/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/161011.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 Tuesday, October 11, 2016, Vol. 17, No. 201 Headlines B R A Z I L BROOKFIELD INCORPORACOES: Moody's Withdraws B3 CFR C A Y M A N I S L A N D S A330 300: Shareholder to Hear Wind-Up Report on Oct. 28 CORRUM CAPITAL: Shareholders' Final Meeting Set for Nov. 11 FALCON OPHOLDCO: Shareholders' Final Meeting Set for Oct. 17 JUN 22 INC: Shareholders' Final Meeting Set for Oct. 24 LAMBOURN INVESTMENTS: Member to Hear Wind-Up Report on Oct. 31 NEVADA ASSET: Shareholder to Hear Wind-Up Report on Oct. 18 QUALITY PUMA: Shareholders' Final Meeting Set for Oct. 18 SOUTH DAKOTA: Shareholder to Hear Wind-Up Report on Oct. 18 STONE DRUM: Shareholders' Final Meeting Set for Oct. 19 SUMMIT OFFSHORE: Members' Final Meeting Set for Nov. 1 TGW CAPITAL: Shareholders' Final Meeting Set for Oct. 18 TGW GLOBAL: Shareholders' Final Meeting Set for Oct. 18 WYOMING ASSET: Shareholder to Hear Wind-Up Report on Oct. 18 D O M I N I C A N R E P U B L I C DOMINICAN REP: Pulls Fuel Subsidies, Unions Warn of Fare Hikes DOMINICAN REPUBLIC: Gold Eases US$2.3BB Trade Deficit in Q1 J A M A I C A JAMAICA: Prime Minister Urges DBJ to Strengthen its Capacity NORANDA ALUMINUM: Enters Global Agreement With Lenders M E X I C O MAXCOM TELECOMUNICACIONES: Moody's Withdraws Ca CFR P U E R T O R I C O CARIBBEAN TRANSPORT: Hires Otero Marrero as Accountant CONDADO RESTAURANT: Needs Until Oct. 10 to Submit Chapter 11 Plan HERNAN VELEZ JUAN: $100,000 Note to Pay Unsecureds in 5 Yrs. HME HOLDINGS: Hires Conde & Associates as Bankruptcy Counsel ISLANDWIDE LOGISTICS: Hires Conde & Associates as Attorney PJ ROSALY: Hires Conde & Associates as Attorney WILLIAM CONTRACTOR: Favorable Judgment on Complaint to Fund Plan X X X X X X X X X LATAM: Region Showing Signs of Economic Growth says World Bank - - - - - =========== B R A Z I L =========== BROOKFIELD INCORPORACOES: Moody's Withdraws B3 CFR -------------------------------------------------- Moody's America Latina Ltda. has withdrawn Brookfield Incorporacoes S.A.'s B3/B2.br corporate family rating for business reasons. These ratings were withdrawn: -- Corporate Family Rating: B3/B2.br RATINGS RATIONALE Moody's has withdrawn the rating for its own business reasons. Brookfield Incorporacoes S.A. (BISA) is indirectly and fully owned by Brookfield Asset Management (BAM, Baa2 stable). The company results from the combination of Brascan, Company and MB Engenharia, all strong brand names with over 25 years' experience in the Brazilian homebuilding market. BISA develops, builds, and sells residential projects in virtually all price segments, as well as office buildings. In the twelve months that ended June 30, 2016, BISA reported net revenues of BRL1.2 billion (USD325 million) and net losses of BRL1.2 billion (USD325 million). The last rating action on Brookfield Incorporacoes was taken on May 10, 2016, when Moody's downgraded the company's NSR corporate family ratings to B2.br from Ba2.br, outlook negative. ========================== C A Y M A N I S L A N D S ========================== A330 300: Shareholder to Hear Wind-Up Report on Oct. 28 ------------------------------------------------------- The shareholder of A330 300 Aircraft 456 Limited will hear on Oct. 28, 2016, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Susan Craig/Jennifer Chailler Telephone: (345) 943-3100 CORRUM CAPITAL: Shareholders' Final Meeting Set for Nov. 11 ----------------------------------------------------------- The shareholders of Corrum Capital Equity (Offshore) Fund - Select, Ltd. will hold their final meeting on Nov. 11, 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 Norman Chan Telephone: (345) 946 7665 Facsimile: (345) 949 2877 P.O. Box 1344 dms House 20 Genesis Close George Town KY1-1108 Cayman Islands FALCON OPHOLDCO: Shareholders' Final Meeting Set for Oct. 17 ------------------------------------------------------------ The shareholders of Falcon Opholdco Limited will hold their final meeting on Oct. 17, 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: Stuart Sybersma c/o Marcin Czarnocki Deloitte & Touche Citrus Grove Building, 4th Floor Goring Avenue George Town KY1-1109 Cayman Islands Telephone: +1 (345) 814 2228 Facsimile: +1 (345) 949 8258 