/raid1/www/Hosts/bankrupt/TCRLA_Public/160411.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
Monday, April 11, 2016, Vol. 17, No. 70
Headlines
A R G E N T I N A
FIDEICOMISO FINANCIERO: Moody's Rates ARS9,317,522 Certs. Ca(sf)
B R A Z I L
BRAZIL: BNY's Newton Shuns Assets as Rally Seen Unsustainable
BRAZIL MINAS SPE: S&P Affirms 'BB' Rating on US$1.27BB Notes
BR PROPERTIES: Fitch Lowers IDR to 'BB-'; Outlook Stable
CONCESSIONARIA DA RODOVIA: Moody's Rates BRL65MM Debentures Ba3
CYRELA COMMERCIAL: Fitch Lowers IDR to 'B+'; Outlook Negative
ITAIPU BINACIONAL: Fitch Affirms 'BB+' IDR; Outlook Negative
C A Y M A N I S L A N D S
ACACIA LIMITED: Creditors' Proofs of Debt Due May 10
ANTIPASTO LTD: Commences Liquidation Proceedings
CORDIA HOLDINGS: Shareholders to Hear Wind-Up Report on April 15
EUSTACE CAYMAN: Shareholders to Hear Wind-Up Report on April 14
GAMATONO ASSET: Creditors' Proofs of Debt Due May 10
IMPERIA ASIA: Shareholders Receive Wind-Up Report
KUNDERA LTD: Commences Liquidation Proceedings
LEXI LIMITED: Creditors' Proofs of Debt Due April 28
MOUNTAIN CAPITAL: Creditors' Proofs of Debt Due May 8
REDBREAST AEROSPACE: Members Receive Wind-Up Report
RENJIAN ANTONG: Creditors' Proofs of Debt Due April 19
SIROM LIMITED: Creditors' Proofs of Debt Due April 29
STEWARDSHIP CREDIT: Liquidators Apply for Release
TURTLE BAY: Shareholder to Hear Wind-Up Report on April 15
C H I L E
CORP GROUP: S&P Lowers Rating to 'B+' & Puts on CreditWatch Neg.
C O S T A R I C A
BANCO NACIONAL: Moody's Assigns Ba1 FC Sr. Unsecured Debt Rating
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Haiti 'Oligarchs' Behind Ban on Products
DOMINICAN REPUBLIC: New Export Leadership Pledge Big Plans
T R I N I D A D & T O B A G O
TRINIDAD & TOBAGO: 'US$35 Estimate Per Barrel Too High,' CCIC Says
X X X X X X X X X
LATIN AMERICA: Oil Producers Call for Action to Improve Prices
* BOND PRICING: For the Week From April 4 to April 8, 2016
- - - - -
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A R G E N T I N A
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FIDEICOMISO FINANCIERO: Moody's Rates ARS9,317,522 Certs. Ca(sf)
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Moody's Latin America Agente de Calificacion de Riesgo has rated
Fideicomiso Financiero Lucaioli Serie XV. This transaction will be
issued by Banco Patagonia S.A. -- acting solely in its capacity as
issuer and trustee.
As of April 7, 2016, the securities for this transaction have not
been placed in the market yet. The transaction is pending for
approval from the Comision Nacional de Valores, if any assumption
or factor Moody's considers when assigning the ratings change
before closing, the ratings may also change.
-- ARS 35,051,629 in Floating Rate Debt Securities (VRD) of
"Fideicomiso Financiero Lucaioli Serie XV", rated Aaa.ar (sf)
(Argentine National Scale) and B1 (sf) (Global Scale, Local
Currency)
-- ARS 9,317,522 in Certificates (CP) of "Fideicomiso Financiero
Lucaioli Serie XV", rated Ca.ar (sf) (Argentine National
Scale) and Ca (sf) (Global Scale, Local Currency).
RATINGS RATIONALE
The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 28,606 eligible consumer loans denominated in
Argentine pesos, bearing fixed interest rate, originated by Casa
Humberto Lucaioli S.A. (Lucaioli), a home appliances store located
in Argentina. Only the installments due after May 05, 2016 will be
assigned to the trust.
The VRD will bear a floating interest rate (BADLAR plus 250bps).
The VRD's interest rate will never be higher than 37% or lower
than 27%.
Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.
The transaction has initial subordination levels of 22.0% for the
VRD and 1.2% for the CP, calculated over the pool's principal
balance as of May 05, 2016. The subordination levels will increase
overtime due to the turbo sequential payment structure.
The transaction has an estimated 6.8% annual excess spread, before
considering losses, taxes or prepayments and calculated at the
VRD's interest rate cap of 37%.
Factors that would lead to an upgrade or downgrade of the rating:
Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction. Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Lucaioli, the actual performance of the
securitized pool may be affected, among others, by the economic
activity, high inflation rates compared with nominal salaries
increases and the unemployment rate in Argentina.
Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.
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B R A Z I L
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BRAZIL: BNY's Newton Shuns Assets as Rally Seen Unsustainable
-------------------------------------------------------------
Sangwon Yoon and Ney Hayashi Cruz at Bloomberg News report that
the rally that sent the Ibovespa to the best performance in the
world this year is unsustainable as Latin America's largest
economy will languish even if there's a change in government,
according to Bank of New York Mellon Corp.'s Newton Investment
Management.
"There is the potential for political change, but the problem for
Brazil is that really doesn't solve the underlying issues," Rob
Marshall-Lee, the head of emerging-markets equities investment at
Newton, said in a podcast on the firm's website, the report notes.
"We don't believe the market rally in Brazil broadly is
sustainable. We are happy to keep with the zero weighting there,"
he added.
The report relays that Brazil's benchmark index entered a bull
market in March, the real was the world's best performing currency
in the first quarter and the country's bonds are outperforming
emerging-market peers on speculation that President Dilma Rousseff
will be ousted amid a widening graft scandal.
An impeachment is seen by traders as a way to halt the political
quagmire that has prevented Congress from approving measures to
pull the economy out of its worst recession in a century.
The advance left stocks with "little value," and the currency
should be under pressure, said Marshall-Lee, the report discloses.
Newton oversees $66 billion in assets globally.
After Brazil's gross domestic product contracted 3.8 percent in
2015, the economy will shrink another 3.6 percent this year,
according the median estimate of analysts surveyed by Bloomberg.
As reported in the Troubled Company Reporter-Latin America on
March 29, 2016, severe contraction that was preceded by several
years of below-trend growth has impaired Brazil's (Ba2 negative)
underlying economic strength, despite the country's large and
diversified economy, says Moody's Investors Service. The
country's credit rating is also coming under pressure from the
government's high level of mandatory spending.
BRAZIL MINAS SPE: S&P Affirms 'BB' Rating on US$1.27BB Notes
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' rating on
Brazil Minas SPE's US$1.27 billion 5.333% fixed-rate notes due
2028.
The note issuance is a repackaged pass-through security, whereby
all cash flows are derived from assigned interest in a loan that
Credit Suisse A.G., Nassau Branch (CS) extended to the Brazilian
state of Minas Gerais with an unconditional guarantee from the
Federative Republic of Brazil.
The rating reflects the underlying collateral's credit quality.
The transaction structure is intended to mirror the underlying
collateral's credit risk in the form of an assigned interest in a
loan that CS made to the state of Minas Gerais with an
unconditional guarantee from the Federative Republic of Brazil.
S&P's 'BB' rating on the notes is the same as its long-term
sovereign credit rating on the Federative Republic of Brazil. The
transaction is also exposed to CS's credit risk for certain costs,
fees, and expenses related to the transaction. Therefore, a
change in Brazil's foreign currency issuer credit rating or a
change in CS's credit risk could affect our rating on the notes.
BR PROPERTIES: Fitch Lowers IDR to 'BB-'; Outlook Stable
--------------------------------------------------------
Fitch Ratings has downgraded BR Properties S.A.'s foreign currency
and local currency Issuer Default Ratings (IDR) to 'BB-' from
'BB'. At the same time, Fitch has downgraded the company's
national scale long-term rating to 'A+(bra)' from 'AA-(bra)'. The
Rating Outlook for the corporate ratings is Stable.
The rating downgrades reflect BR Properties' weaker cash flow
generation capacity and asset base due to the negative business
environment and the relevant sale of assets, which should result
in an increase in leverage and lower interest coverage ratios.
Fitch expects that the lower scale and less diversified portfolio
of properties following the sale of assets will not be
counterbalanced by a significant leverage reduction. Despite the
company's efforts to reduce debt level, net leverage should range
between 5.0x and 6.0x in 2016 and 2017, as per Fitch's
projections. Liquidity is healthy and represents an important
rating consideration.
Vacancy rates increased and lease spreads was below inflation
rates, due to weak demand for commercial properties that is
directly related to Brazil's macroeconomic conditions. Fitch
forecasts Brazilian GDP will fall 3.5% in 2016 and inflation and
interest rates will remain high. This scenario adds significant
risk to BR Properties' business and more volatility to its
results.
