/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/160613.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, June 13, 2016, Vol. 17, No. 115 Headlines B R A Z I L BRAZIL: Fiscal Accounts Were a Nasty Surprise to Temer's Team COMPANHIA DE GAS: Fitch Affirms 'BB+' IDR; Outlook Negative COSAN S.A.: Moody's Assigns Ba3 Rating to US500M Proposed Notes TUPY SA: Fitch Affirms 'BB' IDR; Outlook Stable C A Y M A N I S L A N D S AGCF OS SLP: Shareholders' Final Meeting Set for June 27 AGOF OS: Shareholders' Final Meeting Set for June 27 CARNAVAL FDC: Shareholder to Hear Wind-Up Report on June 27 HAVERFORD CAPITAL: Shareholders' Final Meeting Set for June 30 JUESHENG EDUCATION: Shareholders' Final Meeting Set for June 22 KJH INC: Shareholder to Hear Wind-Up Report on June 27 RCM ARIES: Shareholders' Final Meeting Set for June 17 RITCHIE RML: Shareholders' Final Meeting Set for June 17 RITCHIE RSS: Shareholders' Final Meeting Set for June 17 RITCHIE VC: Shareholders' Final Meeting Set for June 17 SGLP HOLDING: Shareholders' Final Meeting Set for June 17 SGLP VENTURES: Shareholders' Final Meeting Set for June 17 WEIBOYI: Shareholders' Final Meeting Set for June 22 C H I L E LATAM AIR: Plans Cuts to A350/787 Orders as Brazil Traffic Slumps D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Industries Clash Over Economy Time Bomb Claim DOMINICAN REPUBLIC: May Prices Climb 0.25%, Paced By Transport M E X I C O OAXACA: Moody's Cuts Issuer Ratings to B1/Baa3.mx P U E R T O R I C O GENERAL MOTRIZ: Seeks to Hire Carrasquillo as Accountant V E N E Z U E L A VENEZUELA: Needs Help to Overcome Crisis, Economist Says X X X X X X X X X * BOND PRICING: For the Week From June 6 to June 10, 2016 - - - - - =========== B R A Z I L =========== BRAZIL: Fiscal Accounts Were a Nasty Surprise to Temer's Team -------------------------------------------------------------- Mario Sergio Lima at Bloomberg News reports that Brazil's fiscal accounts were in worse shape than initially thought after the suspension of Dilma Rousseff, underscoring the challenge facing the country's new economic team, acting President Michel Temer said. "It was surprising, in a negative way, what we encountered," Mr. Temer told the Folha de S. Paulo newspaper in an interview published on its website, according to Bloomberg News. "The fiscal accounts were worse than we imagined, Petrobras was broken, the Postal Office broken, Eletrobras broken, and I still have faced an aggressive campaign against me," he added. Bloomberg News notes that the forecast for this year's budget gap, revised by Finance Minister Henrique Meirelles to a record BRL170 billion ($49.7 billion), forced Temer's team to propose a cap on the increase in spending for next year to control Brazil's growing debt. The spending bill is expected to be presented at Congress next week. The size of the deficit was the worst surprise Temer found when he took over, he told Folha, Bloomberg News says. The interview marked Temer's first month in office, a period he said "has been a war," albeit one successful in restoring relationships with Congress and re-establishing investors' confidence in Latin America's largest economy, Bloomberg News discloses. His first days in charge were also marked by crisis as two ministers left their posts after allegations that they planned to thwart Brazil's long-running Carwash corruption probe, which has implicated state-run oil company Petrobras, large construction companies and politicians in kickbacks, Bloomberg News notes. Bloomberg New recalls that President Rousseff was suspended on May 12 and faces an impeachment trial in the Senate. To be fully removed, Brazil's first woman president must have at least 54 of 81 senators vote against her when the final impeachment ruling is set, Bloomberg News notes. The vote is expected to happen by mid- August. If less than 54 senators vote for her removal, Rousseff could be returned to office, Bloomberg News adds. 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. COMPANHIA DE GAS: Fitch Affirms 'BB+' IDR; Outlook Negative ----------------------------------------------------------- Fitch Ratings has affirmed Companhia de Gas de Sao Paulo's Foreign Currency Long-Term Issuer Default Rating (FC IDR) at 'BB+', Local Currency IDR (LC IDR) at 'BBB-' and National Scale Long-Term Rating at 'AAA(bra)'. The Rating Outlook is Negative for the FC IDR and Stable for the LC IDR and National Scale Rating. KEY RATING DRIVERS Comgas' ratings reflect the sound fundamentals of its natural gas distribution business and track record of robust financial profile, supported by reduced leverage, adequate financial flexibility and relevant cash flow from operations (CFFO). Comgas' growth perspectives are favorable over the medium and long term supported by the expectation of expansion in its gas distribution network and above-average demand predictability compared with other sectors of the economy, without considering gas supply to thermal plants. Comgas' credit profile benefits from its long-term concession contract, which includes pass-through clauses regarding non- manageable cost variations. The contract's clauses have enabled the company to sustain its EBITDA generation at adequate levels. Comgas operates within an important region in the State of Sao Paulo with a diversified gas supply infrastructure that reduces the operating