JUN 22 INC: Shareholders' Final Meeting Set for Oct. 24 ------------------------------------------------------- The shareholders of Jun 22 Inc. will hold their final meeting on Oct. 24, 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: Amicorp Cayman Fiduciary Limited The Grand Pavilion Commercial Centre, 1st Floor 802 West Bay Road P.O. Box 10655 Grand Cayman KY1-1006 Cayman Islands Nicole Ebanks-Sloley Telephone: (345) 943-6055 LAMBOURN INVESTMENTS: Member to Hear Wind-Up Report on Oct. 31 -------------------------------------------------------------- The member of Lambourn Investments Ltd will hear on Oct. 31, 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 NEVADA ASSET: Shareholder to Hear Wind-Up Report on Oct. 18 ----------------------------------------------------------- The shareholder of Nevada Asset Holding will hear on Oct. 18, 2016, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elian Fiduciary Services (Cayman) Limited c/o Julie Hughes Telephone: +1 (345) 815 1426 Facsimile: +1 (345) 945-6265 QUALITY PUMA: Shareholders' Final Meeting Set for Oct. 18 --------------------------------------------------------- The shareholders of Quality Puma Limited will hold their final meeting on Oct. 18, 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 c/o Ryan Charles Telephone: (345) 814 7364 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands SOUTH DAKOTA: Shareholder to Hear Wind-Up Report on Oct. 18 ----------------------------------------------------------- The shareholder of South Dakota Asset Holding will hear on Oct. 18, 2016, at 10:10 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elian Fiduciary Services (Cayman) Limited c/o Julie Hughes Telephone: +1 (345) 815 1426 Facsimile: +1 (345) 945-6265 STONE DRUM: Shareholders' Final Meeting Set for Oct. 19 ------------------------------------------------------- The shareholders of Stone Drum Pacific Opportunities Fund Inc. will hold their final meeting on Oct. 19, 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: Walkers Liquidations Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Telephone: +44 (0)20 7220 4970 SUMMIT OFFSHORE: Members' Final Meeting Set for Nov. 1 ------------------------------------------------------ The members of Summit Offshore Water Equity Fund, Ltd. will hold their final meeting on Nov. 1, 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 liquidators are: Alan Turner Andrew Johnson Telephone: (345) 814 0700 Circumference FS (Cayman) Ltd. P.O. Box 32322 Grand Cayman KY1-1209 Cayman Islands TGW CAPITAL: Shareholders' Final Meeting Set for Oct. 18 -------------------------------------------------------- The shareholders of TGW Capital will hold their final meeting on Oct. 18, 2016, at 9:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Yau Sheung Kam Harneys Services (Cayman) Limited Harbour Place, 4th Floor 103 South Church Street P.O. Box 10240 Grand Cayman KY1-1002 Cayman Islands Telephone: +1 (214) 999-1000 Facsimile: +1 (214)999-1022 TGW GLOBAL: Shareholders' Final Meeting Set for Oct. 18 ------------------------------------------------------- The shareholders of TGW Global Opportunity Fund will hold their final meeting on Oct. 18, 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: Yau Sheung Kam Harneys Services (Cayman) Limited Harbour Place, 4th Floor 103 South Church Street P.O. Box 10240 Grand Cayman KY1-1002 Cayman Islands Telephone: +1 (214) 999-1000 Facsimile: +1 (214)999-1022 WYOMING ASSET: Shareholder to Hear Wind-Up Report on Oct. 18 ------------------------------------------------------------ The shareholder of Wyoming Asset Holding will hear on Oct. 18, 2016, at 10:20 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elian Fiduciary Services (Cayman) Limited c/o Julie Hughes Telephone: +1 (345) 815 1426 Facsimile: +1 (345) 945-6265 =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: Pulls Fuel Subsidies, Unions Warn of Fare Hikes -------------------------------------------------------------- Dominican Today reports that the government has yet to allocate last month's fuel subsidy to the associations which transport passengers and freight, without any explanation, prompting warnings from sector representatives that fares and rates could rise. The warnings came just hours after the head of the powerful