/raid1/www/Hosts/bankrupt/TCRLA_Public/150303.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, March 3, 2015, Vol. 16, No. 043


                            Headlines



A R G E N T I N A

ARGENTINA: Citibank Wants To Pay Some Bonds in Debt Row
YPF SA: Defies Oil Industry With Same Budget Amid Price Slump


B R A Z I L

ARALCO SA: Brazilian Sugar Producer Enters Bankruptcy in U.S.
BRAZIL: Gov't Raises Payroll Tax, Rejects Higher Levies on Wealth


C A Y M A N  I S L A N D S

ACE NAVIGATOR: Shareholders Receive Wind-Up Report
AIRLIE OPPORTUNITY: Shareholder Receives Wind-Up Report
AIRLIE OPPORTUNITY MASTER: Shareholder Receives Wind-Up Report
ALTIMA CENTRAL: Shareholders Receive Wind-Up Report
ALTIMA CENTRAL MASTER: Shareholders Receive Wind-Up Report

ALTIMA GLOBAL: Shareholders Receive Wind-Up Report
ALTIMA GLOBAL MASTER: Shareholders Receive Wind-Up Report
ALTIMA INDIA: Shareholders Receive Wind-Up Report
ALTIMA INDIA MASTER: Shareholders Receive Wind-Up Report
BLUE EFFECT: Shareholders Receive Wind-Up Report

BLUEBAY MACRO: Shareholders Receive Wind-Up Report
BLUEBAY MACRO GENERAL: Shareholders Receive Wind-Up Report
BLUEBAY MACRO (MASTER): Shareholders Receive Wind-Up Report
CALON LIMITED: Shareholders Receive Wind-Up Report
CCF MANAGED: Shareholder Receives Wind-Up Report

CFML CONSTELLATION: Shareholder Receives Wind-Up Report
GE CAPITAL: Shareholder Receives Wind-Up Report
GLENMEADOWS LIMITED: Shareholders Receive Wind-Up Report
GOOD TOP: Sole Member Receives Wind-Up Report
HANS GLOBAL: Shareholders Receive Wind-Up Report

KE INNISFREE: Shareholders Receive Wind-Up Report
LAZARD DIRECTIONAL: Shareholders Receive Wind-Up Report
MARATHON DIRECTIONAL: Shareholders Receive Wind-Up Report
MSREF-TE ITALY: Shareholders Receive Wind-Up Report
ORCHARD DEJIMA: Shareholders Receive Wind-Up Report

PACIFIC REALTY: Shareholders Receive Wind-Up Report
POSEIDON PTC: Shareholders Receive Wind-Up Report
POTOMAC RIVER: Shareholder Receives Wind-Up Report
PROJECT FINANCE: Shareholder Receives Wind-Up Report
RAM CAPITAL: Shareholders Receive Wind-Up Report

SHERMAN TRINITY: Shareholders Receive Wind-Up Report


G U A T E M A L A

BANCO AGROMERCANTIL: S&P Affirms 'BB' ICR; Outlook Stable


J A M A I C A

CARIBBEAN CEMENT: Predicting a Good Year for 2015
JAMAICA: Denies Taking Decision to Sell Shares in Petrojam
UC RUSAL: Posts US$293-Mil. Net Profit for 2014


M E X I C O

FINCOMUN SERVICIOS: S&P Affirms 'B+' ICR; Outlook Stable


P U E R T O    R I C O

DORAL BANK: Banco Popular De Puerto Rico Assumes All Deposits
PUERTO RICO INFRASTRUCTURE: S&P Cuts Rating on Revenue Bonds to B-


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


ARGENTINA: Citibank Wants To Pay Some Bonds in Debt Row
-------------------------------------------------------
Pete Brush at Law360.com reports that Citibank NA told a New York
federal judge that an injunction blocking it from making payments
on some $2.3 billion worth of dollar-denominated bonds governed by
Argentine law would lead to "catastrophic" consequences --
including criminal charges and potentially the loss of its banking
license in the South America country.

The New York-based financial giant was seeking a ruling on an
injunction blocking payments with respect to the so-called
Argentine Law Bonds in a legal fight that dates to the country's
2001 default on some $80 billion in debt, according to Law360.com.

