/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/150908.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, September 8, 2015, Vol. 16, No. 177 Headlines B R A Z I L BRAZIL: Economy Shrinks More Than Forecast on Tighter Money PDG REALTY: Taps Rothschild to Help Restructure BRL5.8BB Debt PETROLEO BRASILEIRO: Among Borrowers Most at Risk as Real Sinks C A Y M A N I S L A N D S ASIA REAL: Creditors' Proofs of Debt Due Sept. 14 ATR HOLDING: Placed Under Voluntary Wind-Up JAT PRIME: Commences Liquidation Proceedings JAT PRIME INTERMEDIATE: Commences Liquidation Proceedings JAT PRIME MASTER: Commences Liquidation Proceedings KINKOUCHO HOLDING: Placed Under Voluntary Wind-Up LONGAN HOLDINGS: Placed Under Voluntary Wind-Up LONGAN INVESTMENTS: Placed Under Voluntary Wind-Up MORINOMIYA HOLDING: Placed Under Voluntary Wind-Up ODEBRECHT OFFSHORE: S&P Affirms 'B+' Rating on Sr. Sec. Notes OHMORI HOLDING: Placed Under Voluntary Wind-Up OPN LTD: Creditors' Proofs of Debt Due Sept. 8 TACHIKAWA AKEBONOCHO: Placed Under Voluntary Wind-Up G R E N A D A * GRENADA: PM Urges More Fiscal Discipline for Economic Growth P E R U PETROPERU: Gets OK to Take Over Peru's Largest Oil Block P U E R T O R I C O BTB CORP: Confirms Foreclosure of Collateral for BSPR Loans T R I N I D A D & T O B A G O TRINIDAD CEMENT: Signs Agreement for US$200 Million Loan TRINIDAD & TOBAGO: Economy Contracts by -1.2% in 1Q 2015 X X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - =========== B R A Z I L =========== BRAZIL: Economy Shrinks More Than Forecast on Tighter Money ------------------------------------------------------------ David Biller at Bloomberg News reports that Brazil's economy contracted more than analysts forecast in the second quarter, as tighter monetary policy and faster inflation torpedoed confidence and caused activity to nosedive. Gross domestic product contracted 1.9 percent in the second three months of the year from the previous quarter, the national statistics agency said, Bloomberg News notes. That was the biggest contraction in more than six years, and worse than the median estimate of a 1.7 percent fall from 41 economists surveyed by Bloomberg. Bloomberg News relates that Latin America's largest economy is suffering from multiple woes: borrowing costs at their highest since 2006, inflation at more than double the target, rising unemployment, a crumbling currency and a corruption scandal that could unseat President Dilma Rousseff. The government has also chopped investment as part of its effort to fortify fiscal accounts and avoid a sovereign downgrade to junk, Bloomberg News notes. "There's no source of growth for Brazil going forward, at least in the short term -- we see all the confidence indices moving down," Luciano Rostagno, chief strategist at Banco Mizuho do Brasil, told Bloomberg News by phone from Sao Paulo. "There's no sign that the economy has found a bottom, so I think we will continue to see poor data coming," Mr. Rostagno added. The real, which has depreciated 25 percent this year, fell 0.4 percent to 3.5668 per U.S. dollar at 10:37 a.m. on Aug. 28. Swap rates on the contract maturing in January 2017 rose nine basis points, or 0.09 percentage point, to 13.96 percent, Bloomberg News relays. 'Deeper Recession' First quarter GDP was revised downward to a contraction of 0.7 percent from a prior 0.2 percent decline, which signals an "even deeper recession," according to Mr. Rostagno, Bloomberg News notes. GDP in the second quarter fell 2.6 percent from the same period last year, versus a median forecast for a 2.1 percent drop. Family spending dropped 2.1 percent from the previous quarter, while investment tumbled 8.1 percent -- the eighth straight quarter of contraction, the statistics institute said, Bloomberg News discloses. On the economy's supply side, industry contracted 4.3 percent and services declined 0.7 percent, Bloomberg News adds. 'Severe Contraction' "When you look at final domestic demand, the contraction was pretty nasty: very, very severe contraction of investment spending and private consumption," said Alberto Ramos, chief Latin America economist for Goldman Sachs Group Inc. in New York, Bloomberg News notes. "It was a broad-based sharp decline of activity whether you look at the supply side or demand side," Bloomberg News relays. There's more contraction for investment in store, Carlos Kawall, a former Treasury secretary and currently chief economist at Banco Safra SA, said before release of the data, Bloomberg News discloses. In part that's due to the so-called Carwash investigation into kickbacks at state-run oil company Petrobras that has implicated the country's largest construction and engineering companies, Bloomberg News relays. The daily stream of developments in the case has helped push business confidence as measured by the National Industry Confederation to a record low, Bloomberg News relates. Bloomberg News notes that the probe has spread to top figures in the ruling Workers' Party and put dozens of lawmakers under investigation, including the heads of the Senate and the Chamber of Deputies, which has complicated government efforts to fortify fiscal accounts. The central bank released fiscal data showing the budget deficit before interest payments in July was worse