit lines, receiving
payments for completed projects and recognizing claims related to
contract amendments has become increasingly more difficult.  The
decision by OAS S.A. to default on two separate debt obligations
during the past week despite having an estimated BRL1 billion of
cash on hand has set a bad precedent for Brazilian engineering and
construction corporates (E&C) that will heighten contagion risk.

All Brazilian constructions companies were placed on Rating Watch
Negative during November 2014.

Key areas of concern listed in that rating action, along with the
status of those items, are listed below.

   -- The financial impact upon the companies of a more
      challenging operating environment due to the high
      concentration of the backlog of several companies with the
      government:

Risk is high that several corporates will default in an effort to
preserve liquidity during this period of high uncertainty about
the future prospects of the sector.  Accessing financing has
proven extremely difficult and receiving payments from Petrobras
and other clients is challenging.  With several key managers and
executives incarcerated, getting financing will be difficult for
many companies.

   -- The inability of certain companies in the sector to
      participate in future projects with government entities:

Petrobras has temporarily banned 23 business groups involved in
the Lava-Jato investigation from taking part in bids with it, or
being contracted by it.  Out of this list, Fitch rates the
construction units of the following groups: Andrade Gutierrez;
Camargo Correa; Galvao Engenharia; Mendes Junior; OAS; Odebrecht,
and Queiroz Galvao.  The other companies included on the list
were: Alusa; Carioca Engenharia; Construcap; Egesa; Engevix;
Fidens; GDK; IESA; Jaragua Equipamentos; MPE; Promon; Setal;
Skanska; TECHINT; Tome Engenharia; and UTC.

   -- Potential suspensions, delays, or partial writedowns of
      existing receivables and claims with Petrobras:

Petrobras has suspended the payment of multiple claims with
several corporates, which has squeezed their working capita
positions.  These claims relate to payments for contract
amendments.  Fitch believes the environment to pay claims will
continue to be bad for several months, as employees will remain
reticent to sign contract amendments, or payment upon work
completed through amendments, as they do not want to become
embroiled in the scandal.  Seeking recourse through arbitrage
channels is time consuming.

   -- Potential restructuring, suspension, or delays under
      existing contracts between Petrobras and certain corporates
      in the sectors:

Petrobras has cancelled the UFN III fertilizer plant project.  The
consortium for this project was composed of Galvao Engenharia and
Sinopec.  Although this project has no direct link to the Lava-
Jato investigation, the decision to cancel this project indicates
the degree to which the relationship between Petrobras and its
contractors has deteriorated.

   -- Increased scrutiny of any existing or future contracts with
      Petrobras or any other government entity:

Construction companies are reporting difficulty receiving payment
from other public entities or institutions, as well as private
companies.  The motivations vary.  Employees in public entities or
agencies may have a fear of being contaminated with the scandal.
Others may be using the cover of the scandal to delay or avoid
payments with construction companies, in an effort to strengthen
the financial profile of the public entity or institution.

   -- A reduction in access to funding from private banks, capital
      markets, and government related entities such as BNDES:

Capital market access has ground to a halt for Brazilian
construction companies and Petrobras.  The degree of corruption
related to these companies has also heightened concern about
market access for other Brazilian companies, particularly family
owned corporates rated in the 'B' category.  In talks with banks
and corporates, Fitch has identified a more restricted stance
toward lending to contractors.  Some committed lines have been
withdrawn.


   -- A slowdown in the pace of private concession agreements,
      since corporates in this sector often act as investors,
      operators and/or contractors:

No private concession agreements have been completed since the end
of November.

   -- Probable financial penalties:

Fines and penalties have yet to be determined but are highly
likely and are predicted to be sizeable.


OAS SA: To Seek US$760 Million Loan After Payment Missed
--------------------------------------------------------
Filipe Pacheco and Cristiane Lucchesi at Bloomberg News report
that OAS SA, the Brazilian builder that skipped bond payments this
month as it tries to restructure debt, is seeking a BRL2 billion
(US$760 million) loan that would be repaid with proceeds from
asset sales, three people with knowledge of the matter said.