bus owners grouped in FENATRANO said the National Business Council (CONEP) is "conspiring to break the order and social peace" in the country, in reference to latter's seeking a conviction of the transport sector on alleged monopoly, according to Dominican Today. The bus owners associations main leaders confirmed to outlet eldia.com.do that since September 7, the Industry and Commerce Ministry has withheld the allocation of the tax exemptions on 3.8 million gallons per month, the report notes. "We have yet to receive any explanation thus far and second-class officials remained entertaining us without giving information on the situation," said Antonio Marte, head of the transport union Conatra, the report relays. Mr. Marte said Industry and Commerce minister Temistocles Montas "hasn't shown his face" to offer an official explanation and Land Transport Office (OTTT) director Hector Mojica doesn't take his calls, the report notes. "So far we have not officially informed about the suspension of the subsidy, but since last month failed to deliver the exonerations without giving any explanation," the report quoted Mr. Marte as saying. Mr. Marte said the situation has forced transporters to raise passengers fares and cargo rates, the report notes. "Unfortunately, the poor will pay the consequences, because we can't, because we transport 96% of the passengers in the country, the remaining 4% is done by the OMSA (public bus system," Mr. Marte added, the report relates. As reported in the Troubled Company Reporter-Latin America on July 1, 2016, Moody's Investors Service has changed the outlook on the Dominican Republic's long term issuer and debt ratings to positive from stable. The ratings have been affirmed at B1. DOMINICAN REPUBLIC: Gold Eases US$2.3BB Trade Deficit in Q1 ----------------------------------------------------------- Dominican Today reports that Dominican Republic's perennial trade deficit was US$2.3 billion in the first quarter, or US$134 million higher than the same period last year. According to the International Trade Barometer (BCI), the climb results from a slight increase in imports (2.5%) compared to a -- 1.5% fall in exports, Dominican Today notes. The exports of goods topped US$1.96 billion in that period, an increase of 0.48% compared with October to December 2015, and a -- 1.5% decline compared with the January-March quarter that year, the report relays. Imports surpassed US$4.25 billion, or 2.5% higher than the same quarter last year, the report notes. US, Canada and Haiti continue as Dominican Republic's main export destinations, at 52.6%, 12.6% and 10.5%, respectively, according to Dominican Today. The report discloses that the country's massive gold exports to Canada, or 67.9% of total, place that country in the top group. Gold accounted for 17.7% of total exports, followed by medical instruments (10.2%) and cigars (7.0%), the report notes. Gold, medical instruments, cigars and circuit breakers are the products which cushion Dominican Republic's trade deficit, and a favorable balance with Canada, Haiti, Switzerland, the Netherlands and Cuba, the report adds. As reported in the Troubled Company Reporter-Latin America on July 1, 2016, Moody's Investors Service has changed the outlook on the Dominican Republic's long term issuer and debt ratings to positive from stable. The ratings have been affirmed at B1. ============= J A M A I C A ============= JAMAICA: Prime Minister Urges DBJ to Strengthen its Capacity ------------------------------------------------------------ RJR News reports that Prime Minister Andrew Holness has encouraged the Development Bank of Jamaica to strengthen its capacity to manage risks as it places greater focus on projects geared at development. Minister Holness said a shift has to take place in how the country deals with risks, according to RJR News. Minister Holness also called for the DBJ to speed up the way it divests assets to the private sector, in line with the Government's push for greater public-private partnerships, the report relays During a retreat with DBJ officials last week, he said the Bank must also play a critical role in ensuring that there is collaboration between local and foreign investors, so that Jamaicans can have some ownership in large enterprises which invest locally, the report