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/raid1/www/Hosts/bankrupt/TCRLA_Public/170111.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, January 11, 2017, Vol. 18, No. 8 Headlines A R G E N T I N A PAMPA ENERGIA: S&P Assigns 'B-' CCR & Rates Proposed Notes 'B-' B A H A M A S BAHA MAR: VAT Exemptions for Resort Trigger Outrage C A Y M A N I S L A N D S ANGALO HOLDINGS: Shareholders Receive Wind-Up Report CAL DIVE: Shareholder to Hear Wind-Up Report on Jan. 19 CHCAY LIMITED: Shareholders Receive Wind-Up Report CHPG FINANCE: Shareholders Receive Wind-Up Report GEOLOGIC RESOURCE: Shareholder Receives Wind-Up Report GEOLOGIC RESOURCE FUND: Shareholder Receives Wind-Up Report HAFU DEAL II: Shareholders Receive Wind-Up Report KARA DEAL: Shareholders Receive Wind-Up Report LVRF FUNDING: Shareholders Receive Wind-Up Report MWAM CBO 2001-1: Shareholders Receive Wind-Up Report NUFU DEAL: Shareholders Receive Wind-Up Report PROTECTED CREDIT: Shareholders Receive Wind-Up Report STONE TOWER: Shareholders Receive Wind-Up Report D O M I N I C A N R E P U B L I C AEROPUERTOS DOMINICANOS: S&P Assigns 'BB-' Rating on New Sr. Bonds * DOMINICAN REPUBLIC: Tows Hulk Ships in Ambitious Harbor Cleanup M E X I C O CEMEX SAB: Revises Trinidad Cement Takeover Offer P U E R T O R I C O POWELL VALLEY HEALTH: Court Extends Plan Filing Period to Jan. 10 PUERTO RICO: Gov. Seeks More Time on Fiscal Plan, Lawsuit Freeze T R I N I D A D A N D T O B A G O CARIBBEAN AIRLINES: Operating With Reduced Fleet - - - - - ================= A R G E N T I N A ================= PAMPA ENERGIA: S&P Assigns 'B-' CCR & Rates Proposed Notes 'B-' --------------------------------------------------------------- S&P Global Ratings assigned its 'B-' corporate credit rating on Pampa Energia S.A. At the same time, S&P assigned a 'B-' issue- level rating to the company's proposed senior unsecured notes. The outlook is stable. The ratings reflect Pampa Energia's competitive position as a strong player in the Argentine energy sector, which is tempered by exposure to the country's fragile economy and volatile regulatory framework, as well as Pampa's limited geographic diversification. In addition, although Pampa's consolidated leverage pro forma after the Petrobras Argentina acquisition is moderate, S&P expects the company to post a free operating cash flow shortfall in the next two years, weighing on the rating. The ratings also reflects S&P's view that Pampa's credit quality is limited by that of the sovereign, considering the dependence of the energy sector on the regulatory framework and government support, and S&P's belief that in a hypothetical sovereign default scenario high inflation, sharp devaluation, and overall macroeconomic conditions would undermine Pampa's financial flexibility. By acquiring Petrobras Argentina (PESA), Pampa increased its market share in Argentina's energy sector, diversified its operations towards less regulated markets, and improved cash flow generation predictability. At the same time, Pampa is focusing on integrating its energy supply chain, especially by expanding its generation business, amid expected improvements in the regulatory framework and tariff mechanisms in the sector. Thus, S&P believes that in the medium term, the company will benefit from improved cash generation from the electric generation and distribution sectors, while still focusing on the production of natural gas, given its relevance in the country's energy matrix in the long term. Nevertheless, the business profile constraint is Pampa's narrow geographic presence, because its operations are exclusively in Argentina, resulting in risks stemming from weak economy and unstable rule of law. ============= B A H A M A S ============= BAHA MAR: VAT Exemptions for Resort Trigger Outrage --------------------------------------------------- Caribbean360.com reports that the Perry Christie administration has stirred outrage in the Bahamas as startling revelations surface that developers of the heavily touted Baha Mar project have been exempted from paying Value Added Tax (VAT). Details of the arrangement emerged from an email circulated by the project's general contractor, A China Construction America, to its subcontractors and suppliers, obtained by the Bahamas Tribune newspaper, according to Caribbean360.com. "It's agreed with the Government that the sub-contractors and suppliers of (CCA) shall be entitled to have the full benefit of a full exemption from the payment of the Value Added Tax for works carried out on the Baha Mar project," the email stated, the report notes. It further urged subcontractors, suppliers and service providers to submit invoices for goods or services to recover any VAT already paid, the report relays. Deputy leader of the Opposition Free National Movement, K P Turnquest was adamant that the government must come clean on the deal which he charged could see the struggling economy losing as much as $60 million in VAT revenues, the report notes. "This is not a cute deal by any stretch of the imagination," he