/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/161209.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, December 9, 2016, Vol. 17, No. 244 Headlines A R G E N T I N A PVCRED SERIE XXX: Moody's Rates ARS119,952,000 Cl. A Debt Sec. Ba3 B O L I V I A LAMIA AIRLINES: Bolivian Authorities Detain Head B R A Z I L CHINA CONSTRUCTION: S&P Keeps 'B+/B' Ratings on CreditWatch Dev. EVEN CONSTRUTORA: Moody's Assigns B1 Global Scale Rating USINAS SIDERURGICAS: Moody's Hikes Corporate Family Rating to Caa2 C A Y M A N I S L A N D S CALEDONIAN BANK: To Declare Fourth Interim Dividend DENWENS LIMITED: Creditors' Proofs of Debt Due Dec. 22 DIRECT STRATEGIES: Commences Liquidation Proceedings EMERGING MARKETS: Commences Liquidation Proceedings FRIENDOU INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 20 GOLDMAN SACHS: Commences Liquidation Proceedings HEARTSTRINGS FUND: Placed Under Voluntary Wind-Up LS CORONATION: Creditors' Proofs of Debt Due Dec. 12 MULLER CAPITAL: Placed Under Voluntary Wind-Up NAVISTAR SPECIAL: Creditors' Proofs of Debt Due Dec. 14 RGM TRADING: Placed Under Voluntary Wind-Up SUNFUN INFO: Creditors' Proofs of Debt Due Dec. 20 UBP REALISATION: Creditors' Proofs of Debt Due Dec. 21 G U A T E M A L A * GUATEMALA: To Get $60 Million-IDB Loan to Fight Impunity M E X I C O HIPOTECARIA SU: Moody's Cuts BRHSCCB 06U Certs Ratings to 'Caa1' SONORA: Moody's Cuts Issuer Rating to 'Ba3/A3.mx' N I C A R A G U A * NICARAGUA: Economy Buoyant Amid Challenging Conditions, IMF Says P U E R T O R I C O AMERICAN PARKING: Needs Until March 6 to File Chapter 11 Plan CORDERO CORDERO: Unsecured Creditors to be Paid 100% L & R DEVELOPMENT: Hires Inmuebles Bienes as Realtor V E N E Z U E L A VENEZUELA: New Currency Will Go Into Circulation on Dec. 15 - - - - - ================= A R G E N T I N A ================= PVCRED SERIE XXX: Moody's Rates ARS119,952,000 Cl. A Debt Sec. Ba3 ------------------------------------------------------------------ Moody's Latin America Agente de Calificacion de Riesgo (Moody's) has rated Fideicomiso Financiero Pvcred Serie XXX. This transaction will be issued by TMF Trust Company (Argentina) S.A.- acting solely in its capacity as issuer and trustee. As of today, the securities for this transaction have not been placed in the market yet. The transaction is pending approval from the Comision Nacional de Valores, if any assumption or factor Moody's considers when assigning the ratings change before closing, the ratings may also change. -- ARS 119,952,000 in Class A Floating Rate Debt Securities (VRDA TV) of "Fideicomiso Financiero Pvcred Serie XXX", rated Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale) -- ARS 53,892,000 in Certificates (CP) of "Fideicomiso Financiero Pvcred Serie XXX", rated Caa1.ar (sf) (Argentine National Scale) and Caa3 (sf) (Global Scale). RATINGS RATIONALE The rated securities are payable from the cash flow coming from the assets of the trust, which is an amortizing pool of approximately 7,681 eligible personal loans denominated in Argentine pesos, bearing fixed interest rate, originated by Pvcred S.A., a financial company owned by Comafi's Group in Argentina. Only the installments due after February 28, 2017 will be assigned to the trust. The VRDA TV will bear a floating interest rate (BADLAR plus 300bps). The VRDA TV's interest rate will never be higher than 33% or lower than 21%. Overall credit enhancement is comprised of subordination, various reserve funds and excess spread. The transaction has initial subordination level of 27.6% for the VRDA TV, calculated over the pool's principal balance as of February 28, 2017. The subordination level will increase overtime due to the turbo sequential payment structure. The transaction will have a grace period for principal and interest payment until April 2017. The transaction also benefits from an estimated 49.5% annual excess spread, before considering losses, taxes or prepayments and calculated at the caps of 33% for the VRDA TV. Factors that would lead to an upgrade or downgrade of the ratings: Factors that may lead to a downgrade of the ratings include an increase in delinquency levels beyond the level Moody's assumed when rating this transaction. Although Moody's analyzed the historical performance data of previous transactions and similar receivables originated by Pvcred S.A., the actual performance of the securitized pool may be affected, among others, by the economic activity, high inflation rates compared with nominal salaries increases and the unemployment rate in Argentina. Factors that may lead to an upgrade of the ratings include the building of credit enhancement over time due to the turbo sequential payment structure, when compared with the level of projected losses in the securitized pool. Loss and Cash Flow Analysis: Moody's considered the credit enhancement provided in this transaction through the initial subordination levels for each rated class, as well as the historical performance of Pvcred S.A. portfolio. In addition, Moody's considered factors common to consumer loans securitizations such as delinquencies, prepayments and losses; as well as specific factors related to the Argentine market, such as the probability of an increase in losses if there are changes in the macroeconomic scenario in Argentina. These factors were incorporated in a cash flow model that takes into account all the relevant features of the transaction's assets and liabilities. Monte Carlo simulations were run, which determines the expected loss for the rated securities. Moody's analyzed the historical performance data of previous transactions and similar receivables originated by Pvcred S.A., ranging from July 2014 to October 2016. Moody's has observed a weaker performance of Refis loans compared to Unregulated Pvcred Loans. In addition, Moody's has observed a weaker performance of Open Market Loans compared to Existing Loans. In assigning the rating to this deal, Moody's assumed a lognormal distribution of losses for each one of the different securitized sub-pools: for the loans of Existing Clients, a mean of 18%; for loans of Open Market, a mean of 35% and for the "Refinanciados" loans, a mean of 45% with a coefficient of variation of 60% for each of the three sub-pools. Also, Moody's assumed a lognormal distribution for prepayments with a mean of 50% and a coefficient of variation of 70%. Servicer default was modeled by simulating the default of Banco Comafi S.A. as the servicer consistent with its current rating of B3/Baa1.ar. In