KEY RATING DRIVERS
Operational Cash Flow to Remain Pressured by Challenging
Macroeconomic Environment
BR Properties' cash flow from lease agreements will reduce in
2016. The negative business environment, with increased vacant
areas and below inflation lease contract adjustments, combined
with the lower scale of operations will negatively affect the
company's EBITDA generation. Fitch projects EBITDA to reduce to
about BRL340 million in 2016, from BRL591 million in 2015.
Fitch's projections consider office vacancy rates of 20% and
leasing spreads below inflation rate.
In 2015, BR Properties generated negative cash flow from
operations (CFFO) of BRL54 million as per Fitch's calculation,
negatively impacted by high interest expenses. Investments of
BRL56 million and dividends distribution of BRL663 billion,
including BRL599 million of extraordinary dividends, resulted in a
negative free cash flow (FCF) of BRL773 million in 2015. BR
Properties received BRL1.6 billion from sale of assets during 2015
(net of taxes and debt payment of BRL848 million) and received
BRL355 million in February 2016. Interest coverage, measured as
EBITDA /interest ratio, reduced to 1.1x in 2015, from 1.3x in
2014, and Fitch expects interest coverage close to 1.0x during
2016.
Less Diversified Portfolio
BR Properties remains as the largest Brazilian commercial
properties company, with high quality of the properties and of its
tenant base, despite the sale of properties. However, weaker
diversification and lower scale of operations reduce flexibility
during difficult market conditions, as the portfolio is now
concentrated in office buildings. The estimated market value of
properties reduced by about BRL6.4 billion since 2013, to BRL6.7
billion at the end of 2015 (excluding projects under development).
Fitch also considers high the customer concentration, with the
five and 10 largest tenants representing about 51% and 65%,
respectively, of the company's revenues in 2015. The company has
a strong concentration with its largest tenant, Petrobras. This
contract is currently under revision and, according to the
company's expectations, should be signed by May 2016.
BR Properties financial flexibility from its unencumbered assets
materially reduced. As of Dec. 31, 2015, unencumbered assets had
an estimated market value of BRL2.3 billion, which may be
available for sale or serve as collateral for a secured financing,
if needed. The estimated value of unencumbered assets covered
about 1.3x of unsecured debt of BRL1.8 billion (2.6x as of
December 2014). On a pro forma basis, considering the sale of
assets concluded in the beginning of 2016 and the USD100 million
perpetual bond amortization, unencumbered assets covered about
1.6x of unsecured debt.
Leverage to Remain Moderate in the Medium Term
BR Properties used part of proceeds from the sale of assets to
reduce debt during 2014 and 2015. As of Dec. 31, 2015, total debt
was BRL3.6 billion, compared to BRL4.2 billion in December 2014
and BRL5.6 billion in December 2013. Net debt reduced to BRL2.4
billion, from BRL3.6 billion and BRL4.6 billion, respectively.
Fitch projects the company's net leverage will be between 5.0x and
6.0x in 2016 and 2017, despite the expected debt reduction. In
2015, total debt/EBITDA ratio was 6.1x and net debt/EBITDA was
4.1x, and compare with 5.7x and 4.9x, respectively, in 2014.
Relative to the value of the company's property portfolio, loan-
to-value ratio was 52% and 34% on a net basis, in December 2015.
Vacancy Rate Remains a Concern
Vacancy continued to increase, pressured by difficult business
environment. In the fourth quarter of 2015, financial vacancy was
10.4% and physical vacancy was 14.3%, compared to 8.6% and 7.3%,
respectively, in the fourth quarter of 2014, and is not expected
to reduce in the short term. Higher stock in the market also
contributed to lower leasing spread, of 0.1% in the fourth quarter
of 2015, considering same properties, and lower than average
inflation rates. About 13% of the contracts (by revenues) will
expire in 2016, while 11% of the contracts have market alignment
scheduled during the year, which could continue to pressure the
company's average rent. However, this position is better compared
to 2015, when the company had 30% of the contracts (by revenues)
under market alignment.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Office vacancy rates between 15% and 20%;
-- Reduction in average rent of 10% in 2016;
-- Sale of assets of BRL355 million (concluded in February
2016);
-- Net leverage between 5.0x and 6.0x;
-- No dividends in 2016;
-- Base case does not consider relevant change in the company's
strategy if the tender offer from GP Investimentos is
concluded.
RATING SENSITIVITIES
Future developments that may individually or collectively lead to
a negative rating action includes:
-- Increase in net leverage to levels above 6.0x;
-- EBITDA to gross interest expense coverage ratio consistently
below 1.0x;
-- Liquidity falling to levels that considerably weaken short-
term debt coverage;
-- Vacancy rates consistently above 20% and higher delinquency
rates, which could result in a reduction in operational cash
generation;
-- Sale of assets that results in a weaker portfolio of
properties, with a significant reduction of the company's
cash flow generation capacity.
Positive rating actions are not expected in the medium term.
LIQUIDITY
BR Properties' liquidity is strong and benefits from the sale of
assets. Fitch incorporated that the company will preserve
relevant cash balance and that it will not be pressured by
relevant dividends distribution. As of Dec. 31, 2015, total cash
and marketable securities was BRL1.2 billion and total debt was
BRL3.6 billion. Cash covered short term debt of BRL689 million by
1.8x. Fitch expects BR Properties to continue to use the proceeds
from the asset sale to reduce debt by about BRL1 billion in 2016.
The company has debt maturities of BRL565 million in 2017 and
BRL453 million in 2018, that are expected to be refinanced.
FULL LIST OF RATING ACTIONS
Fitch has downgraded these ratings for BR Properties:
-- Long-term foreign currency IDR to 'BB-' from 'BB';
-- Long-term local currency IDR to 'BB-' from 'BB';
-- USD285 million senior unsecured perpetual notes to 'BB-'
from 'BB';
-- Long-term national scale rating to 'A+(bra)' from
'AA-(bra)'.
The Outlook for the corporate ratings is Stable.
CONCESSIONARIA DA RODOVIA: Moody's Rates BRL65MM Debentures Ba3
---------------------------------------------------------------
Moody's America Latina Ltda has assigned a Ba3 global scale and a
A2.br Brazilian national scale rating (NSR) to the planned senior
unsecured debentures of up to BRL65 million to be issued by
Concessionaria da Rodovia Lagos S.A. ("ViaLagos"). At the same
time, Moody's affirmed the corporate family ratings and the
ratings of the senior unsecured debentures due in 2020 at Ba3 and
A2.br on the global and national scales, respectively. The outlook
is negative for all ratings.
RATINGS RATIONALE
ViaLagos' senior unsecured non-convertible debentures are expected
to have a 2-year tenor from the issuance date, with a bullet
payment at maturity (2018) and semi-annual interest payments.
ViaLagos plans to use the issuance proceeds to refinance a large
portion of maturing debt. The debentures are not expected to have
cross default provisions with other outstanding debt from the
company, or its parent (CCR S.A.), or any of the parent's
subsidiaries or affiliate companies.
The preliminary indenture contains financial covenants to limit
dividend distributions above the minimum required by Brazilian
Corporate Law and limit the issuance of new short term debt,
requiring the company to prudently manage dividend payments as
well as leverage.
The assigned ratings are based on the preliminary indenture
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
or anticipates changes in the main conditions that the notes will
carry. Should issuance conditions and/or final documentation of
any of the clauses under this program deviate from the original
ones submitted and reviewed by the rating agency, Moody's will
assess the impact that these differences may have on the ratings
and act accordingly.
The Ba3/A2.br ratings reflect ViaLagos' still strong although
deteriorating fundamentals, supported by a long-term concession
contract and annual tariff adjustments by a basket of inflation
indices set out in the concession contract. ViaLagos' credit
metrics have been negatively affected by Brazil's (Ba2 negative)
ongoing recession. According to Moody's financial adjustments, in
FY2015 ViaLagos' Funds from Operations (FFO)-to-Debt ratio
declined to 16.9% from an historical average of 33% (2013-2015),
whereas the Cash Interest Cover and Retained Cash Flow-to-CAPEX
declined to 3.6x and 0.3x from 9.8x and 0.4x respectively over the
same period. The company has a track record of high dividend
distributions.
WHAT COULD CHANGE THE RATINGS UP/DOWN
In light of the negative outlook, an upgrade of the ratings is
unlikely in the near term. The ratings could be downgraded if
traffic growth continues to deteriorate as compared to historical
levels for an extended period of time. The perception of potential
higher liquidity risk combined with more restrictive access to the
bank or capital markets financing or continuous large dividend
distributions would also create downward pressure on the ratings.
A material negative change of the State's concession and
regulatory framework or the perception of political interference
could also cause a downgrade in the ratings or outlook.
