/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/160304.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, March 4, 2016, Vol. 17, No. 45 Headlines B R A Z I L BRAZIL: Economy Shrinks Less Than Forecast in Fourth Quarter COMPANHIA SIDERURGICA: Moody's Cuts Corp. Family Rating to Caa1 CSN ISLANDS: Moody's Cuts Sr. Unsec. Notes Rating to 'Caa1' PETROLEO BRASILEIRO: In Talks with Pampa Energia on Assets Sale C A Y M A N I S L A N D S ALPEN ASSET: Shareholders Receive Wind-Up Report ANTHRACITE BALANCED (JR-49): Members Receive Wind-Up Report ANTHRACITE BALANCED (SWISSCA): Members Receive Wind-Up Report AQR DIVERSIFIED: Shareholder Receives Wind-Up Report BELSIZE PARK: Shareholders Receive Wind-Up Report BLUE CITY: Commences Liquidation Proceedings BLUE HORSESHOE: Shareholders Receive Wind-Up Report EAS FUND: Shareholders Receive Wind-Up Report EASTWEST TRADES: Commences Liquidation Proceedings EMERSON CAPITAL: Commences Liquidation Proceedings GW TR: Shareholder Receives Wind-Up Report HURLEY INVESTMENTS: Shareholders Receive Wind-Up Report JASPER EMPLOYMENT: Shareholders Receive Wind-Up Report KNOTT PARTNERS: Shareholders Receive Wind-Up Report MADAEN AL: Shareholders Receive Wind-Up Report OPTO GRAND: Commences Liquidation Proceedings SANCTUARY LIMITED: Shareholders Receive Wind-Up Report TAIYO JAPAN: Shareholders Receive Wind-Up Report TAIYO RPMI: Shareholders Receive Wind-Up Report TREK LTD: Shareholders Receive Wind-Up Report D O M I N I C A N R E P U B L I C DOMINICAN REP: IMF Says Growth Averaged Over 7% During 2014-15 M E X I C O GRUPO FAMSA: Fitch Affirms 'B+' IDR; Outlook Stable P A R A G U A Y BANCO REGIONAL: S&P Affirms 'BB-' ICR; Outlook Remains Stable P U E R T O R I C O EFRON DORADO: Files Amended Schedules of Assets and Liabilities EJS INCORPORADO: Case Summary & 20 Largest Unsecured Creditors SPORTS AUTHORITY: Files for Ch 11. to Seek Going-Concern Buyer SPORTS AUTHORITY: Case Summary & 50 Largest Unsecured Creditors T R I N I D A D & T O B A G O FIRST CITIZENS: Repays Debt of US$175 Million X X X X X X X X X * Caribbean Economies Urged to Move Away From High Gov't. Spending - - - - - =========== B R A Z I L =========== BRAZIL: Economy Shrinks Less Than Forecast in Fourth Quarter ------------------------------------------------------------ David Biller at Bloomberg News reports that Latin America's largest economy contracted less than economists expected late last year as a boost in agriculture output helped offset an overall decline in production. Gross domestic product contracted 1.4 percent in the three months ended in December, after a 1.7 percent drop the previous quarter, the national statistics institute said in Rio de Janeiro, according to Bloomberg News. The figure was better than the 1.6 percent decline estimated by 47 economists surveyed by Bloomberg, but it wasn't enough to prevent Brazil's GDP from sinking 3.8 percent in 2015, its greatest plunge in 25 years, according to data from the government's economic research institute IPEA. "Slightly better than expected, but still a sizable contraction of the economy," Alberto Ramos, chief Latin America economist at Goldman Sachs Group Inc., told Bloomberg News by phone. "There's no indication of a recovery in the near-term," Mr. Ramos said, Bloomberg News notes. Investors have been holding back as political uncertainty swirls amid a sweeping corruption investigation and the central bank holds interest rates at their highest since 2006, Bloomberg News says. A weakened currency has helped improve the competitiveness of exporters, which the government has said will help spur Brazil's recovery, Bloomberg News relays. The fourth-quarter headline GDP figure was buoyed by agriculture output, which rose 2.9 percent and helped offset a 4.9 percent decline in investment, Bloomberg News notes. Elusive Recovery According to the report, consumer and investor confidence levels have rebounded this year from record lows, which would normally suggest that the economy is bottoming. However, private-sector credit problems signal there's no turnaround in sight just yet, Carlos Kawall, chief economist at Banco Safra, said by phone from Sao Paulo, Bloomberg News says. "This is a big difference compared to prior crises," the report quoted Mr. Kawall as saying. "This will prevent the bottom from being as soon as the confidence indicators are suggesting, and poses downside risks." Brazilian courts granted more than 5,500 bankruptcy filings in 2015, the most since 2008, according to Sao Paulo-based credit rater Serasa Experian, Bloomberg News says. Standard & Poor's, Fitch Ratings and Moody's Investors Service have handed out more than 133 downgrades to Brazilian non-financial companies so far this year, an average of more than three each business day, according to data compiled by Bloomberg. The prolonged recession has made it tougher for the government to shore up its finances, Bloomberg notes. Fiscal consolidation plans were met with resistance from an opposition emboldened by proceedings to impeach President Dilma Rousseff, as well as from coalition lawmakers incensed by initiatives to cut spending, says the report. The nation's nominal budget deficit as a percentage of GDP reached 10.8 percent in January, its highest on record, as gross debt as a percentage of GDP climbed to 67 percent, Bloomberg News relays. Brazil's economy will contract 3.45 percent this year, according to the median forecast from economists surveyed by the central bank, Bloomberg News discloses. The Organization for Economic Cooperation and Development forecasts the Brazilian economy to contract 4 percent this year, while the International Monetary Fund sees a 3.5 percent recession, Bloomberg News says. Both forecast stagnation next year, which would mean no growth until 2018 when Brazilians elect a new leader, Bloomberg News adds. COMPANHIA SIDERURGICA: Moody's Cuts Corp. Family Rating to Caa1 --------------------------------------------------------------- Moody's America Latina downgraded Companhia Siderurgica Nacional S.A. - CSN's global scale ratings to Caa1 from B1 and the National Scale Rating (NSR) to B2.br from Baa3.br. The outlook remains negative. Ratings downgraded: -- Issuer: Companhia Siderurgica Nacional S.A. - CSN Corporate Family Rating (local currency): to Caa1 from B1 in the global scale and to B2.br from Baa3.br in the national scale The outlook for all ratings remains negative. For further information on related ratings and Global Scale Rating, please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com. RATINGS RATIONALE The downgrade reflects primarily the low likelihood that CSN's operations and credit metrics will recover in the next 12 to 18 months and its unsustainable capital structure. Accordingly, the company will need to rely either on asset sales, a capital increase or a debt restructuring to reduce debt levels. CSN's free cash flow generation will remain limited by the current weak steel market conditions in Brazil and global iron ore market, combined with a heavy interest burden given CSN's current capital structure and debt levels. In addition, global oversupply of steel will continue to constrain expansion of exports and the low price outlook for iron ore will limit results from this segment as well. Although we believe that the company is better-positioned than most of its global peers to face the ups and downs of the cyclical steel industry from an operational standpoint, CSN's ratings are primarily constrained by its weakened credit metrics, namely high leverage, low interest coverage and deteriorated cash flow metrics. In addition, the rating also incorporates the heightened risks faced by the steel industry in Brazil due to the economic contraction, tight credit availability and low business confidence, which directly impact steel consuming industries such as automotive, construction and consumer durables. Besides, the