/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/160120.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 Wednesday, January 20, 2016, Vol. 17, No. 13 Headlines A R G E N T I N A CHUBUT PROVINCE: Moody's Retains Caa1 Rating on USD150MM Program B A H A M A S ULTRAPETROL (BAHAMAS): S&P Lowers CCR to 'D' & Removes from Watch B R A Z I L BANCO ABC: S&P Affirms 'BB+' Global Scale Rating; Outlook Negative BANCO DE BRASILIA: S&P Cuts ICR to 'BB-' & Removes from Watch Neg. BRAZIL: Analysts Up Outlook for Inflation, GDP Forecast Unchanged HAITONG BANCO: Moody's Withdraws B2 Currency Deposit Rating HAITONG BANCO: Moody's Withdraws Baa3.br Sr. Unsec. Debt Rating C A Y M A N I S L A N D S ASCEND TRADING: Commences Liquidation Proceedings CIAVARRA LTD: Commences Liquidation Proceedings CREP INVESTMENT I: Commences Liquidation Proceedings CREP INVESTMENT K: Commences Liquidation Proceedings CRYSTAL CLO: Commences Liquidation Proceedings GOLD NICK: Commences Liquidation Proceedings NOUVELAIR TUNISIE: Commences Liquidation Proceedings PERSPECTIVE FUND: Commences Liquidation Proceedings SIGNUM MENA: Commences Liquidation Proceedings SIGNUM MIG I: Commences Liquidation Proceedings SIGNUM PLATINUM II: Commences Liquidation Proceedings SINOSUN HOLDING: Commences Liquidation Proceedings SOPHIAN VENTURE: Commences Liquidation Proceedings VANTAGE DRILLING: Units Win U.S. Approval of Prepack Plan VENTURE II CDO 2002: Commences Liquidation Proceedings YAYOS INVESTMENT: Commences Liquidation Proceedings C O L O M B I A PACIFIC EXPLORATION: EIG Global Said to Reboot Offer for Firm D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Groups Take Govt. to Court Over Coal Plants DOMINICAN REPUBLIC: Inequality is a Big Problem, AEIH Says DOMINICAN REP: Bank Loans Climb to US$1.95BB; Drought Hobbles Agro P U E R T O R I C O ALLIED FINANCIAL: Case Summary & 10 Largest Unsecured Creditors AMERICAN AGENCIES: Unsecureds to Recoup 25% Under Exit Plan INMOBILIARIA AVE: Voluntary Chapter 11 Case Summary LAS AMERICAS: Disclosure Statement Hearing on Jan. 29 LAS AMERICAS: Secured Creditor Balks at Disclosure Statement TERRASSA CONCRETE: Case Summary & 20 Largest Unsecured Creditors T R I N I D A D & T O B A G O ARCELORMITTAL: Steel Workers to Return on Shift Basis - - - - - ================= A R G E N T I N A ================= CHUBUT PROVINCE: Moody's Retains Caa1 Rating on USD150MM Program ---------------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo said that the Caa1 (Global Scale local currency) and Baa2.ar (Argentina National Scale) ratings to the Province of Chubut's USD150 million Short-Term Treasury Bills Program remain unchanged after the extension of the maximum authorized amount by USD38 million. The ratings are in line with the province's long term local currency issuer ratings, which carry positive outlook. RATINGS RATIONALE The Short-Term Treasury Bills Program was originally created by Resolution N 163/12 of the provincial Ministry of Economy for a maximum amount of USD50 million which was subsequently increased to USD150 by Resolution N693/15. On Jan. 7, 2016, Resolution N§ 1/16 increased the total permissible amount for up to USD188 million approximately whereas Resolution N 2/16 set the general issuance conditions of the bills within the program. The applied debt ratings reflect Moody's view that the willingness and capacity of the Province of Chubut to honor these short-term treasury notes is in line with the provincial's long-term credit quality as reflected in the Caa1/Baa2.ar issuer ratings in local currency. According to the term sheet reviewed by Moody's, the short-term bills will all be issued in local currency, will mature in up to 365 days with bullet amortization. After the issuance of these new Bills under the maximum authorized amount, Moody's anticipates that the Province's total debt will rise to approximately 40% of total expected revenues for 2016 fiscal year from an estimated 38% for the end of 2015 fiscal year. This expected increase in the debt to total revenues ratio is still consistent with Chubut current ratings. The applied ratings are based on preliminary documentation received by Moody's as of the rating assignment date. Moody's does not expect changes to the documentation reviewed over this period or anticipates changes in the main conditions that the notes will carry. Should issuance conditions and/or final documentation of any of the classes under this program deviate from the original ones submitted and reviewed by the rating agency, Moody's will assess the impact that these differences may have on the ratings and act accordingly. WHAT COULD CHANGE THE RATING UP/DOWN Given the strong macroeconomic and financial linkages between the Government of Argentina's and Sub-sovereigns economic and financial profiles and ratings, and upgrade of Argentina's sovereign bonds ratings and/or the improvement of the country' operating environment could lead to an upgrade of the Province of Chubut's. Conversely, a downgrade in Argentina's bond ratings and/or further systemic deterioration or idiosyncratic risks arising in this Province could exert downward pressure on the ratings assigned and could translate in to a downgrade in the near to medium term. The principal methodology used in this rating was Regional and Local Governments published in January 2013. ============= B A H A M A S ============= ULTRAPETROL (BAHAMAS): S&P Lowers CCR to 'D' & Removes from Watch ----------------------------------------------------------------- Standard & Poor's Ratings Services said it lowered its corporate credit rating on South American shipping company Ultrapetrol (Bahamas) Ltd. to 'D' from 'CC'. At the same time, Standard & Poor's lowered its issue-level rating on the company's senior secured notes to 'D' from 'CC'. Standard & Poor's removed the ratings from CreditWatch, where they were placed Dec. 15, 2015. On Dec. 15, Ultrapetrol announced it would not pay interest and principal on some loans, and interest on its notes. The company had a 30-day cure period to make the payments. During this time, it was able to reach forbearance agreements with some banks, but has not yet reached one