The report notes that the bank's filing comes ahead of a March 3
hearing before U.S. District Judge Thomas Griesa in a seemingly
intractable fight in which plaintiff-investors including NML
Capital Ltd. and Aurelius Capital Master Ltd.  -- who bought debt
and subsequently rejected the fickle Argentinian government's
restructuring offers -- seek to be made whole.

"Citibank Argentina faces revocation of its banking license if it
does not act in accordance with Argentine law, and its employees
may be subject to criminal sanctions, including imprisonment, if
they violate the republic's banking laws and directives," the bank
told Judge Griesa, the report relays.

The government of Argentina, too, filed a brief in favor of
letting Citibank service the debt, the report says.

And the bank found another ally, The Clearing House Association
LLC -- an association of leading commercial banks dedicated to
protecting the integrity of the banking system -- which issued a
similarly dire assessment in a friend-of-the-court filing, the
report discloses.

"At a time when the reliability of financial institutions around
the world remains under scrutiny, an order that would mandate that
Citi Argentina break Argentine law requiring that it credit its
customers' accounts would raise anew the question of whether bank
customers can trust their own bank to comply with the most basic
banking and custody obligation: paying customers their money," the
association warned, the report relays.

But the plaintiffs rejected those arguments out of hand, asserting
among other things that -- far from being bonds solely governed by
Argentine law -- the debt at issue was marketed and sold around
the world and therefore should remain part of the injunction, the
report notes.

The report relays that the plaintiffs also scoffed at Citibank's
trepidation over breaking Argentina's laws, telling the court that
they "have repeatedly asked Citibank and the republic to produce
any evidence that Citibank will actually be punished by the
republic if it complies with the injunction, and have received
nothing."

The injunction dates to 2012 and requires Argentina to pay the
plaintiffs if it services bonds at issue in the sprawling
litigation, which employs a veritable army of lawyers, the report
says.

Citibank is represented by Karen E. Wagner, Michael S. Flynn,
Denis J. McInerney, James L. Kerr, Matthew B. Rowland, Lindsey T.
Knapp and Craig T. Cagney of Davis Polk & Wardwell LLP.

Argentina is represented by Carmine Boccuzzi and Jonathan I.
Blackman of Cleary Gottlieb Steen & Hamilton LLP.

The Clearing House Association is represented by Joseph E.
Neuhaus, Michael J. Ushkow, Owen R. Wolfe, John P. Collins, H.
Rodgin Cohen and Bruce E. Clark of Sullivan & Cromwell and by its
counsel Joseph R. Alexander.

The Aurelius plaintiffs are represented by Edward A. Friedman,
Daniel B. Rapport and Charles E. Enloe of Friedman Kaplan Seiler &
Adelman LLP. NML Capital is represented by Theodore B. Olson,
Matthew D. McGill and Jason Mendro of Gibson Dunn & Crutcher LLP.

The case is NML Capital v. The Republic of Argentina, case number
1:08-cv-06978, in the U.S. District Court for the Southern
District of New York.

                            *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court- appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001.  A U.S. judge had ruled that the
interest payment couldn't be made unless the hedge funds led by
Elliott Management Corp., got the US$1.5 billion they claimed.
The country hasn't been able to access international credit
markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.


YPF SA: Defies Oil Industry With Same Budget Amid Price Slump
-------------------------------------------------------------
Pablo Rosendo Gonzalez at Bloomberg News reports that YPF SA is
defying the oil industry trend after crude prices collapsed by
keeping last year's capital budget intact without laying off
workers.  It's secret is Argentine government support, according
to the report.

While oil majors including BP Plc and Royal Dutch Shell Plc have
announced spending cuts of more than $40 billion, Argentina's
state-run producer nationalized in 2012 will keep its $6 billion
capital budget intact from last year, Chief Executive Officer
Miguel Galuccio said, according to Bloomberg News.  YPF is
counting on government support to increase earnings before
interest, taxes, depreciation, and amortization this year, Mr.
Galuccio said, Bloomberg News notes.

"I encourage you to look at the big picture," Mr. Galuccio told
investors on a conference call, Bloomberg News relates.  "We are
increasing our proven reserves, we are increasing our EBITDA.  We
want to continue delivering," Mr. Galuccio added.