The loan would be backed by OAS's stake in Invepar, an airport and
toll-road operator, said the people, who asked not to be
identified because the discussions are private, according to
Bloomberg News.  Other assets might also be pledged as collateral.

Bloomberg News notes that the company, which has a stake of 24.4
percent in Invepar, said Jan. 3 that it would try to sell assets
to increase liquidity, while starting talks with creditors for a
financial restructuring.  Executives have since started looking
for an emergency loan that could be repaid once the asset sales
close, the people said, Bloomberg News relates.

Bloomberg News says that the company's $875 million of notes due
in 2019 have lost 55 percent this year, the most in emerging
markets, as the builder disclosed "difficulties" in accessing
credit markets.

Bloomberg News says that the company has been named in a Brazilian
corruption probe as one of several builders alleged to have bribed
the state oil producer Petroleo Brasileiro SA in exchange for
contracts.  OAS SA has said it carries out activities with
integrity, guided by ethical conduct and respect for law, and that
it will wait for the conclusion of the investigation to comment
further, Bloomberg News discloses.

In a Jan. 7 filing, OAS disclosed that its OAS Investimento
subsidiary had transferred the stake in Invepar to another unit,
OAS Infraestrutura, Bloomberg News notes.  That move was designed
to facilitate talks for the loan that the company is now seeking,
the people said, Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on
Jan. 9, 2015, Standard & Poor's Ratings Services lowered its
global scale corporate credit rating on OAS S.A. to 'D' from 'CC'.
S&P is also lowering the national scale ratings to 'D/D' from
'brCC/brC'.  At the same time, S&P is lowering the ratings on OAS'
2021 notes (issued by its wholly-owned financial vehicle OAS
Finance Ltd.) and on its ninth debenture issuance to 'D' from
'CC'.  S&P is affirming all other issue-level ratings and keeping
them on CreditWatch with negative implications where S&P placed
them on Jan. 2, 2015, reflecting its expectation that, although
the company has not yet missed any payment nor has it declared a
formal default as a result of acceleration clauses on this debt,
default is almost certain.


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


CHATER CAPITAL: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Chater Capital Advisors Limited received on
Dec. 10, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Chang Yung Kang Peter
        GPO Box 10914 General Post Office
        Hong Kong Monday


CHEYNE EXPLORER: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Cheyne Explorer Equity Fund Inc received on
Dec. 16, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Jo-Anne Maher
          Telephone: (345) 814 9255
          Facsimile: (345) 949 4647
          94 Solaris Avenue Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


FORTISSIMO ASSET: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Fortissimo Asset Holdings received on Dec. 19,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


HARBERT CREDIT: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Harbert Credit Opportunities Master Fund, Ltd
received on Dec. 9, 2014, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Harbert Credit Opportunities Fund GP, LLC
          c/o Desiree Jacob
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


HDN DIVERSIFIED: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 7, 2014, the sole shareholder of The HDN Diversified Fund
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:

          IMS Liquidations Ltd
          c/o Anna Yonge or Gary Butler
          Telephone: 345-949-4244
          Facsimile: 345-949-8635
          P.O. Box 61 Harbour Centre, George Town
          Grand Cayman KY1-1102
          Cayman Islands


LANCELOT FUND: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of The Lancelot Fund received on Nov. 21, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


MBAM JANDAKOT: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 7, 2014, the sole shareholder of The MBAM Jandakot
Structured 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:

          IMS Liquidations Ltd
          c/o Anna Yonge or Gary Butler
          Telephone: 345-949-4244
          Facsimile: 345-949-8635
          P.O. Box 61 Harbour Centre, George Town
          Grand Cayman KY1-1102
          Cayman Islands


MBAM LEVERAGED: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 7, 2014, the sole shareholder of The MBAM Leveraged 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:

          IMS Liquidations Ltd
          c/o Anna Yonge or Gary Butler
          Telephone: 345-949-4244
          Facsimile: 345-949-8635
          P.O. Box 61 Harbour Centre, George Town
          Grand Cayman KY1-1102
          Cayman Islands