than forecast by all economists surveyed by Bloomberg. The so-called primary deficit reached 10 billion reais ($2.8 billion) in July, and amounted to negative 0.89 percent of GDP over the prior 12 months, Bloomberg News notes. Brazil targets a 2015 primary surplus of 0.15 percent of GDP. Falling Stocks Amid mounting concern over the political crisis, the benchmark Ibovespa stock index has plunged 18 percent since its 2015 peak reached on May 5, Bloomberg News relays. Higher borrowing costs pose another obstacle for investment. In July the central bank raised the benchmark Selic rate for the seventh straight time, to 14.25 percent, and signaled that maintaining that rate for a prolonged period will be necessary to slow inflation to the 4.5 percent target by year-end 2016. Prices rose at more than twice that pace in the 12 months through August, Bloomberg News notes. With inflation eating into real wages and the jobless rate at its highest in more than five years, consumer spending has suffered. Consumer confidence as measured by the Getulio Vargas Foundation is at its lowest level since the survey began almost a decade ago, Bloomberg News discloses. Silver Lining The silver lining in the data was the 3.4 percent jump in exports, spurred by a weaker currency and helping prevent an even larger contraction, Bloomberg News notes. Brazil's real has depreciated more against the U.S. dollar this year than any of the 16 major currencies tracked by Bloomberg, which improved export competitiveness of Latin America's largest economy, Bloomberg News says. "Positive contribution to growth from net exports is the first sign that the weaker real is starting to bring some benefits to Brazil's economy," Neil Shearing, chief emerging markets economist at Capital Economics, said by phone from New York before release of the data, Bloomberg News relays. In spite of a weaker currency that boosts import costs, inflation is projected to slow, with analysts surveyed by the central bank forecasting a 5.5 percent pace in 2016, Bloomberg News notes. Second-quarter GDP will also be the worst of 2015, with a shallower contraction of 0.5 percent in the third quarter, according to the median estimate in a Bloomberg survey. Feeling Pain That may be little consolation to Brazilians yet to glimpse the upside of Rousseff's austerity policy. The government's approval rating stands at 8 percent, a record low, according to a survey by polling firm Datafolha taken Aug. 4-5. Economists surveyed by the central bank have begun forecasting back-to-back years of recession this year and next, Bloomberg News notes. That would be the first such instance since 1931. "We are feeling the pains of the adjustment -- the exchange rate, prices, taxes -- and we aren't feeling the benefits," Roberto Setubal, chief executive officer of Itau Unibanco Holding SA, said Aug. 20 at an event in Sao Paulo, Bloomberg News discloses. President Rousseff said in a speech that Brazilians will overcome their difficulties and light "the end of the tunnel with our hope, optimism, and capacity to build a Brazil for everyone," Bloomberg News adds. PDG REALTY: Taps Rothschild to Help Restructure BRL5.8BB Debt ------------------------------------------------------------- Julia Leite and Paula Sambo at Bloomberg News report that not long ago, Brazil's real-estate market was one of the biggest symbols of the country's burgeoning economic might. Now, it's fallen victim to an ever-deepening recession. PDG Realty SA, once the largest homebuilder by revenue, hired Rothschild to help restructure BRL5.8 billion ($1.6 billion) of debt after second-quarter net sales sank 88 percent, according to Bloomberg News. In August, Rossi Residencial SA, which has BRL2.5 billion in debt, also brought in advisers to "restructure operations and review strategies," Bloomberg News notes. Since 2010, the builder has lost 99 percent of its stock-market value, Bloomberg News relays. The real-estate industry, which is equal to about 10 percent of Brazil's economy, is emerging as one of the latest casualties of a recession that analysts forecast will be its longest since the 1930s, Bloomberg News discloses. To make matters worse, interest rates are the highest in almost a decade while inflation is soaring, Bloomberg News notes. "There is no real estate company that survives without sales," Bruno Mendonca Lima de Carvalho, the head of fixed income at Guide Investimentos SA, said from Sao Paulo, Bloomberg News notes. "You can't import or export apartments. You're relying solely on domestic activity," Bloomberg News quoted Mr. de Carvalho as saying. The builder has tried to boost revenue by lowering prices, financing up to 20 percent of some home purchases and even offering to buy back apartments if banks deny financing, Bloomberg News relays. Still, it sold just 217 units in the second quarter on a net basis, compared with 1,749 in 2014, Bloomberg News notes. Negative Outlook Moody's Investors Service cut PDG's rating three levels to Caa3, citing the possibility of significant losses for bondholders and other lenders. Secured creditors may recover less than 80 percent in a default, according to Moody's, which kept a negative outlook on the rating. "The company is facing additional liquidity pressures from