deceleration in China's GDP growth and additional iron ore supply coming online at a lower cost basis will continue to pressure iron ore prices. CSN's ratings and credit profile are supported by the company's adequate liquidity to meet financial obligations over the next couple of years and by the announced strategy to reduce leverage and liquidity risks in the medium term, including the renegotiation of debt maturing in 2016 and 2017 with local banks and the planned asset divestitures. Nevertheless, the company still needs to address mid-term debt maturities and very high leverage in a period of limited cash flow generation. CSN's ratings continue to reflect its position as a leading manufacturer of flat-rolled steel in Brazil, with a favorable product mix focused on value-added products. Historically, the company has reported a strong EBITDA margin (as defined by Moody's) in the 20-30% range, supported by its solid domestic market position, wide range of products through different segments and globally competitive production costs both in steel and iron ore. Moreover, margins have been relatively high compared to steel peers as mining benefited from higher iron prices in the past few years -- and even though margins have declined, they are still healthy compared to global peers (adjusted EBITDA margins at 27% in the last twelve months ended September 2015). The negative outlook reflects our expectations that market conditions for steel producers in Brazil and iron ore producers globally will remain challenging, with further risk to the downside, and that credit metrics will likely remain pressured for the next 12 to 18 months. The ratings could suffer additional negative pressure if the company enters a debt restructuring process that entails significant losses to creditors. An upward rating movement would require that CSN to adequate its capital structure, with adjusted leverage trending towards 6.0x total adjusted debt to Ebitda and interest coverage ratios (measured by EBIT to Interest) remain above 1.5x on a sustainable basis. An adequate liquidity profile and operating performance would be further considerations in a rating upgrade or outlook change. Companhia Sider£rgica Nacional ("CSN") is a vertically integrated, low-cost producer of flat-rolled steel, long-steel, iron ore and cement. With an annual capacity of 6.7 million tons of crude steel, 6.0 million tons of rolled products and 1.6 million tons of long steel, CSN sells its products to a broad array of industries, including the automotive, capital goods, packaging, construction and home appliance sectors. CSN owns and operates cold rolling and galvanizing facilities in the U.S. and long steel assets in Germany, besides substantial iron ore, limestone, dolomite and tin reserves, railroads, port terminals and power generation assets. In the last twelve months ended September 2015, CSN reported consolidated net revenues of BRL 15.5 billion ($US 5.2 billion converted at the average exchange rate). CSN ISLANDS: Moody's Cuts Sr. Unsec. Notes Rating to 'Caa1' ----------------------------------------------------------- Moody's Investors Service downgraded to Caa1 from B1 the foreign currency rating assigned to the senior unsecured notes of CSN Islands XI Corporation, CSN Islands XII Corporation and CSN Resources S.A. that are guaranteed by Companhia Siderurgica Nacional (CSN). At the same time, Moody's America Latina downgraded CSN's global scale rating to Caa1 and the National Scale Rating (NSR) to B2.br from Baa3.br. The outlook remains negative. Ratings downgraded: -- Issuer: CSN Islands XI Corporation $US750 million 6.875% Senior Unsecured Notes Due 2019: to Caa1 from B1 -- Issuer: CSN Islands XII Corporation (Cayman Islands) $US1 billion 7.0% Senior Unsecured Perpetual Notes: to Caa1 from B1 -- Issuer: CSN Resources S.A. (Luxembourg) $US1.2 billion 6.5% Senior Unsecured Notes Due 2020: to Caa1 from B1 The outlook for all ratings remains negative. RATINGS RATIONALE The downgrade reflects primarily the low likelihood that CSN's operations and credit metrics will recover in the next 12 to 18 months and its unsustainable capital structure. Accordingly, the company will need to rely either on asset sales, a capital increase or a debt restructuring to reduce debt levels. CSN's free cash flow generation will remain limited by the current weak steel market conditions in Brazil and global iron ore market, combined with a heavy interest burden given CSN's current capital structure and debt levels. In addition, global oversupply of steel will continue to constrain expansion of exports and the low price outlook for iron ore will limit results from this segment as well. Although we believe that the company is better-positioned than most of its global peers to face the ups and downs of the cyclical steel industry from an operational standpoint, CSN's ratings are primarily constrained by its weakened credit metrics, namely high leverage, low interest coverage and deteriorated cash flow metrics. In addition, the rating also incorporates the heightened risks faced by the steel industry in Brazil due to the economic contraction, tight credit availability and low business confidence, which directly impact steel consuming industries such as automotive, construction and consumer durables. Besides, the deceleration in China's GDP growth and additional iron ore supply coming online at a lower cost basis will continue to pressure iron ore prices. CSN's ratings and credit profile are supported by the company's adequate liquidity to meet financial obligations over the next couple of years and by the announced strategy to reduce leverage and liquidity risks in the medium term, including the renegotiation of debt maturing in 2016 and 2017 with local banks and the planned asset divestitures. Nevertheless, the company still needs to address mid-term debt maturities and very high leverage in a period of limited cash flow generation. CSN's ratings continue to reflect its position as a leading manufacturer of flat-rolled steel in Brazil, with a favorable product mix focused on value-added products. Historically, the company has reported a strong EBITDA margin (as defined by Moody's) in the 20-30% range, supported by its solid domestic market position, wide range of products through different segments and globally competitive production costs both in steel and iron ore. Moreover, margins have been relatively high compared to steel peers as mining benefited from higher iron prices in the past few years -- and even though margins have declined, they are still healthy compared to global peers (adjusted EBITDA margins at 27% in the last twelve months ended September 2015). The negative outlook reflects our expectations that market conditions for steel producers in Brazil and iron ore producers globally will remain challenging, with further risk to the downside, and that credit metrics will likely remain pressured for the next 12 to 18 months. The ratings could suffer additional negative pressure if the company enters a debt restructuring process that entails significant losses to creditors. An upward rating movement would require that CSN to adequate its capital structure, with adjusted leverage trending towards 6.0x total adjusted debt to Ebitda and interest coverage ratios (measured by EBIT to Interest) remain above 1.5x on a sustainable basis. An adequate liquidity profile and operating performance would be further considerations in a rating upgrade or outlook change. Companhia Sider£rgica Nacional ("CSN") is a vertically integrated, low-cost producer of flat-rolled steel, long-steel, iron ore and cement. With an annual capacity of 6.7 million tons of crude steel, 6.0 million tons of rolled products and 1.6 million tons of long steel, CSN sells its products to a broad array of industries, including the automotive, capital goods, packaging, construction and home appliance