/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/170112.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 Thursday, January 12, 2017, Vol. 18, No. 9 Headlines A R G E N T I N A BUENOS AIRES: Moody's Rates 2017 ST Treasury Note Program (P)B3 GPAT COMPANIA: Moody's Rates ARS250MM Notes Issuance 'B1' PAMPA ENERGIA: Fitch Assigns 'B' IDR; Outlook Stable ROMBO COMPANIA: Moody's Assigns B1 Rating to ARS180MM Bond Issue * ARGENTINA: Firms to Invest $5BB in Non-Conventional Gas Projects B A R B A D O S BARBADOS: Central Bank Worries About Forex B R A Z I L PETROBRAS GLOBAL: S&P Assigns 'B+' Rating on Proposed Sr. Notes C A Y M A N I S L A N D S AERIS CAPITAL: Shareholders Receive Wind-Up Report AMATOR LLC: Shareholder Receives Wind-Up Report ARDEN PROPPARTNERS: Shareholder Receives Wind-Up Report BERENS CAPITAL: Shareholders to Hear Wind-Up Report on Jan. 13 BY PREMIUM I: Shareholders Receive Wind-Up Report CAL DIVE: Shareholder to Hear Wind-Up Report on Jan. 19 CAL DIVE INTERNATIONAL: Member to Hear Wind-Up Report on Jan. 19 IPORANGA FUND: Shareholder to Hear Wind-Up Report on Jan. 27 LOCH LOMOND: Shareholder Receives Wind-Up Report PETROLOG CAL: Shareholder to Hear Wind-Up Report on Jan. 19 PINNACLE INFRAFUND: Members to Hear Wind-Up Report on Jan. 13 PINNACLE INFRASTRUCTURE: Members to Hear Wind-Up Report on Jan. 13 WINTERRAYS LIMITED: Shareholder Receives Wind-Up Report J A M A I C A JAMAICA MORTGAGE: Bank Reduces Non-Performing Loans JAMAICA: Port Authority Pays Millions to Senior Executives P U E R T O R I C O BUILDERS HOLDING: Seeks to Hire Rivera Colon as External Auditor HATILLO POOL: Disclosures Conditionally OK'd; Hearing on Jan. 31 T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Proposes Ancillary Fees For Air Bridge - - - - - ================= A R G E N T I N A ================= BUENOS AIRES: Moody's Rates 2017 ST Treasury Note Program (P)B3 --------------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo has assigned a (P)B3 (Global Scale local currency) and Baa3.ar (Argentina National Scale) ratings to the 2017 Short-Term Treasury Note Program of the Province of Buenos Aires. The ratings are in line with the province's long term local currency issuer ratings, which carry stable outlook. RATINGS RATIONALE The Short-Term Treasury Note Program has been authorized by the province's 2017 Budget Law Nß14.879 and by the Supplementary Budgetary Law, whereas Resolution 3/17 of the provincial General Treasury set the general issuance conditions of the series within the program and its maximum amount. The treasury notes will be backed by transfers from the Government of Argentina (B3, stable). The assigned debt ratings reflect Moody's view that the willingness and capacity of the Province of Buenos Aires to honor these short-term treasury notes is in line with the provincial's long-term credit quality as reflected in the B3/Baa3.ar issuer ratings in local currency. The maximum issuance amount authorized under the program is exactly ARS8.486 million or its equivalent in foreign currency, which represents 1.7% of the total revenues budgeted for 2017. The Province of Buenos Aires intends to issue monthly Series of Treasury Notes in public tenders or in private placements in the domestic market with maturities up to 365 days starting in the current month of January. The assigned ratings are based on preliminary documentation received by Moody's as of the rating assignment date. Moody's does not expect changes to the documentation reviewed over this period or anticipates changes in the main conditions that the notes will carry. Should issuance conditions and/or final documentation of any of the series under this program deviate from the original ones submitted and reviewed by the rating agency, Moody's will assess the impact that these differences may have on the ratings and act accordingly. WHAT COULD CHANGE THE RATING UP/DOWN Given the strong macroeconomic and financial linkages between the Government of Argentina's and Sub-sovereigns economic and financial profiles and ratings, an upgrade of Argentina's sovereign bonds ratings and/or the improvement of the country' operating environment could lead to an upgrade of the Province of Buenos Aires. Conversely, a downgrade in Argentina's bond ratings and/or the continuation of current operating deficits coupled with a debt to total revenues ratio rising above 55% could exert downward pressure on the ratings assigned. GPAT COMPANIA: Moody's Rates ARS250MM Notes Issuance 'B1' ----------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo (MLA) has assigned a B1 global scale rating (GSR) and a Aa3.ar national scale rating (NSR) to GPAT Compania Financiera S.A. (GPAT)'s XXVI series issuance up to ARS 250 million, under its senior debt program of ARS 1,500 million. The notes will be issued in two classes with two different maturities, in 12 and 24 months.. All ratings have been placed under review for downgrade, in line with the other ratings assigned to the entity. The following ratings were assigned to GPAT Compania Financiera S.A.'s series XXVI senior unsecured debt issuance up to ARS 250 million: B1 Global Local Currency Debt Rating, Outlook Rating Under Review Aa3.ar Argentina