/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/151030.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 Friday, October 30, 2015, Vol. 16, No. 215 Headlines B O L I V I A BOLIVIA: Moody's Says 'Ba3' Rating Reflects Strong Growth C A Y M A N I S L A N D S EPSOM FUNDING: Commences Liquidation Proceedings GREYWALL HEALTHCARE: Placed Under Voluntary Wind-Up HQFS GP: Placed Under Voluntary Wind-Up LORELEI LIMITED: Creditors' Proofs of Debt Due Nov. 12 MASTIC INVESTMENTS: Commences Liquidation Proceedings SADRIAN BOWMAN: Creditors' Proofs of Debt Due Nov. 10 SADRIAN BOWMAN (GP): Creditors' Proofs of Debt Due Nov. 10 SADRIAN BOWMAN COMMODITIES: Creditors' Proofs of Debt Due Nov. 10 SADRIAN BOWMAN INTERMEDIATE: Creditors' Proofs of Debt Due Nov. 10 SADRIAN BOWMAN FUND: Creditors' Proofs of Debt Due Nov. 10 SANTA SOFIA: Creditors' Proofs of Debt Due Dec. 10 SHORE LARK: Creditors' Proofs of Debt Due Nov. 12 SR CAYMAN: Commences Liquidation Proceedings D O M I N I C A N R E P U B L I C DOMINICAN REP: Free Zones Praise Efforts to Consolidate Sector G U Y A N A GUYSUCO: Sugar Workers Stage Strike P E R U MINSUR S.A.: Moody's Cuts US$450MM Sr. Notes Rating to Ba1 P U E R T O R I C O PUERTO RICO ELECTRIC: Inches Closer to Deal With Insurers PUERTO RICO: Bank Sees Drop in Liquidity Amid Economic Crisis V I R G I N I S L A N D S HOVENSA LLC: Court Sets Dec. 1 as General Claims Bar Date HOVENSA LLC: Richard H. Dollison Approved as Local Counsel HOVENSA LLC: Section 341(a) Meeting Slated for November 5 HOVENSA LLC: Files Schedules of Assets and Liabilities - - - - - ============= B O L I V I A ============= BOLIVIA: Moody's Says 'Ba3' Rating Reflects Strong Growth --------------------------------------------------------- Bolivia's Ba3 rating reflects strong economic growth that is driven by high public sector investment, prudent economic policies, and a significant external reserves buffer, says Moody's Investors Service. Fiscal and external buffers should allow Bolivia to handle a slump in energy prices from a position of relative strength. The level of public debt is low in relation to its peers and debt affordability is high. "The impact of the oil price shock has, so far, been muted in Bolivia, largely because public investment has continued to support growth and domestic demand," says Moody's Vice President and Senior Analyst Samar Maziad. Moody's expects that the authorities will maintain prudent macroeconomic policy, keeping fiscal deficits and government debt on a sustainable trajectory, despite the adverse terms of a trade shock. The nation's main credit challenges come from its moderate dependence on natural gas exports and weak institutional framework relative to Ba-rated peers according to the Worldwide Governance Indicators (WGI). However, prudent macroeconomic policies and efforts to improve the business environment signaled improved economic and institutional strength. The new report, a credit analysis, is an annual update to the markets and does not constitute a rating action. Moody's determines a country's sovereign rating by assessing it on the basis of four key factors -- economic strength, institutional strength, government financial strength and susceptibility to event risk -- as well as the interplay among them. ========================== C A Y M A N I S L A N D S ========================== EPSOM FUNDING: Commences Liquidation Proceedings ------------------------------------------------ On Sept. 28, 2015, the sole shareholder of Epsom Funding 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: Michael Kass Swiss Re America Holding Corporation 55 East 52nd Street New York 10055 United States of America Telephone: +1 (917) 368 4179 GREYWALL HEALTHCARE: Placed Under Voluntary Wind-Up --------------------------------------------------- On Oct. 1, 2015, the sole shareholder of Greywall Healthcare Offshore Fund, Ltd. resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Greywall Asset Management LP c/o Joanne Huckle Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 Ogier 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands HQFS GP: Placed Under Voluntary Wind-Up --------------------------------------- On Oct. 2, 2015, the sole shareholder of HQFS GP resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: HQ Capital Gmbh & Co. KG c/o Joanne Huckle Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 Ogier 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands LORELEI LIMITED: Creditors' Proofs of Debt Due Nov. 12 ------------------------------------------------------ The creditors of Lorelei Limited are required to file their proofs of debt by Nov. 12, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 30, 2014. The company's liquidator is: Maricorp Services Ltd. c/o Steven J. Barrie Telephone: 345-949-9710 P.O. Box 2075 Grand Cayman KY1-1105 Cayman Islands MASTIC INVESTMENTS: Commences Liquidation Proceedings ----------------------------------------------------- On Oct. 1, 2015, the sole shareholder of Mastic Investments 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: Midway Road Funding Ltd. c/o Jasmine Amaria Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Telephone: +44 207 220 4999 SADRIAN BOWMAN: Creditors' Proofs of Debt Due Nov. 10 ----------------------------------------------------- The creditors of Sadrian Bowman Commodities Offshore Fund Limited are required to file their proofs of debt by Nov. 10, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 16, 2015. The company's liquidator is: Andrew Childe c/o Trudy-Ann Scott Fund Solution Services Limited, Harbour Centre, 2nd Floor 42 North Church Street, George Town 10 Market Street, #769 Camana Bay Grand Cayman KY1-9006 Cayman Islands Telephone: +1 (345) 640-5861 e-mail: trudyann.scott@fundsolutionservices.com SADRIAN BOWMAN (GP): Creditors' Proofs of Debt Due Nov. 10 ---------------------------------------------------------- The creditors of Sadrian Bowman Capital (GP) Ltd are required to file their proofs of debt by Nov. 10, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 16, 2015. The company's liquidator is: Andrew Childe c/o Trudy-Ann Scott Fund Solution Services Limited, Harbour Centre, 2nd Floor 42 North Church Street, George Town 10 Market Street, #769 Camana Bay Grand Cayman KY1-9006 Cayman Islands Telephone: +1 (345) 640-5861 SADRIAN BOWMAN COMMODITIES: Creditors' Proofs of Debt Due Nov. 10 ----------------------------------------------------------------- The creditors of Sadrian Bowman Commodities Master Fund Limited are required to file their proofs of debt by Nov. 10, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 16, 2015. The company's liquidator is: Andrew Childe c/o Trudy-Ann Scott Fund Solution Services Limited, Harbour Centre, 2nd Floor 42 North Church Street, George Town 10 Market Street, #769 Camana Bay Grand Cayman KY1-9006 Cayman Islands Telephone: +1 (345) 640-5861 SADRIAN BOWMAN INTERMEDIATE: Creditors' Proofs of Debt Due Nov. 10 ------------------------------------------------------------------ The creditors of Sadrian Bowman Intermediate Ltd are required to file their proofs of debt by Nov. 10, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 16, 2015. The company's liquidator is: Andrew Childe c/o Trudy-Ann Scott Fund Solution Services Limited, Harbour Centre, 2nd Floor 42 North Church Street, George Town 10 Market Street, #769 Camana Bay Grand Cayman KY1-9006 Cayman Islands Telephone: +1 (345) 640-5861 SADRIAN BOWMAN FUND: Creditors' Proofs of Debt Due Nov. 10 ---------------------------------------------------------- The creditors of Sadrian Bowman Capital Fund (GP) Limited are required to file their proofs of debt by Nov. 10, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 16, 2015. The company's liquidator is: Andrew Childe c/o Trudy-Ann Scott Fund Solution Services Limited, Harbour Centre, 2nd Floor 42 North Church Street, George Town 10 Market Street, #769 Camana Bay Grand Cayman KY1-9006 Cayman Islands Telephone: +1 (345) 640-5861 SANTA SOFIA: Creditors' Proofs of Debt Due Dec. 10 -------------------------------------------------- The creditors of Santa Sofia Enterprises Ltd. are required to file their proofs of debt by Dec. 10, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 1, 2015. The company's liquidator is: Lion International Management Limited Road Town, Tortola British Virgin Islands c/o Mr. Philip C Pedro HSBC International Trustee Limited Compass Point Bermudiana Road Craigmuir Chambers Hamilton HM 11 P.O. Box 71 Bermuda Telephone: (441) 299-6482 Facsimile: (441) 299-652 SHORE LARK: Creditors' Proofs of Debt Due Nov. 12 ------------------------------------------------- The creditors of Shore Lark Ltd. are required to file their proofs of debt by Nov. 12, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Sept. 30, 2014. The company's liquidator is: Andrea Nogueira Rua dos Pinheiros 498, 8a Andar CJ 81 Sao Paulo- SP- Brasil- Cep 05 422-010 SR CAYMAN: Commences Liquidation Proceedings -------------------------------------------- On Sept. 28, 2015, the sole shareholder