ABOUT VIALAGOS
ViaLagos is an operating subsidiary of CCR S.A. (Ba3/A2.br
negative), one of Brazil's largest infrastructure concession
groups that operates and maintains 3,265 km of toll road
concessions. ViaLagos accounts for approximately 1.6% of CCR's
consolidated net operating revenues and EBITDA, which reached
about BRL6.1 billion and BRL4.2 billion (according to Moody's
standard adjustments), respectively, in 2015.
ViaLagos holds a 40-year concession to operate and maintain the
57-kilometer (km) RJ-124 road connecting the municipality of Rio
Bonito to Sao Pedro da Aldeia, in the northeast of the State of
Rio de Janeiro. The State of Rio de Janeiro granted the concession
to ViaLagos in 1996 for a 25-year period. In 2011, the State
extended the life of the concession by 15 years, expiring in
January 2037.
ViaLagos connects with BR-101 at Rio Bonito which is operated by
Arteris (not rated) under a concession awarded by the Brazilian
Federal Government (Ba2 negative). ViaLagos also has two access
points to the state-operated RJ-106, which serves the sea resort
area "Costa do Sol" that includes the municipalities of Saquarema,
Araruama and Iguaba Grande. ViaLagos and RJ-106 finally intercept
each other at Sao Pedro da Aldeia, the end of the ViaLagos road.
As a result, ViaLagos' traffic profile is composed primarily by
light vehicles (80%), with a relatively large proportion of
leisure traffic. The remaining 20% consists of heavy vehicle
traffic (commercial), a portion of which is originated by BR-101.
CYRELA COMMERCIAL: Fitch Lowers IDR to 'B+'; Outlook Negative
-------------------------------------------------------------
Fitch Ratings has downgraded Cyrela Commercial Properties S.A.
Empreendimentos e Participacoes' (CCP) foreign currency and local
currency Issuer Default Ratings (IDR) to 'B+' from 'BB'. At the
same time, Fitch has downgraded CCP's national scale long-term
rating to 'A-(bra)' from 'AA-(bra)'. The Rating Outlook for the
corporate ratings is Negative.
The rating downgrades reflect CCP's weaker cash flow generation,
pressured by highly unfavorable macroeconomic conditions and
increased operational cash burn, due to higher financial expenses.
Net leverage is high and should remain above 7.0x at least in the
next two years. The company's liquidity is satisfactory, but
Fitch expects higher cash burn in 2016 and 2017. Interest
coverage ratios are weak and significantly reduced since 2013 with
no expectations of improvement while the negative economic
conditions persist. Fitch forecasts Brazilian GDP will fall 3.5%
in 2016 and inflation and interest rates will remain high.
The capital increase of BRL400 million and the sale of two
properties in 2015 was positive, but not sufficient to reduce the
company's indebtedness. CCP is close to the end of its heavy
investment cycle and, despite the reduction in investments
expected for the next couple of years, free cash flow (FCF) should
remain negative pressured by weak operational cash generation and
the company's financing requirements. Fitch does not expect CCP's
credit metrics to improve in the short term, absent a relevant
asset sale and/or capital increase.
The Negative Outlook reflects CCP's important challenges to
improve its credit metrics to more conservative levels, in a less
favorable macroeconomic conditions. Fitch expects higher vacancy
rates and lower lease spreads in rental contracts in the next
couple of years, pressuring even more the company's cash flow
generation and offsetting the benefits from revenues of projects
delivered. High volume of lease contracts expiring or with market
alignment expected in the short term also presents challenges to
CCP. Fitch views that additional measures to reduce CCP's
indebtedness and leverage are necessary and will be key to prevent
new negative rating actions.
KEY RATING DRIVERS
Cash Flow to Remain Pressured
CCP's cash flow generation will continue to be affected by
negative business conditions. Fitch expects a scenario with high
vacancy rates and low lease spreads once demand for commercial
properties is directly related to Brazil's macroeconomic
conditions. Additional pressure is expected in CCP's lease
agreements, as a high 46% of the contracts (by revenues) have
market alignment scheduled for 2016 and 2017, while 19% of the
office and warehouse contracts and 48% of shopping contracts will
expire in the period.
In 2015, the company generated BRL292 million of adjusted EBITDA,
including BRL54 million from dividends received, and Fitch
projects adjusted EBITDA around BRL215 million in 2016. Fitch
base case scenario considers vacancy rates between 15% and 20% for
office and warehouse segments and leasing spreads below inflation
rate. Fitch excludes gain/loss from the sale of assets from
EBITDA calculation.
High interest expenses should continue to pressure CCP's cash flow
generation capacity. In 2015, the company's cash flow from
operations (CFFO) totaled only BRL23 million and FCF was negative
BRL475 million, as a result of investments of BRL475 million and
dividends of BRL23 million during the year. Fitch expects FCF to
remain negative in 2016 and 2017, as investments should amount
about BRL250 million during the period.
Interest coverage deteriorated and is not expected to recover in
the short term. In 2015, EBITDA/interest and FFO interest
coverage ratios reduced to 1.0 and 0.9x, respectively. These
numbers negatively compare with 1.3x and 2.4x, respectively,
reported in 2014, and 3.3x and 4.2x in 2013. Fitch expects
interest coverage close to 0.7x during 2016.
High Leverage Not Sustainable in Medium Term
Fitch projects CCP's net leverage to remain above 7.0x in 2016 and
2017. Notwithstanding the equity injection and sale of assets,
net debt remained stable at BRL1.9 billion in 2015 and is not
expected to reduce in the short term, as FCF should remain
negative. Leverage remains high as a result of relevant
investments since 2012. CCP reported net debt/adjusted EBITDA
ratio (including dividends received) of 6.6x in 2015 and compares
with the peak of 8.6x in 2014. FFO adjusted net leverage
increased to 7.7x in 2015, from 4.6x in 2014. Relative to the
value of the company's property portfolio, loan-to-value ratio was
57% and 44% on a net basis, at December 2015.
Vacancy Rate Remains a Concern
Vacancy should remain high, pressured by difficult business
environment. As of Dec. 31, 2015, financial vacancy rate was
10.7% and physical vacancy was 8.3%, compared to 14.4% and 11.3%,
respectively, in 2014. Higher stock in the market also
contributed to lower leasing spread. In 2015, average rent for
office buildings reduced about 13%, while the average rent for
warehouse segment remained relatively stable.
Diversified Portfolio Adds Flexibility
CCP is one of the largest companies of investment, lease and
commercialization of commercial properties in Brazil, with a
diversified and high quality portfolio. The diversification of
revenues from shopping centers, office buildings, industrial
warehouses and services adds more flexibility to the company. In
the last few years, shopping centers gained relevance to the
company's portfolio and represented about 39% of CCP's recurring
revenues, followed by office buildings (29%), services including
parking lot (20%) and industrial warehouses (8%).
At end 2015, the company owned 28 commercial properties in
operation, with an estimated market value of BRL4.4 billion. CCP
has a concentration of tenants and the 10 largest represented 51%
of its revenues in 2015. The company has maintained low
delinquency rates, even under diverse macroeconomic conditions.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Vacancy rates between 15% and 20% for office and warehouse
and 10% for shopping in 2016;
-- Reduction in average rent of 5% to 7% in 2016;
-- Sale of assets of BRL236 million in 2016;
-- Net leverage above 7.0x in 2016 and 2017;
-- Investments of BRL250 million in 2016 and 2017.
RATING SENSITIVITIES
Future developments that may individually or collectively lead to
a negative rating action include:
-- Net leverage consistently above 7.0x, without the
expectation of a reduction trend in the following years;
-- EBITDA to gross interest expense coverage ratio consistently
below 0.7x;
-- Liquidity falling to levels that considerably weaken short-
term debt coverage;
-- Sale of assets that results in a weaker portfolio of
properties, with a significant reduction of the company's
cash flow generation capacity.
Future developments that may individually or collectively lead to
a revision of the Rating Outlook or positive rating action
include:
-- Significant improvement in the company's cash flow
generation, following the end of its investment cycle;
-- Additional proactive steps by the company to materially
bolster its capital structure in the absence of high
operating cash flow.
LIQUIDITY
CCP's liquidity is satisfactory for debt maturities due in the
short term. As of Dec. 31, 2015, cash and marketable securities
totaled BRL566 million and total debt, BRL2.5 billion. CCP's cash
position benefited from the BRL400 million capital increase in
2015. The company has BRL413 million of debt maturing in the
short term and BRL408 million in 2017, of which BRL205 million and
BRL258 million, respectively, consisted of corporate debt. In
February 2016, CCP amortized BRL100 million of debentures. CCP
has a standby credit facility of BRL150 million that is expected
to be utilized to refinance debt maturities.
CCP has an adequate financial flexibility from its unencumbered
assets. As of Dec. 31, 2015, available unencumbered assets had an
estimated market value of BRL1.3 billion, which may be available
for sale or serve as collateral for a secured financing, if
needed. The estimated value of unencumbered assets covered about
1.5x of corporate debt of BRL885 million (0.6x in December 2014).
This improvement was due to the delivery of Shopping Cidade Sao
Paulo in 2015.