the scenarios where the servicer defaults, Moody's assumed that the defaults on the pool would increase by 20 percentage points. The model results showed 1.3% expected loss for Class A Floating Rate Debt Securities and 25.9% for the Certificates. Moody's also evaluated the back-up servicing arrangements in the transaction. If Pvcred S.A. is removed as collection agent, Banco Comafi S.A. will be appointed as the back-up collection agent. ============= B O L I V I A ============= LAMIA AIRLINES: Bolivian Authorities Detain Head ------------------------------------------------ Paul Kiernan at The Wall Street Journal reports that Bolivian authorities have detained the head of charter airline LaMia in connection with a crash that killed 71 people. Retired Bolivian Gen. Gustavo Vargas, who co-owned LaMia alongside a pilot who died in the crash, was apprehended and remains in police custody, said Policarpio Toledo Arce, a spokesman for the Bolivian public prosecutor, according to The Wall Street Journal. "Everything points to charges being pressed but according to the law he has to make his declarations first," Mr. Toledo said, the report notes. A phone call to LaMia's Santa Cruz office wasn't answered. Mr. Vargas couldn't immediately be reached for comment, notes the report. The crash, which killed most members of Brazilian soccer team Chapecoense, was one of the worst aviation accidents in professional sports history, the report relays. Details that have emerged from the ensuing investigation suggest that what caused the plane to go down -- fuel exhaustion -- could have been prevented by routine planning and precaution, the report notes. LaMia's final flight plan was in violation of international safety requirements, as it didn't include a refueling stop, the report discloses. The nearly 2,000-mile flight from Santa Cruz, Bolivia, to Medellin, Colombia, stretched the Avro RJ85 aircraft's fuel autonomy to its limit, the report says. Bolivian journalists found that Mr. Vargas's son, Gustavo Steven Vargas Villegas, was head of aircraft registration at the country's civil aviation authority, the report notes. Mr. Vargas Villegas resigned. Mr. Vargas Villegas couldn't be reached for comment. Bolivia's civil-aviation authority, DGAC, couldn't provide his contact information. It wasn't clear if the aircraft's registration was an issue in the crash, as investigations are continuing, the report says. Meanwhile, Celia Castedo, the airport official whom Bolivian authorities accused of "failing to carry out her duties as a public official" by not preventing the flight from departing on Nov. 28, sought asylum in Brazil, the report notes. She had previously released a transcript of her conversation with the plane's onboard dispatcher in which she objected to LaMia's flight plan, the report relays. The transcript was published by Bolivian daily El Deber and independently verified by The Wall Street Journal, the report discloses. =========== B R A Z I L =========== CHINA CONSTRUCTION: S&P Keeps 'B+/B' Ratings on CreditWatch Dev. ---------------------------------------------------------------- S&P Global Ratings said that it's keeping its 'B+/B' global scale and 'brBBB' national scale ratings on China Construction Bank (Brasil) Banco Multiplo S.A. (CCB Brasil) on CreditWatch developing. The CreditWatch developing reflects S&P's view that the bank hasn't yet stabilized its Tier I regulatory ratio above the minimum required level. Despite receiving a paid-in capital injection of R$760 million from its parent, the bank was unable to sustain its Tier I regulatory ratio. On Dec. 7, 2016, CCB Brasil published its audited financial statement, which had been overdue since August 2016, recognizing DTAs impairments of R$110 million due to a downward revision on its technical projection for the next 10 years. After this adjustment, the bank regulatory Tier I ratio as of June 2016 dropped to 6.9% from 7.5%. According to the central bank's September 2016 figures, CCB Brasil's Tier I ratio was exactly at the minimum required of 6.0%. The decline of the ratio was due to losses, the bank has been facing in the past three years due to deleveraging of its portfolio amid asset quality deterioration. However, this ratio does not include the DTAs impairment recently reported. S&P estimates that after the adjustment it Tier I ratio should be around 5.0%, thus lower than the minimum required. In addition S&P expects the bank's losses to continue in 2016, which will continue pressuring its Tier I regulatory ratio, unless CCB Brasil implements its capital plan to improve its ratios. During the second half of 2016, CCB Brasil has been taking some actions to enhance its capital position with the support of its parent, which could return its Tier I ratios above requirements by year-end 2016. As a result of the delay on publishing its financial statement and due to its capital regulatory forbearance, S&P believes CCB Brasil could have breached a covenant on its unrated Tier II subordinated bond. So far, the possibility of covenant breaching didn't impact the bank's liquidity. Nevertheless, S&P believes the bank's cash position is more than enough to cope with this debt, if needed. In addition, CCB Brasil's broad liquidity assets to short-term wholesale funding reached 0.6x as of June 2016, which S&P believes to be consistent with our view of the bank's liquidity position as moderate. S&P continues to consider that CCB Brasil has strategic importance to China Construction Bank Corp (A/Stable/A-1). Therefore, S&P expects the parent to provide extraordinary support in order to recapitalize the bank's Tier I ratio if needed or to provide liquidity. S&P believes that CCB Brasil provides a channel for its parent to operate in the Brazilian market, where it intends to explore business opportunities with companies that are engaged in the large-scale trade between Brazil and China. As a result, S&P applies three notches uplift to CCB Brasil's 'ccc+' stand-alone credit profile (SACP). The ratings on the bank also incorporate its moderate business position because it operates as a midsize bank that focuses on lending to small- to medium-size enterprises (SMEs). S&P views CCB Brasil's risk position as weak, given recent asset quality deterioration and its funding as below average. EVEN CONSTRUTORA: Moody's Assigns B1 Global Scale Rating -------------------------------------------------------- Moody's AmÇrica Latina Ltda assigned a B1 rating on the global scale and Baa2.br on the