/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/160518.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, May 18, 2016, Vol. 17, No. 97 Headlines A R G E N T I N A ARGENTINA: Agrees to Pay $217MM in Energy Company Arbitration Deal ARGENTINA: DBRS Ups Long-Term Foreign Currency Issuer Rating to B PETROBRAS ARGENTINA: Pampa Energia to Acquire Stake for $892MM TELECOM ARGENTINA: Posts ARS935MM Income for 1Q Ended March 2016 TOYOTA COMPANIA: Moody's Puts Ba3 Rating to ARS130M Debt Issuance YPF SA: Teams Up With Pampa Energia on Argentina Tight Gas Project B R A Z I L CENTRAIS ELETRICAS: Fitch Says Recent Events May Pressure Ratings CYRELA BRAZIL: S&P Revises Outlook to Neg. & Affirms 'BB' Rating PDG COMPANHIA: Moody's Affirms Caa3 Rating on 1st Issuance of CRI C A Y M A N I S L A N D S BLACKSTONE ALTERNATIVE: Shareholders' Final Meeting Set for June 2 CAIS BALESTRA: Shareholders' Final Meeting Set for June 2 CAIS HIGHBRIDGE: Shareholders' Final Meeting Set for June 2 CAIS JAT: Shareholders' Final Meeting Set for June 2 CAIS PAULSON: Shareholders' Final Meeting Set for June 2 CAIS PERELLA: Shareholders' Final Meeting Set for June 2 LIFE PREMIUM: Members' Final Meeting Set for May 23 NAN FUNG: Members' Final Meeting Set for May 31 PORTOLAN PILOT: Members' Final Meeting Set for May 31 ROSFUND, SPC: Members' Final Meeting Set for May 31 VIRGIN (BEL): Members' Final Meeting Set for June 15 WHITE OAK: Members' Final Meeting Set for June 23 ZHG SAVEOPPORTUNITY: Members' Final Meeting Set for June 23 J A M A I C A NATIONAL COMMERCIAL: Completes Guardian Holdings Acquisition M E X I C O GRUPO KUO: S&P Revises Outlook to Stable & Affirms 'BB' CCR GRUPO POSADAS: Fitch Rates Senior Notes Reopening 'B+/RR3' P U E R T O R I C O ADELPHIA COMMUNICATIONS: Extends Exchange Offers Until May 19 LEGAL CREDIT: Case Summary & 20 Largest Unsecured Creditors X X X X X X X X X LATAM: 'Business as Usual' Approach Will See Debt Soar - - - - - ================= A R G E N T I N A ================= ARGENTINA: Agrees to Pay $217MM in Energy Company Arbitration Deal ------------------------------------------------------------------ fortune.com reports that Argentina has agreed to pay $217 million to two energy companies in long-standing arbitration cases stemming from its 2001/02 economic crisis, part of the center- right government's efforts to lure back foreign investors. The country will pay damages to Britain's BG Group, now owned by Royal Dutch Shell, and U.S. firm El Paso Energy, now owned by Kinder Morgan, the Argentine finance ministry said in a statement, according to fortune.com. "Both agreements put an end to the claims and level the way to re- establishing direct investments, particularly from companies coming from the associated countries (Britain and the United States) and in the energy sector," the ministry said, the report notes. The World Bank's International Centre for the Settlement of Investment Disputes (ICSID) had found in favor of both companies in 2014, the report relays. Last month, Argentina returned to global debt markets and paid off 'holdout' creditors, 14 years after a massive sovereign debt default that triggered an exit of investors and a wave of litigation, the report says. New business-friendly President Mauricio Macri hopes closing that painful chapter in the country's history will bring down borrowing costs across Latin America's third-largest economy and attract the investment needed to kick-start growth, the report discloses. The government is keen to move towards energy self-sufficiency and Macri has promised to increase investment in the oil sector, particularly in renewable energy and the sprawling Vaca Muerta shale formation in Patagonia, the report notes. The payment will be via dollar-denominated bonds, the government said, the report adds. ARGENTINA: DBRS Ups Long-Term Foreign Currency Issuer Rating to B ----------------------------------------------------------------- DBRS, Inc. has upgraded Argentina's long-term foreign currency issuer rating from SD to B, and the short-term foreign currency issuer rating from D to R-4. The long-term local currency issuer rating has been upgraded from B (low) to B (high), and the short- term local currency issuer rating has been upgraded from R-5 to R- 4. The trend on all ratings is stable. Following the long-awaited settlement affecting most of Argentina's untendered bonds from the 2001 default, DBRS has also withdrawn its 'D' rating on the long- term foreign currency securities (not restructured), covering securities issued prior to 2002. Argentina's resumption of payments on its foreign law exchange bonds combined with the significant improvement in Argentina's macroeconomic fundamentals since DBRS's last review provide the rationale for the two notch upgrade of the local currency rating and the restoration of the foreign currency rating from SD to B. On May 5, Argentina successfully cleared the interest arrears on its exchange bonds, which had gone into default following the June 2014 ruling of the U.S. Court of Appeals. The Macri administration, elected in December 2015, made a speedy resolution to the default of these bonds a high priority in recognition of Argentina's need for non-inflationary sources of financing. The resolution of the default itself serves as strong evidence of Argentina's increased willingness to meet its debt obligations. In addition, the Macri administration has made extensive changes to Argentina's macroeconomic policy framework, easing convertibility restrictions and moving to a more flexible exchange rate, while tightening domestic policies to gradually reduce inflation and the fiscal deficit. The administration has also moved to reduce taxes and other barriers to trade and investment. Argentina's challenges remain significant, as reflected in a 'B' rating, but net debt remains manageable and the administration appears strongly committed to disinflationary policies. Considerable progress in reducing the fiscal deficit and durably lowering inflation may lead to further upgrades. Similarly, further measures to improve the investment climate and strengthen Argentine institutions could put upward pressure on the ratings. Conversely, a deterioration in political support that prevents the government from reducing imbalances could result in downgrades. Political challenges could intensify in the event of a deeper than expected downturn and material rise in unemployment. Argentina benefits from a diverse economy, an educated population, a highly productive agricultural sector, economic ties with other emerging markets, and abundant natural resources. Real growth has averaged 3.4% over the past twenty years, in spite of the deep, multi-year recession between 1999 and 2002 and the more recent period of stagflation. Argentina exhibits relatively high levels of productivity compared to other emerging economies in the region, with per capita output measured in PPP terms estimated at over 22k (current international dollars). Preferential access to the regional Mercosur market has also been an