sectors. CSN owns and operates cold rolling and galvanizing facilities in the U.S. and long steel assets in Germany, besides substantial iron ore, limestone, dolomite and tin reserves, railroads, port terminals and power generation assets. In the last twelve months ended September 2015, CSN reported consolidated net revenues of BRL 15.5 billion ($US 5.2 billion converted at the average exchange rate). PETROLEO BRASILEIRO: In Talks with Pampa Energia on Assets Sale --------------------------------------------------------------- EFE News reports that Brazilian state-controlled energy company Petroleo Brasileiro S.A. (Petrobras) said that it had entered into exclusive talks with Pampa Energia, Argentina's largest electric utility, on the sale of its assets in the neighboring country. Petrobras said in a statement that its senior management approved the exclusive talks with Pampa for a period of 30 days, renewable for an equal period of time, according to EFE News. Petrobras said on Jan. 20 that it had launched negotiations for the sale of its Argentine unit, Petrobras Argentina, the report notes. It did not indicate which companies had expressed interest, but press reports then said that Pampa Energia was believed to have offered $1.2 billion and that Argentine state-controlled oil company YPF would be willing to pay $1.5 billion, the report says. Pampa Energia, controlled by businessman Marcelo Mindlin, is already a minority partner of Petrobras in the pipeline operator Transportadora de Gas del Sur, or TGS, which the Brazilian company controls, the report relays. Petrobras Argentina's assets include oil and gas concessions and wells, a network of service stations, a thermoelectric plant, a hydroelectric dam and TGS, the report notes. The planned sale of its Argentine unit is part of a $15 billion divestment program that Petrobras launched last year amid a severe crisis stemming from the steep drop in oil prices and sharp depreciation of the real against the dollar, the report says. The divestment plans also come amid a bribes-for-inflated contracts scandal centered on Petrobras, which has seen its market cap plunge and its debt soar in recent years, the report discloses. Petrobras' gross debt climbed at the end of the third quarter of 2015 to BRL506.5 billion (some $124.9 billion), the highest of any oil company worldwide. As reported in the Troubled Company Reporter-Latin America on Feb. 26, 2016, Moody's Investors Service downgraded all ratings for Petroleo Brasileiro S.A. - PETROBRAS ("Petrobras")'s and ratings based on Petrobras' guarantee, including the company's senior unsecured debt and Corporate Family Rating to B3 from Ba3. The company's baseline credit assessment (BCA) was lowered to caa2 from b3. At the same time, Moody's downgraded Petrobras Argentina S.A. ("PESA")'s ratings, including its senior unsecured medium term note program and Corporate Family Rating to B3 from B2, in line with the senior unsecured rating of Petrobras. ========================== C A Y M A N I S L A N D S ========================== ALPEN ASSET: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Alpen Asset Advisors (Cayman) SPC received on Jan. 26, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Liquidations Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands Telephone: +1 (345) 949 0100 ANTHRACITE BALANCED (JR-49): Members Receive Wind-Up Report ----------------------------------------------------------- The members of Anthracite Balanced Company (JR-49) Limited received on Jan. 4, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Simon Conway c/o Andrew Nembhard P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 914 8779 Facsimile: (345) 945 4237 ANTHRACITE BALANCED (SWISSCA): Members Receive Wind-Up Report ------------------------------------------------------------- The members of Anthracite Balanced Company (Swissca) Limited received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Simon Conway c/o Andrew Nembhard P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 914 8779 Facsimile: (345) 945 4237 AQR DIVERSIFIED: Shareholder Receives Wind-Up Report ---------------------------------------------------- The shareholder of AQR Diversified Convexity Offshore Fund, Ltd. received on Jan. 26, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: AQR Capital Management, LLC c/o Joanne Huckle Telephone: +1 (345) 949 9876 BELSIZE PARK: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Belsize Park Investment Management Ltd. received on Jan. 26, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jonathan Blair Look Villa 10 363-13A UmmSquim P.O. Box 119 390 Dubai United Arab Emirates BLUE CITY: Commences Liquidation Proceedings -------------------------------------------- On Dec. 23, 2015, the sole shareholder of Blue City Investments 1 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: Andrew Morrison c/o Sandipan Bhowmik FTI Consulting (Cayman) Ltd. Suite 3212, 53 Market Street Camana Bay P.O. Box 30613 Grand Cayman KY1-1203 Cayman Islands e-mail: sandipan.bhowmik@fticonsulting.com BLUE HORSESHOE: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Blue Horseshoe Fund Ltd. received on Jan. 26, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jonathan Blair Look Villa 10 363-13A UmmSquim P.O. Box 119 390 Dubai United Arab Emirates e-mail: blairlook@gmail.com EAS FUND: Shareholders Receive Wind-Up Report --------------------------------------------- The shareholders of EAS Fund Services Ltd. received on Jan. 28, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Victor Murray MG Management Ltd. Landmark Square, 2nd Floor 64 Earth Close, Seven Mile Beach PO Box 30116 Grand Cayman KY1-1201 Cayman Islands Telephone: +1 (345) 749 8181 Facsimile: +1 (345) 743 6767 EASTWEST TRADES: Commences Liquidation Proceedings -------------------------------------------------- On Dec. 23, 2015, the shareholder of Eastwest Trades Inc. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 25, 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 EMERSON CAPITAL: Commences Liquidation Proceedings -------------------------------------------------- At an extraordinary meeting held on Dec. 1, 2015, the members of Emerson Capital Partners Offshore Fund Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 21, 2016, will be included in the company's dividend distribution. The company's liquidator is: Nicola Cowan DMS Corporate Services Ltd. c/o Nicola Cowan Telephone: (345) 946 7665 Facsimile: (345) 949 2877 P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands GW TR: Shareholder Receives Wind-Up Report ------------------------------------------ The sole shareholder of GW TR Fund I received on Jan. 26, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Joan Lederer Greywolf Capital Management LP c/o Mark Santangeli Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 HURLEY INVESTMENTS: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Hurley Investments No.3 Limited received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Anthony Levy 30 Gresham Street London, EC2V 7PG JASPER EMPLOYMENT: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Jasper Employment Closing Ltd received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Andrew Childe c/o Trudy-Ann Scott Fund Fiduciary Partners Limited Harbour Centre, 2nd Floor 42 North Church Street George Town, Grand Cayman Cayman Islands Telephone: +1 (345) 947 5855 KNOTT PARTNERS: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Knott Partners Offshore (SRI) Fund Limited received on Jan. 29, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eric A. Andersen Eclipse Consulting LLC Ara Hill Top Buiding Pletterijweg Oost 1 #A-6 Willemstad Curacao Telephone: +599-9 465 2259 e-mail: andersen@eclipseconsultingllc.com MADAEN AL: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of Madaen Al Luzi received on Jan. 26, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 