a prolonged deterioration in industry dynamics, including weak sales speed, tight financing availability and declining real estate prices," Moody's said. Sao Paulo-based Rossi Residencial said in an e-mailed response to questions that second quarter sales improved and that the company's main focus is to reduce debt, Bloomberg News relays. Gross debt fell about 30 percent in the 12 months ended in June, Rossi Residencial added. Home sales in Latin America's biggest economy tumbled 14 percent in the first half of 2015, according to data from the national real estate institute. Builders cut new projects by 20 percent during that span, while available financing shrank by about a quarter, Bloomberg News notes. Real's Collapse That's a reversal from just two years ago, when real-estate prices in places like Rio de Janeiro and Sao Paulo had surged as much as 230 percent as rising incomes, a soaring real and record-low borrowing costs ignited a wave of home buying, Bloomberg News notes. Brazilians find themselves in drastically different circumstances. The currency fell 0.4 percent Aug. 26 as of 3:25 p.m. in New York, extending its loss this year to 26 percent. The jobless rate climbed to a five-year high of 7.5 percent in July, Bloomberg News notes. The central bank boosted its key rate to 14.25 percent in July, making it ever more expensive to finance the purchase of a home, Bloomberg News says. "It's a matter of demand, and demand is really weak," Will Landers, who manages Latin American stocks at BlackRock, said from Princeton, New Jersey, Bloomberg News relays. "We may have reached a peak in interest rates, but they should continue to be at these levels for a while. Consumers will stay on the sidelines because debt levels are still high, and employment will get worse," Bloomberg News quoted Mr. Landers as saying. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 25, 2015, Moody's America Latina has downgraded the Corporate Family Ratings (CFR) assigned to PDG Realty S.A. Empreendimentos e Parts (PDG) to Caa3 on the global scale and to Caa3.br on the Brazilian national scale from B3 and B1.br, respectively. PETROLEO BRASILEIRO: Among Borrowers Most at Risk as Real Sinks --------------------------------------------------------------- Filipe Pacheco at Bloomberg News reports that Petroleo Brasileiro SA is among the Brazilian companies most at risk of seeing leverage ratios swell as the real posts the world's biggest currency losses. For Petrobras, the electric utility known as Eletrobras, airline Gol Linhas Aereas Inteligentes SA and mall operator General Shopping Brasil SA, every 10 percent depreciation in the real boosts the companies' debt-to-earnings ratio by a factor of one, according to Fitch Ratings, according to Bloomberg News. Bloomberg News notes that the companies, with a combined $60.1 billion of overseas bonds outstanding, are vulnerable to a falling real because they have high levels of foreign-currency debt while most of their sales are in the local tender, said Joe Bormann, a managing director for Latin America corporate finance at Fitch. The ratings company has Petrobras at the lowest level of investment grade, while the other companies are classified as junk, notes Bloomberg. "Those are the names that we see as the most exposed to a depreciation of the real," Mr. Bormann said from Chicago. "The depreciation materially changes the amount of leverage that they have to a higher degree than a lot of their peers," Mr. Bormann added, says the report. The real has tumbled 25 percent this year, the worst performer among 16 major currencies tracked by Bloomberg, as President Dilma Rousseff struggles to sustain a coalition in Congress that can support her plan to cut spending and shore up fiscal accounts. Standard & Poor's lowered the outlook on Brazil's BBB- sovereign rating from stable to negative in July, while Moody's Investors Service cut the country's grade one notch on Aug. 11, according to Bloomberg News. While the four companies compose a group considered most at risk to currency swings, the Sao Paulo state water utility known as Sabesp is seen as a "medium-risk concern" on the same basis, Mr. Bormann said, Bloomberg News notes. Bloomberg News says that most Brazilian issuers haven't used derivative instruments to completely eliminate foreign-exchange risk because the country's 14.25 percent benchmark interest rate, the highest among the world's biggest economies, makes hedging expensive, Mr. Bormann said. Local policy makers have increased borrowing costs seven times since October to control above-target inflation, Bloomberg News relays. Petrobras's $2.5 billion in bonds due 2024 have dropped about 9 percent this year as top executives from the company were cited in a bribery scandal, a scandal that delayed the publication of its annual results and led to a change of its top management, Bloomberg News notes. Bloomberg News says that perpetual bonds issued by Sao Paulo-based General Shopping totaling $250 million have plummeted 44 percent since December as rising unemployment and inflation running at 9.6 percent a year damped consumption. The notes now trade at about 50 cents on the dollar. Rio de Janeiro-based Eletrobras's $1.75 billion of bonds due 2021 have tumbled 13 percent since December, while Gol's $325 million in notes due 2022 slumped 17 percent, Bloomberg News adds. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 13, 2015, Moody's Investors Service affirmed all ratings for Petroleo Brasileiro S.A. (Petrobras) and ratings based on Petrobras' guarantee. This includes the affirmation of Petrobras' Ba2 senior unsecured debt rating. The company's b2 baseline credit assessment (BCA) is unchanged. The outlook is stable for Petrobras and its guaranteed debt. ========================== C A Y M A N I S L A N D S ========================== ASIA REAL: Creditors' Proofs of Debt Due Sept. 14 ------------------------------------------------- The creditors of Asia Real Estate Prime Development Fund Ltd are required to file their proofs of debt by Sept. 14, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 1, 2015. The company's liquidator is: K.D. Blake P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands c/o Georgina Lowry Telephone: +1 (345) 914-4398/ +1 (345) 949-4800 Facsimile: +1 (345) 949-7164 ATR HOLDING: Placed Under Voluntary Wind-Up ------------------------------------------- On July 27, 2015, the sole member of ATR Holding resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Sept. 7, 2015, will be included in the company's dividend distribution. The company's liquidator is: Richard Fear c/o Ryan Charles Telephone: (345) 814 7364 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands JAT PRIME: Commences Liquidation Proceedings -------------------------------------------- On Aug. 5, 2015, the shareholders of Jat Prime Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Sept. 7, 2015, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands JAT PRIME INTERMEDIATE: Commences Liquidation Proceedings --------------------------------------------------------- On Aug. 5, 2015, the shareholders of Jat Prime Intermediate Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Sept. 7, 2015, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands JAT PRIME MASTER: Commences Liquidation Proceedings --------------------------------------------------- On Aug. 5, 2015, the shareholders of Jat Prime Master Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Sept. 7, 2015, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands KINKOUCHO HOLDING: Placed Under Voluntary Wind-Up ------------------------------------------------- On July 27, 2015, the sole member of Kinkoucho Holding resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Sept. 7, 2015, will be included in the company's dividend distribution. The company's liquidator is: Richard Fear c/o Ryan Charles Telephone: (345) 814 7364 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands LONGAN HOLDINGS: Placed Under Voluntary Wind-Up ----------------------------------------------- On July 27, 2015, the sole member of Longan Holdings Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Sept. 7, 2015, will be included in the company's dividend distribution. The company's liquidator is: Richard Fear c/o Ryan Charles Telephone: (345) 814 7364 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands LONGAN INVESTMENTS: Placed Under Voluntary Wind-Up -------------------------------------------------- On July 27, 2015, the sole member of Longan Investments Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Sept. 7, 2015, will be included in the company's dividend distribution. The company's liquidator is: Richard Fear c/o Ryan Charles Telephone: (345) 814 7364 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands MORINOMIYA HOLDING: Placed Under Voluntary Wind-Up -------------------------------------------------- On July 27, 2015, the sole member of Morinomiya Holding resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Sept. 7, 2015, will be included in the company's dividend distribution. The company's liquidator is: Richard Fear c/o Ryan Charles Telephone: (345) 814 7364 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands ODEBRECHT OFFSHORE: S&P Affirms 'B+' Rating on Sr. Sec. Notes ------------------------------------------------------------- Standard & Poor's Ratings Services said that it affirmed its 'B+' rating on Odebrecht Offshore Drilling Finance Ltd's (OODFL) senior secured notes and placed them on CreditWatch with negative implications. The CreditWatch Negative reflects the risk of an event of default after (according to a communication from OODF) Petrobras notified the operator that it has the right to early terminate the service and charter agreements of the drillship ODN Tay IV. ODN Tay IV has stopped providing services for over 60 days. S&P believes this situation will evolve in one of three ways: (i) Petrobras might decide to terminate the service and charter contract with ODN Tay IV, which may cause an non-automatic acceleration event of the notes if not properly replaced within 90 days, according to the terms of the notes, and would likely result in a multiple notch downgrade; (ii) negotiate the terms of the acceptance, which are not defined at the moment and may impact the future cash flow of the project, and most likely have a negative impact on the rating; or (iii) waive this maintenance stoppage event and resume business. S&P expects to have a better understanding of the next steps, and