with noteholders. "Because Ultrapetrol did not pay interest on the notes, and changed terms and conditions of the original loan contracts, we consider this a general default on its obligations," said Standard & Poor's credit analyst Marcus Fernandez. S&P will reassess the company's financial risk profile and capital structure once negotiations with all lenders are complete. =========== B R A Z I L =========== BANCO ABC: S&P Affirms 'BB+' Global Scale Rating; Outlook Negative ------------------------------------------------------------------ Standard & Poor's Ratings Services said it affirmed its 'BB+' global scale and 'brAA' national scale ratings on Banco ABC Brasil S.A. (ABC Brasil). The outlook is negative and the bank's stand- alone credit profile (SACP) remains 'bb+'. The ratings on ABC Brasil are based on the bank's "moderate" business position, "adequate" capital and earnings, "strong" risk position, "below average" funding profile and "adequate" liquidity. The bank's strong asset quality, conservative risk management, and stable revenues partially offset its "moderate" business position, given its small size, concentrated business lines, and its "below average" funding profile. The bank's consistent performance supports a risk-adjusted capital ratio of more than 7.5% for the next two years, while the bank maintains comfortable liquidity to honor short-term obligations. The negative outlook for the next 12 months on Banco ABC Brasil S.A. reflects that on the Federative Republic of Brazil. S&P rarely rates banks above the sovereign ratings, as it believes the bank's creditworthiness could not withstand a sovereign default. S&P could lower the ratings following a similar rating action on the sovereign, particularly if Brazil's external and fiscal indicators further weakened. This could occur if Brazil does not uphold its commitment to its stated policies, or if Brazil's various policy corrections distort the market. In such an event, S&P could also revise our Banking Industry Country Risk Assessment (BICRA) on Brazil, because S&P currently assess its economic risk trend as negative. Still, a weaker anchor wouldn't result in a downgrade, given that ABC Brasil may receive notches of group support from its parent, if necessary. The ratings could also be lowered if Arab Banking Corp B.S.C. is downgraded two notches or more. Conversely, S&P would revise the outlook to stable following a similar action on the sovereign ratings. BANCO DE BRASILIA: S&P Cuts ICR to 'BB-' & Removes from Watch Neg. ------------------------------------------------------------------ Standard & Poor's Ratings Services said it lowered its long-term issuer credit ratings on BRB -- Banco de Brasilia S.A. to 'BB-' from 'BB' on global scale and to 'brA-' from 'brA+' on a national scale. At the same time, Standard & Poor's removed the ratings from CreditWatch where they were placed with negative implications Sept. 10, 2015. The outlook is negative. "The downgrade follows the revision of our assessment of BRB's capital and earnings score to moderate from adequate, reflecting the deterioration in its capitalization according to our risk- adjusted capital methodology," said Standard & Poor's credit analyst Edgard Dias. BRB is fully controlled by Distrito federal State (GDF), and benefits from stable funding and commercial conditions in the region, especially with payroll lending to state employees. Nevertheless, as its shareholder is facing difficult financial conditions, S&P believes some funding limitations could occur to BRB, should GDF financial woes increase. Under S&P's bank criteria, it uses its Banking Industry Country Risk Assessment's economic and industry risk scores to determine a bank's anchor, the starting point in assigning an issuer credit rating. S&P's anchor for a commercial bank operating only in Brazil is 'bbb-', based on the banking sector's economic risk score of '6' and industry risk score of '5'. The negative outlook on BRB reflects S&P's perspectives that financial conditions for the Federal District are also negative for the next 18 months, according to S&P's internal analysis. S&P's outlook also reflects the deteriorating economic conditions in Brazil, which have been reflecting in the bank's weaker asset quality. In S&P's view, this could further pressure the bank's capitalization and earnings over the next 18 months. S&P believes that there is a one-in-three chance of downgrading BRB by more than one notch, if S&P concludes that the Federal District continues to face fiscal woes and that these are impacting BRB credit fundamentals. Furthermore, S&P would downgrade the bank if its NPLs plus charge offs do not retreat to below 7% in the next 12 months, or if Brazil's economic conditions continue to weaken and this is reflected in a lower anchor under S&P's BICRA assessment. S&P could also lower the ratings on BRB if the bank's capital ratios, according to S&P's RAC methodology, continue decreasing below 5% because of weaker profitability, higher dividend payments, or weaker economic conditions and anchor reflected in S&P's BICRA assessment. S&P could revise its outlook to stable if the Federal District's finances improved consistently, and the bank's capitalization resumes growing, with improving asset quality, reflected in NPLs plus charge offs below 7%; this will also need to be combined with improving economic conditions in the country that reflect a stable economic trend under BICRA assessment for Brazil. BRAZIL: Analysts Up Outlook for Inflation, GDP Forecast Unchanged ----------------------------------------------------------------- EFE News reports that private-sector analysts continued to forecast a 2.99 percent drop in Brazil's gross domestic product (GDP) in 2016, but they raised their inflation outlook to 7.0 percent at year's end, the Central Bank said. The GDP and inflation figures come from the Boletin Focus, a weekly Central Bank survey of analysts from about 100 private financial institutions in Brazil on the state of the national economy, according to EFE News. Brazil could be headed for a second straight year of economic contraction, the report notes. The analysts surveyed