The Buenos Aires-based company plans to drill more horizontal
wells in 2015 than it did last year at the Vaca Muerta shale
formation in southern Argentina, Bloomberg News discloses.  Shale
output is now 41,200 barrels of oil a day, Mr. Galuccio said,
Bloomberg News relays.  YPF is in talks with unions to adjust
working hours by adding night shifts. No firings are planned for
the 71,578 workers, including oil service contractors, employed by
YPF, Mr. Galuccio said, Bloomberg News relays.

Bloomberg News notes that the number of energy jobs cut globally
have surpassed 100,000 as once-bustling oil hubs in Scotland,
Australia and Brazil, among other countries, empty out, according
to Swift Worldwide Resources, a staffing firm with offices across
the world.

YPF's American depositary receipts rose 1.8 percent to $25.69 at
the close in New York on Feb. 28.  The ADRs have dropped 3 percent
this year.

                        Peso Devaluation?

YPF will try to cut costs by ending sand imports from Brazil and
China used in its shale projects and will begin using local sand
starting in the third quarter, Mr. Galuccio said, Bloomberg News
notes.

Profit for 2015 could be hurt if Argentina's inflation, which last
year was about 40 percent, isn't accompanied by a devaluation of
the peso, YPF Chief Financial Officer Daniel Gonzalez said on the
same call, Bloomberg News relays.  Pricing in dollar terms will
"remain flat," Mr. Gonzalez and Mr. Galuccio said, Bloomberg News
discloses.

Argentine Central Bank President Alejandro Vanoli said there won't
be a sudden devaluation of the peso.  Argentina is scheduled to
hold presidential elections on Oct. 25.

                       Pollution Settlement

Fourth-quarter net income fell to ARS1.38 billion ($158 million),
or ARS3.52 pesos a share, from ARS1.92 billion pesos, or 4.89
pesos, a year earlier, YPF said Feb. 26, in a statement after
markets closed.  Per-share profit excluding some items missed the
4.1-peso average of four analysts' estimates compiled by
Bloomberg.

In contrast, state-owned Petroleos Mexicanos, known as Pemex,
posted its ninth consecutive quarterly loss on declining output
and plunging prices, Bloomberg News says.

Quarterly profit was curbed after the company set aside 1.2
billion pesos to cover a potential legal settlement, Mr. Gonzalez
said, Bloomberg News relays.  YPF inherited a lawsuit from Repsol
SA that alleges contamination of the Passaic River in New Jersey
from dioxin, the pesticide DDT and other pesticides, Bloomberg
News says.  A flood and fire April 2013 at the company's La Plata
refinery cut output and prompted the company to import fuel,
Bloomberg News relays.

                        Government Subsidy

"Two one-time events explain why net income decreased despite
business fundamentals being very good," Mr. Gonzalez said on a
conference call with reporters, Bloomberg News says.  "In 2013, we
received a one-time, $300 million insurance payment after the
refinery incident.  In the fourth quarter of 2014, we had to set
aside ARS1.2 billion," Mr. Gonzales added.

Bloomberg News notes that President Cristina Fernandez de
Kirchner's government is subsidizing oil producers amid a slump in
crude by setting fourth-quarter prices of $83.90 a barrel for
Medanito light oil and $74 for Escalante heavy oil.

YPF SA is an energy company, operating a fully integrated oil and
gas chain with leading market positions across the domestic
upstream and downstream segments.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 11, 2014, Fitch affirmed YPF S.A.'s Caa1 Global Local
Currency Issuer Rating and Baa1.ar National Local Currency Issuer
Rating.  The outlook was changed to Negative from Stable.



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


ARALCO SA: Brazilian Sugar Producer Enters Bankruptcy in U.S.
---------------------------------------------------
Katy Stech, writing for Daily Bankruptcy Review, reported that
Brazil-based sugar and ethanol producer Aralco S.A. - Industria e
Comercio filed for bankruptcy protection in a U.S. court to
prevent unhappy bondholders from derailing its survival plan.

According to the report, officials put Aralco's operations into
bankruptcy protection in Manhattan, saying the company's financial
problems worsened during a drought in the Sao Paulo region that
led to disappointing crop harvests.