told the Tribune, as he questioned whether the project was of any real value to Bahamians. "You're talking at least $60 million or so [foregone]. Who's paying? The Bahamian people are paying. They are invested in this project, not indirectly but directly, through the incentives and tax breaks granted. Yet the Government has the gall to say they're transparent and acting in the best interests of the Bahamian people." As questions loom about the real value of the concessions granted to the developers of the mega tourism project, Attorney General Allison Maynard-Gibson seemingly defended the arrangement, insisting that such deals were not new, the report notes. She told the Nassau Guardian newspaper: "It is not unusual for a government to grant incentives or concessions that the government believes would benefit the country. That's what the FNM did, not only in relation to Baha Mar, but in relations to other investments, and that is what the PLP has done as well." She stressed that the benefits far outweighed the concessions granted to the developers. "What's the benefit to the people? A resort that not only will be completed by a developer that is world class, but an operator that is world class, who has the capacity to complete it, as well as to operate it successfully," she added, notes the report. About Baha Mar Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar Enterprises Ltd., and their affiliates sought protection under Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del., Case No. 15-11402). Baha Mar owns, and is in the final stages of developing, a 3.3 million square foot resort complex located in Cable Beach, Nassau, The Bahamas. The bankruptcy cases are assigned to Judge Kevin J. Carey. The Debtors are represented by Paul S. Aronzon, Esq., and Mark Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York. The Debtors' Delaware counsel are Laura Davis Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware. The Debtors' Bahamian counsel is Glinton Sweeting O'Brien. The Debtors' special litigation counsel is Kobre & Kim LLP. The Debtors' construction counsel is Glaser Weil Fink Howard Avchen & Shapiro LLP. The Debtors' investment banker and financial advisor is Moelis Company LLC. The Debtors' claims and noticing agent is Prime Clerk LLC. ========================== C A Y M A N I S L A N D S ========================== ANGALO HOLDINGS: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Angalo Holdings Limited received on Dec. 26, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Delio Jose De Leon Mela Salduba Building, Third Floor 53rd East Street Marbella, Panama City Panama Telephone: (507) 269-2641 Facsimile: (507) 263-8079 CAL DIVE: Shareholder to Hear Wind-Up Report on Jan. 19 ------------------------------------------------------- The shareholder of Cal Dive West Africa, Ltd will hear on Jan. 19, 2017, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Quinn J. Hebert c/o Sarah T. Hunt Telephone: (225) 248-2084 Facsimile: (225) 248-3084 8555 United Plaza Blvd Baton Rouge, LA 70809 U.S.A CHCAY LIMITED: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of CHCAY Limited received on Jan. 6, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 CHPG FINANCE: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of CHPG Finance Limited received on Jan. 6, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 GEOLOGIC RESOURCE: Shareholder Receives Wind-Up Report ------------------------------------------------------ The shareholder of Geologic Resource Opportunities Fund, Ltd. received on Dec. 28, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Geologic Resource Partners LLC c/o Ridhiima Kapoor Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 GEOLOGIC RESOURCE FUND: Shareholder Receives Wind-Up Report ----------------------------------------------------------- The shareholder of Geologic Resource Fund, Ltd. received on Dec. 28, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Geologic Resource Partners LLC c/o Ridhiima Kapoor 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 HAFU DEAL II: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Hafu Deal II Limited received on Jan. 6, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 KARA DEAL: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of Kara Deal Limited received on Jan. 6, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 LVRF FUNDING: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of LVRF Funding I Ltd received on Jan. 6, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 MWAM CBO 2001-1: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of MWAM CBO 2001-1. Ltd received on Jan. 6, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 NUFU DEAL: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of Nufu Deal Limited received on Jan. 6, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 PROTECTED CREDIT: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Protected Credit Notes Limited received on Jan. 6, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 STONE