notes. As reported in the Troubled Company Reporter-Latin America on Sept. 28, 2016, S&P Global Ratings affirmed its 'B' long-term and short-term foreign and local currency sovereign credit ratings on Jamaica. The outlook on the long-term sovereign credit ratings remains stable. In addition, S&P affirmed its transfer and convertibility assessment at 'B+'. NORANDA ALUMINUM: Enters Global Agreement With Lenders ------------------------------------------------------ RJR News reports that US-based Noranda Aluminum which is selling its Jamaican operations and other assets overseas has entered into a global settlement agreement with its secured lenders. Under the deal, announced on Friday, Oct. 7, an agreement was also reached with the Unsecured Creditors Committee that governs the handling of Noranda's remaining obligations and assets, according to RJR News. The global settlement agreement remains subject to court approval at a hearing scheduled for October 28, the report notes. Noranda also announced that it has entered into an asset purchase agreement with US based New Day Aluminum, the report relays. New Day Aluminium will serve as the 'stalking horse' bidder in a court-supervised sale for Noranda's bauxite mining operation in St. Ann and its alumina refinery in Gramercy, Louisiana, the report says. A stalking-horse bid is an initial bid on a bankrupt company's assets from an interested buyer chosen by the bankrupt company, the report notes. From a pool of bidders, the bankrupt company chooses the stalking horse to make the first bid, the report relays. This allows the distressed company to avoid low bids on its assets, the report notes. About Noranda Aluminum Noranda Aluminum, Inc., and 10 of its affiliates filed separate Chapter 11 bankruptcy petitions (Bankr. E.D. Mo. Lead Case No. 16-10083) on Feb. 8, 2016. The petitions were signed by Dale W. Boyles, the chief financial officer. Judge Barry S. Schermer is assigned to the cases. The Debtors have engaged Paul, Weiss, Rifkind, Wharton & Garrison LLP as counsel, Carmody MacDonald P.C. as local counsel, PJT Partners, LP as investment banker, Alvarez & Marsal North America, LLC as restructuring advisors and Prime Clerk LLC as claims, solicitation and balloting agent. The Debtors estimated both assets and liabilities in the range of $1 billion to $10 billion. As of the Petition Date, the Debtors had approximately $529.6 million in outstanding principal amount of secured indebtedness, consisting of a revolving credit facility and a term loan facility. The Office of the U.S. Trustee in February 2016 appointed seven creditors of Noranda Aluminum Holding Corp. and its affiliated debtors to serve on the official committee of unsecured creditors. Lowenstein Sandler LLP serves as Committee counsel and Houlihan Lokey Capital, Inc., serves as Committee as financial advisor and investment banker. =========== M E X I C O =========== MAXCOM TELECOMUNICACIONES: Moody's Withdraws Ca CFR --------------------------------------------------- Moody's Investors Service has withdrawn for business reasons Maxcom's Ca corporate family rating (CFR) and senior secured rating on its USD 175 million notes due 2020. RATINGS RATIONALE Moody's has withdrawn the rating for its own business reasons. The following ratings were withdrawn: -- Maxcom Telecomunicaciones, S.A.B. de C.V. Corporate Family Rating: Ca -- Senior Secured Global Notes due 2020: Ca Prior to the withdrawal the outlook on the ratings was negative. ====================== P U E R T O R I C O ====================== CARIBBEAN TRANSPORT: Hires Otero Marrero as Accountant ------------------------------------------------------ Caribbean Transport Refrigeration & Power Systems, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Jesus A. Otero Marrero as accountant to the Debtor. Caribbean Transport requires Mr. Marrero to: a. prepare Monthly Operating Reports as required for the Chapter 11 case; b. prepare supporting documents in relation to the Disclosure Statement and Plan of Reorganization in coordination with the attorneys; c. prepare claims analysis and prepare Disbursement Schedules; d. prepare supporting documents to request entry of order for a final decree; and e. provide ordinary bookkeeping, preparation of Income Tax Returns; 940 and 941 Federal Tax Returns; State