/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/170113.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, January 13, 2017, Vol. 18, No. 10 Headlines A R G E N T I N A BUENOS AIRES: Moody's Assigns B3 GS Rating to USD100MM Notes Issue B R A Z I L FIBRIA: Drops Controversial Covenant Language C A Y M A N I S L A N D S AERIS CAPITAL: Shareholders Receive Wind-Up Report ARABELLA EXPLORATION: Voluntary Chapter 11 Case Summary ARABELLA EXPLORATION: Seeks U.S. Recognition of Cayman Liquidation ARDEN SAGE: Shareholder Receives Wind-Up Report BLACKSTONE ABS: Commences Liquidation Proceedings BLACKSTONE RE: Commences Liquidation Proceedings CHASE CAPITAL: Shareholders Receive Wind-Up Report CLOUGH EMETH: Commences Liquidation Proceedings CORPORATE SERVICES: Creditors' Proofs of Debt Due Jan. 16 FASANARA CAPITAL: Shareholders Receive Wind-Up Report FASANARA CAPITAL OFFSHORE: Shareholders Receive Wind-Up Report PYXIS FINANCE: Creditors' Proofs of Debt Due Jan. 19 SCHRODER CAYMAN: Creditors' Proofs of Debt Due Jan. 16 SENATE LIMITED: Creditors' Proofs of Debt Due Jan. 19 SOLO HILL: Shareholder to Hear Wind-Up Report on Jan. 24 D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: New Year, Old Wage-Hike Talks Gridlock M E X I C O MEXICO: Says There Is 'No Way' it Will Pay for Border Wall P U E R T O R I C O LABORATORIO ACROPOLIS: Unsecureds to Recoup 6.65% Under Plan VEGA ALTA: Hires Fuertes & Fuertes as Counsel T R I N I D A D & T O B A G O NATIONAL GAS CO: 2015 Annual Report Contains Bad News PETROTRIN: Chamber Head Revisit Executive Salaries V E N E Z U E L A VENEZUELA: Opposition Censures Maduro in Last-Ditch Bid - - - - - ================= A R G E N T I N A ================= BUENOS AIRES: Moody's Assigns B3 GS Rating to USD100MM Notes Issue ------------------------------------------------------------------ Moody's Latin America Agente de Calificacion de Riesgo has assigned B3 -- Global Scale local currency debt rating -- and Baa1.ar rating -- on Argentina National Scale in local currency -- to proposed Classes 19 and 20 Notes for up to the combined equivalent amount in local currency of up to USD100 million (extendable to a maximum of USD316.3 million), to be issued by the City of Buenos Aires under its Local Financing Program. The ratings are in line with the City's long term local currency ratings, which carry stable outlook. RATINGS RATIONALE The creation of the Local Financing Program was authorized by Laws 4315, 4382, 4431 and 4472 of 2012, Laws 4810 and 4885 of 2013, Law 4949 of 2014 and Laws 5491 and 5496 of 2016. These two new Classes to be issued under the program, will constitute direct, unconditional, unsecured and unsubordinated obligation of the City, ranking at all times pari passu without any preference among other debts. Both Classes will bear variable interest rate (local benchmark plus margin) on a quarterly basis and will be issued and payable in Argentine Pesos for the combined equivalent amount of up to USD100 million -extendable to a maximum of USD316.3 million- . They will be sold in the local capital market. Class 19 Notes will mature in 18 months whereas Class 20 will mature in 60 months with bullet amortization in both cases. The combined maximum amount of these 2 classes will represent around 3% of the budgeted total revenues of the City for this current fiscal year. After the issuance of these 2 Notes classes, Moody's does not anticipate a rise in the City of Buenos Aires' ratio of total debt relative to total revenues given that the issuer will use the proceeds of the Notes to refinance current debt maturities of the year. The assigned ratings are in line with the City's B3 (Global Scale) and Baa1.ar (Argentina's National Scale) local currency debt ratings. 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, and upgrade of Argentina's sovereign bonds ratings and/or the improvement of the country's operating environment could lead to an upgrade of the City of Buenos Aires ratings. Conversely, a downgrade in Argentina's bond ratings and/or systemic deterioration or idiosyncratic risks arising in the City of Buenos Aires --such as an increase in the share of its foreign currency denominated debt -- could exert downward pressure on the ratings assigned to the City of Buenos Aires and could translate in to a downgrade in the near to medium term. =========== B R A Z I L =========== FIBRIA: Drops Controversial Covenant Language --------------------------------------------- Paul Kilby at Reuters reports that Brazilian pulp and paper company Fibria dropped controversial language on a 10-year Green bond amid strong investor pushback, sources told IFR. Fibria was one of several companies this week to drop the aggressive terms, which make it easier for borrowers to