important strength, though largely self-imposed restrictions have limited the benefits from trade and Brazil's current economic situation lends little support to an Argentine recovery. The change in administration nonetheless puts Argentina in position to expand its ties within the region and capitalize on its strengths. A prolonged period of negative real interest rates has significantly reduced indebtedness, both for the public and the private sector. Several years of primary fiscal surpluses and high levels of participation in the 2005 and 2010 debt exchanges also contributed to the rapid decline in public debt. The central government's deficit has widened in recent years, but financing has come from other public entities, such as the social security administration and the central bank, and net debt remains low. Although limited financial intermediation in the economy acts as a constraint on investment, the low degree of leverage has insulated the Argentine economy from the potentially adverse impact of global financial shocks. In spite of these strengths, fiscal performance has deteriorated significantly over the past half-decade. Utility tariffs have been held stable amid high inflation and public sector employment has increased significantly. Although part of the increase in social spending has likely been helpful in reducing poverty and increasing social mobility, populist spending proposals have jeopardized the government's medium-term solvency and generated a high rate of inflation given the lack of non-inflationary sources of financing. Although the new government and central bank president have already demonstrated a strong commitment to tighter monetary and fiscal policies, the devaluation of the peso and need to increase administrative prices have caused inflation to accelerate. The political cost of achieving durably lower inflation may be significant, particularly if unemployment and labor unrest increase. Continued high inflation is likely to put downward pressure on the peso, with negative consequences for external debt sustainability. The government's ability to reduce its reliance on central bank financing is in turn predicated on increasing its access to private capital. The government has won an important victory in resolving the holdout problem and enabling a return to international capital markets nearly 15 years after Argentina's default. Expected gross financing needs are nonetheless high for the next several years, and authorities will need to deliver sustained progress in reducing Argentina's fiscal deficit. Notwithstanding positive signals from the incoming administration, Argentina suffers from a weak investment climate. Unpredictable tax and regulatory policies have generated significant distortions within the economy. The President has traditionally exercised substantial influence over important domestic institutions, including the central bank and judiciary. The country has generally stable political institutions, which have allowed for a peaceful transition of power, but trust in government officials and in the integrity of core institutions is low. Ongoing investigations into alleged corruption on the part of current and former officials may increase polarization and limit progress on reforms. PETROBRAS ARGENTINA: Pampa Energia to Acquire Stake for $892MM -------------------------------------------------------------- EBR News reports that Brazilian state-run oil company Petroleo Brasileiro (Petrobras) has signed an agreement to divest its 67.19% stake in its Argentina subsidiary to Pampa Energia for $892m. Under the deal, Petrobras will sell its interest in Petrobras Argentina (PESA) held through Petrobras Participaciones (PPSL), according to EBR News. Petrobras Argentina has downstream operations, including refining, petrochemicals and electricity generation, the report notes. The divestment is part of the company's efforts to sell around $14 billion worth of assets in 2016 in a bid to reduce debt and maintain cash amid plunging oil prices, the report relays. As part of the deal, Petrobras will continue operations in the exploration and production segment in Argentina by acquiring 33.6% of the Rio Neuquen concession, which is estimated to have high natural gas production potential in the Neuquen Basin, the report says. Petrobras will also acquire 100% stake of the Colpa Caranda asset, natural gas producing fields in Bolivia, the report discloses. Earlier, Petrobras announced its plan to sell its regional natural gas pipeline subsidiary Nova Transportadora do Sudeste (NTS), the report says. As part of this effort, Petrobras' executive board is negotiating with Canadian asset management firm Brookfield on an exclusive basis for 60 days and may be extended for another 30 days, the report notes. Reuters cited three sources as saying that Brookf°eld has offered $5.2 billion to purchase the Petrobras' gas pipeline division, exceeding the proposals from the Spanish company Gas Natural Fenosa, the French Engie and Mitsui, the report adds. As reported in the Troubled Company Reporter-Latin America on May 9, 2016, S&P Global Ratings affirmed its 'B-' foreign currency global scale corporate rating on Petrobras Argentina S.A. (PESA). The outlook remains stable. TELECOM ARGENTINA: Posts ARS935MM Income for 1Q Ended March 2016 --------------------------------------------------------------- Telecom Argentina disclosed a net income of ARS935 million for the first quarter ended March 31, 2016, or -10.2% when compared to 1Q15. Net income attributable to Telecom Argentina amounted to ARS925 million (-10.0% vs. 1Q15). During 1Q16, Consolidated Revenues increased by 40.4% to ARS12,455 million (+ARS3,583 million vs. 1Q15), mainly fueled by the Fixed Data, Broadband businesses and Mobile Services. Moreover, Operating Income reached ARS1,997 million (+ARS317 million or +18.9% vs. 1Q15). A full text copy of the company's financial report is available free at: https://is.gd/GlUWMv As reported in the Troubled Company Reporter-Latin America on April 25, 2016, Moody's hiked Telecom Argentina S.A.'s Corporate Family Rating to B3 from Caa1 in the global scale. TOYOTA COMPANIA: Moody's Puts Ba3 Rating to ARS130M Debt Issuance ----------------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo S.A. (MLA) assigned a Ba3 global local currency senior debt rating and a Aaa.ar national scale debt rating to Toyota Compania Financiera de Argentina S.A.