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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, October 14, 2014, Vol. 15, No. 203
Headlines
A R G E N T I N A
ICBC ARGENTINA: Moody's Assigns B1 Rating to ARS500MM Issuance
B R A Z I L
BANCO PSA: Moody's Affirms D- BFSR; Outlook Stable
COMPANHIA DE SANEAMENTO: Sao Paulo Rationing Water for People
OI SA: TIM Hires Banco Bradesco to Gauge Bid for Rival
C A Y M A N I S L A N D S
HERMES BPK: Commences Liquidation Proceedings
LEGACY 600: Creditors' Proofs of Debt Due Oct. 22
MERCER PARK I: Creditors' Proofs of Debt Due Oct. 22
MERCER PARK II: Creditors' Proofs of Debt Due Oct. 22
MOUNT SKYLIGHT: Commences Liquidation Proceedings
P & S LIMITED: Members' Final Meeting Set for Oct. 15
ROFU DEAL: Commences Liquidation Proceedings
SORIN TACTICAL: Creditors' Proofs of Debt Due Oct. 20
WEST TRADE: Creditors' Proofs of Debt Due Oct. 22
WUFU DEAL: Commences Liquidation Proceedings
D O M I N I C A
DOMINICA: No Intention of Abolishing Income Tax, PM Says
J A M A I C A
JAMAICA: Firms See Local Currency to Slide to US$115-$1 by 2015
P A N A M A
PANAMA CANAL: S&P Affirms 'B+' CCR; Outlook Remains Stable
P E R U
INKIA ENERGY: Gets Valid Consents From 8.375% Sr. Noteholders
INKIA ENERGY: S&P Affirms 'BB' Corporate Credit Rating
P U E R T O R I C O
TRIPLE A&R CAPITAL: PRLP 2011 Holdings Wins Stay Relief
T R I N I D A D & T O B A G O
CL FIN'L: Proman Takes Over Methanol Holdings
V E N E Z U E L A
VENEZUELA: Owes Exxon US$1.6 Billion for 2007 Nationalization
X X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
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A R G E N T I N A
=================
ICBC ARGENTINA: Moody's Assigns B1 Rating to ARS500MM Issuance
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo assigned a
B1 global local currency debt rating to Industrial and Commercial
Bank of China (Argentina) S.A. (ICBC Argentina)'s expected
issuance of up to ARS 500 million, which will be due in 18 months
under the bank's $250 million medium-term note program. At the
same time, Moody's Latin America assigned a Aaa.ar national scale
local currency debt rating to the expected issuance.
The outlook for the ratings is negative, given the deteriorating
operating environment prompted by Argentina's default, which will
negatively affect ICBC Argentina's business prospects, asset
quality and earnings generation amid continued economic
deceleration and high inflation.
The following ratings were assigned to ICBC Argentina S.A.'s
expected issuance of up to ARS 500 million, under the debt
program:
B1 Global Local Currency Debt Rating, negative outlook
Aaa.ar Argentina National Scale Local Currency Debt Rating,
negative outlook
Ratings Rationale
Moody's explained that the local currency senior unsecured debt
rating derives from the bank's B1 global local currency deposit
rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings. The B1 global
local currency deposit rating of ICBC Argentina derives from the
bank's caa1 baseline credit assessment and Moody's assessment of a
high probability of parental support to be provided by its
shareholder, Industrial & Commercial Bank of China Ltd, rated A1
with stable outlook.
The standalone rating captures ICBC Argentina's well-defined
footprint in the corporate and retail banking segments, as well as
its prudent risk management practices, adequate capitalization and
liquidity level and good profitability metrics.
However, they also consider the challenging operating environment
in Argentina and incorporate the risks related to increasing
government intervention through mechanisms unfavorable to the
earnings generation, funding dynamics and financial flexibility of
financial institutions.
ICBC Argentina is headquartered in Buenos Aires, with assets of
ARS 32.53 billion and equity of ARS 4.05 billion as of June 2014.
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B R A Z I L
===========
BANCO PSA: Moody's Affirms D- BFSR; Outlook Stable
--------------------------------------------------
Moody's Investors Service has affirmed Banco PSA Finance Brasil
S.A.'s (Banco PSA) baseline credit assessment (BCA) of ba3, which
is equivalent to a bank financial strength rating of D-. Moody's
also affirmed the bank's global local and foreign currency deposit
ratings of Ba2 and Not-Prime, long- and short-term, respectively,
and the Brazilian national scale deposit ratings of Aa3.br and BR-
1, long- and short-term, respectively. At the same time, Moody's
changed to stable, from negative, the outlook on Banco PSA's long-
term deposit ratings. The outlook on Banco PSA's bank financial
strength rating remains stable.
