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/raid1/www/Hosts/bankrupt/TCRLA_Public/140724.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, July 24, 2014, Vol. 15, No. 145 Headlines A R G E N T I N A ARGENTINA: Default Would Deepen Recession, Centennial Says ARGENTINA: Judge Orders Country and Funds to Negotiate B E R M U D A TEEKAY CORP: Moody's Affirms 'B1' Corporate Family Rating C A Y M A N I S L A N D S JADE LIMITED: Creditors' Proofs of Debt Due Aug. 12 MADISON NICHE: Creditors' Proofs of Debt Due Aug. 15 MADISON NICHE ASSETS: Creditors' Proofs of Debt Due Aug. 15 MADISON NICHE MASTER: Creditors' Proofs of Debt Due Aug. 15 MADISON NICHE OPPORTUNITIES: Creditors' Proofs of Debt Due Aug. 15 MAO HOLDINGS: Court to Hear Wind-Up Petition on Aug. 5 UNITED TRADES: Placed Under Voluntary Wind-Up VIP LLC: Creditors' Proofs of Debt Due Aug. 5 VITAN CAPITAL: Creditors' Proofs of Debt Due Aug. 4 XENOLITH LIMITED: Creditors' Proofs of Debt Due Aug. 12 C H I L E LATAM AIRLINES: Slumps as BofA Lowers Stock to Equivalent of Hold D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: Funds Cassava Growers; Expect Prosperity J A M A I C A RITZ CARLTON: Scheduled to Open in November as Hyatt Ziva Hotel P E R U INRETAIL SHOPPING: Fitch Rates Local Currency Unsec. Notes BB(Exp) INRETAIL SHOPPING: Moody's Rates Local Sr. Unsecured Bonds 'Ba2' T R I N I D A D & T O B A G O PETROTRIN: Otaheite Fisherfolk Association Members Demand Payment - - - - - ================= A R G E N T I N A ================= ARGENTINA: Default Would Deepen Recession, Centennial Says ---------------------------------------------------------- Katia Porzecanski at Bloomberg News reports that a failure by Argentina to avoid a second default in 13 years will deepen the recession, fuel inflation and prompt a selloff in the peso, according to Claudio Loser, a former International Monetary Fund director. Demand for dollars will surge as Argentines flee to a safer currency, Mr. Loser, the head of research firm Centennial Group Latin America, said on a conference call, according to Bloomberg News. The slump in South America's second-biggest economy, which contracted 0.2 percent in the first quarter, will extend, Mr. Loser said, Bloomberg News notes. Argentina has until July 30 to settle a lawsuit with disgruntled bondholders from the nation's last default in 2001 before the dispute triggers a new default on restructured debt, Bloomberg News discloses. The creditors, led by hedge fund Elliott Management Corp., won a court order that forces Argentina to pay defaulted bonds in full when it makes payments on performing bonds, Bloomberg News relays. "People will be nervous, people will try to take more money out," said Mr. Loser said, Bloomberg News notes. "The people who will suffer the most are the people that are the more vulnerable, the poor," Mr. Loser added, Bloomberg News relays. A U.S. judge last month blocked a $539 million bond payment because the nation hadn't complied with his orders, reports Bloomberg News. While Argentina has since met twice with a court- appointed mediator in New York, no face-to-face meeting with the defaulted-debt creditors has taken place, notes Bloomberg News. Elliott and Aurelius Capital Management LP say Argentina is refusing to negotiate, while government officials insist that U.S. courts must suspend the effect of the ruling before talks can start, the report relays. Bloomberg News said President Cristina Fernandez de Kirchner, whose second term ends in 2015, dismissed concern earlier that the nation is risking default by not reaching a deal. Holdout Creditors "Only countries that stop paying their debt fall into default," she said at a July 16 summit in Fortaleza, Brazil, note Bloomberg News. "Argentina will keep paying its debt and meeting its obligations." Settling with the holdouts, who rejected the terms of two debt swaps in 2005 and 2010 that imposed losses of 70 percent, will allow the country to save as much as $6 billion per year over the next decade in reduced borrowing costs abroad, Bloomberg News quoted Mr. Loser as saying. Argentines would also stop moving funds offshore and foreign companies will be more willing to reinvest their profits in the country, Mr. Loser said, Bloomberg News relates. Foreign reserves, which are hovering close to an eight-year low, will stabilize and could increase as much as $10 billion over the next year, Mr. Loser added. "I'm still hoping that they're playing a game of poker," Bloomberg News quoted Mr. Loser as saying. "Some people may think that when there's a new government by the end of next year things will move, but that will take time. The damage of not finding a solution now will continue through certainly the early part of any new government that comes in," Mr. Loser said. ARGENTINA: Judge Orders Country and Funds to Negotiate ------------------------------------------------------ Alexandra Stevenson, writing for The New York Times' DealBook, reported that Judge Thomas P. Griesa of the U.S. Federal District Court in Manhattan issued an