Insurance Fund Reports and Returns, Employment Withholding Tax Returns; Department of Labor Returns, and Municipal Tax Returns; and Other Tax Returns, amendments, or reviews that may become due from time to time. Mr. Marrero will be paid at these hourly rates: Monthly Operating Reports $100 Preparation of Supporting Documents in relation to the Disclosure Statement and Plan of Reorganization in coordination with the attorneys $100 Claims Analysis and preparation of Disbursement Schedules $100 Preparation of Supporting Documents to request entry of order for a final decree $100 Mr. Marrero will be paid at the mothly rate of $725 for the ordinary bookkeeping, preparation of Income Tax Returns; 940 and 941 Federal Tax Returns; State Insurance Fund Reports and Returns, Employment Withholding Tax Returns; Department of Labor Returns, and Municipal Tax Returns; and Other Tax Returns, amendments, or reviews that may become due from time to time. Mr. Marrero will be paid a retainer in the amount of $7,000. Mr. Marrero will also be reimbursed for reasonable out-of-pocket expenses incurred. Jesus A. Otero Marrero assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Mr. Marrero can be reached at: Jesus A. Otero Marrero A 2 Flamingo Terrace Marginal Avenue Bayamon, PR 00957 Tel: (787) 730-7890 Fax: (787) 300-1094 About Caribbean Transport Caribbean Transport Refrigeration & Power Systems Inc., based in Morovis, PR, filed a Chapter 11 petition (Bankr. D.P.R. Case No. 16-06766) on August 25, 2016. Teresa M. Lube Capo, Esq., at Lube & Soto Law Offices, PSC, serves as bankruptcy counsel. In its petition, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Isidro Ojeda, president. No official committee of unsecured creditors has been appointed in the case. CONDADO RESTAURANT: Needs Until Oct. 10 to Submit Chapter 11 Plan ----------------------------------------------------------------- Condado Restaurant Group, Inc. and Restaurant Associates of Puerto Rico, Inc. ask the U.S. Bankruptcy Court for the District of Puerto Rico to extend their exclusivity period for submitting a disclosure statement and plan of reorganization to October 10, 2016, and their period for soliciting acceptances to their plan to December 9, 2016. The Debtors relate that the extension is necessary for they still need to finalize certain prerequisites to their promulgation of a feasible plan of reorganization since there are some calculations that are still being worked on by the Debtors' financial team, including the priority tax claims (to which the Debtors intend to file objections). The Debtors also relate that they have lost valuable time due to the power black out that hit the island on September 21, 2016, which affected the Debtors' counsels' and the financial consultants' offices and homes. In addition, the Debtors' counsel Javier A. Vega-Villalba recently had extensive oral surgery, which affected him more than expected, and will keep him out of commission for at least a few more days. About Condado Restaurant Group, Inc. Condado Restaurant Group, Inc. and Restaurant Associates of Puerto Rico filed for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case Nos. 16-01329 and 16-01330) on February 24, 2016. The petitions were signed by Dayn Smith, president. The Debtors' cases were consolidated on May 12, 2016 in lead Case No. 16-01329. The Debtors are represented by Javier A. Vega Villalba, Esq., at Weinstein Bacal & Miller, PSC. The Debtor hired Acosta & Ramirez as financial consultant. Condado Restaurant Group, Inc. estimated assets and liabilities at between $1 million and $10 million. Restaurant Associates of Puerto Rico, Inc. estimated assets at $100,000 to $500,000 and liabilities at $1 million to $10 million. HERNAN VELEZ JUAN: $100,000 Note to Pay Unsecureds in 5 Yrs. ------------------------------------------------------------ Hernan Velez Juan filed with the U.S. Bankruptcy Court for the District of Puerto Rico an Amended Disclosure Statement in support of his Amended Plan of Reorganization, which proposes $100,000 promissory note to provide for the pro rata payment of allowed general unsecured claims during a five-year period. Mr. Velez has been practicing as an orthodontist for over 30 years. The main event that contributed to the Debtor's bankruptcy filing was his