The following ratings of Banco PSA Finance Brasil were affirmed:
Bank financial strength rating: D-, with stable outlook, which
maps to a standalone baseline credit assessment of ba3
Long-term global local-currency deposit rating: Ba2, with stable
outlook;
Long-term foreign-currency deposit rating: Ba2, with stable
outlook;
Long-term Brazilian national scale deposit rating: Aa3.br, with
stable outlook
Short-term global local-currency deposit rating: Not Prime;
Short-term foreign-currency deposit rating: Not Prime;
Short-term Brazilian national scale deposit rating: BR-1
Ratings Rationale
In affirming Banco PSA's unsupported ratings at D-/ba3, Moody's
acknowledges the bank's adequate financial metrics, particularly
profitability and asset quality, despite the decline in vehicle
production and new car sales in Brazil in the first nine months of
2014. Banco PSA's role as captive financing arm of automakers
Peugeot and Citroen allowed it to sustain business volumes through
subsidized interest rates and sales promotions in the first half
of 2014. As a result, the bank's interest income increased by 13%
in the 12 months to June 2014, although car financing dropped 6.9%
in the banking system during the same period.
Asset quality deteriorated modestly in the period as a consequence
of lower loan growth pace, but Banco PSA's 1.8% past due loan
ratio remained well below the system's 5.1% average for auto loan
delinquency, reflecting selective credit origination. The high
capitalization level at a Tier 1 ratio of 23.57% provides cushion
against non-performing loans.
The ratings are constrained by inherently modest earnings
diversification, which derives from a narrow product suit
comprised of auto loans to individuals and floor-plan financing to
car dealers. The bank's wholesale funding structure also limits
ratings because of the high concentration on institutional
depositors, which tend to be more volatile and pressure funding
costs up.
The stable outlook on Banco PSA's ratings reflects the expectation
that as a captive bank, it will continue to benefit from special
arrangements with car manufacturers. Nevertheless, continuing weak
performance of the Brazilian car industry may hurt its asset
quality and profitability. The Brazilian subsidiary's Ba2 long-
term deposit rating incorporates one notch of uplift from its
standalone ba3 credit assessment to reflect Moody's view of a high
probability of parental support in the event of stress, based on
the shared strategic focus of the subsidiary and its parent.
The last rating action on Banco PSA Finance Brasil S.A. was on 29
January 2014, when Moody's affirmed all ratings of Banco PSA and
changed to negative from stable the outlook on its long-term
deposit and debt ratings.
The principal methodology used in this rating was Global Banks
published in July 2014.
Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".
Banco PSA Finance Brasil S.A. is headquartered in Sao Paulo,
Brazil, and had total assets of BRL3.03 billion ($1.37 billion)
and total equity of BRL435 million ($197.5 million) as of 30 June
2014.
COMPANHIA DE SANEAMENTO: Sao Paulo Rationing Water for People
-------------------------------------------------------------
Vanessa Dezem at Bloomberg News reports that Brazil's Sao Paulo
state is rationing water for more than 3.6 million people in 29
cities as reservoirs dry up amid months of drought, O Globo said.
The state's reservoir levels continue to decline, with the
Cantareira system that supplies almost half of the state's
population just 8.6 percent full three weeks ago, the Rio de
Janeiro-based newspaper said, Bloomberg News notes.
The drought is the state's worst in decades, according to
Bloomberg News. Sao Paulo is home to 44 million people, in 645
cities, according to the Brazilian Institute of Geography and
Statistics, known as IBGE, Bloomberg News notes.
Cia. de Saneamento Basico do Estado de Sao Paulo, or Sabesp, is
among the world's largest water utilities.
About SABESP
Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP
provides basic and environmental sanitation services; and supplies
treated water on a wholesale basis to residential, commercial,
industrial, and governmental customers in the state of Sao Paulo.
* * *
As reported in the Troubled Company Reporter-Latin America on May
27, 2014, Fitch Ratings has affirmed Companhia de Saneamento
Basico do Estado de Sao Paulo's (Sabesp) foreign currency and
local currency Issuer Default Rating (IDR) at 'BB+' and its
National long-term rating at 'AA(bra)'.
OI SA: TIM Hires Banco Bradesco to Gauge Bid for Rival
------------------------------------------------------
Guillermo Parra-Bernal and Danilo Masoni at Reuters, citing a
source with knowledge of the situation, report that Brazil's TIM
Participacoes SA has hired Banco Bradesco SA's investment banking
unit to analyze a potential bid for rival Grupo Oi SA.
Telecom Italia SpA, TIM's controlling shareholder, would use TIM
as a vehicle to add all or part of Oi SA's assets in an eventual
purchase, said the source, who requested anonymity because the bid
is private, according to Reuters.
The report notes that Banco Bradesco acted as one of TIM's
advisers in its failed bid for GVT SA, the Brazilian broadband
provider acquired by Spain's Telefonica SA a few weeks ago. TIM's
hiring of Banco Bradesco was first reported by Bloomberg News.
The acquisition of Oi SA would allow Telecom Italia to strengthen
its position in Brazil's highly competitive telecommunications
market, which faces imminent consolidation efforts amid a slowing
economy and declining profitability, Reuters notes.
