/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/131121.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 Thursday, November 21, 2013, Vol. 14, No. 231 Headlines A R G E N T I N A ARGENTINA: Loses Bid for Full Rehearing of Bonds Appeal EDENOR SA: Incurs Ps. 512.3 Million Net Loss in Third Quarter * ARGENTINA: Replaces Economy Minister, Central Bank President B E R M U D A ENERGY XXI (BERMUDA): Fitch Cuts Issuer Default Rating to 'B' B R A Z I L OGX PETROLEO: Petronas Abandons Firm as Martelo Project Backer OSX BRASIL: BNDES Won't Extend US$228 Million Loan C A Y M A N I S L A N D S CASPIAN CAPITAL: Shareholders' Final Meeting Set for Nov. 27 CENTENNIAL CBO: Commences Liquidation Proceedings DIAMOND FINANCE: Commences Liquidation Proceedings FAXTOR HG 2007-1: Commences Liquidation Proceedings FRANKLIN CLO I: Commences Liquidation Proceedings HEMISPHERE CDO: Commences Liquidation Proceedings IRONWOOD LTD: Creditors' Proofs of Debt Due Dec. 3 PEGASUS FUND: Creditors' Proofs of Debt Due Nov. 25 REGAL NATURAL: Creditors' Proofs of Debt Due Dec. 4 SV SPECIAL: Creditors' Proofs of Debt Due Nov. 25 THE INVESTCORP: Creditors' Proofs of Debt Due Dec. 5 VINCENT INVESTMENT: Creditors' Proofs of Debt Due Dec. 1 C O L O M B I A * COLOMBIA: To Get $20MM IDB Loan to Support Brilla Program D O M I N I C A N R E P U B L I C * DOMINICAN REP: Gets Nearly US$1.5B Foreign Investment in 1stHalf N I C A R A G U A * NICARAGUA: To Get $45 Million Package for Electricity Sector X X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A R G E N T I N A ================= ARGENTINA: Loses Bid for Full Rehearing of Bonds Appeal ------------------------------------------------------- Bob Van Voris at Bloomberg News reports that Argentina lost its bid for a rehearing of a federal appeals court ruling against it in litigation over $1.5 billion in the nation's defaulted bonds. The U.S Court of Appeals for the Second Circuit in Manhattan on Nov. 18 rejected Argentina's request that a larger panel of circuit judges reconsider a decision that a three-judge panel reached in August, according to Bloomberg News. Bloomberg News relates that the three judges upheld a lower-court injunction barring Argentina from paying holders of its restructured debt if it fails to pay a group of investors that hold defaulted bonds, led by Elliott Management Corp.'s NML Capital and Aurelius Capital Management LP. The ruling leaves a possible appeal to the U.S. Supreme Court as Argentina's last chance at reversing a decision it said threatens the country with a new default, Bloomberg News notes. The appeals court delayed enforcement of the August ruling, allowing Argentina to continue paying holders of its restructured debt while it seeks Supreme Court review, Bloomberg News relays. Argentina in 2001 defaulted on a record $95 billion of foreign debt. Holders of more than 90 percent of the bonds agreed to take new exchange bonds in 2005 and 2010, at a deep discount, Bloomberg News says. The court also denied requests by groups holding restructured bonds to reconsider the case, Bloomberg News adds. Won't Comply Bloomberg News says that a lawyer for Argentina told the three- judge panel in February that the country "won't voluntarily comply" with a ruling forcing it to pay in full the holders of defaulted bonds. The decision "further demonstrates that Argentina's arguments that it cannot keep its promises to U.S. investors and obey lawful orders of U.S. courts are based on nothing more than unfounded speculation and hyperbole," Theodore Olson, a lawyer for NML, said in a statement obtained by Bloomberg News. The ruling "only reinforces that Argentina's self-serving pleas do not warrant the Supreme Court's attention," Bloomberg News notes. The lower court case is NML Capital Ltd. v. Republic of Argentina, 08-cv-06978, U.S. District Court, Southern District of New York (Manhattan). The appeal is NML Capital Ltd. v. Republic of Argentina, 12-00105, U.S. Court of Appeals for the Second Circuit (New York). EDENOR SA: Incurs Ps. 512.3 Million Net Loss in Third Quarter ------------------------------------------------------------- Edenor SA reported that net loss increased Ps. 235.2.million, to a loss of Ps. 512.3 million in the third quarter of 2013 from a loss of Ps. 277.1 million in the same period of 2012, mainly due to the increase in costs, exchange differences of Ps. 80.7 million and commercial interests accrued to CAMMESA of Ps. 188.6 million partially offset by Aeseba's Sale Trust repurchase of Edenor Notes due 2017 and 2022 of Ps. 21.9 million and positive inflow of Ps. 153.5 million in income tax. The Company's balance sheet at Sept. 30, 2013, showed Ps. 7.46 billion in total assets, Ps. 6.26 billion in total liabilities and Ps. 1.20 billion in total equity. The Company's Board of Directors held a meeting on Nov. 6, 2013, at which the following documents were approved: Condensed Statement of Financial Position, Condensed