BRAZIL: Gov't Raises Payroll Tax, Rejects Higher Levies on Wealth
-----------------------------------------------------------------
globalpost.com reports that Brazil's government has unveiled new
measures to shore up public finances, hiking the payroll tax for
certain companies and reducing tax credits for exporters.

Finance Minister Joaquim Levy said the reduction in payroll tax
breaks will result in savings for the government of BRL5.4 billion
(some US$1.9 billion) this year and BRL13 billion (nearly US$4.6
billion) in 2016, according to globalpost.com.

The payroll measure, which will take effect on June 1, ends a tax
break granted in 2011 to boost employment in industrial sectors
hardest hit by the financial crisis, the report notes.

The report relates that Mr. Levy said in a press conference that
that tax break "has not created nor protected jobs" and has led to
a BRL25 billion (some $8.8 billion) annual revenue shortfall.

The government also announced that it will reduce tax credits for
industrial-goods exporters under the so-called Reintegra program,
which will translate into savings of an estimated BRL1.8 billion
(some $630 million) in 2015.

Under that program, the government has been providing tax credits
to exporters equivalent to 3 percent of their foreign revenue, but
that rate will be reduced to 1 percent, the report relays.

Exports of manufactured goods are booming thanks to the sharp 26
percent depreciation of the real since last September, the report
notes.

But Mr. Levy, whom President Dilma Rousseff chose to be her new
finance minister after she won re-election last year, rejected the
idea of creating a tax on large fortunes, saying it "does not
raise much and offers no advantages," the report discloses.

Folha de Sao Paulo newspaper said, citing ruling party Sen. Gleisi
Hoffmann, that the Brazilian government is considering higher
taxes on the country's wealthiest citizens to counter the
political impact of unpopular spending cuts.

Planning Minister Nelson Barbosa met with senators from President
Rousseff's Workers Party, Sen. Hoffmann told the daily.

"We said to him (Barbosa) that the (austerity) measures are
important, but that we think it is very important that we have
some that reach those who have the highest incomes," Sen. Hoffmann
told the daily.

President Rousseff has announced a series of austerity measures
since her electoral victory in October, the report relays.

Brazil posted a primary deficit (before debt interest payments) of
BRL32.5 billion (some $11.3 billion) in 2014, the report relays.

The measures have had an immediate impact, with the country
registering a primary budget surplus of BRL21 billion (some $7.5
billion) in January, the Central Bank said, the report notes.



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


ACE NAVIGATOR: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of ACE Navigator Trading Company Limited received
on Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Doran Minehane
          Crescent House, 4th Floor
          Hartstonge Street, Limerick
          Ireland
          Telephone: 00353 61 413200
          Facsimile: 00353 61 408613


AIRLIE OPPORTUNITY: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Airlie Opportunity Fund Cayman, Ltd. received
on Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Dort Cameron III
          c/o Nicola Murray
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


AIRLIE OPPORTUNITY MASTER: Shareholder Receives Wind-Up Report
--------------------------------------------------------------
The shareholder of Airlie Opportunity Master Fund Cayman, Ltd.
received on Jan. 27, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Dort Cameron III
          c/o Nicola Murray
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


ALTIMA CENTRAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Altima Central Asia Fund Limited received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Stephen Sargison
          89 Nexus Wa, Camana Bay
          P.O Box KY1-9007
          Cayman Islands


ALTIMA CENTRAL MASTER: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Altima Central Asia Master Fund Limited
received on Jan. 27, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Stephen Sargison
          89 Nexus Wa, Camana Bay
          P.O Box KY1-9007
          Cayman Islands


ALTIMA GLOBAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Altima Global Special Opportunities Fund
Limited received on Jan. 29, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Stephen Sargison
          c/o Tamara Hill
          89 Nexus Way, Camana Bay
          P.O Box KY1-9007 Cayman Islands


ALTIMA GLOBAL MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Altima Global Special Opportunities Master
Fund Limited received on Jan. 27, 2015, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Stephen Sargison
          c/o Tamara Hill
          89 Nexus Way, Camana Bay
          P.O Box KY1-9007 Cayman Islands


ALTIMA INDIA: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Altima India Fund Limited received on Jan. 27,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          David Stephen Sargison
          c/o Tamara Hill
          89 Nexus Way, Camana Bay
          P.O Box KY1-9007 Cayman Islands