FULL LIST OF RATING ACTIONS
Fitch has downgraded these ratings for CCP:
-- Long-term Foreign Currency IDR to 'B+' from 'BB';
-- Long-term Local Currency IDR to 'B+' from 'BB';
-- Long-term National Scale rating to 'A-(bra)' from
'AA-(bra)';
-- Second debenture issuance, in the amount of
BRL204.4 million, due in 2017, to 'A-(bra)' from 'AA-(bra)';
-- Third debenture issuance, in the amount of BRL150 million,
due in 2018, to 'A-(bra)' from 'AA-(bra)';
-- Fifth debenture issuance, in the amount of BRL200 million,
due in 2019, to 'A-(bra)' from 'AA-(bra)'.
The Outlook for the corporate ratings is Negative.
ITAIPU BINACIONAL: Fitch Affirms 'BB+' IDR; Outlook Negative
------------------------------------------------------------
Fitch Ratings has affirmed Itaipu Binacional's long-term foreign
and local currency Issuer Default Ratings (IDRs) at 'BB+' and
long-term national rating at 'AAA(bra)'. The Rating Outlook is
Negative.
KEY RATING DRIVERS
Itaipu's ratings reflect its strong credit profile linkage with
the Federative Republic of Brazil (long-term IDR 'BB+', Outlook
Negative). Brazil has been historically responsible for the
acquisition of 90% to 94% of the energy produced by Itaipu and
guarantees, through the National Treasury, 99.2% of the company's
debt. These characteristics reduce Itaipu's exposure to the
weaker sovereign risk of the Federative Republic of Paraguay
(long-term IDR 'BB', Outlook Stable).
The ratings also incorporate Itaipu's adequate liquidity position
and cash flow predictability, resulting from the Itaipu Treaty
signed between Brazil and Paraguay. This Treaty establishes that
Itaipu's tariff should be defined on an annual basis and must be
sufficient to cover all operating and maintenance costs, capital
expenditures, financial obligations, and has a true-up mechanism
to adjust for possible mismatches to be recovered or give backs in
the following year; the tariff is in dollars. Itaipu is
strategically important for both countries, with the company
supplying approximately 14.6% of the demand for energy in Brazil
and 75% of the demand in Paraguay in 2015. The company presents a
favorable track record of operating efficiency in terms of energy
production.
Cash Flow Predictability
Itaipu's credit profile benefits from its known cash flow. The
bi-lateral treaty provides the company with the long-term firm
commitment of both countries to remunerate the company for 87% of
its installed capacity of 14,000 MW and the total energy
production of the plant, besides the annual definition of a tariff
sufficient to cover all operating costs, shareholder obligations
and debt service, which reduces its cash flow generation risk.
Brazil and Paraguay make use of Centrais Eletricas Brasileiras
S.A. (Eletrobras) and Administracion Nacional de Eletricidad
(Ande), respectively, the two shareholders of Itaipu, for the sale
of its energy. In the case of Eletrobras, the Brazilian regulator
allocates a proportion of Itaipu' production to approximately 30
Brazilian electric distribution companies, the most representative
being Eletropaulo with 15.32%, in 2015. Any mismatch in Itaipu's
cash inflows to outflows due to currency fluctuations, payment
delays by the Brazilian distribution companies, as well as other
budget differences are offset when the tariff for next year is
determined.
High Leverage Not a Concern
Itaipu's high financial leverage is quite manageable given the
tariff setting mechanism embedded in the bi-lateral treaty between
Brazil and Paraguay. Further, virtually all of the debt is
currently owed either to Brazil's Federal Government or
Eletrobras, and guaranteed by Brazil's National Treasury. As of
Sept. 30, 2015, the total debt was USD11.7 billion with
USD1.3 billion falling due over the next 12 months. This debt
carries a 7.5% coupon and compares with USD18 billion at year-end
2010. The total debt/EBITDA and net debt/EBITDA ratios were 5.7x
and 5.6x in the last 12 months ended Sept. 30, 2015.
Fitch expects Itaipu's net debt/EBITDA ratio to remain at around
4.0x to 6.0x until 2019. Itaipu's indebtedness should gradually
decline and be fully amortized by 2023. Any unsecured debt
issuances that are not directly guaranteed by the Federal Republic
of Brazil to refinance existing debt would be rated at the IDR
level given the strong ratings linkage between Itaipu and Brazil
as well as the financial strength Itaipu receives from the bi-
lateral treaty.
Inexistence of Hydrologic and Regulatory Risks
Itaipu does not have hydrologic or regulatory risks associated
with the electric sector in Brazil or in Paraguay. The commercial
terms of the Itaipu Treaty signed by both countries are based on
the plant's installed capacity and not on the energy produced,
which results in Itaipu having no obligation to purchase energy
from third parties to serve its customers during adverse
hydrologic situations.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for Itaipu include:
-- No increase in 2016 monthly tariff: UD22.60/kW;
-- Average EBITDA margin of 59% from 2016 to 2019;
-- Capex of BRL55 million from 2016 to 2019.
RATING SENSITIVITIES
Future rating actions, either positive or negative, will be highly
correlated to the sovereign rating of the Federative Republic of
Brazil or negative amendments to the bi-lateral treaty.
LIQUIDITY
Itaipu's free cash flow (FCF) continues to be robust and
approximates annual debt amortizations. Furthermore, the
company's financial profile benefits from adequate liquidity to
cover any possible cash flow mismatches. In the LTM 9M2015, the
company's cash flow from operations (CFFO) was USD1.2 billion and
FCF was USD1.16 million, against net debt amortization of
USD1.2 billion. During that same period, the net revenue of
USD3.7 billion was in line with 2014, while EBITDA increased to
USD2 billion versus USD1.9 billion recorded in 2014; EBITDA
margins were 56.1%. As of Sept. 30, 2015, the company's cash and
marketable securities position was USD304 million, while the ratio
(cash and marketable securities + CFFO)/short-term debt was 1.2x.
==========================
C A Y M A N I S L A N D S
==========================
ACACIA LIMITED: Creditors' Proofs of Debt Due May 10
----------------------------------------------------
The creditors of Acacia Limited are required to file their proofs
of debt by May 10, 2016, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on March 8, 2016.
The company's liquidator is:
Lion International Management Limited
Craigmuir Chambers
Road Town Tortola VG 1110
British Virgin Islands
Mr. Philip C Pedro
HSBC International Trustee Limited
Compass Point
9 Bermudiana Road
Hamilton HM 11
Bermuda
Telephone: (441) 299-6482
Facsimile: (441) 299-6526
ANTIPASTO LTD: Commences Liquidation Proceedings
------------------------------------------------
On Feb. 23, 2016, the shareholder of Antipasto Ltd. resolved to
voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
March 23, 2016, will be included in the company's dividend
distribution.
The company's liquidator is:
Amicorp Cayman Fiduciary Limited
The Grand Pavilion Commercial Centre, 2nd Floor
802 West Bay Road
P.O. Box 10655 Grand Cayman KY1-1006
Cayman Islands
c/o Nicole Ebanks-Sloley
Telephone: (345) 943-6055
CORDIA HOLDINGS: Shareholders to Hear Wind-Up Report on April 15
----------------------------------------------------------------
The shareholders of Cordia Holdings Limited will receive on
April 15, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Ian Goddard
Telephone: (345) 926 0860
P.O. Box 2734 Grand Cayman KY1-1111
Cayman Islands
EUSTACE CAYMAN: Shareholders to Hear Wind-Up Report on April 14
---------------------------------------------------------------
The shareholders of Eustace Cayman will receive on April 14, 2016,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Michel Byungju Kim
Telephone: +1 (646) 573 - 6818
Harneys Services (Cayman) Limited
Harbour Place, 4th Floor
103 South Church Street
P.O. Box 10240 Grand Cayman KY1-1002
Cayman Islands
GAMATONO ASSET: Creditors' Proofs of Debt Due May 10
----------------------------------------------------
The creditors of Gamatono Asset Management Co are required to file
their proofs of debt by May 10, 2016, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on March 7, 2016.
The company's liquidator is:
Lion International Management Limited
Craigmuir Chambers
Road Town
Tortola VG 1110
British Virgin Islands
c/o Philip C Pedro
HSBC International Trustee Limited
Compass Point
9 Bermudiana Road
Hamilton HM 11
Bermuda
Telephone: (441) 299-6482
Facsimile: (441) 299-6526
IMPERIA ASIA: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Imperia Asia Special Opportunities Fund 1 Ltd.
received on April 7, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Imperia Investment Group Pty Ltd
c/o Vernon Van Eck
IBM Tower, Level 3
60 City Road
Southbank
Victoria 3006
Australia
Telephone: +61 3 9013 3866
e-mail: investor@imperia-invest.com
KUNDERA LTD: Commences Liquidation Proceedings
----------------------------------------------
On Feb. 23, 2016, the shareholder of Kundera Ltd. resolved to
voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
March 23, 2016, will be included in the company's dividend
distribution.