and concentration risks of one single supplier. In addition, its more diversified client base within different segments compared with peers is viewed as positive. Fitch's assessment considered the fact of Comgas as part of Cosan group in which the company's main shareholder is Cosan S.A. Industria e Comercio (Foreign and Local Currency IDRs 'BB+' and National Scale Long-Term Rating 'AA+(bra)' - Negative Outlook for the FC IDR and Stable Outlook for the LC IDR and National Scale Rating. Despite the existing debt of its main shareholder, the group's access to Comgas' cash is limited to dividend distribution given its concession condition. Robust Cash Generation to Remain Comgas has been efficient in sustaining favorable net revenue combined with increasing EBITDA generation. During the latest 12 months (LTM) ended March 2016, the company's net revenue was BRL6.1 billion, not including construction revenue, supported mainly by the positive tariff readjustments, despite the 5% reduction in volume billed when compared to 2014, excluding thermo power segment demand. During 2015 and 2014, the company's net revenue on the same basis was BRL6.2 billion and BRL5.8 billion, respectively. For the LTM, company's robust normalized EBITDA was BRL1.4 billion. The normalized EBITDA is adjusted with costs incurred higher or lower as estimated within the concession contract which will be later incorporated on the tariff. Conservative Financial Profile Fitch's expectation is that Comgas will be able to maintain its conservative financial profile, with maximum gross leverage of 3.0x and net leverage up to 2.0x, as it develops its operations. By the end of March 2016, the company's gross and net leverage were 2.3x and 1.6x, respectively, considering the normalized EBITDA. These ratios were 2.3x and 0.9x in 2015, and averaged 2.2x and 1.5x during the 2012-2015 period. If adjusting the calculation for net leverage excluding the available cash of BRL689 million of balance relative to a litigation with Transpetro, Comgas' net adjusted debt-to-normalized EBITDA would remain conservative at 2.0x. Considering IFRS standards, Comgas' EBITDA was BRL1.8 billion in the LTM ended March 31, 2016, with gross leverage at 1.8x, while net leverage was 1.2x. Weak Macroeconomic Scenario Impacts Volume Billed Fitch estimates Comgas' volume billed to further decrease within the industrial segment by 5% and by 4% considering all segments (excluding thermos power segment demand) during 2016. A gradual recovery may occur starting in 2017. Comgas' lower volume billed during the LTM ended March 2016 has been mainly affected by the weak macroeconomic environment within industrial clients. The company's efforts in increasing its distribution network, operating margin adjustments and stronger cost and expenses control have offset the lower volume billed in the period and sustained its EBITDA generation. Expected Negative FCF Fitch estimates Comgas' planned strong capex and dividends distribution to pressure its free cash flow (FCF) into moderate negative figures. The company's dividend payment is to partially support debt service of its main shareholder Cosan. During the LTM March 31, 2016, Comgas' strong cash flow from operations (CFFO) of BRL1.8 billion resulted in negative FCF of BRL470 million after capex of BRL492 million and robust dividends distribution of BRL1.8 billion in the period, impacted by the strong distribution of BRL1.2 billion in the first quarter of 2016 (1Q16). The agency forecasts dividends of BRL1.4 billion in 2016 and to range from BRL400 million-BRL550 million until 2020. In addition, Fitch will closely monitor the future volumes of dividend payments, as the amount paid recently was significant. The company's CFFO remained strong even when excluding the benefit of positive working capital of approximately BRL566 million due to Comgas' unrealized payments between March - September 2015 to Transpetro due to legal dispute regarding gas supplied pricing policy. Adequate Operating Efficiency Comgas has been efficient in managing its investments and sustaining the competitiveness of its natural gas price against alternatives power sources, mainly within the industrial and commercial segments. The maintenance of this scenario is a concern as it also depends on cost variations, such as the gas purchased price, which the company cannot control. Fitch considers Comgas' moderate regulatory risk and its track record of tariff reviews and adjustments has been satisfactory. Comgas has the challenge of expanding its client base, mainly in the residential segment, so as to mitigate the estimated lower volume billed in the industrial segment given the unfavorable macroeconomic environment. Manageable Operating Risks In Fitch's view, Comgas' operations present manageable operating risks. The company is exposed to the risk of a single supplier under contracts with take-or-pay and ship-or-pay clauses. Fitch estimates that the end of one of its supplying contracts with Petrobras by July 2019, relative to the gas originated in Bolivia, should be renewed directly or indirectly with the Bolivian government. The expectation is also that the supply concentration of gas from Bolivia should reduce in the next few years as Brazil increases the gas exploration infrastructure of its own proven reserves. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for Comgas include: -- Decrease in the company's total natural gas volume billed (excluding thermo power generation segment) by 4% in 2016 and moderate growth onwards; -- Payout dividend ratio of approximately 209% in 2016 and 84% on average between 2017-2020; -- Annual average capex of approximately BRL600 million between 2016-2020. RATING SENSITIVITIES Future developments which can, individually or collectively, lead to a negative rating action include: -- Expectation of sustainable increase in net leverage to above 2.5x; -- Fitch's perception of regulatory or gas supply risk deterioration. -- Further downgrade of the sovereign rating would also trigger a downgrade on the FC IDR. Future developments which can, individually or collectively, lead to a positive rating action include: -- Strengthening of the macroeconomic environment; -- Perception of lower regulatory risks. LIQUIDITY Comgas' credit profile benefits from its adequate liquidity and lengthened debt maturity which supports its comfortable financial flexibility. The company's balance of cash and equivalents of BRL1 billion represented comfortable coverage of its short-term debt of BRL557 million by 1.8x at March 2016. Nevertheless, Comgas' liquidity incorporates BRL689 million of unrealized payments to its supplier of natural gas (Transpetro), given litigation on the price of gas supplied between October 2014 and September 2015. Excluding this amount from the cash balance, its cash/short-term debt coverage ratio weakens to 0.6x. Comgas has some flexibility regarding its aggressive dividends policy with a track record of substantial payout ratio during the last four years. Fitch believes the company would sustain its adequate capital structure by adjusting dividends distribution, if necessary. FULL LIST OF RATING ACTIONS Fitch has affirmed these ratings: Comgas -- Long-Term Foreign Currency IDR at 'BB+'; -- Long-Term Local Currency IDR at 'BBB-'; -- National Long-Term Rating at 'AAA(bra)'. The Rating Outlook is Negative for the FC IDR and Stable for the LC IDR and the National Scale Rating. COSAN S.A.: Moody's Assigns Ba3 Rating to US500M Proposed Notes --------------------------------------------------------------- Moody's Investors Service assigned a Ba3 foreign currency rating to Cosan's proposed $US 500 million notes due 2027 to be issued by Cosan Luxembourg S.A. and irrevocably and unconditionally guaranteed by Cosan S.A. industria e Comercio ("Cosan"). The deal is part of Cosan's liability management strategy and net proceeds will be mainly used to tender part of the company's existing notes due 2018 and 2023 and for general corporate purposes. The outlook for the rating is negative. The rating of the proposed notes assumes that the final transaction documents will not be materially different from draft legal documentation reviewed by Moody's to date and assume that these agreements are legally valid, binding and enforceable. Ratings assigned: Issuer: Cosan Luxembourg S.A.: -- Proposed $US500 million senior unsecured notes due 2027: Ba3 (foreign currency) The outlook for the rating is negative. RATINGS RATIONALE Moody's said, "Cosan's Ba2 corporate family rating reflects the group's aggregate credit risk, and is supported by the company's diversified portfolio of businesses, including the entire sugar- ethanol chain, fuel and gas distribution, lubes and land management in Brazil, and its adequate liquidity profile. The company's diversification, especially towards resilient businesses such as the fuel and gas distribution, translates into a stable cash source over the long-term. Moreover, we expect Raizen and Comgas to distribute a significant amount of dividends over the next several years, which will be the primarily liquidity source to service Cosan's obligations. "Constraining the ratings is Cosan's acquisitive growth history and likely high dividends upstream to Cosan Limited -- although the company is expected to generate enough cash to fund those dividends and reduce leverage. Although this acquisitive history translated into diversification, it also pressured leverage ratios over the last several years. Moreover, even though Cosan no longer proportionally consolidates its stake in Raizen, we continue to incorporate Raizen's strengths, including its strong cash generation, and risks, such as the exposure to the underlying volatility of the sugar-ethanol business, in Cosan's ratings." The proposed notes were rated Ba3, one notch below Cosan's corporate family rating to reflect the structural subordination of Cosan's debt relative to the operating companies, namely Raizen and Comgas. The deal is part of Cosan's liability management strategy and proceeds from the transaction will be used to tender part of the company's outstanding notes due 2018 and 2023, thus lengthening the company's debt amortization schedule. Draft legal documentation anticipates that if and when a proposed spin-off of Comgas to a new holding (Comgas Holding) is completed there will be a substitution of issuer (and guarantor), from Cosan Luxembourg S.A. (guaranteed by Cosan S.A.) to Comg†s Holding (guaranteed by Comgas Holdings or Comgas). Upon the conclusion of a possible spin-off the ratings for the notes would be reassessed to reflect this new guarantee structure. The substitution might occur within 36 months from the issue