OPTO GRAND: Commences Liquidation Proceedings --------------------------------------------- On Dec. 17, 2015, the shareholders of Opto Grand (Cayman) Co., Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 27, 2016, will be included in the company's dividend distribution. The company's liquidator is: Mr. Huang, Yung-Chiang No. 1 Lixing 5th Rd East Dist Hsinchu City 300 Taiwan (R.O.C.) Telephone: 886-3-5638951 Ext.: 20200 or 20201 Facsimile: 886-3-5783696 SANCTUARY LIMITED: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Sanctuary Limited received on Feb. 25, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Melanie Myers-Khouri c/o Travers Thorp Alberga Harbour Place, 2nd Floor 103 South Church Street, George Town Grand Cayman KY1-1106 Cayman Islands Telephone: +1 (345) 949 0699 Facsimile: +1 (345) 949 8171 TAIYO JAPAN: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Taiyo Japan Alpha GP Ltd. received on Jan. 26, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Michael King Telephone: +425 896 5300 c/o Taiyo Pacific Partners LP 5300 Carillon Point Kirkland Washington, 98033 United States of America TAIYO RPMI: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Taiyo RPMI Fund GP Ltd. received on Jan. 26, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Michael King Telephone: +425 896 5300 c/o Taiyo Pacific Partners LP 5300 Carillon Point Kirkland Washington, 98033 United States of America TREK LTD: Shareholders Receive Wind-Up Report --------------------------------------------- The shareholders of Trek Ltd. received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Morval Bank & Trust Cayman Ltd. Telephone: +1 (345) 949-9808 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: IMF Says Growth Averaged Over 7% During 2014-15 -------------------------------------------------------------- On February 19, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the Dominican Republic, and considered and endorsed the staff appraisal without a meeting on a lapse-of-time basis. Background The Dominican economy has continued its vibrant performance. Growth averaged over 7 percent during 2014-15, fueled mainly by domestic demand. Employment recovery and the decline in oil prices boosted disposable income, while the consumption-led recovery in the U.S provided tailwinds through linkages with tourism and remittance flows. Strong growth in private investment dovetailed the expansion in consumption. Despite strong growth, lower oil prices kept inflation low and strengthened the external position. While inflation expectations remained within the central bank's target of 4ñ1 percent, actual inflation was below the target range throughout 2015, picking up to over 2 percent by end-year as the oil price effect waned and food prices spiked following a mid-year drought. The external position strengthened on the back of lower oil prices and robust remittance and tourism inflows. The current account deficit is estimated at about 2 percent of GDP by end-2015 and reserves recovered to a level equivalent to over three and a half months of imports, excluding free-trade zones. The current account deficit and the real exchange rate are broadly in line with the economy's fundamentals. The monetary policy stance remained broadly neutral during 2015. Softening core inflation prompted several rounds of interest rate cuts by the central bank in early 2015, to 5 percent, which offset an earlier policy tightening. The banking system continues to show healthy capitalization, profitability and asset quality. Fiscal policies continued to safeguard the gains from the recent fiscal consolidation. The fiscal adjustment during 2013-14, to a consolidated public sector deficit of about 4.5 percent of GDP, has been critical in restoring confidence. Excluding one-off receipts, the deficit in 2015 is estimated to have been maintained at broadly similar levels as the previous year. This, together with the face value reduction in public debt (by 3.1 percent of GDP) due to the restructuring of the Petrocaribe liabilities, moderated the increase in consolidated public sector debt (including the debt of the electricity sector and the central bank) to 48.5 percent of GDP estimated by staff for 2015. Going forward, the growth momentum will soften as the economy returns to its potential growth. Staff projects growth to slow to 5.4 percent in 2016 and to its longer-term potential rate of 4.5-5 percent by 2017. The positive output gap and the incipient pressures on real wages are projected to return inflation to the target range in 2016. Risks to the staff's macroeconomic outlook are moderate and somewhat tilted to the downside, largely owing to potential negative spillovers from weaker growth in advanced economies. Executive Board Assessment In concluding the 2015 Article IV consultation with the Dominican Republic, Executive Directors endorsed the staff's appraisal as follows: Economic activity maintains a strong momentum, aided by a favorable external environment and a strengthened policy framework. Domestic demand has been the main growth engine, supported by an expansion in employment, robust credit growth, lower oil prices, and the recovery in the U.S. Inflation remained low, the current account deficit contracted, and key social indicators improved. The implementation of sound policies has underpinned the strong economic performance. The inflation targeting framework has been successful at maintaining inflation expectations around the official target range in the face of positive supply shocks, and notable fiscal consolidation efforts over the past three years have slowed further increases in public debt. Going forward, as some of the external tailwinds dissipate, the economy is expected to slow to its potential growth of 4.5-5 percent. The challenge for macroeconomic policies will be to sustain high growth rates and address remaining poverty and inequality challenges, further strengthening the fiscal position, limiting risks of negative international spillovers and tackling long-term legacies in the electricity sector. Fiscal sustainability and social spending pressures require renewed attention to strengthening the fiscal position. Over the medium-term, public debt is set to rise due to large consolidated deficits, and additional pressures are building from the need to sustain adequate infrastructure and social spending. The authorities' continued commitment to fiscal discipline is welcome, and the favorable cyclical position provides a good opportunity to undertake the adjustment to put debt on a downward path. A major effort is needed to expand the narrow tax base, eroded by tax exemptions and incentives, and to tackle inefficient spending, including on generalized electricity subsidies. The strides achieved over the past decade in building up institutions are notable, but there is merit in further strengthening the fiscal framework by anchoring annual policy decision-making to sustainability objectives and improving the quality of spending. The risk profile of public debt would benefit from reduced reliance on foreign currency borrowing, which necessitates further development of the domestic bond market in coordination with the central bank, a major issuer in the market. The monetary policy stance is appropriate in guiding inflation back to target range, but a strengthened framework could further improve policy effectiveness and outcomes. The strong economic outlook, waning supply shocks, and tightening labor markets are reducing the scope for further interest rate cuts. The tightening bias is therefore appropriate in guarding against upside risks to inflation. Transition towards more exchange rate flexibility and the continued buildup of reserves will increase resilience against external spillovers and shocks. The challenges of managing monetary policy and legacy quasi-fiscal debts should be tackled