/raid1/www/Hosts/bankrupt/TCRLA_Public/150512.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, May 12, 2015, Vol. 16, No. 092


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: To Meet With Regional Trade Unions


B A H A M A S

ULTRAPETROL (BAHAMAS): S&P Affirms 'B' CCR; Revises Outlook to Neg


B R A Z I L

ECO SECURITIZADORA: Moody's Rates 68th Series Certs. at (P)Ba2
SUZANO PAPEL: Moody's Puts Ba2 Global Scale Rating to BRL500M NCEs


C A Y M A N  I S L A N D S

CANYON CAPITAL: Creditors' Proofs of Debt Due June 1
CITATION HIGH: Creditors' Proofs of Debt Due June 8
EAGLE & DOMINION: Creditors' Proofs of Debt Due May 20
EMERALD LEASING: Creditors' Proofs of Debt Due June 8
FORT POINT: Creditors' Proofs of Debt Due June 8

IRONSIDE HOLDINGS: Creditors' Proofs of Debt Due June 8
MACQUARIE FUNDS: Creditors' Proofs of Debt Due June 8
SOLAR NXP: Creditors' Proofs of Debt Due June 1
SPARGI INVESTMENTS: Creditors' Proofs of Debt Due June 8
VENTOTENE INVESTMENTS: Creditors' Proofs of Debt Due June 8


C U B A

* CUBA: Expects Record Number of Tourists, Higher Revenues in 2015


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Hope of Wage Hike Pact Fades


J A M A I C A

JAMAICA: Fiscal Balance Remains in Good Standing, Official Says


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: PM Proposes CAL-LIAT Merger
NATIONAL ENERGY: Attorney General's Firm Named in Fraud


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


LIAT: To Meet With Regional Trade Unions
----------------------------------------
The Daily Observer reports that the trade unions representing
workers employed with the cash-strapped regional airline, LIAT,
operating as Leeward Islands Air Transport, are meeting in Antigua
and Barbuda on May 14, ahead of a planned meeting with the
management of the airline.

Chairman of the LIAT Group of Unions, Chester Humphrey told the
Caribbean Media Corporation (CMC) that the trade unions are
meeting to discuss "a number of issues we are deeply concerned
about," according to The Daily Observer.

The report notes that Mr. Humphrey, who is also president of the
Technical and Allied Workers Union (TAWU) in Grenada, said, LIAT
has already announced that it would be cutting down on its staff
"and we have recently received a letter indicating that they will
be offering firstly voluntary separation so the union will have to
discuss the issue."

"We are also going to be discussing the issue of late payment of
salaries and the fact that many of the collective agreements are
now long outdated and LIAT is slow to attend to those and there
are a whole range of grievances including pensions," the report
quoted Mr. Humphrey as saying.  "So it is really a composite
meeting where we will be discussing a number of matters in
preparation for the meeting where the union leadership together
with representatives from amongst the workers are meeting with the
management."

The report relays that Mr. Humphrey said the meeting will allow
for "an exchange of views on a number of issues touching and
affecting the airline".

Mr. Humphrey said he hoped at the end of the meeting, the trade
unions are hoping that a number of grievances would be dealt with
satisfactory and "that we will receive reports where we are at the
moment," the report notes.

Mr. Humphrey said one of the issues that would be raised will be
the re-location of the airline to Barbados and the concerns raised
by Antigua and Barbuda Prime Minister Gaston Browne over the
matter, the report adds.

                            About LIAT

LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport
in Antigua.  It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean.  The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 2, 2014, Caribbean360.com said that chairman of the
shareholder governments of the financially troubled regional
airline, LIAT, operating as Leeward Islands Air Transport, Dr.
Ralph Gonsalves said while he is unaware of the details regarding
any possible retrenchment of employees, the airline needs to deal
with its high cost of operations.

The TCR-LA on March 10, 2014, citing Caribbean360.com, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation
of Chief Executive Officer Captain Ian Brunton, David Evans
replaced Mr. Brunton as chief executive officer.



=============
B A H A M A S
=============


ULTRAPETROL (BAHAMAS): S&P Affirms 'B' CCR; Revises Outlook to Neg
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Ultrapetrol (Bahamas) Ltd. to negative from stable.  S&P also
affirmed its ratings, including the 'B' corporate credit and
issue-level ratings.

The outlook revision reflects S&P's concerns that continued
weakness in commodity prices, amid high costs of keeping a big
share of fleet idle, will maintain metrics in line with a "highly
leveraged" financial risk profile for at least the next two years.
Despite Ultrapetrol's efforts to strengthen its long-term
contracted position, with more favorable terms that allow for cost
pass-through and higher rates, market conditions remain
challenging given lower-than-expected general volumes of cargo and
greater competition in the Paraguay River area.



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


ECO SECURITIZADORA: Moody's Rates 68th Series Certs. at (P)Ba2
--------------------------------------------------------------
Moody's America Latina has assigned provisional ratings of (P) Ba2
(global scale, local currency) and (P) Aa2.br (national scale) to
the 68th series of the first issuance of agribusiness receivables
certificates ("certificados de recebiveis do agronegocio" or CRA)
to be issued by Eco Securitizadora de Direitos Creditorios do
Agronegocio S.A. (Eco Agro, not rated) backed by an export credit
note issued by Suzano Papel e Celulose S.A (Suzano).

Issuer: Eco Securitizadora de Direitos Creditorios do Agronegocio
S.A.

  -- 68th series, 1st issuance -- (P) Ba2 (global scale, local
     currency) / (P) Aa2.br (national scale)

Eco Agro will issue the agricultural receivables certificates,
which will be backed by an export credit notes issued by Suzano.
The underlying NCE is rated Ba2 on the global scale and Aa2.br on
the national scale. In addition, Suzano will be liable for
transaction expenses.

Suzano will use the proceeds from issuance exclusively for the
financing of its agribusiness activities, in connection with the
export of pulp and paper. The provisional ratings on the CRA are
based on a number of factors, among them the following:

- The willingness and ability of Suzano (as debtor) to make
   payments on the underlying NCE, rated Ba2/Aa2.br. Suzano is
   therefore ultimately responsible for making timely principal
   and interest payments on the notes backing the CRA.

- Pass through structure; mitigated interest risk: The CRA's
   payment schedule replicates the scheduled cash flow of the
   underlying NCE, with a one-day lag, which allows adequate
   timing to make payments on the CRA. The CRA will make payments
   that match the payments to be made by the underlying NCE. The
   floating rate of CDI (interbank deposit rate) to be paid under
   the CRA will be determined using the same CDI period under the
   NCE. In addition, to mitigate the risk of the additional 1 day
   of interest in the CRA during first interest rate period, the
   NCE will incorporate an extra day of interest accrual,
   mitigating any potential interest rate mismatch.