date, otherwise Cosan S.A. will remain as guarantor of the notes. The negative outlook on Cosan's ratings mirrors the negative outlook on its two main subsidiaries, Ra°zen and Comgas. A downgrade of Cosan's ratings could result from further negative rating actions on Comgas or Raizen or if liquidity deteriorates. In addition, the ratings could be downgraded if total adjusted debt to EBITDA is sustained above 4.0x. Although unlikely in the near term, Cosan's ratings could be upgraded if the company is able to reduce leverage to levels below 3.2x while maintaining an adequate liquidity profile. An upgrade of Raizen or Comgas ratings would put positive pressure on Cosan's ratings. (All pro-forma ratios including Raizen figures). Headquartered in Sao Paulo, Cosan S.A. Industria e Comercio has a 50% stake in Raizen (Ba1/Aaa.br negative) and a 61.3% stake in Comgas (Ba2/Aa1.br negative). With annual revenue of BRL 74.1 billion (approximately $US 21 billion) as of March 2016, Ra°zen is one of the global leading players in the sugar-ethanol segment with an installed crushing capacity of 68 million tons and also the third largest Brazilian fuel distributor, operating 5,809 gas stations, mainly under the Shell brand name. Comgas, with revenues of approximately BRL 6.5 billion (approximately $US 1.8 billion) in the same period, is Brazil's largest gas distributor, providing natural gas to industrial, residential, commercial, automotive, thermal-power generation and co-generation consumers. The company benefits from an attractive concession area strategically located in one of the most densely populated and economically robust regions in the country. Additionally, Cosan produces and distributes automotive lubricants and base oil under the Mobil brand name and has a 37.7% stake in Radar, a land management company with interests in agricultural properties. In the last twelve months ended March 2016 Cosan's net sales reached BRL 8.5 billion (approximately $US 2.4 billion). TUPY SA: Fitch Affirms 'BB' IDR; Outlook Stable ----------------------------------------------- Fitch Ratings has affirmed Tupy S.A.'s Foreign and Local Currency Long-Term Issuer Default Ratings (IDRs) at 'BB' and Long-Term National Scale Rating at 'AA(bra)'. At the same time, Fitch has affirmed Tupy Overseas S.A.'s USD350 million senior unsecured notes due 2024 at 'BB'. The Rating Outlook for the corporate ratings is Stable. KEY RATING DRIVERS Tupy's ratings reflect its capacity to continue generating adequate operational cash flows even during unfavorable macroeconomic environments, such as the current depressed automotive market in Brazil. Tupy has been benefited by approximately 80% of its revenues from the external market, resulting in higher stability in revenues and margins, and historically presented positive free cash flow (FCF). The ratings also incorporate Tupy's conservative capital structure and comfortable liquidity, as well as its leading position in the global engine blocks and cylinder heads manufacturing over the last years. High operating flexibility to rapidly adjust to demand fluctuations allows the company to maintain resilient operating margins through cycles. Tupy's ratings are somehow constrained by its relatively low scale and still limited geographic diversification when compared to other global auto part companies and by the high cyclicality and competitive environment of the automotive industry. The high concentration in the U.S. market is a concern, as a potential contraction in this market could negatively impact Tupy's performance. Also factored into the ratings is the challenging scenario in the Brazilian economy and the domestic auto sector, which are not expected to improve materially in the near term. Limited Geographic Diversification and High Value-Added Products Tupy's credit profile benefits from its international footprint and high value-add of its products. In a volatile and cyclical industry as the automotive, these attributes play an important role to support cash flow generation. As of the latest 12 months (LTM) ended March 31, 2016, 82% of BRL3.5 billion in sales (USD976 million) were in hard currency from almost 50 countries. Nevertheless, the 61% concentrated in the U.S. market in the LTM ended March 2016 is considered high. Market share is estimated by the company at 43% in the Americas, 7% in Europe, and 25% in the Western hemisphere. The company produces cast iron parts with a positive wide application in the industry, ranging from light vehicles, trucks, buses, agricultural and construction machineries as well as hydraulics for industrial and engineering applications. Its cast engine blocks and cylinder heads have high value-add as they involve high technology to produce and are key to automakers. Since original equipment manufactory (OEM) predominantly have only one or two suppliers of engine blocks and cylinder heads, switching costs are high, resulting in a mutual reliance between the two. Conservative Capital Structure Fitch expects Tupy to maintain an adequate capital structure over the next few years, with net leverage below 2.0x. As of the LTM ended March 31, 2016, the company reported a gross leverage of 3.9x, which favorably compares to 4.2x reported in both 2015 and 2014. Net leverage reached 1.3x in the same period, improving from the 1.6x registered in both 2015 and 2014 as