of SR Cayman Holdings 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: Michael Kass Swiss Re America Holding Corporation 55 East 52nd Street New York 10055 United States of America Telephone: +1 (917) 368 4179 =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: Free Zones Praise Efforts to Consolidate Sector -------------------------------------------------------------- Dominican Today reports that Dominican Republic's Free Zones Association (Adozona) lauded president Danilo Medina's efforts to consolidate the sector, which is a major source of jobs. President Medina's contributions to the free zones sector were recognized during Adozona's annual luncheon held in a hotel in Santo Domingo, the president's website reports, according to Dominican Today. Adozona President Jose Tomas Contreras said they'll continue to work with Medina's administration through a public-private partnership, the report notes. The business leader noted that among the major issues the free zones sector face figure the opportunities to improve their competiveness through education, efficient transport and improved infrastructure and energy, the report relates. * * * As reported in Troubled Company Reporter-Latin America on May 22, 2015, Standard & Poor's Ratings Services raised its long-term sovereign credit ratings on the Dominican Republic (DR) to 'BB-' from 'B+'. The outlook is stable. At the same time, S&P affirmed the 'B' short-term rating. S&P also raised its transfer and convertibility (T&C) assessment to 'BB+' from 'BB'. =========== G U Y A N A =========== GUYSUCO: Sugar Workers Stage Strike ----------------------------------- The Daily Observer reports that sugar workers went on strike accusing management of refusing to hold negotiations for increased wages until the findings of a Commission of Inquiry (COI) into the ailing Guyana Sugar Corporation (GUYSUCO) are released. President of the Guyana Agricultural and General Workers Union (GAWU), Komal Chand told the Guyana-based on line publication, Demerara Waves Online News, that it was not even an interest in a specific percentage wage increase that sparked off the three-day strike, according to The Daily Observer. "That doesn't arise now because what we ask for is an engagement for collective bargaining. We haven't reached that point yet," the report quoted Mr. Chand as saying. But GUYSUCO Director Paul Bhim said that the corporation would not start wage negotiations until the COI Report is made public, the report relays. "We are not refusing. We have asked them to hang on until the COI report is made public and then we will start negotiations," Mr. Bhim said, adding that this was the best way because of the problems confronting the sugar industry, the report notes. Meanwhile, GUYSUCO said it had produced 10,254 tonnes of sugar for the week ending October 16, surpassing the 10,000-tonne mark for the third time this crop, the report discloses. It said Skeldon, Albion, Blairmont, East Demerara and Uitvlugt estates have all surpassed their weekly targets while Rose Hall Estate achieved 97 per cent, the report relays. GUYSUCO said that to date it has paid approximately GUY$531.4 million (One Guyana dollar = US$0.008 cents) to employees on the seven estates for their achievement of 47 weekly production incentives, the report adds. ======= P E R U ======= MINSUR S.A.: Moody's Cuts US$450MM Sr. Notes Rating to Ba1 ---------------------------------------------------------- Moody's Investors Service downgraded to Ba1 from Baa3 the rating of Minsur S.A. ('Minsur")'s USD 450 million senior unsecured notes due in 2024. At the same time, Moody's has withdrawn Minsur's issuer rating and assigned a Ba1 corporate family ratings (CFR) to Minsur on the global scale. The outlook changed to negative from stable. Ratings changed: Issuer: Minsur S.A. USD 450 million senior unsecured notes due 2024: to Ba1 from Baa3 Ratings withdrawn: Issuer: Minsur S.A. Issuer Rating: Baa3 Ratings Assigned: Issuer: Minsur S.A. Corporate Family Rating: Ba1 Outlook Actions: Issuer: Minsur S.A. Outlook, Changed To Negative From Stable RATINGS RATIONALE The downgrade of Minsur to Ba1 and change in outlook to negative reflect the deterioration in market fundamentals for tin and gold (75% and 20% of total revenues in the LTM ended June 2015, respectively) without prospects of a rapid recovery, and the consequent pressure in the company's credit metrics. Besides, Minsur faces declining ore grades in its main mine (San Rafael ), and temporary operational constraints