National Scale Local Currency Debt Rating, Outlook Rating Under Review RATINGS RATIONALE GPAT is a finance company mainly focused on the financing of General Motors vehicle purchases by individuals through car dealers. The company offers its products through the branch network of its parent, Banco Patagonia S.A. (Patagonia, rated Ba3), which also provides the wholesale funding for dealers, while GPAT provides all the back-office services for this financing. While the company's stand-alone credit profile is constrained by Argentina's still operating environment, its B1 global local currency senior debt rating reflects the probability that GPAT will receive financial support from Patagonia, in the event of stress, which considers GPAT's strong commercial and strategic importance to Patagonia. GPAT's GSR is nevertheless solidly speculative grade, but its Aa3.ar NSR is near the top of the Argentine national scale. With a dominant market position in its core business, and despite the weak economic growth in the country, GPAT's profitability has increased over the past two years, even after adjusting for the high inflation rate in the period. In addition, non-performing loans remain low thanks to the company's focus on middle and high- income individuals, but delinquency levels are likely to rise given the current economic situation. The ratings also incorporate risks associated with a liability structure mainly reliant on market funding, as is the case of other automobile finance companies. In addition, the company's stand-alone credit profile considers Argentina's ongoing macroeconomic and institutional challenges together with GPAT's monoline business model dedicated to the financing of General Motors vehicles and the increasing level of competition within the car-financing industry in Argentina. Despite significant improvements to operating conditions and elimination of various burdensome government controls on the financial system, which should help support earnings, Argentina continues to face significant economic and institutional challenges, including high inflation and weak growth. The review for downgrade of GPAT's ratings is in line with the review of its parent Banco Patagonia's ratings, and considers the strong linkages between the operations of the bank and this subsidiary. WHAT COULD CHANGE THE RATING UP/DOWN The ratings could face downward pressure if GPAT's parent, Banco Patagonia is downgraded, or in an event of deterioration in GPAT's asset quality, capitalization and/or funding access. Reflecting the review for downgrade, upward rating pressure is unlikely at this time. RATING METHODOLOGIES The principal methodology used in these ratings was Finance Companies published in December 2016. GPAT Compania Financiera S.A. is headquartered in Buenos Aires, Argentina, and reported Ar$3,423 million of total assets and Ar$950 million of shareholders' equity as of September 2016. PAMPA ENERGIA: Fitch Assigns 'B' IDR; Outlook Stable ---------------------------------------------------- Fitch Ratings has assigned Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) of 'B' and 'BB-', respectively, to Pampa Energia S.A. The Rating Outlook is Stable. Fitch has simultaneously assigned an expected rating of 'B+(EXP)/RR3' to Pampa's proposed senior unsecured notes. The company expects to use the proceeds from the issuance to refinance existing debt at its subsidiaries, funding capital expenditures and for general corporate purposes. KEY RATING DRIVERS The ratings consider Pampa's status as Argentina's largest integrated energy company, with significant markets shares across all its business lines. In particular, the ratings reflect the company's substantial operations in exploration & production (E&P), as well as the favorable domestic price environment for its natural gas business in Argentina. Additionally, the company's electricity generation segment is expected to provide cashflow stability and gradual growth as new plants qualifying for more profitable regulatory programs are constructed. In addition to broad macroeconomic constraints captured by Argentina's Long-Term IDR of 'B', a potential pressure point for the company is its participation in the historically unprofitable distribution company, Edenor. Pampa's foreign currency rating is constrained by the 'B' country ceiling of the Republic of Argentina, which limits the foreign currency rating of most Argentine corporates. Country ceilings are designed to reflect the risks associated with sovereigns placing restrictions upon private sector corporates that may prevent them from converting local currency to any foreign currency under a stress scenario and/or may not allow the transfer of foreign currency abroad to service foreign currency debt obligations. FAVORABLE NATURAL GAS PRICES In an attempt to foster energy independence, Argentina has created various incentive programs across the energy sector including subsidies that guarantee a realized price of USD7.5 per million BTU (mmBTU) for qualifying gas production, known as Plan Gas and Plan Gas II. Fitch estimates approximately 60% of the company's natural gas production will qualify for these price incentives in 2017. Plan Gas is set