order directing Argentina and a group of New York hedge funds to meet with a court-appointed mediator "continuously" until the two sides can come to an agreement. According to the report, the order came just a week before Argentina is required to make an interest payment on its restructured bonds. ============= B E R M U D A ============= TEEKAY CORP: Moody's Affirms 'B1' Corporate Family Rating --------------------------------------------------------- Moody's Investors Service affirmed its debt ratings of Teekay Corporation ("Teekay" or "Parent"): B1 Corporate Family and B2 senior unsecured. Moody's also affirmed the SGL-3 Speculative Grade Liquidity rating and changed the rating outlook to stable from negative. Ratings Rationale The change in outlook to stable reflects the progress Moody's expects Teekay to make in the next 18 months towards materially reducing the direct debt at the Teekay Corporation level from what is now about $1.2 billion, as part of realizing Teekay's strategy to become what is effectively an investment holding company. Distributions required from its two MLP subsidiaries, Teekay LNG Partners L.P. ("TGP", not rated) and Teekay Offshore Partners L.P. ("TOO", not rated) and dividends from Teekay Tankers, Inc. ("TNK", not rated), are expected to aggregate in excess of $200 million in 2015 and grow thereafter. On the much lowered debt amounts going forward, these dividends combined with cash and upcoming reductions of conventional tanker operations at the Teekay Corporation level are expected to be sufficient to service the lowered debt. Eliminating the majority of its remaining vessel operations by selling its remaining FPSOs (floating production, storage and off- take vessels) and LNG carriers should occur in the upcoming six to 24 months. The ongoing wind down of in-chartered conventional tankers at above market rates will lower adjusted debt and reduce what has been a significant contributor to the Parent's operating losses of recent years. The backlog of contracted revenues of TOO and TGP support Moody's expectation that the distributions received by Teekay will be sufficient for it to service its debt. Moody's estimates the standalone company's earnings and financial position by deconsolidating the daughter companies' using their publicly-filed financial reports. Funded debt of the Parent approximated $1.2 billion at March 31, 2014, which compared to $6.8 billion of consolidated debt, of which Parent guarantees about $800 million. Current credit metrics of Parent are burdened by the significant debt it incurred for the construction of the Knarr FPSO, which Moody's anticipates will commence revenue service in December 2014 and will be sold to TOO by the end of the second quarter of 2015. Credit metrics in 2014 will remain weak for the assigned rating. Moody's expects debt to decline as the remaining vessel assets are monetized. The B1 rating contemplates that asset sale proceeds at Teekay Corporation will be greater than the associated debt, which will be repaid or transferred to the acquirer upon closing of each disposal transaction. The ratings also contemplate that funded debt of the Parent will not increase as it will no longer use its balance sheet to develop new projects or investments on behalf of its subsidiaries. Moody's expects the subsidiaries, on the other hand, to continue to grow their fleets, which should lead to increased distributions. This will benefit the Parent's credit profile, since it will receive more cash as well as increase the value of its general partner interests in the MLP subsidiaries. There is no upwards pressure on the ratings in the near term. Successful execution of the asset disposal strategy such that Parent sustains its net debt below $300 million could positively pressure the rating as could Debt to EBITDA that approaches 3.5 times. A negative rating action could follow if Teekay does not fully repay or transfer the secured debt associated with each of its vessels upon their disposal. While not expected, a decline of more than $40 million in the annual distributions received by Parent could pressure the rating as could an increase in funded debt should Teekay invest in growth projects. A reduction in Parent's unrestricted cash to below $125 million or the inability of the parent or a subsidiary to timely refinance upcoming maturities could also lead to a negative rating action. Teekay Corporation, a Marshall Islands corporation headquartered in Hamilton, Bermuda, having its main operating office in Vancouver, Canada, operated a fleet of 181 owned or chartered-in crude, refined products, LNG, LPG and FPSO vessels at July 2014, including 23 newbuildings on order or conversions. The principal methodology used in this rating was Global Shipping Industry published in February 2014. Outlook Actions: Issuer: Teekay Corporation Outlook, Changed To Stable From Negative Affirmations: Issuer: Teekay Corporation Speculative Grade Liquidity Rating, Affirmed SGL-3 Corporate Family Rating, Affirmed B1 Senior Unsecured Regular