Statement of Comprehensive Income, Condensed Statement of Changes in Equity, Condensed Statement of Cash Flows, Notes and Exhibits to the Financial Statements -all of them Separate and Consolidated-, Informative Summary and the information required by section 68 of the aforementioned regulations, relating to the nine-month interim period ended Sept. 30, 2013. A copy of the Quarterly Report is available for free at: http://is.gd/tNBfqZ Director Accepts Appointment Edenor received a letter from Mr. Eduardo Endeiza accepting his appointment as Regular Director to replace Mrs. Patricia Charvay, who timely tendered her resignation. Mr. Endeiza was appointed as Alternate Director by the Ordinary and Extraordinary General Shareholders' Meeting held on April 25, 2013. About Edenor Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN; Buenos Aires Stock Exchange: EDN) is the largest electricity distribution company in Argentina in terms of number of customers and electricity sold (both in GWh and Pesos). Through a concession, Edenor distributes electricity exclusively to the northwestern zone of the greater Buenos Aires metropolitan area and the northern part of the city of Buenos Aires. Edenor S.A. disclosed a loss of ARS1.01 billion on ARS3.72 billion of revenue from sales for the year ended Dec. 31, 2012, as compared with a net loss of ARS291.38 million on ARS2.80 billion of revenue from sales for the year ended Dec. 31, 2011. * ARGENTINA: Replaces Economy Minister, Central Bank President -------------------------------------------------------------- Camila Russo at Bloomberg News reports that Argentine President Cristina Fernandez de Kirchner changed her Economy Minister and Central Bank President on her first day back to work following head surgery on Oct. 8. Presidential spokesman Alfredo Scoccimarro said Deputy Economy Minister Axel Kicillof will replace Hernan Lorenzino as minister while Carlos Fabrega will become the new central bank chief in place of Mercedes Marco del Pont, according to Bloomberg News. Ms. Fernandez also named Jorge Capitanich, the governor of Chaco province, her new Cabinet Chief. Bloomberg News notes that while Argentina posted 8.3 percent economic growth in the second quarter from a year earlier, the nation has an estimated annual inflation rate of about 26 percent and has lost $11 billion of international reserves this year. Ms. Fernandez's government has also struggled to close a widening gap between the official exchange rate of 6 pesos per dollar and a black market where Argentines pay as much as 9.87 to obtain foreign currency due to restrictions imposed since her re-election in 2011, Bloomberg News relates. Mr. Lorenzino, who had been Economy Minister since 2011, will head a newly created entity called the Executive Restructuring Unit to oversee attempts at resolving the nation's legal conflict with holdout creditors, according to the statement obtained by Bloomberg News. Mr. Fabrega was previously head of the state-run bank Banco de la Nacion Argentina. Ms. Fernandez also named Carlos Casamiquela as the new Agriculture Minister. ============= B E R M U D A ============= ENERGY XXI (BERMUDA): Fitch Cuts Issuer Default Rating to 'B' ------------------------------------------------------------- Fitch Ratings has taken the following ratings actions: Energy XXI (EXXI) Gulf Coast (Delaware): -- Issuer Default Rating (IDR) affirmed at 'B+'; -- Senior secured revolver affirmed at 'BB+'/RR1; -- Senior unsecured notes affirmed at 'B+/RR4. Energy XXI (Bermuda): -- IDR downgraded to 'B' from 'B+'; -- Convertible perpetual preferreds downgraded to 'CCC+/RR6' from 'B-/RR6'; -- Convertible notes assigned initial rating of 'B/RR4'(exp). Approximately $1.67 billion in debt is impacted by rating decision, excluding issuance. The Outlooks for both Energy XXI Gulf Coast and Energy XXI Bermuda are Stable. The senior convertible notes are due Dec. 15, 2018 and may be optionally redeemed by the purchaser prior to maturity under certain conditions. The notes are guaranteed only by EXXI Bermuda and are therefore structurally subordinated to obligations at EXXI Gulf Coast. Net proceeds from the issuance will be used for general corporate purposes, which may include working capital, capital expenditures, or acquisitions. In addition, concurrent with the offering, the company intends to repurchase up to $100 million in common stock from revolver borrowings. Key Ratings Drivers: Energy XXI's ratings are supported by the company's increased size and scale following property acquisitions and a robust organic drilling program; high exposure to liquids, composed mostly of higher-value black oil linked to waterborne grade pricing; historically strong production economics and cash generation; balanced acquisition funding; operator status on a majority of its properties; and the short-term cash flow protections of its hedging position. Ratings issues for bondholders