- Suzano will pay CRA expenses: Suzano will be responsible,
   under the transaction documents, for all the CRA expenses.

- Segregated assets: The CRA benefit from a fiduciary regime
   ("regime fiduciario") whereby the assets backing each series
   of CRA are segregated. These segregated assets are destined
   exclusively for payments on the CRA as well as certain fees
   and expenses, and will be segregated from all of the other
   assets on the issuer's balance sheet. However, the transaction
   is subject to residual legal risk because Eco Agro's
   agribusiness credits can be affected by the securitization
   company's tax, labor and pension creditors. (For more
   information, see the "Fiduciary Regime and Segregation of
   Assets" section in the Pre-sale Report.)

The (P) Aa2.br (national scale) and (P) Ba2 (global scale, local
currency) ratings assigned to the CRA are based mainly on the
willingness and ability of Suzano (as debtor) to honor the
payments defined in transaction documents, reflecting the
Ba2/Aa2.br rating of the underlying NCE backing the transaction.
Any change in the ratings of the NCE could lead to a change in the
credit quality, and thus, the ratings, of the CRA.

The ratings of the NCE that backs the 68th series of CRA, reflect
Suzano's position as a low cost producer of bleached eucalyptus
kraft pulp (BEKP) and paper, with leading stakes the global BEKP
market and Brazilian printing and writing paper and paperboard
sectors. Also, the company's comfortable liquidity profile, with
cash balance at the end of March 2015 sufficient to cover short
term debt maturities by 1.8 times and our expectations that
leverage and credit metrics will improve in the medium term with
the additional EBITDA stream coming from the 1.5 million tons BEKP
plant in the state of Maranhao, now running at full-capacity.
However, constraining Suzano's corporate ratings are the volatile
nature of the pulp industry, which should represent around 60-65%
of Suzano's revenues onwards and the still high leverage related
mostly to its pulp expansion in the state of Maranhao.
Furthermore, new hardwood projects ramping up in the next two
years in Latin America could pressure pulp prices if Moody's see a
deceleration in demand. To the extent the growth in demand from
China's paper manufacturers and pulp capacity shutdown do not
materialize, pulp prices could decline.

A Eco Securitizadora de Direitos Creditorios do Agronegocio S.A.
(Eco Agro) was incorporated in 2007 as a securitization company of
agribusiness credit rights and is headquartered in Sao Paulo. The
issuer is part of the Eco Agro Participacoes S.A., Group, which
maintains 99.99% of shares in Eco Agro. In addition to Eco Agro,
Eco Agro Participacoes also holds controlling positions in Eco
Consultoria Ltda (company which provides services to Eco Agro) and
Eco Gestao Ltda (company which manages funds). Since the beginning
of its operations, Eco Agro has issued 67 CRA, totaling an
issuance amount of approximately BRL 1.3 billion, with currently
outstanding CRAs totaling BRL 560 million.

Factors that would lead to an upgrade or downgrade of the rating:

Any changes in the rating of the underlying NCE could lead to a
change in the ratings on the CRA.


SUZANO PAPEL: Moody's Puts Ba2 Global Scale Rating to BRL500M NCEs
------------------------------------------------------------------
Moody's America Latina assigned a Ba2 global scale local currency
rating and Aa2.br National Scale Rating (NSR) to Suzano Papel e
Celulose S.A.'s proposed 4-year senior unsecured BRL500 million
NCEs (Notas de Credito a Exportacao). Net proceeds will be used to
fund forestry investments and for general corporate purposes. The
ratings outlook is positive.

The rating of the proposed NCEs assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date and assume that these
agreements are legally valid, binding and enforceable.

Ratings assigned:

Issuer: Suzano Papel e Celulose S.A.

  -- BRL500 million NCEs due 2019: Ba2 (global scale) / Aa2.br
     (national scale)

  -- The outlook for the ratings is positive.

Suzano's Ba2/Aa2.br ratings incorporate the company's position as
a low cost producer of bleached eucalyptus kraft pulp (BEKP) and
paper, with leading stakes in the global BEKP market and Brazilian
printing and writing paper and paperboard sectors. The company
benefits from a high level of vertical integration with
substantial self-sufficiency in wood fiber and energy, in addition
to the proximity of its pulp mills to its own forests and port
facilities as well as the favorable location of its paper plants
within Brazil's most industrialized region. Furthermore its
diversity towards pulp and paper translates into exposure to
different market dynamics and contributes to strong operating
margins even amid a lower growth outlook for the paper industry in
Brazil.

Additional rating positives are the company's comfortable
liquidity profile, with cash balance at the end of March 2015
sufficient to cover short term debt maturities by 1.8 times and
our expectations that leverage and credit metrics will improve in
the medium term with the additional EBITDA stream coming from the
1.5 million tons hardwood plant in the state of Maranhao, now
running at full-capacity.

Constraining the ratings are the volatile nature of the pulp
industry, which should represent around 60-65% of Suzano's
revenues onwards and the still high leverage related mostly to its
pulp expansion in the state of Maranhao. Furthermore, there is
still new hardwood projects ramping up in the next two years in
Latin America, which will add approximately 2.5 million tons of
capacity in the market, and could pressure pulp prices if Moody's
see a deceleration in demand. To the extent the growth in demand
from China's paper manufacturers and pulp capacity shutdown do not
materialize, pulp prices could decline.

The proceeds from the proposed NCEs will be used to fund Suzano's
forestry operations. Moody's don't expect any leverage increase
resulting from the issuance, as the company will likely direct
part of its large cash balance to pay-down more expensive existing
debt, maintaining its absolute debt level unchanged.

The positive outlook incorporates our expectations that Suzano's
credit metrics will improve in the next 12-18 months thanks to the
improved cash flow generation supported by the additional pulp
capacity in Maranhao and our outlook of flat pulp prices in the
same period, which will contribute to a positive free cash flow
generation from 2015 onwards and gradual deleverage. The
maintenance of a robust liquidity position is also incorporated in
the positive outlook.

The ratings could be upgraded if Suzano's leverage decline while
the company maintains a comfortable liquidity position.
Quantitatively, that would require leverage - as measured by Total
Adjusted Gross Debt to EBITDA -- to approach 3.5x and interest
coverage - expressed by Adjusted EBITDA to Interest Expense - to
remain above 4.0x on a consistent basis.

Negative pressure on the rating could result if adjusted leverage
remains above 4.5x for a prolonged period without prospects for
reduction, or in case the company's liquidity position is
insufficient to cover near term debt service requirements.

Headquartered in Salvador - Brazil, Suzano Papel e Celulose S.A.
is a leading low-cost producer of bleached eucalyptus market pulp,
printing and writing paper and paperboard, having reported
consolidated net revenues of BRL 8.0 billion (about USD 3.3
billion) in the last twelve months ended in March 2015. The sales
mix (58% pulp and 42% paper) gives the company cash flow stability
due to the different supply-demand and pricing dynamics for each
of the segments. The company benefits from its vertical
integration and 70% self-sufficiency in wood and 100% in energy on
a consolidated basis (with excess capacity of 48MW) and also from
prudent financial management, solid liquidity position and good
risk management practices.