Brazilian national scale to the BRL100 million debentures issuance proposed by Even Construtora e Incorporadora S.A. ("Even") with final maturity in 2019. Even's B1/Baa2.br corporate family ratings remain unchanged. Proceeds will be used for liability management. The outlook for the ratings is negative. The rating of the 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: -- BRL100 million debentures due in 2019: B1 (global scale); Baa2.br (national scale) Ratings Unchanged: -- Corporate Family Ratings (CFR): B1 (global scale); Baa2.br (national scale) -- BRL150 million (BRL100 million outstanding) senior unsecured debentures due in 2017 (6th issuance): B1/Baa2.br The outlook for the ratings is negative. RATINGS RATIONALE Even's B1/Baa2.br corporate family rating reflects its strong brand name and market share in the city of Sao Paulo, with a solid track record in the construction of apartments for the middle income families. The ratings also consider Even's relative conservative financial policies that result in efficient cost control mechanisms and manageable debt profile. On the other hand, the company's reduced scale and diversification constrain the rating, particularly under the challenging industry fundamentals. The B1/Baa2.br rating assigned for the notes stands at the same level as Even's B1 corporate family rating given the comfortable level of residual and unencumbered assets that, in case of a default, should provide good recovery for the unsecured debt holders (3.0x as of September 30, 2016) or serve as an alternate source of liquidity. Even's consolidated debt is composed of a mix of secured construction loans, representing about 64% of its total debt as of September 30, 2016, and unsecured debt and working capital loans of about 36%. The proposed debentures will be secured by the shares of special purpose entities ("SPEs") related to the specific projects under construction that will be required to cover at least 120% of the outstanding amount of the obligations at all times until the final maturity in 2019. In spite of this credit enhancement, Moody's consider this obligations as senior unsecured given the absence of a real estate asset pledge. Even has grown mostly organically since its IPO in 2007, reaching some BRL2.5 billion in net revenues in 2012. Since then, revenues and margins have been gradually shrinking with lower launches, a contraction that was consistent with other Brazilian homebuilders as per the industry's cycle adjustment. In the last twelve months ending in September 2016, the company launched new units of BRL1.2 billion, which compares to BRL2 billion in 2014 and BRL2.5 billion in 2013. Despite the significant challenges imposed by the recessionary economy since mid-2015, Even has been able to sustain relatively stable leverage as measured by a gross debt to total capitalization ratio of approximately 46%. On the other hand, liquidity has been deteriorating with sales cancellations representing about 33% of the last twelve months contracted sales. As such, cash coverage of short term debt fell to 62.7% in September 2016, from 75.5% in December 2015 and 101% in December 2014. Proceeds from the transaction will be entirely used to refinance existing debt obligations, including the 6th debentures issuance. "As such, we expect Even's liquidity profile to improve slightly following the transaction, as it will lengthen the company's amortization schedule." Moody's said. At the end of September 2016, Even had BRL473 million in corporate debt and approximately BRL 596 million in debt related to project loans maturing until the end of 2017. While the projects loans will be paid upon the successful mortgage take-out of receivables from completed units of approximately BRL895 million, further improvement in liquidity and in the corporate debt maturity profile will depend on additional liability management initiatives and on the adequate management of working capital throughout 2017. The negative outlook takes into consideration the company's evolving business profile and ongoing challenges to consistently improve its operations and reduce leverage amid the weakening industry fundamentals in the Brazilian homebuilding market. A rating upgrade is unlikely in the short term, but ratings outlook could stabilize if Even increases in size in terms of revenues and EBIT, diversify its business profile and at the same time maintain or improve leverage metrics. For example, an upgrade could be considered if the company consistently maintains its total debt to capitalization below 40% (46% in the 3Q16), gross margin close to 28% (20.8% in the 3Q16) and EBIT interest coverage above 3.5 times (1.2x in the LTM ending 3Q16). An upgrade would also require improvement in its liquidity position, as per an unrestricted cash to short term debt position that is above 1.0x (0.63x in the 3Q16) on a sustainable basis. On the other hand, Even's ratings could be further downgraded if the company faces significant deterioration in its liquidity profile due to a larger than anticipated distribution to shareholders or a prolonged downturn in the homebuilding industry that leads to a debt to capitalization ratio above 50%, gross margin below 14% or EBIT interest coverage consistently below 1.0x. A meaningful change in the proportion of secured versus unsecured debt or a decrease in the amount of unencumbered assets that could be used to pay down the unsecured debentures could also result in a downgrade of Even's unsecured ratings. Headquartered in Sao Paulo, and established in 1974, Even is a real estate developer with activities in the states of Sao Paulo, Rio de Janeiro and Rio Grande do Sul and focus on residential developments with average units priced above BRL350,000. The company is vertically integrated, executing all real estate development phases from the analysis of the prospective land to the construction of the units and sale to the final homebuyer. In the twelve months ended September 30, 2016, Even reported consolidated net revenues of BRL2.0 billion (USD558 million) and net profit of BRL17 million (USD4.8 million). USINAS SIDERURGICAS: Moody's Hikes Corporate Family Rating to Caa2 ------------------------------------------------------------------ Moody's America Latina has upgraded Usinas Siderurgicas de Minas Gerais S.A ("Usiminas") corporate family ratings to Caa2 from Ca (global scale) and to Caa2.br from Ca.br (national scale). The outlook for the ratings is stable. Ratings upgraded: Issuer: Usinas Siderurgicas