by the monetary authority said the South American giant's economy shrank at its fastest clip of the last 25 years in 2015 -- 3.71 percent, the report relays. The private-sector economists predicted that Brazil's economy would start recovering in 2017 with a 1 percent rise in GDP, up slightly from their 0.86-percent growth forecast in the previous survey, the report says. Analysts, meanwhile, were more pessimistic about the inflation rate for this year, with their forecast rising from 6.93 percent to 7 percent, the report notes. That outlook is outside the government's target range of between 2.5 percent and 6.5 percent but still lower than Brazil's 10.67 percent inflation rate in 2015, the highest level in 13 years, the report notes. The analysts also raised their inflation forecast for 2017 from 5.2 percent last week to 5.4 percent, says EFE. Brazil, in a technical recession with GDP contracting for three consecutive quarters, has had its sovereign debt lowered to junk status by Standard & Poor's and Fitch Ratings. Those downgrades have occurred even though analysts note that Brazil's foreign currency reserves are far in excess of its international liabilities, the report notes. The South American giant's economic growth has been hampered by spending cuts implemented by President Dilma Rousseff's administration to reduce the budget deficit and control inflation, the report adds. As reported in the Troubled Company Reporter-Latin America on Dec. 21, 2015, Fitch Ratings has downgraded Brazil's ratings: -- Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'BB+' from 'BBB-', Outlook remains Negative; -- Senior unsecured foreign and local currency bonds to 'BB+' from 'BBB-'; -- Short-term foreign currency IDR to 'B' from 'F3'. HAITONG BANCO: Moody's Withdraws B2 Currency Deposit Rating ----------------------------------------------------------- Moody's Investors Service has withdrawn all ratings assigned to Haitong Banco de Investimento do Brasil S.A (Haitong Brazil), including the long and short-term local and foreign currency deposit ratings of B2 and Not Prime, respectively, as well as the Brazilian national scale deposit ratings of Baa3.br and BR-3, for long and short-term. Moody's has also withdrawn the long and short-term senior unsecured MTN program (foreign currency) ratings of (P)B2 and (P)Not Prime, the b2 baseline credit assessment (BCA), the b2 adjusted baseline credit assessment (adjusted BCA) and the counterparty risk assessments of B1(cr) and Not Prime(cr) assigned to Haitong Brazil. Before the withdrawal, the outlook on all ratings was positive. RATINGS RATIONALE Moody's has withdrawn the rating for its own business reasons. Moody's took its last rating action on Haitong Brazil on 23 September 2015, when Moody's upgraded Haitong Brazil's long-term Brazilian national scale deposit rating to Baa3.br from Ba2.br; and the short-term Brazilian national scale deposit rating to BR-3 from BR-4. At the same time, Moody's affirmed the bank's BCA of b2; the long and short-term local and foreign currency deposit ratings of B2 and Not Prime, respectively, and the long and short- term senior unsecured MTN program (foreign currency) rating of (P)B2 and (P)Not Prime. In addition, Moody's revised the outlook for all of Haitong Brazil's long-term global scale ratings to positive from developing. Haitong Brazil was previously known as BES Investimento do Brasil S.A. Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. Haitong Banco de Investimento do Brasil S.A. is headquartered in Sao Paulo, Brazil and had consolidated assets of BRL5.4 billion (USD1.7 billion) and equity of BRL655.1 million (USD211 million) as of June 30, 2015. HAITONG BANCO: Moody's Withdraws Baa3.br Sr. Unsec. Debt Rating --------------------------------------------------------------- Moody's America Latina Ltda has withdrawn all ratings assigned to Haitong Banco de Investimento do Brasil S.A (Haitong Brazil), including the long-term local currency senior unsecured debt rating of B2 as well as the long-term Brazilian national scale senior unsecured debt rating of Baa3.br. Before the withdrawal, the outlook on all ratings was positive. RATINGS RATIONALE Moody's has withdrawn the rating for its own business reasons. Moody's took its last of rating action on Haitong Brazil was on 23 September 2015, when Moody's upgraded Haitong Brazil's long-term Brazilian national scale senior unsecured debt rating to Baa3.br from Ba2.br. At the same time, Moody's affirmed Haitong Brazil's long-term global scale senior unsecured debt rating of B2 and revised its outlook to positive from developing. Haitong Brazil was previously known as BES Investimento do Brasil S.A. The principal methodology used in this rating was Banks published in January 2016. Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. Haitong Banco de Investimento do Brasil S.A. is headquartered in Sao Paulo, Brazil and had consolidated assets of BRL5.4 billion (USD1.7 billion) and equity of BRL655.1 million (USD211 million) as of June 30, 2015. ========================== C A Y M A N I S L A N D S ========================== ASCEND TRADING: Commences Liquidation Proceedings ------------------------------------------------- At an extraordinary meeting held on Nov. 26, 2015, the members of Ascend Trading Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 CIAVARRA LTD: Commences Liquidation Proceedings ----------------------------------------------- On Nov. 23, 2015, the sole shareholder of Ciavarra Ltd resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 7, 2016, 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 CREP INVESTMENT I: Commences Liquidation Proceedings ---------------------------------------------------- On Nov. 19, 2015, the shareholder of CREP Investment I Cayman resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 6, 2016, will be included in the company's dividend distribution. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Susan Craig/Jennifer Chailler Telephone: (345) 943-3100 CREP INVESTMENT K: Commences Liquidation Proceedings ---------------------------------------------------- On Nov. 19, 2015, the shareholder of CREP Investment K Cayman resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 6, 2016, will be included in the company's dividend distribution. The company's liquidator is: Intertrust Spv (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Susan Craig/Jennifer Chailler Telephone: (345) 943-3100 CRYSTAL CLO: Commences Liquidation Proceedings ---------------------------------------------- At an extraordinary meeting held on Nov. 26, 2015, the members of Crystal CLO, Ltd. resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 GOLD NICK: Commences Liquidation Proceedings -------------------------------------------- On Nov. 23, 2015, the sole shareholder of Gold Nick Holdings resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 7, 2016, 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 NOUVELAIR TUNISIE: Commences Liquidation Proceedings ---------------------------------------------------- At an extraordinary meeting held on Nov. 26, 2015, the members of Nouvelair Tunisie (Cayman) Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 PERSPECTIVE FUND: Commences Liquidation Proceedings --------------------------------------------------- On Nov. 23, 2015, the sole shareholder of Perspective Fund SPC resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Summit Management Limited c/o David Egglishaw Telephone: (345) 945 7676 Suite # 4-210, Governors Square P.O. Box 32311 Grand Cayman KY1-1209 Cayman Islands SIGNUM MENA: Commences Liquidation Proceedings ---------------------------------------------- At an extraordinary meeting held on Nov. 26, 2015, the members of Signum Mena Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 SIGNUM MIG I: Commences Liquidation Proceedings ----------------------------------------------- At an extraordinary meeting held on Nov. 26, 2015, the members of Signum MIG I Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 SIGNUM PLATINUM II: Commences Liquidation Proceedings ----------------------------------------------------- At an extraordinary meeting held on Nov. 26, 2015, the members of Signum Platinum II Ltd resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 SINOSUN HOLDING: Commences Liquidation Proceedings -------------------------------------------------- At an extraordinary general meeting held on Nov. 18, 2015, the shareholders of Sinosun Holding Corp. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 6, 2016, will be included in the company's dividend distribution. The company's liquidator is: Mark Longbottom c/o Camele Burke Duff & Phelps (Cayman) Limited The Harbour Centre 42 North Church Street P.O. Box 10387 Grand Cayman KY1-1004 Cayman Islands Telephone: (345) 623 9904 Facsimile: (345) 943 9900 SOPHIAN VENTURE: Commences Liquidation Proceedings -------------------------------------------------- On Nov. 19, 2015, the sole shareholder of Sophian Venture Holdings Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 23, 2015, will be included in the company's dividend distribution. The company's liquidator is: Lion International Management Limited The R&H Trust Co. Ltd. Windward 1, Regatta Office Park P.O. Box 897 Grand Cayman KY1-1103 Cayman Islands VANTAGE DRILLING: Units Win U.S. Approval of Prepack Plan --------------------------------------------------------- Offshore Group Investment Limited on Jan. 15 disclosed that the Company and its affiliated chapter 11 debtors have received court approval of their prepackaged restructuring and recapitalization plan pursuant to an order dated January 15, 2016. "The Court's confirmation of our Prepackaged Plan marks an important milestone in our path to emerge from chapter 11 and secure our future as a robust, well-capitalized offshore drilling services provider. We will continue to provide our customers with industry-leading expertise and safe, efficient drilling services, as is our norm," said Paul Bragg, Chief Executive Officer. "The senior management team and I sincerely appreciate the ongoing support of our customers, suppliers, and stakeholders, as well as the unrelenting dedication of our employees, which together have allowed us to continue our operations in the normal course throughout this process." Among other things, the Prepackaged Plan eliminates more than $1.5 billion of senior secured debt and most cash interest. More specifically, the Prepackaged Plan provides for a debt-for-equity swap that will result in existing term loan lenders and secured noteholders converting their loans and notes into equity and a pro rata share of $750 million of senior subordinated convertible notes. The new notes will pay interest through the issuance of additional notes (PIK notes) and will have no cash interest burden. Holders of indebtedness under OGIL's asset-backed revolving credit facility will execute an amended and restated senior secured term loan and letter of credit facility and will receive a payment of $7 million in cash. OGIL also completed a fully backstopped rights offering of senior secured second lien notes with an aggregate offering amount of up to $75 million. All customer, vendor, and employee obligations associated with the ongoing business will remain unaffected. Weil, Gotshal & Manges LLP is serving as legal counsel and Lazard Freres & Co. LLC is serving as investment banker to OGIL. Alvarez & Marsal North America, LLC is serving as financial adviser to OGIL. About Offshore Group Offshore Group Investment Limited is an international offshore drilling company operating a fleet of modern, high-specification drilling units around the world. Its principal business is to contract their drilling units, related equipment, and work crews to drill underwater oil and natural gas wells for major, national, and independent oil and natural gas companies. Offshore Group Investment Limited and 23 other units of publicly traded Vantage Drilling Company filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No. 15-12421) on Dec. 3, 2015 to pursue a prepackaged restructuring backed by Vantage. Christopher G. DeClaire, the authorized officer, signed the petition. The Debtors have engaged Weil, Gotshal & Manges LLP as counsel; Richards, Layton & Finger, P.A. as co-counsel; Lazard Freres & Co. LLC as investment banker; Alvarez & Marsal North America, LLC, as restructuring advisor; and Epiq Bankruptcy Solutions, LLC as claims and noticing agent. About Vantage Drilling Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with an owned fleet of three ultra-deepwater drillships; the Platinum Explorer, the Titanium Explorer and the Tungsten Explorer, as well as four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs. Vantage's primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells. Vantage also provides construction supervision services for, and will operate and manage, drilling units owned by others. Through its fleet of seven owned drilling units, Vantage is a provider of offshore contract drilling services globally to major, national and large independent oil and natural gas companies. VENTURE II CDO 2002: Commences Liquidation Proceedings ------------------------------------------------------ At an extraordinary meeting held on Nov. 26, 2015, the members of Venture II CDO 2002, Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 YAYOS INVESTMENT: Commences Liquidation Proceedings --------------------------------------------------- On Nov. 23, 2015, the sole shareholder of Yayos Investment Company resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 7, 2016, 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 =============== C O L O M B I A =============== PACIFIC EXPLORATION: EIG Global Said to Reboot Offer for Firm ------------------------------------------------------------- Matthew Monks at Bloomberg News reports that EIG Global Energy Partners is planning to seek to buy control of Pacific Exploration & Production Corp., about six months after retreating from a takeover attempt of the struggling Colombian energy company, people with knowledge of the matter said. Harbour Energy Ltd., an investment vehicle EIG set up in 2014 to buy energy assets, is preparing to start a tender offer for most of Pacific's debt, which would give it the leverage to force the company into bankruptcy in Canada, where it trades, said the people, who asked not to be identified because the information is private, according to Bloomberg News. Harbour plans to offer about $1 billion for at least 80 percent of four tranches of Pacific's senior bonds in a tender offer that could commence as soon, the people said, Bloomberg News notes. Harbour would offer a premium to holders of the notes, which traded at an average 15 cents on the dollar as of late Jan. 13, Bloomberg News relays. Pacific, based in Bogota, is one of Latin America's largest energy explorers, producing the equivalent of about 150,000 barrels of oil a day from fields in Colombia, Brazil, Peru and elsewhere, according to a November investor presentation, Bloomberg News notes. The company was known as Pacific Rubiales Energy Corp. until it changed its name in August, Bloomberg News says. Harbour and Mexico's Alfa SAB withdrew a bid -- valued at one point at as much as $1.7 billion -- for Pacific after the company's largest shareholder spurned their offer, Bloomberg News discloses. The stock has plunged 76 percent since Harbour and Alfa announced their decision to walk away from the deal, with Pacific's market value falling to about C$398.3 million ($277 million) as of Dec. 13's close from C$1.65 billion in July, Bloomberg News relays. Like all explorers, Pacific is reeling from the rout in oil prices, Bloomberg News notes. Its particular problems stem from accruing too much debt in recent years by making acquisitions and investing heavily in infrastructure, Bloomberg News discloses. Another issue: Its license to drill in Colombia's Rubiales field, the source for more than a third of its production, expires in June, Bloomberg News says. Pacific retained Lazard Ltd. in December to negotiate with its bank lenders. "Its debt is far far too high in this commodity environment," Darren Engels, an analyst with FirstEnergy Capital Corp. in Calgary that covers that company, said by phone, Bloomberg News notes. "I have a target price of zero on the name," Mr. Engels added. While the company has been seeking to stave off bankruptcy by selling pipelines and other infrastructure to raise cash, which may not be enough, Mr. Engels said, because the value of those types have assets have declined along with commodity prices, Bloomberg News notes. Harbour is working with Citigroup Inc. to manage the tender offering, according to the people familiar with the matter, Bloomberg News relays. If it succeeds, within weeks Harbour would seek to sponsor Pacific in a restructuring under Canada's Companies Creditors Arrangement Act, the people said, Bloomberg News notes. It would provide additional financing to continue operating and handle negotiations with its other creditors, including the banks that hold it's roughly $1 billion revolving credit line, the people said, Bloomberg Newssays. EIG, based in Washington, raised $6 billion in 2013 for its most recent fund, Bloomberg News discloses. It paid about $520 million in 2013 to buy an entity developing the Port of Acu in Brazil from former billionaire Eike Batista, Bloomberg News adds. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Groups Take Govt. to Court Over Coal Plants --------------------------------------------------------------- Dominican Today reports that two environmental groups and social and southern Peravia province community organizations and from other towns said they expect the Superior Administrative Court to protect the people of Catalina, Paya and the city of Bani, from the pollution once the two coal-fired power plants start operations. The National Climate Change Combat Committee (UNFCCC) and the Environment Protection Attorneys Institute (INSAPROMA) said they filed for an injunction for preventive environmental protection based on Article 66 of the Constitution, which stipulates the population's right to health and a healthy environment, "threatened by the heavy pollution which these plants produce," according to Dominican Today. "It's the judges' duty to protect the inhabitants of the communities near coal plants from the effects of 174,000 tons of ash and 14,000 tons