MOKSHA CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Moksha Capital Partners RE (D) Ltd received on
Dec. 16, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


OCTAVE-1 FUND: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 5, 2014, the members of Octave-1 Fund, Ltd resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 22, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

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


OCTAVE-1 LTD: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 5, 2014, the members of Octave-1, Ltd resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 22, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SSF III: Shareholder Receives Wind-Up Report
--------------------------------------------
The shareholder of SSF III Asia Holding, Ltd received on Dec. 16,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Ogier
          c/o Jennifer Parsons
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: (345) 815 1820
          Facsimile: (345) 949 9877


UBS ALTERNATIVE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of UBS Alternative Strategy Funds - Equity Hedged
Long-Short Limited received on Dec. 17, 2014, 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


UBS ALTERNATIVE MASTER: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of UBS Alternative Strategy Funds Equity Hedged
Long-Short Master Limited received on Dec. 17, 2014, 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


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


FICREA SA: Credit Unions' $184 Million Fraud Triggers Review
------------------------------------------------------------
Isabella Cota at Bloomberg News reports that mexican credit unions
are coming under fresh scrutiny from regulators after the
industry's biggest fraud in more than a decade saddled 6,000
savers with losses.

New rules may include revisions to asset-concentration limits,
Gabriel Diaz, vice president of financial regulator CNBV, said in
an interview with Bloomberg News.  Ficrea SA, which was seized by
regulators in November, had outstanding loans of about MXN5.8
billion (US$395 million), 98 percent to a single company that is
now under investigation, according to the CNBV, Bloomberg News
relates.

"It will be necessary to revise certain regulations, to make some
changes in legal matters," Mr. Diaz said from Mexico City,
Bloomberg News relays.

Under Mexican law, credit unions are subject to a different level
of regulation than banks and have their own insurance system that
guarantees deposits only up to 131,000 pesos, less than a 10th the
limit for bank accounts, Bloomberg News notes.  Interest rates as
high as 10 percent on savings, more than three times the average
bank rate, fueled a 43 percent surge in credit unions' assets in
the 12 months through September to US$7.7 billion, regulatory data
show.

Jaime Gonzalez, president of the CNBV, said in a Jan. 6 interview
on Radio Formula that Rafael Olvera, Ficrea SA's 57-year-old
majority owner, diverted US$184 million from the company for his
personal use, Bloomberg News says.  Prosecutors have issued an
arrest warrant for Olvera and sought help locating him from
Interpol, a police organization that operates in 190 countries,
Bloomberg News notes.

                             Savings Fraud

Bloomberg News says that only 42 percent of Ficrea SA's customers
will get all their savings back, Gonzalez told Radio Formula in
December.  The CNBV's decision to seize and dissolve Ficrea SA
came after the government decided not to bail it out, Mr. Gonzalez
said, Bloomberg News notes.

Bloomberg News says that Mr. Diaz said it's the biggest fraud in
Mexico's savings industry since 1999, and regulators were
initially concerned that Ficrea SA's collapse might trigger a run
on similar credit unions.  No credit run has taken place, Mr. Diaz
added.

Last month, a group of angry Ficrea customers stormed a Mexico
City office of the country's financial-consumer protection agency
and held employees hostage for nine hours, according to the
newspaper Reforma, Bloomberg News notes.  Deputy Finance Minister
Fernando Aportela arrived on the scene and helped to negotiate a
peaceful resolution and release of the employees, Reforma
reported, Bloomberg News says.


MEXICO: 10,000 Lose Jobs as Oil Slump Cause Contract Cuts
---------------------------------------------------------
Adam Williams and Andrea Navarro at Bloomberg New report that more
than 10,000 people working at Mexican oil service companies were
laid off this week as state-owned Petroleos Mexicanos cut
contracts in the face of the global slump in crude prices. More
job losses are expected.