de Minas Gerais S.A. -- Corporate Family Rating: Caa2 (from Ca) in the global scale and Caa2.br (from Ca.br) in the national scale The outlook for the ratings is stable. RATINGS RATIONALE The upgrade of Usiminas' ratings to Caa2 reflects primarily the conclusion of a debt restructuring in September 2016 and a BRL 1 billion capital increase in July 2016, which has reduced liquidity pressures in the short-term and will allow the company to focus more closely on its operations. Usiminas negotiation with creditors representing 92% of its total debt has concluded with a payment extension of up to 10 years, with a 3-year grace period. The Caa2 ratings continue to incorporate the likely default, per Moody's definition, on the bonds due 2018 following a planned exchange offer that would lead to changes in the notes' terms and conditions as announced in November 2016. Nevertheless, even with the conclusion of the debt extension and the capital injection, liquidity challenges remain. Usiminas had BRL 2.4 billion in consolidated cash at the end of 3Q16, out of which only about BRL 805 million was available at the parent company. The balance is largely restricted at its 70% owned subsidiary Mineracao Usiminas S.A. ('MUSA', unrated) and may not be immediately accessible to meet Usiminas' financial obligations. In order to access MUSA's cash balance, either through a return of capital or intercompany loan, Usiminas needs approval from 30%- owner Sumitomo Corporation. The ratings continue to reflect Usiminas' solid position in the Brazilian flat-steel market, and the measures taken by Usiminas to adjust operations to the feeble demand in the domestic market. In May 2015, Usiminas announced the temporary halt of two blast furnaces in its Cubatao and Ipatinga mills; in June 2015 the company announced the reduction of working hours in its headquarters in Belo Horizonte for three months; and in October 2015, the temporary interruption of activities of the primary areas of the Cubatao plant (including sinter and coke plants, blast furnaces and steelworks), concluded in January 2016. The downsizing process at the Cubatao steel mill has significantly reduced Usiminas' cost structure and production capacity, providing flexibility to the company amid the deterioration of the steel market in Brazil. In any case, despite the operational improvement observed in 3Q16, Usiminas' operations continue to be challenged by weak market fundamentals for steelmakers in Brazil, which will continue to constrain the company's ability to generate positive free cash flows. "Credit metrics will remain pressured -- we expect leverage (measured by total adjusted debt to EBITDA) to stay above 10x (19.1x in LTM ended September 2016) and interest coverage to remain negative in the next 12 to 18 months (-0.9x in LTM ended September 2016)." Moody's said. The stable outlook incorporates our assumption that Usiminas will be able to meet the conditions set by creditors and will continue to pursue liquidity alternatives while it gradually recovers its ability to generate sustainable cash flows from operations. Additional negative rating actions can be considered if Usiminas fails to meet the conditions established by creditors under the debt renegotiation or fails to establish an agreement with bondholders, or enters into a debt restructuring that results in higher than expected losses to creditors. Although unlikely in the short term, the ratings could be upgraded if Usiminas is able to successfully complete the adjustments in its capital structure, eliminating liquidity pressures, while market fundamentals for Brazilian steelmakers improve along with Usiminas' cash flow generation. Quantitatively, this would be the case if Usiminas is able to reduce adjusted leverage to levels below 6.0x (Adjusted Debt/EBITDA) and increase adjusted interest coverage to above 1.5x (EBIT/Interest Expense). The maintenance of a comfortable liquidity profile would also be required for an upgrade. Headquartered in Belo Horizonte, Minas Gerais, Usinas Siderurgicas de Minas Gerais S.A. - Usiminas (Usiminas) is the largest integrated flat-steel manufacturer in Latin America, with production of 3.6 million tons of crude steel and consolidated net revenues of BRL 8.7 billion (approximately USD 2.4 billion converted by the average exchange rate)in the LTM ended September 2016. Usiminas also owns iron ore mining properties, steel distribution and capital goods subsidiaries in Brazil. The principal methodology used in these ratings was Global Steel Industry published in October 2012. ========================== C A Y M A N I S L A N D S ========================== CALEDONIAN BANK: To Declare Fourth Interim Dividend --------------------------------------------------- Caledonian Bank Limited intends to declare a fourth interim dividend. Only creditors who were able to file their proofs of debt by Dec. 5, 2016, will be included in the company's fourth dividend distribution. The company's liquidator is: Keiran Hutchison c/o Ernst & Young Ltd 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands DENWENS LIMITED: Creditors' Proofs of Debt Due Dec. 22 ------------------------------------------------------ The creditors of Denwens Limited are required to file their proofs of debt by Dec. 22, 2016, to be included in the company's dividend distribution. The company's liquidator is: Stuart C E Mackellar Zolfo Cooper (BVI) Limited c/o Sean Ward Telephone: +1 (284) 393-9600 Facsimile: +1 (284) 393 9601 e-mail: sean.ward@zolfocooper.vg DIRECT STRATEGIES: Commences Liquidation Proceedings ---------------------------------------------------- On Nov. 10, 2016, the sole shareholder of Direct Strategies (Quantitative) Offshore L Holdings Ltd resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Walkers Liquidations Limited c/o Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 EMERGING MARKETS: Commences Liquidation Proceedings --------------------------------------------------- On Nov. 10, 2016, the sole shareholder of Emerging Markets (Quantitative) Offshore Ltd resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 FRIENDOU INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 20 ------------------------------------------------------------- The creditors of Friendou International Inc. are required to file their proofs of debt by Dec. 20, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 4, 2016. The company's liquidator is: Maricorp Services Ltd. c/o Roger L. Nelson 46 Canal Point Drive, #31 The Strand