through increased coordination with the fiscal authorities in avoiding overlap between two issuers to develop the local bond markets and in firming up the recapitalization arrangements. The resilience of the financial system has been strengthened over the past years in tandem with improved bank supervision. The regulatory reform agenda for the banking system needs to be further advanced towards best international practice, and pockets of rapid credit growth warrant monitoring. At the same time, the supervision of non-bank financial intermediaries remains weak and -- although these are not systemic -- vigilance is needed against inherent risks, especially those related to potential AML/CFT activities. Sustaining strong economic growth and making it more inclusive will require concerted reform efforts. The authorities' reforms in education, strengthening social safety nets, and in promoting financial inclusion should help boost growth and improve social outcomes. Addressing long-standing problems in the electricity sector remains key to improving growth prospects. Needed measures include significant upgrades to the public distribution networks, a move towards cost recovery pricing and reducing regulatory uncertainty. The latter would also foster a stronger investment climate needed to narrow infrastructure gaps, while increased product market competition and labor market flexibility would strengthen the economy's competitiveness. 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 =========== GRUPO FAMSA: Fitch Affirms 'B+' IDR; Outlook Stable --------------------------------------------------- Fitch Ratings has affirmed Grupo Famsa S.A.B. de C.V.'s local and foreign currency long-term Issuer Default Rating at 'B+' as well as the long-term National Scale Rating at 'BBB(mex)'. The Rating Outlook is Stable. Fitch has also assigned a 'BBB(mex)' rating to Famsa's MXN1 billion new local issuance. FAMSA's ratings reflect its market position in the Mexican retail sector, geographic and product diversification, broadly stable operating cash flow generation by the retail operation, as well as an expectation of a gradual improvement in leverage. The ratings are constrained by historically low growth in retail sales, still high levels of non-performing loans (NPLs) and a linkage with its banking subsidiary, Banco Ahorro Famsa ([Banco Famsa; or BAF] rated 'BBB(mex)'/Stable Outlook). The 'RR4' rating reflects average recovery prospects in case of default between 30% and 50% of principal. KEY RATING DRIVERS Good Performance in Mexican Retail Sales: Following the consumption recovery in the country for 2015, Famsa presented a consolidated revenues increase of 11.8% compared to 2014. EBITDA margin also increased to 10.7% from 9.7% in 2014, partly due to a better mix in product sales and Banco Famsa's provision decreases related to NPLs. Famsa's main challenge is to retain and increase market share in a market where larger retail chains such as Coppel and Elektra, also target the low-income segment of the population. Banco Famsa Undergoing Operational Consolidation: FAMSA's financial division, Banco Famsa, has good brand equity and competitive position in consumer finance, mainly in northeastern Mexico. Its financial performance is constrained by its high credit costs which limited the bank's ability to be more profitable, and still high loan-impairment charges. However, BAF is addressing it and still shows a reasonable capital adequacy. During 2014 and 2015, Famsa made a total of MXN400 million capital increase in BAF. BAF continues to operate with a diversified and growing base of customer deposits. BAF also shows organic growth of its loan portfolio, although customers' sensitivity to a weak economic environment continues to be a limiting factor. Improvement in NPL, Still Above the Peers: As of Dec. 31, 2015, Famsa's consolidated portfolio (excluding collection rights) had an average of 15.6% of overdue accounts (more than one day overdue) and 12.9% of NPLs (past due accounts for 90 days or more). These compare positively to 17.4% and 14.5% presented in December 2014, respectively, due to the company's collection efforts and changes in credit granting policies. However, these NPL indicators are still high compared to the regional peers focused on the same market segment which have NPL indicators below 10%. As of December 2015, the company has consolidated reserves equivalent to 46% of those NPLs. USA Operations EBITDA-Positive: The last two years have been positive for Famsa's USA operations. Fiscal year end (FYE) 2015 EBITDA for the U.S. operations is MXN93 million, an increase compared to MXN88 million in 2014. Most of that increase is related to the peso devaluation and to a lesser extend to increases in personal loans and Famsa to Famsa revenues. Same store sales for the USA operations kept growing for 2015 and the company expects to continue this trend in the near future. Leverage Expected to Be Broadly Constant: Fitch expects debt-to-EBITDA (excluding bank deposits) to remain constant in the short- to medium-term. Debt-to-EBITDA and net debt-to-EBITDA for 2015 (excluding bank deposits) are 5.1x and 3.9x, respectively. Consolidated leverage and net leverage (including bank deposits) are 15.5x and 14.2x, respectively. Consolidated leverage has increased mainly due to the Mexican peso's devaluation against the U.S. dollar, working capital financing and increasing banking deposits. Famsa has not declared dividends for the last few years and has a limited share repurchase program for up to MXN300 million. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for Famsa include: -- Consolidated revenues grow in average 5% annually during 2016-2019; -- EBITDA margin of 10.6% during 2016-2019; -- EBITDA from the U.S. division continues to be positive; -- Average funds from operations (FFO) of MXN2.9 billion per year for 2016-2019; -- Consolidated debt (excluding bank deposits) to be around MXN7 billion in 2016-2019. -- Average capex of MXN325 million during 2016-2019. -- No Dividends payment for 2016-2019. RATING SENSITIVITIES Future developments that may individually or collectively lead to a negative rating action include: deterioration in BAF's creditworthiness beyond FAMSA's ability to lend support, consolidated gross leverage (excluding bank deposits) consistently above 5.5x, lower EBITDA generation by FAMSA USA as well as by significant deterioration in the quality of the loan portfolio. Future developments that may individually or collectively lead to a positive rating action include: sustained improvement in profitability margins and/or organic growth in sales that consistently outperforms the industry, a strengthening of Banco Famsa's credit quality as well as a sustained gross leverage (excluding deposits) below 4.0x. LIQUIDITY Liquidity Should Be Adequate. For year-end 2015, FAMSA's debt amounted to MXN9.1 billion and bank deposits totaled MXN18.4 billion. FAMSA's debt is comprised of senior notes, national short- and long-term issuances and bank loans. Short-term debt as of Dec. 31, 2015, was MXN4.2 billion, with non-restricted cash holdings of about MXN2.2 billion, so some refinancing risk could persist. However, the company's short-term receivables portfolio of MXN26.6 billion should also support the company's liquidity. As of Dec. 31, 2015, short-term debt (excluding bank deposits) is 79% denominated in pesos. On a pro forma basis, after Famsa's payment of the USD33 million commercial paper in January 2016, short-term debt would be 92.7% denominated in pesos. Short-term debt for Famsa is mostly made up of short-term Cebures programs and bank loans and is primarily used to finance working capital. Famsa is exposed to currency variations. As of Dec. 31, 2015, Famsa's retail division debt was 57% dollar-denominated and it didn't have hedging instruments. After the payment of the dollar denominated commercial