to expire at the end of 2017, and Plan Gas II is set to expire in the middle of 2018, although there is some political support for extending these programs for another year or two. Even if the programs are not renews, Fitch expects Pampa will be able to achieve a realized price of around USD6/mmBTU considering the substitution costs implied by LNG imports and Fuel Oil #6. Pampa's joint venture with YPF S.A. for the exploitation of the Rincon del Mangrullo and its purchase of Petrobras Argentina have had a transformative effect on the company, growing its production volumes from around 3,000 barrels of oil equivalent per day (boe/d) in 2013 to an expected 75,000 to 80,000 boe/d over the next three years, making it the fourth largest oil and gas producer in the country. Under Fitch's base case assumptions, the consolidated exploration and production (E&P) operations of Pampa and Petrobras Argentina should generate around 80% of consolidated EBITDA in 2017, excluding Pampa's distribution business. INVESTMENTS IN GENERATION IMPROVE PROFITABILITY The company's 3,433MW of installed capacity represent 10% of the country's total capacity. However, most of Pampa's generation assets operate under a regulatory system applied to older generation units, remunerated at lower prices to reflect their inefficiency. As a result, a significant portion of Pampa's growth capex is expected to go toward the construction of new plants that would qualify for new regulatory schemes that offer higher capacity prices and are paid in USD. In October 2016, the company won bids for four generation plants (three thermal, one windpower) totalling approximately 400MW of capacity, with expected commercial operation dates (CODs) in the second half of 2017. Fitch expects this strategy of seeking higher generation margins through the construction of new plants to continue through the medium term. POTENTIAL REVERSAL OF FORTUNES IN ELECTRICITY DISTRIBUTION For the last decade, Argentina's electricity prices have been artificially suppressed, with average monthly electricity bills of around USD3. As a result, distribution companies, such as Pampa's Edenor, have operated at significant losses, requiring various government subsidies and credit programs to stay afloat. Nevertheless, with the aggressive efforts at liberalizing Argentina's energy sector under the Mauricio Macri administration, there are indications that this sector might return to profitability. In February, a tariff increase reflecting adjustments to the fuel cost component was implemented by the Macri administration, effectively raising the average monthly residential electricity bill to USD16. This increase was provisional; an official tariff review was discussed in December 2016, which resulted in increases of 22%-44%. In addition to the upward revision to the distribution component of the tariff, even the revised fuel cost component (approximately ARS300/MWh) remains significantly below breakeven costs of approximately ARS650/MWh as of year-end 2015. While the Macri Administration has already run into some legal and political obstructions that resulted in a tempering of the liberalization process, this is a clear priority. Less clear is the speed at which the system will be effectively transformed, much less how long such a transformation would last. With low expectations informed by the last decade's electricity regulation, the upside potential could represent yet another transformational change for Pampa. KEY ASSUMPTIONS -- Natural gas production of between 45,000 and 55,000 boe/d over the next three years; total hydrocarbon production of between 70,000 and 80,000 boe/d during the same period. -- Average realized natural gas price of USD 6/mmBTU; crude prices reaching international parity over the next 12 to 18 months. -- Average of USD150 million invested annually in additional generation capacity -- Gradual improvement in cashflow for Edenor over the next three years. RATING SENSITIVITIES Although the Argentine regulatory environment for oil and gas and utilities appears to be undergoing positive changes, detrimental government intervention remains the greatest risk to Pampa's ratings. In that vein, failure to implement effective tariff adjustments through the medium term could potentially lead to a downgrade. While all recent trends point to a supportive view towards the E&P sector (and particularly natural gas), any reversal in that environment would have a material impact on Pampa's cashflow. Finally, failure to balance expansion goals with the maintenance of a solid capital structure would be viewed negatively. Gross leverage of above 3.0x on a sustained basis could lead to a negative rating action. Barring an upgrade to the sovereign, an upgrade for Pampa is unlikely in the near term. However, sustained improvement in the company's distribution segment would be viewed positively, particularly if it resulted in substantial deleveraging. LIQUIDITY Fitch expects year-end debt of around USD1.6 billion, with approximately USD540 million of maturities expected in 2017, largely associated with loans incurred to execute the purchase of Petrobras Argentina. Proceeds from the company's proposed issuance will be