(TCFA)'s expected issuance up to ARS130 million. The issuance, which will be due in 24 months, is under Toyota's ARS800 million senior unsecured medium term note program. The ratings have stable outlook. These ratings were assigned to Toyota Compa§ia Financiera de Argentina: ARS130 million Senior Unsecured Debt Issuance: Ba3 Global Local Currency Senior Unsecured Debt Rating Aaa.ar Argentina National Scale Local Currency Senior Unsecured Debt Rating RATINGS RATIONALE The Ba3 global local currency senior debt rating is constrained by Argentina's local currency country ceiling for debt of Ba3, and reflects the very high probability that Toyota's ultimate parent, Toyota Motor Corporation (Japan) (Aa3 stable), will support the issuer, whose standalone credit quality is reflected by its b3 BCA. Moody's assessment of a very high probability of parental support considers TCFA's key role as the financial agent for Toyota Corporation in Argentina and its strong commercial and strategic importance to the corporation. Thanks to parental support, the company remains one of the strongest credits in Argentina despite significant credit challenges that constrain TCFA's BCA and its debt ratings relative to global peers. While non-performing loans remain low given the company's focus on middle and high-income individuals, we foresee a potential increase in the market's delinquency levels in the coming quarters. However, the company's loans are well collateralized due to generally conservative underwriting standards as well as the impact of the high rate of inflation, as a consequence of which cars hold their value in nominal terms. The ratings also include the risk associated with a liability structure mainly reliant on market funds, as is the case of other automobile finance companies. These challenges outweigh credit strengths that include strong capitalization levels in addition to low delinquency levels and strong collateralization. WHAT COULD CHANGE THE RATING UP/DOWN The entity's rating could face upward pressure if Argentina's bond rating is upgraded or if Argentina's macro profile rises due to an improvement in the country's economic or institutional strength or a reduction in its susceptibility to event risk. On the other hand, the rating could go down if the probability of affiliate support declines, or if the operating environment deteriorates affecting the entities' business prospects. The principal methodology used in this rating was Banks published in January 2016. Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. Toyota Compania Financiera de Argentina S.A. is headquartered in Buenos Aires, Argentina, with assets of ARS2.36 billion and equity of ARS238 million as of March 2016. YPF SA: Teams Up With Pampa Energia on Argentina Tight Gas Project ------------------------------------------------------------------ platts.com reports that Argentina's YPF SA will buy stakes in two blocks with "high potential" for unconventional natural gas production, entering into a partnership that plans to drill 30 wells over the next three years, the company said. State-run energy company YPF SA said it would acquire the stakes for $140 million from Pampa Energia, the country's biggest electric utility, which finalized a US$892 million acquisition of most of the assets of Brazil's state-run Petrobras in Argentina, according to platts.com. According to the terms of the deal, YPF would get a 33.33% stake in the Rio Neuquen block in the southwestern provinces of Neuquen and Rio Negro, and an 80% stake in Aguada de la Arena in Neuquen. Both blocks are in the Neuquen Basin, the biggest source of conventional gas production in Argentina -- and home to the giant Vaca Muerta shale play, the report notes. YPF SA said it would become the operator of the blocks, which it said have strong potential for finds in shale and tight plays, according to in a filing with the Buenos Aires Stock Exchange, the report relays. YPF SA estimates that the acquisition will gain it 3 million cu m/d of gas production -- and access to "great potential for the development of gas in the Mulichinco, Lajas, Punta Rosada and Vaca Muerta formations," according to the statement, the report notes. Separately, Pampa said it would retain a 33.4% stake in Rio Neuquen and 20% in Aguada de la Arena, while Petrobras would join the consortium to develop Rio Neuquen with a 33.6% stake in that block. Petrobras agreed to pay $72 million for that stake, Pampa said, the report relays. Once the deal is approved, the three companies plan to invest $450 million to drill 30 wells on Rio Neuquen with a goal of doubling production there to 5 million cu m/d in three years, a Pampa spokesman said, the report discloses. "Everybody is saying that there is huge potential for tight gas in Rio Neuquen," the spokesman said on the condition of not being named, the report notes. "That will be the focus of the investment," the spokesman added. Argentina's new right-of-center government of President Mauricio Macri has been seeking to promote gas drilling to arrest a widening deficit, now at about 30% of consumption after a 16% decline in production to 120 million cu m/d from a record 143 million cu m/d in 2004, the report relays. Macri's administration has raised gas prices at the wellhead to an average of $5.20/MMBtu from less than $3.00/MMBtu previously, while also offering incentives of up to $7.50/MMBtu for new developments in unconventional plays, the report notes. As reported in the Troubled Company Reporter - Latin America on March 28, 2016, Fitch upgraded YPF S.A.'s foreign currency long- term issuer default ratings to 'B'. =========== B R A Z I L =========== CENTRAIS ELETRICAS: Fitch Says Recent Events May Pressure Ratings ----------------------------------------------------------------- The Agencia Nacional de Energia Eletrica's (ANEEL) decision against Centrais Eletricas Brasileiras S.A. (Eletrobras; 'BB-'/ Outlook Negative) referring to the reimbursement of approximately BRL 7 billion to the Global Reversion Reserve (RGR) Fund, in addition to the company's failure to file its Form 20-F as required by the U.S. Securities and Exchange Commission (SEC), may put pressure on Eletrobras' ratings, according to Fitch Ratings. On May 10, 2016, ANEEL determined that Eletrobras had failed to return to the RGR Fund the approximately BRL2 billion of loan amortization and financial charges incurred during the period of 1998 to 2011. The regulatory agency also determined that this amount should be adjusted based on the rate of a fund administered by Banco do Brasil S.A., which would be approximately BRL7 billion, and must be paid in 90 days. Eletrobras has stated that it will appeal to the courts seeking annulment of ANEEL's administrative decision. Fitch foresees increasing liquidity risk for Eletrobras in the short term if the RGR reimbursement materializes, as its cash position and cash generation are tight to support such a cash outflow. As of March 2016, Eletrobras' consolidated cash and equivalents amounted to BRL7.2 billion, while latest 12 months EBITDA was negative at BRL 10.9 billion. Total consolidated debt, according to Fitch methodology, was BRL42.8 billion. Eletrobras' failure to file its Form 20-F for 2014 and 2015 may affect the company's ability to fund new debt. The prescribed filing dates were originally April 30, 2015 and 2016, respectively. The delay may result in the delisting of the company's ADRs (American Deposit Receipts) listed on the New York Stock Exchange (NYSE) and is the result of the investigation of alleged bribes involving Eletronuclear - an Eletrobras' subsidiary. Eletrobras' ratings continue to reflect some linkage with the Federal