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


CANYON CAPITAL: Creditors' Proofs of Debt Due June 1
----------------------------------------------------
The creditors of Canyon Capital CLO 2004-1 Ltd. are required to
file their proofs of debt by June 1, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 27, 2015.

The company's liquidator is:

          Maples Liquidation Services (Cayman) Limited
          c/o PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


CITATION HIGH: Creditors' Proofs of Debt Due June 8
---------------------------------------------------
The creditors of Citation High Grade ABS CDO I, Ltd. are required
to file their proofs of debt by June 8, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 24, 2015.

The company's liquidator is:

          Maples Liquidation Services (Cayman) Limited
          c/o PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


EAGLE & DOMINION: Creditors' Proofs of Debt Due May 20
------------------------------------------------------
The creditors of Eagle & Dominion Growth Fund Ltd are required to
file their proofs of debt by May 20, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 22, 2015.

The company's liquidator is:

          K.D. Blake
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Jenna Nicholson
          Telephone: +1 (345) 914-4494/ +1 (345) 949-4800
          Facsimile: +1 (345) 949-7164


EMERALD LEASING: Creditors' Proofs of Debt Due June 8
-----------------------------------------------------
The creditors of Emerald Leasing, Ltd. are required to file their
proofs of debt by June 8, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 7, 2015.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


FORT POINT: Creditors' Proofs of Debt Due June 8
------------------------------------------------
The creditors of Fort Point CDO I Ltd are required to file their
proofs of debt by June 8, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 1, 2015.

The company's liquidator is:

          Maples Liquidation Services (Cayman) Limited
          c/o PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


IRONSIDE HOLDINGS: Creditors' Proofs of Debt Due June 8
-------------------------------------------------------
The creditors of Ironside Holdings are required to file their
proofs of debt by June 8, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 6, 2015.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


MACQUARIE FUNDS: Creditors' Proofs of Debt Due June 8
-----------------------------------------------------
The creditors of Macquarie Funds Management SPC are required to
file their proofs of debt by June 8, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 4, 2015.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


SOLAR NXP: Creditors' Proofs of Debt Due June 1
-----------------------------------------------
The creditors of Solar NXP Limited are required to file their
proofs of debt by June 1, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 24, 2015.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


SPARGI INVESTMENTS: Creditors' Proofs of Debt Due June 8
--------------------------------------------------------
The creditors of Spargi Investments Limited are required to file
their proofs of debt by June 8, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 30, 2015.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


VENTOTENE INVESTMENTS: Creditors' Proofs of Debt Due June 8
-----------------------------------------------------------
The creditors of Ventotene Investments Limited are required to
file their proofs of debt by June 8, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 30, 2015.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


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C U B A
=======


* CUBA: Expects Record Number of Tourists, Higher Revenues in 2015
------------------------------------------------------------------
EFE News reports that Cuba expects to surpass this year the record
sum of foreign tourists and revenues it attracted in 2014, a year
when the island's tourism industry took in $2.7 billion, according
to figures released at the International Tourism Fair, or FitCuba.

Last year, for the first time Cuba crossed the threshold of 3
million visitors, specifically with 3,002,745 million tourists, a
5.3-percent growth over 2013 and an upward trend that continued in
the first quarter of 2015 when a million travelers came to the
island, according to the Tourism Ministry, according to EFE News.

"Cuban tourism is in its best moment," Tourism Minister Manuel
Marrero said at FitCuba, the report notes.

In order to boost the number of international tourists, Cuba is
currently developing 53 projects to build hotels with a total of
5,492 rooms in the four- and five-star categories, which will be
added to the 61,200 that already exist on the island in some 300
hotels, the island's official media said, the report relays.

The Cuban tourist industry aims to continue these investments in
order to complete more than 85,500 rooms that meet international
standards by 2020, the report notes.

The new hotels are being built by mixed companies and will mostly
be administered by well-known hotel chains like the Melia and
Iberostar from Spain, which have been established in Cuba for
decades, in association with Cuban tourism groups like Gaviota and
Cubanacan, among others, the report says.

Among the new hotel installations already in business are Valentin
Perla Blu, with its 1,200 rooms in the central province of Villa
Clara, and the Melia Jardines del Rey with 1,176 in Jardines del
Rey, currently the hotels with the greatest capacity in the
country, the report discloses.

At present there are 18 foreign companies operating 35,682 rooms,
a figure that represents 57 percent of the country's total hotel
capacity, according to figures offered by Cuba's tourism minister,
the report relays.

The private sector also provides lodging in 11,500 homes, while
some 1,600 private restaurants offer their gastronomic services to
foreign visitors, the report notes.

Though Canada, China, Chile and Brazil are the chief sources of
tourists for Cuba, tourism authorities have indicated that tourism
from other countries like Venezuela, Germany and Italy has shown a
"notable increase," the report notes.

The report relays that this 35th International Tourism Fair has
promoted the destination of Jardines del Rey, distinguished in
Cuba by its dynamic annual 12-percent growth in the number of
visitors and its 13-percent increase in the number of available
rooms.

Cuba's tourism sector has also sought to promote the island's
attractions as a seaside resort, with more than 500 kilometers
(310 miles) of beaches, 300 of coral, and with 26 percent of its
insular shelf designated as protected marine areas, the report
notes.

These attractions were visited by more than 1.2 million tourists
over the past three years, with more than 400,000 in 2014, the
report adds.


===================================
D O M I N I C A N   R E P U B L I C
===================================


DOMINICAN REPUBLIC: Hope of Wage Hike Pact Fades
------------------------------------------------
Dominican Today reports that management representatives warned
that prior to deciding on a wage increase, Law 488-08 that
reclassifies Dominican Republic's SMEs must first be complied
with, which in their view makes it difficult for the parties to
agree.

The warning come despite interest shown by the business sector,
including National Business Council (CONEP) president Rafael
Blanco, who agrees that employers should propose a fair pay
increase for workers at the National Salary Committee meeting set
for May 13, according to Dominican Today.

The report notes that Dominican Republic Industries Association
(AIRD) president Circe Almanzar insists however that labor should
first comply with Law 488-08, "and we'll then discuss a salary
adjustment that favors private sector workers."

The drawn-out talks will likely continue mired in disputes over
the percentage of the increase and disagreement over an amendment
to the Labor Code, demanded by management to slash severance pay,
but on which labor refuses to budge, the report says.

The report relays union leader Rafael Pepe-Abreu has insisted on a
30% wage increase and "will not accept any less," at the next
Committee meeting in the Labor Ministry, where the parties have
failed to advance toward an agreement the previous five times.