include the notable increase in the company's leverage seen over the last few quarters including the pending notes issuance; the company's status as a small offshore GoM producer; lack of basin diversification; a relatively flat production outlook over the next few years; increasing structural subordination at EXXI Bermuda; and exposure to the riskier ultra- deep shelf exploration program. Increase in 2013 Reserves: EXXI reported a large (50%) increase in audited proven (1p) reserves at June 30, 2013, resulting in a 2013 reserve replacement ratio of 393% on an organic basis, and 475% on an all-in basis, as calculated by Fitch. Total 1p reserves climbed to 179 million boe from 119 million boe the year prior, comprised primarily of extensions and discoveries (62 million boe), and to a lesser degree acquisitions (13 million boe). A significant driver of the increase was the company's horizontal drilling program in the GoM, which consists of short laterals (<1000 feet) drilled in EXXI's mature offshore properties. Fitch would note that there is a sizable backlog of such drilling opportunities across EXXI's portfolio. Rising Debt Restricts Headroom: As calculated by Fitch, EXXI's debt with equity credit (which includes a 50% weighting for the company's preferreds) rose to $1.67 billion at Sept. 30, 2013 versus $1.49 billion at June 30, 2013, and just $1.14 billion at June 30, 2012. This is set to rise further with the company's pending issuance. Fitch anticipates total debt with equity credit for the company will reach just over $2.0 billion, and pro forma debt/EBITDA will climb to over 2.2x. As a result, credit metrics are weak for the current rating category and there is expected to be little headroom at the current rating level. Fitch anticipates the company will be approximately FCF neutral in 2014 as capex is set to drop to $660 million. Fitch believes the company has reasonable capex flexibility within that number. Increasing Subordination at Exxi Bermuda: The downgrade of EXXI Bermuda's IDR was driven by recognition of the significant legal separations between the stronger EXXI Gulf Coast subsidiary (which houses most of the corporation's assets and cash flows) and the weaker EXXI Bermuda parent (which depends on distributions from EXXI Gulf Coast), and the increased structural subordination that would arise from issuing additional securities at the weaker Bermuda parent. Fitch would note that despite reasonably strong operational ties, the legal separations between EXXI Gulf coast and Bermuda are significant and include restrictions on dividend payments from Gulf Coast to the parent; a lack of guarantees from the subsidiary up to the parent; and separate legal jurisdictions(Bermuda vs. the US). Fitch would also note that potential future international investments recently identified by management at its Analyst Day are likely to be funded at the Bermuda level for tax efficiency reasons. As a result, if international expansions move ahead, we anticipate that the amount of debt and securities issued at Bermuda is likely to go up, which would further structurally subordinate securities issued at Bermuda. Limited Ultra Deep Shelf Commitment: It is important to note that the company's 2013 reserve and production figures exclude the impacts of the ultra-deep shelf program, which Fitch anticipates should begin to be booked despite ongoing delays at the Davy Jones #1 well. EXXI has participated in eight ultra-deep shelf wells to date with participation levels of 9 - 20%. The company seeks to limit its total exposure to these projects to less than 10% of expected cash flow in any one year, and EXXI's strategy has been to fund this higher risk exploration drilling with lower risk drilling prospects across the rest of its portfolio. Total investments at June 30, 2013 were limited and included Davy Jones #1 and #2 ($147 million), Blackbeard East ($51 million), Lafitte ($40 million), Blackbeard West #1 and #2 ($57 million), Lineham Creek ($17 million), and Lomond North ($21 million). Liquidity: EXXI's liquidity was good at September 30, 2013, and included availability on its main revolver of approximately $841 million after borrowings of $21 million and LoCs of $225 million. The revolver, which expires in April 2018, is secured by a borrowing base linked to at least 85% of the company's proven properties. Similar to other borrowing-based revolvers, the base periodically resizes in line with the underlying value of the collateral. Key revolver covenants include maximum leverage of 3.5x; minimum interest coverage of 3.0x; and a minimum current ratio of 1.0x, as well as change of control provisions and restricted payments. The company had ample headroom on all covenants at September 30, 2013. Restrictions on dividends from EXXI gulf coast to its Bermuda parent were recently loosened to include $350 million per year, subject to liquidity and minimum cumulative consolidated net income