/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/151208.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, December 8, 2015, Vol. 16, No. 242 Headlines B O L I V I A BANCO PYME: Moody's Affirms Ba3 LT Global LC Deposit Rating BOLIVIA: To Invest $6.3BB Through 2020 to Boost Power Production B R A Z I L BTG PACTUAL: Obtains $1.6 Billion Credit Line GERDAU SA: Slumps Most Since 2011 on Corruption Probe Report MEGA ENERGIA: Moody's Withdraw C/C.br Rating MRS LOGISTICA: S&P Affirms 'BB+' Rating & Revises Outlook to Neg. SAMARCO MINERACAO: Moody's Lowers CFR to Caa1; Outlook Negative C A Y M A N I S L A N D S 3G SPECIAL: Shareholder Receives Wind-Up Report BASKET INVESTMENTS: Commences Liquidation Proceedings CFIP OVERSEAS: Creditors' Proofs of Debt Due Dec. 8 EMM PTC: Creditors' Proofs of Debt Due Dec. 22 ICHIBAN CORPORATION: Placed Under Voluntary Wind-Up INTARCIA FORESITE: Commences Liquidation Proceedings OFFSHORE GROUP: Moody's Lowers CFR to Ca on Bankruptcy Filing PALACE COMPANY: Creditors' Proofs of Debt Due Dec. 22 PHILIPPINE NEW: Placed Under Voluntary Wind-Up PLAKA LTD: Commences Liquidation Proceedings SEABISCUIT HOLDINGS: Placed Under Voluntary Wind-Up TEOREMA ALTERNATIVE: Creditors' Proofs of Debt Due Dec. 10 UB FUNDS: Placed Under Voluntary Wind-Up WOLVERINE NEWCO: Placed Under Voluntary Wind-Up D O M I N I C A DOMINICA: Lost 90% of GDP Due to Climate Change, Says World Bank D O M I N I C A N R E P U B L I C DOMINICAN REP: Price of Diesel Falls, Gasoline, Gases Unchanged J A M A I C A DIGICEL GROUP: Acquires Controlling Interest in Prism Holdings X X X X X X X X X LATAM: Moody's Says Global & Regional Forces Weaken Credit Quality - - - - - ============= B O L I V I A ============= BANCO PYME: Moody's Affirms Ba3 LT Global LC Deposit Rating ----------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo has affirmed Banco Pyme Los Andes Procredit S.A. (PLA)'s Ba3 global scale and Aa1.bo national scale local currency deposit ratings with a negative outlook and also affirmed PLA's foreign currency deposit ratings at B1/Aa2.bo in global and national scale respectively, with stable outlook. Moody's affirmed PLA's short- term deposit ratings at Not Prime/BO-1 in the global and national scale respectively. These ratings and assessments were affirmed: Standalone Baseline Credit Assessment: ba3 Adjusted Baseline Credit Assessment: ba3 Long Term Global Local Currency Deposit Rating: Ba3, negative outlook Long Term Global Foreign Currency Deposit Rating: B1, stable outlook Long Term Bolivian National Scale Local Currency Deposit Rating: Aa1.bo Long Term Bolivian National Scale Foreign Currency Deposit Rating: Aa2.bo Short Term Global Local and Foreign Currency Deposit Rating: Not Prime Short Term National Scale Local and Foreign Currency Deposit Rating: BO-1 RATINGS RATIONALE In affirming PLA's ratings, Moody's considered the bank's strategy, which has been focusing on shifting their portfolio towards SME lenders and reducing exposure to microfinance loans, thus increasing its average loan ticket, so as to gradually reduce administrative costs and improve its poor efficiency metrics. The bank has conservative risk management practices, in line with those of its parent Procredit AG, which have resulted in low delinquency levels despite its narrow focus on relatively risky market segments. Also, PLA maintains strong capitalization ratios and adequate reserve coverage which should enable to absorb potential losses in adverse circumstances, as well as stable funding and liquidity indicators. In maintaining the negative outlook on local currency deposit ratings, Moody's considered the upward trend in the non-performing loan ratio observed since 2012, which has driven an increase in loan loss provisions and a consequent decrease in profitability, which has dropped sharply this year. In addition, the bank's earning generation capacity continues to face pressure as a result of lending rate caps and deposit rate floors. It remains to be seen how effectively these earnings pressures will be offset by improvements to operating efficiency. With an adjusted Tangible Common Equity on Risk Weighted Assets ratio at 12.9%, capital remains strong, and supports the banks conservative lending growth strategy. PLA also maintains relatively high deposit granularity and with deposits representing 80% of total liabilities, has limited dependence on credit lines and parent funding. Liquid banking assets accounted for 21% of the bank's tangible banking assets as of September 2015, which is higher than its peers. The ratings could face downward pressure if the government regulations or operating environment negatively affect the entity's asset quality and profitability. Given the current negative outlook on the bank's ratings, upward pressure in unlikely in the short term. However, the outlook could be revised to stable if the bank's earnings rebound to historical levels and asset quality does not deteriorate. Banco Los Andes Procredit S.A. is