in its tin mine in Brazil (Pitinga), which limits the company's growth in the short-term. Expansion projects underway (in San Rafael and Mina Justa) will start operations and start to contribute to cash flows only from 2018 onwards. Therefore, we will continue to see low diversification and high exposure to 1-2 metals and mines in the foreseeable future. Minsur's Ba1 rating is supported by its high margins along with its position as the third largest tin producer worldwide. The company's low-cost and high-grade position are largely due to its ownership of the world-class San Rafael mine, the world's largest tin-producing mine. However, Minsur's concentration in tin, that accounts for 75% of revenues, makes the company highly susceptible to such metal price volatility and supply-demand dynamics. Even considering the run rate production at its gold mine Pucamarca (which came on line in January 2013), Minsur has a high percentage of its sales generated at the San Rafael mine (about 61% of total sales revenues in the last twelve months ended June 2015). Production costs are rising for the tin industry, and despite significant cost reductions achieved by Minsur, lower prices will pressure margins and credit metrics. Offsetting some of the above mentioned risks are Minsur's deep tin mining expertise and very low production costs that support its higher margins compared to rated mining peers in Peru and other countries. The company's strong liquidity position, with cash and equivalents of USD 541 million ( at the end of 2Q15) covering the entirety of its debt, is also a credit positive. "We also acknowledge the company's improving diversity by mines and metals due to its growth plans underway. Additional diversification in the medium-term will be mainly supported by the growth in its subsidiary Taboca, which owns one mine in Brazil (tin & tantalum/niobium as byproducts)." The negative outlook is based on our view that tin and gold prices will continue to be pressured by weakening global macroeconomic growth indicators and, despite Minsur's low cash costs, declining production levels at its main mine will diminish the company's ability to generate cash flow from its current operations, therefore reducing its ability to continue to invest for growth and diversification without increasing the reliance on debt. Near-term upward rating movement is unlikely until Minsur shows better evidence that it is on-track to execute its growth and metals and mine diversification plans that should improve its overall business profile and increase its mine reserve life position. To the extent that the company is able to successfully complete planned developments, further diversifying its metal revenue base, mainly by producing copper as an additional metal while enhancing its reserves, and maintaining credit metrics commensurate to investment grade ratings, the outlook or rating could be positively impacted. Ratings could be negatively impacted if profitability and cash generation capacity materially deteriorates, for example, due to a combination of a drop in metals prices and increase in production costs significantly exceeding our expectations, with negative impact on liquidity and on interest coverage metrics. Specifically, if EBIT margin falls towards a 5%-8% range with cash generation being negative on a sustained basis, ratings could be downgraded. Negative pressure could also result from increase in debt levels leading to Total Debt to EBITDA above 3x on a sustained basis. Headquartered in Lima, Peru, Minsur S.A. ("Minsur") is a 99.99% owned subsidiary of Peruvian conglomerate Inversiones Breca S.A. (not rated). The company is primarily a producer and seller of tin, mined from its San Rafael mine, located in the Puno region of Peru. Through its subsidiaries, Minsur has other mining assets in Peru and Brazil, producing tin and gold, as well as niobium and tantalum, as byproducts. The company also has a 73.9% ownership stake in Inversiones Cordillera del Sur, which owns Cementos Melon, a cement producer located in Chile. Minsur's mining operations reported consolidated revenues of USD 756 million in the LTM ended in June 2015. ====================== P U E R T O R I C O ====================== PUERTO RICO ELECTRIC: Inches Closer to Deal With Insurers --------------------------------------------------------- Insurers of Puerto Rico Electric Power Authority bonds delivered terms for a debt restructuring to the utility, moving it a step closer to an accord with its last key creditor class, a