Bond/Debenture Jan 15, 2020, Affirmed B2 ========================== C A Y M A N I S L A N D S ========================== JADE LIMITED: Creditors' Proofs of Debt Due Aug. 12 --------------------------------------------------- The creditors of Jade Limited are required to file their proofs of debt by Aug. 12, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 30, 2014. The company's liquidator is: Christopher Tushingham c/o Wardour Management Services Limited Telephone: (345) 945-3301 Facsimile: (345) 945-3302 P O Box 10147 Grand Cayman KY1-1002 Cayman Islands MADISON NICHE: Creditors' Proofs of Debt Due Aug. 15 ---------------------------------------------------- The creditors of Madison Niche Opportunities Fund Ltd are required to file their proofs of debt by Aug. 15, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 1, 2014. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands MADISON NICHE ASSETS: Creditors' Proofs of Debt Due Aug. 15 ----------------------------------------------------------- The creditors of Madison Niche Assets Fund Ltd are required to file their proofs of debt by Aug. 15, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 1, 2014. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands MADISON NICHE MASTER: Creditors' Proofs of Debt Due Aug. 15 ----------------------------------------------------------- The creditors of Madison Niche Assets Master Fund Ltd are required to file their proofs of debt by Aug. 15, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 1, 2014. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands MADISON NICHE OPPORTUNITIES: Creditors' Proofs of Debt Due Aug. 15 ------------------------------------------------------------------ The creditors of Madison Niche Opportunities Master Fund Ltd are required to file their proofs of debt by Aug. 15, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 1, 2014. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands MAO HOLDINGS: Court to Hear Wind-Up Petition on Aug. 5 ------------------------------------------------------ A petition to wind up the operations of Mao Holdings (Cayman) Limited will be heard before the Law Courts of Grand Cayman on Aug. 5, 2014, at 2:00 p.m. The petition was presented by Schroder & Co Bank AG. Keiran Hutchison and Robin McMahon were also presented in the petition to be the company's liquidators. UNITED TRADES: Placed Under Voluntary Wind-Up --------------------------------------------- At an extraordinary general meeting held on April 14, 2014, the members of United Trades Insurance Company resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Glen Moss c/o Artex Risk Solutions (Cayman) Ltd. The Charles Bldg. 189 N. Church Street, 2nd Floor P.O. Box 32345, George Town, Grand Cayman Cayman Islands KY1-1209 c/o John Pitcairn Telephone: (345) 345-9273 VIP LLC: Creditors' Proofs of Debt Due Aug. 5 --------------------------------------------- The creditors of VIP LLC are required to file their proofs of debt by Aug. 5, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 30, 2014. The company's liquidator is: Takaya Kanamori c/o Maples and Calder Attorneys-at-law 53F, The Center 99 Queen's Road Central Hong Kong VITAN CAPITAL: Creditors' Proofs of Debt Due Aug. 4 --------------------------------------------------- The creditors of Vitan Capital Corporation are required to file their proofs of debt by Aug. 4, 2014, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 30, 2014. The company's liquidator is: Ogier c/o Nicosia Lawson Telephone: (345) 815 1787 Facsimile: (345) 949-9877 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands XENOLITH LIMITED: Creditors' Proofs of Debt Due Aug. 12 ------------------------------------------------------- The creditors of Xenolith Limited are required to file their proofs of debt by Aug. 12, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 2, 2014. The company's liquidator is: Christopher Tushingham c/o Wardour Management Services Limited Telephone: (345) 945-3301 Facsimile: (345) 945-3302 P O Box 10147 Grand Cayman KY1-1002 Cayman Islands ========= C H I L E ========= LATAM AIRLINES: Slumps as BofA Lowers Stock to Equivalent of Hold ----------------------------------------------------------------- Jenna M. Dagenhart at Bloomberg News reports that LATAM Airlines Group S.A. dropped the most in 11 months as Bank of America Corp. lowered its recommendation to the equivalent of hold, citing the "negative effects" of the World Cup. Bloomberg News said shares of Latam declined 5.3 percent to 7,098.70 pesos in Santiago trading on July 22, the biggest drop on the benchmark IPSA (IPSA) index, which slid 0.2 percent. The airline's New York-traded shares dropped 5.4 percent to $12.51, according to Bloomberg News. Bank of America cut its price target for Santiago-based Latam's New York shares to $15 from $20, saying in a research note that Brazilian carrier Gol Linhas Aereas Inteligentes SA was more efficient during the World Cup, Bloomberg News relates. Latam has been hurt as the soccer tournament reduced business travel