The report discloses Pepe-Abreu warned if that if their demands
aren't met, the unions will be forced to stage street protests and
even nationwide strikes.

                              Employers

For his part, the head of Dominican Republic's employers grouped
in COPARDOM, Joel Santos, affirmed that management will propose an
increase superior to the accumulated inflation during the last two
years, the report notes.


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


JAMAICA: Fiscal Balance Remains in Good Standing, Official Says
---------------------------------------------------------------
Caribbean360.com reports that Jamaica's fiscal balance remains in
good standing, with the deficit at JM$7.8 billion at the end of
the 2014/15 financial year in March, a senior official has
assured.

The figure is JM$3.6 billion better than the target of JM$11.4
billion, and can be credited to the lower interest payments on
Government of Jamaica (GOJ) bonds, and cuts in expenditure for the
period, according to co-chair of the Economic Program Oversight
Committee (EPOC) Richard Byles, according to Caribbean360.com.

"What this means is that the government has to borrow less in
order to meet all its expenditures including the payment of
interest, and so that is good, because it reduces (the) debt
build-up," the report quoted Mr. Byles as saying.

The report says that Mr. Byles added that the country
"comfortably" met its Net International Reserves.  Those reserves
stand at US$2.3 billion, almost double the target of US$1.4
billion, the report discloses.

Meanwhile, the Government collected 98 per cent of its budgeted
tax revenue for March, explaining that the shortfall in tax
revenues was a result of underperformance from company taxes and
General Consumption Tax on local purchases, the report discloses.

The EPOC official lamented that non-compliance remained a serious
issue.

"We have to get tougher in respect of tax compliance. We can't be
going down to the wire, every quarter and just barely meeting the
tax targets or missing the tax targets and having to recover by
cutting on the expenditure side; it can't continue," Mr. Byles
noted.


                          *     *     *

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'.


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


CARIBBEAN AIRLINES: PM Proposes CAL-LIAT Merger
-----------------------------------------------
Sasha Harrinanan at Trinidad and Tobago Newsday reports that a
merger has been proposed between State-owned Caribbean Airlines
Limited (CAL) and Leeward Islands Air Transport (LIAT), whose
majority shareholders are Antigua, Barbados and St Vincent and the
Grenadines.

The proposal came May 6, from Dr. Ralph Gonsalves, Prime Minister
of St Vincent and the Grenadines during a High Level Round Table
discussion on day two of the "Forum on the Future of the
Caribbean" at Hyatt Regency, Port-of-Spain, according to Trinidad
and Tobago Newsday.

"We would have better service in the region, and use that as a
base to start to involve Suriname Air, Bahamas Air and so on, and
let us have a proper functioning regional airline (that) would
inter-link the islands in the region," Mr. Gonsalves declared,
much to the delight of the large audience of regional decision-
makers, the report says.

Making it clear he was speaking in his capacity as Chairman of
LIAT's shareholder governments, the always outspoken Mr. Gonsalves
said, "I would like to see a serious discussion start between the
Government of Trinidad and Tobago; the owner of CAL, and LIAT"
about his proposal, the report discloses.

Mr. Gonsalves argued that with LIAT having recently updated its
fleet with four 68-seat ATR 72-600s and four 48-seat ATR 42-600s,
both of which are turbo-prop planes, "there are possibilities for
this merger," the report says.

Mr. Gonsalves made the proposal in the presence of Trade Minister
Vasant Bharath, who acknowledged both airlines have had their
share of financial difficulties before indicating his willingness
to discuss the idea further before taking it back to Cabinet for
review, the report discloses.

"Clearly, if we are to deepen regional integration with regard to
people being able to travel or developing more trade links, then
we're going to have to have greater access to these countries. In
many instances, it's easier (and cheaper)," Mr. Bharath said, "to
get to Miami and New York than it is to get to some Caribbean
countries, which clearly is not ideal for Caribbean travel," the
report relays.

Declaring the merger proposal "has merit", Mr. Bharath added,
"it's something that we can look at to see if there are synergies
that we can utilize."

"Clearly we have to get past some of the political hurdles, but I
would certainly have a look at it and maybe speak to Prime
Minister Gonsalves in a little bit more detail and it's something
that I'm very happy to take to Cabinet after discussions and
consideration," Mr. Bharath stated, the report says.

                       About Caribbean Airlines

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

As reported in the Troubled Company Reporter-Latin America on July
11, 2014, Trinidad and Tobago Newsday said that Caribbean Airlines
is facing another loss.  However, Finance Minister Larry Howai is
hopeful the loss could be narrowed down to less than TT$100
million, according to Trinidad and Tobago Newsday.  Mr. Howai
noted the airline industry is not the easiest and many airlines
have gone bankrupt at some point.

Citing Caribbean360.com, the TCRLA on May 20, 2013, said Minister
Howai said Caribbean Airlines Limited recorded losses estimated at
US$70 million in 2012.  In 2011, CAL had recorded losses of US43.7
million.


NATIONAL ENERGY: Attorney General's Firm Named in Fraud
-------------------------------------------------------
The Daily Observer reports that Attorney General Steadroy "Cutie"
Benjamin has declined comment in a multi-million dollar
investigation into funds missing from the National Energy Company
of Trinidad.

The Trinidad Express reported the National Energy Company (NEC)
had confirmed that the Fraud Squad, the Financial Intelligence
Unit and Ministry of Energy were investigating three fraudulent
wire transfers, amounting to TT$60 million, which were allegedly
sent to Steadroy Benjamin and Co law firm in Antigua, a bank in
Boston, and one in Dubai, according to The Daily Observer.

The money reportedly disappeared from the bank account of the
state-owned National Energy Corporation in 2011, the report notes.

But, the AG told the Trinidad Express, on April 29, although the
firm's name appears as receiving US$4,633,717 from NEC, this
transaction never occurred, the report relates.

Another Trinidad & Tobago paper, The Guardian, which also reported
on the alleged fraud, said the NEC confirmed an independent
internal investigation had found that the wire transfers were
"fraudulently prepared," the report relays.

"To date, 58 per cent of the money has been recovered from the
recipient banks in Boston and Antigua, and we are assiduously
pursuing the recovery of the outstanding 42 per cent which is
being held by the National Bank of Abu Dhabi, where the courts
have convicted the recipient," the NEC release said, the report
notes.

Mr. Benjamin, who has turned the reins of the law firm over to his
son since becoming attorney general, said his son was acting on
behalf of a client from T&T who was interested in purchasing land
in Antigua, the report says.

Documents provided to the Daily Observer by Mr. Benjamin's firm,
show that negotiations had taken place with an official from the
Trinidad Energy Company over the sale of eight acres of land at
Hatton Estate, the report adds.