A second source familiar with the situation said control of Oi SA
could allow TIM to become Brazil's No. 1 integrated telecom
operator. "It's the right thing to look around, but it's easier
said than done," said the source, who asked not to be identified
because of the sensitivity of the issue, the report discloses.
From Predator to Prey?
Reuters relays that HSBC Securities analyst Luigi Minerva said TIM
appears strategically weaker than integrated players like Oi SA,
Telefonica and America Movil SAB de CV since it lacks TV and
fixed-line phone offerings to sell combined service packages.
It may be too early to say whether Oi SA, which last month hired
Grupo BTG Pactual SA to analyze a possible joint bid for TIM with
America Movil, could go from predator to prey, Minerva and other
analysts said, the report notes.
BTG Pactual wants to include Telefonica in a joint bid for TIM,
but Telefonica is focused on the newly acquired GVT, a source with
direct knowledge of the plans told Reuters last month.
In addition, any bidder for Oi SA faces the company's debt load of
almost US$19 billion, the report says. Currently, TIM's net debt
is equivalent to about 0.2 times earnings before interest, tax,
depreciation and amortization, the report discloses.
"It's clear that TIM needs to evaluate Oi's financial situation
carefully. Again, it's a question of price," the second source
noted, there report adds.
About Oi S.A.
Oi S.A., through its subsidiaries, provides integrated
telecommunication services for residential customers, companies,
and governmental agencies in Brazil. The company was formerly
known as Brasil Telecom S.A. and changed its name to Oi S.A. in
February 2012. Oi S.A. was founded in 1963 and is headquartered in
Rio de Janeiro, Brazil.
* * *
As reported in the Troubled Company Reporter-Latin America on
Sept. 1, 2014, Moody's America Latina has assigned a Ba1/Aa2.br
corporate family rating to Oi SA based on the company's reduced
financial flexibility and weak credit metrics, which Moody's
believes will result in a weakening of Oi's competitive position.
Oi has articulated plans to reduce capital spending and may not
fully participate in the upcoming 4G spectrum auction in Brazil.
In addition, Oi could face operational, competitive or financial
challenges related to the quickly evolving competitive
environment, which includes an opportunity for consolidation
through M&A.
==========================
C A Y M A N I S L A N D S
==========================
HERMES BPK: Commences Liquidation Proceedings
---------------------------------------------
On Sept. 11, 2014, the shareholder of Hermes BPK Funds North
America SPC 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:
Hermes BPK Limited
c/o Lloyds Chambers
1 Portsoken Street
London, E1 8HZ
LEGACY 600: Creditors' Proofs of Debt Due Oct. 22
-------------------------------------------------
The creditors of Legacy 600 No.1 -1089 Limited are required to
file their proofs of debt by Oct. 22, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Sept. 8, 2014.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 943-3100
MERCER PARK I: Creditors' Proofs of Debt Due Oct. 22
----------------------------------------------------
The creditors of Mercer Park CLO Investment Fund I, Ltd are
required to file their proofs of debt by Oct. 22, 2014, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Sept. 10, 2014.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 943-3100
MERCER PARK II: Creditors' Proofs of Debt Due Oct. 22
-----------------------------------------------------
The creditors of Mercer Park CLO Investment Fund II, Ltd. are
required to file their proofs of debt by Oct. 22, 2014, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Sept. 10, 2014.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 943-3100
MOUNT SKYLIGHT: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Sept. 11, 2014, the members of
Mount Skylight CDO Ltd 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
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
P & S LIMITED: Members' Final Meeting Set for Oct. 15
-----------------------------------------------------
The members of P & S Limited will hold their final meeting on
Oct. 15, 2014, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170, George Town
Grand Cayman KY1-1102
Cayman Islands
ROFU DEAL: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on Sept. 11, 2014, the members of
Rofu Deal 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
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
SORIN TACTICAL: Creditors' Proofs of Debt Due Oct. 20
-----------------------------------------------------
The creditors of Sorin Tactical Real Estate Offshore Fund Ltd are
required to file their proofs of debt by Oct. 20, 2014, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Sept. 9, 2014.
The company's liquidator is:
Ogier
c/o Daniella Skotnicki
Telephone: (345) 815 1861
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
WEST TRADE: Creditors' Proofs of Debt Due Oct. 22
-------------------------------------------------
The creditors of West Trade Funding CDO II Ltd. are required to
file their proofs of debt by Oct. 22, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Sept. 9, 2014.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 943-3100
WUFU DEAL: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on Sept. 11, 2014, the members of
Wufu Deal 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
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
===============
D O M I N I C A
===============
DOMINICA: No Intention of Abolishing Income Tax, PM Says
--------------------------------------------------------
Caribbean360.com reports that Dominica Prime Minister Roosevelt
Skerrit said he has no intention of abolishing income tax as his
ruling Dominica Labor Party (DLP) gears up to contest a general
election constitutionally due by March next year, but widely
expected before that date.
Addressing the launch of a water project in Belles, reports
Caribbean360.com, Mr. Skerrit said his administration would not
seek to remove takes "just because you want to gain votes.