Tupy was able to use its positive FCF to reduce overall debt while keeping EBITDA stable. Positive FCF to Continue Fitch forecasts Tupy will continue to generate positive FCF over the next three years. The agency estimates that the slowdown in domestic sales will be offset by the growth in exports, while maintain capex at historical lows and dividends at 50% pay out rate. As of the LTM ended March 31, 2016, the company reported funds from operations (FFO) of BRL318 million, which unfavorably compares to the BRL400 million-BRL500 million presented in 2013- 2015 period. Lower volumes and the learning curve of transferred assembly lines, as well as some severance payments were the main reasons for the FFO decline. However, the BRL200 million working capital inflow led cash flow from operations (CFFO) to BRL519 million, which was enough to cover capex of BRL145 million and dividends of BRL107 million, resulting in a positive FCF of BRL266 million. Tupy has been efficient in supporting its operating margins at adequate levels. In March 2016 (LTM), EBITDA of BRL590 million represented an EBITDA margin of 16.9%, in line with previous years despite the adverse domestic environment. Fitch expects EBITDA margin to range 14%-19% in the coming years. Potential Threat from Aluminum Fitch believes Tupy will continue to experience competition from aluminum engine blocks in the light vehicle segment. Fitch forecasts that Tupy will lose approximately 2%-3% of revenues over the next four to five years due to aluminum shifts from customers. Overall, the agency estimates that 4%-5% of revenues are somehow threatened by aluminum. On the other hand, its cast iron and compact graphite iron (CGI) parts will continue to prevail in the light to heavy commercial vehicles, which represent 80% of the company's revenues as of the LTM ended March 31, 2016. All in all, Fitch believes the two metals will co-exist for a long period of time and that changes favoring one or the other in the small- engine segment will be gradual given the long term contracts. KEY ASSUMPTIONS -- Domestic market revenues dropping 14% and 8% in 2016 and 2017; -- External revenues growing 2% in 2016 and relatively flat in 2017; -- EBITDA margin of 14% and 17% in 2016 and 2017; -- Capital expenditures of BRL300 million in 2016 and 2017 combined; -- Dividends payout rate of 50%; and -- No major acquisitions in the near term. RATING SENSITIVITIES Future developments that may individually or collectively lead to a negative rating action include: -- Severe decline in the American auto production that reduces demand for Tupy's products; -- Net leverage consistently above 2.0x; -- FCF turning negative, eroding company's liquidity; -- Advance of aluminum leading Tupy to lose contracts. Positive rating actions are unlikely in the medium term due to Tupy's cyclical and volatile industry characteristics, still moderate scale compared to large players and geographic diversification, and depressed automotive market in Brazil. LIQUIDITY Fitch expects Tupy to keep robust liquidity in the next three years as part of its conservative financial policy. On March 31, 2016, company's cash position of BRL1.5 billion covered 3.4x the short-term debt of BRL443 million. Tupy's short-term debt coverage jumps to 4.6x when CFFO is added to cash. Short-term debt is mostly related to trade finance, funding company's exports. Following the successful bond issuance in July 2014, Tupy substantially improved its debt amortization schedule. The current cash position is enough to cover total debt maturities until 2023. FULL LIST OF RATING ACTIONS Fitch has affirmed these ratings: Tupy S.A. -- Long-Term Foreign Currency Issuer Default Ratings (IDRs) at 'BB'; -- Long-Term Local currency IDRs at 'BB'; -- Long-term national scale rating at 'AA(bra)'; Tupy Overseas S.A. -- USD350 million senior notes, guaranteed by Tupy, due in 2024, at 'BB'. The Rating Outlook for the corporate ratings is Stable. ========================== C A Y M A N I S L A N D S ========================== AGCF OS SLP: Shareholders' Final Meeting Set for June 27 -------------------------------------------------------- The shareholders of AGCF OS SLP, Ltd. will hold their final meeting on June 27, 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: Alden Global Capital LLC c/o Tim Cone Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 AGOF OS: Shareholders' Final Meeting Set for June 27 ---------------------------------------------------- The shareholders of AGOF OS SLP, Ltd. will hold their final meeting on June 27, 2016, at 10:05 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Alden Global Capital LLC c/o Tim Cone Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 CARNAVAL FDC: Shareholder to Hear Wind-Up Report on June 27 ----------------------------------------------------------- The shareholder of Carnaval F.D.C. will hear on June 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694 Grand Cayman Cayman Islands Telephone: 949 8666 Facsimile: 949 0626 HAVERFORD CAPITAL: Shareholders' Final Meeting Set for June 30 -------------------------------------------------------------- The shareholders of Haverford Capital Partners (Cayman) Limited will hold their final meeting on June 30, 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: Ken Stewart c/o Apex Fund Services (Cayman) Limited P.O. Box 10085 