Grand Cayman KY1-1105 P.O. Box 2075 Cayman Islands Telephone: (345) 949-9710 GOLDMAN SACHS: Commences Liquidation Proceedings ------------------------------------------------ On Nov. 10, 2016, the sole shareholder of Goldman Sachs Direct Strategies Quantitative Fund Offshore, Ltd. resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Walkers Liquidations Limited c/o Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 HEARTSTRINGS FUND: Placed Under Voluntary Wind-Up ------------------------------------------------- On Nov. 8, 2016, the sole shareholder of Heartstrings Fund resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Jeffrey Stower c/o Georgina Williams P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands Telephone: +1 345-914-4398/ +1 (345) 949-4800 Facsimile: +1 345-949-7164 LS CORONATION: Creditors' Proofs of Debt Due Dec. 12 ---------------------------------------------------- The creditors of LS Coronation Offshore, Ltd. are required to file their proofs of debt by Dec. 12, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 3, 2016. The company's liquidator is: Mourant Ozannes Select Equity Group, L.P. c/o Corey Stokes 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 814-9277 Facsimile: (345) 949-4647 MULLER CAPITAL: Placed Under Voluntary Wind-Up ---------------------------------------------- On Nov. 11, 2016, the sole shareholder of Muller Capital resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Ka Ho Wong c/o Richard Bennett Central Tower, 11th Floor 28 Queen's Road Central Central Hong Kong Telephone: +852 3656 6069 Facsimile: +852 3656 6001 NAVISTAR SPECIAL: Creditors' Proofs of Debt Due Dec. 14 ------------------------------------------------------- The creditors of Navistar Special Situations Fund, Ltd. are required to file their proofs of debt by Dec. 14, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Oct. 31, 2016. The company's liquidator is: James Macfee c/o Estera Trust (Cayman) Limited Clifton House, 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands Telephone: +1 (345) 640 0540 RGM TRADING: Placed Under Voluntary Wind-Up ------------------------------------------- On Nov. 11, 2016, the sole shareholder of RGM Trading International Limited resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: RGM Trading, LLC c/o Jody Powery-Gilbert 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 SUNFUN INFO: Creditors' Proofs of Debt Due Dec. 20 -------------------------------------------------- The creditors of Sunfun Info Co., Ltd. are required to file their proofs of debt by Dec. 20, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 4, 2016. The company's liquidator is: Chang, Li No.7, Aly. 7, Ln. 197, Shangren St. Xinfeng Township, Hsinchu County 304 Taiwan (R.O.C.) UBP REALISATION: Creditors' Proofs of Debt Due Dec. 21 ------------------------------------------------------ The creditors of UBP Realisation Fund are required to file their proofs of debt by Dec. 21, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 10, 2016. The company's liquidator is: Stuart Sybersma c/o Christopher Yeramian Deloitte & Touche Citrus Grove Building, 4th Floor Goring Avenue George Town KY1-1109 Cayman Islands Telephone: +1 (345) 814 3469 Facsimile: +1 (345) 949 8258 ================= G U A T E M A L A ================= * GUATEMALA: To Get $60 Million-IDB Loan to Fight Impunity ---------------------------------------------------------- A $60 million loan requested by the government of Guatemala and approved by the Inter-American Development Bank (IDB) will help the Attorney General's office fight impunity. The goal of the project is to increase the office's efficiency in processing complaints that it receives and bring about court trials for the crimes with the highest social impact. This will be done through the department making better use of the resources at its disposal, improvements in how prosecutors present complaints for courts to consider, and a shorter waiting time for people who have asked the Attorney General's office for information. Only two percent of complaints received by the Attorney General's Office end up in guilty verdicts, according to the International Commission against Impunity in Guatemala. This indicates that the probability of being put on trial in Guatemala is low, contributing to high crime rates turning into a vicious circle. Many violent crimes in Guatemala are not reported to criminal justice authorities because people think it is pointless. The program calls for reworking the internal organs of the Attorney General's Office, a purging of backlogged cases, greater automation to speed up the registry of some common complaints (such as loss or theft of cell phones), and better human resources management and training, among other steps. The plan also aims for improvements in the use of statistics to support decision-making in several areas within the Attorney General's Office. The program will finance an expansion of the current headquarters of the office to ease physical crowding and move the criminal investigation unit closer to prosecutors' offices, and also pay for studies of victimization and perception at the national level so as to assess people's trust in the justice system in Guatemala. Also, the system for managing cases will be overhauled, particularly for child abuse and violence against women in the prosecutor's office for the Jalapa district. Among other desired effects, the program aims to increase the number of sentences achieved per prosecutor per year from three to five over the course of five years and reduce processing time. One objective over these five years, for instance, is to cut from 307 to 200 the average number of days that transpire from the time a complaint is received in cases of crimes against minors to the issuance of a request for a formal indictment. The loan has an amortization period of 25 years and an interest rate based on LIBOR. Overall, the operation seeks to streamline judicial cases involving corruption that are presently underway, thereby supporting the country's policy of transparency and zero tolerance for corruption. =========== M E X I C O =========== HIPOTECARIA SU: Moody's Cuts BRHSCCB 06U Certs Ratings to 'Caa1' ---------------------------------------------------------------- Moody's de Mexico downgraded the ratings of four senior certificates and confirmed the ratings of two certificates from five Mexican RMBS sponsored by Hipotecaria Su Casita, S.A. de C.V. Sociedad Financiera de Objeto Multiple