breach covenants without offering investors compensation, according to Reuters. Fibria's Treasurer Marcelo Habibe told IFR that lawyers had suggested including the new language as part of the "natural process of improvement in the documentation for investment grade companies," the report notes. But with key accounts refusing to place orders if the terms remained, Fibria saw no benefit in keeping the contentious wording especially if it impacted demand, and perhaps pricing, the report relays. "That's why we decided to take it out," Mr. Habibe said. "If those big investors who said they were uncomfortable with the clause hadn't placed their orders, we probably would have (got) a worse price," he added. Leads on the Fibria deal told their sales forces to inform investors that the language would be removed and this would show up in the final pricing supplement, said a source with knowledge of the deal, the report notes. Aside from Fibria, Brazilian bioenergy company Raizen and the Santiago Metro have also included such language in bonds being marketed to investors this week, according to Covenant Review, the report discloses. "We don't want this to become standard language because it takes away some big protections for bondholders," said Dan Senecal, an emerging market credit analysts and portfolio manager at Newfleet Asset Management. "There is going to be a lot of push back on it from the buyside." Ultimately leads were able to ratchet in pricing a good 30bp from start to finish, with orders reaching around US$2.5 billion, according to one investor, the report relays. In the end, the US$700 million deal was priced to yield 5.70%, the tight end of guidance of 5.75% area (+/- 5bp) and well inside initial price thoughts of very low 6%, the report notes. Final yields fell in line with the 5.60%-5.70% fair value calculated by one banker who spotted the outstanding 5.25% 2024s at 5.20%, the report discloses. Some investors, however, sought higher levels from a company that is border line junk. It is already rated Ba1 by Moody's and has a negative outlook from S&P, which rates the company BBB-, the report says. While Fibria is broadly seen as a strong credit, some investors thought a better comp was the lower rated Brazilian pulp and paper name, Suzano Papel e Celulose, the report notes. "If Fibria gets downgraded, you might as well buy Suzano, though Fibria is a lower cost (pulp producer) and less volatile," said an investor, the report relays. Suzano, which is rated Ba1/BB+/BB+, has a 2026 Green bond trading at 6.24%-6.10%, according to Thomson Reuters data. As reported in the Troubled Company Reporter-Latin America on April 21, 2016, Standard & Poor's Ratings Services affirmed its 'BBB-' corporate credit rating on Fibria Celulose S.A. S&P also affirmed its 'BBB-' debt rating on its financing vehicle Fibria Overseas Finance Ltd. The outlook is stable. ========================== 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 Growth Partner 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 ARABELLA EXPLORATION: Voluntary Chapter 11 Case Summary ------------------------------------------------------- Debtor: Arabella Exploration, LLC P.O. Box 506 Fort Worth, TX 76101 Case No.: 17-40120 Type of Business: Oil and Natural Gas Chapter 11 Petition Date: January 8, 2017 Court: United States Bankruptcy Court Northern District of Texas (Ft. Worth) Judge: Hon. Russell F. Nelms Debtor's Counsel: Raymond W. Battaglia, Esq. LAW OFFICES OF RAY BATTAGLIA, PLLC 66 Granburg Circle San Antonio, TX 78218 Tel: 2106019405 Fax: (210) 855-0126 Email: rbattaglialaw@outlook.com Estimated Assets: $10 million to $50 million Estimated Debts: $10 million to $50 million The petition was signed by Charles (Chip) Hoebeke, manager. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/txnb17-40120.pdf ARABELLA EXPLORATION: Seeks U.S. Recognition of Cayman Liquidation ------------------------------------------------------------------ Liquidators of Arabella Exploration, Inc., filed a voluntary petition under Chapter 15 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Texas (Case No. 17-40119) on Jan. 8, 2017, to seek recognition of proceedings in the Cayman Islands. Arabella Exploration, a Cayman Islands corporation engaged in the exploration and production of oil and natural gas, is in liquidation under the Financial Services Division of the Grand Court of the Cayman Islands as a result of the Grand Court's orders made pursuant to certain petitions for the Grand Court's supervision under the provisions of Companies Law of the Cayman Islands (2013 Revision). Matthew Wright and Christopher Kennedy, the duly appointed joint liquidators of Arabella Exploration, request recognition of the Cayman Liquidation as a foreign main