Republic of Brazil's Sovereign rating ('BB'/Outlook Negative). The company is important to the country because of its relevant market share in electricity generation, transmission and distribution, with strong presence in the auctions promoted by the government to reinforce the electric sector in the country. On a standalone basis, Eletrobras' IDRs would be lower due to its still weak consolidated operational cash generation, high capital expenditures program and deteriorated credit metrics.] CYRELA BRAZIL: S&P Revises Outlook to Neg. & Affirms 'BB' Rating ---------------------------------------------------------------- S&P Global Ratings revised its outlook on Cyrela Brazil Realty S.A. Empreendimentos e Participacoes to negative from stable to parallel S&P's outlook on Brazil. At the same time, S&P affirmed its 'BB' global-scale corporate rating and S&P's 'brAA-' national- scale corporate and debt ratings on Cyrela. S&P also affirmed the '3' recovery rating, reflecting its expectation of substantial (the high end of the 70%-90% range) recovery on the company's senior unsecured debt in the event of a default. The outlook revision reflects S&P's view that Cyrela wouldn't be able to withstand a potential sovereign default without defaulting on its obligations. As a result, S&P has capped the ratings on the company at the level of the sovereign rating on Brazil (global scale: BB/Negative/B; Brazil national scale: brAA-/Negative/--). As the homebuilding industry is highly correlated and sensitive to macroeconomic conditions, and because homebuilders are dependent on the banking sector that provides financing both to construction and to homebuyers, we believe that under a sovereign distress, the homebuilders' operations would face significant bottlenecks. S&P applied a stress test to assess the possibility of the company having a higher rating than the sovereign. In this hypothetical scenario, S&P assumes a GDP contraction of 10%, an inflation rate of 17.4%, a basic interest rate of 28.5%, and an unemployment rate of 15% in 2016. In this scenario and with local banks also in distress, S&P would expect a significant drop in demand and much higher sales cancelations, meaningfully affecting Cyrela's cash flow generation. This would result in an EBITDA decrease of 90% versus 2015 and negative funds from operations (FFO) because of the higher cost of debt. S&P also applied a haircut of 70% to the company's cash holdings of domestic marketable securities. Then, even assuming that the company would cut capex and dividend payments, S&P believes that its sources of cash would not be sufficient to cover its cash needs, which led S&P to cap the rating at the same level as the sovereign rating. The negative outlook mirrors the Brazil sovereign rating outlook, reflecting the fact that S&P would downgrade its rating on Cyrela if S&P was to downgrade Brazil. In addition, S&P could downgrade the ratings if the company presents weaker credit metrics such as funds from operations (FFO) to debt below 20%, FFO to cash interest below 2x and debt to capital above 40% during the next 12 months due to weaker-than-expected business conditions that could result in lower sales speed as well as higher sales discounts and cancelations. S&P could revise the outlook to stable from negative if the same rating action is taken on the Brazilian sovereign rating. PDG COMPANHIA: Moody's Affirms Caa3 Rating on 1st Issuance of CRI ----------------------------------------------------------------- Moody's America Latina Ltda. has affirmed the Caa3 (global scale, local currency) and Caa3.br (national scale) ratings of the 15th series of the 1st issuance of real estate certificates (CRI or certificates) issued by PDG Companhia Securitizadora, following the affirmation of the underlying CCB (cedula de credito bancario or bank credit notes) ratings at Caa3/Caa3.br. The real estate certificates are backed by a CCB issued by PDG Realty S.A. Empreendimentos e Participacoes (PDG). This rating action follows Moody's affirmation of PDG's ratings on May 12, 2016. Issuer: PDG Companhia Securitizadora 15th Series / 1st Issuance of Certificates: Affirmed global scale rating at Caa3; Affirmed national scale rating at Caa3.br RATINGS RATIONALE Moody's views the certificates as full pass-through securities of the underlying CCB. Given that the ratings of the 15th series of certificates are primarily based on PDG's ability to make payments under the CCB, any changes in ratings of the underlying CCB will cause a change in the ratings of the CRIs. The ratings affirmation follows PDG announcement the company signed a non-bidding memorandum of understanding with four Brazilian banks for an out-of-court debt restructure of approximately BRL3.7 billion, a process that was initiated in August 2015. The debt restructure comprise approximately BRL1.2 billion in project loans (i.e. SFH debt) and about BRL2.5 billion in corporate debt, collectively representing 60% of PDG's total gross debt outstanding as of FYE2015. Banks have granted the company a 60-day standstill of interest and principal payments while they complete the restructure of all debt agreements. Moody's views this agreement as a distressed exchange. PDG's Caa3/Caa3.br Corporate Family Ratings (CFR) reflect its weak operating performance, untenable capital structure and evolving liquidity profile with significant near-term debt maturities. The ratings also reflect Moody's current view of PDG's consolidated probability of default and expected loss for its debt holders, considering its current capital structure that includes approximately 87% of secured debt and 13% of unsecured debt. The Caa3/Caa3.br ratings of the underlying CCB reflect an expected loss of more than 20% for PDG's senior secured creditors in an event of default. Factors that would lead to an upgrade or downgrade of the ratings: Any changes to the CCB ratings will lead to a change in the ratings assigned to the certificates. ========================== C A Y M A N I S L A N D S ========================== BLACKSTONE ALTERNATIVE: Shareholders' Final Meeting Set for June 2 ------------------------------------------------------------------ The shareholders of Blackstone Alternative Multi-Manager Sub Fund II Ltd. will hold their final meeting on June 2, 2016, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Sean Flynn Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Telephone: (345) 914 6365 CAIS BALESTRA: Shareholders' Final Meeting Set for June 2 --------------------------------------------------------- The shareholders of Cais Balestra Global Ltd. will hold their final meeting on June 2, 2016, at 10:20 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Capital Integration Systems LLC 598 Madison Avenue, 11th Floor New York New York 10022 United States of America Telephone: +1 (212) 202 2972 CAIS HIGHBRIDGE: Shareholders' Final Meeting Set for June 2 ----------------------------------------------------------- The shareholders of Cais Highbridge Capital Institutional Fund Ltd. will hold their final meeting on