and Venezuelan inflation running at an annual rate of 61 percent eroded the carrier's bolivar-denominated revenue, Bloomberg News notes. "Business travel was reduced during the World Cup, and lower regional growth and foreign-exchange depreciation in Chile impacted the business negatively," Eric Conrads, a money manager who helps oversee $500 million in Latin American stocks at ING Groep NV, wrote in an e-mailed response to questions, Bloomberg News relays. Latam said in a statement that it accepted an offer from the Venezuelan government to repatriate $148 million of accumulated debt, Bloomberg News notes. Airlines had the equivalent of $3.9 billion stuck in bolivars as of April, according to the International Air Transport Association trade group, Bloomberg News adds. Headquartered in Santiago, Chile, LATAM Airlines Group S.A., -- http://www.latamairlinesgroup.net/-- together with its subsidiaries, provides passenger and cargo air transportation services in South America. It provides domestic and international passenger transport services to approximately 134 destinations in 22 countries and cargo services to approximately 143 destinations in 27 countries. * * * As reported in the Troubled Company Reporter - Latin America on May 6, 2014, Fitch Ratings has affirmed the 'BB' FC IDRs and LC IDRs of Latam Airlines Group S.A. (LATAM), TAM S.A. (TAM) and TAM Linhas Aereas S.A. Fitch has simultaneously affirmed the Primera Clase Nive 2 (cl) equity rating of LATAM and the 'A+ (bra)' national scale ratings of TAM and TAM Linhas Aereas S.A =================================== D O M I N I C A N R E P U B L I C =================================== * DOMINICAN REPUBLIC: Funds Cassava Growers; Expect Prosperity -------------------------------------------------------------- Dominican Today reports that once the world discovers casaba (kasabi) the tortilla-like crust first made by the Taino Indians from cassava (yucca), an association based in Loma de Cabrera, Dajabon province (northwest) can expect prosperity. For now, they'll have to do with a RD$12.5 million loan authorized by President Danilo Medina, to buy equipment and relaunch the cassava industry, according to Dominican Today. President Medina went to Dajabon, where he approved financing to revitalize the cassava industry and the plant the bitter variety used to make casaba, the report relates. Cheese-makers and peanut growers also received Government- sponsored loans from the Special Agricultural Development Fund (FEDA), at a rate of 5%, the report notes. With the funds the cassava producers said they'll buy new pulping slabs, a peeler, a mill, a juicer, sieve and build a biogas plant to make fuel from waste, the report discloses. "Look, in my more than 60 years, at my age I didn't know what 100,000 pesos looked like together and now that's what I got in my pocket," said cassava farmer Isidro Familia, the report adds. ============= J A M A I C A ============= RITZ CARLTON: Scheduled to Open in November as Hyatt Ziva Hotel --------------------------------------------------------------- RJR News reports that the Hyatt Ziva Hotel, in Rose Hall, Montego Bay, is scheduled to open in November. The resort closed its doors as the Ritz Carlton last December, according to RJR News. The report notes that Tourism Minister Dr. Wykeham McNeil said he recently toured the resort. Dr. McNeil, the report relates, described the investment as significant. Dr. McNeil said 150 to 200 rooms are being added, the report notes. As reported in the Troubled Company Reporter-Latin America on May 16, 2013, Jamaica Observer said that Jamaica Minister of Tourism Wykeham McNeill said many of the 400 workers who will be made redundant when the Ritz-Carlton closes its Montego Bay hotel could be rehired by the new management of the Rose Hall property. After 13 years in operation at the property, Ritz-Carlton Hotel Company had said it will cease management of the 427-room Ritz- Carlton Golf & Spa Resort in Rose Hall on May 31, according to Jamaica Observer. The report related that the property will be taken over by Virginia-based Playa Hotels and Resorts. Serious concerns have been expressed over the job losses stemming from the impending closure of the hotel, but Mr. McNeill told the Jamaica Observer that many of the affected workers are "likely" to be rehired when Playa reopens the property at a later date. ======= P E R U ======= INRETAIL SHOPPING: Fitch Rates Local Currency Unsec. Notes BB(Exp) ------------------------------------------------------------------ Fitch Ratings, on July 21, 2014, assigned the following expected rating to InRetail Real Estate Corp.: -- Proposed Local-currency senior unsecured notes 'BB' (Exp), to be issued by InRetail Shopping Malls. Fitch currently rates InRetail Real Estate as follows: -- Foreign currency Issuer Default Rating (IDR) 'BB'; -- Local currency IDR 'BB'; -- Unsecured USD350 million notes due 2021 'BB' (issued by InRetail Shopping Malls). The Rating Outlook is Stable. InRetail Real Estate Corp.'s initial rating action commentary