proceeding primarily to obtain the Bankruptcy Court's assistance in the gathering of the Company's assets in the United States, including the assets of the Company's wholly owned subsidiaries, Arabella Exploration LLC and Arabella Operating, LLC, both of which are Texas limited liability companies. Creditor Platinum Long Term Growth VIII, LLC, commenced a winding up petition against Arabella Exploration on May 19, 2016, on the grounds that the Company was unable to pay its debts. The Company was placed in provisional liquidation as of June 16, 2016. The Grand Court issued a Winding Up Order on July 7, 2016, ordering the Company to be wound up and appointing Messrs. Kennedy and Wright as joint official liquidators of all of the assets, undertakings and properties of the Company. The Liquidators said that since the commencement of the Cayman Liquidation, substantially all activities associated therewith have been conducted and overseen by them from the Cayman Islands. Among other things, the Liquidators have overseen and filed all necessary notices, displaced the prior management of the Company and assumed their duties, and are engaged in the process of investigating and assessing both the claims of and against the Company and its creditors and interest holders. The Chapter 15 case is assigned to Judge Mark X. Mullin. Forshey & Prostok, LLP serves as counsel to the Petitioners. ARDEN SAGE: Shareholder Receives Wind-Up Report ----------------------------------------------- The shareholder of Arden Sage Capital International SPV 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 BLACKSTONE ABS: Commences Liquidation Proceedings ------------------------------------------------- On Nov. 29, 2016, the sole shareholder of Blackstone ABS Offshore Fund 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: Patrick Agemian Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Telephone: (345) 914 6365 BLACKSTONE RE: Commences Liquidation Proceedings ------------------------------------------------ On Nov. 29, 2016, the sole shareholder of Blackstone Re Offshore Fund 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: Patrick Agemian Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Telephone: (345) 914 6365 CHASE CAPITAL: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Chase Capital Partners Private Equity Fund of Funds II, 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: Trident Liquidators (Cayman) Ltd. c/o Lisa Thoppil One Capital Place, 4th Floor P.O. Box 847, George Town Grand Cayman KY1-1103 Cayman Islands Telephone: (345) 949 0880 Facsimile: (345) 949 0881 CLOUGH EMETH: Commences Liquidation Proceedings ----------------------------------------------- On Nov. 29, 2016, the sole shareholder of Clough Emeth Cayman, 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: Austin C. Mcclintock Walkers 190 Elgin Avenue George Town Grand Cayman KY1-9001 Cayman Islands Telephone: (345) 914 6386 CORPORATE SERVICES: Creditors' Proofs of Debt Due Jan. 16 --------------------------------------------------------- The creditors of Corporate Services Ltd. are required to file their proofs of debt by Jan. 16, 2017, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 24, 2016. The company's liquidator is: Stuart Sybersma c/o Mike Green Deloitte & Touche Citrus Grove Building, 4th Floor Goring Avenue George Town KY1-1109 Cayman Islands Telephone: +1 (345) 814 2223 Facsimile: +1 (345) 949 8258 FASANARA CAPITAL: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Fasanara Capital Opportunities Fund I received on Dec. 30, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Fasanara Capital Limited MG Management Ltd. c/o Victor Murray Landmark Square, 2nd Floor 64 Earth Close Seven Mile Beach P.O. Box 30116 Grand Cayman KY1-1201 Cayman Islands Telephone: +1 (345) 749 8181 Facsimile: +1 (345) 743 6767 FASANARA CAPITAL OFFSHORE: Shareholders Receive Wind-Up Report -------------------------------------------------------------- The shareholders of Fasanara Capital Opportunities Fund I Offshore Feeder received on Dec. 30, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Fasanara Capital Limited MG Management Ltd. c/o Victor Murray Landmark Square, 2nd Floor 64 Earth Close Seven Mile Beach P.O. Box 30116 Grand Cayman KY1-1201 Cayman Islands Telephone: +1 (345) 749 8181 Facsimile: +1 (345) 743 6767 PYXIS FINANCE: Creditors' Proofs of Debt Due Jan. 19 ---------------------------------------------------- The creditors of Pyxis Finance Limited are required to file their proofs of debt by Jan. 19, 2017, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 25, 2016. The company's liquidator is: Simon Conway c/o Andrew Nembhard P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 914 8779 Facsimile: (345) 945 