ALTIMA INDIA MASTER: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Altima India Master Fund Limited received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Stephen Sargison
          c/o Tamara Hill
          89 Nexus Way, Camana Bay
          P.O Box KY1-9007 Cayman Islands


BLUE EFFECT: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Blue Effect Ltd. received on Jan. 28, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          UBS Nominees Ltd.
          c/o Stephen Nelson
          Telephone: +1 (345) 949 4544
          Facsimile: +1 (345) 9498460
          Zephyr House
          122 Mary Street, George Town
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


BLUEBAY MACRO: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of The Bluebay Macro Fund Limited received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Russell Smith
          c/o Derek Larner
          Telephone: (345) 815-4555
          BDO CRI (Cayman) Ltd.
          Building 3, Floor 2, Governors Square
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands


BLUEBAY MACRO GENERAL: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of The Bluebay Macro General Partner Limited
received on Jan. 27, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Russell Smith
          c/o Derek Larner
          Telephone: (345) 815-4555
          BDO CRI (Cayman) Ltd.
          Building 3, Floor 2, Governors Square
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands
          e-mail: dlarner@bdo.ky


BLUEBAY MACRO (MASTER): Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of The Bluebay Macro (Master) Fund Limited
received on Jan. 27, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Russell Smith
          c/o Derek Larner
          Telephone: (345) 815-4555
          BDO CRI (Cayman) Ltd.
          Building 3, Floor 2, Governors Square
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands


CALON LIMITED: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Calon Limited received on Jan. 28, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Anthony Beovich
          The Blackstone Group
          345 Park Avenue
          31st Floor
          New York
          New York 10154
          United States of America
          Telephone: +1 (212) 583 5877
          e-mail: Beovich@Blackstone.com


CCF MANAGED: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of CCF Managed Futures Fund Ltd received on
Jan. 28, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Abdoos Samade Jhummun
          Argyll Management Services Limited
          The CORE, 7th Floor
          62 Cybercity Ebene
          Mauritius
          Telephone: +230 454 7008
          Facsimile: +230 454 7678


CFML CONSTELLATION: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of CFML Constellation Fund Limited received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          City Fund Management Limited
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


GE CAPITAL: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of GE Capital Cayman LDC received on Jan. 30,
2015, 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


GLENMEADOWS LIMITED: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Glenmeadows Limited received on Jan. 29, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GOOD TOP: Sole Member Receives Wind-Up Report
---------------------------------------------
The sole member of Good Top Technology Holding (Cayman) Co., Ltd.
received on Jan. 19, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Fang Ming-Tsung
          c/o Michelle R. Bodden-Moxam
          Telephone: 946-6145
          Facsimile: 946-6146
          Portcullis TrustNet (Cayman) Ltd.
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands


HANS GLOBAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Hans Global Investment Fund Ltd received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ming-Hang Yang
          3rd Floor-1, No.6, Boguan 1st St.
          West Dist.
          Taichung City 403
          Taiwan
          Telephone/ Facsimile: +886423225733


KE INNISFREE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of KE Innisfree Limited received on Jan. 27,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Nathan Smith
          Benjamin Booker
          Griffin Management Limited
          P.O. Box 1043 Grand Cayman KY1-1102
          Cayman Islands
          Wyvern Management Limited
          P.O. Box 1043 Grand Cayman KY1-1102
          Cayman Islands


LAZARD DIRECTIONAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Lazard Directional Strategies Fund, Ltd.
received on Jan. 27, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


MARATHON DIRECTIONAL: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Marathon Directional Fund, Ltd. received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Delta FS Limited
          c/o Andrew Edgington
          Telephone: (345) 743 6630
          Harbour Place, 5th Floor
          103 South Church Street
          P.O. Box 11820 Grand Cayman KY1-1009
          Cayman Islands


MSREF-TE ITALY: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of MSREF-TE Italy Financial Ltd. received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands
          e-mail: stephen.nelson@card.com.ky


ORCHARD DEJIMA: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Orchard Dejima Limited received on Jan. 27,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902


PACIFIC REALTY: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Pacific Realty Holding Limited received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          e-mail: stephen.nelson@card.com.ky
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