June 2, 2016, at 10:40 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Capital Integration Systems LLC 598 Madison Avenue, 11th Floor New York New York 10022 United States of America Telephone: +1 (212) 202 2972 CAIS JAT: Shareholders' Final Meeting Set for June 2 ---------------------------------------------------- The shareholders of Cais Jat Capital Offshore Fund Ltd. will hold their final meeting on June 2, 2016, at 10:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Capital Integration Systems LLC 598 Madison Avenue, 11th Floor New York New York 10022 United States of America Telephone: +1 (212) 202 2972 CAIS PAULSON: Shareholders' Final Meeting Set for June 2 -------------------------------------------------------- The shareholders of Cais Paulson International Ltd. will hold their final meeting on June 2, 2016, at 10:10 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Capital Integration Systems LLC 598 Madison Avenue, 11th Floor New York New York 10022 United States of America Telephone: +1 (212) 202 2972 CAIS PERELLA: Shareholders' Final Meeting Set for June 2 -------------------------------------------------------- The shareholders of Cais Perella Weinberg Partners Xerion Offshore Fund Ltd. will hold their final meeting on June 2, 2016, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Capital Integration Systems LLC 598 Madison Avenue, 11th Floor New York New York 10022 United States of America Telephone: +1 (212) 202 2972 e-mail: legal@caisgroup.com LIFE PREMIUM: Members' Final Meeting Set for May 23 --------------------------------------------------- The members of Life Premium Fund, SPC will hold their final meeting on May 23, 2016, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Andrew Morrison FTI Consulting (Cayman) Limited Telephone: +1 (345) 743 6830 Facsimile: +1 (345) 749 6830 NAN FUNG: Members' Final Meeting Set for May 31 ----------------------------------------------- The members of Nan Fung Feeder Fund I will hold their final meeting on May 31, 2016, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Fear P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands Telephone: (345) 814 7364 Facsimile: (345) 945 3902 PORTOLAN PILOT: Members' Final Meeting Set for May 31 ----------------------------------------------------- The members of Portolan Pilot Master Fund, Ltd. will hold their final meeting on May 31, 2016, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Gene Dacosta Telephone: (345) 814 7765 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands ROSFUND, SPC: Members' Final Meeting Set for May 31 --------------------------------------------------- The members of Rosfund, SPC will hold their final meeting on May 31, 2016, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mark Longbottom c/o Camele Burke Duff & Phelps (Cayman) Limited The Harbour Centre 42 North Church Street P.O. Box 10387 Grand Cayman KY1-1004 Cayman Islands Telephone: (345) 623 9904 Facsimile: (345) 943 9900 VIRGIN (BEL): Members' Final Meeting Set for June 15 ---------------------------------------------------- The members of Virgin (Bel) Limited will hold their final meeting on June 15, 2016, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Bronwyn King Harney Westwood & Riegels 3601 Two Exchange Square 8 Connaught Place, Central Hong Kong WHITE OAK: Members' Final Meeting Set for June 23 ------------------------------------------------- The members of White Oak Opportunity Fund, Ltd. will hold their final meeting on June 23, 2016, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Nicola Cowan DMS Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 946 7665 Facsimile: (345) 949 2877 ZHG SAVEOPPORTUNITY: Members' Final Meeting Set for June 23 ----------------------------------------------------------- The members of ZHG Saveopportunity Fund Limited will hold their final meeting on June 23, 2016, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd. c/o Nicola Cowan dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 946 7665 Facsimile: (345) 949 2877 ============= J A M A I C A ============= NATIONAL COMMERCIAL: Completes Guardian Holdings Acquisition ------------------------------------------------------------ RJR News reports that the National Commercial Bank (NCB) has completed the acquisition of the remaining shareholding in Guardian Holdings from the Lok Jack Family, the Ahamad Family, IFC and one of IFC's affiliate entities. The shares amounted to 29.99 per cent, according to RJR News. The beneficial owner of the Guardian Holding shares is NCB's nominee and affiliate, NCB Financial Group, the report notes. The acquisition was completed in Trinidad and Tobago. NCB Group Managing Director Patrick Hylton says the purpose of the acquisition is to drive continued growth and shareholder value, the report adds. As reported in the Troubled Company Reporter-Latin America on Nov. 27, 2015, Standard & Poor's Ratings Services revised its SACP on National Commercial Bank Jamaica Ltd. (NCBJ) to 'b' from 'b+' following the BICRA revision. S&P also affirmed its 'B' long- and 'B' short-term issuer credit ratings on the bank. The outlook remains stable. =========== M E X I C O =========== GRUPO KUO: S&P Revises Outlook to Stable & Affirms 'BB' CCR ----------------------------------------------------------- S&P Global Ratings said that it had revised its outlook to stable from negative on Mexico-based consumer goods, chemicals, and auto parts producer Grupo KUO, S.A.B. de C.V. on improved operating performance. At the same time, S&P affirmed its 'BB' global scale and 'mxA' national scale corporate credit ratings. S&P also affirmed the 'BB' global scale and 'mxA' national scale issue-level rating on the company's senior unsecured notes. The '3' recovery rating on the senior unsecured debt remains unchanged, indicating S&P's expectation for meaningful (upper half of the 50% to 70% range) recovery in the event of payment default. The outlook revision reflects S&P's view that the company has improved its operating performance for the 12 months ended March 31, 2016 mainly driven by: increased sales volume in the transmissions strategic business unit (SBU) due to higher demand for components, high performance transmissions, and dual clutch products, and a better product mix, coupled with lower raw material prices; continued organic growth, demand, and product mix in the aftermarket SBU; the expansion of its pork meat SBU, increasing its sales volume and installed capacity with continued operating efficiencies in spite of lower average prices. In addition to these factors, its polystyrene SBU showed volume growth and the company's EBITDA margins improved through a better product mix and operating efficiencies, in spite of depressed styrene prices. Furthermore, the strength of the U.S. dollar has favorably impacted KUO's results, given that its transmissions and chemical SBUs are dollarized. Consequently, the key credit metrics performance has improved commensurate with S&P's previous expectations and KUO's significant financial risk profile. For