therefore resolve the CreditWatch listing within the next 90 days. S&P believes that the project's contractual foundation provides the basis of S&P's 'B+' rating. In addition, the rating on the notes is the same as Petrobras' SACP and indicates that S&P would lower the rating on the issues if it revises Petrobras' SACP downward. Although S&P's base-case assumptions don't include payment delays (from Petrobras or extraordinary support from the government to meet drillship contracts in a timely fashion), any delays in payments--which, in S&P's view, would weaken the project's cash flow available for debt service--could also lead to a downgrade. OHMORI HOLDING: Placed Under Voluntary Wind-Up ---------------------------------------------- On July 27, 2015, the sole member of Ohmori Holding resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Sept. 7, 2015, will be included in the company's dividend distribution. The company's liquidator is: Richard Fear c/o Ryan Charles Telephone: (345) 814 7364 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands OPN LTD: Creditors' Proofs of Debt Due Sept. 8 ---------------------------------------------- The creditors of OPN Ltd are required to file their proofs of debt by Sept. 8, 2015, to be included in the company's dividend distribution. The creditors will hold their first meeting on Sept. 10 2015, at 10:00 a.m. The company commenced wind-up proceedings on July 30, 2015. The company's liquidator is: Tammy Fu c/o Christina Ward Telephone: +1 (345) 814 4037 Zolfo Cooper, 38 Market Street Canella Court, 2nd Floor Camana Bay Grand Cayman, Cayman Islands KY1-9006 Cayman Islands TACHIKAWA AKEBONOCHO: Placed Under Voluntary Wind-Up ---------------------------------------------------- On July 27, 2015, the sole member of Tachikawa Akebonocho Holding resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Sept. 7, 2015, will be included in the company's dividend distribution. The company's liquidator is: Richard Fear c/o Ryan Charles Telephone: (345) 814 7364 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands ============= G R E N A D A ============= * GRENADA: PM Urges More Fiscal Discipline for Economic Growth -------------------------------------------------------------- The Daily Observer reports that the Prime Minister of Grenada Dr. Keith Mitchell has advised his counterparts, who are seeking debt relief from the international community, to try to do more to help themselves. Mr. Mitchell said while he supported the call made by Prime Minster Gaston Browne in Addis Abba, the region must send the right messages about its own fiscal discipline, according to The Daily Observer. Mr. Mitchell said the call by itself will not work, "because people are going to ask you what you are doing to change the condition which led you to be where you are today," the report notes. The report relays that Mr. Browne told the United Nations conference on financing development that high debt was one of the factors which hindered economic growth in the Caribbean. But speaking on the margins of the International Monetary Fund (IMF) High Level Forum in St Kitts, the Grenadian leader urged his colleagues to put their financial houses in order, the report notes. Mr. Browne said combining diplomatic missions overseas is one way that the Organisation of Eastern Caribbean States (OECS) can save money, the report adds. ======= P E R U ======= PETROPERU: Gets OK to Take Over Peru's Largest Oil Block -------------------------------------------------------- EFE News reports that Peru's Congress has given state-owned oil company Petroperu authorization to develop the country's largest oil block despite the opposition of President Ollanta Humala's administration, which said the move is unconstitutional because it would increase public spending. In a vote of 71-10 with two abstentions, Congress authorized Perupetro, the state licensing agency for hydrocarbons concessions, after prior evaluation, to directly award a production contract for Lot 192 to Petroperu, according to EFE News. The legislation modifies a law that requires Petroperu to prioritize a $3.5 billion project to modernize and expand the Talara refinery, the report notes. While the bill was being debated in the unicameral legislature, Peruvian Energy and Mines Minister Rosa Maria Ortiz warned lawmakers it was unconstitutional because they are only authorized to raise government spending via budget bills, the report says. The report discloses that Petroperu is unprepared to develop the block, located in the northern Amazon region of Loreto, and will need unbudgeted funds to do so, Ms. Ortiz said in a press conference. Ms. Ortiz also recalled that Humala's administration recently directly awarded a two-year service contract to Canada's Pacific Stratus Energy, a unit of Pacific Exploration & Production (formerly Pacific Rubiales Energy), to develop Lot 192, the report relays. Non-compliance with the contract with Pacific would have serious consequences for the Peruvian government and the country's investment climate" because it would raise questions about legal certainty in the Andean nation, Ms. Ortiz said, the report notes. The congressional vote took place in Iquitos, the capital of Loreto, where civil society organizations