161a Artillery Court Grand Cayman, KY1 1001 Cayman Islands JUESHENG EDUCATION: Shareholders' Final Meeting Set for June 22 --------------------------------------------------------------- The shareholders of Juesheng Education Group Ltd. will hold their final meeting on June 22, 2016, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Zheng Dai Building No.106 Lize Xiyuan Yiqu Chaoyang District Beijing PRC c/o Simon Courtney Telephone: + 1 345 943 7700 KJH INC: Shareholder to Hear Wind-Up Report on June 27 ------------------------------------------------------ The shareholder of KJH Inc. will hear on June 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Commerce Corporate Services Limited P.O. Box 694 Grand Cayman Cayman Islands Telephone: 949 8666 Facsimile: 949 0626 RCM ARIES: Shareholders' Final Meeting Set for June 17 ------------------------------------------------------ The shareholders of RCM Aries Holdings, Ltd. will hold their final meeting on June 17, 2016, at 11:30 a.m., to receive 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 RITCHIE RML: Shareholders' Final Meeting Set for June 17 -------------------------------------------------------- The shareholders of Ritchie RML Capital II, Ltd. will hold their final meeting on June 17, 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: Avalon Ltd. Landmark Square, 1st Floor 64 Earth Close P.O. Box 715 Grand Cayman KY1-1107 Cayman Islands Facsimile: +1 (345) 769-9351 RITCHIE RSS: Shareholders' Final Meeting Set for June 17 -------------------------------------------------------- The shareholders of Ritchie RSS Ventures, Ltd. will hold their final meeting on June 17, 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: Avalon Ltd. Landmark Square, 1st Floor 64 Earth Close P.O. Box 715 Grand Cayman KY1-1107 Cayman Islands Facsimile: +1 (345) 769-9351 RITCHIE VC: Shareholders' Final Meeting Set for June 17 ------------------------------------------------------- The shareholders of Ritchie VC, Ltd. will hold their final meeting on June 17, 2016, at 12:00 noon, to receive 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 SGLP HOLDING: Shareholders' Final Meeting Set for June 17 --------------------------------------------------------- The shareholders of SGLP Holding, Ltd. will hold their final meeting on June 17, 2016, at 12:30 p.m., to receive 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 SGLP VENTURES: Shareholders' Final Meeting Set for June 17 ---------------------------------------------------------- The shareholders of SGLP Ventures, Ltd. will hold their final meeting on June 17, 2016, at 10:00 p.m., to receive 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 WEIBOYI: Shareholders' Final Meeting Set for June 22 ---------------------------------------------------- The shareholders of Weiboyi will hold their final meeting on June 22, 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: Yang Xu Grain Management Building Huanglu Town Nanzhao County, Henan Province PRC c/o Mr. Simon Courtney Telephone: +1 (345) 943 7700 ========= C H I L E ========= LATAM AIR: Plans Cuts to A350/787 Orders as Brazil Traffic Slumps ----------------------------------------------------------------- Benjamin D Katz at Bloomberg News reports that Latam Airlines Group SA, the biggest carrier in South America, said a slump in Brazilian traffic means it's likely to cancel or delay some of the 53 wide-body jet orders placed by constituent units before a 2012 merger. Latam is reviewing some of the 27 Airbus Group SE A350s going to Sao Paulo-based TAM and 26 Boeing Co. 787 Dreamliners for Chilean arm Lan, which created the group through a takeover of its Brazilian rival, according to Bloomberg News. The lease of a further six 787s from Aercap Holdings NV could also be at risk. "Tam bought the A350 10 years ago and we bought the 787 seven years ago," Latam Chief Executive Officer Enrique Cueto said in an interview, adding that Latam had expected Brazil's economy to grow about 4 percent a year, when it's actually shrinking by that degree, Bloomberg News notes. With approximately 150 aircraft currently deployed in Latin America's most populous nation, Latam needs to shrink the fleet there about 10 percent this year to match capacity to demand, with a 2 percent cut due in 2017, he said, Bloomberg News relays. The airline's American depositary receipts dropped 3.6 percent to $6.35 on June 10 at 1:33 p.m. in New York after tumbling as much as 4 percent for the biggest intraday decline in a month. Gol, Azul Cuts Bloomberg News says that the company isn't alone in paring its exposure to Brazil after two years of recession. The country's other main carriers, Gol Linhas Aereas Inteligentes SA and Azul Linhas Aereas Brasileiras SA, are planning to get rid of 53 aircraft this year, Bloomberg News notes. While most will be narrow-bodies, that's still more than the total fleet of fourth- ranked Avianca Brasil, Bloomberg News relays. Lan has so far taken 10 of 14 ordered 787-8s and five of 12 larger 787-9s, according to Boeing. TAM received the first of three delivered A350-900s out of 15 on order in December and is due to take 12 -1000 variants from 2019, Bloomberg News notes. Latam said separately that the remaining 787-8s have been upgraded to the bigger variant, while the Aercap lease deal covers six 787- 9s, also at Lan, Bloomberg News