TOWER: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Stone Tower CLO VIII Ltd received on Jan. 6, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 =================================== D O M I N I C A N R E P U B L I C =================================== AEROPUERTOS DOMINICANOS: S&P Assigns 'BB-' Rating on New Sr. Bonds ------------------------------------------------------------------ S&P Global Ratings assigned a 'BB-' rating to Aeropuertos Dominicanos Siglo XXI S.A.'s new senior secured bonds. Additionally, S&P affirmed its 'BB-' long-term corporate credit and existing debt ratings. The outlook on Aerodom remains stable. Although total leverage is likely to slightly increase after the refinancing, S&P views debt refinancing as strengthening Aerodom's credit quality, given that it will improve the company's debt maturity profile, eliminating refinancing risk, and introducing certain credit enhancements such as the debt service reserve account. Under S&P's new base-case scenario, it expects Aerodom to post net debt to EBITDA of 3.5x-3.7x, funds from operations to debt of about 15% in 2017, and interest coverage of 2.5x-2.6x, which are still in line with an aggressive financial risk profile assessment. Following Aerodom's intention to issue senior secured amortizing debt to refinance 100% of its existing bullet notes, S&P has analyzed the impact on the company's financial risk profile, which changed S&P's base-case assumptions. S&P is now considering that Aerodom successfully issues amortizing senior secured debt for about $536 million maturing in 2029, consisting of an international bond and a bank loan. S&P expects the company to use most of the proceeds to refinance 100% of its outstanding $484 million bullet notes due 2019, fund a six-month debt service reserve account (required under the senior secured bank loan), and for capital expenditures (capex). * DOMINICAN REPUBLIC: Tows Hulk Ships in Ambitious Harbor Cleanup ----------------------------------------------------------------- Dominican Today reports that the removal of boats on the Ozama and Isabela rivers began in compliance with an Environment Ministry resolution which a shipyard sought to challenge with a Cease and Desist court order. The Dominican Port Authority and the Dominican Navy tow the metal hulks out to the Caribbean Sea, enforcing the Resolution which orders ridding the channels of these rivers of boats whose deadline to affect repairs has expired, according to Dominican Today. In a statement, APD director V°ctor G¢mez Casanova, and Navy commander Miguel Enrique Pena said they appointed Navy Capt. Jose David Rojas to head the operations to tow the vessels, together with Port Authority Environmental adviser and marine biologist Oswaldo Vasquez, the report notes. As reported in the Troubled Company Reporter-Latin America on Nov. 22, 2016, Fitch Ratings has taken the following rating actions on the Dominican Republic: -- Long-Term Foreign Currency Issuer Default Rating (IDR) upgraded to 'BB-' from 'B+'; assigned Stable Outlook; -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+'; assigned Stable Outlook; -- Senior unsecured Foreign and Local Currency bonds upgraded to 'BB-' from 'B+'; -- Short-Term Foreign Currency IDR affirmed at 'B'; -- Short-Term Local Currency IDR affirmed at 'B'. =========== M E X I C O =========== CEMEX SAB: Revises Trinidad Cement Takeover Offer ------------------------------------------------- RJR News reports that CEMEX SAB has revised its Trinidad Cement Limited takeover offer. The initial period offered for TCL to agree to sell its assets to CEMEX through one of its indirect subsidiaries, Sierra Trading, has been extended to January 24, according to RJR News. The initial period was January 10 with an offer by CEMEX of TT$4.50 per share, the report notes. CEMEX has raised its offer to J$5.07, the report relays. TCL has stated that if the shares were bought at the initial price offered, the company would have been devalued, the report notes. The latest information regarding the possible buy-over was confirmed by TCL officials, the report says. TCL's main operations are in Trinidad and Tobago, Jamaica and Barbados. TCL, which is privately owned, is the majority shareholder of Caribbean Cement Company, the main cement producer in Jamaica. CEMEX is a global building materials company that provides products and services to customers in more than 50 countries. As reported in the Troubled Company Reporter-Latin America on July 27, 2016, Fitch Ratings affirmed CEMEX, S.A.B. de C.V.'s (CEMEX) Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has also upgraded the company's National Scale Long-Term Rating to 'A(mex)' from 'A- (mex)' and affirmed the company's National Scale Short-Term rating at 'F2 (mex)'. The Rating Outlook remains Stable. ====================== P U E R T O R I C O ====================== POWELL VALLEY HEALTH: Court Extends Plan Filing Period to Jan. 10 ----------------------------------------------------------------- Judge Tim J. Ellis of the U.S. Bankruptcy Court for