"What happens to the country after that, what happens to our
wellbeing, what happens to our schools, what about our students,
how are we going to repay our debts and people who are going is
money, they have taxes in their countries, so how are they going
to give you money when you have no taxes," the report quoted Mr.
Skerrit as saying.
Mr. Skerrit said that Caribbean countries with no income tax or a
sales or value added tax (VAT) had to introduce such fiscal
policies "because countries that give us aid are saying to us we
are paying taxes and you can't come to us asking for money when
you are not willing to make your people contribute, the report
notes.
"So they (Caribbean countries) have had to institute and impose on
their citizens, taxes, and of course many of us would like to live
in a country where there are no taxes, but is this a realistic
option knowing how the world operates," Mr. Skerrit said, the
report discloses.
Mr. Skerrit said countries "around us" are laying off workers, but
Dominica has not lost "one job, notwithstanding the global
crisis," notes the report.
The prime minister described as "foolishness" those who promise to
remove certain taxes, the report says.
"So when you hear people are saying that they will remove this tax
and that tax and those taxes and these taxes, it is foolishness
they are talking because you must now tell us if you have $200-
million to spend and to pay salaries, you must show in a very
clear manner where you will get those $200-million to pay for
salaries and services," Mr. Skerrit noted, the report notes.
=============
J A M A I C A
=============
JAMAICA: Firms See Local Currency to Slide to US$115-$1 by 2015
---------------------------------------------------------------
Steven Jackson at Jamaica Observer reports that Bank of Jamaica
reported that businesses expect the local currency to slide
towards US$115 to US$1 by August 2015, a slower pace than
previously expected.
It signals growing stability in the financial sector, which up to
mid-year, suffered from faster depreciation, according to Jamaica
Observer.
The report notes that the expected depreciation would result in
3.8 per cent decline over the review period against its US
counterpart. In June, respondents expected the dollar to lose 5.8
per cent of its value over 12 months, the report relates.
"Relative to the survey in June 2014, respondents expected a
slower pace of depreciation in the domestic currency for the
three-month, six-month and 12-month period beyond the survey
date," stated the BOJ Inflation Expectation Survey prepared by the
bank's Research Services Department and which contained data from
292 respondents, Jamaica Observer discloses.
The currency lost 14.4 per cent of its value in 2013 and an
additional five per cent since January. Since June 2014, the
slide tapered off based on an influx of foreign currency linked to
the International Monetary Fund (IMF) loan agreement, Jamaica
Observer relays. At the time, the BOJ and the IMF separately
indicated that the currency gained competitiveness against the
greenback, Jamaica Observer notes.
In the survey, businesses stated that they expect inflation to dip
slightly towards 10.4 per cent for the 2014 calendar year, down
from 10.7 per cent expected in the previous survey, Jamaica
Observer says.
"The results of the August 2014 survey reflected an improvement in
businesses' perception of inflation control by the authorities
when compared to the previous survey. Specifically, the index of
inflation control increased to 156.6 from 149.9 in the June 2014
survey. This improvement mainly reflected an increase in the
number of respondents who were 'satisfied' with the authorities'
control of inflation," stated the BOJ, Jamaica Observer notes.
Jamaica Observer discloses that the survey captured the
perceptions of chief executive officers, managing directors and
financial controllers about the future movement of prices, current
and future business conditions and the expected rate of increase
in wages/salaries.
The BOJ said that these responses assist it in charting future
policy decisions, Jamaica Observer adds.
As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign and local currency and 'B' short-term
foreign and local currency sovereign credit ratings on Jamaica.
At the same time, S&P revised the outlook on the long-term
sovereign credit ratings to positive from stable. In addition,
S&P affirmed its 'B' transfer and convertibility (T&C) assessment.
===========
P A N A M A
===========
PANAMA CANAL: S&P Affirms 'B+' CCR; Outlook Remains Stable
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit and issue-level ratings on Panama Canal Railway Co. (PCRC).
The outlook remains stable.
The ratings on PCRC reflect its "weak" business risk profile,
"aggressive" financial risk profile, and "adequate" liquidity, as
per S&P's rating criteria.
S&P's assessment of the company's "weak" business risk profile
reflects its highly concentrated revenue base, the inherent risks
of operating a single-track railroad as it is exposed to potential
service interruptions due to railroad damage or obstructions in
the right-of-way, and its small scale of operations. PCRC's
largest client accounts for more than 60% of the company's total
container transportation volume, and its next three largest
clients jointly account for more than 30%. S&P also considers
that its dependence on international trade volumes somewhat
constrains the rating. On the other hand, the company is
strategically located parallel to the Canal, and its favorable
concession terms limit impact from potential competition and
enable the company to establish a favorable cargo rate structure.