paper in January 2016, that percentage decreased to 52% of total debt. Nevertheless, currency exposure is partially mitigated by cash flows from the U.S. operations. FULL LIST OF RATING ACTIONS Fitch has assigned this rating: -- MXN1 billion Certificados Bursatiles new issuance due 2017 at 'BBB(mex)'. Fitch has affirmed these ratings: -- Foreign currency long-term IDR at 'B+'; -- Local currency long-term IDR at 'B+'; -- Long-term national scale rating at 'BBB(mex)'; -- Short-term national scale rating at 'F3(mex)'; -- USD250 million senior unsecured notes due in 2020 at 'B+/RR4'; -- MXN1 billion Certificados Bursatiles issuance due 2016 at 'BBB(mex)'; -- MXN1 billion short-term Certificados Bursatiles program at 'F3(mex)'. The Rating Outlook is Stable. =============== P A R A G U A Y =============== BANCO REGIONAL: S&P Affirms 'BB-' ICR; Outlook Remains Stable ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB-' long-term issuer credit and senior unsecured debt ratings on Banco Regional S.A.E.C.A. The outlook remains stable. The ratings on Banco Regional reflect its strong business position among banks in Paraguay, weak capital and earnings based on S&P's forecasted risk-adjusted capital ratio of 4.9% for the next 12-18 months, adequate risk position because its asset quality metrics remained adequate despite slumping industry conditions, average funding, and adequate liquidity. The 'BB-' issuer credit rating on the bank reflects its 'bb-' stand-alone credit profile because it excludes any external support from the government or the group. Rabobank Financial Institutions Development B.V. owns 40% of the bank, but local shareholders control it. ====================== P U E R T O R I C O ====================== EFRON DORADO: Files Amended Schedules of Assets and Liabilities --------------------------------------------------------------- Efron Dorado, SE filed with the U.S. Bankruptcy Court for the District of Puerto Rico a motion to submit an amended summary of its schedules as well as amended schedules A/B, E/F and H, and Schedule G and Statement of Financial Affairs. The motion was signed by the Debtor's counsel: 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 In its Amended Schedules, the Debtor disclosed: Schedule A/B: Assets-Real and Personal Property 1a. Real property: $32,100,000.00 1b. Total personal property: $5,252,618.63 ----------------- 1c. Total of all property: $37,352,618.63 Summary of Liabilities Schedule D: Creditors Who Have Claims Secured by Property $14,410,900.20 Schedule E/F: Creditors Who Have Unsecured Claims 3a. Total claim amounts of priority unsecured claims $0.00 3b. Total amount of claims of nonpriority amount of unsecured claims $27,648,232.19 ----------------- Total liabilities $42,059,132.39 A copy of the Debtor's Motion and Schedules is available at no extra charge at: http://bankrupt.com/misc/EFRONDORADO_19_sal.pdf In its petition, the Debtor listed total assets of $33.18 million and total debts of $15.15 million. The petition was signed by David Efron, partner. Efron Dorado Se, based in San Juan, Puerto Rico, filed for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No. 16-00283) on January 20, 2016. Charles Alfred Cuprill, Esq., at Charles A Cuprill, PSC Law Office, serves as its bankruptcy counsel. EJS INCORPORADO: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: EJS Incorporado aka EJS Inc. PO Box 661 Bayamon, PR 00960-0061 Case No.: 16-01647 Chapter 11 Petition Date: March 1, 2016 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Hon. Edward A Godoy Debtor's Counsel: Ada M Conde, Esq. ADA M. CONDE, ESQ. PO Box 13268 San Juan, PR 00908-3268 Tel: 787-721-0401 Fax: 787-721-3616 E-mail: estudiolegal1611@gmail.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jose Manuel Rodriguez Amador, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/prb16-01647.pdf SPORTS AUTHORITY: Files for Ch 11. to Seek Going-Concern Buyer -------------------------------------------------------------- Sports Authority Holdings, Inc. and certain of its affiliates sought protection under Chapter 11 of the Bankruptcy Code saying they have struggled under the weight of their secured and subordinated debt obligations -- more than $1.1 billion in funded debt -- which have resulted in significant interest expenses. The Debtors said their secured obligations are scheduled to mature within the next two years and anticipated not being able to pay or refinance those debts outside of the Chapter 11 cases. To restructure their operations, the Debtors intend to run a dual-track process. The Debtors have initiated and will run an expedited sale process and, at the same time, they will negotiate with their creditors regarding a plan of reorganization. Court documents show that for 2015, the Debtors recorded, on a consolidated basis, sales of approximately $2.6 billion and net losses, before taxes, of approximately $156.6 million. As of the Petition Date, the Debtors owe approximately $178.9 million in trade debt. As of Jan. 30, 2016, the Debtors have approximately $1.6 billion in assets. "[T]he Debtors have recently accumulated substantial losses, primarily as a result of changing market trends, shifting sales from traditional brick and mortar retailers to a proliferation of online resellers," said Jeremy Aguilar, chief financial officer of Sports Authority. Major industry trends, such as the steady decline in the popularity of golf, and certain regional issues, like the Los Angeles port labor dispute and the reduced number of South American tourists in Florida, have also weighed on the Debtors' operational performance, Mr. Aguilar added. On Jan. 15, 2016, the Debtors missed a $21.5 million interest payment on their Subordinated Debt Obligations. Despite attempts to negotiate with their key creditor constituencies for a consensual restructuring of their capital structure, the Debtors failed to reach an agreement prior to the date of the scheduled interest payment. "The missed interest payment, coupled with a lack of a comprehensive forbearance, resulted in an almost immediate erosion of certain key vendor support, further exacerbating the Debtor's financial situation and threatening their ability to operate their business," Mr. Aguilar maintained. He added that the sudden loss of some key vendor support required the Debtors to quickly change strategy and intensified their efforts to locate a going-concern buyer. According to Mr. Aguilar, the Debtors have marketed their assets to date, however, no party has yet submitted a final proposal for a sale transaction. Financing and Plan/Sale Timeline The Debtors negotiated with certain of their lenders regarding potential debtor-in-possession postpetition financing. Certain ABL Lenders and FILO Lenders jointly agreed to provide the Debtors with postpetition financing in the form of a senior secured, super-priority asset based revolving credit facility of up to $500 million and a senior secured, super-priority first in last out term loan credit facility of up to $95.28 million in aggregate principal amount pursuant to a Senior Secured, Super-Priority Revolving Debtor-in-Possession Credit Agreement dated as of March 2016. The DIP Credit Agreement is conditioned on the following case milestones: * Petition Date: The Debtors must file (i) the Bid Procedures Motion, (ii) a motion seeking authority to close and liquidate up to 180 stores operated by the Debtors and to engage a liquidator in respect thereof, and (iii) a motion seeking to extend the time period to assume or reject leases to not less than 210 days from the Petition Date; * March 16, 2016: The Debtors must have obtained an order approving the Store Closing Motion on an interim basis; * April 1, 2016: The Debtors must have obtained an order approving the Lease Designation Extension Motion; * April 11, 2016: To the extent not previously delivered, the Debtors must deliver bid