primarily used to refinance these maturities and rebalance its amortization schedule. If the company successfully refinances its short-term debt, it will have more than 70% of its debt maturing beyond five years. Other significant debt obligations other than the acquisition- related debt include a USD500 million Petrobras Argentina bond (to be absorbed by Pampa in 1Q17), a USD176 million Edenor bond (structurally subordinate to Pampa-level issuances). FULL LIST OF RATING ACTIONS Fitch has assigned these ratings to Pampa: -- Long-Term Foreign Currency Issuer Default Rating 'B'; -- Long-Term Local Currency IDR 'BB-'; -- Proposed senior unsecured notes 'B+(EXP)/RR3'. The Rating Outlook is Stable. ROMBO COMPANIA: Moody's Assigns B1 Rating to ARS180MM Bond Issue ---------------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo S.A. (MLA) assigned a B1 global local currency senior debt rating and Aa2.ar national scale local currency debt rating to Rombo Compania Financiera's thirty-sixth bond issuance of up to ARS 180 million, which due in 24 months. The outlook on the ratings is stable. The following ratings were assigned to Rombo Compania Financiera S.A.: Serie 36 senior unsecured debt issuance up to ARS180 million: B1 Global Local Currency Debt Rating, Stable Aa2.ar Argentina National Scale Local Currency Debt Rating, Stable RATINGS RATIONALE Rombo's B1 global debt rating is based on the standalone credit profile of b3 and a moderate probability of support from Rombo's main parent, RCI Banque (Baa1, stable) in case of stress. Rombo, which is 60% owned by RCI Banque and 40% by BBVA Banco FrancÇs (unrated) and together with RCI Banque forms the principal financial arm of its ultimate owner, Renault S.A. (Baa3, stable) in Argentina, is responsible for nearly 50% of Renault's financed sales in the country. Notwithstanding the company's speculative grade global scale rating, it is one of the stronger credits in Argentina, as reflected by its Aa2.ar national scale rating. The b3 standalone credit profile considers Argentina's ongoing macroeconomic challenges together with Rombo's monoline business model dedicated to the financing of Renault vehicles and the increasing level of competition within the car-financing industry in the country. Despite significant improvements since the new administration took office in December 2015 and softened or eliminated various burdensome government controls on the financial system which should help support earnings, Argentina continues to face significant economic and institutional challenges, including high inflation and weak growth. Although the company posted very strong profitability in 2016, this was distorted by the high rate of inflation. While non- performing loans remain low thanks to the company's focus on middle and high-income individuals, delinquency levels are likely to rise in the medium term given the current economic situation. These risks are partly balanced by Rombo's satisfactory risk management practices that are aligned to those of its parent companies as well as its adequate capitalization. The ratings also include risks associated with a liability structure mainly reliant on market funds, as is the case of other automobile finance companies. The stable outlook on the company's ratings is in line with the stable outlook B3 rating for Argentina's government bond rating. WHAT COULD CHANGE THE RATING UP/DOWN The entity's rating could face upward pressure if Argentina's bond rating is upgraded or if Argentina's operating environment continues to improve. On the other hand, the rating could go down if the operating environment deteriorates, affecting Rombo's business prospects. * ARGENTINA: Firms to Invest $5BB in Non-Conventional Gas Projects ------------------------------------------------------------------ EFE News reports that President Mauricio Macri said that oil companies and unions reached an agreement to produce natural gas at Vaca Muerta, one of the world's largest shale oil and gas fields, in a deal that will generate $5 billion in investment in Argentina this year alone. "The companies are committed to a virtuous investment process that will be $5 billion" in 2017 and double in subsequent years, the president said during an event at the Casa Rosada presidential palace, according to EFE News. The energy companies agreed to ramp up investment to $10 billion in 2018, with the amount of capital rising until it reaches $15 billion annually, President Macri administration officials told EFE News. The project will make it possible for "tens of thousands of families" to move to "the development zone," President Macri said, the report notes. The majority of the non-conventional Vaca Muerta play is in the southwestern province of Neuquen, the report relays. The agreement was signed by the federal and Neuquen governments; oil industry unions; Pan American Energy, Total, Shell and Chevron; chemical industry giant Dow; and state-owned YPF, which has a 50 percent stake in the shale play, the report notes. Neuquen's government agreed to not raise taxes, a key element in ensuring the viability of investment plans, and to improve infrastructure in the region, a project that the central government