person with direct knowledge of the matter told Reuters. Nick Brown at Reuters reports that the insurers have been negotiating to provide a surety bond to serve as a reserve fund to effect a broader debt restructuring with the utility's other creditors. Terms for the surety bond now need to be assessed by PREPA before a final deal can be struck, according to Reuters. Insurers With Leverage Insurers have taken center stage in talks to fix PREPA's balance sheet, the report relays. Facing more than $8 billion in debt, PREPA reached deals in September with bondholders and lenders, who accepted 15 percent payment reductions in exchange for new bonds, the report notes. The Puerto Rican government has praised the deal as it undertakes similar restructuring talks with other creditors to reduce its $72 billion in total debt, the report discloses. But the PREPA deal cannot work unless bond insurers, including Assured Guaranty and MBIA's National Public Finance Guarantee (NPFG), sign on, the report says. Reuters relays that when bondholders and lenders agreed to their deals, they did so on the premise that their new debt would be safer than the old, in part because PREPA would be required to maintain reserve funds. The insurers are the ones negotiating to provide those reserves, in the form of a surety bond, a pot of liquidity they would guarantee, said the people close to the matter, the report discloses. Without the deal, talks could devolve into long, costly litigation, the report notes. Some remaining sticking points are economic, for example, the size and duration of the surety bond, said one source, the report notes. Another issue is governance. NPFG had criticized a proposed fiscal control board to oversee Puerto Rico's finances because the governor would appoint members without input from creditors, a second source said, the report relays. Changing the proposal is unlikely in practice, but the dispute underscores the credibility gap the government faces with creditors, notes the report. NPFG has taken the lead in restructuring talks, in part because it has more PREPA exposure than other insurers, with nearly $770 million in debt service due between 2016 and 2020, according to public documents, the report says. Assured, for example, has just $262 million in PREPA debt service through 2020, documents show, the report adds. Insurers are generally more resistant to concessions than bondholders because they guarantee debt at par, and are on the hook for losses, the report notes. Bondholders, conversely, can acquire debt at discounts and still profit when principal values are cut, the report discloses. NPFG, which faces its own financial struggles stemming from the global recession, has also been wary of making concessions at PREPA in part because it may have to make concessions to other Puerto Rican debt issuers, sources said, the report relays. In a note, Height Securities analyst Ed Groshans said bond insures are "at risk" of having to make payouts as soon as Jan. 1, when Puerto Rico could default on a $535 million payment of its general obligation debt, the report says. PREPA, on the other hand, has been criticized by NPFG for refusing to raise rates on consumers, a move NPFG felt would have allowed it to pay its debt without a restructuring, the report adds. * * * The Troubled Company Reporter on Feb. 4, 2015 reported that Standard & Poor's Ratings Services said it maintained its 'CCC' rating on the Puerto Rico Electric Power Authority's (PREPA) power revenue bonds on CreditWatch with negative implications. S&P originally placed the rating on CreditWatch on June 18, 2014. On Dec. 15, 2014, TCRLA reported that Fitch is maintaining the $8.6 billion of Puerto Rico Electric Power Authority (PREPA) power revenue bonds on Negative Rating Watch. The bonds are currently rated 'CC'. As reported in the Troubled Company Reporter on Sept. 19, 2014, Moody's Investors Service has downgraded the rating for Puerto Rico Electric Power Authority's (PREPA) $8.8 billion of Power Revenue Bonds to Caa3 from Caa2. This rating action concludes the rating review that Moody's initiated on July 1, 2014. PREPA's rating outlook is negative. PUERTO RICO: Bank Sees Drop in Liquidity Amid Economic Crisis ------------------------------------------------------------- Danica Coto at Associated Press reports that the government bank responsible for issuing Puerto Rico's bonds said that its liquidity has dropped below $1 billion as concerns grow it won't be able to make a large upcoming bond payment amid the