the following next two years, S&P believes that the company's operating performance will improve mainly underpinned by the positive prospects for the automotive industry, together with new contracts and a consolidation of its components and transmissions projects in the transmissions SBU. S&P expects aftermarket SBU growth as a result of organic growth and an increase in both its customer and product portfolio. It plans to undertake investments aimed at expanding the pork meat SBU's installed capacity and to expand its store network. S&P expects to see a gradual recovery of prices in the polystyrene SBU and an expansion of its installed capacity. S&P also considers that the company will continue to carry out cost savings initiatives across all business segments to increase profitability. S&P's assessment of KUO's business risk profile as fair reflects S&P's expectation that the company will maintain strong market shares due to its leadership and operating capabilities in all of its business segments. KUO's strategic focus on investing in profitable and value-added businesses, expected diversification of its portfolio through joint ventures (JVs) that match its core businesses (consumer goods, chemicals and auto parts), and the resilient nature of its food business underpin S&P's assessment. However, its business position is counterbalanced by its limited geographic concentration (about 80% of its sales are generated in the North America Free Trade Agreement region), the cyclicality in the auto parts and chemicals businesses, exposure to raw material price volatility, its single-digit operating margins, and a certain amount of exposure to foreign exchange fluctuations (about 70% of debt and some raw materials are denominated in dollars). S&P continues to assess the financial risk profile as significant. For the 12 months ended March 31, 2016, KUO's consolidated debt to EBITDA was 3.1x, funds from operations (FFO) to debt was 19.5%, free operating cash flow (FOCF) to debt was -6.0%, and FFO cash interest coverage was 12.8x, compared with 4.5x, 15.0%, -20.7%, and 3.8x, respectively, during the same period of 2015. S&P notes that the metrics are adjusted to include the dividends received from its JVs (Herdez Del Fuerte and synthetic rubber). S&P expects that the company will continue posting negative FOCF to debt in 2016 and 2017 as a result of significant capex that would be mainly devoted to expansion projects, particularly in the pork meat and transmissions SBUs. S&P assumes 100% of the company's cash in our adjusted debt because S&P believes all of it would be accessible for debt repayment, if necessary. The outlook on Grupo KUO is stable and reflects S&P's expectation that during the next two years, the company will post total debt to EBITDA, FFO to debt, and FFO to interest expenses at about 3.0x, between 22% and 23.5%, and about 4.5x, in line with its financial risk profile. S&P could lower the ratings if KUO's operating performance declines, weakening its financial performance. This could stem from softer economic conditions, or further weakness in raw materials prices, driving the company's total consolidated debt to EBITDA to exceed 4.0x or FFO interest coverage below 4.0x. A ratings upside is somewhat constrained by the company's business risk profile, in particular its geographic concentration and the cyclicality of its automotive and chemicals business segments. However, S&P might consider an upgrade if the company significantly improves its financial risk profile, posting debt to EBITDA below 2.0x or FFO interest coverage above 6.0x. GRUPO POSADAS: Fitch Rates Senior Notes Reopening 'B+/RR3' ---------------------------------------------------------- Fitch Ratings rates Grupo Posadas, S.A.B. de C.V.'s (Posadas) reopening of senior notes due in 2022 for up to $US50 million 'B+/RR3'. Proceeds from the proposed reopening will be used to refinance the company's $US38 million of outstanding notes due in 2017. The additional $US12 million will be used for general corporate purposes. After the payment of the notes due in 2017, the total debt will be comprised of $US400 million senior notes due in 2022. The 'RR3' Recovery Rating assigned to the issuance indicates good recovery prospects given default. 'RR3' rated securities have characteristics consistent with security historically recovering 51%-70% of current principal and related interest. Posadas' ratings are supported by the company's solid business position as a leading hotel chain in Mexico, strong brand equity and operating performance, as well as its multiple hotel formats. Conversely, the ratings are tempered by high leverage, as well as industry cyclicality. Posadas' presence in all major urban and coastal locations in Mexico, consistent product offering and brand image have resulted in occupancy levels that are above the industry average in Mexico. The use of multiple hotel formats allows the company to target domestic and international business travelers of different income levels as well as tourists, diversifying its revenue base. KEY RATING DRIVERS Solid Business Position Posadas ratings are supported by the company's solid business position, strong brand name and multiple hotel formats. Conversely, the ratings are tempered by high leverage, as well as industry cyclicality. Posadas' presence in all major urban and coastal locations in Mexico, consistent product offering and quality brand image have resulted in occupancy levels that are above the industry average in Mexico. Strengthening Operations Posadas operating performance continue to improve since the last two years. RevPAR has increased, particularly in owned and leased hotels; driven by higher ADR and to a lesser extent higher occupancy. System wide occupancy has remained stable, above 65%, although coastal locations have outperformed urban ones, both for managed, as well as owned and leased properties. Furthermore, vacation club sales have improved, as increased occupancy in coastal locations has increased cross-selling opportunities. Capex Funded with Cash Flow Fitch expects higher capex levels reaching up to MXN1,000 million for the next few years mainly related to Club Vacacional projects in Los Cabos and Acapulco as well as the remodeling of rooms. These investments are expected to be funded with internally generated cash flow, which will result in no additional debt for the company. Going forward, Fitch believes Posadas' strategy will be centered mainly on managing hotels, as opposed to owning the properties. New openings should continue for all brands, mainly Fiesta Inn, Fiesta Americana and One, which are mostly under managed and leased formats. Correlation to Economic Cycles The ratings incorporate the industry's high correlation to economic cycles, which negatively affects operating trends in downturns and increases volatility of operating results. The use of multiple hotel formats allows the company to target domestic and international business travelers of different income levels, in addition to tourists, thus diversifying its