packages to any potential bidders for the Debtors' businesses or assets that are identified by the DIP Agent; * April 21, 2016: Deadline to receive/submit binding bids with respect to the Proposed Sale Transaction; * April 25, 2016: Auction (if necessary); * April 27, 2016: Hearing for the Proposed Sale Transaction; and * April 28, 2016: Deadline to close Proposed Sale Transaction. In consultation with their advisors, the Debtors determined to immediately close up to 200 stores and two of their five distribution centers. The Debtors said they began preparing for these closures prior to the Petition Date, and are fully prepared to launch "store closing" sales at the affected store locations. First Day Motions To enable the Debtors to operate effectively and minimize potential adverse effects from the commencement of these Chapter 11 cases, the Debtors have requested certain relief in "first day" motions and applications filed with the Court. The First Day Motions, seek, among other things, to (a) use existing cash management system, (b) pay employee obligations, (c) pay critical vendor claims, (d) prohibit utility providers from discontinuing services, (e) pay prepetition taxes and fees, and (f) obtain post- petition financing and use cash collateral. A full-text copy of the declaration in support of the First Day Motions is available for free at: http://bankrupt.com/misc/22_SPORTS_Declaration.pdf About Sports Authority Sports Authority Holdings, et al., are sporting goods retailers with roots dating back to 1928. The Debtors currently operate 464 stores and five distribution centers across 40 U.S. states and Puerto Rico. The Debtors offer a broad selection of goods from a wide array of household and specialty brands, including Adidas, Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and Fitness, Nike, The North Face, and Under Armour, in addition to their own private label brands. The Debtors employ 13,000 people. Sports Authority and six of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to 16-10533) on March 2, 2016. The petitions were signed by Michael E. Foss as chairman & chief executive officer. The Debtors have engaged Gibson, Dunn & Crutcher LLP as general counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel, Rothschild Inc. as investment banker, FTI Consulting, Inc., as financial advisor and Kurtzman Carson Consultants LLC as notice, claims, solicitation, balloting and tabulation agent. SPORTS AUTHORITY: Case Summary & 50 Largest Unsecured Creditors --------------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Sports Authority Holdings, Inc. 16-10527 aka Sports Authority 1050 West Hampden Avenue Englewood, CO 80110 Slap Shot Holdings, Corp. 16-10528 The Sports Authority, Inc. 16-10529 TSA Stores, Inc. 16-10530 TSA Gift Card, Inc. 16-10531 TSA Ponce, Inc. 16-10532 TSA Caribe, Inc. 16-10533 Type of Business: Sporting Goods Retailers Chapter 11 Petition Date: March 2, 2016 Court: United States Bankruptcy Court District of Delaware (Delaware) Judge: Hon. Mary F. Walrath Debtors' General Robert A. Klyman, Esq. Counsel: Matthew J. Williams, Esq. Jeremy L. Graves, Esq. Sabina Jacobs, Esq. GIBSON, DUNN & CRUTCHER LLP 333 South Grand Avenue Los Angeles, CA 90071-1512 Tel: (213) 229-7000 Fax: (213) 229-7520 Email: rklyman@gibsondunn.com mjwilliams@gibsondunn.com jgraves@gibsondunn.com sjacobs@gibsondunn.com Debtors' Co-Counsel: Michael R. Nestor, Esq. Kenneth J. Enos, Esq. Andrew L. Magaziner, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: mnestor@ycst.com kenos@ycst.com amagaziner@ycst.com Debtors' ROTHSCHILD INC. Investment Banker: Debtors' FTI CONSULTING, INC. Financial Advisor: Debtors' KURTZMAN CARSON CONSULTANTS LLC Notice, Claims, Solicitation, Balloting and Tabulation Agent: Total Assets: $1.6 billion Total Secured Debts: $1.1 billion The petition was signed by Michael E. Foss, chairman & chief executive officer. Consolidated List of Debtors' 50 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ TCW/Crescent Mezzanine Mezzanine Debt $62,708,611 Partners III, L.P. ATTN: Elizabeth Ko 865 South Figueroa Street Los Angeles, CA 90017 Tel: (310) 235-5973 Fax: (310) 235-5967 Email: elizabeth.ko@crescentcap.com Caisse De Depot Mezzanine Debt $47,913,872 ATTN: Louise Lalonde Centre CDP Capital 1000 Place Jean-Paul-Riopelle Montreal , Quebec H 2Z 2B3 Tel: (514) 847-2857 Fax: (514) 281-9368 Email: llalonde@lacaisse.com Nike USA, Inc. Trade Debt $47,874,846 ATTN: Christopher Clipper 8605 Sw Creekside Pl Beaverton, OR 97005 Tel: (800) 344-6453 Email: christopher.clipper@nike.com TCW/Crescent Mezzanine Partners Mezzanine Debt $41,381,614 IV, L.P. ATTN: Elizabeth Ko 865 South Figueroa Street Los Angeles, CA 90017 Tel: (310) 235-5973 Fax: (310) 235-5967 Email: elizabeth.ko@crescentcap.com TCW/Crescent Mezzanine Partners Mezzanine Debt $33,657,898 IVB, L.P. ATTN: Elizabeth Ko 865 South Figueroa Street Los Angeles, CA 90017 Tel: (310) 235-5973 Fax: (310) 235-5967 Email: elizabeth.ko@crescentcap.com 280 Funding I Mezzanine Debt $24,467,058 ATTN: Alice Taormina 345 Park Avenue 31St Floor New York, NY 10154 Tel: (212) 503-2100 Fax: (212) 503-6930 Email: sal.aloia@gsocap.com and alice.taormina@gsocap.com ASICS America Corporation Consignment and $23,268,366 ATTN: Kenji Sakai Other Trade Debt 80 Technology Drive Irvine, CA 92618 Tel: (949) 453-8888 Email: Kenjis@asicsamerica.com Under Armour Trade Debt $23,168,557 1020 Hull Street Baltimore, MD 21230 Tel: (888) 427-6687 NY Life Mezzanine Debt $22,595,117 ATTN: C/O GoldPoint Partners LLC 51 Madison Avenue Suite 1600 New York, NY 10010 Tel: (212) 576-6500 Fax: (212) 576-5591 Email: lsmith@goldpointpartners.com / Nancy_Scotton@nylim.com Stichting PensioEnfonds Mezzanine Debt $16,610,142 ATTN: C/O AlpInvest Partners B.V. Jachthavenweg 118 1081 KJ Amsterdam , Netherlands Email: investment.accounting@alpinvest.com / thomas.spoto@alpinvest.com NY Life Inv. Mgt. Mezzanine Debt $15,501,735 ATTN: C/O GoldPoint Partners LLC 51 Madison Avenue Suite 1600 New York, NY 10010 Tel: (212) 576-6500 Fax: (212) 576-5591 Email: lsmith@goldpointpartners.com / Nancy_Scotton@nylim.com NW Mutual Life Mezzanine Debt $13,309,409 720 E. Wisconsin Avenue Milwaukee, WI 53202-4797 Tel: (414) 665-1679 Email: privateinvest@northwesternmutual.com / jebbentley@northwesternmutual.com GSO Domestic Capital Funding LLC Mezzanine Debt $12,799,286 ATTN: Alice Taormina 345 Park Avenue 31St Floor New York, NY 10154 Tel: (212) 503-2100 Fax: (212) 503-6930 Email: sal.aloia@gsocap.com and alice.taormina@gsocap.com Stichting PensioEnFonds Mezzanine Debt $11,073,428 ATTN: C/O AlpInvest Partners B.V. Jachthavenweg 118 1081 KJ Amsterdam , Netherlands Email: investment.accounting@alpinvest.com /thomas.spoto@alpinvest.com Varma Mutual Pension Insurance Mezzanine Debt $10,647,527 Company Salmisaarenranta 11 Helsinki, Finland Tel: 358-10-244-3230 Fax: 358-10-244-5068 Email: risto.autio@varma.fi / Oili.Auranen@varma.fi Conn General Mezzanine Debt $9,982,057 ATTN: Edward Lewis 900 Cottage Grove Road A4Aa Bloomfield, CT 6002 Tel: (860) 226-8432 Fax: (860) 226-8596 Email: edward.lewis@cigna.com TCW/Crescent Mezzanine Trust III Mezzanine Debt $9,769,106 ATTN: Elizabeth Ko 865 South Figueroa Street Los Angeles, CA 90017 Tel: (310) 235-5973 Fax: (310) 235-5967 Email: elizabeth.ko@crescentcap.com Implus Footcare LLC Trade Debt $9,400,729 2001 TW Alexander Drive Box 13925 Durham, NC 27709-3925 Tel: (800) 446-7587 Agron Inc. Trade Debt $9,219,174 2440 South Sepulveda Blvd Los Angeles, CA 90064 Tel: (800) 966-7697 MAC Capital Mezzanine Debt $7,504,377 ATTN: Nakietha Richard Elizabeth Ko 865 South Figueroa Street Los Angeles, CA 90017 Tel: (310) 235-5973 Fax: (310) 235-5967 Email: elizabeth.ko@crescentcap.com / Nakietha.Richard@wellsfargo.com NYLim Parallel Mezzanine Debt $7,155,138 ATTN: C/O GoldPoint Partners LLC 51 Madison Avenue Suite 1600 New York, NY 10010 Tel: (212) 576-6500 Fax: (212) 