Due to some recovery in global trade and some expansions and
improvements in Panamanian ports, the company has increased volume
of transported containers. During the first half of 2014, PCRC
moved about 200,000 containers, up 16% compared with the same
period in 2013. The company also maintained low capital
expenditures (capex) of about $1.6 million, mainly for maintenance
purposes, and an operating ratio of about 40%, which compares
favorably with those of its rated peers. S&P believes that the
company will increase its volume to about 400,000 containers by
the end of 2014 due to favorable cargo fundamentals.
Nevertheless, the company's customer concentration will remain
high and its scale small, preventing S&P from improving its
assessment of its business risk profile.
Despite improved key financial metrics, S&P's assessment of PCRC's
financial risk profile remains "aggressive," reflecting the
company's customer concentration and limited ability to withstand
the volatility of container volumes that depend on global economy.
S&P believes that during periods of stress, the company's key
financial ratios could sharply weaken, if container volumes drop
by 30% or more. However, the financial risk profile assessment
reflects the company's extended debt maturity schedule and stable
cash flow generation that allows it to cover capex and a dividend
payout ratio of at least 85%, resulting in low debt.
=======
P E R U
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INKIA ENERGY: Gets Valid Consents From 8.375% Sr. Noteholders
-------------------------------------------------------------
Inkia Energy Limited received valid consents from holders of a
majority in aggregate principal amount of its outstanding 8.375%
Senior Notes due 2021 in connection with its previously announced
solicitation of Consents to certain proposed amendments to the
Indenture, dated as of April 4, 2011, between the Company and
Citibank, N.A., as trustee, governing the Notes, as set forth in
the Notice of Consent Solicitation and the related Consent Form,
each dated as of September 5, 2014.
The Solicitation expired at 5:00 p.m., New York City time, on
September 16, 2014.
The Proposed Amendments will amend the Indenture in connection
with (i) the contribution by the Company's indirect parent
company, Israel Corporation Ltd., of certain of its businesses and
associated companies to Kenon Holdings Ltd. band (ii) the sale by
the Company of all of its equity interests in Inkia Holdings
(Acter) Limited, which indirectly held all of the Company's equity
interest in Edegel S.A.A., a Peruvian corporation listed on the
Lima Stock Exchange (Bolsa de Valores de Lima), to Enersis S.A.
and the repayment of certain indebtedness in connection therewith.
The Proposed Amendments have been effected by a supplemental
indenture to the Indenture, which was executed by the Company and
the Trustee on the date hereof.
In the event that each of the conditions to the Solicitation
described in the Statement is satisfied or waived, the Company
will pay to each holder of record of Notes as of 5:00 p.m., New
York City time, on September 4, 2014, who delivered a valid
Consent in respect of such Notes prior to the Expiration, $2.50 in
cash for each $1,000 principal amount of such Notes in respect of
which a valid Consent was so delivered.
The Company will pay the Consent Fee as promptly as practicable
following the Expiration Time once all of the conditions
enumerated in the Statement have been satisfied or waived.
Holders of Notes who delivered Consents but validly revoked such
Consents in accordance with the Statement or delivered Consents
after the Expiration Time will not receive a Consent Fee.
Subject to applicable law, the Solicitation may be abandoned or
terminated for any reason at any time, including after the
Expiration Time and prior to the Proposed Amendments becoming
operative, in which case any Consents received will be voided and
no Consent Fee will be paid to any Holders.
Merrill Lynch, Pierce, Fenner & Smith Incorporated and Credit
Suisse Securities (USA) LLC were engaged by the Company to act as
Solicitation Agents and D.F. King & Co., Inc. to act as
Information and Tabulation Agent for the Solicitation.
INKIA ENERGY: S&P Affirms 'BB' Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on Inkia Energy Ltd. S&P also affirmed its 'BB'
rating on the company's senior unsecured notes due 2021. The
outlook remains stable.
S&P considers Inkia's financial risk profile as "aggressive,"
reflecting the company's reliance on dividends from its operating
subsidiaries to service its debt, an aggressive investment plan
that raises debt in the short to medium term, and the higher risks
associated with operating some Caribbean and Bolivian assets that
expose the company to greater economic volatility. The partly
offsetting factors are Inkia's relatively stable and predictable
revenue base after the completion of some of new projects and the
acquisition of some brownfield assets. S&P also incorporates the
relatively favorable debt payment schedule at the holding level
because Inkia has only one bond due 2021.
S&P views the company's business risk profile as "satisfactory."
This assessment reflects S&P's view of Inkia's adequate
competitive position in Peru where it's a leading energy producer
and S&P's expectation of increasing market share in the next two
years once the Cerro del Aguila and Mollendo projects are fully
operational.
======================
P U E R T O R I C O
======================
TRIPLE A&R CAPITAL: PRLP 2011 Holdings Wins Stay Relief
-------------------------------------------------------
Bankruptcy Judge Brian K. Tester granted the request of PRLP 2011
Holdings LLC, to lift the automatic stay in the Chapter 11 case of
Triple A & A Capital Investment Inc.
Judge Tester also held that a final hearing scheduled for
October 21, 2014, in the case is vacated and set aside.