of slag per year produced by these plants as waste from burning coal; 30 tons of nitrogen dioxide and 30 tons of sulfur dioxide each day to be spewed into the atmosphere, and numerous heavy metal micro-particles," the organizations said in a statement obtained by the news agency. They said the toxic substances in the area will lead to a health and environmental disaster, causing respiratory diseases, especially in children and the elderly, cardiovascular, cerebrovascular and lung cancers and skin diseases, and severe damage to the region's agriculture, the report notes. They said the environmental and health disaster would double with the installation of a third plant, which was "authorized by a secret agreement signed by the government with the company Pinegy Commercial Group, SRL," a recent revelation which became another government scandal, the report relays. If built, the third plant would've generated 600 megawatts, according to independent deputy Minou Tavarez Mirabal and opposition ADP party president Max Puig, the report adds. As reported in the Troubled Company Reporter-Latin America on Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B+'. The Rating Outlooks on the long-term IDRs are revised to Positive from Stable. The issue ratings on the Dominican Republic's senior unsecured foreign and local currency bonds are affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the short-term foreign currency IDR at 'B'. DOMINICAN REPUBLIC: Inequality is a Big Problem, AEIH Says ---------------------------------------------------------- Dominican Today reports that the Herrera and Santo Domingo Province Industries Association (AEIH) called the return on equity of the workers' pension fund compared with the Administrators' profits "a great asymmetry." AEIH president Antonio Taveras said if there's a sector which reveals the country's inequity, it's the Pension Fund Administrators (AFP), according to Dominican Today. Mr. Taveras said it's unacceptable that in 2015 the average AFP will earn 43.5% before taxes compared with 2014, while the workers funds' nominal yield reached just 11.5%. "We're facing the dramatic reality that the profitability of the workers funds represents only 26.5% of profits received by the companies that manage their resources," Mr. Taveras added. The report notes that Mr. Taveras said the profits at worker' expense is outrageous, which in his view expands poverty and is a detriment to business competitiveness. The report relays that Mr. Taveras said it's regretful that the authorities fail to deal with those problems apparently "because of the power that certain groups that dominate finances which he says are the most highly concentrated among the Dominican economy." The industry leader called inequality the country's "big problem," with wealth concentrated in a few hands and a systematic erosion of real wages, plunging down to the levels of the 1990s, the report adds. As reported in the Troubled Company Reporter-Latin America on Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B+'. The Rating Outlooks on the long-term IDRs are revised to Positive from Stable. The issue ratings on the Dominican Republic's senior unsecured foreign and local currency bonds are affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the short-term foreign currency IDR at 'B'. DOMINICAN REP: Bank Loans Climb to US$1.95BB; Drought Hobbles Agro ------------------------------------------------------------------ Dominican Today reports that with agro only the exception, credit in most sectors directly contributed to their expanse and dynamism, with greatest impact on the 7.0% growth during 2015, LatAm''s highest, the Dominican Republic Banks Association (ABA) said. It said the 2015 loan portfolio grew to RD$87.9 billion (US$1.95 billion), with RD$6.7 billion allocated to manufacturing, RD$6.1 billion to the hotel sector, RD$5.7 billion to micros, RD$1.0 billion to construction and RD$0.6 billion to mining, among others, according to Dominican Today. The ABA, headed by Jose Manuel Lopez Valdes, said among the activities which demand goods and services from productive sectors figure consumer loans (credit cards and others), at RD$33.1 billion, retailers (RD$27.8 billion) and homeownership (RD$18.1 billion), the report notes. "In one year we can see that the growth of the loan portfolio may be concentrated in sectors which at that time are driving the growth of the economy, and in a later time, the orientation may vary, channeling resources to a greater extent, to other activities responsible for economic stimulus," the banker said, the report relays. The report adds that Mr. Lopez said the agro sector's RD$2.8 billion credit in 2015 resulted from what he affirms were negative factors such as the bans on Dominican horticultural products by Haiti and the US, and the drought which hobbled that industry's performance. Mr. Lopez stressed the growth of credit in real terms for micro businesses (31.0%), consumer goods (16.8%) and homeownership (12.8%), the report adds. As reported in the Troubled Company Reporter-Latin America on Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B+'. The Rating Outlooks on the long-term IDRs are revised to Positive from Stable. The issue ratings on the Dominican Republic's senior unsecured foreign and local currency bonds are affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the short-term foreign currency IDR at 'B'. ====================== P U E R T O R I C O ====================== ALLIED FINANCIAL: Case Summary & 10 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Allied Financial, Inc. 128 Avenida Roosevelt Hato Rey, PR 00918 Case No.: 16-00180 Chapter 11 Petition Date: January 15, 2016 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Hon. Mildred Caban Flores Debtor's Counsel: Carmen D Conde Torres, Esq. C. CONDE & ASSOC. 