/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/160212.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, February 12, 2016, Vol. 17, No. 30 Headlines A R G E N T I N A ARGENTINA: Cravath Takes Lead On Debt Default Defense B R A Z I L GRUPO EMBOTELLADOR: Weak Performance Pressured Results, Fitch Says QGOG CONSTELLATION: Downgrade Not Expected, Fitch Says C A Y M A N I S L A N D S BINJAI HILL: Commences Liquidation Proceedings BINJAI HILL FUND: Commences Liquidation Proceedings EIP ENERGY: Commences Liquidation Proceedings I.A.P. LIMITED: Placed Under Voluntary Wind-Up NAKKAR INVESTMENT: Commences Liquidation Proceedings RAMIUS CONVERTIBLE: Commences Liquidation Proceedings RAMIUS CONVERTIBLE SEGREGATED: Commences Liquidation Proceedings RAMIUS CREDIT: Commences Liquidation Proceedings RAMIUS CREDIT: Commences Liquidation Proceedings RAMIUS ENTERPRISE: Commences Liquidation Proceedings RAMIUS MULTI-STRATEGY FOF: Commences Liquidation Proceedings RAMIUS MULTI-STRATEGY: Commences Liquidation Proceedings RAMIUS PB: Commences Liquidation Proceedings RAMIUS PORTSIDE: Commences Liquidation Proceedings RAMIUS VINTAGE: Commences Liquidation Proceedings C O L O M B I A COLOMBIA: To Heed Court Ruling Against Mining in Highland D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Foods Pace January Price Climb of 0.39% DOMINICAN REP: Electricity Pact Still on Track, Top Official Says M E X I C O TV AZTECA: Fitch Says Cash Burn May Fuel Downgrade P E R U * PERU: OKs Repsol's Environmental Assessment of Gas Project P U E R T O R I C O HORNED DORSET: Had Until Feb. 11 to File Ch. 11 Plan, Outline PUERTO RICO: Obama Budget Includes Bankruptcy Power - - - - - ================= A R G E N T I N A ================= ARGENTINA: Cravath Takes Lead On Debt Default Defense ----------------------------------------------------- Julie Wernau, writing for The Wall Street Journal, reports that Argentina is putting on a new face for the judge who will ultimately decide the outcome for a 15-year debt battle that has locked the country out of capital markets. The Argentine government said on Feb. 9 that New York-based law firm Cravath Swaine & Moore will represent Argentina before U.S. District Judge Thomas Griesa in New York, notes the report. WSJ says Cleary Gottlieb, who has represented Argentina in the courtroom since 2002 in the debt battle, will still be co-counsel for Argentina, but not in front of the judge. Insiders say the move is a push by President Mauricio Macri to convince the judge that the new government is serious about ending the stalemate, according to WSJ. The report recalls that the government has failed to settle with holdout creditors who refused to settle for 30 cents on the dollar as part of two exchange offers that stemmed from a 2001 default on more than $80 billion in bonds. The high profile case eventually led the nation to default on those exchange bonds as well after the judge issued an injunction under a legal premise that it couldn't pay some bondholders and not others. Under the new government, notes WSJ, Mr. Macri's administration traveled to New York last week to try to settle the matter and has an offer on the table to all holdouts, some of which have agreed to the proposal. Argentina officials have said publicly that they hope to sway the judge to lift the injunction even if not all creditors have agreed to the deal, the report relates. Argentina says Cravath was selected from eight submitted proposals, calling it the firm that will "advise the country in the final stage of this long dispute," notes WSJ. Cravath Confirms Appointment Jonathan Randles at Law360.com reports that Cravath Swaine & Moore LLP confirmed that Argentina has picked the firm to take over as the country's lead counsel in long-running bondholder litigation in New York stemming from its 2001 debt default. Cravath takes over lead duties defending Argentina from Cleary Gottlieb Steen & Hamilton LLP, which will stay on as co-counsel, a spokesperson said. Messages sent to Cleary and Argentina's finance ministry were not immediately returned. * * * The Troubled Company Reporter-Latin America reported in Nov. 27, 2015, that Moody's Investors Service has changed the outlook on Argentina's Caa1 issuer rating to positive from stable. The outlook on Argentina's (P)Caa2 foreign legislation and restructured local legislation foreign currency obligations is also changed to positive from stable. The outlook change is based on Moody's view that the accession of president-elect Mauricio Macri of the Cambiemos ("Let's Change") coalition will raise the probability of credit positive policies being implemented, including arriving at a resolution with holdout creditors, one of Argentina's key credit constraints. On Aug. 1, 2014, reported that Argentina defaulted on some of its debt late July 30 after expiration of a 30-day grace period on a US$539 million interest payment. Earlier that day, talks with a court- appointed mediator ended without