relays. It's not clear whether the remaining Airbus planes are more vulnerable to cancellation, or if surplus A350s could be deployed away from Brazil and the 787 order cut, Bloomberg News notes. Boeing and Airbus referred calls regarding the jets to Latam. $3 Billion Target Bloomberg News says that TAM's passenger tally in the Brazilian domestic market fell 10.3 percent in the first five months of 2016 to 12.5 million, Latam said, while Lan's total in Chile, Peru, Argentina, Ecuador and Colombia rose 7 percent to 8.6 million and international traffic advanced 6.8 percent to 5.8 million. Latam has said it will trim its aircraft assets by as much as $3 billion by 2018 by renegotiating orders, selling planes and letting leases lapse, Bloomberg News notes. Bloomberg News relays that Mr. Cueto, speaking in Dublin, said planned joint ventures with American Airlines Group Inc. and British Airways parent IAG SA will help level the playing field with richer rivals including the three top Persian Gulf carriers. Gaining approval for the closest possible level of cooperation between airlines from jurisdictions that cap outside holdings will take another year, he said. "When you get British Airways and American Airlines and Iberia you get the connections that they have and we can offer something to our passengers that alone would be impossible," the CEO said, Bloomberg News added. As reported in the Troubled Company Reporter-Latin America on May 5, 2016, Moody's Investors Service has downgraded the corporate family rating of LATAM Airlines Group S.A to B1 from Ba2. At the same time, Moody's downgraded to B2 from Ba3 the foreign currency rating assigned to its USD500 million senior unsecured notes due in 2020. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Industries Clash Over Economy Time Bomb Claim ----------------------------------------------------------------- Dominican Today reports that government spokesman Roberto Rodriguez Marchena scoffed at a Dominican Industries Association (AIRD) executive's claim that the country's economy and macroeconomic stability are on the verge of collapse. "How can you talk about economic collapse when in the first quarter this year it grew 7.1 percent, 10.1% in April and have created 413,000 jobs. How can you come and say this?" said the official, according to Dominican Today. AIRD Executive Vice President Circe Almanzar called the country's situation a "time bomb" that can lead to a collapse of the economy and macroeconomic stability, if the conditions aren't created for the private sector to create jobs and have enough confidence to make new investments, the report notes. But Rodriguez said Ms. Almanzar's statement "doesn't represent the feeling of industries" in the Dominican Republic, the report relays. "I believe what this person has said doesn't represent the feelings of the country's industries, I think Campos de Moya is the president of the Association of Industries of the Dominican Republic and I think she is the executive vice president of the AIRD," the report quoted Mr. Rodriguez as saying. 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: May Prices Climb 0.25%, Paced By Transport -------------------------------------------------------------- Dominican Today reports that Dominican Republic's Central Bank said May prices climbed 0.25%, with accumulative inflation of - 0.42% for the first five months this year. "With this result, the annualized inflation, measured from May 2015 to May 2016 stood at 1.71%, remaining below the lower limit of the target set by the Monetary Program 4.0% (Ò 1.0%)," the Central Bank said in an emailed statement, according to Dominican Today. It said a higher cost on transport (1.28%) and on housing (0.62%), had the most influence in May's inflation, the report relays. It adds however that the price of food and non-alcoholic beverages fell 0.39% percent, 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'. =========== M E X I C O =========== OAXACA: Moody's Cuts Issuer Ratings to B1/Baa3.mx ------------------------------------------------- Moody's de Mexico downgraded the issuer ratings of the Municipality of Oaxaca de Juarez to B1/Baa3.mx from Ba3/A3.mx. The outlook remains negative. RATINGS RATIONALE The rating downgrade was mainly prompted by Oaxaca's aggressive debt profile. The rating action also considers a deterioration of its operating performance and liquidity metrics. Moody's said, "during 2014 and 2015, Oaxaca contracted debt and net direct and indirect increased to 16.9% of operating revenues at the end of 2015, compared to a low 1.8% registered in 2013. While debt levels are moderate, maturity is very short as 85% of total outstanding debt has to be paid in 2016 and the remaining in 2017. As a result, debt service increased to a 13.5% of total revenues in 2015, compared to a 1.4% in 2014, and we expect debt service levels to be equivalent to a still very high 11% in 2016." Moody's will monitor closely debt repayment during 2016 and 2017 given that cash in hand is tight and that a new administration will take power on January 2017. Furthermore, there is no reserve fund for paying debt service and most of debt is not backed by federal transfers. As a result of the aggressive debt profile, liquidity measured by net working capital to total expenditures deteriorated to a -1.5%, compared to a high 15.5% in 