POSEIDON PTC: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Poseidon PTC Ltd. received on Jan. 27, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Ingrid Bodden
          Jennifer Rankine
          c/o Eagle Management Services Limited
          Firstacaribbean House, 4th Floor
          Grand Cayman
          Cayman Islands


POTOMAC RIVER: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Potomac River Capital Fund, Ltd. received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Potomac River Capital, LLC
          c/o Daniella Skotnicki
          Ogier, Attorneys
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: (345) 815 1861
          Facsimile: (345) 949-9877


PROJECT FINANCE: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Project Finance XX, Ltd. received on Jan. 30,
2015, 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


RAM CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Ram Capital Structure Arbitrage Ltd. received
on Jan. 29, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


SHERMAN TRINITY: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Sherman Trinity Trading Limited received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Doran Minehane
          Crescent House, 4th Floor
          Hartstonge Street, Limerick
          Ireland
          Telephone: 00353 61 413200
          Facsimile: 00353 61 408613



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


BANCO AGROMERCANTIL: S&P Affirms 'BB' ICR; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its long-term 'BB' and
short-term 'B' issuer credit ratings (ICRs) on Banco Agromercantil
de Guatemala S.A. (BAM).  The outlook remains stable.  At the same
time, S&P affirmed its 'BB' issue-level rating to Intertrust SPV
(Cayman) Ltd.'s $300 million senior notes due April 10, 2019.
Intertrust SPV acts as trustee of the Agromercantil Senior Trust.
BAM fully guarantees the notes, so the rating on the notes is the
same as the long-term ICR on the bank.

The ratings on BAM reflect its "adequate" business position thanks
to satisfactory business stability and stable market shares,
"adequate" capital and earnings due to a forecasted risk-adjusted
capital (RAC) ratio of 7.6% for the next two years, "moderate"
risk position that reflects the bank's above-average dollar-
denominated loan portfolio, "average" funding, and "adequate"
liquidity.  The bank's stand-alone credit profile (SACP) is 'bb'.

S&P's bank criteria use its Banking Industry Country Risk
Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an ICR.
The anchor for a bank operating only in Guatemala is 'bb+'.

In S&P's view, economic risk in Guatemala has not changed since
its January 2014 report.  S&P's economic risk score for Guatemala
reflects the country's limited fiscal flexibility, stemming from a
low tax base that constrains the government expenditures in key
areas, such as infrastructure and law enforcement (to stem the
rising drug-related organized crime).  Poor economic performance
has prevented incomes from rising while continuing to limit
private-sector debt capacity.  This, along with significant
foreign currency lending, results in very high credit risks in the
economy.  S&P believes risks from economic imbalances in Guatemala
are "low."  The country's real estate market is underdeveloped.
Despite recent double-digit lending growth, the potential for a
credit-fueled bubble is limited because credit to GDP has only
risen 1.7 basis points in the past four years, and S&P don't
expect this ratio to dramatically increase.  On the other hand,
the recent spike in foreign currency lending could become a
concern if it maintains its current trend.

S&P's industry risk assessment for Guatemala incorporates the
country's weak regulatory track record despite recent amendments
to banking law to strengthen the regulatory framework and the
scope of supervision.  The "competitive dynamics" risks remain
moderate thanks to the banking sector's sound profitability, with
focus on simple banking products, and absence of significant
market distortions.  The large dollarization of the system
continues to pose a risk.  Guatemala's banking system has a
historically stable core customer deposit base and access to
multilateral external credit lines, but the small domestic capital
debt market still prevents funding diversification.



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


CARIBBEAN CEMENT: Predicting a Good Year for 2015
-------------------------------------------------
RJR News reports that after recording marginal growth in sales in
2014, Caribbean Cement is forecasting that things will pick up
this year.

Domestic sales grew by one percent last year and with the improved
macro-economic environment, it expects the contraction in market
demand in previous years will be curtailed, according to RJR News.

The report notes that with its parent Trinidad Cement Limited's
debt re-negotiations and proposed rights issue, Caribbean Cement
expects to have access to funds to address key capital projects to
improve operational efficiencies, asset utilization and grow
export sales.

At the same time, the Directors will continue to look closely at
the company's cost structure, the report relates.