the District of Wyoming extended Powell Valley Health Care, Inc.'s exclusive periods for filing a plan and obtaining acceptances to the plan through January 10, 2017 and March 10, 2017, respectively. Absent the extension, the Debtor's exclusive plan filing period would have expired on December 14, 2016. The Debtor previously had until February 14, 2017 to obtain acceptance of the plan. The Debtor sought the extension of its exclusive periods, telling the Court that it was negotiating terms of a consensual plan with the Creditor Committee. The Debtor further told the Court that unfortunately, while many of the key provisions of the plan may be agreed upon prior to December 14, 2016, the drafting of the plan itself would not be completed prior to the current deadline. About Powell Valley Health Care, Inc. Powell Valley Health Care, Inc. provides healthcare services to the greater-Powell, Wyoming community. The Company filed for Chapter 11 bankruptcy protection (Bankr. D. Wyo. Case No. 16- 20326) on May 16, 2016. The petition was signed by Michael L. Long, CFO. The Debtor is represented by Bradley T. Hunsicker, Esq., at Markus Williams Young & Zimmermann LLC. The case is assigned to Judge Cathleen D. Parker. The Debtor estimated assets and debts at $10 million to $50 million at the time of the filing. The Debtor has retained Hammond Hanlon Camp, LLC as its financial advisor and investment banker. No trustee or examiner has been appointed in the case. The United States Trustee appointed Larry Heiser, Veronica Sommerville, Michelle Oliver, and Joetta Johnson to serve on the Official Committee of Unsecured Creditors. The Official Committee of Unsecured Creditors tapped Spencer Fane LLP as counsel and EisnerAmper LLP as its Accountant. PUERTO RICO: Gov. Seeks More Time on Fiscal Plan, Lawsuit Freeze ---------------------------------------------------------------- Nick Brown at Reuters reports that Puerto Rico's new governor is seeking more time to present a fiscal turnaround plan for the struggling U.S. territory, saying the Jan. 31 deadline set by the commonwealth's federal oversight board is too tight. In a letter to the board dated Jan. 4, a representative for Governor Ricardo Rossello, who was sworn in, sought at least a 45- day extension, which would push the deadline to present a plan to March 17, according to Reuters. Under the territory's federal rescue law known as PROMESA, passed last year, Puerto Rico's governor has to present a blueprint for the island's financial future that must be approved by the federally-appointed board tasked with managing its dire fiscal position, the report notes. The report relays that the board last year set a Jan. 31 deadline for the plan, but Elias Sanchez, Mr. Rossello's liaison to the board, said the deadline would give the administration too little time to assess Puerto Rico's finances or attempt restructuring talks. The governor also sought a 75-day extension of PROMESA's so-called automatic stay provision, which prevents creditors from suing Puerto Rico over missed debt payments. With the stay set to expire on Feb. 15, Mr. Rossello asked the board to extend it until May 1, the report notes. That would give the island more time to try to negotiate restructuring talks with holders of $70 billion in debt issued by Puerto Rico and its public agencies, the report relays. If the deadline expired in February, it could force Puerto Rico or the board to preemptively push some public agencies into a legal process under PROMESA akin to U.S. bankruptcy protection, known as Title III, the letter said, the report says. "We are very concerned that a rushed process to certify a fiscal plan by January 31, 2017, and a view that the movement of the PROMESA stay on February 15, 2017, is an intractable deadline, could prematurely precipitate Title III filings for some or all" of the government's public debt issuers, the letter stated, the report discloses. Puerto Rico owes $18 billion in general obligation debt, backed only by a constitutional promise; $15 billion in so-called COFINA debt backed by sales tax proceeds, and billions more in debt at myriad public entities, such as the PREPA power authority and PRASA water utility, the report notes. The island has an unemployment rate more than twice the U.S. average, its 3.5 million population is shrinking as locals flock to the mainland and nearly half of those who remain live in poverty, the report adds. * * * The Troubled Company Reporter-Latin America reported on June 15, 2016, that the U.S. Supreme Court struck down a Puerto Rico law that would have let its public utilities restructure their debt over the objection of creditors leaving it to Congress to help the island resolve its fiscal crisis. Siding with bondholders challenging the law, the court ruled 5-2 that the measure was barred under federal bankruptcy law. Justice Clarence Thomas, writing for the majority in the 5-to-2 decision, said the law was at odds with the federal bankruptcy code, which bars states and lower units of government from enacting their