Most of the companies are based in Ciudad del Carmen, on the
Campeche Bay in the Gulf of Mexico, and were told this week that
contracts wouldn't be renewed with Pemex, as the world's ninth
largest oil producer is known, according to Bloomberg News.  Job
losses could rise to 50,000, Gonzalo Hernandez, secretary at the
Ciudad del Carmen Economic Development Chamber, said in a phone
interview with Bloomberg News.

"The city is in shock," Stuart Hill, managing director of Xperto
Offshore in Mexico, said in an interview from Ciudad del Carmen,
Bloomberg News notes.  "We were told it was based on Pemex's
budget reductions," Mr. Hill added.

While a Pemex official said the contract cancellations won't
reduce oil output, they come as some U.S. producers bail out of
long-term contracts for drilling rigs as prices slide below $50 a
barrel, Bloomberg News notes.  Oil is trading near the lowest
levels since April 2009 amid concern that a global supply surplus
will persist this year, Bloomberg News says.

Oil production at Pemex fell for the 10th straight year in 2014,
Bloomberg News notes.  The company posted a net loss of about $4.4
billion in the third quarter, its eighth consecutive quarterly
loss, Bloomberg News relays.

The slump caused its tax payments to drop, prompting the finance
ministry to withdraw MXN50 billion (US$3.4 billion) from Pemex on
Dec. 26.  This was to "make management of public-sector finances
more efficient," according to a filing from the company at the
Mexican Stock Exchange, Bloomberg News notes.

Some contracts weren't renewed because the services are no longer
required, according to a Pemex press official, who asked not to be
named, citing company policy, Bloomberg News says.  The cuts, the
number of which has been exaggerated, aren't related to company
finances and no Pemex employees were laid off, according to the
official, Bloomberg News notes.

An internal Pemex memo issued Jan. 2 and obtained by the Mexico
City-based El Financiero newspaper called for the termination of
all outsourcing and technical personnel because of cost cuts,
Bloomberg News discloses.

"Without question there will be some temporary readjustment,"
Economy Minister Ildefonso Guajardo told reporters in Mexico City,
Bloomberg News notes.

                         Rig Terminations

Pemex drilled 19 exploratory wells through the first 10 months of
last year, less than a quarter of the target, according to the
National Hydrocarbons Commission, Bloomberg News notes.

Share prices of oil service companies have plummeted in recent
months as crude fell and contracts were canceled, Bloomberg News
says.  West Texas Intermediate crude fell below $50 a barrel this
week, the lowest since April 2009.

Weatherford International Plc (WFT), which does business with
Pemex, has slid 56 percent since July 25.

Helmerich & Payne Inc., the biggest rig operator in the U.S., said
it had received early termination notices for four contracts
there, while Pioneer Energy Services Corp. said four U.S. rigs
have been canceled early.

Bloomberg News says that President Enrique Pena Nieto passed
legislation in 2013 to open Mexico's energy industry to private
investment and allow foreign drillers to pump Mexican crude for
the first time since 1938.

Pemex responded by reforming its exploration and production
division in November to improve efficiency, Bloomberg News notes.

The layoffs "seem to come from a combination of falling oil prices
and the effects of the energy reform," Xperto Offshore's Hill
said, Bloomberg News notes.

"Everyone is scared" of further cuts, he added.


===========
P A N A M A
===========


NEWLAND INT'L: Fitch Cuts $257.6MM Sr. Sec. Note Ratings to 'Dsf'
-----------------------------------------------------------------
Fitch Ratings has downgraded the senior secured notes issued by
Newland International Properties, Corp. (Newland), a Panamanian
company established to develop the Trump Ocean Club (TOC) luxury
hotel and condominium, as follows:

-- $257.6 million senior secured notes due July 2017; downgraded
to 'Dsf' from 'Csf'; RE50%.

Fitch assigns Recovery Estimates (RE) to all classes rated 'CCCsf'
or below. REs are forward-looking, taking into account Fitch's
expectations for principal repayments on a distressed structured
finance security.

KEY RATING DRIVERS

Missed Scheduled Principal Payment: Newland failed to make the
January 2015 scheduled semiannual principal payment of $23.4
million. The company made the scheduled interest payment of $9.45
million on the payment date. Fitch's rating addresses timely
payment of principal and interest on a semiannual basis.