The company's liquidator is:
Amicorp Cayman Fiduciary Limited
The Grand Pavilion Commercial Centre, 2nd Floor
802 West Bay Road
P.O. Box 10655 Grand Cayman KY1-1006
Cayman Islands
c/o Nicole Ebanks-Sloley
Telephone: (345) 943-6055
LEXI LIMITED: Creditors' Proofs of Debt Due April 28
----------------------------------------------------
The creditors of Lexi Limited are required to file their proofs of
debt by April 28, 2016, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on March 7, 2016.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Susan Craig
Telephone: (345) 943-3100
MOUNTAIN CAPITAL: Creditors' Proofs of Debt Due May 8
-----------------------------------------------------
The creditors of Mountain Capital CLO IV, Ltd. are required to
file their proofs of debt by May 8, 2016, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 8, 2016.
The company's liquidator is:
Darren Riley
c/o Summit Management Limited
Suite # 4-210 Governors Square
23 Lime Tree Bay Avenue
P.O. Box 32311 Grand Cayman, KY1-1209
Cayman Islands
e-mail: darren.riley@sml.ky
REDBREAST AEROSPACE: Members Receive Wind-Up Report
---------------------------------------------------
The members of Redbreast Aerospace Limited received on April 8,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Avalon Ltd.
Landmark Square, 1st Floor, 64 Earth Close
P.O. Box 715 Grand Cayman KY1-1107
Cayman Islands
Facsimile: +1 (345) 769-9351
RENJIAN ANTONG: Creditors' Proofs of Debt Due April 19
------------------------------------------------------
The creditors of Renjian Antong International Holdings Limited are
required to file their proofs of debt by April 19, 2016, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on March 4, 2016.
The company's liquidator is:
Richard Fear
c/o Ryan Charles
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
Telephone: (345) 814 7364
Facsimile: (345) 945 3902
SIROM LIMITED: Creditors' Proofs of Debt Due April 29
-----------------------------------------------------
The creditors of Sirom Limited are required to file their proofs
of debt by April 29, 2016, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 2, 2016.
The company's liquidators are:
Philip Dawes
Magdalena Gruell
Citron 2004 Limited
Telephone: + 44 1534 282276
Facsimile: + 44 1534 282400
23-25 Broad Street
St Helier Jersey
JE4 8ND
Telephone: 01534 282147
STEWARDSHIP CREDIT: Liquidators Apply for Release
-------------------------------------------------
Garth Calow and Allson Tomb, liquidators of Stewardship Credit
Arbitrage Fund Ltd. applied for their release as liquidators.
TURTLE BAY: Shareholder to Hear Wind-Up Report on April 15
----------------------------------------------------------
The shareholder of Turtle Bay - Lig Holdings Limited will hear on
April 15, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
David Dyer
P.O. Box 1984 Grand Cayman KY1-1104
Cayman Islands
Telephone: (345)949-8244
Facsimile: (345)949-5223
=========
C H I L E
=========
CORP GROUP: S&P Lowers Rating to 'B+' & Puts on CreditWatch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Chile-
based non-operating holding company Corp Group Banking S.A. (CG
Banking) to 'B+' from 'BB-'. S&P also revised its CreditWatch
implications on the ratings to negative from developing.
The rating action follows CG Banking's lesser participation in its
main asset, Itau CorpBanca (BBB/Watch Pos/A-2) after the merger of
CorpBanca and Banco Itau Chile. As a result S&P is now applying
"Methodology For Companies With Noncontrolling Equity Interest"
criteria to assess the ratings of CG Banking. In the analysis,
S&P emphasizes that CG Banking creditors are deeply subordinated
to Itau CorpBanca creditors and that it fully relies on dividends
from Itau CorpBanca, which is a prudentially regulated entity. (A
banking regulator could stop Itau CorpBanca's dividend payments if
it experiences financial stress).
The ratings on CG Banking reflect its heavy reliance on dividends
from Itau CorpBanca and aggressive financial profile given high
leverage and limited liquidity. The ratings also reflect CG
Banking's commitment to upstream cash to its shareholder,
Inversiones CorpGroup Interhold Ltda. (Interhold), for servicing
debt of its subsidiaries. The bulk of CG Banking's debt consists
of $500 million notes due 2023. Under these notes' terms and
conditions, CG Banking currently can't incur additional debt.
CG Banking is a non-operating holding company that participates in
the Chilean banking sector mainly through its direct 29.05% stake
in Itau CorpBanca, following the recently completed merger of
Corpbanca and Banco Itau Chile. Corp Group and Itau Unibanco
Holding (BB/Negative/B) agreed to merge their banking
subsidiaries. Corp Group owns 33.13% of Itau CorpBanca (29.05%
through CG Banking) and Itau Unibanco Holding owns 33.58% of the
merged entity. Interhold owns 99.9% of CG Banking. In turn, the
Saieh family holds a 75.6% stake in Interhold. Itau Corpbanca has
consolidated its position as fifth-largest bank in Chile with
operations in Colombia as well.
Despite CG Banking's lower stake in Itau CorpBanca after the
merger, the former maintains an active participation--according to
conditions established in the shareholder agreement--through joint
decisions on the merged entity's strategy, dividend distributions,
and risk credit policies. The shareholder agreement establishes a
minimum dividend distribution of $370 million from Itau CorpBanca,
if its regulatory ratios are in line with those specified in the
shareholder agreement. Consensus among Corp Group and Itau
Unibanco is needed to make changes to Itau CorpBanca's dividend
policy.
===================
C O S T A R I C A
===================
BANCO NACIONAL: Moody's Assigns Ba1 FC Sr. Unsecured Debt Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 foreign currency
senior unsecured debt rating to Banco Nacional de Costa Rica
(BNCR)'s proposed US dollar senior note issuance for an expected
amount of US$500 million. The instrument will be governed by the
laws of the State of New York.
The outlook on the rating is negative, in line with the negative
outlook on Costa Rica's Ba1 government bond rating.
The following rating was assigned to Banco Nacional de Costa Rica:
Global long term foreign currency senior debt rating: Ba1,
negative outlook
RATINGS RATIONALE
The Ba1 senior unsecured debt rating assigned to Banco Nacional de
Costa Rica derives from the bank's Ba1 global local currency
deposit rating, which in turn incorporates its fundamental
strength, as reflected by the ba2 baseline credit assessment
(BCA). The debt rating incorporates one notch of uplift from the
BCA, to reflect Moody's assumption of full government support,
which raises the rating to the level of Costa Rica's government
bond rating. The support assessment is based on BNCR's full
government ownership, the government's guarantee of the bank's
senior obligations per Article 4 of the Organic Law of the
National Banking System, and its clear public mandate and
importance as the country's largest bank.
BNCR's ba2 BCA is supported by the bank's competitive advantage in
terms of business generation and access to low cost funding in
light of the aforementioned government guarantee.
Key constraints to the BCA include BNCR's weak core capitalization
and modest profitability, owing to high operating costs and
mandatory transfers to government related entities. Earnings can
be further challenged by declining interest rates and rising
credit costs. Asset quality remains relatively strong thus far,
though pressures may arise from the bank's sizeable borrower
concentrations and from its significant amount of foreign currency
lending to local currency earners, in the event of a sudden
depreciation in the Colon.
WHAT COULD MOVE THE RATINGS UP OR DOWN
Upward pressures on BNCR's ratings are limited given the negative
outlook on the issuer and on the ratings of the Government of
Costa Rica. However, the outlook on the bank's ratings could
stabilize if the sovereign outlook stabilizes. Should Costa Rica's
government bond rating be downgraded, BNCR's deposit and debt
ratings would also face downward pressure.
The last rating action on Banco Nacional de Costa Rica was on 9
February 2016 when Moody's affirmed the bank's deposit and debt
ratings, and changed the outlook to negative from stable in line
with a similar action on Costa Rica's government bond rating.
Based in San Jose, Costa Rica, Banco Nacional de Costa Rica
reported total consolidated assets of about US$11 billion (CRC 5.9
trillion) and shareholders' equity of around US$1 billion (CRC 539
billion), as of December 2015.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Haiti 'Oligarchs' Behind Ban on Products
------------------------------------------------------------
Dominican Today reports that Haiti's Chamber of Deputies Finance
Commission called for an end to the ban on 23 Dominican products
in effect since last year, enacted by the administration of former
president Michel Martelly.
"Many localities are affected by this decision and people are
still without economic activity, which adds to the effects of the
drought in many border areas where people live from trade," said
Committee chair Antoine Rodon Bien-Aime, according to Dominican
Today.
Among the Dominicans items which Port-au-Prince banned since
October figure cement, cooking oil, soap, detergents and bottled
water, the report notes.
For his part, Trade Commission president Jude Destine called the
ban on Dominican products "a plan by the Haitian oligarchy against
the middle class, in order to establish a monopoly of certain
articles on the border," the report relays.