U.S. territory's economic crisis. The Government Development Bank said its liquidity stood at $875 million at the end of September, according to Associated Press. The announcement came a day after the bank's president and other government officials met with advisers of Puerto Rico bondholder groups as the territory's administration seeks to restructure a $72 billion public debt that the governor has said is unpayable and needs restructuring, notes the report. Investors and economists are now questioning whether the bank will be able to meet a $355 million bond payment due Dec. 1 given its dwindling funds, the report relays. "It's absolutely worrisome," economist Vicente Feliciano said of the drop in liquidity, the report notes. "The general fund is also treading water . . . we're coming to a credit crunch." The report notes that Mr. Feliciano noted that Puerto Rico's government already has delayed payments to suppliers and that a large number of taxpayers are still waiting for refunds. The bank said it ended discussions with one bondholder group because they could not reach a debt-restructuring deal, the report relays. Bank President Melba Acosta has said the Dec. 1 payment and another one due Jan. 1 are a priority because they involve government-backed general obligation bonds, the report notes. However, Feliciano said a default is still a possibility. "In the end, if there's no money, there's no money," Mr. Acosta said, the report notes. The government has increased taxes and imposed new ones to help generate more revenue, leading to growing anger among Puerto Ricans who say they are being unfairly burdened, the report relays. The administration of President Barack Obama warned that the island's economic problems could lead to a humanitarian crisis if Congress does not create, among other things, a territorial bankruptcy regime that would allow Puerto Rico to restructure its debt, the report notes. Puerto Rico legislators are currently debating a measure that would establish a fiscal control board that would oversee implementation of a proposed five-year fiscal overhaul that calls for changes including a reduction in the minimum wage, the report says. Leaders of various unions across the island say they are organizing a general strike to protest the proposal and other government actions aimed at helping boost the economy, the report adds. =========================== V I R G I N I S L A N D S =========================== HOVENSA LLC: Court Sets Dec. 1 as General Claims Bar Date --------------------------------------------------------- The District Court of the Virgin Islands, Bankruptcy Division, established Dec. 1, 2015, at 5:00 p.m., as the deadline for any individual or entity to file proofs of claim against Hovensa L.L.C. The Court also sets March 14, 2015, at 5:00 p.m., as the governmental unit bar date. Proofs of claim must be submitted to (i) Clerk of the District Court of the Virgin Islands, Bankruptcy Division; or (ii) the Debtor's claims and noticing agent Prime Clerk, LLC: Hovensa L.L.C. Claims Processing Center c/o Prime Clerk LLC 830 3rd Avenue, 3rd Floor New York, NY 10022 About Hovensa Hovensa, L.L.C., produces and markets refined petroleum products. The Company offers gasoline, diesel, home heating oil, jet fuel, kerosene, and residual fuel oil. Hovensa serves customers throughout North America. Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the District of the Virgin Islands (Bankr. D. V.I. Case No. 15-10003) on Sept. 15, 2015. The petition was signed by Sloan Schoyer as authorized signatory. The Debtor has estimated assets of $100 million to $500 million, and liabilities of more than $1 billion. Judge Mary F. Walrath is assigned to the case. The Law Offices of Richard H. Dollison, P.C., serves as the Debtor's counsel. Prime Clerk LLC is the Debtor's claims and noticing agent. Alvarez & Marsal North America, LLC to provide Thomas E. Hill as chief restructuring officer, effective Sept. 15, 2015 petition date. The U.S. Trustee appointed five creditors to serve on the committee of creditors holding unsecured claims. HOVENSA LLC: Richard H. Dollison Approved as Local Counsel ---------------------------------------------------------- The District Court of the Virgin Islands, Bankruptcy Division, authorized Hovensa L.L.C., to employ The Law Offices of Richard H. Dollison, P.C., as local counsel. The firm is expected to, among other things: 1. advise the Debtor with respect to its powers and duties as debtor-in-possession in the continued management and