254 San Jose Street, 5th Floor San Juan, PR 00901-1523 Tel: 787-729-2900 Fax: 787-729-2203 Email: notices@condelaw.com Total Assets: $10.28 million Total Debts: $9.14 million The petition was signed by Rafael Portela, president of the Board of Directors. List of Debtor's 10 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Allied Management Group, Inc. Loans $1,919,539 PO Box 191117 San Juan, PR 00919-1117 Banco Popular De PR Credit $232,245 Comisionado De Instituciones $3,144 Financieras Condado II, LLC Credit $500,000 PO Box 20868 San Juan, PR 00928 CRIM $11,576 Departamento De Hacienda Withholding $3,862 FDR Properties, Inc. Rent/Utilities $47,518 Jose R. Armstrong Tax $392,810 PO Box 191314 San Juan, PR 00919-1314 Municipality of San Juan Tax $44,485 WM Capital Partners 53, LLC $145,000 AMERICAN AGENCIES: Unsecureds to Recoup 25% Under Exit Plan ----------------------------------------------------------- American Agencies Co., Inc., and New Steel, Inc., filed a Chapter 11 plan that lets the existing owners retain control of the steel structures manufacturing business. Banco Popular de Puerto Rico filed a secured claim in the total amount of $2,525,927. The claim will be paid in full from the sale of collateral, within a maximum of 36 months, and interest will be paid under the same loan rate. The Debtors will continue to pay monthly installments of $16,670 on a monthly basis, independent to additional payments to principal due to sale of collateral until full payment of the debt. The Debtors are proposing a 25% payment to unsecured creditors within 36 months. The Debtors contend that this amount is substantially more than liquidation as the liquidation analysis shows a liquidation value of 5%. General unsecured creditors were listed in the Debtors' consolidated schedules in the total amount of $10,696,322. Equity security holders will receive no dividend at all under the Plan and will not be allowed to vote. On the effective date of the Plan, the distribution, administration and management of the Debtors' affairs will be under the control and supervision of the current officers, who will assume the same roles they have assume throughout the reorganization process. A copy of the Consolidated Disclosure Statement and Plan of Reorganization/Liquidation filed Jan. 13, 2016, is available for free at: http://bankrupt.com/misc/Amer_Agencies_109_DS.pdf About American Agencies Puerto Rico-based American Agencies Co., Inc., founded in 1956 by Eng. Jorge A. Rivera Cardona sells and installs steel fabricated structures, along with the sale of doors and hardware. American Agencies operates from leased facilities in Rio Piedras, Puerto Rico. New Steel, Inc., fabricates steel structures that American Agencies sells and installs. American Agencies and New Steel filed Chapter 11 bankruptcy petitions (Bankr. D.P.R. Case Nos. 15-07088 and 15-07090, respectively) on Sept. 15, 2015. The petitions were signed by Omir Mendez, the president. The Debtors cases are substantive consolidated under Lead Case 15-07088. American Agencies disclosed $6,810,695 in assets and $9,738,804 in debt in its schedules. New Steel disclosed $8,429,855 in assets and $12,182,464 in debt in its schedules. Banco Popular de Puerto Rico is the largest secured creditor. The Debtors tapped C. Conde & Associates as counsel; Doris Barroso Vicens, CPA, at RSM ROC & Company, as accountant; Xavier A. Curret from Landa Umpierre, P.S., as external auditor; Moises Avila-Sanchez, Esq., from Avila, Martinez & Hernandez, P.S.C., as special counsel relating to collective bargaining agreements; Jose Julian Alvarez-Maldonado Esq., from the firm Fiddler, Gonzalez & Rodriguez, P.S.C., as special counsel to provide special services in corporate and contractual matters; and Ismael Isern Suarez from I.S. Appraiser Group, P.S.C., as appraiser. INMOBILIARIA AVE: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Inmobiliaria Ave Fenix, LLC Carretera 123 Kilometro 8.5 Barrio Magueyes Ponce, PR 00730 Case No.: 16-00229 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: January 15, 2016 Court: United States Bankruptcy Court District of Puerto Rico (Ponce) Debtor's Counsel: Javier Vilarino, Esq. VILARINO & ASSOCIATES LLC PO Box 9022515 San Juan, PR 00902-2515 Tel: 787-565-9894 Email: jvilarino@vilarinolaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Samuel Hernandez, president. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. LAS AMERICAS: Disclosure Statement Hearing on Jan. 29 ----------------------------------------------------- Judge Edward A. Godoy of the U.S. Bankruptcy Court for the District of Puerto Rico will convene a hearing on Jan. 29, 2016, at 9:30 a.m. to consider approval of the disclosure statement explaining Las Americas 74-75, Inc.'s Chapter 11 plan. The Debtor has filed a Chapter 11 plan that proposes a 100% payment to creditors. The Debtor says that through its bankruptcy proceeding, it will be able to maximize the return of its assets while providing distribution to all creditors, including payment to its secured creditor ALD Acquisition, LLC. ALD's claim secured with a first rank lien in the amount of $4,380,000 over Lot No. 74 will be paid in full within 90 days from the Effective Date. ALD's allowed claim secured with a second rank note in the amount of $3,250,000 over Lot No. 74 will be paid within 90 days from the Effective Date. General unsecured claims of the Debtor will be paid in full within 24 months from the Effective Date. Holders of equity interests will not receive distribution under the Plan until all senior classes are paid in full. Plan Timeline The Debtor filed its plan of reorganization and its disclosure statement on July 13, 2015. A copy of the Disclosure Statement is available for free at: http://bankrupt.com/misc/Las_Americas_55_DS.pdf On August 11, 2015, the Debtor filed its first supplement to the Disclosure Statement. A copy of the document is available for free at: http://bankrupt.com/misc/Las_Americas_72_DS_Supplement.pdf The Court scheduled a hearing to approve the adequacy of the Disclosure Statement for Aug. 28, 2015, granting creditors and parties in interest until Aug. 14 to file objections thereto. On Aug. 14, 2015, ALD Acquisitions, LLC, filed an objection to the Disclosure Statement. In December 2015, the judge scheduled another hearing on the Disclosure Statement for Jan. 29. About Las Americas 74-75 Las Americas 74-75, Inc., was incorporate in 2004 by Porfirio Guzman and Maria M. Benitez, and