=================
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)
-------                ------         ---------      ------------
FABRICA TECID-RT         FTRX1 BZ    66603695.4     -76419246.3
METROGAS SA-A          153255Z AR     331403741     -24462400.6
METROGAS SA-C          153263Z AR     331403741     -24462400.6
LA POLAR SA           NUEVAPOL CI     571550458     -31565432.3
TECTOY-PF-RTS5/6        TOYB11 BZ    27114628.6     -8215580.95
TEKA-ADR                 TEKAY US     313948165      -395261073
GOL-PREF                 GOLL4 BZ    3769323901      -125802483
GOL-ADR                    GOL US    3769323901      -125802483
GOL                      GOLL3 BZ    3769323901      -125802483
METROGAS-B               MGSBF US     331403741     -24462400.6
BOMBRIL                  BMBBF US     323685704       -31241748
KARSTEN                  CTKCF US     174656858     -10482924.6
KARSTEN-PREF             CTKPF US     174656858     -10482924.6
MANGELS INDL-PRF         MGIRF US     176399866     -61689625.2
TEKA                     TKTQF US     313948165      -395261073
TEKA-PREF                TKTPF US     313948165      -395261073
SNIAFA SA-B              SDAGF US    11229696.2     -2670544.86
TEC TOY SA-PREF          TOYDF US    27114628.6     -8215580.95
PUYEHUE RIGHT         PUYEHUOS CI      17878064     -7344408.97
BATTISTELLA-RIGH         BTTL1 BZ     120474772     -21271905.1
BATTISTELLA-RI P         BTTL2 BZ     120474772     -21271905.1
BATTISTELLA-RECE         BTTL9 BZ     120474772     -21271905.1
BATTISTELLA-RECP        BTTL10 BZ     120474772     -21271905.1
AGRENCO LTD-BDR         AGEN33 BZ     285996574      -543142756
GOL-ADR                    GOQ GR    3769323901      -125802483
PET MANG-RIGHTS       3678565Q BZ     140957879      -410925540
PET MANG-RIGHTS       3678569Q BZ     140957879      -410925540
PET MANG-RECEIPT      0229292Q BZ     140957879      -410925540
PET MANG-RECEIPT      0229296Q BZ     140957879      -410925540
MMX MINERACAO            TRES3 BZ    1223308090      -312940530
INEPAR-RT ORD         3697782Q BZ    1191789041      -214360998
INEPAR-RT PREF        3697786Q BZ    1191789041      -214360998
INEPAR-RCT ORD        3697790Q BZ    1191789041      -214360998
INEPAR-RCT PREF       3697794Q BZ    1191789041      -214360998
RB CAPITAL              RBCS3B BZ    13996658.5     -815.062365
MMX MINERACA-GDR         MMXMY US    1223308090      -312940530
BOMBRIL HOLDING          FPXE3 BZ    19416013.9      -489914853
BOMBRIL                  FPXE4 BZ    19416013.9      -489914853
SANESALTO                SNST3 BZ    21339668.9     -6954061.77
BOMBRIL-RGTS PRE         BOBR2 BZ     323685704       -31241748
BOMBRIL-RIGHTS           BOBR1 BZ     323685704       -31241748
MMX MINERACA-GDR      0567931D CN    1223308090      -312940530
MMX MINERACA-GDR          3M11 GR    1223308090      -312940530
LAEP-BDR                MILK33 BZ     222902269      -255311026
AGRENCO LTD               AGRE LX     285996574      -543142756
LAEP INVESTMENTS          LEAP LX     222902269      -255311026
INVERS ELEC BUEN         IEBAA AR     239575758     -28902145.8
INVERS ELEC BUEN         IEBAB AR     239575758     -28902145.8
OSX BRASIL SA            OSXB3 BZ    2592199410      -291661108
MMX MINERACAO            MMXCF US    1223308090      -312940530
CELGPAR                  GPAR3 BZ     233784351     -1156798479
RECRUSUL - RT         4529781Q BZ    25757600.8     -21626049.7
RECRUSUL - RT         4529785Q BZ    25757600.8     -21626049.7
RECRUSUL - RCT        4529789Q BZ    25757600.8     -21626049.7
RECRUSUL - RCT        4529793Q BZ    25757600.8     -21626049.7
RECRUSUL-BON RT         RCSL11 BZ    25757600.8     -21626049.7
RECRUSUL-BON RT         RCSL12 BZ    25757600.8     -21626049.7
BALADARE                 BLDR3 BZ     159449535     -52990723.7
TEXTEIS RENAU-RT         TXRX1 BZ    48951015.5     -73535330.8
TEXTEIS RENAU-RT         TXRX2 BZ    48951015.5     -73535330.8
TEXTEIS RENA-RCT         TXRX9 BZ    48951015.5     -73535330.8
TEXTEIS RENA-RCT        TXRX10 BZ    48951015.5     -73535330.8
CIA PETROLIF-PRF         MRLM4 BZ     377592596      -3014215.1
CIA PETROLIFERA          MRLM3 BZ     377592596      -3014215.1
NEWTEL PARTICIPA         NEWT3 BZ    10517157.2     -10542831.7
NOVA AMERICA SA          NOVA3 BZ    21287488.9      -183535526
NOVA AMERICA-PRF         NOVA4 BZ    21287488.9      -183535526
EBX BRASIL SA            CTMN3 BZ    2592199410      -291661108
GOL-ADR                   GOLN MM    3769323901      -125802483
OSX BRASIL SA            EBXB3 BZ    2592199410      -291661108
LA POLAR-RT           LAPOLARO CI     571550458     -31565432.3
ELECTRICIDAD ARG      3447811Z AR     948261051      -148983927
TEC TOY-RT            7335610Q BZ    27114628.6     -8215580.95
TEC TOY-RT            7335614Q BZ    27114628.6     -8215580.95
TEC TOY-RCT           7335626Q BZ    27114628.6     -8215580.95
TEC TOY-RCT           7335630Q BZ    27114628.6     -8215580.95
MMX MINERACAO-RT      4111484Q BZ    1223308090      -312940530
MMX MINERACA-RCT      4111488Q BZ    1223308090      -312940530
GOL-RT                0113333D BZ    3769323901      -125802483
GOL-RT                0113334D BZ    3769323901      -125802483
GOL-RCT               0113335D BZ    3769323901      -125802483
GOL-RCT               0113338D BZ    3769323901      -125802483
PET MANG-RT           4115360Q BZ     140957879      -410925540
PET MANG-RT           4115364Q BZ     140957879      -410925540
INEPAR-RT ORD            INEP1 BZ    1191789041      -214360998
INEPAR-RT PREF           INEP2 BZ    1191789041      -214360998
INEPAR-RCT ORD           INEP9 BZ    1191789041      -214360998
INEPAR-RCT PREF         INEP10 BZ    1191789041      -214360998
MINUPAR-RT            9314542Q BZ    76619687.5     -91780261.5
MINUPAR-RCT           9314634Q BZ    76619687.5     -91780261.5