Headquartered in Rockfort Kingston, Jamaica, Caribbean Cement
Company Limited manufactures and sells cement.  The company is a
subsidiary of Trinidad Cement Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2014, RJR News disclosed that company said it racked up a
loss of $89 million in the three months to the end of June,
compared to a $359 million profit in the corresponding period a
year ago.  The report noted that Caribbean Cement said the loss
was due to the shutdown of a clinker line to facilitate
maintenance work.

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


JAMAICA: Denies Taking Decision to Sell Shares in Petrojam
----------------------------------------------------------
Caribbean360.com reports that the Jamaica government said no
decision has been taken with respect to the divestment of its
shares in the state-owned oil refiners, Petrojam.

Energy Minister Phillip Paulwell said that if and when an offer is
received, the process would be subject to the oversight of the
Contractor General and the Government's Contracts Committee
consistent with the divestment of public assets, according to
Caribbean360.com.

In addition, Minister Paulwell said that he is willing to
facilitate requisite consultations on the company's future with
the Private Sector Organization of Jamaica (PSOJ), other interest
groups and individuals in the interest of transparency, the report
notes.

Caribbean360.com relates that Minister Paulwell said with respect
to concerns that the pricing policy of Petrojam has been designed
to influence the value of the state asset, the guiding principle
of the state refinery has been longstanding and that the
government would continue to ensure that the policy accords with
international best practices, the viability of the company and the
best interest of the Jamaican consumer.

The PSOJ said it was concerned at the effective monitoring of
energy were the Government to give up majority control of the
Petrojam oil refinery, the report relays.

The PSOJ hinted that the company's pricing structure may be
deliberately couched to attract investors, the report discloses.

Media reports noted that a buyer for Venezuela's stake in Petrojam
was likely a month away and that Jamaica was also willing to sell
a portion of its holdings to the new investor, the report says.

The report discloses that PSOJ called for more transparency on the
proposed sale, saying "such an important entity to the Jamaican
economy could place the entity in third-party hands without
appropriate debate and consultation with other stakeholders and
the Jamaican public generally, bearing in mind the impact Petrojam
has on the economy and the cost of petroleum inputs."

Government has a 51 per cent control of Petrojam with the other 49
per cent shares owned by Petroleos de Venezuela SA, the report
adds.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2015, Fitch Ratings has affirmed Jamaica's long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'B-'.
The issue ratings on Jamaica's senior unsecured foreign and local
currency bonds are also affirmed at 'B-'.  The Rating Outlooks on
the long-term IDRs are revised to Positive from Stable.  The
Country Ceiling is affirmed at 'B' and the short-term foreign
currency IDR at 'B'.


UC RUSAL: Posts US$293-Mil. Net Profit for 2014
-----------------------------------------------
UC Rusal, which operates major bauxite/alumina refineries in
Jamaica, swung to a net profit last year on recovering aluminium
prices and growing premiums.

Net profit for the year ended December was US$293 million.  This
was a reversal from a net loss of US$3.3 billion in 2013.  The
Russian aluminum conglomerate, which is listed in Hong Kong, said
revenue fell four percent to $9.36 billion.  Global aluminium
demand increased 7 percent in 2014 and the firm expects this to
rise 6.5% to 59 million tons this year.

                    *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 31, 2014, RJR News said that UC Rusal reported a massive
increase in net losses for 2013.  This was due mainly to a large
impairment cost and one-off restructuring charges combined with
lower production and a fall in aluminum prices.  The report said
the company reported a net loss of US$3.2 billion.  It suffered a
US$528 million loss in 2012.



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


FINCOMUN SERVICIOS: S&P Affirms 'B+' ICR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term and
'B' short-term global scale issuer credit rating on Fincomun
Servicios Financieros Comunitarios S.A. de C.V. Sociedad
Financiera Popular (Fincomun).  S&P also affirmed its 'mxBBB'
long-term and 'mxA-3' short-term national scale ratings on the
company.  The outlook remains stable.

S&P's ratings on Fincomun reflects its "moderate" business
position evidenced by its still concentrated business lines,
"moderate" capital and earnings supported by S&P's RAC ratio of
6.6% for the next two years, a "weak" risk position reflected in
still high charge offs (although recently improving), and S&P's
view of its "below average" funding and "adequate" liquidity.  The
stand-alone credit profile (SACP) remains at 'b+'.