staged a region-wide strike to protest the decision to award the block to Pacific instead of Petroperu, the report discloses. The report says that Loreto Gov. Fernando Melendez said the bill passed by Congress "did justice" to the region's demands and urged Humala to sign it into law. During last week's protests in Loreto, a group of Achuar Indians seized 11 oil wells and an airfield located in Lot 8; that block is operated by Argentine energy company Pluspetrol, whose contract for the nearby Lot 192 expired, the report notes. Another group of demonstrators clashed with police after trying to seize Lot 8's heliport, although no injuries were reported, police and Pluspetrol spokespersons said, the report relays. Pluspetrol, which began developing Lot 192 in 2001, was periodically accused by indigenous federations of polluting their territories and failing to live up to commitments to cover remediation costs, the report says. Lot 192, located near Peru's border with Ecuador, yields around 11,000 barrels of crude per day from around 16 wells and accounts for 17 percent of the country's total oil production, the report adds. ====================== P U E R T O R I C O ====================== BTB CORP: Confirms Foreclosure of Collateral for BSPR Loans ----------------------------------------------------------- BTB Corp. has signed a stipulation confirming that some of its accounts receivable were properly foreclosed by Banco Santander Puerto Rico and do not constitute part of its bankruptcy estate. Prior to BTB's bankruptcy filing, Banco Santander, a secured creditor, initiated a foreclosure proceeding against the company after the latter failed to repay its loans. The loans are secured by BTB's accounts receivable and inventories. The company owes Banco Santander more than $10.64 million as of May 17, 2015, court filings show. A copy of the stipulation is available without charge at http://is.gd/CzEQiI About BTB Corporation BTB Corporation sought Chapter 11 protection (Bankr. D.P.R. Case No. 15-03681) in Old San Juan, Puerto Rico, on May 17, 2015. Samuel Lizardi signed the petition as interim president. The Debtor disclosed total assets of $16.5 million and total liabilities of $13.2 million. BTB said it sought bankruptcy protection as it is unable to meet obligations as they mature, and creditors are threatening suit and have threatened to undertake steps to obtain possession of its assets. The Debtor tapped Alexis Fuentes Hernandez, Esq., at Fuentes Law Offices, LLC, as its counsel. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD CEMENT: Signs Agreement for US$200 Million Loan -------------------------------------------------------- Trinidad Express reports that Trinidad Cement Limited has signed off on US$200 million loan agreement with international banks Credit Suisse and Citibank. The loans will run for a five-year period. At the recent signing at Citibank (Trinidad and Tobago), Queen's Park East, Port of Spain, TCL chairman Wilfred Espinet noted that the agreement presents a critical phase in the company's comprehensive restructuring, as the capital structure is one of the elements to position the company for long-term viability, according to Trinidad Express. Mr. Espinet pointed out that in addition to the lead arrangers, the deal attracted the participation of a diversified group of nine regional and global investors as well as past creditors of the company, the report adds. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 21, 2015, Standard & Poor's Ratings Services raised its corporate credit rating on Trinidad Cement Limited Group (TCL) to 'B-' from 'CCC', and removed it from CreditWatch with positive implications. The outlook is stable. At the same time, S&P assigned its 'B-' issue- level rating to the company's $200 million senior secured term loan. TRINIDAD & TOBAGO: Economy Contracts by -1.2% in 1Q 2015 -------------------------------------------------------- Aleem Khan at Trinidad Express reports that the economy of Trinidad and Tobago contracted by -1.2 per cent in the first quarter of 2015. This just released figure by the Central Bank in its Economic Bulletin (EB) dated July 2015 is directly and unambiguously contradicting what Finance Minister Larry Howai has been telling the country, according to Trinidad Express. The report notes that speaking at a United National Congress (UNC) cottage meeting at Green Acres, San Fernando, Mr. Howai said "despite falling energy prices, Trinidad and Tobago's economy has continued to record positive growth," according to a release from the UNC campaign office Kamla 2015. However, Trinidad & Tobago economic activity slowed in the first quarter of 2015 year-on-year (y-o-y) to -1.2 per cent, the Central Bank of Trinidad & Tobago (CBTT) said in the EB, the report relates. Trinidad and Tobago's energy sector contracted -3.3 per cent y-o-y in Q1 2015 while non-energy shrunk -0.7 per cent over the same period, CBTT said, the report notes. The country's overall deficit also doubled y-o-y from -0.9 per cent of gross domestic product (GDP) from October 2013 to May 2014 to -1.8 per cent of GDP October 2014 to May 2015, the CBTT said, the report discloses. Howai: Exceptional Performance Meanwhile, Howai in the release said: "In the nine months income was down by $3 billion and we actually were able to bring in exceptional income by selling assets that we had for CLICO. They have to start paying us back and that reduced the negative income. We reduced the expenses by TT$6 billion so overall while we expected a deficit of TT$4 billion we only showed a deficit of TT$1 billion. The first nine months was exceptional for us in terms of performance of our economy," the report notes. 