4237 SCHRODER CAYMAN: Creditors' Proofs of Debt Due Jan. 16 ------------------------------------------------------ The creditors of Schroder Cayman Bank and Trust Company Limited are required to file their proofs of debt by Jan. 16, 2017, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 25, 2016. The company's liquidator is: Stuart Sybersma c/o Mike Green Deloitte & Touche Citrus Grove Building, 4th Floor Goring Avenue George Town KY1-1109 Cayman Islands Telephone: +1 (345) 814 2223 Facsimile: +1 (345) 949 8258 SENATE LIMITED: Creditors' Proofs of Debt Due Jan. 19 ----------------------------------------------------- The creditors of Senate Limited are required to file their proofs of debt by Jan. 19, 2017, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 24, 2016. The company's liquidator is: Matthew Wright c/o Omar Grant Windward 1, Regatta Office Park P.O. Box 897 Grand Cayman KY1-1103 Cayman Islands Telephone: (345) 949 7576 Facsimile: (345) 949 8295 SOLO HILL: Shareholder to Hear Wind-Up Report on Jan. 24 -------------------------------------------------------- The shareholder of Solo Hill Fund will hear on Jan. 24, 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: Elian Fiduciary Services (Cayman) Limited c/o Giorgio Subiotto 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 =================================== D O M I N I C A N R E P U B L I C =================================== * DOMINICAN REPUBLIC: New Year, Old Wage-Hike Talks Gridlock ------------------------------------------------------------ Dominican Today reports that business leaders had placed toward yearend 2016 and early 2017 the reform of the Labor Code among its to-do priorities for the New Year, a sticky issue which the labor unions vow to confront. Outlet diariolibre.com reports that some business leaders were stoking the labor reform issue a few days ago, and would propose more significant increases in salaries, but by eliminating the severance pay from the Labor Code, according to Dominican Today. It quotes Joel Santos, president of Dominican Republic's employers grouped in Copardom), as saying however that business leaders don't have a concrete proposal in that regard, the report notes. In that regard, Rafael-Pepe-Abreu, president of the national of labor unions grouped in the CNUS, said internally, the business sector always looks to amend the Labor Code, an issue he affirms Dominican Republic keeps salaries "stagnant," because unionists insist on protecting the severance pay, the report relays. The union leader said employers, in exchange for flexibility on the issue of severance pay, have already proposed their willingness for substantial wage increases to the unions, "that is to say, it's an old statement by them," the report adds. 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 =========== MEXICO: Says There Is 'No Way' it Will Pay for Border Wall ---------------------------------------------------------- Anthony Harrup at The Wall Street Journal reports that Mexico's newly appointed Foreign Minister Luis Videgaray said there is "no way" his country will pay for a wall that U.S. President-elect Donald Trump wants to build along the border between the two countries. Mexican President Enrique Pena Nieto named Mr. Videgaray as foreign minister, as Mexico braces for a complex relationship with its neighbor and main trade partner under Mr. Trump, according to The Wall Street Journal. Mr. Trump said any money spent by the U.S. in building the wall would be paid back later by Mexico, the report notes. "There is no way that's going to happen," Mr. Videgaray said in an interview on the Televisa network, reiterating past comments by himself and other government officials, the report discloses. "It's not a matter of how much does it cost, or where's the money coming from, it's a matter of dignity and national sovereignty," the report relays. There are subjects that can be negotiated or discussed, including trade relations, but the wall isn't one of them, he added. Building a border wall to keep migrants out, and making Mexico pay for it, was a key feature of Mr. Trump's election campaign, the report notes. It was also the main source of controversy when Mr. Trump as a candidate visited Mexico in August for a meeting with Mr. Pena Nieto -- a visit Mr. Videgaray was instrumental in bringing about, the report notes. Many Mexicans were outraged that Mr. Pena Nieto didn't take a public stand against the wall at a joint press conference with Mr. Trump, the report notes. The ensuing uproar prompted Mr. Videgaray to resign as finance minister the following week given his role arranging the meeting, and Mr. Pena Nieto to lose his right-hand man in the cabinet, the report adds. Mr. Videgaray's return was widely