operation of its business and property; 2. attend meetings and negotiate with creditors and parties-in-interest to the extent necessary as local counsel; and 3. advise the Debtor in connection with any sale of assets in the Chapter 11 case to the extent necessary. The firm will use its reasonable efforts to avoid any duplication of services provided by any of the Debtor's other retained professionals in the case. On Oct. 6, 2015, Mr. Dollison filed a certificate of no objection regarding the Debtor's application. About Hovensa Hovensa, L.L.C., produces and markets refined petroleum products. The Company offers gasoline, diesel, home heating oil, jet fuel, kerosene, and residual fuel oil. Hovensa serves customers throughout North America. Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the District of the Virgin Islands (Bankr. D. V.I. Case No. 15-10003) on Sept. 15, 2015. The petition was signed by Sloan Schoyer as authorized signatory. The Debtor has estimated assets of $100 million to $500 million, and liabilities of more than $1 billion. Judge Mary F. Walrath is assigned to the case. The Law Offices of Richard H. Dollison, P.C., serves as the Debtor's counsel. Prime Clerk LLC is the Debtor's claims and noticing agent. Alvarez & Marsal North America, LLC to provide Thomas E. Hill as chief restructuring officer, effective Sept. 15, 2015 petition date. The U.S. Trustee appointed five creditors to serve on the committee of creditors holding unsecured claims. HOVENSA LLC: Section 341(a) Meeting Slated for November 5 --------------------------------------------------------- A meeting of creditors of Hovensa LLC pursuant to Section 341(a) meeting will be held on Nov. 5, 2015, at 8:30 a.m. (AST) at the District Court of the Virgin Islands, St. Croix Division, 3013 Estate Golden Rock, Suite 2019, St. Croix, U.S. Virgin Islands. Hovensa, L.L.C., produces and markets refined petroleum products. The Company offers gasoline, diesel, home heating oil, jet fuel, kerosene, and residual fuel oil. Hovensa serves customers throughout North America. Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the District of the Virgin Islands (Bankr. D. V.I. Case No. 15-10003) on Sept. 15, 2015. The petition was signed by Sloan Schoyer as authorized signatory. The Debtor has estimated assets of $100 million to $500 million, and liabilities of more than $1 billion. Judge Mary F. Walrath is assigned to the case. The Law Offices of Richard H. Dollison, P.C., serves as the Debtor's counsel. Prime Clerk LLC is the Debtor's claims and noticing agent. Alvarez & Marsal North America, LLC to provide Thomas E. Hill as chief restructuring officer, effective Sept. 15, 2015 petition date. The U.S. Trustee appointed five creditors to serve on the committee of creditors holding unsecured claims. HOVENSA LLC: Files Schedules of Assets and Liabilities ------------------------------------------------------ Hovensa LLC filed with the District Court of the Virgin Islands its schedules of summary of assets and liabilities, disclosing: Name of Schedule Assets Liabilities ---------------- ----------- ----------- A. Real Property $184,000,000 B. Personal Property $54,733,110 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $40,000,000 E. Creditors Holding Unsecured Priority Claims $14,399,163 F. Creditors Holding Unsecured Non-Priority Claims $1,930,923,740 -------------- -------------- Total $238,733,110 $1,985,322,903 A copy of the schedules is available for free at http://is.gd/dTQBrZ About Hovensa Hovensa, L.L.C., produces and markets refined petroleum products. The Company offers gasoline, diesel, home heating oil, jet fuel, kerosene, and residual fuel oil. Hovensa serves customers throughout North America. Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the District of the Virgin Islands (Bankr. D. V.I. Case No. 15-10003) on Sept. 15, 2015. The petition was signed by Sloan Schoyer as authorized signatory. The Debtor has estimated assets of $100 million to $500 million, and liabilities of more than $1 billion. Judge Mary F. Walrath is assigned to the case. The Law Offices of Richard H. Dollison, P.C., serves as the Debtor's counsel. Prime Clerk LLC is the Debtor's claims and noticing agent. Alvarez & Marsal North America, LLC to provide Thomas E. Hill as chief restructuring officer, effective Sept. 15, 2015 petition date. The U.S. Trustee appointed five creditors to serve on the committee of creditors holding unsecured claims. *********** 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 * * *