outstanding debts with the Internal Revenue Service (IRS) and the PR Department of Treasury. Moreover, Mr. Velez is involved in a long-standing arbitrage proceeding with his former business partner, and a mortgage foreclosure lawsuit on his residential real property has been filed by his principal secured creditor. The Amended Plan proposes to fix the IRS Claim's secured amount for $101,198. The remaining amount of $431,395 will be considered a general unsecured claim. For the First Mortage Note on the Debtor's residence, the Amended Plan proposed to pay a reduced secured amount of $550,000 plus a fixed interest rate of 3.5%, to be paid in installments for 360 months. A copy of the Amended Disclosure Statement dated Sept. 30, 2016 is available at http://bankrupt.com/misc/prb15-07225-109.pdf The Debtor is represented by: Wigberto Lugo Mender Lugo Mender Group, LLC 100 Carr. 165 Suite 501 Guaynabo, P.R. Tel: (787) 707-0404 Fax: (787) 707-0412 E-mail: wlugo@lugomender.com Hernan Velez Juan filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 15-07225) on Sept. 18, 2015. Lugo Mender Group LLC serves as counsel to the Debtor. Albert Tamarez- Vasquez CPA was tapped as the Debtor's accountant. HME HOLDINGS: Hires Conde & Associates as Bankruptcy Counsel ------------------------------------------------------------ HME Holdings, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ the Law Offices of C. Conde & Associates as attorney to the Debtor. HME Holdings requires Conde & Associates to: a. advise the Debtor with respect to its duties, powers and responsibilities in the case under the laws of the U.S. and Puerto Rico in which the Debtor in possession conducts its operations, do business, or is involved in litigation; b. advise the Debtor in connection with a determination whether a reorganization is feasible and, if not, helping the Debtor in the orderly liquidation of its assets; c. assist the Debtor with respect to negotiations with creditors for the purpose of arranging the orderly liquidation of assets and for proposing a viable plan of reorganization; d. prepare on behalf of the Debtor the necessary complaints, answers, orders, reports, memoranda of law and any other legal papers or documents; e. appear before the Bankruptcy Court, or any court in which Debtor asserts a claim interest or defense directly or indirectly related to the bankruptcy case; f. perform other legal services for the Debtor as may be required in the proceedings or in connection with the operation and involvement with Debtor's business, including but not limited to notarial services; g. employ other professional services, if necessary. Conde & Associates will be paid at these hourly rates: Carmen D. Conde Torres $300 Associates $275 Junior Attorney $250 Paralegal $150 Conde & Associates will be paid a retainer in the amount of $10,000. Conde & Associates will also be reimbursed for reasonable out-of-pocket expenses incurred. Carmen D. Conde Torres, member of the Law Offices of C. Conde & Associates, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Conde & Associates can be reached at: Carmen D. Conde Torres, Esq. LAW OFFICES OF C. CONDE & ASSOCIATES 254 San Jose Street, 5th Floor Old San Juan, PR 00901-1523 Tel: (787) 729-2900 Fax: (787) 729-2203 E-mail: condecarmen@condelaw.com About HME Holdings, Inc. HME Holdings, Inc. filed a chapter 11 petition (Bankr. D.P.R. Case No. 16-07686) on September 28, 2016. The petition was signed by Ivan Marin, authorized representative. The Debtor is represented by Carmen D. Conde Torres, Esq. and Luisa S. Valle Castro, Esq., at C. Conde & Associates. The Debtor estimated assets at $100,000 to $500,000 and liabilities at $1 million to $10 million at the time of the filing. The Debtor provides management services for its two related parties: Islandwide Logistics, Inc. and P.J. Rosaly Enterprises, Inc. It runs the human resources, business development, information and technology, finance and accounting departments for both P.J. Rosay Enterprises and Islandwide Logistics. Together, the three entities form the Islandwide Group. No official committee of unsecured creditors has been appointed in the case. ISLANDWIDE LOGISTICS: Hires Conde & Associates as Attorney ---------------------------------------------------------- Islandwide