Prior to the Petition Date, on November 25, 2009, Banco Popular de
Puerto Rico ("BPPR"), now PRLP, executed a "Forbearance and
Amendment Agreement" with the Debtor and Ms. Luisette Cabanas
Colon.
A copy of the Court's Oct. 9 Opinion and Order is available at
http://is.gd/rjYz2ffrom Leagle.com.
Triple A&R Capital Investment, Inc., aka Concordia Gardens
Shopping Center, based in San Juan, Puerto Rico, filed for Chapter
11 bankruptcy (Bankr. D.P.R. Case No. 14-04744) on June 9, 2014.
Charlez Alfred Cuprill, Esq., at Charles A Curpill, PSC Law Office
serves as the Debtor's counsel. In its petition, Triple A&R listed
total assets of $4.14 million and total liabilities of $3.87
million. The petition was signed by Luisette Cabanas Colon,
president. A list of the Debtor's 10 largest unsecured creditors
is available for free at http://bankrupt.com/misc/prb14-04744.pdf
================================
T R I N I D A D & T O B A G O
================================
CL FIN'L: Proman Takes Over Methanol Holdings
---------------------------------------------
Asha Javeed at Trinidad Express reports that Methanol Holdings
Trinidad Ltd (MHTL) has officially been sold and the company was
handed over to Consolidated Energy Ltd (CEL).
The sale was concluded one month after the International Court of
Arbitration (ICC) ruled that Colonial Life Insurance Company
Limited (Clico) and CL Financial (CLF) must sell its combined
56.53 per cent shareholding in MHTL to CEL for US$1.175 billion
(TT$7.485 billion), according to Trinidad Express.
MHTL is now 100 per cent owned by its former minority partner, CEL
-- a local holding company that combines the interests of
Switzerland-registered Proman, Man Ferrostaal and Helm which had a
43.47 per cent stake in MHTL, notes Trinidad Express.
The report relates that Proman's attorney Johnathan Walker
confirmed that the transaction concluded at about 10 a.m. Oct. 8,
but declined to give further details at this point.
CLF Chairman Gerald Yetming did not return calls or texts to the
Express on the matter. Proman Holdings is chaired by Joseph
Cassidy who is also a director of MHTL.
The report notes that MHTL, with its emphasis on local content,
was regarded as one of the jewels of CLICO and its annual
dividends provided a steady stream of income for the insurance
company.
In 2011, CEL trigged arbitration proceedings against CLICO,
arguing that the Government transfer of CLF's 6.54 per cent of
Methanol Holdings (Trinidad) to CLICO gave the insurance company a
56.53 per cent stake in the methanol company -- and a majority
position in MHTL, the report discloses.
The report relays that CEL claimed the shareholders' agreement
which established MHTL provided that they be given the first
option to purchase the majority stake in MHTL.
In November 2013, the ICC ruled that all of CLICO's shareholding
be sold to CEL and took some ten months to decide on the value of
the MHTL shares, the report notes.
CLICO had submitted three valuations from international firms-Duff
and Phelps, Deloitte (London) and Union Bank of Switzerland (UBS)
with MHTL's worth ranging from US$1.6 billion to US$2.2 billion
while CEL had valued the shares at US$875 million, the report
says.
The arbitrators priced the 56.53 stake at TT$1.174 million and
both CLICO and CLF had agreed to abide by the ICC's decision.
While Finance Minister Larry Howai said the value was
significantly lower than what they expected for the shares
(Government was hoping for US$2 billion), Central Bank Governor
Jwala Rambarran said the value was "fair" and "reasonable," the
report relays.
The report recalls that the government intervened and bailed out
CLF in January 2009. The Shareholders Agreement allows the sale
of CLF assets to pay off CLICO policyholders, the report notes.
Since the Shareholders Agreement between the government and CLF
shareholders was signed in June 2009, the government has sought to
recoup its investment from the illiquid company by selling off
assets, the report discloses.
In the past four years, collapsed conglomerate CL Financial has
sold eight assets for TT$5.5 billion, the report adds.
About CL Financial
CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago. Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey. CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2013, Caribbean360.com said that over TT$8 billion worth
of Colonial Life Insurance Company Limited's (CLICO) profitable
business will be transferred to Atruis, a new company that will be
owned by the state. CLICO is a subsidiary of CL Financial
Limited. The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat, according to Caribbean360.com.
Caribbean360.com noted that CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.
Caribbean360.com related that at its annual general meeting in
Sept. 2013, CL Financial shareholders voted to extend the
agreement with Government until August 25, 2014, while Cabinet
decides on a new framework accord to recover the debt owed to
Government through divestment of CL subsidiaries, including
Methanol Holdings, Republic Bank, Angostura Holdings, CL World
Brands and Home Construction Ltd.
Proceeds from the divestment of these assets will go toward
Government's recovery of the billions it pumped into CLICO,
Caribbean360.com said.