own versions of bankruptcy law. Puerto Rico is struggling with $72 billion in debt and has argued that it needs to restructure at least some of it under Chapter 9, the part of the bankruptcy code for insolvent local governments. But Puerto Rico is not permitted to do so, because Chapter 9 specifically excludes it. The federal law, Justice Thomas wrote, "bars Puerto Rico from enacting its own municipal bankruptcy scheme to restructure the debt of its insolvent public utilities." Chief Justice John G. Roberts Jr. and Justices Anthony M. Kennedy, Stephen G. Breyer and Elena Kagan joined him. Consequently, Puerto Rico opted to default on $911 million in constitutionally guaranteed debt, or roughly half of the $2 billion in principal and interest that came due July 1, EFE News reported. The reported further noted that Puerto Rico enacted a debt moratorium due to liquidity restraints -- a move that coincided with a new U.S. law signed by President Obama that installs a financial control board to restructure the island's debt and provides a retroactive stay on lawsuits by bondholders. On July 11, 2016, the TCR-LA reported that S&P Global Ratings has downgraded the Commonwealth of Puerto Rico's general obligation secured debt to 'D' (default) from 'CC' following the commonwealth's default. On July 7, 2016, Fitch Ratings has downgraded the Commonwealth of Puerto Rico's Long-Term Issuer Default Rating (IDR) to 'RD' from 'C' and general obligation (GO) bond rating to 'D' from 'C' following the payment default on certain GO bonds on July 1, 2016. Both ratings are removed from Rating Watch. Ratings on securities that have not defaulted will remain at 'C' until the point of default. The ratings on non-defaulted bonds remain on Rating Watch Negative. ===================================== T R I N I D A D A N D T O B A G O ===================================== CARIBBEAN AIRLINES: Operating With Reduced Fleet ------------------------------------------------ RJR News reports that the Chairman of Caribbean Airlines Limited Shameer Mohammed, said the airline is operating with a reduced fleet of aircraft. According to Mr. Mohammed, two of CAL's ATR aircraft are out of service because of technical problems, according to RJR News. Mr. Mohammed said officials of the ATR company have been to Trinidad and Tobago and the problems are being addressed, the report notes. The disclosure was made at a Joint Select Committee meeting of Parliament in Port-of-Spain, the report relays. Meanwhile, the CAL Chairman said in 2011 when the contract was signed for the aircraft, the right to sue the manufacturer was waived. He also said the new board of Caribbean Airlines has obtained legal opinion from attorneys in London and is looking at all possible options in the matter, the report says. During the sitting, Member of Parliament Adrian Leonce, asked whether possible legal action would be directed at the aircraft manufacturer alone, or at those who may have agreed to the contract, the report notes. Vice chairman of the airline Michael Quamina said the contract between ATR and CAL provided for a three-year warranty, the report relays. He said the airline is exploring the legality of the waiver in an effort to see what avenues are available for recourse, the report adds. About Caribbean Airlines Caribbean Airlines Limited -- http://www.caribbean-airlines.com/ -- provides passenger airline services in the Caribbean, South America, and North America. The company also offers freighter services for perishables, fish and seafood, live animals, human remains, and dangerous goods. In addition, it operates a duty free store in Trinidad. Caribbean Airlines Limited was founded in 2006 and is based in Piarco, Trinidad and Tobago. As reported in the Troubled Company Reporter-Latin America on November 2, 2015, RJR News said that Michael DiLollo, Chief Executive Officer of Caribbean Airlines Limited has quit after just 17 months on the job. The 48-year-old Canadian national, citing personal reasons, resigned with immediate effect. His resignation was accepted by the airline's board of directors. Mr. DiLollo was appointed Caribbean Airlines CEO in May 2014, following the sudden resignation of Robert Corbie in September 2013. In early February 2015, Larry Howai, then Finance Minister, told Parliament that unaudited accounts for 2014 showed the airline made a loss of US$60 million, inclusive of its Air Jamaica operations, and the airline planned to break even by 2017. Mr. Howai told the Parliament that a five-year strategic plan had been completed and was in the process of being approved for implementation. In an interview with the Trinidad & Tobago Guardian in early November 2015, Mr. DiLollo said CAL did not need a bailout just yet. Mr. DiLollo said the airline had benefited from extremely patient shareholders for years and he believed the airline was strategically positioned to break even in three years. *********** 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 2017. 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 * * *