headquartered in Santa Cruz de la Sierra, Bolivia, and had BOB 5.18 billion in assets, BOB 3.66 billion in deposits, and BOB 588 million in shareholders' equity as of September 2015. BOLIVIA: To Invest $6.3BB Through 2020 to Boost Power Production ---------------------------------------------------------------- EFE News reports that Bolivia's government said it would invest some $6.3 billion through 2020 to boost the Andean nation's installed power capacity to some 4,800 megawatts -- up from 1,800 MW at present -- with a view to exporting electricity. Bolivian Vice President Alvaro Garcia Linera unveiled the investment figure during a seminar at the Oruro Technical University, where he explained the government's plan to transform Bolivia into the Southern Cone's energy hub, the report relates. The report notes that Mr. Linera justified President Evo Morales' decision to make a push for electricity production rather than focus exclusively on exports of natural gas, which Bolivia currently sells to Brazil and Argentina. Bolivia presently receives around $5 per million British Thermal Units -- which measure thermal energy -- on its natural gas exports, whereas if that same quantity of BTUs were used to produce electricity for export the earnings would double, the vice president said, the report relays. In recent months, the price of Bolivia's natural gas has plummeted due to a sharp drop in the price of petroleum, used as a reference price for its contracts with Argentina and Brazil, the report discloses. In the first 10 months of 2015, Bolivia earned $3.45 billion on its exports of natural gas and small quantities of petroleum, down 39 percent from the $5.64 billion it earned in January-October 2014, the Bolivian Statistics Institute said, the report relays. Investments in electricity will be earmarked to boost production of hydroelectric, thermoelectric, wind and solar energies, among other sources, the report adds. =========== B R A Z I L =========== BTG PACTUAL: Obtains $1.6 Billion Credit Line --------------------------------------------- EFE News reports that Brazilian investment bank Banco BTG Pactual S.A., whose now former CEO was arrested as part of a wide-ranging corruption probe centered on state-controlled oil company Petrobras, has obtained a $1.6 billion credit line from the nation's FGC deposit-guarantee fund that will ensure it can meet its financial obligations. The Sao-Paulo based bank said in a regulatory filing that it would be able to immediately access the credit line, which was approved by FGC's board and is guaranteed by part of BTG Pactual's loan portfolio and assets belonging to its controlling shareholders, according to EFE News. The report notes that the goal of the credit line is to "strengthen the liquidity required for the normal operations of the institution," BTG said. In a separate filing, the bank said its board was "interviewing international law firms to conduct an investigation into various matters that have been reported in the press in the context of (last week's) arrest of Mr. Andre Santos Esteves," the institution's co-founder and erstwhile chief executive, the report relays. A committee consisting mainly of independent board members will oversee and direct the investigation by the law firm, which was to be chosen by Dec. 7, the report notes. The report relays that Mr. Esteves, who was arrested on Nov. 25 in connection with a $2 billion corruption scandal centered on state oil company Petrobras, resigned as BTG's chairman and CEO a few days later and then ceded control of the investment bank to several senior partners via a share swap. The report notes that Mr. Esteves, one of Brazil's 20 wealthiest individuals, was taken into custody in the same operation that resulted in the arrest of Sen. Delcidio Amaral, until then leader of the pro-government bloc in the upper chamber of Congress. Prosecutors say Mr. Esteves financially backed Amaral in his effort to offer hush money to Nestor Cervero, a former Petrobras executive sentenced to a dozen years in prison on corruption and money-laundering charges, the report discloses. The banker and the senator purportedly wanted to dissuade Mr. Cervero from testifying about bribes they allegedly paid him a decade ago, the report relays. The report says that Mr. Cervero played a pivotal role in Petrobras' controversial 2006 purchase of a refinery in Pasadena, Texas. Petrobras paid Astra Oil $1.18 billion for the refinery a year after the Belgian-based company acquired it for just $42.5 million, the report adds. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 4, 2015, Moody's Investors Service downgraded Banco BTG Pactual S.A.'s baseline credit assessment (BCA) to ba2 from baa3, and its ratings, including the long-term global local- and foreign-currency deposit ratings to Ba2 from Baa3; the short-term global local- and foreign-currency deposit ratings to Not Prime from Prime-3; the senior unsecured MTN program (foreign currency) rating to (P)Ba2 from(P)Baa3; and the long-term Brazilian national scale deposit rating to A1.br from Aa1.br. GERDAU SA: Slumps Most Since 2011 on Corruption Probe Report ------------------------------------------------------------ Denyse Godoy at Bloomberg News reports that Gerdau SA slumped the most in four years after a report that it was mentioned in a graft probe. Shares fell 9.6 percent on Dec. 5, the most since August 2011, to BRL5.44 as trading volume was 40 percent above the average of the past three months, according to data compiled by Bloomberg. The final report from a Congress committee that investigated an alleged bribe scheme to avoid payment of taxes mentions Gerdau among the companies benefited, newspaper Jornal do Comercio said, citing the report, Bloomberg News discloses. The steelmaker said in an e-mailed response to questions that it never made any illicit payments to officials. Investors are concerned the investigation could lead to penalties including fines, according to Rafael Ohmachi, an analyst at the brokerage Guide Investimentos, Bloomberg News says. "That concern is weighing over the stocks Dec. 5," Mr. Ohmachi said from Sao Paulo, the report relays. "It also adds to the general distrust regarding the Brazilian markets. Investors feel very uncomfortable with so many scandals," Mr. Ohmachi added. Brazil's benchmark stock gauge fell 2.2 percent Dec. 4 on speculation the political crisis that has paralyzed Latin America's biggest economy is nowhere near the end, Bloomberg News notes. The lower house leader, Eduardo Cunha, accepted a request to impeach President Dilma Rousseff that argues she illegally financed her re-election campaign and broke the fiscal law by overspending this year and last, the report relays. Mr. Cunha himself faces a possible congressional ethics probe because of allegations that he lied about the existence of overseas banks accounts, adds the report. Both Mr. Cunha and President Rousseff deny any wrongdoing. Goldman Sachs Group Inc. warned that Latin America's biggest economy is entering "an outright depression," says Bloomberg. Political turmoil, fueled by a corruption investigation that entangled politicians, state-controlled oil producer Petroleo Brasileiro SA and the country's biggest builders, has prevented the government from getting approval for measures intended to shore up the budget and restore growth, it notes. As reported in the Troubled Company Reporter-Latin America on March 25, 2011, Moody's Investors Service has placed under review for possible upgrade the Ba1 global scale corporate family ratings of Gerdau S.A. and Gerdau Ameristeel Corporation, following the announcement of a primary equity issuance by Gerdau of about BRL3.8 billion to BRL4.2 billion, likely to be concluded during April 2011. MEGA ENERGIA: Moody's Withdraw C/C.br Rating -------------------------------------------- Moody's America Latina Ltda. withdrew the ratings of Mega Energia Loccao e Administrcao de Bens S.A. (C/C.br). RATINGS RATIONALE Moody's has withdrawn the rating because it believes it has insufficient or otherwise inadequate information to support the maintenance of the rating. The withdrawal follows Mega Energia inability to deliver its audited financial statement for its fiscal year ending December 2014. The last rating action on Mega Energia was taken on 15 January 2015 when Moody's downgraded the company's corporate family rating to C/C.br from Caa1/Caa1.br with a stable outlook. Headquartered in Rio de Janeiro, Brazil, Mega Energia is a local provider of equipment rental, including crane, heavy vehicles, natural gas compressors and energy generators. The company operates mainly in the city of Rio de Janeiro (Baa3 stable). MRS LOGISTICA: S&P Affirms 'BB+' Rating & Revises Outlook to Neg. ----------------------------------------------------------------- Standard & Poor's Ratings Services has affirmed its 'BB+' global scale and 'brAA+' national scale ratings on MRS Logistica S.A. At the same time, S&P revised its outlook on these ratings to negative from stable. S&P has also affirmed its 'brAA+' national scale issue-level rating on MRS's senior unsecured debt. The '3' recovery rating on MRS's debt, which reflects S&P's expectations of meaningful recovery (50%-70%; the lower band of the range) on the company's senior unsecured debentures, remains unchanged. The ratings on MRS reflect its sound operating efficiency and strategic importance to its controlling shareholders, which are also MRS's main clients, as well as its manageable debt levels. However, MRS is a regulated concession that generates 100% of its revenues in the domestic markets, which exposes it to governmental sanctions and to its clients' ability to continue to produce without disruptions amid a hypothetical sovereign stress scenario. Therefore, S&P has limited MRS's ratings to that of the 'BB+' sovereign foreign currency rating and now revising the company's outlook to negative to mirror the outlook on the sovereign rating. To