=================
V E N E Z U E L A
=================
VENEZUELA: Owes Exxon US$1.6 Billion for 2007 Nationalization
-------------------------------------------------------------
BBC News reports that Venezuela must pay oil giant Exxon Mobil
US$1.6 billion (GBP1 billion) in compensation for expropriated
assets, an international arbitration tribunal has decided.
Exxon had claimed up to US$1.6 billion over the nationalization of
its Cerro Negro Project and other losses in 2007, according to BBC
News.
The report notes that Venezuela has not said whether it will
appeal. But the foreign minister said the decision was
"reasonable," the report relates.
The report discloses that the ruling was made by the World Bank's
International Centre for Settlement of Investment Disputes
(ICSID).
It is a blow to Venezuela, which is struggling with a shortage of
foreign currency, inflation and a stagnating economy, the report
relays.
'Exaggerated Claims'
BBC News discloses that Venezuela Foreign Minister Rafael Ramirez
called it a victory for Venezuelan sovereignty over "exaggerated
claims", referring to the much higher amount indicated by the
Exxon Mobil.
The Venezuelan government is currently battling more than 20
similar demands at the World Bank by other foreign companies over
the state's takeover of private assets under its former president,
Hugo Chavez, the report notes.
"The decision confirms that the Venezuelan government failed to
provide fair compensation for expropriated assets," Exxon Mobil
said in a statement obtained by BBC News.
The company added that it "accepts Venezuela's legal right to
expropriate the assets of our affiliates subject to compensation
at fair market value," the report relates.
A previous decision in 2012 ruled that PDVSA, the state oil
company, should pay Exxon US$908 million, the report adds.
Venezuela has since paid a portion of that award, which will be
taken into account in calculating the balance that Venezuela owes.
=================
X X X X X X X X X
=================
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
AGRENCO LTD AGRE LX 339244073 -561405847
AGRENCO LTD-BDR AGEN33 BZ 339244073 -561405847
AGRENCO LTD-BDR AGEN11 BZ 339244073 -561405847
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ARTHUR LANG-RC C ARLA9 BZ 11642254.9 -17154460.3
ARTHUR LANG-RC P ARLA10 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT C ARLA1 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT P ARLA2 BZ 11642254.9 -17154460.3
BALADARE BLDR3 BZ 159449535 -52990723.7
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EBX BRASIL SA CTMN3 BZ 2670745328 -202996314
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F GUIMARAES FGUI3 BZ 11016542.2 -151840378
F GUIMARAES-PREF FGUI4 BZ 11016542.2 -151840378
FABRICA RENAUX FTRX3 BZ 66603695.4 -76419246.3
FABRICA RENAUX FRNXON BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FTRX4 BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FRNXPN BZ 66603695.4 -76419246.3
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FER HAGA-PREF HAGA4 BZ 19848769.9 -38798309.5
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GRADIENTE ELETR IGBON BZ 346216965 -42013205.9
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KARSTEN CTKCF US 161482221 -4141092.01
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LAEP INVES-BDR B 0163599D BZ 222902269 -255311026
LAEP INVESTMEN-B 0122427D LX 222902269 -255311026
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LUPATECH SA LUPA3 BZ 584100366 -304853641
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MINUPAR MNPR3 BZ 90210352.5 -117166643
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RECRUSUL - RT 0614673D BZ 41395863.2 -21007926.7
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RECRUSUL SA-RCT RCSL9 BZ 41395863.2 -21007926.7
RECRUSUL SA-RTS RCSL1 BZ 41395863.2 -21007926.7
RECRUSUL SA-RTS RCSL2 BZ 41395863.2 -21007926.7
RECRUSUL-BON RT RCSL11 BZ 41395863.2 -21007926.7
RECRUSUL-BON RT RCSL12 BZ 41395863.2 -21007926.7