576-5591 Email: lsmith@goldpointpartners.com / Nancy_Scotton@nylim.com Partners Group Prime Mezzanine Debt $6,106,357 Yield Sarl ATTN: Roland Roffler Zugerstrasse 57 Ch 6341 Baar Zug, Switzerland Tel: 41 41 784 60 00 Fax: 41 41 784 65 64 Email: pgadmin@partnersgroup.com lu-pgprimeyield@intertrustgoup.com NTGL CST@ntrs.com PartnersFA@ntrs.com M J Soffe LLC Trade Debt $5,347,700 ATTN: Keith Bilyeu P O Box2507 Fayetteville, NC 28302 Tel: (910) 483-2500 Email: Keith.Bilyeu@mjsoffe.com Easton Baseball/SoftBall Inc. Trade Debt $4,560,452 ATTN: Mark Tripp 7855 Haskell Avenue Suite 200 Van Nuys, CA 91406-1901 Tel: (800) 347-3901 Email: Mark.tripp@easton.com Partners Group Mezz Fin II LP Mezzanine Debt $4,530,523 ATTN: Roland Roffler Zugerstrasse 57 Ch 6341 Baar Zug, Switzerland Tel: 41 41 784 60 00 Fax: 41 41 784 65 64 Email: pgadmin@partnersgroup.com Wilson Team Sports Trade Debt $4,460,227 8700 W Bryn Mawr Chicago, IL 60631 Tel: (800) 562-1900 Thorlo Inc. Trade Debt $4,455,428 ATTN: Tommy Morton 2210 Newton Dr Statesville, NC 28677 Tel: (800) 438-0209 Email: tmorton@thorlo.com Golden Viking Sports LLC Trade Debt $4,397,377 Import 21929 67Th Ave South Kent, WA 98032 Tel: (253) 520-8868 Burton Snowboards Trade Debt $3,918,208 PO Box 4449 Burlington, VT 054064449 Tel: (802) 862-4500 Life Insurance Co of North Mezzanine Debt $3,327,352 America ATTN: Edward Lewis 900 Cottage Grove Road Bloomfield, CT 6002 Tel: (860) 226-8432 Fax: (860) 226-8596 Email: edward.lewis@cigna.com Shock Doctor Inc. Trade Debt $3,167,445 ATTN: Dennis Goetz (United Sports Brands) 110 Cheshire Lane Suite 120 Minnetonka, MN 55305 Tel: (952) 767-2300 Email: dgoetz@unitedspb.com Pearl Holdings Limited Mezzanine Debt $3,151,668 ATTN: Roland Roffler Zugerstrasse 57 Ch 6341 Baar Zug, Switzerland Tel: 41 41 784 60 00 Fax: 41 41 784 65 64 Email: pgadmin@partnersgroup.com Partners Group Private Equity Mezzanine Debt $3,151,668 Performance Holding ATTN: Roland Roffler Zugerstrasse 57 Ch 6341 Baar Zug, Switzerland Tel: 41 41 784 60 00 Fax: 41 41 784 65 64 Email: pgadmin@partnersgroup.com CastleWood Apparel Corp. Trade Debt $2,878,654 42 W 39th St 2nd Floor New York, NY 10018 Tel: (212) 391-9797 Icon Health & Fitness Inc. Trade Debt $2,875,313 1500 S 1000 W Logan, UT 84321 Tel: (435) 750-5000 Rawlings Sporting Goods Trade Debt $2,766,058 510 Maryville University Drive Chesterfield, MO 63141 Tel: (800) 729-7770 HanesBrands Inc. Trade Debt $2,713,300 1000 E Hanes Mill Road Winston Salem, NC 27105 Tel: (336) 519-4400 TCW/Crescent Mezzanine Mezzanine Debt $2,561,795 Partners III Netherlands, L.P. ATTN: Elizabeth Ko 865 South Figueroa Street Los Angeles, CA 90017 Tel: (310) 235-5973 Fax: (310) 235-5967 Email: elizabeth.ko@crescentcap.com K2 Corporation Trade Debt $2,535,706 4201 6Th Ave South Seattle, WA 98108 Tel: (206) 805-4800 Taylormade-Adidas Golf Company Trade Debt $2,516,979 5545 Fermi Court Carlsbad, CA 92008 Tel: (800) 456-8633 RIP Curl Trade Debt $2,511,087 3030 Airway Ave Costa Mesa, CA 92626 Tel: (714) 422-3600 Escalade Sports Trade Debt $2,146,877 PO Box 889 Evansville, IN 47706 Tel: (812) 467-1200 Hot Chillys Trade Debt $2,072,014 4145 Santa Fe #1 San Luis Obispo, CA 93401 Tel: (800) 468-2445 Brooks Sports Inc. Trade Debt $2,013,899 3400 Stone Way N Ste 500 Seattle, WA 98103 Tel: (800) 227-6657 Credit Suisse Mezzanine Debt $1,772,813 ANLAGESTIFTUNG 2 SAULE ATTN: Roland RofflerZugerstrasse 57 Ch 6341 Baar Zug, Switzerland Tel: 41 41 784 60 00 Fax: 41 41 784 65 64 Email: pgadmin@partnersgroup.com lu- pgprimeyield@intertrustgoup.com NTGL CST@ntrs.comPartnersFA@ntrs.com Hi-Tec Sports USA Trade Debt $1,758,705 4801 Stoddard Rd Modesto, CA 95356 Tel: (800) 521-1698 Cordini USA Inc. Trade Debt $1,757,811 67 Allen Martin Drive Essex Junction, VT 05452 Tel: (800) 467-3464 McDavid Knee Guard Trade Debt $1,735,293 10305 Argonne Drive Woodridge, IL 60517 Tel: (800) 237-8254 New Balance Athletic Shoe Inc. Trade Debt $1,610,743 20 Guest Street Boston, MA 02135-2088 Tel: (800) 343-4648 New Era Cap Co. Trade Debt $1,564,210 8061 Erie Road Derby, NY 14047 Tel: (800) 989-0445 ================================ T R I N I D A D & T O B A G O ================================ FIRST CITIZENS: Repays Debt of US$175 Million -------------------------------------------- Asha Javeed at Trinidad Express reports that state bank First Citizens has repaid debt totaling US$175 million. Deputy chief executive Jason Julien said the company took the decision to clear its balance sheets of all debt when they became due on February 9, according to Trinidad Express. "The bank has a strong balance sheet and surplus capital, and we felt we did not need to go back to the international capital market at this time, so we decided to repay the bonds fully when they matured," Mr. Julien told the Sunday Express, notes the report. Mr. Julien explained that following the repayment, the company took a decision to end its relationship with investor firm Moody's Investor Services, the report notes. ================= X X X X X X X X X ================= * Caribbean Economies Urged to Move Away From High Gov't. Spending ------------------------------------------------------------------ Caribbean360.com reports that emerging markets, including those in the Caribbean, must find new models of economic growth, and the first step is to move away from models based on high government spending or driven by debt, says Natalie Mansoor, head of asset management at RBC Investment Management (Barbados) Ltd. Speaking at the recent Annual Forecast Dinner hosted by the Chartered Financial Analyst (CFA) Society Barbados, Mansoor noted that many Caribbean economies have traditionally linked their growth cycles to the external environment, together with reliance on one or two products or services, according to Caribbean360.com. "It is a simple model," the report quoted Ms. Mansoor as saying. "In good times spend. In bad times borrow and continue to spend and wait for good times to come back," Ms. Mansoor added. But Ms. Mansoor said the problem with this approach was that without stronger growth cycles the debt simply continued to grow, the report notes. As a result, she said she expected to see downgrades, debt restructuring and defaults, the report relays. She added: "I expect devaluations. They are inevitable, whether we choose them or have them forced on us," notes the report. Ms. Mansoor told CFA members and guests that slow growth in wages had become a drag on consumption in developed markets, and growth in the global economy would have to come from emerging markets with growing populations and rising incomes, the report discloses. In the United States, for example, she said, growth in wages was not keeping abreast of job creation, the report relays. "In the US we have unemployment of 5%, but we still see low wage growth. Normally, we should be getting more wage growth," Ms. Mansoor said, the report notes. The investment banker said two major factors were now keeping the lid on wage growth in developed markets, the report relays. First, most of the jobs being created are low-skilled and low- paying, the report notes. Secondly, the declining cost of automation is displacing middle skilled jobs, the report discloses. In their presentations, both David Noel, Scotiabank's managing director, Caribbean East, and Donna Wellington, CIBC FirstCaribbean's managing director -- Barbados Operating Company, also warned that high indebtedness and large fiscal deficits continued to undermine hope of meaningful growth, the report says. Made up of approximately 50 local investment professionals, the CFA Society Barbados is a member of the Chartered Financial Analyst Institute, a global not for profit organization comprising over 135,000 investment professionals worldwide, the report adds. *********** 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 comillionercial 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 * * *