assess the possibility of a company having a higher rating than the sovereign, S&P applies a stress test to the former's liquidity in a hypothetical scenario of sovereign default. For MRS, S&P assumes its transported volumes would be volatile because a meaningful portion of its contracted volumes come from clients that have weaker credit quality than the Brazilian sovereign, such as Usinas Siderurgicas de Minas Gerais S.A. (Usiminas; B+/Negative/--) and Companhia Siderurgica Nacional (CSN; BB-/Negative/--). This could also affect timeliness of receivables payment. Furthermore, despite MRS's protective contractual clauses that allow it to pass through some cost increases to its tariffs, S&P assumes that it could face delays in the approval of tariff increase with its main clients. S&P's stress scenario for a higher rating than that on the sovereign also includes these assumptions: -- The stressed year of 2016. -- Brazilian GDP contracts 10% in 2016. -- Average and end of period foreign exchange rates doubling in 2016 to R$8.20/$1.00 and R$8.4/$1.00, respectively. -- Inflation rate at 13% in Brazil in 2016, raising some costs and expenses. -- If the sovereign were to be in default, S&P assumes some of MRS's clients would also be in financial difficulties. In that sense, S&P reduced the expected iron volumes that MRS would transport for riskier companies to 0 metric tons from 4 million tons for Usiminas and 20 million tons from 30 million tons for CSN. S&P assumes that MRS's other clients, Vale S.A. and Gerdau S.A., would continue to produce and MRS would transport their full volumes with no disruptions. -- MRS' general cargo to remain fairly stable in 2016 because there's a large and pulverized client base. -- Flat tariffs for general cargo in 2016. -- Tariff increase of 13% for iron ore (main cargo and clients, which are also MRS's shareholders) due to the company's contractual clauses that would allow for material cost increases to be passed through upon negotiations with clients. In this sense, S&P believes MRS can negotiate tariff increases at least once every quarter, resulting in pass through of 75% of cost increases on average. -- Diesel prices to increase by 50% as a result of currency depreciation. -- No currency effect on MRS's dollar-denominated debt because it's fully hedged (interest and principal). -- Minimal capital spending of about R$250 million. -- Doubling of interest rates for floating debt, which accounts for about 70% of MRS's total bank debt. -- No dividend payments. -- MRS would be able to access only 67% of its cash position, given haircuts on local bank deposits and investment types, and banking institutions would likely also be in distress. As a result of this stressed scenario, MRS's funds from operations (FFO) would decline by 34% in the stressed year. In addition, its liquidity would deteriorate and cash sources won't exceed uses. This would mean that MRS would struggle to comply with its debt service on timely basis. In addition, although not part of S&P's stressed scenario, it believes that MRS's regulated status also exposes it to potential government or regulatory interferences, which could change the terms of the company's concession contracts. SAMARCO MINERACAO: Moody's Lowers CFR to Caa1; Outlook Negative --------------------------------------------------------------- Moody's Investors Service has downgraded to Caa1 from Ba1 the corporate family rating of Samarco Mineracao S.A. and the ratings of its senior unsecured notes due 2022, 2023 and 2024. The outlook was changed to negative. This rating action concludes the review for downgrade initiated on Nov. 10, 2015, following the accident at the Germano site in Minas Gerais. Ratings Downgraded: Issuer: Samarco Mineracao S.A. Corporate Family Rating: to Caa1 (from Ba1) USD 1,000 million Senior Unsecured Notes due 2022: to Caa1 (from Ba1) USD 700 million Senior Unsecured Notes due 2023: to Caa1 (from Ba1) USD 500 million Senior Unsecured Notes due 2024: to Caa1 (from Ba1) Outlook, Changed To Negative From Rating Under Review RATINGS RATIONALE The downgrade to Caa1 reflects the continued uncertainties about Samarco's ability to resume operations and our concern over liquidity pressures resulting from fines, penalties and claims related to the accident with Samarco's dams in the state of Minas Gerais on Nov. 5, 2015, as well as potential covenant breaches on its outstanding debt. Since the accident, Samarco's operations at the mines and beneficiation plants are suspended and the company's final products' (pellets) inventories available for sale should finish in the next few months. Given the severe environmental implications from the tailings dam breach at the Germano complex, Moody's believes it is uncertain whether the company will be able to regain the license to resume operations in Minas Gerais. Therefore, Samarco's ability to meet its obligations remains jeopardized until alternatives are implemented. Besides, the extent of the environmental