"We must work so that everyone has the opportunity to work and do
business," said Mr. Destine in relation to the ban, the report
discloses.
Haiti Prime Minister Jean Charles Enex called on both lawmakers to
explain the ban of Dominican products in the Chamber of Deputies,
the report adds.
As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's
long-term foreign and local currency Issuer Default Ratings (IDRs)
at 'B+'. The Rating Outlooks on the long-term IDRs are revised to
Positive from Stable. The issue ratings on the Dominican
Republic's senior unsecured foreign and local currency bonds are
affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the
short-term foreign currency IDR at 'B'.
DOMINICAN REPUBLIC: New Export Leadership Pledge Big Plans
----------------------------------------------------------
Dominican Today report that the new president of the Dominican
Exporters Association (ADOEXPO) pledged great efforts to boost
exports and get more companies to market their products and
services abroad.
Alvaro Sousa, who made the promise during a ceremony to present
ADOEXPO's new Board from 2016 to 2018, also pledged support for
small and medium businesses through consultation, advice,
information and statistics, which he affirms will help them trace
viable export plans, according to Dominican Today.
Mr. Sousa said ADOEXPO's plans include professional services to
construction companies, law firms or consultants who move to other
countries to provide services, and expand their customer base, the
report notes.
Mr. Sousa said it's imperative for the country to establish a
National Export Strategy to create a foundation to improve
competitiveness and promote innovation, the report relays.
The business leader also hailed the Presidential Committee on
Exports, noting that he expects the promotion and meetings will
continue, and the proper functioning of the One-stop Export
Window, through which "ADOEXPO/s members can obtain competitive
funding through the newly created Export Bank," the report
discloses.
"We are clear that the Dominican Republic has a huge export
potential and an enviable strategic location. For this reason, we
must continue working hand in hand with the State, in order to
create policies that create a competitive structure within the
various export sectors of the country," the report quoted Mr.
Sousa as saying.
ADOEXPO's board also includes Miguel Vega, Gabriel Roig, Franklin
Le¢n, William Read Ort°z, Eduardo Barcel¢, Luis Espinola, Gabriel
Rodr°guez, Carlos Singer, MÇjico Angeles, Samuel Conde, Karel
Castillo, Luis Concepci¢n, Carlos Gonz†lez and Mario JosÇ Garc°a,
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'.
================================
T R I N I D A D & T O B A G O
================================
TRINIDAD & TOBAGO: 'US$35 Estimate Per Barrel Too High,' CCIC Says
------------------------------------------------------------------
Trinidad Express reports that given the uncertainty in the
economy, Government should have pegged the revised budget at US$30
per barrel instead of US$35.
This is according to Richie Sookhai, president of the Chaguanas
Chamber of Industry and Commerce (CCIC), Trinidad Express notes.
Speaking to the Express following Minister of Finance Colm
Imbert's presentation on the mid-year budget review in Parliament,
Mr. Sookhai said he expected the oil price to have been a lower
estimate, according to the report.
The report relays that Mr. Sookhai said: "I think he should have
gone as low as US$30 just seeing what is happening with the
uncertainty in the market. That would have been a safe figure."
As reported in the Troubled Company Reporter-Latin America on
March 2, 2016, citing Trinidad Express, Prime Minister Dr. Keith
Rowley said that Trinidad and Tobago is "certainly not bankrupt"
but we do have "cash flow" problems.
=================
X X X X X X X X X
=================
LATIN AMERICA: Oil Producers Call for Action to Improve Prices
--------------------------------------------------------------
Nathan Gill and Andrew Willis at Bloomberg News report that oil-
producing countries must take the necessary steps to stabilize the
global crude market in a bid to improve prices, Ecuador Foreign
Minister Guillaume Long said on behalf of Latin American nations
after a gathering in Quito.
Waiting for the market to balance itself would be "catastrophic,"
Ecuador Oil Minister Carlos Pareja said earlier, before the
meeting, according to Bloomberg News.
Ecuador, OPEC's smallest member, hosted the talks ahead of a
summit of producers in Doha, Qatar, on April 17.
"We are going to give a message of support," Mr. Pareja said,
Bloomberg News relays.
Oil has jumped more than 50 percent in New York since falling to a
12-year low in February as producers including Saudi Arabia,
OPEC's biggest member, and Russia propose discussions to freeze
production at January levels, Bloomberg News discloses.
Prices are still down by more than 60 percent from their mid-2014
peak, crimping public finances in countries like Venezuela that
depend on petrodollars for most of their revenue, Bloomberg News
relays.
With output declining everywhere in Latin America from Mexico to
Brazil, the region's stance is more of a plea for action as the
global glut is coming from places like North America, the Middle
East and Russia, Bloomberg News says.
Five Months
Venezuelan Energy Minister Eulogio Del Pino, one of the most vocal
advocates of a freeze, reiterated in Quito his call for OPEC and
non-OPEC nations to seek an oil price "balance," Bloomberg News
notes.
Mr. Del Pino said the Organization of Petroleum Exporting
Countries should wait five months after the Doha meeting before
implementing cuts, Bloomberg News relays.
Colombia, which is not an OPEC member, plans to attend the talks
in Doha but wouldn't support adopting quotas as its output is
already falling, Mines and Energy Minister Maria Gutierrez said,
Bloomberg News discloses.
Doubts were cast on the likelihood of a deal after Saudi Deputy
Crown Prince Mohammed bin Salman said his kingdom should only
freeze output if Iran also did so, Bloomberg News notes.
Meanwhile, Iran is determined to regain market share lost over the
past few years due to sanctions over its nuclear program,
Bloomberg News says.
Kuwait renewed optimism that major producing nations can reach an
agreement after its governor to OPEC, Nawal al-Fezaia, said a
freeze can be reached even without Iran, Bloomberg News adds.
* BOND PRICING: For the Week From April 4 to April 8, 2016
----------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ----
Alpha Star Holding II Lt 8.45 66.477 3/19/2034 EC USD
Andino Investment Holdin 5.36 74.336 11/25/2020 EC USD
Andino Investment Holdin 8.5 37.1 4/10/2018 VE USD
Anton Oilfield Services 11.75 41 10/21/2026 VE USD