E.N.R. (Su Casita). The collateral backing the affected transactions consists of first- lien, fixed-rate loans denominated in UDIS or Mexican pesos and granted primarily to low-income borrowers. This rating action concludes the review for downgrade initiated in September 2016. The rating actions are as follows: Servicer: PENDULUM, S. DE R.L. DE C.V. Issuer: Hipotecaria Su Casita - BRHSCCB 06 -- BRHSCCB 06 Certificate -- Confirmed Baa1 (sf) (global scale, local currency); placed on review for downgrade on 1 September 2016 -- BRHSCCB 06 Certificate -- Confirmed Aa1.mx (sf) (national scale); placed on review for downgrade on 1 September 2016 Issuer: Hipotecaria Su Casita - BRHSCCB 06-2 and BRHSCCB 06-3 -- BRHSCCB 06-2 Certificate -- Downgraded to Baa3 (sf) from Baa2 (sf) (global scale, local currency); placed on review for downgrade on 1 September 2016 -- BRHSCCB 06-2 Certificate -- Downgraded to Aa3.mx (sf) from Aa2.mx (sf) (national scale); placed on review for downgrade on 1 September 2016 Issuer: Hipotecaria Su Casita - BRHSCCB 06U and BRHSCCB 06-2U -- BRHSCCB 06U Certificate -- Downgraded to Caa1 (sf) from B1 (sf) (global scale, local currency); placed on review for downgrade on 1 September 2016 -- BRHSCCB 06U Certificate -- Downgraded to B2.mx (sf) from Baa2.mx (sf) (national scale); placed on review for downgrade on 1 September 2016 Issuer: Hipotecaria Su Casita - BRHSCCB 06-5U and BRHSCCB 06-6U -- BRHSCCB 06-5U Certificate -- Downgraded to Caa1 (sf) from Ba3 (sf) (global scale, local currency); placed on review for downgrade on 1 September 2016 -- BRHSCCB 06-5U Certificate -- Downgraded B2.mx (sf) to from A3.mx (sf) (national scale); placed on review for downgrade on 1 September 2016 -- BRHSCCB 06-6U Certificate -- Confirmed Caa3 (sf) (global scale, local currency); placed on review for downgrade on 1 September 2016 -- BRHSCCB 06-6U Certificate -- Confirmed Caa3.mx (sf) (national scale); placed on review for downgrade on 1 September 2016 Issuer: Hipotecaria Su Casita - BRHSCCB 07 and BRHSCCB 07-2 -- BRHSCCB 07 Certificate -- Downgraded to Baa2 (sf) from Baa1 (sf) (global scale, local currency); placed on review for downgrade on 1 September 2016 -- BRHSCCB 07 Certificate -- Downgraded to Aa2.mx (sf) from Aa1.mx (sf) (national scale); placed on review for downgrade on 1 September 2016 RATINGS RATIONALE Today's actions conclude the rating reviews initiated in September 2016 due to heightened concerns about i) future collateral performance after the transfer of servicing to Pendulum from Santander Vivienda resulted in a weakening of collections, and ii) possible interest payment shortfall, due to declining collections. Moody's notes significant deterioration in the performance of the rated deals, in particular in the late delinquency buckets, specifically 180+ days, with an average increase of 13% since the transfer. This is a major concern because recovery of the loans from 180+ buckets is particularly challenging in Mexico, where legal proceedings can be lengthy and foreclosure expenses very high. As a consequence, credit enhancement in the form of over- collateralization has deteriorated, particularly for the pools denominated in UDIS, for example: BRHSCCB 06U and BRHSCCB 06-5U. Moody's analyzed over-collateralization, future losses, credit enhancement and cash availability for each deal. During the rating reviews, Moody's reassessed the lifetime loss expectation for the portfolios based on collateral performance to date. Under the MILAN approach, Moody's first performed a portfolio analysis of the securitized collateral pool. The results of this analysis are the portfolio's expected losses (Portfolio EL) and Moody's Individual Loan Analysis Credit Enhancement (MILAN CE). "The Portfolio EL captures our expectations for performance given the current economic outlook, while the MILAN CE captures the loss we expect the portfolio to suffer in the event of a severe recession scenario." Moody's said. Moody's uses the two outputs from its portfolio analysis to determine a probability loss distribution. In the structural analysis, Moody's uses a cash flow model to assess the structural features of the RMBS transaction. The structure is assessed using each scenario in the loss distribution. Finally, Moody's assesses counterparty default risk and legal risk to derive the final ratings. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS: Factors that could lead to a rating downgrade include: a deterioration in the performance of the underlying collateral that results in higher expected losses, lower cash availability and weakening of the certificates' available credit enhancement. Factors that could lead to a rating upgrade include: an improvement in the performance of the underlying collateral that results in lower expected losses, improved liquidity and strengthening of the certificates' available credit enhancement. SONORA: Moody's Cuts Issuer Rating to 'Ba3/A3.mx' ------------------------------------------------- Moody's de Mexico downgraded the state of Sonora's issuer ratings to Ba3/A3.mx from Ba2/A2.mx. The outlook remains negative. A MXN 4.4 billion (original amount) enhanced loan from Banorte was also downgraded to Baa3/Aa3.mx from Baa2/Aa2.mx RATINGS RATIONALE RATIONALE FOR THE DOWNGRADE OF THE ISSUER RATING TO Ba3/A3.mx FROM Ba2/A2.mx The downgrade of Sonora's issuer ratings reflects the state's large cash financing deficits6%. and increasing debt levels. Sonora' financial results deteriorated over the last three years, from a cash financing surplus of 1.5% of total revenues in 2013 to a deficit of 4.8% in 2015 and are expected to remain weak across the medium-term, in the range of -5% to -6% of total revenues. Although financial results through the third quarter of 2016 show a surplus of MXN 1 billion, Moody's estimates the state will register a consolidated deficit of 6.2% of total revenues in 2016 and 5.2% in 2017 in light of higher capital expenditures. To assist with financing requirements, over the first three quarters of 2016 the state increased its long-term debt by MXN 2.5 billion and is expected to contract an additional MXN 2.5 billion in 2017. As a result, Moody's expects the state's debt-to-total revenues ratio will rise to 40.3% and 43% in 2016 and 2017, respectively. These metrics would no longer be consistent with peers rated Ba2. In spite of the debt increases mentioned above, Sonora's debt and liquidity metrics are expected to remain fairly stable over the next two years. By the end of 2017, the