will contribute to, the report relays. Argentina's national gas plan, which is set to expire in December, will be extended until 2020 to guarantee a floor price for gas producers, President Macri said, the report notes. Union leaders, for their part, agreed to add clauses to boost productivity to collective bargaining agreements, the report says. Rio Negro, Neuquen and La Pampa Private Oil and Gas Workers Union president Guillermo Pereyra, who helped negotiate the deal, said the agreement would "improve" working conditions for union members and denied it introduced "labor flexibility," the report discloses. The Vaca Muerta project moves Argentina into "a future stage" in the development of the energy industry, President Macri said, adding that without this venture "there is no growth," development or poverty reduction, the report relays. Environmentalists, farmers and Indians strongly oppose the non- conventional oil and gas play, arguing that Vaca Muerta will lead to the release of large amounts of methane gas into the atmosphere and pollute Neuquen's aquifers, the report notes. Oil and gas in non-conventional fields is produced using hydraulic fracturing, or "fracking," a controversial method that involves pumping a pressurized fluid -- usually composed of water, sand and chemicals -- into a shale formation to create a fracture in the rock layer and release trapped petroleum or natural gas, the report notes. YPF SA announced the discovery of non-conventional oil and natural gas reserves in Vaca Muerta in 2011 after successful results in the exploration phase, the report adds. * * * On Oct. 17, 2016, the Troubled Company Reporter-Latin America reported that Fitch Ratings has affirmed Argentina's sovereign ratings as: -- Long-term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B', Outlook Stable; -- Senior unsecured Foreign Currency bonds at 'B'; -- Country Ceiling at 'B'; -- Short-Term Foreign and Local Currency IDRs at 'B'. As previously reported by the TCR-LA, Argentina defaulted on some of its debt late July 30, 2014, after expiration of a 30-day grace period on a US$539 million interest payment. Earlier that day, talks with a court-appointed mediator ended without resolving a standoff between the country and a group of hedge funds seeking full payment on bonds that the country had defaulted on in 2001. A U.S. judge had ruled that the interest payment couldn't be made unless the hedge funds led by Elliott Management Corp., got the US$1.5 billion they claimed. The country hasn't been able to access international credit markets since its US$95 billion default 13 years ago. On March 30, 2016, after more than 12 hours of debate in the Senate, Argentina's Congress passed a bill that will allow the government to repay holders of debt that the South American country defaulted on in 2001, including a group of litigating hedge funds that won judgments in a New York court. The bill passed by a vote of 54-16. =============== B A R B A D O S =============== BARBADOS: Central Bank Worries About Forex ------------------------------------------ Trinidad Express reports that the Governor of the Central Bank of Barbados Dr. DeLisle Worrell said the island has failed to achieve a balance between foreign exchange inflows and outflows, which is the foundation for growth in a stable economy. Mr. Worrell in his January economic letter, titled "We are the Craftsman of our Economic Fate" noted that this situation has existed since 2013, according to Trinidad Express. "We know when we have achieved that balance because in that case we do not have to dip into the Central Bank's reserves of foreign currency to make up the difference. "The country has failed to achieve that balance since 2013 and there remains a need to dampen spending further in order to protect the country's reserves of foreign exchange," Mr. Worrell wrote, says the report. Mr. Worrell said the reserves are what protect the country from the devaluation of the local currency, adding that the Central Bank remains in a position to provide US dollars "at the two-to- one exchange rate to meet all legitimate needs, if no other source is sufficient," the report adds. =========== B R A Z I L =========== PETROBRAS GLOBAL: S&P Assigns 'B+' Rating on Proposed Sr. Notes --------------------------------------------------------------- S&P Global Ratings assigned its 'B+' debt rating to Petrobras Global Finance B.V.'s (PGF's) proposed senior unsecured notes. PGF is a wholly-owned finance subsidiary of Brazilian oil and gas company Petroleo Brasileiro S.A. - Petrobras (B+/Negative/--). Petrobras will unconditionally and irrevocably guarantee the notes. The state-owned oil company will use this issuance to fund a cash tender offer of some bonds due 2019 and 2020, with the recourses allocation strategy dependent on the final issued amount. S&P views the tender offer as opportunistic, with proposed prices to repurchase the securities above the current market price, and because S&P believes a failure to carry out the transaction won't increase likelihood of conventional default. S&P's 'B+' corporate rating on Petrobras reflects S&P's view that there's a very high likelihood that the Brazilian government would