tests. EXXI's other maturities are light, with the no major bonds maturities due over the next three years. Recovery Rating: Fitch's Recovery Rating (RR) of '1' on EXXI's secured revolving credit facility indicates outstanding recovery prospects (91% - 100%) for holders of this debt. The revolver is secured by at least 85% of the total value of proven reserves of the company and its subsidiaries. The RR for EXXI's senior unsecured notes of '4' indicates average recovery prospects for holders of these issues, while the RR of EXXI's junior securities of '6' indicates poor recovery prospects for these securities. Other Liabilities: EXXI's other liabilities are manageable. The company's Asset Retirement Obligation (ARO) dropped to $287.8 million at June 30, 2013 from $301.4 million the year prior. EXXI recently provided a guarantee to its 20% joint venture M21k for the payment of that company's ARO ($65 million) and other liabilities ($1.8 million) in exchange for a $6.3 million payment from M21k. EXXI hedges a significant portion of its expected output using a range of instruments; including swaps, collars, 3-way collars, and puts. At June 30, 2013, the company had no collateral posted with counterparties and had a net derivative asset of approximately $60.28 million. Other obligations were limited at June 30, 2013, and included undiscounted operating lease payments of $16.04 million, and rig commitments of $107.6 million. Ratings Sensitivities: Positive: Future developments that may lead to positive rating actions include: -- Increased size, scale and portfolio diversification, accompanied by sustained improvement in debt/boe metrics; -- A demonstrated managerial commitment to lower debt levels. Negative: Future developments that could lead to negative rating action include: -- Increase in debt/boe metrics from current elevated levels; -- A change in philosophy on the use of balance sheet; -- A major operational issue such as a well blowout or extensive facility damage not covered by existing insurance; -- A sustained collapse in oil prices without other adjustments to capex. =========== B R A Z I L =========== OGX PETROLEO: Petronas Abandons Firm as Martelo Project Backer -------------------------------------------------------------- Peter Millard and Juan Pablo Spinetto at Bloomberg News report that OGX Petroleo & Gas Participacoes SA said it lost Malaysia's Petroliam Nasional Bhd. (Petronas) as a financial backer for its most promising field. Bloomberg News relates that Petronas canceled a contract to buy a 40 percent stake in two offshore exploration blocks that include the Tubarao Martelo field. Bloomberg News notes that the company, controlled by former billionaire Eike Batista, said it's studying legal options. OGX was counting on $850 million from the Petronas sale to develop the Martelo field where it plans to start output this year, according to Bloomberg News. The company, which expects to run out of cash in the last week of December, needs about $250 million to sustain operations through April, it said in an Oct. 23 presentation to Rothschild, the adviser hired by its bondholders, Bloomberg News notes. Bloomberg News relates that Petronas had set as a pre-condition to the Martelo deal that OGX restructure its debt, Shamsul Azhar Abbas, chief executive officer of Malaysia's state energy company, said in August. A press official for OGX, who asked not to be named according to corporate policy, said the company still plans to start producing at Martelo this year, Bloomberg News adds. About OGX Petroleo Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes S.A. is an independent exploration and production company with operations in Latin America. OGX filed for bankruptcy in a business tribunal in Rio de Janeiro on Oct. 30. The bankruptcy filing puts $3.6 billion of dollar bonds into default in the largest corporate debt debacle on record in Latin America. The filing by the oil company that transformed Eike Batista into Brazil's richest man followed a 16-month decline that wiped out more than $30 billion of his personal fortune. The filing, which in Brazil is called a judicial recovery, follows months of negotiations to restructure the dollar bonds, in which OGX sought to convert debt to equity and secure as much as $500 million in new funds. OGX said Oct. 29 that the talks concluded without an agreement. The company's cash fell to about $82 million at the end of September, not enough to sustain operations further than December. OSX BRASIL: BNDES Won't Extend US$228 Million Loan -------------------------------------------------- Luciana Magalhaes and Jeffrey T. Lewis at Daily Bankruptcy Review report that Banco Nacional de Desenvolvimento Economico e Social, (BNDES) has decided not to grant a further extension on a $228 million loan to struggling naval construction company OSX Brasil SA, a person familiar with the situation said. As reported in the Troubled