seen as preparation for dealings with the incoming Trump administration. "I think it does make a difference. I think Videgaray is a more pragmatic man, probably a better negotiator than [former Foreign Minister Claudia] Ruiz Massieu and he also has a bit more political capital with Trump than Ruiz Massieu," said Rodrigo Aguilera, analyst at the Economist Intelligence Unit, the report relays. Still, the job ahead is a tough one, he added. "We've gotten used to the good neighbor USA, and we've kind of forgotten what the old USA was," the report notes. Mr. Videgaray said one of the contacts he had for arranging the Trump visit was Jared Kushner, Mr. Trump's son-in-law who the U.S. president-elect named as a senior adviser, the report relays. He had met Mr. Kushner when he was finance minister. A sign of how possible protectionist measures by the Trump administration could affect Mexico came in the past week when Ford Motor Co. canceled a planned $1.6 billion investment in a Mexico assembly plant, and the chief executive of Fiat Chrysler Automobiles NV said the company could shut its Mexico plants if the U.S. slaps big tariffs on imports of cars from Mexico, the report notes. The news sent the Mexican peso to new lows against the U.S. dollar, the report adds. The matter of the assembly plants highlights the importance of ending the uncertainty hanging over the future of trade relations, Mr. Videgaray said, the report relays. He stressed the importance of Mexican trade to U.S. states such as Texas and Wisconsin, and said Mexico should negotiate "with much more confidence in ourselves," the report adds. ====================== P U E R T O R I C O ====================== LABORATORIO ACROPOLIS: Unsecureds to Recoup 6.65% Under Plan ------------------------------------------------------------ Laboratorio Acropolis, Inc., filed with the U.S. Bankruptcy Court for the District of Puerto Rico a small business plan of reorganization and disclosure statement dated January 5, 2017, a full-text copy of which is available at: http://bankrupt.com/misc/prb16-04609-73.pdf General unsecured claims (Class 4) are impaired and will receive from the Debtor a non-negotiable, interest-bearing at 2.75% annually, promissory note dated as of the effective date. Creditors in this class will receive a total repayment of 6.65% of their claim or listed debt, which equals $15,000 to be paid pro rata to all allowed claimants under Class 4. Unsecured creditors will receive annual payments of $2,913 each to be distributed pro rata among claimants of this class, beginning June 1, 2018. The Debtor believe it will have sufficient funds to make all payments then due under the Plan. The funds will be obtained from the Debtor's business. About Laboratorio Acropolis Laboratorio Acropolis, Inc., based in Hatillo, Puerto Rico, filed a Chapter 11 petition (Bankr. D.P.R. Case No. 16-04609) on June 9, 2016. Gloria Justiniano Irizarry, Esq., serves as bankruptcy counsel. In its petition, the Debtor estimated assets of $0 to $50,000 and estimated liabilities of $1 million to $10 million. The petition was signed by Rebeca Maldonado Bidot, president. VEGA ALTA: Hires Fuertes & Fuertes as Counsel --------------------------------------------- Vega Alta Community Health, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Fuertes & Fuertes Law Office as counsel to the Debtor. Vega Alta requires Fuertes & Fuertes to: a. give the Debtor legal advice with respect to its powers and duties as debtor in possession in the continued operation of its business and management of its property; b. prepare on behalf of the Debtor as debtor in possession necessary applications, answers, orders, reports and other legal papers; and c. perform all other legal services for debtor as debtor in possession which may be necessary, and it is necessary for debtor as debtor in possession to employ an attorney for professional services; Fuertes & Fuertes will be paid $2,000 per month. Fuertes & Fuertes will also be reimbursed for reasonable out-of-pocket expenses incurred. Alberto R. Fuertes Masarovic, member of Fuertes & Fuertes Law Office, 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. Fuertes & Fuertes can be reached at: Alberto R. Fuertes Masarovic, Esq. FUERTES & FUERTES LAW OFFICE PO Box 194000 San Juan, PR 00919-4000 Tel: (787) 296-0000 Fax: (787) 282-7666 About Vega Alta Vega Alta Community Health, Inc., based in Catano, PR, filed a Chapter 11 petition (Bankr. D.P.R. Case No. 16-08128) on October 11, 2016. Jaime Rodriguez Perez, at Jaime Rodriguez Law Office, PSC, serves as bankruptcy counsel. In its petition, the Debtor listed $25,582 in assets and $1.47 million in liabilities. The petition was signed by Luis M Gonzalez Bermudez, president. ================================ T R I N I D A D & T O B A G O ================================ NATIONAL GAS CO: 2015 Annual Report Contains Bad News ----------------------------------------------------- Trinidad Express reports that state-owned National Gas Co's recently released 2015 annual report is an attractively-designed publication but it contains bad news that does not match the joie de vivre of its front cover, with its cheerful slogan "Tomorrow Begins Today". The year 2015 was clearly not a positive one for the company, one of the most important business entities in Trinidad and Tobago, according to Trinidad Express. The report notes that it's gas sales (the reason for its existence and by far its biggest revenue earner) amounted to TT$12.8 billion, or 75 per cent of total revenue, 22 per cent less than sales revenue in 2014. This was a serious matter, since NGC is bound by contract to supply a certain amount of gas to its petrochemical clients at the Point Lisas industrial estate, the report notes. Its methanol-producing customers there had to suffer a 15 per cent shortfall in gas deliveries, its ammonia customers a similar amount and its clients in the steel business, eight per cent, the report adds. PETROTRIN: Chamber Head Revisit Executive Salaries -------------------------------------------------- Kwame Weekes at Trinidad and Tobago Newsday reports that a national conversation surrounding salaries, particularly those at the executive level, at Petrotrin needs to be made top priority in order to ensure the State-owned company's future viability. This was the position of President of the Chaguanas Chamber of Commerce, Richie Sookhai, in the wake of the announcement that strike action by the Oilfield Workers Trade Union (OWTU) had been averted, according to Trinidad and Tobago Newsday. The OWTU's threat of strike action against Petrotrin was called off when the union accepted a five percent offer from Petrotrin for the period 2011-2014/2015, the report notes. The threat of strike inspired many to criticise the OWTU's demand for a wage increase as untimely as the nation is experiencing an economic downturn and Petrotrin is operating at a loss, the report relays. The OWTU responded to that critique citing corruption and mismanagement as the cause of Petrotrin's unprofitability, the report notes. To this, Mr. Sookhai said, "We understand that and we do sympathise with the OWTU's concern that maybe it is time for a national conversation to revisit salaries across the board and maybe if some of these high level management that are making exorbitant amounts of salaries, that needs to be revisited." Leading up to yesterday's settlement, the business community had called on the OWTU to call off their strike, notes the report. These business leaders have now praised the settlement and are calling for focus to now be turned to Petrotrin becoming a profitable company, the report says. "The most important thing right now is the restructuring of Petrotrin," said Liaquat Ali, President of the Couva/ Point Lisas Chamber of Commerce, the report discloses. "Petrotrin cannot afford business as usual and continue to be losing money. They have to wean, whether it is corruption or inefficiency," he added. "They have to sit down and have a conversation to ensure that Petrotrin becomes profitable at the end of the day. If it means privatisation, then so be it. I think they will seriously have to look at getting private investors into Petrotrin so that it would be more viable because as you know, with most of the State enterprises, it is difficult to get them profitable," the report quoted Daphne Bartlett of the San Fernando Business Association as saying, "We would ask that the same way the President of the OWTU has been clamouring for more money for these workers, he must go out and clamour for them to go out there and improve the number of barrels per day that is being produced by Petrotrin. He should ensure that management does whatever it needs to do to increase the production of oil so that when we sell more, we get more money." About Petrotrin Petroleum Company of Trinidad and Tobago is the major state-owned oil company in Trinidad and Tobago. The company was established in 1993 by the merger of Trintopec and Trintoc, two state-owned oil companies. Petrotrin's main holdings are extensive, mature onshore fields located across southern Trinidad. Large areas have been leased out to small private producers who are able to make a profit on wells that are unprofitable for Petrotrin, giving it higher labor costs. The company operates a refinery at Pointe-Pierre, just north of San Fernando in south Trinidad. Most crude petroleum produced in Trinidad is exported without being refined. The refinery depends on imported crude (mostly from Venezuela), which is either used domestically or exported. * * * As reported in the Troubled Company Reporter-Latin America on July 23, 2015, Trinidad Express reports that state-owned Petroleum Company of Trinidad and Tobago (Petrotrin) multiplied its losses 11.2 times to reach US$168 million for the nine months ended June 30 compared to US$15 million loss for the same period last year, but its earnings before income tax, depreciation and amortisation (EBITDA) rose 132 per cent between March and June, preliminary financials show. TCRLA reported on Dec. 2, 2014, that Trinidad and Tobago Newsday said that in the face of falling global oil prices, which is starring to impact on Trinidad and Tobago's earnings from its petroleum resources, Petroleum Company of Trinidad and Tobago has rolled out a plan to remain viable and to survive in the harsh global oil industry. Petrotrin said in a media release that it is forging ahead with objective cost management decisions imperative to secure its viability, according to Trinidad and Tobago Newsday. The report said Petrotrin's operations have also been severely impacted due to unfavorable margins. The TCRLA reported on Jan. 21, 2014 that Trinidad Express, citing Energy Minister Kevin Ramnarine, said Petrotrin will make a loss for its 2013 financial year. According to Mr. Ramnarine, Petrotrin was scheduled to make the loss even before the series of oil spills affecting Trinidad's southwestern peninsula since December, reports Trinidad Express. ================= V E N E Z U E L A ================= VENEZUELA: Opposition Censures Maduro in Last-Ditch Bid ------------------------------------------------------- Kejal Vyas at The Wall Street Journal reports that Venezuela's opposition-controlled National Assembly declared President Nicolas Maduro in abandonment of his duties, in a last-ditch effort to counter the leader's power amid the country's debilitating economic and political crises. Lawmakers approved a resolution calling for elections to replace Mr. Maduro and accusing his Socialist administration of violating the constitution as it uses its control over the courts and the military to strip the parliament of basic powers, according to The Wall Street Journal. The largely symbolic measure is unlikely to affect the unpopular leftist leader, the report notes. Last year, the government scuttled a recall referendum that polls show the president would have readily lost, heightening tensions in the polarized nation, the report relays. "By disrespecting the constitution and the rights of the people, Maduro ceased being president and converted himself into a dictator," opposition lawmaker Freddy Guevara said, the report notes. The National Assembly's vote came as the opposition runs out of time and options to electorally end Mr. Maduro's tenure early. It marks a crucial deadline in Mr. Maduro's term, after which any successful recall drive would lead not to new election, but to the replacement of the executive by his recently appointed hard-line deputy, Tareck El Aissami, says the report. Even before lawmakers voted, the Maduro-allied Supreme Court issued a statement saying legislators had no authority to declare the president in so-called abandonment and urged them to refrain from actions that "alter public order," the report discloses. The court has voided nearly every initiative passed by the National Assembly since early 2016, when Mr. Maduro's rivals took control of the legislative body, spurred by widespread anger over the oil- rich country's crumbling economy, the report notes. As Venezuela grapples with triple-digit inflation and chronic food shortages, Mr. Maduro routinely labels any efforts to remove him from power as coup plots, the report relays. The former bus driver and union activist blames Venezuela's troubles on an unexplained "economic war" waged by his political rivals, the report discloses. Economists, however, say the problems stem from mismanagement and an exhausted state-led economic model, the report notes. Declaring the president in abandonment of his post could open the door to a leader's removal, but the mechanism has never been used since Mr. Maduro's mentor and predecessor, the late Hugo Chavez, redrafted the constitution in 1999, meaning the effort is unlikely to gain momentum, said Antonio Canova, a law professor at Andres Bello Catholic University, the report notes. "We are in front of a despotic regime that doesn't abide by the rules," said Mr. Canova, who runs an NGO that studies Venezuela's judiciary, the report relays. "The government will not agree to anything that risks its grip on power," he added. 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 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 * * *