MMX MINERACAO-RT      0626050D BZ    1223308090      -312940530
MMX MINERACA-RCT      0626051D BZ    1223308090      -312940530
PET MANG-RT           0229249Q BZ     140957879      -410925540
PET MANG-RT           0229268Q BZ     140957879      -410925540
RECRUSUL - RT         0163579D BZ    25757600.8     -21626049.7
RECRUSUL - RT         0163580D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0163582D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0163583D BZ    25757600.8     -21626049.7
PORTX OPERA-GDR          PXTPY US     976769385     -9407990.18
PORTX OPERACOES          PRTX3 BZ     976769385     -9407990.18
OSX BRASIL S-GDR         OSXRY US    2592199410      -291661108
TEC TOY-RT            1254570D BZ    27114628.6     -8215580.95
TEC TOY-RT            1254571D BZ    27114628.6     -8215580.95
TEC TOY-RCT           1254572D BZ    27114628.6     -8215580.95
TEC TOY-RCT           1254573D BZ    27114628.6     -8215580.95
MMX MINERACAO           MMXM11 BZ    1223308090      -312940530
MINUPAR-RT            0599562D BZ    76619687.5     -91780261.5
MINUPAR-RCT           0599564D BZ    76619687.5     -91780261.5
PET MANG-RT              RPMG2 BZ     140957879      -410925540
PET MANG-RT           0848424D BZ     140957879      -410925540
PET MANG-RECEIPT         RPMG9 BZ     140957879      -410925540
PET MANG-RECEIPT        RPMG10 BZ     140957879      -410925540
GOL-RT                   GOLL1 BZ    3769323901      -125802483
GOL-RT                1003237D BZ    3769323901      -125802483
GOL-RCT                  GOLL9 BZ    3769323901      -125802483
GOL-RCT               1003238D BZ    3769323901      -125802483
LAEP INVESTMEN-B      0122427D LX     222902269      -255311026
LAEP INVES-BDR B      0163599D BZ     222902269      -255311026
RECRUSUL - RT         0614673D BZ    25757600.8     -21626049.7
RECRUSUL - RT         0614674D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0614675D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0614676D BZ    25757600.8     -21626049.7
TEKA-RTS                 TEKA1 BZ     313948165      -395261073
TEKA-RTS                 TEKA2 BZ     313948165      -395261073
TEKA-RCT                 TEKA9 BZ     313948165      -395261073
TEKA-RCT                TEKA10 BZ     313948165      -395261073
MINUPAR-RTS              MNPR1 BZ    76619687.5     -91780261.5
MINUPAR-RCT              MNPR9 BZ    76619687.5     -91780261.5
LA POLAR-RT           LAPOLAOS CI     571550458     -31565432.3
RECRUSUL SA-RTS          RCSL1 BZ    25757600.8     -21626049.7
RECRUSUL SA-RTS          RCSL2 BZ    25757600.8     -21626049.7
RECRUSUL SA-RCT          RCSL9 BZ    25757600.8     -21626049.7
RECRUSUL - RCT          RCSL10 BZ    25757600.8     -21626049.7
OSX BRASIL - RTS      0701756D BZ    2592199410      -291661108
OSX BRASIL - RTS      0701757D BZ    2592199410      -291661108
LA POLAR SA            LAPOLAR CI     571550458     -31565432.3
MMX MINERACA-RTS         MMXM1 BZ    1223308090      -312940530
MMX MINERACA-RCT         MMXM9 BZ    1223308090      -312940530
OSX BRASIL - RTS      0812903D BZ    2592199410      -291661108
OSX BRASIL - RTS      0812904D BZ    2592199410      -291661108
OSX BRASIL SA            OSXRF US    2592199410      -291661108
OSX BRASIL - RTS         OSXB1 BZ    2592199410      -291661108
OSX BRASIL - RTS         OSXB9 BZ    2592199410      -291661108
NEWTEL PARTI-RTS      1051621D BZ    10517157.2     -10542831.7
PET MANG-RTS          1227980D BZ     140957879      -410925540
AGRENCO LTD-BDR         AGEN11 BZ     285996574      -543142756
LAEP-BDR                MILK11 BZ     222902269      -255311026
MMX MINERACA-GDR         MMXMD US    1223308090      -312940530
MMX MINERACAO            MMXXF US    1223308090      -312940530
GOL PREF - RTS           GOLL2 BZ    3769323901      -125802483
GOL PREF - RCT          GOLL10 BZ    3769323901      -125802483
BOMBRIL - RTS           BOBR11 BZ     323685704       -31241748
KARSTEN SA - RTS         CTKA1 BZ     174656858     -10482924.6
KARSTEN SA - RTS         CTKA2 BZ     174656858     -10482924.6
KARSTEN SA - RCT         CTKA9 BZ     174656858     -10482924.6
KARSTEN SA - RCT        CTKA10 BZ     174656858     -10482924.6
NEWTEL PARTI-RCT        NEWT9B BZ    10517157.2     -10542831.7
NEWTEL PARTI-RTS        NEWT1B BZ    10517157.2     -10542831.7
CELGPAR-RTS             GPAR11 BZ     233784351     -1156798479
LA POLAR-RTS BON      LAPOLAOB CI     571550458     -31565432.3
PET MANGUINH-RTS         RPMG1 BZ     140957879      -410925540
METROGAS-B                METR AR     331403741     -24462400.6
METROGAS-B BLOCK         METRB AR     331403741     -24462400.6
METROGAS-B               METRC AR     331403741     -24462400.6
METROGAS-B               METRD AR     331403741     -24462400.6
METROGAS SA               MGAI US     331403741     -24462400.6
METROGAS-B                MGSB GR     331403741     -24462400.6
METROGAS-ADR               MGS US     331403741     -24462400.6
METROGAS-ADR              MGSA GR     331403741     -24462400.6
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-RT C         ARLA1 BZ    11642254.9     -17154460.3
ARTHUR LANG-RT P         ARLA2 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 LAN-DVD C        ARLA11 BZ    11642254.9     -17154460.3
ARTHUR LAN-DVD P        ARLA12 BZ    11642254.9     -17154460.3
BOMBRIL                  BOBR3 BZ     323685704       -31241748
BOMBRIL CIRIO SA        BOBRON BZ     323685704       -31241748
BOMBRIL-PREF             BOBR4 BZ     323685704       -31241748
BOMBRIL CIRIO-PF        BOBRPN BZ     323685704       -31241748
BOMBRIL SA-ADR           BMBPY US     323685704       -31241748
BOMBRIL SA-ADR           BMBBY US     323685704       -31241748
BUETTNER                 BUET3 BZ    82872146.2     -36299304.3
BUETTNER SA             BUETON BZ    82872146.2     -36299304.3