Company Reporter-Latin America on Nov. 12, 2013, The Wall Street Journal said OSX Brasil SA filed for bankruptcy protection, the second such filing for a commodities empire that crumbled this year as losses piled up and investor confidence plummeted. The move on Nov. 11 at a Rio de Janeiro court follows a default and bankruptcy filing last month for Mr. Batista's flagship oil firm OGX Petroleo e Gas Participacoes SA, according to the WSJ report. The firm went public in 2008 for $4.1 billion but failed to produce nearly any of the up to 10.8 billion barrels it claimed to have. Recently, OGX declared several of its once promising fields were actually duds. OSX Brasil SA is a shipbuilder controlled by billionaire Eike Batista. ========================== C A Y M A N I S L A N D S ========================== CASPIAN CAPITAL: Shareholders' Final Meeting Set for Nov. 27 ------------------------------------------------------------ The shareholders of Caspian Capital Partners International, Ltd will hold their final meeting on Nov. 27, 2013, at 3:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands CENTENNIAL CBO: Commences Liquidation Proceedings ------------------------------------------------- On Oct. 24, 2013, the shareholders of Centennial CBO, Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands DIAMOND FINANCE: Commences Liquidation Proceedings -------------------------------------------------- On Oct. 24, 2013, the shareholders of Diamond Finance International Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands FAXTOR HG 2007-1: Commences Liquidation Proceedings --------------------------------------------------- On Oct. 24, 2013, the shareholders of Faxtor HG 2007-1 resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands FRANKLIN CLO I: Commences Liquidation Proceedings ------------------------------------------------- On Oct. 24, 2013, the shareholders of Franklin CLO I, Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands HEMISPHERE CDO: Commences Liquidation Proceedings ------------------------------------------------- On Oct. 24, 2013, the shareholders of Hemisphere CDO (Cayman Islands No.1) Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: David Dyer Deutsche Bank (Cayman) Limited PO Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue Grand Cayman KY1-1104 Cayman Islands IRONWOOD LTD: Creditors' Proofs of Debt Due Dec. 3 -------------------------------------------------- The creditors of Ironwood Ltd. are required to file their proofs of debt by Dec. 3, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 21, 2013. The company's liquidator is: Buchanan Limited c/o Allison Kelly Telephone: (345) 949-0355 Facsimile: (345) 949-0360 P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands PEGASUS FUND: Creditors' Proofs of Debt Due Nov. 25 --------------------------------------------------- The creditors of Pegasus Fund Limited are required to file their proofs of debt by Nov. 25, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 17, 2013. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands REGAL NATURAL: Creditors' Proofs of Debt Due Dec. 4 --------------------------------------------------- The creditors of Regal Natural Resources Fund are required to file their proofs of debt by Dec. 4, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 18, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943-3100 SV SPECIAL: Creditors' Proofs of Debt Due Nov. 25 ------------------------------------------------- The creditors of SV Special Gold Ltd. are required to file their proofs of debt by Nov. 25, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 16, 2013. The company's liquidator is: Ogier c/o Kellian Hutchinson Telephone: (345) 815-1418 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands THE INVESTCORP: Creditors' Proofs of Debt Due Dec. 5 ---------------------------------------------------- The creditors of The Investcorp Index-Linked Product SPC are required to file their proofs of debt by Dec. 5, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 21, 2013. The company's liquidator is: Mufeed Rajab c/o Evania Ebanks Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands VINCENT INVESTMENT: Creditors' Proofs of Debt Due Dec. 1 -------------------------------------------------------- The creditors of Vincent Investment Properties Ltd. are required to file their proofs of debt by Dec. 1, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 17, 2013. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Evania Ebanks Telephone: (345) 949-5122 Facsimile: (345) 949-7920 Paget-Brown Trust Company Ltd. Boundary Hall, Cricket Square P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands =============== C O L O M B I A =============== * COLOMBIA: To Get $20MM IDB Loan to Support Brilla Program ----------------------------------------------------------- With a loan of $20 million from the Inter-American Development Bank (IDB), up to 1.4 million families will benefit from expanded access to credit for the purchase of household appliances, school supplies and financing for technical education in Colombia. The objective of the program is to scale up the non-bank financing program Brilla, developed by PROMIGAS, S.A., which provides an unconventional, innovative platform based on the company's network of gas consumers to increase access to financial services. Through the program, natural gas consumers with good payment histories can access financing for a variety of goods and services that will improve the quality of life for their families. The loan targets low-income residents of the Atlantic and Pacific regions of Colombia living on between $4 and $10 per day. Known as the base of the pyramid, this segment of the population is noted not only for financial exclusion, but also for lower levels of education, a high degree of informality in the workplace and substantially higher rates of interest when able to access credit. A key challenge in the Colombian finance sector is not just banking greater numbers of the overall population, but also creating long-term relationships with clients so as to promote their continued presence in the financial system and timely access to suitable financial products. =================================== D O M I N I C A N R E P U B L I C =================================== * DOMINICAN REP: Gets Nearly US$1.5B Foreign Investment in 1stHalf ------------------------------------------------------------------ Dominican Today report that the direct foreign investment during the first half of 2013 was nearly US$1.5 billion, a significant growth over the average of the last five years, said Export and Investment Center (CEI-RD) director Jean Alain Rodriguez on Nov. 14. Mr. Rodriguez forecasts that foreign investment's continued growth will create around 108,700 jobs during the next three years, or 27% of the Government's projection, according to Dominican Today. The report notes that Mr. Rodriguez said there has been a notable diversification of the investment areas. "This year will be one of the best in foreign investment. Our country offers a wide range of opportunities to invest, focusing investment in recent years in the tourism, real estate, financial, mining, telecommunications, electricity, services and free zone sectors," the report quoted Mr. Rodriguez as saying. ================= N I C A R A G U A ================= * NICARAGUA: To Get $45 Million Package for Electricity Sector -------------------------------------------------------------- The Inter-American Development Bank (IDB) has approved a $45 million loan aimed at enhancing the financial and operational sustainability of the electricity sector in Nicaragua. With this package Nicaragua will improve the energy sector management and support steps to create a sustainable energy grid by promoting renewable energy sources, private investment and energy efficiency. The project will seek to identify obstacles and solutions for entering the national electricity market, encourage improvements in new-generation contracting processes so as to stimulate competition and private investment through a legal framework with clearly defined rules. The goal is to achieve prices that reduce rates for consumers. The cost of supplying electricity in Nicaragua is now one of the highest in Central America, with an average rate of $20.27 per kilowatt hour (kWh). Nicaragua will be able to improve the quality of utility service and control over supplies, normalization and formalization of customers. It will also reduce the frequency of cuts in service, gaps in distribution and energy consumption by implementing an efficient energy policy. The IDB financing will support the integration of regional electrical grids with the goal of increasing exchanges among countries connected to the Electrical Interconnection System (SIEPAC in Spanish). The loan is composed of $22.5 million from the Fund for Special Operations with a grace period of 40 years and an interest rate of 0.25 per cent, plus $22.5 million in ordinary capital over 30 years, with a grace period of 5.5 years and a fixed uni-monetary interest rate. ================= X X X X X X X X X ================= * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Dec. 2, 2013 BEARD GROUP, INC. 19th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York, N.Y. Contact: 240-629-3300 or http://bankrupt.com/ Dec. 5-7, 2013 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Terranea Resort, Rancho Palos Verdes, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ *********** 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. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. 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, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2013. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-241-8200. * * * End of Transmission * * *