9,100 Women Stopped Working Unemployment increased to 3.7 per cent in Q1 2015 vs 3.1 per cent in Q1 2014, as 20,400 persons are no longer employed, the CBTT said, Trinidad Express relays. The increase in the unemployment rate was mainly on account of a decline in the number of individuals with jobs (20,400 persons) when compared to the corresponding period in 2014, Trinidad Express notes. However, the number of persons without jobs only increased by 3,300 persons reflecting a withdrawal of individuals from the labor force, the CBTT said, Trinidad Express says. As a result, the participation rate declined to 60.9 per cent from 62.6 per cent in Q1 y-o-y. An analysis of employment by industry revealed job losses were broad-based across sectors, the report discloses. While there were employment gains emerging in the Wholesale and Retail Trade, Restaurants and Hotels (6,600 persons) and Agriculture (3,000 persons) sectors, sizeable job losses were observed in the Community, Social and Personal Services (16,700 persons), Construction (5,900 persons) and Transport, Storage and Communication (4,200 persons) sectors, among others, the report relates. The report discloses that CBTT said: "An analysis of labor transfers revealed notable shifts in employment among the sectors but more so a significant withdrawal of persons from the labor force since 2014. The majority of persons leaving the labor force were females (9,100 persons) who were previously employed under temporary arrangements," the report notes. Foreign Reserves Fall Foreign reserves also fell from 12.7 months of import cover to 12.2 months, from US$11.3 billion to US$10.59 billion as at June 2015 , said CBTT, the report relays. The Central Bank said the current account surplus of 8.3 per cent of GDP in 2014 is estimated to shrink to 5.2 per cent of GDP this year, the report notes. Public Debt to Rise Taxpayers also have more US dollar denominated debt to inherit, the report notes. The report adds that CBTT said: "External debt increased slightly to $12.9 billion as a result of US$30 million in disbursements from the Caribbean Development Bank for the Compressed Natural Gas (CNG) Project Initiative. External debt is expected to accelerate on account of new loans contracted during the quarter but not yet disbursed. This includes borrowings of US$215 million from the ING Bank N.V. in Amsterdam, Netherlands and US$171.9 million from the Export Import Bank of China. These monies are to be used to finance the purchase of naval assets, as well as for the construction of the Arima Hospital." ================= X X X X X X X X X ================= * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ --------- ------------ AGRENCO LTD AGRE LX 285996574 -543142756 AGRENCO LTD-BDR AGEN33 BZ 285996574 -543142756 AGRENCO LTD-BDR AGEN11 BZ 285996574 -543142756 ARTHUR LAN-DVD C ARLA11 BZ 11642254.9 -17154460.3 ARTHUR LAN-DVD P ARLA12 BZ 11642254.9 -17154460.3 ARTHUR LANGE ARLA3 BZ 11642254.9 -17154460.3 ARTHUR LANGE SA ALICON BZ 11642254.9 -17154460.3 ARTHUR LANGE-PRF ARLA4 BZ 11642254.9 -17154460.3 ARTHUR LANGE-PRF LICPN BZ 11642254.9 -17154460.3 ARTHUR LANG-RC C ARLA9 BZ 11642254.9 -17154460.3 ARTHUR LANG-RC P ARLA10 BZ 11642254.9 -17154460.3 ARTHUR LANG-RT C ARLA1 BZ 11642254.9 -17154460.3 ARTHUR LANG-RT P ARLA2 BZ 11642254.9 -17154460.3 BALADARE BLDR3 BZ 159449535 -52990723.7 BATTISTELLA BTTL3 BZ 61230059 -26822453.5 BATTISTELLA-PREF BTTL4 BZ 61230059 -26822453.5 BATTISTELLA-RECE BTTL9 BZ 61230059 -26822453.5 BATTISTELLA-RECP BTTL10 BZ 61230059 -26822453.5 BATTISTELLA-RI P BTTL2 BZ 61230059 -26822453.5 BATTISTELLA-RIGH BTTL1 BZ 61230059 -26822453.5 BI CIA SECURITIZ BICS BZ 38231826.5 -584101.548 BOMBRIL BMBBF US 254413220 -16036964.4 BOMBRIL FPXE4 BZ 19416013.9 -489914853 BOMBRIL BOBR3 BZ 254413220 -16036964.4 BOMBRIL - 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RCT 4529789Q BZ 14029393.8 -32749735 RECRUSUL - RCT 4529793Q BZ 14029393.8 -32749735 RECRUSUL - RCT 0163582D BZ 14029393.8 -32749735 RECRUSUL - RCT 0163583D BZ 14029393.8 -32749735 RECRUSUL - RCT 0614675D BZ 14029393.8 -32749735 RECRUSUL - RCT 0614676D BZ 14029393.8 -32749735 RECRUSUL - RCT RCSL10 BZ 14029393.8 -32749735 RECRUSUL - RT 4529781Q BZ 14029393.8 -32749735 RECRUSUL - RT 4529785Q BZ 14029393.8 -32749735 RECRUSUL - RT 0163579D BZ 14029393.8 -32749735 RECRUSUL - RT 0163580D BZ 14029393.8 -32749735 RECRUSUL - RT 0614673D BZ 14029393.8 -32749735 RECRUSUL - RT 0614674D BZ 14029393.8 -32749735 RECRUSUL SA RESLON BZ 14029393.8 -32749735 RECRUSUL SA-PREF RESLPN BZ 14029393.8 -32749735 RECRUSUL SA-RCT RCSL9 BZ 14029393.8 -32749735 RECRUSUL SA-RTS RCSL1 BZ 14029393.8 -32749735 RECRUSUL SA-RTS RCSL2 BZ 14029393.8 -32749735 RECRUSUL-BON RT RCSL11 BZ 14029393.8 -32749735 RECRUSUL-BON RT RCSL12 BZ 14029393.8 -32749735 RECRUSUL-PREF RCSL4 BZ 14029393.8 -32749735 RENAUXVIEW