BUETTNER-PREF            BUET4 BZ    82872146.2     -36299304.3
BUETTNER SA-PRF         BUETPN BZ    82872146.2     -36299304.3
BUETTNER SA-RTS          BUET1 BZ    82872146.2     -36299304.3
BUETTNER SA-RT P         BUET2 BZ    82872146.2     -36299304.3
CAF BRASILIA             CAFE3 BZ     160933830      -149277092
CAFE BRASILIA SA        CSBRON BZ     160933830      -149277092
CAF BRASILIA-PRF         CAFE4 BZ     160933830      -149277092
CAFE BRASILIA-PR        CSBRPN BZ     160933830      -149277092
IGUACU CAFE              IGUA3 BZ     190073766       -74308212
IGUACU CAFE             IGCSON BZ     190073766       -74308212
IGUACU CAFE              IGUCF US     190073766       -74308212
IGUACU CAFE-PR A         IGUA5 BZ     190073766       -74308212
IGUACU CAFE-PR A        IGCSAN BZ     190073766       -74308212
IGUACU CAFE-PR A         IGUAF US     190073766       -74308212
IGUACU CAFE-PR B         IGUA6 BZ     190073766       -74308212
IGUACU CAFE-PR B        IGCSBN BZ     190073766       -74308212
SCHLOSSER                SCLO3 BZ    46981417.3     -55419754.7
SCHLOSSER SA             SCHON BZ    46981417.3     -55419754.7
SCHLOSSER-PREF           SCLO4 BZ    46981417.3     -55419754.7
SCHLOSSER SA-PRF         SCHPN BZ    46981417.3     -55419754.7
KARSTEN SA               CTKA3 BZ     174656858     -10482924.6
KARSTEN                  CTKON BZ     174656858     -10482924.6
KARSTEN-PREF             CTKA4 BZ     174656858     -10482924.6
KARSTEN-PREF             CTKPN BZ     174656858     -10482924.6
COBRASMA                 CBMA3 BZ    68585867.9     -2324358597
COBRASMA SA             COBRON BZ    68585867.9     -2324358597
COBRASMA-PREF            CBMA4 BZ    68585867.9     -2324358597
COBRASMA SA-PREF        COBRPN BZ    68585867.9     -2324358597
D H B                    DHBI3 BZ    94806424.1      -188014922
DHB IND E COM            DHBON BZ    94806424.1      -188014922
D H B-PREF               DHBI4 BZ    94806424.1      -188014922
DHB IND E COM-PR         DHBPN BZ    94806424.1      -188014922
DOCA INVESTIMENT         DOCA3 BZ     187044412      -204249587
DOCAS SA                DOCAON BZ     187044412      -204249587
DOCA INVEST-PREF         DOCA4 BZ     187044412      -204249587
DOCAS SA-PREF           DOCAPN BZ     187044412      -204249587
DOCAS SA-RTS PRF         DOCA2 BZ     187044412      -204249587
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
HAGA                     HAGA3 BZ    17930008.8       -31863962
FERRAGENS HAGA          HAGAON BZ    17930008.8       -31863962
FER HAGA-PREF            HAGA4 BZ    17930008.8       -31863962
FERRAGENS HAGA-P        HAGAPN BZ    17930008.8       -31863962
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
IGB ELETRONICA           IGBR3 BZ     307112239     -59872446.9
GRADIENTE ELETR          IGBON BZ     307112239     -59872446.9
GRADIENTE-PREF A         IGBR5 BZ     307112239     -59872446.9
GRADIENTE EL-PRA         IGBAN BZ     307112239     -59872446.9
GRADIENTE-PREF B         IGBR6 BZ     307112239     -59872446.9
GRADIENTE EL-PRB         IGBBN BZ     307112239     -59872446.9
GRADIENTE-PREF C         IGBR7 BZ     307112239     -59872446.9
GRADIENTE EL-PRC         IGBCN BZ     307112239     -59872446.9
HOTEIS OTHON SA          HOOT3 BZ     207664352     -21612890.7
HOTEIS OTHON SA         HOTHON BZ     207664352     -21612890.7
HOTEIS OTHON-PRF         HOOT4 BZ     207664352     -21612890.7
HOTEIS OTHON-PRF        HOTHPN BZ     207664352     -21612890.7
RENAUXVIEW SA            TXRX3 BZ    48951015.5     -73535330.8
TEXTEIS RENAUX          RENXON BZ    48951015.5     -73535330.8
RENAUXVIEW SA-PF         TXRX4 BZ    48951015.5     -73535330.8
TEXTEIS RENAUX          RENXPN BZ    48951015.5     -73535330.8
INEPAR                   INEP3 BZ    1191789041      -214360998
INEPAR SA               INPRON BZ    1191789041      -214360998
INEPAR-PREF              INEP4 BZ    1191789041      -214360998
INEPAR SA-PREF          INPRPN BZ    1191789041      -214360998
INEPAR-COM DVD          INEP11 BZ    1191789041      -214360998
INEPAR BONUS B          INEP12 BZ    1191789041      -214360998
INEPAR-PRF DVD          INEP13 BZ    1191789041      -214360998
PARMALAT                 LCSA3 BZ     388720096      -213641152
PARMALAT BRASIL         LCSAON BZ     388720096      -213641152
PADMA INDUSTRIA          LCSA4 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
MANGELS INDL             MGEL3 BZ     176399866     -61689625.2
MANGELS INDL SA         MISAON BZ     176399866     -61689625.2
MANGELS INDL-PRF         MGEL4 BZ     176399866     -61689625.2
MANGELS INDL-PRF        MISAPN BZ     176399866     -61689625.2
ESTRELA SA               ESTR3 BZ     101429217      -112373470
ESTRELA SA              ESTRON BZ     101429217      -112373470
ESTRELA SA-PREF          ESTR4 BZ     101429217      -112373470
ESTRELA SA-PREF         ESTRPN BZ     101429217      -112373470
MET DUQUE                DUQE3 BZ    75039127.4     -2847420.37
MET DUQUE                MDUON BZ    75039127.4     -2847420.37
MET DUQUE-PREF           DUQE4 BZ    75039127.4     -2847420.37
MET DUQUE-PREF           MDUPN BZ    75039127.4     -2847420.37
WETZEL SA                MWET3 BZ      85449973     -19170318.6
WETZEL SA               MWELON BZ      85449973     -19170318.6
WETZEL SA-PREF           MWET4 BZ      85449973     -19170318.6
WETZEL SA-PREF          MWELPN BZ      85449973     -19170318.6
MINUPAR                  MNPR3 BZ    76619687.5     -91780261.5
MINUPAR SA              MNPRON BZ    76619687.5     -91780261.5
MINUPAR-PREF             MNPR4 BZ    76619687.5     -91780261.5
MINUPAR SA-PREF         MNPRPN BZ    76619687.5     -91780261.5
NOVA AMERICA SA         NOVA3B BZ    21287488.9      -183535526
NOVA AMERICA SA         NOVAON 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
NOVA AMERICA SA         1NOVON BZ    21287488.9      -183535526