resolving a standoff between the country and a group of hedge funds seeking full payment on bonds that the country had defaulted on in 2001. A U.S. judge had ruled that the interest payment couldn't be made unless the hedge funds led by Elliott Management Corp., got the US$1.5 billion they claimed. The country hasn't been able to access international credit markets since its US$95 billion default 13 years ago. As a result, reported the TCR-LA on Aug. 1, Standard & Poor's Ratings Services lowered its unsolicited long-and short-term foreign currency sovereign credit ratings on the Republic of Argentina to selective default ('SD') from 'CCC-/C'. The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings downgraded Argentina's Foreign Currency Issuer Default Rating (IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency Issuer Default Rating to 'RD' from 'C'. Meanwhile, Moody's Investors Service affirmed Argentina's Caa1 issuer rating, which also applies to domestic law bonds, confirmed the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca rating on the original defaulted bonds. The long-term issuer rating was placed on negative outlook, reported the TCR-LA on Aug. 5, 2014. On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America Agente de Calificacion de Riesgo affirmed the deposit, debt, issuer and corporate family ratings on Argentina's banks and financial institutions, both on the global and national scales. The outlook on these ratings has been changed to negative from stable. At the same time, the rating agency has affirmed the banks' Caa2 foreign-currency deposit ratings and Not- Prime short-term ratings. The banks' standalone E financial strength ratings corresponding to caa1 baseline credit assessments (BCA) have also been affirmed. The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has downgraded Argentina's long-term foreign currency issuer rating from CC to Selective Default (SD). The short-term foreign currency rating has been downgraded to Default (D), from R-5. The long-term and short-term local currency issuer ratings have been confirmed at B (low) and R-5, respectively. The trend on the long-term local currency rating is Negative, and the trend on the short-term local currency rating is Stable. On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded Argentina's rating on Par Bonds issued under Foreign Law to 'D' from 'C' as Argentina has not been able to cure the missed coupon payments on its par bonds issued under foreign law after the expiration of the 30-day grace period on Oct. 30. According to Fitch's criteria, this constitutes an event of default and Fitch has downgraded the affected securities to 'D'. In addition, Fitch has affirmed: -- Foreign Currency Issuer Default Rating (IDR) at 'RD'; -- Local Currency IDR at 'CCC'; -- Short-term Foreign Currency IDR at 'RD'; -- Country Ceiling at 'CCC'. -- Performing Foreign Law Exchanged Securities (Global 17) at 'C'; -- Local Currency exchanged bonds under Argentine Law at 'CCC'; -- Foreign and Local Currency non-exchanged securities under Argentine Law at 'CCC'; -- Discount Bonds issued under Foreign Law at 'D'. On April 22, 2015, Moody's Investors Service expanded the portion of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating reflects the higher risk of default for both Argentina's restructured foreign legislation debt (as before) and, additionally now, its restructured local legislation foreign currency obligations, as compared with the risk of default on other debt instruments issued by Argentina. Argentina's local currency debt and its non-restructured foreign currency debt are rated Caa1. The debt that remains in default since Argentina's 2001 default is rated Ca. =========== B R A Z I L =========== GRUPO EMBOTELLADOR: Weak Performance Pressured Results, Fitch Says ------------------------------------------------------------------ Weak operating performance in Brazil and Mexico in conjunction with soft currencies in those markets have pressured the results of Grupo Embotellador Atic S.A. (Atic), according to the latest report in Fitch's 10 report series 10 Most Distressed LatAm Corporates. One report will be released each day through Feb. 12th per the schedule found at the bottom of this release. "If Atic would close its operations in Brazil and Mexico, its free cash flow for 2016 would be in the high single digits and net leverage would decline to about 5.9x; this compares positively to a negative free cash flow and a net leverage of around 6.5x if these markets remain in operation," said Cristina Madero/Associate Director. Last year was an extremely harsh year for Atic, with growth in most of its operating markets weak and currencies in Colombia, Indonesia, Brazil and Mexico depreciating sharply. Atic is expected to generate approximately EUR82 million of EBITDA during 2016, a slight increase when compared with Fitch's projection of EUR78 million of EBITDA in 2015. Fitch's 10 Most Distressed LatAm Corporates