and civil liabilities that the company could face remains uncertain. While operations are suspended, the company contemplates alternatives that include the sale of energy and logistics services. Still, Moody's expects the company's liquidity to remain tight until it is able to resume production, which may leave the company with insufficient cash flow to service its debt and other cash needs, including clean up, recovery and rehabilitation costs. On the other hand, if Samarco is able to resume production in the short term, it will immediately benefit from its fully-integrated operations, which has supported its solid profitability through the years. The negative outlook reflects pressure on the company's rating that will persist until its operational and liquidity risks are resolved. An upward rating movement would require Samarco to resume production, or find alternatives that could avoid a liquidity shortfall, including support from shareholders. Although Samarco's shareholders have indicated their support to the company in the response effort and are committed with the environmental remediation of affected areas, it is highly uncertain whether there could be additional financial support. The ratings could suffer additional negative pressure if there is material deterioration in the company's liquidity position or Samarco is unable to meet its financial obligations on a timely basis or fails to renegotiate existing covenants on its debt instruments. The principal methodology used in this rating was Global Mining Industry published in August 2014. Samarco Mineracao S.A. is one of the largest exporters of seaborne iron ore pellets worldwide with operations located in Espirito Santo and Minas Gerais, in the Southeast region of Brazil. The company has a fully integrated business model with an installed capacity to produce 30.5 million pellets annually. In the last twelve months ended June 2015, Samarco had BRL 7.3 billion (USD 2.7 billion) in revenues spread across clients in North America, Middle East, North Africa, Asia and Europe, with a 21% global market share. ========================== C A Y M A N I S L A N D S ========================== 3G SPECIAL: Shareholder Receives Wind-Up Report ----------------------------------------------- The shareholder of 3G Special Situations Partners, Ltd received on Dec. 2, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Oct. 23, 2015. The company's liquidators are: E. Andrew Hersant Christopher Humphries Stuarts Walker Hersant Humphries 36A Dr. Roy's Drive, George Town P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands BASKET INVESTMENTS: Commences Liquidation Proceedings ----------------------------------------------------- On Oct. 27, 2015, the sole shareholder of Basket Investments Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Nov. 30, 2015, will be included in the company's dividend distribution. The company's liquidator is: Maricorp Services Ltd. c/o Steven J. Barrie P.O. Box 2075 Grand Cayman KY1-1105 Cayman Islands Telephone: 345-949-9710 CFIP OVERSEAS: Creditors' Proofs of Debt Due Dec. 8 --------------------------------------------------- The creditors of CFIP Overseas Fund, Ltd are required to file their proofs of debt by Dec. 8, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 26, 2015. The company's liquidator is: Krys Global VL Services Limited KRyS Global, Governors Square Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 31237 Grand Cayman KY1-1205 Cayman Islands Telephone: (345) 947 4700 EMM PTC: Creditors' Proofs of Debt Due Dec. 22 ---------------------------------------------- The creditors of EMM PTC are required to file their proofs of debt by Dec. 22, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 29, 2015. The company's liquidator is: Lion International Management Limited Craigmuir Chambers Road Town Tortola VG 1110 British Virgin Islands c/o Mr. Philip C Pedro HSBC International Trustee Limited Compass Point 9 Bermudiana Road Hamilton HM 11 Bermuda Telephone: (441) 299-6482 Facsimile: (441) 299-6526 ICHIBAN CORPORATION: Placed Under Voluntary Wind-Up --------------------------------------------------- On Oct. 29, 2015, the sole shareholder of The Ichiban Corporation resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 7, 2015, will be included in the company's dividend distribution. The company's liquidator is: Morval Bank & Trust Cayman Ltd. Telephone: +1 (345) 949-9808 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands INTARCIA FORESITE: Commences Liquidation Proceedings ---------------------------------------------------- On Oct. 15, 2015, the shareholders of Intarcia Foresite CP, 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: James B. Tananbaum Telephone: +1 (345) 949 8599 Facsimile: +1 (345) 949 4451 Harneys Services (Cayman) Limited Harbour Place, 4th Floor 103 South Church Street P.O. Box 10240 Grand Cayman KY1-1002 Cayman Islands OFFSHORE GROUP: Moody's Lowers CFR to Ca on Bankruptcy Filing ------------------------------------------------------------- Moody's Investors Service downgraded Offshore Group Investment Limited's (OGIL) Probability of Default Rating (PDR) to D-PD from Caa3-PD, Corporate Family Rating (CFR) to Ca from Caa3 and the senior secured term loans and senior secured notes each to Ca from Caa3. In addition, the Speculative Grade Liquidity (SGL) Rating SGL-4 and the negative rating outlook were maintained. This action follows OGIL's announcement that it filed voluntary petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under the provisions of chapter 11 of title 11 of the United States Code to pursue a pre-packaged chapter 11 plan of reorganization. Downgrades: Issuer: Offshore Group Investment Limited Probability of Default Rating (PDR), Downgraded to D-PD from Caa3-PD Corporate Family Rating (Local Currency), Downgraded to Ca from Caa3 Senior Secured Bank Credit Facility (Foreign Currency), Downgraded to Ca (LGD4) from Caa3 (LGD4) Senior Secured Regular Bond/Debenture (Foreign Currency), Downgraded to Ca (LGD4) from Caa3 (LGD4) Ratings and Outlook to be withdrawn in the near future: Corporate Family Rating (Local Currency), Ca Probability of Default Rating (PDR), D-PD Senior Secured Bank Credit Facility (Foreign Currency), Ca Senior Secured Regular Bond/Debenture (Foreign Currency), Ca Speculative Grade Liquidity Rating, SGL-4 Outlook, Negative RATINGS RATIONALE The downgrade of PDR to D-PD is a result of the Bankruptcy court filing. The downgrade of the CFR to Ca as well as the senior secured term loans ($324 million of 2017 term loans and $341 million of 2019 term loans) and senior secured notes ($1,087 million of 7.5% notes and $728 million of 7.125% notes) to Ca reflect Moody's view of the potential overall recovery of 30%-40%. Shortly following this rating action, Moody's will withdraw OGIL's ratings consistent with Moody's practice for companies operating under the purview of the bankruptcy courts wherein information flow typically becomes much more limited. The principal methodology used in these ratings was Global Oilfield Services Industry Rating Methodology published in December 2014. OGIL is a wholly-owned subsidiary of Vantage -- an international offshore drilling contractor that was incorporated in the Cayman Islands in 2007. PALACE COMPANY: Creditors' Proofs of Debt Due Dec. 22 ----------------------------------------------------- The creditors of Palace Company Limited are required to file their proofs of debt by Dec. 22, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 28, 2015. The company's liquidator is: Lion International Management Limited Craigmuir Chambers Road Town Tortola VG 1110 British Virgin Islands c/o Mr. Philip C Pedro HSBC International Trustee Limited Compass Point, 9 Bermudiana Road Hamilton HM 11 Bermuda Telephone: (441) 299-6482 Facsimile: (441) 299-6526 PHILIPPINE NEW: Placed Under Voluntary Wind-Up ---------------------------------------------- On Oct. 29, 2015, the sole shareholder of Philippine New Growth Fund 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: Koji Sugitomo c/o Charlotte Bradshaw Telephone: +852 3656 6034 Central Tower, 11th Floor 28 Queen's Road Central Hong Kong PLAKA LTD: Commences Liquidation Proceedings -------------------------------------------- On Oct. 16, 2015, the shareholder of Plaka Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Nov. 24, 2015, will be included in the company's dividend distribution. The company's liquidator is: Amicorp Cayman Fiduciary Limited The Grand Pavilion Commercial Centre, 2nd Floor 802 West Bay Road P.O. Box 10655 Grand Cayman KY1-1006 Cayman Islands c/o Nicole Ebanks-Sloley Telephone: (345) 943-6055 SEABISCUIT HOLDINGS: Placed Under Voluntary Wind-Up --------------------------------------------------- On Oct. 28, 2015, the sole shareholder of Seabiscuit Holdings Limited 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 liquidators are: Probitas Limited Equitas Limited Clifton House, 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands TEOREMA ALTERNATIVE: Creditors' Proofs of Debt Due Dec. 10 ---------------------------------------------------------- The creditors of Teorema Alternative Strategies Fund 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. 28, 2015. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands UB FUNDS: Placed Under Voluntary Wind-Up ---------------------------------------- On Oct. 29, 2015, the shareholders of UB Funds SPC 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: Koji Sugitomo c/o Charlotte Bradshaw Telephone: +852 3656 6034 Ogier Central Tower, 11th Floor 28 Queen's Road Central Hong Kong WOLVERINE NEWCO: Placed Under Voluntary Wind-Up ----------------------------------------------- On Oct. 20, 2015, the sole shareholder of Wolverine Newco Cayman, Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 1, 2015, will be included in the company's dividend distribution. The company's liquidator is: Krause Global B.V Beursplein 37, Ruimte 504 3011AA Rotterdam Telephone: (616) 866-7331 Facsimile: (616) 866-5625 =============== D O M I N I C A =============== DOMINICA: Lost 90% of GDP Due to Climate Change, Says World Bank ---------------------------------------------------------------- Caribbean360.com reports that tropical Storm Erika wiped out 90 per cent of Dominica's Gross Domestic Product (GDP), according to the rapid damage and impact assessment conducted by the island's government in collaboration with the World Bank, United Nations, and other development partners with funding support from the EU and the World Bank Global Facility for Disaster Reduction and Recovery. The intense rainfall arrived after an unusual dry season, and the combination of cracks in the soil and torrential rains triggered landslides and slope failures, causing major damage to roads, bridges, houses and agricultural land, according to Caribbean360.com. In just a few hours, the strong winds and rains destroyed critical infrastructure that took the small nation of about 70,000 people more than five years of normal investment for the country, the report notes. The total damage and loss was estimated at US$483 million, says Caribbean360.com. The event took place just two months ago and killed 11 people, cutting off electricity and water supply on the island and closing down the airport, the report relates. For a small economy, recently bolstered by a recovery of the tourism sector in the region, this represents a major economic set back, the report notes. Caribbean360.com discloses that more and more, small island states such as Dominica are being confronted with extreme weather events. Many scientists are attributing the increase in the number and strength of hurricanes and storms to global warming. World Bank study "Turn Down the Heat," says the number of severe hurricanes is projected to increase by 40 per cent, with double the intensity of the current, as warming rises by 2 degrees Celsius and up to 80 per cent in case of a 4 degrees Celsius warming, the report relays. This, together with sea-level rise, will have devastating impacts, especially on the Caribbean, notes Caribbean360.com. Increasing exposure to natural disasters represents a real threat to development prospects in the Caribbean, the report says. This has become the top priority for Caribbean governments that are participating in the international climate negotiations in the lead-up to the COP 21 Paris conference at the end of the month, the report notes. It is also at the heart of the countries' development planning supported by development partners, the report says. An earlier study from the Caribbean Catastrophic Risk Insurance Facility (CCRIF) showed that annual expected losses from wind, storm surge and inland flooding amount to up to 6 per cent of GDP in some countries, the report relays. Climate change has the potential to greatly exacerbate these risks, and could increase expected losses by 1-3 per cent of GDP by 2030, the report says. According to Caribbean360.com, as Dominica sets its priorities for recovery and reconstruction, the focus is now on building climate resilient infrastructure and preparing investments to reduce flooding and landslide risks. This also means being better prepared with a trained crisis response team and early warning systems in place, but also establishing a broad based catastrophe risk financing strategy to provide insurance and help the most vulnerable protect their livelihood against extreme weather events, the report relays. The government of the Commonwealth of Dominica organized a pledging conference with donors to garner additional support to help shore up the island and preserve the hard-won socio economic gains achieved over the last decade, the report discloses. The report notes that following the conference, Prime Minister Skerrit said, "We believe that it is not only about cutting roads, building houses and giving somebody a key. . . . I'll be the first to say, as I've said before, that we do not have the requisite expertise on the island to guide us in that direction therefore we are relying heavily on our partners all of whom have indicated their keen interest and intention to provide us with that level of support and guidance." These are common goals shared by many small island countries in the region, the report notes. Now the question is whether the Paris agreement will provide additional instruments to respond to the growing threat of climate change in the Caribbean, adds the report. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: Price of Diesel Falls, Gasoline, Gases Unchanged --------------------------------------------------------------- Dominican Today reports that the Industry and Commerce Ministry posted the fuel prices for the week from December 5 to 11, when premium gasoline remains at RD$185.40 and regular at RD$167.90 per gallon. Optimum diesel will cost RD$146.20, or RD$1.80 lower; regular diesel will sell for RD$133.40, or RD$3.00 less; avtur will cost RD$95.00, or RD$1.60 less; kerosene will cost RD$118.40, or RD$1.70 less and fuel oil will cost RD$71.48, or RD$1.46 lower per gallon, according to Dominican Today. The report relays that propane gas will still cost RD$81.00 per gallon while natural remains at RD$25.58 per cubic meter. The Central Bank's average posted exchange rate of RD$45.46 per dollar was used to calculate all fuel price, the report adds. ============= J A M A I C A ============= DIGICEL GROUP: Acquires Controlling Interest in Prism Holdings -------------------------------------------------------------- Trinidad and Tobago Newsday reports that Digicel Group has acquired a controlling interest in financial services powerhouse, Prism Holdings, for an undisclosed sum, as announced on Dec. 2. Established in 1993 in Barbados by Edward Ince and Mike Parris, Prism Holdings is a privately held business to business company operating in 22 countries with regional headquarters in Barbados, and offices in The Bahamas, Jamaica and Trinidad and Tobago, according to Trinidad and Tobago Newsday. The report notes that Prism provides payment systems, information management, data centre services, loyalty processing and financial transactional processing. According to the report, Digicel Group Chief Executive Officer, Colm Delves, said; "As we continue to expand our range of products and services consistent with the convergence of digital communications, we are delighted to welcome Prism to the Digicel family. Edward and Mike have done a tremendous job in making Prism a highly successful pan-Caribbean business, and we look forward to working with them and their team to grow the business, and expand the range of products and services." Expressing their delight at the deal, co-Managing Directors of Prism Holdings, Edward Ince and Mike Parris, who will be staying in their positions, commented; "This move means accelerated growth for our business. It gives us the ability to take advantage of bigger opportunities coming down the track. Digicel Group is the right strategic partner for us, and we are looking forward to growing together," the report adds. * * * As reported in the Troubled Company Reporter-Latin America on May 25, 2015, Fitch Ratings has affirmed the ratings of Digicel Group Limited (DGL) and its subsidiaries Digicel Limited (DL) and Digicel International Finance Limited (DIFL), collectively referred to as 'Digicel' as follows. DGL -- Long-term Issuer Default Rating (IDR) at 'B' with a Stable Outlook; -- USD 2.5 billion 8.25% senior subordinated notes due 2020 at 'B-/RR5'; -- USD 1 billion 7.125% senior unsecured notes due 2022 at 'B -/RR5'. DL -- Long-term IDR at 'B' with a Stable Outlook; -- USD 250 million 7% senior notes due 2020 at 'B/RR4'; -- USD 1.3 billion 6% senior notes due 2021 at 'B/RR4'; -- USD 925 million 6.75% senior notes due 2023 at 'B/RR4'; DIFL -- Long-term IDR at 'B' with a Stable Outlook; -- Senior secured credit facility at 'B+/RR3'. ================= X X X X X X X X X ================= LATAM: Moody's Says Global & Regional Forces Weaken Credit Quality ------------------------------------------------------------------ Muted global growth expectations, slowing growth in China, weak economic conditions in Europe and the prospect of a US interest rate hike will pressure credit conditions for non-financial corporates in Latin America in 2016, says Moody's Investors Service. At the regional level, the recessionary environment and political instability in Brazil, volatility in the commodities markets and currency depreciation throughout the region will continue to hurt companies' profitability. Compounding the risks to companies, slowing growth in Latin America and the prospect of higher yields in the US will divert investor capital out of the region, according to "Non-Financial Corporates -- Latin America: 2016 Outlook - Global and Regional Stresses Strain Credit Quality." As a result, funding conditions will continue tighten. Moody's notes that rated bond issuance in 2015 came in well below previous years' levels. "A liquidity cushion will be more important than ever for Latin American companies in this tighter funding environment," says Marianna Waltz, Moody's Managing Director for the Corporate Finance team in Latin America. "Brazil in particular faces severely restricted market access." The exposure of non-financial corporates in the region to the oil and gas sector, and base metals price conditions will continue to limit their performance in 2016, as Moody's does not expect commodities prices to recover in the near term. Companies in the pulp/paper and protein sectors are better-positioned and will have stronger credit quality. "These headwinds have already weakened the credit metrics of the companies we rate," said Waltz. "And in some instances there is little that companies can do to improve credit quality, since these factors are largely outside of their control." *********** 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 * * *