RECRUSUL                 RCSL3 BZ    25757600.8     -21626049.7
RECRUSUL SA             RESLON BZ    25757600.8     -21626049.7
RECRUSUL-PREF            RCSL4 BZ    25757600.8     -21626049.7
RECRUSUL SA-PREF        RESLPN BZ    25757600.8     -21626049.7
PETRO MANGUINHOS         RPMG3 BZ     140957879      -410925540
PETRO MANGUINHOS        MANGON BZ     140957879      -410925540
PET MANGUINH-PRF         RPMG4 BZ     140957879      -410925540
PETRO MANGUIN-PF        MANGPN BZ     140957879      -410925540
RIMET                    REEM3 BZ     103098359      -185417651
RIMET                   REEMON BZ     103098359      -185417651
RIMET-PREF               REEM4 BZ     103098359      -185417651
RIMET-PREF              REEMPN BZ     103098359      -185417651
SANSUY                   SNSY3 BZ     164647493      -171565662
SANSUY SA               SNSYON BZ     164647493      -171565662
SANSUY-PREF A            SNSY5 BZ     164647493      -171565662
SANSUY SA-PREF A        SNSYAN BZ     164647493      -171565662
SANSUY-PREF B            SNSY6 BZ     164647493      -171565662
SANSUY SA-PREF B        SNSYBN BZ     164647493      -171565662
SNIAFA SA                 SNIA AR    11229696.2     -2670544.86
SNIAFA SA-B              SNIA5 AR    11229696.2     -2670544.86
PILMAIQUEN             PILMAIQ CI     169175281     -28425493.1
BOTUCATU TEXTIL          STRP3 BZ    27663605.3     -7174512.12
STAROUP SA              STARON BZ    27663605.3     -7174512.12
BOTUCATU-PREF            STRP4 BZ    27663605.3     -7174512.12
STAROUP SA-PREF         STARPN BZ    27663605.3     -7174512.12
TECTOY                   TOYB3 BZ    27114628.6     -8215580.95
TECTOY SA               TOYBON BZ    27114628.6     -8215580.95
TECTOY-PREF              TOYB4 BZ    27114628.6     -8215580.95
TECTOY SA-PREF          TOYBPN BZ    27114628.6     -8215580.95
TEC TOY SA-PREF          TOYB5 BZ    27114628.6     -8215580.95
TEC TOY SA-PF B          TOYB6 BZ    27114628.6     -8215580.95
TECTOY                  TOYB13 BZ    27114628.6     -8215580.95
TECTOY-RCPT PF B        TOYB12 BZ    27114628.6     -8215580.95
TEKA                     TEKA3 BZ     313948165      -395261073
TEKA                    TEKAON BZ     313948165      -395261073
TEKA-PREF                TEKA4 BZ     313948165      -395261073
TEKA-PREF               TEKAPN BZ     313948165      -395261073
TEKA-ADR                 TKTPY US     313948165      -395261073
TEKA-ADR                 TKTQY US     313948165      -395261073
F GUIMARAES              FGUI3 BZ    11016542.2      -151840378
FERREIRA GUIMARA        FGUION BZ    11016542.2      -151840378
F GUIMARAES-PREF         FGUI4 BZ    11016542.2      -151840378
FERREIRA GUIM-PR        FGUIPN BZ    11016542.2      -151840378
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
WIEST                    WISA3 BZ    34107195.1      -126993682
WIEST SA                WISAON BZ    34107195.1      -126993682
WIEST-PREF               WISA4 BZ    34107195.1      -126993682
WIEST SA-PREF           WISAPN BZ    34107195.1      -126993682
ELEC ARG SA-PREF         EASA6 AR     948261051      -148983927
ELEC ARGENT-ADR           EASA LX     948261051      -148983927
ELEC DE ARGE-ADR         1262Q US     948261051      -148983927
LOJAS ARAPUA             LOAR3 BZ    37959788.7     -3613691912
LOJAS ARAPUA            LOARON BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF         LOAR4 BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF        LOARPN BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF        52353Z US    37959788.7     -3613691912
LOJAS ARAPUA-GDR         3429T US    37959788.7     -3613691912
LOJAS ARAPUA-GDR         LJPSF US    37959788.7     -3613691912
BATTISTELLA              BTTL3 BZ     120474772     -21271905.1
BATTISTELLA-PREF         BTTL4 BZ     120474772     -21271905.1
HOPI HARI SA             PQTM3 BZ     129077627     -2031408.69
HOPI HARI-PREF           PQTM4 BZ     129077627     -2031408.69
PARQUE TEM-DV CM          PQT5 BZ     129077627     -2031408.69
PARQUE TEM-DV PF          PQT6 BZ     129077627     -2031408.69
PARQUE TEM-RT CM         PQTM1 BZ     129077627     -2031408.69
PARQUE TEM-RT PF         PQTM2 BZ     129077627     -2031408.69
PARQUE TEM-RCT C         PQTM9 BZ     129077627     -2031408.69
PARQUE TEM-RCT P        PQTM10 BZ     129077627     -2031408.69
INVERS ELEC BUEN          IEBA AR     239575758     -28902145.8
NEWTEL PARTICIPA        NEWT3B BZ    10517157.2     -10542831.7
NEWTEL PARTICIPA        1NEWON BZ    10517157.2     -10542831.7
MMX MINERACAO            MMXM3 BZ    1223308090      -312940530
TRESSEM PART SA         1TSSON BZ    1223308090      -312940530
CIA PETROLIFERA         MRLM3B BZ     377592596      -3014215.1
CIA PETROLIF-PRF        MRLM4B BZ     377592596      -3014215.1
CIA PETROLIFERA         1CPMON BZ     377592596      -3014215.1
CIA PETROLIF-PRF        1CPMPN BZ     377592596      -3014215.1
PUYEHUE                  PUYEH CI      17878064     -7344408.97
IMPSAT FIBER NET         IMPTQ US     535007008       -17164978
IMPSAT FIBER NET       330902Q GR     535007008       -17164978
IMPSAT FIBER NET         XIMPT SM     535007008       -17164978
IMPSAT FIBER-CED          IMPT AR     535007008       -17164978
IMPSAT FIBER-C/E         IMPTC AR     535007008       -17164978
IMPSAT FIBER-$US         IMPTD AR     535007008       -17164978
IMPSAT FIBER-BLK         IMPTB AR     535007008       -17164978
VARIG PART EM TR         VPTA3 BZ    49432119.3      -399290357
VARIG PART EM-PR         VPTA4 BZ    49432119.3      -399290357
VARIG PART EM SE         VPSC3 BZ      83017828      -495721697
VARIG PART EM-PR         VPSC4 BZ      83017828      -495721697


                            ***********


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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