S&P's bank criteria use its BICRA economic risk and industry risk
scores to determine a bank's anchor, the starting point in
assigning an issuer credit rating.  The anchor for banks operating
in Mexico is 'bbb'.

Mexico's economic risk reflects its low per capita GDP, which
limits the country's ability to withstand economic downturns and
constrains household credit capacity.  Although Mexico has
maintained macroeconomic stability, its economy still lacks
dynamism.  Low-income levels, a large informal workforce, and
relatively weak rule of law limit credit growth prospects and
banking penetration.  These conditions result in high credit risk.
On the positive side, the Mexican financial system doesn't have
economic imbalances, and housing prices have remained fairly
stable for the past five years.

With regards to industry risk, in S&P's view, banks have good
profitability thanks to a healthy competitive environment.  The
sector's adequate regulatory framework follows international
standards and has fostered healthy capitalization levels.  The
recent financial reform overhauled banking regulation that S&P
believes provides a more preemptive approach toward banking risk
and could help reduce the sector's vulnerability to financial
crises.  An adequate and stable core customer deposit base
supports Mexico's system-wide funding.



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


DORAL BANK: Banco Popular De Puerto Rico Assumes All Deposits
-------------------------------------------------------------
Doral Bank, San Juan, Puerto Rico, was closed on February 27,
2015, by the Office of the Commissioner of Financial Institutions
of Puerto Rico, which appointed the Federal Deposit Insurance
Corporation (FDIC) as receiver.  To protect the depositors, the
FDIC entered into a purchase and assumption agreement with Banco
Popular de Puerto Rico, Hato Rey, Puerto Rico, to acquire the
banking operations, including all the deposits, of Doral Bank.

Doral Bank's 26 former branches will reopen under normal business
hours beginning Saturday, February 28.  Deposits will continue to
be insured by the FDIC, so there is no need for customers to
change their banking relationship in order to retain their deposit
insurance coverage up to applicable limits.  Depositors of Doral
Bank can continue to access their money by writing checks or using
ATM or debit cards.  Checks drawn on the bank will continue to be
processed.  Loan customers should continue to make their payments
as usual.

Banco Popular will operate eight of Doral Bank's 26 former
branches.  It entered into separate agreements with three banks to
acquire 18 of the remaining locations.  FirstBank Puerto Rico,
Santurce, Puerto Rico, will operate and assume the deposits of
Doral Bank's 10 other branches in Puerto Rico; Banco Popular's
affiliated bank, Banco Popular North America, will operate all
three locations in New York City; and Centennial Bank, Conway,
Ark., will operate and assume the deposits of Doral Bank's five
branches in the panhandle area of Florida.  All depositors were
fully protected.

As of December 31, 2014, Doral Bank had approximately $5.9 billion
in total assets and $4.1 billion in total deposits.  As part of
the transaction with the FDIC, Banco Popular will purchase $3.25
billion of Doral Bank's assets.  Banco Popular agreed to pay the
FDIC a premium of 1.59 percent for the right to assume Doral
Bank's deposits.

The FDIC entered into two separate agreements to sell $1.3 billion
of Doral Bank's assets to other parties.  Those sales are expected
to close in 30 days. The FDIC will retain the remaining assets for
later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund
(DIF) will be $748.9 million.  Compared to other alternatives,
Banco Popular's acquisition was the least costly resolution for
the FDIC's DIF.  Doral Bank is the fourth FDIC-insured institution
to fail this year, and the first in Puerto Rico.  The last time an
FDIC-insured institution was closed in Puerto Rico was on April
30, 2010.


PUERTO RICO INFRASTRUCTURE: S&P Cuts Rating on Revenue Bonds to B-
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Puerto
Rico Infrastructure Financing Authority's series 2011B and 2011C
revenue bonds (the port authority project) (Government Development
Bank for Puerto Rico letter-of-credit-backed U.S. public finance
issue) to 'B-' from 'BB-'.

This action follows Standard & Poor's Feb. 12, 2015, lowering of
its rating on Government Development Bank for Puerto Rico's debt
to 'B-' from 'BB-'.



=================
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.


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