released on June 25, 2014 is listed below. The proposed local-currency transaction will be issued by InRetail Shopping Malls, a fully owned subsidiary of InRetail Real Estate. The notes will be fully and unconditionally guaranteed by InRetail Real Estate Corp. and the following subsidiaries of the issuer: Interproperties Holding, Interproperties Holding II, Real Plaza S.R.L., and InRetail Properties Management S.R.L. The target amount of the proposed issuance is S/.100 million (USD35 million) - up to S/.200 million (USD70 million); the final amount of the issuance will depend on market conditions. Proceeds from the 20-year proposed issuance will be used entirely to refinance debt. Key Rating Drivers The ratings reflect the company's solid business position, stable and predictable cash flow generation, expected levels of leverage, liquidity, and unencumbered assets post-proposed issuance, strong credit linkage with its parent company Intercorp Retail Inc. (Intercorp Retail), positive industry momentum riding on Peru's favorable economic environment, and the low working capital requirements of the industry, with tenants responsible for most property maintenance expenses. The ratings incorporate InRetail Real Estate's asset and tenant concentration risk. Fitch views the credit linkage between InRetail Real Estate and its parent company Intercorp Retail - rated 'BB', Outlook Stable - as strong reflecting the operational and strategic ties between these entities. InRetail Real Estate's ratings are constrained by Intercorp Retail's high adjusted net leverage driven by significant levels of capex and inorganic growth in recent years. Rating Sensitivities Negative Rating Actions: -- Fitch would consider a negative rating action if the company's financial profile deteriorates due to some combination of the following factors: adverse macroeconomic trends leading to weaker credit metrics, significant dividend distributions, and higher than expected vacancy rates or deteriorating lease conditions. A rating downgrade could be also triggered by deterioration in the group's retail operations resulting in Intercorp Retail Inc.'s inability to reduce its net adjusted leverage in line with expectations incorporated in the ratings. Positive Rating Actions: -- Fitch would consider a positive rating action as a result of the combination of the following factors: Improvement in InRetail Real Estate's net leverage, liquidity and unencumbered assets at levels above those incorporated in the ratings coupled with Intercorp Retail reaching a significant business deleverage in the next 12 to 18 months ended in December 2015. INRETAIL SHOPPING: Moody's Rates Local Sr. Unsecured Bonds 'Ba2' ---------------------------------------------------------------- Moody's Investors Service has assigned a Ba2 global scale, local currency rating to InRetail Shopping Malls' proposed senior unsecured bond issuance. The rating outlook is stable. Ratings Rationale InRetail Shopping Malls will issue up to S/.200 million of 20-year senior unsecured notes, which will begin amortizing in 2030. The notes will have a full and unconditional guarantee from InRetail Real Estate Corp., Interproperties Holding, Interproperties Holding II, InRetail Properties Management S.R.L and Real Plaza S.R.L. The notes will be pari passu to other existing and future unsecured debt of InRetail Shopping Malls and the guarantors. Bondholders will have claims to all assets owned by Interproperties Peru. The proceeds will be used prepay existing bank debt. The assigned rating incorporates improvement in the company's already low near-term debt maturity schedule as well as an increase in the unencumbered asset pool to 94% from 76% on a proforma basis. The rating continues to reflect the company's industry leadership in the Peruvian shopping mall sector, high occupancy, well-laddered lease maturity schedule and experienced management team with a proven track record in retail and development. These strengths are mitigated by the company's small size in terms of total assets, weak liquidity profile and high tenant, geographic and asset concentration. The stable rating outlook continues to reflect Moody's expectation that InRetail Shopping Malls will continue to prudently grow its current portfolio while maintaining stable credit metrics and adequate liquidity. Positive ratings movement is unlikely in the intermediate term, however would be predicated upon fully loaded fixed charge coverage (interest expense, capitalized interest and principal amortization) consistently above 3.0x, an increase in unencumbered asset pool to above 80% of gross assets, secured debt levels below 5% and the development pipeline less than 15% of gross assets on a sustained basis through real estate cycles. Negative rating pressure would likely result from any material difficulty with the execution and lease-up of the development pipeline (specifically Puruchuco mall), rapid deceleration of tenants sales and increase in mall vacancies, an inability to show adequate liquidity for the next 