revenue base. Geographic diversification is limited as Posadas' operations are primarily located in Mexico KEY ASSUMPTIONS Fitch's key assumptions within the rating case for Posadas include: -- Adjusted debt to EBITDAR around 4.5x in the medium term; -- Consolidated EBITDA above MXN1 billion; -- Broadly stable KPIs in the short to medium term; -- Capex funded with internally generated cash flow. RATING SENSITIVITIES Negative Trigger: Negative factors for credit quality could include any weakening of operating trends or decreases in RevPAR that could lead to lower EBITDA and cash flow levels, as well as cash outflows or incurring debt that results in adjusted debt/EBITDAR consistently higher than 5.0x. Positive Trigger: Positive factors of the company's creditworthiness include stable EBITDA generation, consolidating gains in operating indicators and a proven track record of stronger and stable credit metrics, such as adjusted debt/EBITDAR consistently below 4.5x. LIQUIDITY Liquidity is sound. Assuming the repayment of the $US38 million senior notes, the only maturity will be the senior notes due in 2022. Cash balances as of March 31, 2016 were $US92 million. The additional $US12 million will be used for general corporate purposes. As of March 31, 2016 Posadas has no committed credit facilities. Fitch rates Grupo Posadas, S.A.B. de C.V as follows: -- Outstanding $US38 million senior notes due in 2017 'B+/RR3' -- $US400 million senior notes due 2022 'B+/RR3' -- Local and Foreign currency IDRs 'B'; Outlook Stable; -- National scale rating 'BB+(mex)'; Outlook Stable; ====================== P U E R T O R I C O ====================== ADELPHIA COMMUNICATIONS: Extends Exchange Offers Until May 19 ------------------------------------------------------------- ACC Claims Holdings, LLC on May 13 announced the extension of offers to Eligible Holders to exchange (i) class A limited liability company interests of ACC Claims Holdings, LLC for up to all of the outstanding ACC Senior Notes Claims (Class ACC 3) allowed under the Plan of Reorganization, including any post-petition pre-effective date interest and post-effective date interest to and including the extended expiration date of the offers (the "Senior Claims"), against Adelphia Communications Corporation, and (ii) class B limited liability company interests of ACC Claims Holdings, LLC for up to all of the outstanding ACC Trade Claims (Class ACC 4) allowed under the Plan of Reorganization, including any post-petition pre-effective date interest and post-effective date interest to and including the extended expiration date of the offers (the "ACC 4 Claims"), and ACC Other Unsecured Claims (Class ACC 5) allowed under the Plan of Reorganization, including any post-petition pre-effective date interest and post-effective date interest to and including the extended expiration date of the offers (the "ACC 5 Claims" and, together with the ACC 4 Claims, the "Other Claims"; the Senior Claims and the Other Claims, together, the "Claims"), against Adelphia Communications Corporation until 5:00 p.m., New York City time, on Thursday, May 19, 2016. The exchange offers were previously scheduled to expire at 5:00 p.m., New York City time, on Thursday, May 12, 2016. As of 5:00 p.m., New York City time, on Thursday, May 12, 2016, Eligible Holders of $3,991,358,416.00 original principal amount of ACC Senior Notes (as defined in the Plan of Reorganization) outstanding, Eligible Holders of $273,289,582.05 of ACC 4 Claims outstanding and Eligible Holders of $44,646,944.11 of ACC 5 Claims outstanding had validly tendered their Claims pursuant to the exchange offers. ACC Claims Holdings, LLC recognizes that the Claims will continue to accrue post-effective date interest between the original expiration date and the extended expiration date. Therefore, the consideration offered to Eligible Holders will be increased by a corresponding amount. Except as set forth herein, the terms and conditions of the exchange offers remain unchanged. ACC Claims Holdings, LLC reserves the right to further extend the exchange offers prior to the termination of the extended expiration date. ACC Claims Holdings, LLC does not contemplate any such additional extensions of the exchange offers at this time. The exchange offers are being made pursuant to (i) the offers to exchange, dated March 3, 2016, and supplemented and amended on March 9, 2016, March 21, 2016, April 1, 2016, April 8, 2016, April 15, 2016, April 21, 2016, April 29, 2016, May 5, 2016, and on the date hereof and (ii) the related letter of transmittal, dated as of March 3, 2016 and supplemented and amended on March 21, 2016. The exchange offers will only be made, and the offers to exchange and the related letter of transmittal will only be distributed to, holders who complete, execute and return an eligibility form confirming that they are qualified purchasers ("Qualified Purchasers") as defined in Section 2(a)(51)(A) of the Investment Company Act of 1940, as amended (except to the extent waived by the managing member of ACC Claims Holdings, LLC), excluding Benefit Plan Investors (as defined below) (except as provided for and subject to the terms of the exchange offers, as amended), each of which is (x) a qualified institutional buyer within the meaning of Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), (y) an institutional investor that qualifies as an "accredited investor" pursuant to Rule 501(a)(1), (2), (3) or (7) under the Securities Act or (z) not a U.S. person in an offshore transaction, in each case as defined in Regulation S under the Securities Act (such persons, "Eligible Holders"). "Benefit Plan Investor" means a benefit plan investor, as defined in Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and includes (a) an employee benefit plan (as defined in Section 3(3) of Title I of ERISA) that is subject to the fiduciary responsibility provisions of Title I of ERISA, (b) a plan that is subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the "Code"), or (c) any entity whose underlying assets include, or are deemed for purposes of ERISA or the Code to include, "plan assets" by reason of any such employee benefit plan's or plan's investment in the entity. Holders who desire to obtain and complete an eligibility form should either visit the website for this purpose at www.dfking.com/adelphia or call D.F. King & Co., Inc., the information agent and exchange agent for the exchange offers, at (800) 761-6523 (toll-free) or (212) 269-5550 (collect for banks and brokers only). The managing member of ACC Claims Holdings, LLC may, in its sole discretion, waive the restriction on tenders by Benefit Plan Investors. However, the managing member is not required to accept a tender in whole or in part from an investor that is a Benefit Plan Investor, and reserves the right to reject in its complete discretion any tender by a Benefit Plan Investor. About Adelphia Communications Based in Coudersport, Pennsylvania, Adelphia Communications Corporation was once the fifth-biggest cable company. Adelphia served