The 'Dsf' rating will be withdrawn within 11 months of today's
date.

TRANSACTION SUMMARY

The transaction is mainly backed by (i) a first priority mortgage
on the real property owned by Newland; (ii) all cash, installment
payments and unit purchase agreements from property sales; (iii) a
first priority lien on all Newland accounts and all deposits
therein; (iv) the Trump license agreement; (v) Newland's rights to
all other revenues from the operation of the project, including:
(a) revenues from the operation, sale and/or lease of the Casino,
and hotel amenities such as restaurants and spa, and (b) all of
Newland's rights to the Beach Club (BC) and Newland's rights to
the BC Ferry, BC Ferry Payment and the BC Senior Loan, as
applicable; and (vi) 100% of the shares in Newland.

The $257.6 million senior secured notes due 2017 replaced the
defaulted $220 million senior secured notes due November 2014 on
July 3, 2013. The outstanding balance of the restructured notes
due 2017 is $198.9 million.


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


DORAL FINANCIAL: FBI Raids Doral Bank Citing Unspecified Probes
---------------------------------------------------------------
Alexander Lopez and Christie Smythe at Bloomberg News report that
the home office of Doral (DRL) Bank, the San Juan, Puerto Rico-
based lender struggling to meet regulatory mandates, was raided by
the FBI in a search for evidence related to "several ongoing
investigations," the agency said.

Federal Bureau of Investigation agents entered the bank's offices
on Dec. 24, in San Juan to collect information including computers
and documents, said Special Agent Moises Quinones, according to
Bloomberg News.  Mr. Quinones declined to comment further on the
subject of the probes.

Doral Bank is part of San Juan-based Doral Financial Corp., which
in July was trying to sell off parts of its business to maintain
compliance with capital requirements, according to people familiar
with the plan who asked not to be identified because the
information was private, Bloomberg News relays.

Bloomberg News notes that the Federal Deposit Insurance Corp. has
downgraded Doral from an earlier finding of "undercapitalized,"
the company said in a regulatory filing in October.  It was told
to "immediately" increase the bank's capital to the minimums
required in a 2012 consent order or submit a contingency plan for
a sale, merger or liquidation, according to the filing, Bloomberg
News relays.

This month, the company said it had received a notice from NYSE
Regulation Inc. that it may be deemed non-compliant with listing
standards unless it holds an annual meeting for 2014 by year-end,
Bloomberg News says.

Bloomberg News discloses that Miriam Warren, a spokeswoman for
Doral, confirmed that investigators "have pursued the collection
of certain information at the main offices of our institution."

                         Bank Cooperating

The bank is cooperating fully with law enforcement and "we look
forward to sharing more on the focus of the investigation as we
learn more," Ms. Warren said in a statement obtained by Bloomberg
News.

The bank's commercial operations haven't been affected, Ms. Warren
said, Bloomberg News relays.

In a press conference on Dec. 24, Puerto Rico U.S. Attorney Rosa
Emilia Rodriguez-Velez said the Doral search was being conducted
by the white-collar crime unit regarding a federal offense,
Bloomberg News relays.  However, Ms. Warren said she wouldn't
exclude the possibility that the probe may also relate to the 2011
murder of a Doral executive, Maurice Spagnoletti, according to a
radio broadcast of the news conference, Bloomberg News discloses.

Mr. Spagnoletti, executive vice president of mortgage and banking
operations at Doral, was shot dead in June 2011 on a highway in
San Juan while driving home from work, Bloomberg News says citing
the Associated Press.

Doral Financial, the holding company for Puerto Rico's second-
largest lender, has been in a legal dispute with the
commonwealth's treasury department over whether it is entitled to
a $229.9 million tax refund, Bloomberg News notes.  A judge in San
Juan ruled in October in favor of Doral.  Puerto Rico Treasury
Secretary Melba Acosta Febo said the commonwealth would appeal,
adds the report.



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

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

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

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


                   * * * End of Transmission * * *