24 months and Net Debt/EBITDA consistently above 5x. The following rating was assigned: InRetail Shopping Malls -- Global scale, local currency unsecured notes at Ba2 Moody's last rating action with respect to InRetail Shopping Malls was on June 24, 2014 when Moody's assigned a first-time senior unsecured rating of Ba2 with a stable rating outlook. InRetail Shopping Malls is a shopping center owner and operator in Peru with a total owned portfolio of 16 assets, representing 495,000 square meters (m2) of gross leasable area (GLA). As of March 31, 2014, InRetail Shopping Malls had total book assets of US$890 million and shareholder equity of $578 million. The principal methodology used in this rating was Global Rating Methodology for REITs and Other Commercial Property Firms published in July 2010. =============================== T R I N I D A D & T O B A G O =============================== PETROTRIN: Otaheite Fisherfolk Association Members Demand Payment ----------------------------------------------------------------- Sandhya Santoo at Trinidad and Tobago Newsday reports that members of the Otaheite Fisherfolk Association are calling on state-owned Petroleum Company of Trinidad and Tobago (Petrotrin) to resume loss of earnings payments to fishermen affected by last December's oil spill in the Gulf of Paria. Petrotrin has however stated that it has made its last payments in accordance with the agreement, according to Trinidad and Tobago Newsday. The report relates that fisherman Raffick Khan said fishermen were being made to pay the price of Petrotrin's negligence. "Negligence on the part of Petrotrin and we have to pay the price still," the report quoted Mr. Khan as saying. The report notes that the association held a news conference at Otaheite expressing its displeasure with Petrotrin for stopping payments. The association stated that an agreement was made with Petrotrin to pay compensation to fishermen affected by the oil spill and the last payment was made in April, the report relates. The report discloses that the fishermen who earned their living in waters off Otaheite and La Brea have not returned to their trade since the oil spill. Approximately 82 fishermen have been affected by the spill. Mr. Khan said the most fruitful time for fishing was March to August, the report relates. Mr. Khan, the report notes, said no consultation was given about clean-up plans by Petrotrin or the Environmental Management Authority (EMA). The report relates that the association wants a meeting with Petrotrin to discuss the possibility of the resumption of payments. Mr. Khan said Petrotrin officials had informed them to return to their trade, notes the report. Petrotrin Responds Petrotrin advised that in accordance with an agreement for the payment of ex-gratia sums to affected fisherfolk groups and associations, payments in excess of TT$22 million were made up to the first week in May 2014, the report discloses. "Since then, the final payment to fisherfolk in La Brea representing outstanding money owed, was made on 2014 July 19, representing full and final compensation in accordance with the said agreement, the report quoted Mr. Khan as saying. "The Cabinet-appointed National Environmental Assessment Task Force was established to oversee all activities necessary to address the environmental impact of the December oil spills and provide guidance to the EMA as the lead agency in the clean-up efforts of the mangrove," Mr. Khan said, the report adds. About Petrotrin Petroleum Company of Trinidad and Tobago is the major state-owned oil company in Trinidad and Tobago. The company was established in 1993 by the merger of Trintopec and Trintoc, two state-owned oil companies. Petrotrin's main holdings are extensive, mature onshore fields located across southern Trinidad. Large areas have been leased out to small private producers who are able to make a profit on wells that are unprofitable for Petrotrin, giving it higher labor costs. The company operates a refinery at Pointe-Pierre, just north of San Fernando in south Trinidad. Most crude petroleum produced in Trinidad is exported without being refined. The refinery depends on imported crude (mostly from Venezuela), which is either used domestically or exported. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 8, 2013, Trinidad Express reports that production levels at Petroleum Company of Trinidad and Tobago (Petrotrin)'s Trinmar operations in Point Fortin have been affected by industrial action involving employees of the company's marine transport contractors. Petrotrin stated that it was informed of what it described as a stand-off between its marine contractors and their employees, who cited issues, including their current rates of remuneration, according to Trinidad Express. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. Submissions about insolvency-related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A. Chapman, Editors. Copyright 2014. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-241-8200. * * * End of Transmission * * *