is the owner of certain real estate property located at the Hato Rey Ward, in San Juan, Puerto Rico, right next to the reorganized area of Plaza Las Americas. Las Americas 74-75, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 15-01527) on March 2, 2015. The petition was signed by Omar Guzman Benitez, vice president. The case is assigned to Judge Edward Godoy. Las Americas 74-75 tapped Carmen Conde Torres, Esq., at C. Conde & Associates, in San Juan, Puerto Rico, as counsel; and Albert Tamarez Vasquez as accountant. Las Americas disclosed total assets estimated at $21.2 million and total debt estimated at $18.7 million. LAS AMERICAS: Secured Creditor Balks at Disclosure Statement ------------------------------------------------------------ Secured creditor ALD Acquisitions, LLC, opposes the approval of the disclosure statement explaining Las Americas 74-75, Inc.'s Chapter 11 plan. ALD claims that the Disclosure Statement contains misleading and false financial information in that: * The Disclosure Statement doesn't disclose the accounting and valuation methods utilized to produce the financial information contained therein; the actual or projected value that can be obtained from avoidable transfers; the tax consequences of the Plan; and the relationship of the Debtor with affiliates. * the Debtor's liability as reported in the Balance Sheet seems to be understated and differs from the liabilities that are reported in the Disclosure Statement and contemplated in the Plan. * The Disclosure Statement fails to accurately account for the secured portions of ALD's claims in Classes 4, 5, 6, 7 and 8 limiting the same to only the face value of the mortgage notes, without taking into consideration their extension to past due interest, penalties, and legal costs, as specified in the mortgage deed. * The Plan and Disclosure Statement fail to provide for the payment of postpetition interest to creditors, as well as interest on the proposed deferred payments under the Plan ALD adds that the Disclosure Statement does not provide sufficient information of material facts concerning the Debtor's books and records. It cites, among other things, * The Debtor's expression that it "proposes to sell or refinance the Lot No. 75 within two years from effective date" and with such funds pay all other claims, without more, is not only highly speculative, but lacks any information allowing creditors to be able to vote in favor or against the Plan, with knowledge of the risks they are taking and as to what they are going to get, when are they going to get it and the contingencies present for the proposed distribution. * The Disclosure Statement fails to disclose with supporting evidence as to when, how and the sources these creditors, including ALD, are to be paid, since the Debtor fails to indicate why Lot 75 is not to be refinanced or sold now, for how much it expects to refinance or sell the same vis a vis existing encumbrances, its efforts to that effect, the amount of any expected sale or refinancing and the basis therefor. Secured creditor ALD Acquisitions is represented by: Charles A. Cuprill-Hernandez CHARLES A. CUPRILL, P.S.C., LAW OFFICES 356 Fortaleza Street - Second Floor San Juan, PR 00901 Tel: 787-977-0515 Fax: 787-977-0518 E-mail: ccuprill@cuprill.com About Las Americas 74-75 Las Americas 74-75, Inc., was incorporate in 2004 by Porfirio Guzman and Maria M. Benitez, and is the owner of certain real estate property located at the Hato Rey Ward, in San Juan, Puerto Rico, right next to the reorganized area of Plaza Las Americas. Las Americas 74-75, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 15-01527) on March 2, 2015. The petition was signed by Omar Guzman Benitez, vice president. The case is assigned to Judge Edward Godoy. Las Americas 74-75 tapped Carmen Conde Torres, Esq., at C. Conde & Associates, in San Juan, Puerto Rico, as counsel; and Albert Tamarez Vasquez as accountant. Las Americas disclosed total assets estimated at $21.2 million and total debt estimated at $18.7 million. TERRASSA CONCRETE: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Terrassa Concrete Industries, Inc. URB. Sta. Rosa 35-17, Calle 24 Bayamon, PR 00959 Case No.: 16-00182 Chapter 11 Petition Date: January 15, 2016 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Hon. Enrique S. Lamoutte Inclan Debtor's Counsel: Alexis Fuentes Hernandez, Esq. FUENTES LAW OFFICES, LLC PO Box 9022726 San Juan, PR 00902-2726 Tel: (787) 722-5216 Fax: (787) 722-5206 Email: alex@fuentes-law.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Luis E. Terrassa Muniz, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/prb16-00182.pdf ================================ T R I N I D A D & T O B A G O ================================ ARCELORMITTAL: Steel Workers to Return on Shift Basis ----------------------------------------------------- Carolyn Kissoon at Trinidad Express reports that dismissed workers of ArcelorMittal, Point Lisas, are expected to return to work on a shift system following seven days of orientation. This is according to Steel Workers Union of Trinidad and Tobago (SWUTT) president general, Christopher Henry, who led workers onto the company's Point Lisas compound, according to Trinidad Express. The report notes that Mr. Henry said the workers, who were served temporary lay-off letters in December, arrived for work at around 6:00 a.m. Mr. Henry said they were expected to begin orientation exercises, the report discloses. As reported in the Troubled Company Reporter-Latin America on Dec. 9, 2015, Trinidad Express reports that some 600 workers of Point Lisas steel manufacturing company ArcelorMittal were told that they no longer had a job. A month after the company stopped steel production citing global and local economic condition, it informed the representative Steel Workers Union of Trinidad and Tobago, and the workers would be laid off, according to Trinidad Express. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. Submissions about insolvency-related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A. Chapman, Editors. Copyright 2016. 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 * * *