RECRUSUL-PREF RCSL4 BZ 41395863.2 -21007926.7
REDE EMP ENE ELE ELCA4 BZ 1029019993 -128321599
REDE EMP ENE ELE ELCA3 BZ 1029019993 -128321599
REDE EMPRESAS-PR REDE4 BZ 1029019993 -128321599
REDE ENERGIA SA REDE3 BZ 1029019993 -128321599
REDE ENERGIA SA- REDE2 BZ 1029019993 -128321599
REDE ENERGIA-RTS REDE1 BZ 1029019993 -128321599
REDE ENERG-UNIT REDE11 BZ 1029019993 -128321599
REDE ENER-RCT 3907731Q BZ 1029019993 -128321599
REDE ENER-RCT REDE9 BZ 1029019993 -128321599
REDE ENER-RCT REDE10 BZ 1029019993 -128321599
REDE ENER-RT 3907727Q BZ 1029019993 -128321599
REDE ENER-RT 1011624D BZ 1029019993 -128321599
REDE ENER-RT 1011625D BZ 1029019993 -128321599
RENAUXVIEW SA TXRX3 BZ 54394844.4 -90675345.2
RENAUXVIEW SA-PF TXRX4 BZ 54394844.4 -90675345.2
RIMET REEM3 BZ 103098359 -185417651
RIMET REEMON BZ 103098359 -185417651
RIMET-PREF REEM4 BZ 103098359 -185417651
RIMET-PREF REEMPN BZ 103098359 -185417651
SANESALTO SNST3 BZ 20127540.6 -7418183.32
SANSUY SNSY3 BZ 188091749 -164364290
SANSUY SA SNSYON BZ 188091749 -164364290
SANSUY SA-PREF A SNSYAN BZ 188091749 -164364290
SANSUY SA-PREF B SNSYBN BZ 188091749 -164364290
SANSUY-PREF A SNSY5 BZ 188091749 -164364290
SANSUY-PREF B SNSY6 BZ 188091749 -164364290
SCHLOSSER SCLO3 BZ 51334306.9 -58463309
SCHLOSSER SA SCHON BZ 51334306.9 -58463309
SCHLOSSER SA-PRF SCHPN BZ 51334306.9 -58463309
SCHLOSSER-PREF SCLO4 BZ 51334306.9 -58463309
SNIAFA SA SNIA AR 11229696.2 -2670544.86
SNIAFA SA-B SDAGF US 11229696.2 -2670544.86
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.86
STAROUP SA STARON BZ 27663605.3 -7174512.12
STAROUP SA-PREF STARPN BZ 27663605.3 -7174512.12
TEC TOY SA-PF B TOYB6 BZ 33401974.6 -468978.338
TEC TOY SA-PREF TOYDF US 33401974.6 -468978.338
TEC TOY SA-PREF TOYB5 BZ 33401974.6 -468978.338
TEC TOY-RCT 7335626Q BZ 33401974.6 -468978.338
TEC TOY-RCT 7335630Q BZ 33401974.6 -468978.338
TEC TOY-RCT TOYB9 BZ 33401974.6 -468978.338
TEC TOY-RCT TOYB10 BZ 33401974.6 -468978.338
TEC TOY-RT 7335610Q BZ 33401974.6 -468978.338
TEC TOY-RT 7335614Q BZ 33401974.6 -468978.338
TEC TOY-RT TOYB1 BZ 33401974.6 -468978.338
TEC TOY-RT TOYB2 BZ 33401974.6 -468978.338
TECTOY TOYB3 BZ 33401974.6 -468978.338
TECTOY TOYB13 BZ 33401974.6 -468978.338
TECTOY SA TOYBON BZ 33401974.6 -468978.338
TECTOY SA-PREF TOYBPN BZ 33401974.6 -468978.338
TECTOY-PF-RTS5/6 TOYB11 BZ 33401974.6 -468978.338
TECTOY-PREF TOYB4 BZ 33401974.6 -468978.338
TECTOY-RCPT PF B TOYB12 BZ 33401974.6 -468978.338
TEKA TKTQF US 367577608 -421708949
TEKA TEKA3 BZ 367577608 -421708949
TEKA TEKAON BZ 367577608 -421708949
TEKA-ADR TEKAY US 367577608 -421708949
TEKA-ADR TKTPY US 367577608 -421708949
TEKA-ADR TKTQY US 367577608 -421708949
TEKA-PREF TKTPF US 367577608 -421708949
TEKA-PREF TEKA4 BZ 367577608 -421708949
TEKA-PREF TEKAPN BZ 367577608 -421708949
TEKA-RCT TEKA9 BZ 367577608 -421708949
TEKA-RCT TEKA10 BZ 367577608 -421708949
TEKA-RTS TEKA1 BZ 367577608 -421708949
TEKA-RTS TEKA2 BZ 367577608 -421708949
TEXTEIS RENA-RCT TXRX9 BZ 54394844.4 -90675345.2
TEXTEIS RENA-RCT TXRX10 BZ 54394844.4 -90675345.2
TEXTEIS RENAU-RT TXRX1 BZ 54394844.4 -90675345.2
TEXTEIS RENAU-RT TXRX2 BZ 54394844.4 -90675345.2
TEXTEIS RENAUX RENXON BZ 54394844.4 -90675345.2
TEXTEIS RENAUX RENXPN BZ 54394844.4 -90675345.2
VARIG PART EM SE VPSC3 BZ 83017828 -495721697
VARIG PART EM TR VPTA3 BZ 49432119.3 -399290357
VARIG PART EM-PR VPTA4 BZ 49432119.3 -399290357
VARIG PART EM-PR VPSC4 BZ 83017828 -495721697
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -4695211008
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
WETZEL SA MWET3 BZ 97509409.1 -4549842.72
WETZEL SA MWELON BZ 97509409.1 -4549842.72
WETZEL SA-PREF MWET4 BZ 97509409.1 -4549842.72
WETZEL SA-PREF MWELPN BZ 97509409.1 -4549842.72
WIEST WISA3 BZ 34107195.1 -126993682
WIEST SA WISAON BZ 34107195.1 -126993682
WIEST SA-PREF WISAPN BZ 34107195.1 -126993682
WIEST-PREF WISA4 BZ 34107195.1 -126993682
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.
Copyright 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 * * *