Anton Oilfield Services 8.875 19.5 3/29/2017 MN USD
BA-CA Finance Cayman 2 L 8 6.625 12/31/2018 CL USD
BA-CA Finance Cayman Ltd 5.75 69.812 12/1/2034 KY USD
Banco Bilbao Vizcaya Arg 4.375 46.75 4/25/2025 KY USD
Banco BPI SA/Cayman Isla 7.5 61.25 4/3/2017 BR USD
Banco do Brasil SA/Cayma 7.5 45.88 KY USD
Banco do Brasil SA/Cayma 7.5 44.2 KY USD
Banco do Brasil SA/Cayma 10 128.271 12/31/2020 KY USD
Banco do Brasil SA/Cayma 4.625 69.075 3/1/2021 KY USD
Banco Santander Puerto R 7.5 45 4/25/2019 HK USD
BCP Singapore VI Cayman 8.625 68.5 11/1/2018 AE USD
BCP Singapore VI Cayman 0.9551 42.75 12/1/2039 KY USD
CA La Electricidad de Ca 5.93 73.652 11/1/2021 EC USD
Caixa Geral De Depositos 9.5 29.75 4/23/2019 BR USD
China Shanshui Cement Gr 7.375 69.875 1/31/2020 PE USD
China Shanshui Cement Gr 6.5 69.989 12/1/2023 EC USD
China Shanshui Cement Gr 7 47.25 4/21/2020 KY USD
CSN Islands XI Corp 5.93 73.051 1/1/2022 EC USD
CSN Islands XI Corp 10.75 34.639 2/12/2023 BR USD
CSN Islands XII Corp 7 73.33 1/17/2023 CO COP
CSN Islands XII Corp 3.95 61.977 3/15/2022 KY USD
Decimo Primer Fideicomis 6.375 73.875 5/15/2043 CR USD
Decimo Primer Fideicomis 7.7 68.067 7/1/2029 EC USD
Delta Investment Horizon 5.36 75.108 12/30/2020 EC USD
Ecuador Government Domes 7.75 71.389 4/25/2028 EC USD
Ecuador Government Domes 7.75 71.389 4/25/2028 EC USD
Ecuador Government Domes 7.5 65.375 4/3/2017 BR USD
Ecuador Government Domes 6 43.875 4/5/2023 KY USD
Ecuador Government Domes 6.25 73.089 4/6/2017 VE USD
Ecuador Government Domes 6.375 73.835 5/15/2043 CR USD
Ecuador Government Domes 6 31 5/16/2024 VE USD
Ecuador Government Domes 9.75 36.95 5/17/2035 VE USD
Ecuador Government Domes 4.625 69.5 5/21/2023 CN USD
Ecuador Government Domes 8.5 75.01 5/25/2016 CN USD
Ecuador Government Domes 3 74.109 5/26/2020 ID USD
Ecuador Government Domes 8.45 65.784 5/30/2034 EC USD
Ecuador Government Domes 9.25 35 5/7/2028 VE USD
Ecuador Government Domes 4.875 75.819 6/1/2027 KY USD
Ecuador Government Domes 5.75 74.625 6/11/2025 DO USD
Ecuador Government Domes 5.75 74.625 6/11/2025 DO USD
Ecuador Government Domes 7.7 68.164 6/11/2029 EC USD
Ecuador Government Domes 7.7 68.201 6/11/2029 EC USD
Ecuador Government Domes 7.7 68.201 6/11/2029 EC USD
Ecuador Government Domes 8.45 65.975 6/11/2034 EC USD
Ecuador Government Domes 8.45 67.415 6/11/2034 EC USD
Ecuador Government Domes 8.45 67.415 6/11/2034 EC USD
Ecuador Government Domes 7.7 68.158 6/12/2029 EC USD
Ecuador Government Domes 7.7 68.195 6/12/2029 EC USD
Ecuador Government Domes 8.45 67.408 6/12/2034 EC USD
Ecuador Government Domes 8.45 67.408 6/12/2034 EC USD
Ecuador Government Domes 7.75 70.121 6/25/2028 EC USD
Ecuador Government Domes 7.75 71.073 6/25/2028 EC USD
Ecuador Government Domes 7.75 71.073 6/25/2028 EC USD
Ecuador Government Domes 5.125 43.35 6/26/2022 KY USD
Ecuador Government Domes 5.125 44.625 6/26/2022 KY USD
Ecuador Government Domes 7.125 43.5 6/26/2042 KY USD
Ecuador Government Domes 7.125 42 6/26/2042 KY USD
Ecuador Government Domes 5.25 43 6/27/2029 KY USD
Ecuador Government Domes 6.35 31.25 6/30/2021 KY USD
Ecuador Government Domes 6.35 31.5 6/30/2021 KY USD
Ecuador Government Domes 7.7 68.032 7/1/2029 EC USD
Ecuador Government Domes 7.7 68.067 7/1/2029 EC USD
Ecuador Government Domes 8.45 67.291 7/1/2034 EC USD
Ecuador Government Domes 8.45 65.863 7/1/2034 EC USD
Ecuador Government Domes 8.45 67.291 7/1/2034 EC USD
Ecuador Government Domes 13.625 62 8/15/2018 VE USD
Ecuador Government Domes 13.625 45 8/15/2018 VE USD
Ecuador Government Domes 13.625 49.881 8/15/2018 VE USD
Empresa de Telecomunicac 5.64 71.931 12/30/2021 EC USD
Empresa de Telecomunicac 5.42 50 3/28/2019 NO NOK
Empresa Generadora de El 8.25 45.75 4/25/2018 KY BRL
Empresa Generadora de El 4.625 72.512 5/21/2023 CN USD
ESFG International Ltd 5.25 52 4/12/2017 VE USD
General Exploration Part 5.125 34.75 12/15/2017 BR EUR
General Shopping Finance 6.21 71.552 11/25/2023 EC USD
General Shopping Finance 11.75 70.75 4/23/2018 KY USD
Global A&T Electronics L 7.75 69.333 11/7/2028 EC USD
Global A&T Electronics L 5.93 73.359 12/1/2021 EC USD
Global A&T Electronics L 10 62.75 2/1/2019 SG USD
Global A&T Electronics L 8.45 66.646 2/6/2034 EC USD
Gol Finance Inc 6.75 23.75 10/1/2022 KY USD
Gol Finance Inc 8.625 67.75 11/1/2018 AE USD
Gol Finance Inc 4.15 71.5 11/14/2035 KY EUR
Gol Finance Inc 5.25 47.25 3/15/2042 KY USD
Gol Finance Inc 5.375 31.45 4/12/2027 VE USD
Gol Finance Inc 5.5 32.64 4/12/2037 VE USD
Gol Finance Inc 8.25 45.75 4/25/2018 KY BRL
Golden Eagle Retail Grou 6 70.25 10/25/2041 PA USD
Golden Eagle Retail Grou 6.95 65 4/1/2025 KY USD
Greenfields Petroleum Co 12.75 42.4 2/17/2022 VE USD
Honghua Group Ltd 6.5 67.24 11/15/2020 KY USD
Honghua Group Ltd 8.45 66.414 4/2/2034 EC USD
Instituto Costarricense 7.75 69.149 11/8/2028 EC USD
Instituto Costarricense 7.5 51.602 4/15/2031 KY USD
Inversiones Alsacia SA 7.5 46.274 11/6/2018 CN USD
Inversiones Alsacia SA 10 62.75 2/1/2019 SG USD
Inversora Electrica de B 7.5 34 4/25/2019 HK USD
Kaisa Group Holdings Ltd 5.64 70.192 11/25/2021 EC USD
Kaisa Group Holdings Ltd 5.61 68.567 12/1/2022 EC USD
MIE Holdings Corp 7.75 70.495 10/23/2028 EC USD
MIE Holdings Corp 6.21 71.691 11/1/2022 EC USD
MIE Holdings Corp 8 57.65 4/15/2021 KY USD
Mongolian Mining Corp 5.5 36.5 10/23/2020 BR USD
Mongolian Mining Corp 8.875 16 3/29/2017 MN USD
NB Finance Ltd/Cayman Is 7.75 69.111 11/8/2028 EC USD
Newland International Pr 12.75 44.25 2/17/2022 VE USD
Newland International Pr 7 46.125 4/21/2020 KY USD
Noble Holding Internatio 6.625 22 10/1/2022 KY USD
Noble Holding Internatio 5.75 61.11 10/24/2023 BR USD
Noble Holding Internatio 4.125 61.46 11/1/2022 BR USD
Noble Holding Internatio 6 30.75 11/15/2026 VE USD
Noble Holding Internatio 5.93 71.815 11/25/2022 EC USD
Noble Holding Internatio 7.5 46.5 11/6/2018 CN USD
Noble Holding Internatio 7.75 69.371 11/7/2028 EC USD
Noble Holding Internatio 9.875 31.05 11/9/2019 BR USD
Odebrecht Drilling Norbe 7.25 53.375 1/18/2018 KY USD
Odebrecht Drilling Norbe 7.75 69.102 12/19/2028 EC USD
Odebrecht Finance Ltd 7 38.55 BR USD
Odebrecht Finance Ltd 7 39.5 BR USD
Odebrecht Finance Ltd 5.753 1 KY EUR
Odebrecht Finance Ltd 7.75 37.25 10/13/2019 VE USD
Odebrecht Finance Ltd 8.25 35.75 10/13/2024 VE USD
Odebrecht Finance Ltd 9 35.75 11/17/2021 VE USD
Odebrecht Finance Ltd 4 70.666 11/4/2023 AR USD
Odebrecht Finance Ltd 0.9551 42.75 12/1/2039 KY USD
Odebrecht Finance Ltd 7.75 69.102 12/19/2028 EC USD
Odebrecht Finance Ltd 8 74.5 12/20/2049 CN CNY
Odebrecht Finance Ltd 6 33.25 12/9/2020 VE USD
Odebrecht Finance Ltd 3.38 63.175 2/7/2035 KY EUR
Odebrecht Finance Ltd 3.8734 98 3/21/2017 KY USD
Odebrecht Finance Ltd 7 36 3/31/2038 VE USD
Odebrecht Finance Ltd 7.45 53.07 4/15/2027 KY USD
Odebrecht Finance Ltd 6.875 73.411 4/22/2016 CN CNY