provide timely and sufficient extraordinary support to the company in the event of financial distress. S&P will continue to monitor closely the relationship between Petrobras and the government, including the latter's incentives, capacity, and tools to support the company. Although S&P believes the government support would be Petrobras' last resource, a more explicit mechanism on the timeframe and way to execute it would support S&P's current assessment. As a result, according to S&P's government-related entity criteria, absent any sovereign rating action, while maintaining S&P's current assessment about likelihood of extraordinary government support, Petrobras' downgrade would occur if its stand- alone credit profile (SACP) were to fall to 'ccc'. Currently, S&P assess the company's SACP at 'b-'. RATINGS LIST Petroleo Brasileiro S.A. - Petrobras Corporate credit rating B+/Negative/-- Rating Assigned Petrobras Global Finance B.V. Sr. Unsec. Notes B+ ========================== C A Y M A N I S L A N D S ========================== AERIS CAPITAL: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Aeris Capital Life Science 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: Avalon Ltd. Landmark Square, 1st Floor 64 Earth Close P.O. Box 715 Grand Cayman KY1-1107 Cayman Islands Facsimile: +1 (345) 769-9351 AMATOR LLC: Shareholder Receives Wind-Up Report ----------------------------------------------- The shareholder of Amator LLC received on Jan. 12, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Volker Mehnert 3131 Trafalgar Heights Montreal QUE H3Y 1H2 Telephone: +1 (514) 935 3131 ARDEN PROPPARTNERS: Shareholder Receives Wind-Up Report ------------------------------------------------------- The shareholder of Arden Proppartners Select, 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: Elian Fiduciary Services (Cayman) Limited c/o Jody Powery-Gilbert Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 BERENS CAPITAL: Shareholders to Hear Wind-Up Report on Jan. 13 -------------------------------------------------------------- The shareholders of Berens Capital Asia (Ex-Japan) Offshore Ltd. will hear on Jan. 13, 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: Kenneth Stewart c/o Apex Fund Services (Cayman) Ltd. 161a Artillery Court, Shedden Road P.O. Box 10085 Grand Cayman KY1 1001 Cayman Islands Telephone: (345) 747 2739 BY PREMIUM I: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of By Premium I Company received on Dec. 28, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jun Harada 1st Floor 2-21-11 Hongo Bunkyo-ku Tokyo Japan 113-0033 Telephone: +81-3-6801-5828 e-mail: harada@expertslink.jp CAL DIVE: Shareholder to Hear Wind-Up Report on Jan. 19 ------------------------------------------------------- The shareholder of Cal Dive Offshore Contractors 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 8555 United Plaza Blvd Baton Rouge, LA 70809 U.S.A Telephone: (225) 248-2084 Facsimile: (225) 248-3084 CAL DIVE INTERNATIONAL: Member to Hear Wind-Up Report on Jan. 19 ---------------------------------------------------------------- The member of Cal Dive Offshore International, 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 8555 United Plaza Blvd Baton Rouge, LA 70809 U.S.A Telephone: (225) 248-2084 Facsimile: (225) 248-3084 IPORANGA FUND: Shareholder to Hear Wind-Up Report on Jan. 27 ------------------------------------------------------------ The shareholder of Iporanga Fund will hear on Jan. 27, 2017, at 11:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Westport Services Ltd c/o Jonathan Turnham Telephone: +1 (345) 949 0699 Facsimile: +1 (345) 949 8171 LOCH LOMOND: Shareholder Receives Wind-Up Report ------------------------------------------------ The sole shareholder of Loch Lomond Investment Ltd. received on Jan. 5, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Morval Bank & Trust Cayman Ltd. P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands Telephone: +1 (345) 949-9808 PETROLOG CAL: Shareholder to Hear Wind-Up Report on Jan. 19 ----------------------------------------------------------- The shareholder of Petrolog 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 8555 United Plaza Blvd Baton Rouge, LA 70809 U.S.A Telephone: (225) 248-2084 Facsimile: (225) 248-3084 PINNACLE INFRAFUND: Members to Hear Wind-Up Report on Jan. 13 ------------------------------------------------------------- The members of Pinnacle Infrafund SPC will hear on Jan. 13, 2017, at 10:20 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Kenneth Stewart Apex Fund Services (Cayman) Ltd. 161a Artillery Court, Shedden Road P.O. Box 10085 Grand Cayman KY1 1001 Cayman Islands Telephone: (345) 747 2739 PINNACLE INFRASTRUCTURE: Members to Hear Wind-Up Report on Jan. 13 ------------------------------------------------------------------ The members of Pinnacle Infrastructure Fund Management will hear on Jan. 13, 2017, at 10:15 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Kenneth Stewart Apex Fund Services (Cayman) Ltd. 161a Artillery Court, Shedden Road P.O. Box 10085 Grand Cayman KY1 1001 Cayman Islands Telephone: (345) 747 2739 WINTERRAYS LIMITED: Shareholder Receives Wind-Up Report ------------------------------------------------------- The sole shareholder of Winterrays Limited received on Jan. 12, 2017, 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 ============= J A M A I C A ============= JAMAICA MORTGAGE: Bank Reduces Non-Performing Loans --------------------------------------------------- RJR News reports that an audit of the Jamaica Mortgage Bank has revealed that progress has been made in reducing its non- performing loans but there are still areas of concern. The entity, which finances housing developments, had a loan portfolio of $1.7 billion as at March 31, 2016, according to RJR News. The Auditor General found that $970 million or 57 per cent was outstanding for over a year, the report relays. The Auditor-General noted instances of inconsistent application of Jamaica Mortgage Bank's loan policy between 2003 and 2015, which may have contributed to the high level of non-performing loans, the report says. The Auditor-General report, which was tabled in the House of Representatives said Non Performing Loans averaged 68 percent of the total loan portfolio between 2010 and 2016, the report notes. Although there was a decline in non-performing loans, performing loans also declined during the period, the report discloses. The decline in non-performing loans was due mainly to settlement arrangements with delinquent borrowers, the report notes. The Jamaica Mortgage Bank in response to the Auditor-General's concerns indicated that its non-performing loans are sufficiently collateralized, the report relays. However, the Auditor-General said the accumulation of such assets should be of concern to the Mortgage Bank and the Government, as the entity may be left holding assets which may prove difficult to liquidate, the report notes. In addition, the Auditor-General says in the event that the assets are disposed of the Jamaica Mortgage Bank may not realize the full value of the loans, the report adds. 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+'. JAMAICA: Port Authority Pays Millions to Senior Executives ---------------------------------------------------------- RJR News reports that The Port Authority of Jamaica forked out more than J$250 million to pay senior executives during its 2015/2016 financial year. The agency's annual report, which was tabled in the House of Representatives, showed it had 19 senior executives who received a combined J$258.5 million, according to RJR News. The salary packages ranged from a high of $26.2 million paid to Port Authority CEO and President Gordon Shirley to a low of $2.6 million received by the Vice President of Port Community Systems, the report notes. During the financial year the Port Authority realized a net profit of just over $3 billion an increase of 76 per cent over the previous twelve months, the report relays. This was due in part to an eight percent increase in revenue, the report adds. 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+'. ====================== P U E R T O R I C O ====================== BUILDERS HOLDING: Seeks to Hire Rivera Colon as External Auditor ---------------------------------------------------------------- Builders Holding, Co., Corp, seeks approval from the United States Bankruptcy Court for the District of Puerto Rico to hire an accountant. The Debtor proposes to employ Ricardo L. Rivera, CPA from Rivera Colon & Associated Co. to serve as External Auditor for the debtor and to do special accounting procedures. The estimated fees for the accounting services, excluding expenses, will be billed per hour: $100 for President and $70 for staff. Mr. Rivera attests that he and his firm and associates do not have any relation to the debtor; creditors; attorneys for creditors; accountants for creditors, debtor, or any party of interest; the U.S. Trustee; and any person person employed by the US Trustee. The firm can be reached through: Ricardo L. Rivera, CPA Rivera Colon & Co., PSC Centro Internacional de Mercadeo Torre I, Suite 701 Guaynabo, Puerto Rico 00968 Tel: (787) 620-6787 Fax: (787) 620-6789 Email: rrivera@rcc-cpa.com About Builders Holding Co. Builders Holding Co., Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 16-06643) on August 20, 2016. The petition was signed by Ismael Carrasquillo Sanchez, president. Fausto David Godreau, Esq., at Godreau & Gonzales Law, as bankruptcy counsel. At the time of the filing, the Debtor disclosed $9.72 million in assets and $10.53 million in liabilities. The Debtor hired Monge Robertin & Asociados, Inc. as insolvency and restructuring advisors. No official committee of unsecured creditors has been appointed in the case. HATILLO POOL: Disclosures Conditionally OK'd; Hearing on Jan. 31 ---------------------------------------------------------------- The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for the District of Puerto Rico has conditionally approved Hatillo Pool Center, Inc.'s disclosure statement dated Dec. 22, 2016, referring to the Debtor's plan of reorganization dated Dec. 22, 2016. The Court will hold on Jan. 31, 2017, at 10:00 a.m. a hearing to consider the final approval of the Debtor's Disclosure Statement and the confirmation of the Plan. Objections to the Debtor's Disclosure Statement