customers in 30 states and Puerto Rico, and offered analog and digital video services, Internet access and other advanced services over its broadband networks. Adelphia collapsed in 2002 after disclosing that founder John Rigas and his family owed $2.3 billion in off-balance-sheet debt on bank loans taken jointly with the company. Mr. Rigas was sentenced to 12 years in prison, while son Timothy 15 years. Adelphia Communications and its more than 200 affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 02-41729) on June 25, 2002. Willkie Farr & Gallagher represented the Debtors in their restructuring effort. PricewaterhouseCoopers served as the Debtors' financial advisor. Kasowitz, Benson, Torres & Friedman LLP and Klee, Tuchin, Bogdanoff & Stern LLP represented the Official Committee of Unsecured Creditors. Adelphia Cablevision Associates of Radnor, L.P., and 20 of its affiliates, collectively known as Rigas-Managed Entities, were entities that were previously held or controlled by members of the Rigas family. In March 2006, the rights and titles to these entities were transferred to certain subsidiaries of Adelphia Cablevision LLC. The RME Debtors filed for Chapter 11 protection (Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-10642) on March 31, 2006. Their cases were jointly administered under Adelphia Communications and its debtor-affiliates' Chapter 11 cases. The Bankruptcy Court confirmed the Debtors' Joint Chapter 11 Plan of Reorganization on Jan. 5, 2007. The Plan became effective on Feb. 13, 2007. The Adelphia Recovery Trust, a Delaware Statutory Trust, was formed pursuant to the Plan. The Trust holds certain litigation claims transferred pursuant to the Plan against various third parties and exists to prosecute the causes of action transferred to it for the benefit of holders of Trust interests. Lawyers at Kasowitz, Benson, Torres & Friedman, LLP (NYC), represent the Adelphia Recovery Trust. LEGAL CREDIT: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Legal Credit Solutions, Inc. 2000 Carr 8177 Suite 26, PBB 106 Guaynabo, PR 00966 Case No.: 16-03685 Chapter 11 Petition Date: May 6, 2016 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Hon. Brian K. Tester Debtor's Counsel: Paul James Hammer, Esq. ESTRELLA, LLC PO BOX 9023596 San Juan, PR 00902 Tel: 787-977-5050 Fax: 787-977-5090 E-mail: phammer@estrellallc.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Mrs. Yahairie Tapia, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/prb16-03685.pdf ================= X X X X X X X X X ================= LATAM: 'Business as Usual' Approach Will See Debt Soar ------------------------------------------------------ Trinidad Express reports that a report by the London-based Commonwealth Secretariat is warning Caribbean countries if they continue on their current development path, by 2050 they will face unmanageable debt, poor growth, and greater socio-economic problems. The report, which was launched at the Fourth Global Biennial Conference on Small States in Seychelles, looks at the current policies and trends in six Caribbean countries, namely Bahamas, Barbados, Jamaica, St Lucia, Grenada, Trinidad and Tobago and Guyana, according to Trinidad Express. Commonwealth ReportTitled, "Achieving a Resilient Future for Small States: Caribbean 2050," the report makes a 34-year projection across different sectors and shows five out of the six countries would have a debt-to-gross domestic product (GDP) above 100 per cent -- dangerous levels if growth continues to lag, Trinidad Express notes. Trinidad Express says that projections also suggest interest expenditure on debt is likely to sap public finances, reducing funds for development and giving rise to greater socio-economic problems. The report warns that the Caribbean faces mounting challenges and unless there are seismic shifts in policy-making, the outlook is stark, Trinidad Express relays. "Sluggish growth, spiralling debt, high youth unemployment, rising crime rates, piecemeal investment and low productivity all pose serious threats to the region's future. Climate change also casts a long shadow; small island developing states are most vulnerable to extreme weather, rising sea levels and diminishing natural resources but lack the funds to plan ahead and minimize risks," the report said, Trinidad Express notes. The report challenges the status quo and sets out policy interventions in targeted areas aimed at tackling persistent barriers to the region's growth, Trinidad Express relays. "This publication offers strategies that seek balance for the Caribbean in the survivability of today and the sustainability of tomorrow," said Commonwealth Deputy Secretary-General Deodat Maharaj, Trinidad Express notes. "We have taken on board current and future threats facing the region, such as lack of competitiveness, human and financial resource constraints, crippling debt and limited access to development finance and put forward practical steps that set out a new trajectory to help realize the full and rich potential of the region," Mr. Maharaj added. The report provides recommendations on productivity, export growth, increasing youth employment and fiscal reform, Trinidad Express notes. The study shows a two per cent a year increase in productivity would have the greatest impact on development and growth among the Caribbean countries profiled, Trinidad Express relays. Trinidad Express discloses that it also indicates that if a regional focus on productivity is combined with policies aimed at stimulating export growth, it is likely growth and debt targets set by governments will be met. The Commonwealth report notes that the islands of the Caribbean have made good progress relative to their short-lived independence, but a number of crises brought about by societal change, natural disasters and economic shocks have created major setbacks, Trinidad Express notes. For example, the region has struggled to make progress on development goals because of the protracted economic downturn. The report attributes the overall decline in economic development to 'a lack of systemic transformation' and calls for policy-driven innovation in partnership with the private sector. It also makes a strong case for deeper regional integration, Trinidad Express relays. "At a time when policy-makers are loathe to look beyond the short term, this book takes a long view of the policy challenges facing the Caribbean and reminds us of what could happen if we do nothing today. In doing so, it also initiates a much-needed dialogue on what might be an alternative scenario, and the social and economic policies that could take us there," said Wendell Samuel, an official from the International Monetary Fund (IMF) attending the conference, Trinidad Express notes. One of the recommendations to free up revenue and boost growth, the report suggests, is for Caribbean governments to actively pursue sustainable energy systems by investing in new technology and improving efficiency, Trinidad Express 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 * * *