state will have fully used its December 2015 approval to acquire MXN5 billion in additional debt. Moreover, its liquidity metrics are broadly in line with those of peers in the Ba3 rating category: Sonora's net working capital stood at -8.7% of total expenditures while the median of Mexican states in the Ba3 rating category represented -10.3%. RATIONALE FOR THE NEGATIVE OUTLOOK The negative outlook incorporates a combination of systemic pressures reflected in the negative outlook of Mexico's (A3, negative) sovereign bond rating, and Moody's expectation that the state's plans to contain operating expenditures may not be fulfilled, potentially leading to debt and liquidity levels worse than our expectations in the next 18 to 24 months. RATIONALE FOR THE DOWNGRADE OF THE ENHANCED LOAN DEBT RATINGS TO Baa3/Aa3.mx FROM Baa2/Aa2.mx The rating downgrade of the MXN 4.4 billion (original face value) enhanced loan with Banorte reflects the downgrade of Sonora's issuer ratings. Per Moody's methodology on rating enhanced loans, the loan ratings are directly linked to the credit quality of the issuer, which ensures that underlying contract enforcement risks, economic risks and credit culture risks (for which the issuer rating acts as a proxy) are embedded in the ratings of the enhanced loan. WHAT COULD CHANGE THE RATINGS UP/DOWN Given the negative outlook, a rating upgrade in the medium-term is unlikely. However, the outlook could be stabilized if the State of Sonora registers balanced cash financing results over the near and medium term. Conversely, the state's ratings could be downgraded if it continues registering deficits, leading to further deterioration in its liquidity metrics, or increases in its debt levels. Given the links between the loan and the credit quality of the obligor, an upgrade of the state of Sonora's issuer ratings would likely result in an upgrade of the ratings on the enhanced loan. Conversely, a downgrade of Sonora's issuer ratings could also exert downward pressure on the debt ratings of the loan. In addition, the ratings could face downward pressure if debt service coverage levels fall materially below our expectations. The methodologies used in these ratings were Rating Methodology for Enhanced Municipal and State Loans in Mexico published in June 2014 and Regional and Local Governments published in January 2013. Please see the Rating Methodologies page on www.moodys.com.mx for a copy of these methodologies. The period of time covered in the financial information used to determine State of Sonora's rating is between 01/01/2011 and 30/09/2016. ================= N I C A R A G U A ================= * NICARAGUA: Economy Buoyant Amid Challenging Conditions, IMF Says ------------------------------------------------------------------ A staff team from the International Monetary Fund (IMF) led by Gerardo Peraza visited Managua from November 29 to December 5, 2016. The visit took place as part of a regular dialogue with the authorities in order to assess the performance of the Nicaraguan economy. Staff reviewed recent economic developments and discussed the medium-term development strategy, policy agenda and the economic outlook. Mr. Peraza issued the following statement at the conclusion of the visit. "Notwithstanding challenging external conditions, economic activity remains buoyant. Growth in 2016 is projected at 4.7 percent, largely supported by strong agricultural and commercial activity. Inflation is projected to moderate to below 4 percent given low food and other commodity prices. The consolidated public sector deficit is projected to reach 3.1 percent of GDP in 2016, modestly higher than in 2015, notably because of higher pension and investment expenditure of the social security institute, election-related spending, and increased investment in infrastructure. Despite a smaller oil bill, the external current account is expected to deteriorate, owing to weak external demand and lower prices of key exports. Gross international reserves are projected to remain stable at about 4 months of imports (excluding imports from the free trade zone). The financial system appears to be robust, notwithstanding strong credit growth, with capital adequacy ratios remaining above the regulatory level and non- performing loans being low and stable. "Nicaragua's main challenge is to maintain strong, sustainable and inclusive growth in the context of greater uncertainty regarding global trade and economic activity. While the reduction in Petrocaribe flows has been absorbed so far without major impact on the availability of external financing, macroeconomic risks should be closely monitored and mitigating policies put in place. For this reason, Nicaragua needs to continue strengthening its public finances by creating fiscal buffers, including by reducing tax exonerations and poorly targeted components of electricity subsidies. It is also imperative to address the financial sustainability of the social security institute. "Efforts to strengthen financial stability are ongoing. In particular, the implementation of banking regulations in line with Basel III in terms of liquidity and solvency is welcome. Amid declining concessional financing, it would be important to improve the resilience of the domestic financial system and deepen domestic financial markets. These efforts need to be accompanied by strengthening central bank independence and balance sheets. The introduction of macro-prudential tools that can strengthen the financial system would be welcome. "Further strengthening the statistical framework is crucial for improving macroeconomic management. Additional efforts are needed to continue strengthening the accuracy and consistency of the reporting of national and external accounts, as well as of fiscal statistics and the reports on public debt. The staff team met with members of the economic cabinet, officials from the central bank, the ministry of finance, the superintendency of banks, and other representatives of public and private sector entities. "The IMF team wishes to thank the authorities for their cooperation and candor. The next Article IV mission, which will be led by Fernando Delgado, is scheduled to take place in May 2017." ====================== P U E R T O R I C O ====================== AMERICAN PARKING: Needs Until March 6 to File Chapter 11 Plan ------------------------------------------------------------- American Parking System, Inc. requests the U.S. Bankruptcy Court for the District of Puerto Rico for an