Odebrecht Offshore Drill 9.375 37.75 1/13/2034 VE USD
Odebrecht Offshore Drill 6 29.125 10/28/2022 VE USD
Odebrecht Offshore Drill 7.125 65.73 12/15/2021 KY USD
Odebrecht Offshore Drill 7.75 69.066 12/19/2028 EC USD
Oi SA 7 73.33 1/17/2023 CO COP
Oi SA 8 6 12/31/2018 CL USD
Pesquera Exalmar SAA 2.8791 73.715 11/30/2032 CL USD
Pesquera Exalmar SAA 7.65 35.5 4/21/2025 VE USD
Petroleos de Venezuela S 6.25 54.25 KY USD
Petroleos de Venezuela S 8.75 28.25 BR USD
Petroleos de Venezuela S 0.99 43.333 KY EUR
Petroleos de Venezuela S 5.95 50.25 1/30/2018 NO NOK
Petroleos de Venezuela S 7.375 73.5 1/31/2020 PE USD
Petroleos de Venezuela S 5.93 73.967 10/1/2021 EC USD
Petroleos de Venezuela S 6.625 22.375 10/1/2022 KY USD
Petroleos de Venezuela S 5.5 35.59 10/23/2020 BR USD
Petroleos de Venezuela S 4.125 62 11/1/2022 BR USD
Petroleos de Venezuela S 11 70.125 11/13/2020 PE USD
Petroleos de Venezuela S 10 63.75 2/1/2019 SG USD
Petroleos de Venezuela S 10.75 34.125 2/12/2023 BR USD
Petroleos de Venezuela S 6.05 49 3/1/2041 KY USD
Petroleos de Venezuela S 6.8 50 3/15/2038 KY USD
Petroleos de Venezuela S 7.95 55.25 4/1/2045 KY USD
Petroleos de Venezuela S 8 66.25 4/15/2021 KY USD
Polarcus Ltd 7.75 69.371 11/7/2028 EC USD
Provincia del Chaco 6 45 4/5/2023 KY USD
PSOS Finance Ltd 7 41.5 12/1/2018 VE USD
Rabobank Chile 5.25 41.55 6/27/2029 KY USD
Republic of Ecuador Mini 8.45 65.752 5/30/2034 EC USD
Republic of Ecuador Mini 9 37.25 5/7/2023 VE USD
Republic of Ecuador Mini 6.4 72.465 6/12/2024 EC USD
Republic of Ecuador Mini 6.4 72.563 6/12/2024 EC USD
Republic of Ecuador Mini 6.4 72.563 6/12/2024 EC USD
Republic of Ecuador Mini 8.45 65.97 6/12/2034 EC USD
Republic of Ecuador Mini 8.45 67.196 7/17/2034 EC USD
Republic of Ecuador Mini 8.45 65.789 7/17/2034 EC USD
Republic of Ecuador Mini 8.45 67.196 7/17/2034 EC USD
Republic of Ecuador Mini 9.25 36.1 7/20/2020 BR USD
Republic of Ecuador Mini 9.25 38 7/20/2020 BR USD
Republic of Ecuador Mini 7.75 69.949 7/24/2028 EC USD
Republic of Ecuador Mini 7.75 70.932 7/24/2028 EC USD
Republic of Ecuador Mini 7.75 70.932 7/24/2028 EC USD
Republic of Ecuador Mini 9.5 23.375 7/3/2017 PA USD
Republic of Ecuador Mini 9.5 23.375 7/3/2017 PA USD
Republic of Ecuador Mini 4.9 73.401 8/1/2020 KY USD
Republic of Ecuador Mini 7.75 69.885 8/1/2028 EC USD
Republic of Ecuador Mini 7.75 70.899 8/1/2028 EC USD
Republic of Ecuador Mini 7.75 70.899 8/1/2028 EC USD
Republic of Ecuador Mini 6.2 50.923 8/1/2040 KY USD
Republic of Ecuador Mini 12.75 43 8/23/2022 VE USD
Republic of Ecuador Mini 11.95 40.5 8/5/2031 VE USD
Republic of Ecuador Mini 7.7 67.63 9/10/2029 EC USD
Republic of Ecuador Mini 7.7 67.663 9/10/2029 EC USD
Republic of Ecuador Mini 7.7 67.663 9/10/2029 EC USD
Republic of Ecuador Mini 8.45 65.552 9/10/2034 EC USD
Republic of Ecuador Mini 8.45 66.897 9/10/2034 EC USD
Republic of Ecuador Mini 8.45 66.897 9/10/2034 EC USD
Republic of Ecuador Mini 7.75 69.687 9/11/2028 EC USD
Republic of Ecuador Mini 7.75 70.719 9/11/2028 EC USD
Republic of Ecuador Mini 7.75 70.719 9/11/2028 EC USD
Republic of Ecuador Mini 5.625 72.25 9/11/2042 BR USD
Republic of Ecuador Mini 9.75 33.382 9/15/2016 BR BRL
Republic of Ecuador Mini 9.75 33.625 9/15/2016 BR BRL
Republic of Ecuador Mini 9.125 67.887 9/15/2017 VE USD
Republic of Ecuador Mini 9.25 40 9/15/2027 VE USD
Republic of Ecuador Mini 6.875 55.25 9/21/2019 KY USD
Republic of Ecuador Mini 6.875 57 9/21/2019 KY USD
Republic of Ecuador Mini 7.45 45.015 9/25/2019 CN USD
Republic of Ecuador Mini 7.45 45.125 9/25/2019 CN USD
Republic of Ecuador Mini 6.5 58.5 9/26/2017 AR USD
Republic of Ecuador Mini 5.375 61.25 9/26/2024 BR USD
Republic of Ecuador Mini 5.375 53.75 9/26/2024 BR USD
Republic of Ecuador Mini 7.7 67.506 9/30/2029 EC USD
Republic of Ecuador Mini 7.7 68.779 9/30/2029 EC USD
Republic of Ecuador Mini 7.7 68.779 9/30/2029 EC USD
Republic of Ecuador Mini 8.45 65.454 9/30/2034 EC USD
Republic of Ecuador Mini 8.45 66.784 9/30/2034 EC USD
Republic of Ecuador Mini 8.45 66.784 9/30/2034 EC USD
Samarco Mineracao SA 0.719 43 KY EUR
Samarco Mineracao SA 7.75 69.436 10/23/2028 EC USD
Samarco Mineracao SA 11.5 35.375 11/13/2018 CA USD
Samarco Mineracao SA 1.353 73.375 12/17/2017 KY EUR
Samarco Mineracao SA 6.21 68.503 12/30/2023 EC USD
Samarco Mineracao SA 8.45 66.646 2/6/2034 EC USD
Seagate HDD Cayman 7.75 70.495 10/23/2028 EC USD
Seagate HDD Cayman 6.5 69.477 11/25/2024 EC USD
Shelf Drilling Holdings 5.125 34.584 12/15/2017 BR EUR
Shelf Drilling Holdings 8 52.15 4/15/2027 KY USD
Siem Offshore Inc 10 67.99 2/1/2019 SG USD
Siem Offshore Inc 7.5 79.5 3/10/2020 CN USD
Telemar Norte Leste SA 9 68 KY USD
Telemar Norte Leste SA 6.25 50.25 KY USD
Telemar Norte Leste SA 5.75 61.25 10/24/2023 BR USD
Telemar Norte Leste SA 7.75 69.149 11/8/2028 EC USD
Telemar Norte Leste SA 6.875 49 2/6/2018 HK USD
Telemar Norte Leste SA 5.25 43.273 3/21/2019 VE USD
Telemar Norte Leste SA 5.6 45 3/30/2022 AE USD
Transocean Inc 10 55 KY USD
Transocean Inc 9 69.75 KY USD
Transocean Inc 7.25 54 1/18/2018 KY USD
Transocean Inc 4.54 58.625 10/25/2041 PA USD
Transocean Inc 11 70 11/13/2020 PE USD
Transocean Inc 6.75 104.4036 11/5/2021 PY USD
Transocean Inc 7.5 75.375 12/10/2028 PR USD
Transocean Inc 8.45 66.618 2/6/2034 EC USD
US Capital Funding IV Lt 7.75 70.502 4/25/2028 EC USD
US Capital Funding IV Lt 9.75 37.65 5/17/2035 VE USD
Usiminas Commercial Ltd 10 55 KY USD
Usiminas Commercial Ltd 8.45 66.451 3/19/2034 EC USD
USJ Acucar e Alcool SA 6.5 69.901 1/1/2024 EC USD
USJ Acucar e Alcool SA 5.93 73.323 12/30/2022 EC USD
Vale SA 6.21 71.086 1/1/2023 EC USD
Vantage Drilling Interna 9.875 33.25 11/9/2019 BR USD
Venezuela Government Int 6.5 69.654 IE USD
Venezuela Government Int 8.75 30.125 BR USD
Venezuela Government Int 6.75 24.01 10/1/2022 KY USD
Venezuela Government Int 4.3 54.766 10/15/2022 KY USD
Venezuela Government Int 5.5 35.5 10/23/2020 BR USD
Venezuela Government Int 6.5 70.288 11/1/2023 EC USD
Venezuela Government Int 6 31.21 11/15/2026 VE USD
Venezuela Government Int 9 33.9 11/17/2021 VE USD
Venezuela Government Int 8.5 53.55 11/2/2017 VE USD
Venezuela Government Int 8.45 66.477 3/19/2034 EC USD
Venezuela Government Int 7.5 68.052 4/3/2017 BR USD
Venezuela Government Int 6 30.25 5/16/2024 VE USD
Venezuela Government Int 8.5 75.01 5/25/2016 CN USD
Venezuela Government Int 8.45 65.784 5/30/2034 EC USD
Venezuela Government Int 9 12.5 5/31/2017 US CAD
Venezuela Government Int 7.7 68.195 6/12/2029 EC USD
Venezuela Government TIC 8.45 66.414 4/2/2034 EC USD
Venezuela Government TIC 9.5 30.05 4/23/2019 BR USD
Venezuela Government TIC 4.375 41 4/25/2025 KY USD
VRG Linhas Aereas SA 8.1 53.131 12/15/2041 KY USD
VRG Linhas Aereas SA 8.45 66.386 4/2/2034 EC USD
XLIT Ltd 8.5 53 11/2/2017 VE USD
***********
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 * * *