series will be released one report per day as follows: Feb. 1st: Samarco Mineracao S.A. Feb. 2nd: Companhia Siderurgica Nacional Feb. 3rd: Pacific Exploration and Production Corporation Feb. 4th: GOL Linhas Aeresas S.A. Feb. 5th: Oi S.A. Feb. 8th: GeoPark Latin America Limited Agencia en Chile Feb. 9th: Grupo Embotellador Atic S.A. Feb. 10th: TV Azteca, S.A.B. de C.V. Feb. 11th: QGOG Constellation S.A. Feb. 12th: Odebrecht Offshore Drilling Finance Ltd. QGOG CONSTELLATION: Downgrade Not Expected, Fitch Says ------------------------------------------------------ With the majority of QGOG Constellation S.A.'s (Constellation) contracts set to expire after 2018, the company's credit ratings should be able to withstand declining dayrates, according to the latest report in Fitch Ratings' 10-report series title '10 Most Distressed LatAm Corporates.' One report will be released each day through Feb. 12th per the schedule found at the bottom of this release. 'As long as operating expenses are at or below historical levels, and fleet performance remains strong, Constellation can weather deteriorating dayrates declining to an average of USD300,000 for the ultra-deepwater rigs and USD150,000 for the midwater rigs without a downgrade,' said Cinthya Ortega, Director. We project that Constellation's free cash flow (FCF) and EBITDA will remain solid in 2016 and 2017. Fitch expects USD250 million of FCF and 4.2x of total net leverage in 2016, and USD327 million of FCF and 3.4x of total net leverage in 2017. As of the last 12 months ended September 2015, EBITDA was USD650 million. Fitch's base case assumption presumes rigs will remain contracted and that Petrobras will not attempt to renegotiate contracted dayrates. Fitch's 10 Most Distressed LatAm Corporates series will be released one report per day as follows: Feb. 1st: Samarco Mineracao S.A. Feb. 2nd: Companhia Siderurgica Nacional Feb. 3rd: Pacific Exploration and Production Corporation Feb. 4th: GOL Linhas Aeresas S.A. Feb. 5th: Oi S.A. Feb. 8th: GeoPark Latin America Limited Agencia en Chile Feb. 9th: Ajecorp B.V. Feb. 10th: TV Azteca, S.A.B. de C.V. Feb. 11th: QGOG Constellation S.A. Feb. 12th: Odebrecht Offshore Drilling Finance Ltd. ========================== C A Y M A N I S L A N D S ========================== BINJAI HILL: Commences Liquidation Proceedings ---------------------------------------------- On Dec. 11, 2015, the sole member of Binjai Hill Asian Acorns (Non-US Feeder) Fund 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: Justin Murray Guy Kendrick 4 Binjai Hill 589921 Singapore BINJAI HILL FUND: Commences Liquidation Proceedings --------------------------------------------------- On Dec. 11, 2015, the sole member of Binjai Hill Asian Acorns Fund 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: Justin Murray Guy Kendrick 4 Binjai Hill 589921 Singapore EIP ENERGY: Commences Liquidation Proceedings --------------------------------------------- On Dec. 8, 2015, the sole shareholder of EIP Energy Income Fund Offshore, 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: Energy Income Partners, LLC c/o Nandita Hogan 449 Riverside Avenue Westport Connecticut 06880 United States of America Telephone: +1 (203) 349 8232 I.A.P. LIMITED: Placed Under Voluntary Wind-Up ---------------------------------------------- On Dec. 8, 2015, the sole member of I.A.P. 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 liquidator is: Alan Turner Turners Management Ltd. Strathvale House 90 North Church Street P.O. Box 2636 Grand Cayman, KY1-1102 Cayman Islands Telephone: +1 (345) 814 0700 NAKKAR INVESTMENT: Commences Liquidation Proceedings ---------------------------------------------------- On Dec. 11, 2015, the sole shareholder of Nakkar Investment Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 19, 2016, will be included in the company's dividend distribution. The company's liquidator is: Morval Bank & Trust Cayman Ltd. P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands Telephone: +1 (345) 949-9808 RAMIUS CONVERTIBLE: Commences Liquidation Proceedings ----------------------------------------------------- On Dec. 10, 2015, the sole shareholder of Ramius Convertible Arbitrage Fund 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: Ramius Advisors, LLC c/o Michael Benwitt 599 Lexington Avenue, 19th Floor New York, NY 10022 USA Telephone: (212) 823 0226 RAMIUS CONVERTIBLE SEGREGATED: Commences Liquidation Proceedings ---------------------------------------------------------------- On Dec. 10, 2015, the sole shareholder of Ramius Convertible Arbitrage Segregated 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: Ramius Advisors, LLC c/o Michael Benwitt 599 Lexington Avenue, 19th Floor New York, NY 10022 USA Telephone: (212) 823 0226 RAMIUS CREDIT: Commences Liquidation Proceedings ------------------------------------------------ On Dec. 10, 2015, the sole shareholder of Ramius Credit Opportunities Segregated 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: Ramius Advisors, LLC c/o Michael Benwitt 599 Lexington Avenue, 19th Floor New York, NY 10022 USA Telephone: (212) 823 0226 RAMIUS CREDIT: Commences Liquidation Proceedings ------------------------------------------------ On Dec. 10, 2015, the sole shareholder of Ramius Credit Opportunities Fund 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: Ramius Advisors, LLC c/o Michael Benwitt 599 Lexington Avenue, 19th Floor New York, NY 10022 USA Telephone: (212) 823 0226 RAMIUS ENTERPRISE: Commences Liquidation Proceedings ---------------------------------------------------- On Dec. 10, 2015, the sole shareholder of Ramius Enterprise Segregated 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: Ramius Advisors, LLC c/o Michael Benwitt 599 Lexington Avenue, 19th Floor New York, NY 10022 USA Telephone: (212) 823 0226 RAMIUS MULTI-STRATEGY FOF: Commences Liquidation Proceedings ------------------------------------------------------------ On Dec. 10, 2015, the sole shareholder of Ramius Multi-Strategy Master FOF 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: Ramius Alternative Solutions LLC c/o Michael Benwitt 599 Lexington Avenue, 19th Floor New York, NY 10022 USA Telephone: (212) 823 0226 RAMIUS MULTI-STRATEGY: Commences Liquidation Proceedings -------------------------------------------------------- On Dec. 10, 2015, the sole shareholder of Ramius Multi-Strategy Fund (Euro) 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: Ramius Advisors, LLC c/o Michael Benwitt 599 Lexington Avenue, 19th Floor New York, NY 10022 USA Telephone: (212) 823 0226 RAMIUS PB: Commences Liquidation Proceedings -------------------------------------------- On Dec. 10, 2015, the sole shareholder of Ramius PB Segregated 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: Ramius Advisors, LLC c/o Michael Benwitt 599 Lexington Avenue, 19th Floor New York, NY 10022 USA Telephone: (212) 823 0226 RAMIUS PORTSIDE: Commences Liquidation Proceedings -------------------------------------------------- On Dec. 10, 2015, the sole shareholder of Ramius Portside Segregated 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: Ramius Advisors, LLC c/o Michael Benwitt 599 Lexington Avenue, 19th Floor New York, NY 10022 USA Telephone: (212) 823 0226 RAMIUS VINTAGE: Commences Liquidation Proceedings ------------------------------------------------- On Dec. 10, 2015, the sole shareholder of Ramius Vintage Multi- Strategy FOF 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: Ramius Alternative Solutions LLC c/o Michael Benwitt 830 Third Avenue, 4th Floor New York, NY 10022 USA Telephone: (212) 823 0226 =============== C O L O M B I A =============== COLOMBIA: To Heed Court Ruling Against Mining in Highland --------------------------------------------------------- EFE News reports that Colombia's government said it would comply with a Constitutional Court ruling that bans all mining activities in the Andean nation's "paramo," or alpine tundra, regions. "We receive this decision with the utmost respect and will obviously abide by it," Environment and Sustainable Development Minister Gabriel Vallejo said, according to EFE News. The high court ruled that Paragraph 1, Article 173 of the 2014- 2018 National Development Plan, approved in 2014, was unconstitutional, says the repor. That paragraph had made an exception to a 2011 ban on mining in the paramo, stating that exploration and development of non- renewable resources and mining were permissible as long as the environmental licenses for those activities had been issued prior to Feb. 9, 2010, and June 16, 2011, respectively, the report notes. Paramos are intertropical alpine ecosystems where shrub land predominates and which are located more than 3,000 meters (9,835 feet) above sea level, the report relays. These high-altitude regions are the source of most of the water that Colombians consume, the report notes. The Constitutional Court ruled in favor of a challenge brought by the leftist opposition Alternative Democratic Pole, or PDA, party against several articles in the National Development Plan, one of President Juan Manuel Santos' flagship programs, the report discloses. It found that Colombians' right to a healthy environment overrode rights acquired through environmental licenses, the report relays. Greenpeace's spokeswoman in Colombia, Silvia Gomez, told EFE News that the environmental watchdog had backed the PDA's lawsuit, saying that that paragraph of the National Development Plan had favored mining over paramo conservation. "I think it's really a reconquest of what society had already won, but which political and mining interests had taken from us," she added, the report relays. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Foods Pace January Price Climb of 0.39% ----------------------------------------------------------- Dominican Today reports that January prices remained mostly unchanged at 0.39% higher than December, paced by foods and non- alcoholic beverages, the Central Bank announced. It said the group of foods is where low income workers economy spend the most "and have been the most impacted by the month's CPI as a result," according to Dominican Today. "The Consumer Price Index (CPI) remained virtually unchanged compared to December 2015," the Central Bank said in a statement obtained by the news agency. It said annual inflation in January 2015 to January 2016, or the last 12 months reached 2.53%, remaining below the lower limit of the inflation target of 4.0% +/- 1.0% set in the monetary program for 2016, the report notes. 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: Electricity Pact Still on Track, Top Official Says ----------------------------------------------------------------- Dominican Today reports that the coordination team for the Electric Pact headed by presidency chief of staff Gustavo Montalvo and Economic and Social Council (CES) president monsignor Agripino Nunez announced progress after a meeting. "The Dominican government has made every effort to finalize the signing of this agreement and from the first day the government team has provided complete and total support to this process, in compliance with the provisions of the National Development Strategy," the report quoted Mr. Montalvo as saying. Mr. Montalvo said the Government has provided the information to the political parties, business organizations and social groups that had requested it, sent to the CES in November and December, the report notes. The report relays that Mr. Montalvo said the documents have been delivered as they are collected and processed, though some information requested weren't available, but is processed as a result of the motion, while others have been posted on the websites of government agencies for months. "I want to reiterate how important it is for the Government and Dominican society maintain any agenda of a particular sector on the margins of the pact. It's the responsibility of all to prevent contaminating this exercise in democracy with political agendas. Each one of us who participates in this process must rise up to the historic responsibility we are addressing," Mr. Montalvo added. 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'. =========== M E X I C O =========== TV AZTECA: Fitch Says Cash Burn May Fuel Downgrade -------------------------------------------------- A difficult path to free cash flow generation for TV Azteca S.A.B. de C.V. (TV Azteca) caused by increased production costs and muted revenue growth sets the company up for a potential downgrade, according to the latest report in Fitch's 10 report series 10 Most Distressed LatAm Corporates. One report will be released each day through Feb. 12th per the schedule found at the bottom of this release. "TV Azteca needs to rein its cash burn to prevent a further ratings downgrade," said Alvin Lim, Director. "Failure to turn around negative free cash flow generation amid sluggish EBITDA growth, resulting in a vulnerable liquidity profile over the medium term, will pressure ratings." TV Azteca will need at least MXN3.3 billion of EBITDA in 2016 to generate positive free cash flow. Fitch does not expect the company to meet the target as drastic cuts in production costs are unlikely, given the importance of competitive content. Also, Fitch does not forecast substantial increases in advertising prices during 2016 given the unfavorable operational outlook while continued EBITDA loss in the company's Colombian telecom operation is expected in 2016. Fitch's 10 Most Distressed LatAm Corporates series will be released one report per day as follows: Feb. 1st: Samarco Mineracao S.A. Feb. 2nd: Companhia Siderurgica Nacional Feb. 3rd: Pacific Exploration and Production Corporation Feb. 4th: GOL Linhas Aeresas S.A. Feb. 5th: Oi S.A. Feb. 8th: GeoPark Latin America Limited Agencia en Chile Feb. 9th: Ajecorp B.V. Feb. 10th: TV Azteca, S.A.B. de C.V. Feb. 11th: QGOG Constellation S.A. Feb. 12th: Odebrecht Offshore Drilling Finance Ltd. ======= P E R U ======= * PERU: OKs Repsol's Environmental Assessment of Gas Project ------------------------------------------------------------ EFE News reports that Peru's Energy and Mines Ministry said it had approved Spanish energy major Repsol's environmental impact assessment of the Sagari natural gas project, located in the jungles of the southern region of Cuzco. The ministry's General Directorate of Environmental Energy Affairs approved the assessment of Sagari, a project whose area of influence straddles the territories of the Porotobango, Kitepampani and Nuevo Mundo indigenous communities, noting that Repsol had conducted "participation mechanisms" among those stakeholders, according to EFE News. Its statement said the project would require an investment outlay of just over $958 million and entail the drilling of two development wells and the construction of other gas production installations, the report notes. It said the company's