2014. Between 2011 and 2015, the municipality has continuously posted negative operating balances equivalent to -7.3% of operating revenues. Nevertheless, gross operating balances deteriorated further in the last two years (-12% and -9.1% in 2014 and 2015). The deterioration reflects a higher growth of operating expenditures compared to the one of operating revenues. The compound annual growth rate (CAGR) of operating expenditures of 8.9% for such period outpaced the operating revenues' CAGR of 8.2%. Expenditures growth mainly reflects increases in personnel services and supplies and materials mainly related to public security. The negative operating balance registered in 2015 and Oaxaca's exceptional capital expenditures needs led to unbalanced financial results in such year. After posting balanced cash financing results during the 2011-2014 period equivalent to 0.7% of total revenues, the municipality registered a cash financing deficit of -6.5% of total revenues in 2015. The municipality plans to cut capital expenditures significantly in 2016 and reduce operating expenditure. The success of these measures are key for the municipality to be able to pay for its short-term financial obligations. The negative outlook reflects the risks that the municipality is facing to honor its short term debt given the weak operating performance. Moody's will closely monitor Oaxaca's success in implementing expenditure cuts and making debt service payments on time as in 2015. WHAT COULD CHANGE THE RATING UP/DOWN Given the negative outlook a rating upgrade is unlikely. However, Oaxaca's outlook could stabilize if the municipality successfully pays or refinances its current obligations, registering an improvement of its debt profile and of its liquidity metrics. Difficulties to pay or refinance debt obligations or a further deterioration of the gross operating balances beyond current projections and more reliance on short-term debt will very likely lead to a ratings downgrade. A downgrade of the sovereign could also lead to a downgrade of Oaxaca's ratings. The period of time covered in the financial information used to determine the Municipality of Oaxaca's rating is between 1/1/2011 and 31/12/2015 (source: issuer). ====================== P U E R T O R I C O ====================== GENERAL MOTRIZ: Seeks to Hire Carrasquillo as Accountant -------------------------------------------------------- General Motriz, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Carrasquillo CPA Group, PSC as its accountant. The professional services that Carrasquillo will provide include: Recurring Services: (a) Bookkeeping (b) Payroll tax returns (c) Bank reconciliations (d) Tax services Non Recurring Services: (a) Assist in the projected financial statements as needed (b) Preparation of standard monthly operating reports (c) Assist in the preparation of the liquidation analysis (d) Third party representation as needed The proposed arrangement of compensation is an annual rate of $4,800 for non-recurrent services and $6,000 for recurrent services. Any additional service will be charged at $100 per hour. Ismael Rivera-Feliciano, an accountant at Carrasquillo, disclosed in a court filing that he is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Ismael Rivera-Feliciano Carrasquillo CPA Group, PSC Rafael Cordero Avenue M-30 Condado Moderno Caguas, PR 00726 Tel: (787)258-7835 Fax: (939)337-5744 Email: irivera@carrasquillocpagroup.com The Debtor can be reached through its counsel: Victor Gratacos Diaz, Esq. Gratacos Law Firm, P.S.C. P.O. Box 7571 Caguas, Puerto Rico, 00726 Tel. 787-746-4772 Fax. 787-746-3633 Email: bankruptcy@gratacoslaw.com About General Motriz General Motriz, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 16-02193) on March 21, 2016. The Debtor is represented by Victor Gratacos Diaz, Esq., at Gratacos Law Firm, P.S.C. ================= V E N E Z U E L A ================= VENEZUELA: Needs Help to Overcome Crisis, Economist Says -------------------------------------------------------- EFE News reports that Venezuela is mired in the worst crisis since the 1859-1863 Federal War and needs international assistance to deal with the situation, Datanalisis polling company director and economist Luis Vicente Leon said. "We will not come out of this crisis unharmed, no way," Mr. Leon told EFE, adding that the South American country never before had "economic indicators of this magnitude." By the end of this year, Venezuela will have had 12 consecutive quarters of negative economic growth, along with "the world's highest inflation rate," Mr. Leon said, EFE News notes. Venezuelans, faced with "tremendous scarcity, have lost more than 35 percent of their real income," while prices keep rising "and have not reached their maximum" level, Mr. Leon said, the report adds. As reported in the Troubled Company Reporter-Latin America on March 8, 2016, Moody's Investors Service has affirmed Venezuela's Caa3 issuer and government bond ratings and changed the outlook to negative from stable. The government's senior secured and senior unsecured government bond ratings were affirmed at Caa3, as were the senior unsecured shelf and MTN program ratings at (P)Caa3. ================= X X X X X X X X X ================= * BOND PRICING: For the Week From June 6 to June 10, 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 * * *