extension of its exclusivity periods within which the Debtor may file a Disclosure Statement and Plan of Reorganization and solicit acceptances that will lead to the confirmation of the plan of reorganization, through and including March 6, 2017. The Debtor relates that the filing of its Chapter 11 petition was incited by the Puerto Rico Treasury Department, in the midst of negotiating the payment of a sales tax liability, the Treasury closed the Debtor's facilities, jeopardizing a business of over 35 years and the jobs of over 165 employees. Since the October 11, 2016 bar date for filing proof of claim for governmental entities have already elapsed, the Debtor is currently in the process of reconciling its claims, including the proofs of claim filed by the Department of Treasury that are completely overstated and need to be further evaluated so the Debtor may file the corresponding objections to claims. The Debtor relates that since it was unable to extend the deadline to pay the agreed upon discounted payoff to its then secured creditor Condado 2 LLC, the Debtor was forced to scramble to get DIP financing, which was subsequently approved by the Court. As such, the Debtor's efforts since the commencement of its Chapter 11 case have been geared towards extending the agreement with its secured creditor and then towards obtaining the needed DIP Financing. Now, since the Debtor has already obtained the DIP Financing to comply with the discounted payoff agreement and eliminating on the way more than $29,000,000 of its debts, the Debtor can now focus on its reorganization plan. About American Parking Headquartered in San Juan, Puerto Rico, American Parking System Inc. filed for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No. 16-02761) on April 8, 2016, estimating its assets at up to $50,000 and its liabilities at between $10 million and $50 million. The petition was signed by Miguel Cabral Veras, president. Judge Edward A Godoy presides over the case. Alexis Fuentes Hernandez, Esq., at Fuentes Law Offices, LLC, serves as the Debtor's bankruptcy counsel. The Debtor employs WRG Certified Public Accountants, P.S.C., and its managing partner, CPA William Rodriguez, as financial advisor. CORDERO CORDERO: Unsecured Creditors to be Paid 100% ---------------------------------------------------- General unsecured creditors will be paid in full under a plan proposed by Cordero Cordero & Asociados-Asesores Legales P.S.C. to exit Chapter 11 protection. Under the restructuring plan, general unsecured claims are divided into two classes. Class 5 includes unsecured claims held by employees of the company and by secured creditors who have agreed that a portion of their claims be treated as unsecured. The debt under this class is estimated at no more than $11,149.85. Class 6 consists of all general unsecured claims of a single holder that are listed by Cordero in its schedules or as to which a proof of claim has been filed. The debt under this class is estimated in the amount of $3,891.48. Both classes will be paid 100% by the company. Cordero will get the funds to implement the plan from its ongoing legal service operations and from accounts receivables due from the State Insurance Funds and the Social Security Administration, according to the company's disclosure statement filed on November 10 with the U.S. Bankruptcy Court in Puerto Rico. A copy of the disclosure statement is available for free at https://is.gd/xIuHDB Cordero is represented by: Mar°a Soledad Lozada Figueroa Lozada Law & Associates P.O. Box 9023888 San Juan PR 00902-3888 Phone: (787) 533-1400 Email: msl@lozadalaw.com About Cordero,Cordero Cordero, Cordero & Asociados-Asesores Legales, P.S.C. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. P.R. Case No. 16-00828) on February 4, 2016. The petition was signed by Jose Ramon Cordero Rodriguez, president. The case is assigned to Judge Enrique S. Lamoutte Inclan. At the time of the filing, the Debtor estimated its assets and liabilities at $1 million to $10 million. L & R DEVELOPMENT: Hires Inmuebles Bienes as Realtor ---------------------------------------------------- L & R Development & Investment Corporation, seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Inmuebles Bienes Raices, LLC as realtor to the Debtor. L & R Development requires Inmuebles Bienes to market and sell the Debtor's real properties, known as: a. Lots of land in Urban Praderas, Hatillo -- Segregated lots of land 8 and 9 -- Lots of land 2, 7, 8, 9 and 8A -- Lots of land 3, 4, 5, 6, 7, 8 and 11 b. Properties located at Catano -- 1,322 square meters -- 187 square meters -- Lot of land and structure c. Property located at Bo. Puente, Camuy with 6,399 square meters d. Apartment No. 380 in Chalets de la Playa, Vega Baja Inmuebles Bienes will be paid 3% of the value of the property sold. Inmuebles Bienes will also be reimbursed for reasonable out-of-pocket expenses incurred. Saenid Lopez, member of Inmuebles Bienes Raices, LLC, 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. Inmuebles Bienes can be reached at: Saenid Lopez INMUEBLES BIENES RAICES, LLC Carr. No. 2, Km. 85.9, Bo. Carrizales Hatillo, PR 00659 Tel: (787) 638-5183 About L&R Development L&R Development & Investment Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. P.R. Case No. 16-08792) on November 1, 2016. The petition was signed by Joaquin Lopez, president. The case is assigned to Judge Brian K. Tester. At the time of the filing, the Debtor disclosed $3.05 million in assets and $5.56 million in liabilities. ================= V E N E Z U E L A ================= VENEZUELA: New Currency Will Go Into Circulation on Dec. 15 ----------------------------------------------------------- EFE News reports that Venezuela's new currency will go into circulation on Dec. 15 in denominations of 20,000, 10,000, 5,000, 2,000, 1,000 and 500 bolivares, with 100-, 50- and 10-bolivar coins, the Venezuelan Central Bank (BCV) said. The 20,000-bolivar bill, which will be the largest in circulation in the Andean nation, is 200 times bigger than the largest bill in circulation now, the 100-bolivar bill, according to EFE News. As reported in the Troubled Company Reporter-Latin America on July 5, 2016, Fitch Ratings affirmed Venezuela's Long-Term Foreign-and Local-Currency Issuer Default Ratings (LT FC/LC IDR) at 'CCC'. Fitch has also affirmed the sovereign's Short-Term Foreign Currency (ST FC) IDR at 'C' and country ceiling at 'CCC'. *********** 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 * * *