and plan confirmation, as well as written acceptances or rejections to the Plan, must be filed on or before three days before the Hearing. The restructuring plan proposes to pay Class 3 general unsecured creditors $4,000 or 30% of their claims. These creditors will receive a yearly payment of $1,125, including interests, for four years. The first payment will commence on Jan. 15, 2018. The total amount of Class 3 general unsecured claims subject to distribution is $13,322.74, according to Hatillo's disclosure statement filed on Dec. 22. A copy of the disclosure statement is available for free at https://is.gd/5pNMZ3 About Hatillo Pool Hatillo Pool Center, Inc., filed a Chapter 11 petition (Bankr. D.P.R. Case No. 16-06331) on Aug. 10, 2016, disclosing under $1 million in both assets and liabilities. Judge Enrique S. Lamoutte Inclan oversees the case. The Debtor hired Gloria M. Justiniano Irizarry, Esq., at Justiniano Law Offices to act as attorney. No official committee of unsecured creditors has been appointed in the case. =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIRLINES: Proposes Ancillary Fees For Air Bridge ---------------------------------------------------------- Miranda La Rose at Trinidad and Tobago Newsday reports that Caribbean Airlines Limited has proposed the implementation of ancillary fees for the Trinidad to Tobago air bridge which is currently running at a loss to the airline even though it receives an annual subsidy from Government. CAL Chairman, Shameer Mohammed, told the Joint Select Committee inquiring into State Enterprises that the proposal was sent to the Ministry of Finance and CAL is awaiting a reply. According to Trinidad and Tobago Newsday, asked what CAL was doing to make the route profitable, Mohammed said, "First of all I do not believe that the domestic routes should be charged to the Ministry of Finance. The fact is that we should envisage ourselves as a commercially viable enterprise. That is the mantra that I preach at CAL." Nevertheless, the air bridge was an essential service, he said, "and very few essential services are operated for profit services." He noted that the air bridge has moved over 800,000 passengers from January to November this year, the report relays. On a suggested increase to the air fare, Mr. Mohammed said, any increase was "controlled by policy direction and therefore, the determination of that fare is determined by what level of support that the Government would like to provide to the citizens on the air bridge," the report discloses. The records will reflect, he said, the operation of the air bridge segment, "is a non- profitable route for the airline, but we are committed to providing the support and the mandate that we have been charged with in providing that service." CAL was confined to the changes it can make on the air bridge service, he said, including something as basic as a date change, the report notes. Over 25 percent of passengers on the air bridge, Mr. Mohammed said, were no shows with no penalties applied for a date change, the report relays. "We have looked at a series of initiatives as a direct cost to passengers without interfering with the flat fare," Mr. Mohammed said, notes the report. Mr. Mohammed said in the short space of time since he was appointed chairman of CAL's board of directors, he has met twice with THA Chief Secretary Orville London to address the issue, the report says. Mr. Mohammed said, "We recognise that it is not just air movement but national development of Tobago and the country at large." Meanwhile, Acting Permanent Secretary in the Ministry of Finance, Lisa Phillips, said the ministry received the request for the additional charges in October last year and has asked CAL for additional information, the report notes. "Once we get the information we should be able to give a decision by February," Mr. Phillips said, the report discloses. Noting that as the air bridge was considered an essential service, JSC Chairman David small asked Phillips whether or not government had been asked to consider providing total coverage for the service, the report relays. She said the ministry has never considered having to reimburse CAL for the total cost of the air bridge. The Trinidad to Tobago air bridge accounts for 52 percent of its flights while regional and international flights account for the remainder, the report notes. Asked about the cost of a ticket in terms of the real value and the subsidy, Mohammed said, "In terms of operating costs, we estimate that figure depending on the price of fuel, in or around the $600 to $700 range for a round trip." The round trip of $300 has been in place since 1994, Mohammed said, the report says. In addition, he noted, "The airline receives a subsidy of $100 per adult passenger. We do not get a rebate or subsidy for a child who may occupy a seat." He said that the subsidy on the fare has remained the same, notwithstanding that the operating cost of the airline industry is based on US dollars, the report discloses. For 2017, he said that the Ministry of Finance would have allocated the sum of $41 million for CAL as subsidy for the air bridge, 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 * * *