SA TXRX3 BZ 33757610.2 -74431020.7 RENAUXVIEW SA-PF TXRX4 BZ 33757610.2 -74431020.7 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 15583653.5 -4261184.52 SANSUY SNSY3 BZ 136020731 -152229409 SANSUY SA SNSYON BZ 136020731 -152229409 SANSUY SA-PREF A SNSYAN BZ 136020731 -152229409 SANSUY SA-PREF B SNSYBN BZ 136020731 -152229409 SANSUY-PREF A SNSY5 BZ 136020731 -152229409 SANSUY-PREF B SNSY6 BZ 136020731 -152229409 SCHLOSSER SCLO3 BZ 35479691.9 -46000437.6 SCHLOSSER SA SCHON BZ 35479691.9 -46000437.6 SCHLOSSER SA-PRF SCHPN BZ 35479691.9 -46000437.6 SCHLOSSER-PREF SCLO4 BZ 35479691.9 -46000437.6 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 14874965 -3087009.49 TEC TOY SA-PREF TOYDF US 14874965 -3087009.49 TEC TOY SA-PREF TOYB5 BZ 14874965 -3087009.49 TEC TOY-RCT 7335626Q BZ 14874965 -3087009.49 TEC TOY-RCT 7335630Q BZ 14874965 -3087009.49 TEC TOY-RCT 1254572D BZ 14874965 -3087009.49 TEC TOY-RCT 1254573D BZ 14874965 -3087009.49 TEC TOY-RT 7335610Q BZ 14874965 -3087009.49 TEC TOY-RT 7335614Q BZ 14874965 -3087009.49 TEC TOY-RT 1254570D BZ 14874965 -3087009.49 TEC TOY-RT 1254571D BZ 14874965 -3087009.49 TECTOY TOYB3 BZ 14874965 -3087009.49 TECTOY TOYB13 BZ 14874965 -3087009.49 TECTOY - RCT TOYB9 BZ 14874965 -3087009.49 TECTOY - RTS TOYB1 BZ 14874965 -3087009.49 TECTOY - RTS TOYB2 BZ 14874965 -3087009.49 TECTOY SA TOYBON BZ 14874965 -3087009.49 TECTOY SA-PREF TOYBPN BZ 14874965 -3087009.49 TECTOY-PF-RTS5/6 TOYB11 BZ 14874965 -3087009.49 TECTOY-PREF TOYB4 BZ 14874965 -3087009.49 TECTOY-RCPT PF B TOYB12 BZ 14874965 -3087009.49 TEKA TKTQF US 263356756 -337860221 TEKA TEKA3 BZ 263356756 -337860221 TEKA TEKAON BZ 263356756 -337860221 TEKA-ADR TEKAY US 263356756 -337860221 TEKA-ADR TKTPY US 263356756 -337860221 TEKA-ADR TKTQY US 263356756 -337860221 TEKA-PREF TKTPF US 263356756 -337860221 TEKA-PREF TEKA4 BZ 263356756 -337860221 TEKA-PREF TEKAPN BZ 263356756 -337860221 TEKA-RCT TEKA9 BZ 263356756 -337860221 TEKA-RCT TEKA10 BZ 263356756 -337860221 TEKA-RTS TEKA1 BZ 263356756 -337860221 TEKA-RTS TEKA2 BZ 263356756 -337860221 TELEBRAS SA TELB3 BZ 552954651 -19314726.6 TELEBRAS SA TLBRON BZ 552954651 -19314726.6 TELEBRAS SA TBASF US 552954651 -19314726.6 TELEBRAS SA-PREF TELB4 BZ 552954651 -19314726.6 TELEBRAS SA-PREF TLBRPN BZ 552954651 -19314726.6 TELEBRAS SA-RCT TELB9 BZ 552954651 -19314726.6 TELEBRAS SA-RT 0250949D BZ 552954651 -19314726.6 TELEBRAS/W-I-ADR TBH-W US 552954651 -19314726.6 TELEBRAS-ADR TBAPY US 552954651 -19314726.6 TELEBRAS-ADR TBRAY GR 552954651 -19314726.6 TELEBRAS-ADR TBH US 552954651 -19314726.6 TELEBRAS-ADR TBX GR 552954651 -19314726.6 TELEBRAS-ADR RTB US 552954651 -19314726.6 TELEBRAS-ADR TBASY US 552954651 -19314726.6 TELEBRAS-BLOCK TELB30 BZ 552954651 -19314726.6 TELEBRAS-CED C/E TEL4C AR 552954651 -19314726.6 TELEBRAS-CEDE BL RCT4B AR 552954651 -19314726.6 TELEBRAS-CEDE PF RCTB4 AR 552954651 -19314726.6 TELEBRAS-CEDE PF RCT4C AR 552954651 -19314726.6 TELEBRAS-CEDE PF RCT4D AR 552954651 -19314726.6 TELEBRAS-CEDE PF TELB4 AR 552954651 -19314726.6 TELEBRAS-CEDEA $ TEL4D AR 552954651 -19314726.6 TELEBRAS-CM RCPT RCTB31 BZ 552954651 -19314726.6 TELEBRAS-CM RCPT TELE31 BZ 552954651 -19314726.6 TELEBRAS-CM RCPT TBRTF US 552954651 -19314726.6 TELEBRAS-CM RCPT RCTB32 BZ 552954651 -19314726.6 TELEBRAS-CM RCPT RCTB30 BZ 552954651 -19314726.6 TELEBRAS-COM RT 0250948D BZ 552954651 -19314726.6 TELEBRAS-COM RTS TELB1 BZ 552954651 -19314726.6 TELEBRAS-PF BLCK TELB40 BZ 552954651 -19314726.6 TELEBRAS-PF RCPT CBRZF US 552954651 -19314726.6 TELEBRAS-PF RCPT RCTB41 BZ 552954651 -19314726.6 TELEBRAS-PF RCPT TELE41 BZ 552954651 -19314726.6 TELEBRAS-PF RCPT RCTB42 BZ 552954651 -19314726.6 TELEBRAS-PF RCPT RCTB40 BZ 552954651 -19314726.6 TELEBRAS-PF RCPT TBAPF US 552954651 -19314726.6 TELEBRAS-PF RCPT TLBRUP BZ 552954651 -19314726.6 TELEBRAS-RCT RCTB33 BZ 552954651 -19314726.6 TELEBRAS-RCT PRF TELB10 BZ 552954651 -19314726.6 TELEBRAS-RECEIPT TLBRUO BZ 552954651 -19314726.6 TELEBRAS-RTS CMN RCTB1 BZ 552954651 -19314726.6 TELEBRAS-RTS CMN TCLP1 BZ 552954651 -19314726.6 TELEBRAS-RTS PRF RCTB2 BZ 552954651 -19314726.6 TELEBRAS-RTS PRF TLCP2 BZ 552954651 -19314726.6 TELECOMUNICA-ADR 81370Z BZ 552954651 -19314726.6 TEXTEIS RENA-RCT TXRX9 BZ 33757610.2 -74431020.7 TEXTEIS RENA-RCT TXRX10 BZ 33757610.2 -74431020.7 TEXTEIS RENAU-RT TXRX1 BZ 33757610.2 -74431020.7 TEXTEIS RENAU-RT TXRX2 BZ 33757610.2 -74431020.7 TEXTEIS RENAUX RENXON BZ 33757610.2 -74431020.7 TEXTEIS RENAUX RENXPN BZ 33757610.2 -74431020.7 TRESSEM PART SA 1TSSON BZ 471049316 -340913823 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 -469521100 VARIG SA-PREF VAGV4 BZ 966298048 -4695211008 VARIG SA-PREF VARGPN BZ 966298048 -4695211008 WETZEL SA MWET3 BZ 70223531.7 -18205488.6 WETZEL SA MWELON BZ 70223531.7 -18205488.6 WETZEL SA-PREF MWET4 BZ 70223531.7 -18205488.6 WETZEL SA-PREF MWELPN BZ 70223531.7 -18205488.6 WIEST WISA3 BZ 34107195.1 -126993682 WIEST SA WISAON BZ 34107195.1 -126993682 WIEST SA-PREF WISAPN BZ 34107195.1 -126993682 WIEST-PREF WISA4 BZ 34107195.1 -126993682 *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. Submissions about insolvency-related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A. Chapman, Editors. Copyright 2015. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. * * * End of Transmission * * *