interventions with the local communities were aimed at providing "information regarding the project and establishing a direct dialogue" to ensure their "contributions, observations and suggestions" are taken into account, the report relays. The environmental impact assessment of Sagari received the go- ahead of the National Service of Natural State Protected Areas, or Sernanp; the Agriculture Ministry's National Water Authority; and the Supervisory Agency for Investment in Energy and Mining, or Osinergmin, the report adds. ====================== P U E R T O R I C O ====================== HORNED DORSET: Had Until Feb. 11 to File Ch. 11 Plan, Outline ------------------------------------------------------------- The Hon. Enrique S. Lamoutte of the U.S. Bankruptcy Court for the District of Puerto Rico granted The Horned Dorset Primavera Inc., additional 45 days from Dec. 28, 2015, to file its Chapter 11 Plan and an explanatory disclosure statement; and file objections to claims. On Dec. 22, 2015, the Debtor filed a second request for extension explaining that it needed additional time since it is still evaluating claims filed by the governmental entities in order to determine the filing of objections to the same. The Debtor noted that, among other things, in order to properly address the claims made by the Treasury Department, the Debtor and its accountant must review almost nine years of documents in order to properly ascertain the validity of Treasury's claim. About The Horned Dorset Primavera The Horned Dorset Primavera Inc. operates the Horned Dorset Primavera, a small luxury hotel located in northwestern Puerto Rico, two miles from the town of Rincon. The hotel -- http://www.horneddorset.net/-- is set among rolling hills at the edge of the beautiful Caribbean Sea and is known for reserved European service executed in an atmosphere unique in Puerto Rico and the award-winning Restaurant Aaron. The hotel is a member of Relais & Chateaux. The Horned Dorset Primavera Inc. commenced a Chapter 11 bankruptcy case (Bankr. D.P.R. Case No. 15-03837) in Old San Juan, Puerto Rico on May 22, 2015. According to the docket, the Debtor's Chapter 11 plan is due Nov. 18, 2015. The Debtor has tapped Isabel M. Fullana, Esq., at Garcia Arregui & Fullana PSC, as counsel. PUERTO RICO: Obama Budget Includes Bankruptcy Power --------------------------------------------------- Peter Schroeder at The Hill reports that President Obama is proposing to provide Puerto Rico with billions of dollars in relief, in addition to allow the territory to declare bankruptcy on some of its debt. The president's fiscal 2017 budget proposal includes several policy changes aimed squarely at helping the territory boost its economy, and get out from under a debt burden island officials say is unmanageable, according to The Hill. Among the changes are bankruptcy power for Puerto Rico, an expansion of the Earned Income Tax Credit to the island, and increased Medicaid funds, the report notes. All the policy changes, if enacted, would apply to Puerto Rico and other U.S. territories, the report relays. The president's plan would also subject the island to "strong fiscal oversight," but does not detail exactly how, the report says. After years of economic decline, Puerto Rican officials are warning the island will not be able to pay off its most important debts for more than a few months at most, the report notes. The issue of how to help the island, and the millions of American citizens living there, has become a top priority for Congress, the report says. Speaker Paul Ryan (R-Wis.) has vowed to produce legislation on the matter by the end of March. The White House plan would allow Puerto Rico to undergo a "comprehensive restructuring" of its debts, a move likely to be fiercely contested by investors in Puerto Rican debt eager to be paid in full, the report discloses. In addition, the administration wants to extend the Earned Income Tax Credit, currently available in all 50 states, to Puerto Rico and other territories, the report notes. That credit is available to low and middle-income individuals and families. According to the White House, such an expansion would cost $601 million in fiscal 2017, and $6.6 billion over the next decade, the report relays. Obama's budget would also scrap a cap on Medicaid funds that currently applies to territories, and would gradually increase Federal Medicaid matching funds until they fall in line with levels enjoyed by U.S. states, the report discloses. Such a shift would cost $320 million in fiscal 2017, and $29.6 billion over the next decade, the report adds. As reported in the Troubled Company Reporter-Latin America on Dec. 28, 2015, Moody's Investors Service has downgraded $1.09 billion of Puerto Rico appropriation bonds issued by the Public Finance Corporation (PFC) to C from Ca, while maintaining other ratings assigned to the US territory's debt. *********** 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 * * *