Logistics, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ the Law Offices of C. Conde & Associates as attorney to the Debtor. Islandwide Logistics requires Conde & Associates to: a. advise the Debtor with respect to its duties, powers and responsibilities in the case under the laws of the U.S. and Puerto Rico in which the Debtor in possession conducts its operations, do business, or is involved in litigation; b. advise the Debtor in connection with a determination whether a reorganization is feasible and, if not, helping the Debtor in the orderly liquidation of its assets; c. assist the Debtor with respect to negotiations with creditors for the purpose of arranging the orderly liquidation of assets and for proposing a viable plan of reorganization; d. prepare on behalf of the Debtor the necessary complaints, answers, orders, reports, memoranda of law and any other legal papers or documents; e. appear before the Bankruptcy Court, or any court in which Debtor asserts a claim interest or defense directly or indirectly related to the bankruptcy case; f. perform other legal services for the Debtor as may be required in the proceedings or in connection with the operation and involvement with Debtor's business, including but not limited to notarial services; g. employ other professional services, if necessary. Conde & Associates will be paid at these hourly rates: Carmen D. Conde Torres $300 Associates $275 Junior Attorney $250 Paralegal $150 Conde & Associates will be paid a retainer in the amount of $25,000. Conde & Associates will also be reimbursed for reasonable out-of-pocket expenses incurred. Carmen D. Conde Torres, member of the Law Offices of C. Conde & Associates, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Conde & Associates can be reached at: Carmen D. Conde Torres, Esq. LAW OFFICES OF C. CONDE & ASSOCIATES 254 San Jose Street, 5th Floor Old San Juan, PR 00901-1523 Tel: (787) 729-2900 Fax: (787) 729-2203 E-mail: condecarmen@condelaw.com About Islandwide Logistics Islandwide Logistics, Inc. filed a chapter 11 petition (Bankr. D.P.R. Case No. 16-07693) on September 28, 2016. The petition was signed by Ivan Marin, president. The Debtor is represented by Carmen D. Conde Torres, Esq. and Luisa S. Valle Castro, Esq., at C. Conde & Associates. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. The Debtor operates over 300,000 square feet of warehouse space dedicated to providing its clients with inventory management that includes full inventory systems integration, electronic order processing, RF capability and retail time sensitive delivery service. Logistics' distribution center is designed to ensure the uninterrupted flow of the supply-chain RF Capable Warehouses. There are two related parties to this company: P.J. Rosaly Enterprises and HME Holdings, Inc. No official committee of unsecured creditors has been appointed in the case. PJ ROSALY: Hires Conde & Associates as Attorney ----------------------------------------------- P.J. Rosaly Enterprises, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ the Law Offices of C. Conde & Associates as attorney to the Debtor. P.J. Rosaly requires Conde & Associates to: a. advise the Debtor with respect to its duties, powers and responsibilities in the case under the laws of the U.S. and Puerto Rico in which the Debtor in possession conducts its operations, do business, or is involved in litigation; b. advise the Debtor in connection with a determination whether a reorganization is feasible and, if not, helping the Debtor in the orderly liquidation of its assets; c. assist the Debtor with respect to negotiations with creditors for the purpose of arranging the orderly liquidation of assets and for proposing a viable plan of reorganization; d. prepare on behalf of the Debtor the necessary complaints, answers, orders, reports, memoranda of law and any other legal papers or documents; e. appear before the Bankruptcy Court, or any court in which Debtor asserts a claim interest or defense directly or indirectly related to the bankruptcy case; f. perform such other legal services for the Debtor as may be required in the proceedings or in connection with the operation and involvement with Debtor's business, including but not limited to notarial services; g. employ other professional services, if necessary. Conde & Associates will be paid at these hourly rates: Carmen D. Conde Torres $300 Associates $275 Junior Attorney $250 Paralegal $150 Conde & Associates will be paid a retainer in the amount of $30,000. Conde & Associates will also be reimbursed for reasonable out-of-pocket expenses incurred. Carmen D. Conde Torres, member of the Law Offices of C. Conde & Associates, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Conde & Associates can be reached at: Carmen D. Conde Torres, Esq. LAW OFFICES OF C. CONDE & ASSOCIATES 254 San Jose Street, 5th Floor Old San Juan, PR 00901-1523 Tel: (787) 729-2900 Fax: (787) 729-2203 E-mail: condecarmen@condelaw.com About P.J. Rosaly P.J. Rosaly Enterprises, Inc. dba Islandwide Express filed a chapter 11 petition (Bankr. D.P.R. Case No. 16-07690) on September 28, 2016. The petition was signed by Ivan Marin, president. The Debtor is represented by Carmen D. Conde Torres, Esq. and Luisa S. Valle Castro, Esq., at C. Conde & Associates. The Debtor estimated assets and liabilities at $1 million to $10 million at the time ofthe filing. The Debtor is specialized in providing next day, same day delivery services to its clients, as well as temperature controlled deliveries. It is also engaged by the main banks in the island and provide internal messenger and clearing house services to these institutions. There are two related parties to this company: Islandwide Logistics, Inc. and HME Holdings, Inc. Together, they form the Islandwide Group. WILLIAM CONTRACTOR: Favorable Judgment on Complaint to Fund Plan ---------------------------------------------------------------- William Contractor Inc. filed with the U.S. Bankruptcy Court for the District of Puerto Rico a Disclosure Statement and Plan of Payment, proposing to pay allowed general unsecured claims for contractors and other constructions loans on a pro rata basis from the carve-out to be agreed with the secured creditor or as agreed with the claimant. These claims are estimated to sum up to $784,919. The Debtor is in the construction business. The Debtor was contracted in 2007 by MPR, owner of Plaza del Mar shopping mall, to complete an $8 million project. The Debtor alleged that Banco Popular de Puerto Rico (BPPR), MPR or MPR shareholders never paid it the remaining amounts of work already certified for $4.8 million. BPPR financed the project at the time of the contract, according to the Debtor. The Debtor has since filed an adversary proceeding on the matter. The Debtor is hopeful that a favorable judgment on the adversary will give it the possibility of paying all its debts. A copy of the Disclosure Statement is available at: http://bankrupt.com/misc/prb15-06311-97.pdf About William Contractor Headquartered in Aguada, Puerto Rico, William Contractor Inc. filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 15-06311) on Aug. 18, 2015, listing $6.38 million in total assets and $2.56 million in total liabilities. The petition was signed by Lymari Benique Moralez, vice president - secretary. Damaris Quinones Vargas, Esq., at Bufete Quinones Vargas & Asoc serves as the Debtor's bankruptcy counsel. ================= X X X X X X X X X ================= LATAM: Region Showing Signs of Economic Growth says World Bank -------------------------------------------------------------- RJR News reports that the World Bank said Caribbean and Latin American countries are showing signs of economic recovery and an increased volume of exports, including new products in higher quality niches. According to the new semi-annual World Bank report on Latin America and the Caribbean, while the region is expected to record economic contraction of 1.1 percent this year it will recover to 1.8 percent in 2017, the report notes. It said the recovery is attributed largely to a rebound in South America, where growth is expected to reach 1.5 percent next year, the report relays. The World Bank report notes that in the new reality of lower commodity prices, the region can no longer depend on domestic demand to boost growth, the report adds. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. Submissions about insolvency-related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A. Chapman, Editors. Copyright 2016. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. * * * End of Transmission * * *