/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/170126.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 26, 2017, Vol. 18, No. 019 Headlines B R A Z I L ODEBRECHT SA: Peru Moves to Oust Firm Over Bribes RUMO SA: S&P Assigns 'BB-' CCR on Large Capital Expenditure Plan SMU SA: S&P Puts 'CCC+' CCR on CreditWatch Positive C A Y M A N I S L A N D S AUTOPISTAS DEL NORDESTE: Fitch Hikes Notes to 'BB-' BOSON GLOBAL: Placed Under Voluntary Wind-Up BROTHERS HOLDINGS: Commences Liquidation Proceedings CALABAS CAPITAL: Placed Under Voluntary Wind-Up CALABAS CAPITAL MANAGEMENT: Placed Under Voluntary Wind-Up CENTURION SHORT: Commences Liquidation Proceedings DIAPASON COMMODITIES: Commences Liquidation Proceedings DIAPASON RELATIVE: Commences Liquidation Proceedings DIAPASON RELATIVE MASTER: Commences Liquidation Proceedings ESO HOLDINGS: Commences Liquidation Proceedings FAR EAST: Commences Liquidation Proceedings FAR EAST INVESTMENTS: Commences Liquidation Proceedings KARMA OFFSHORE: Placed Under Voluntary Wind-Up KIDS HOLDINGS: Commences Liquidation Proceedings LIMETREE CAPITAL: Commences Liquidation Proceedings MAPLEHURST HOLDINGS: Commences Liquidation Proceedings MARKA HOLDINGS: Commences Liquidation Proceedings NIGHTLINE LTD: Placed Under Voluntary Wind-Up PROTEGE PARTNERS: Placed Under Voluntary Wind-Up ST. HERVE: Placed Under Voluntary Wind-Up WMH LIMITED: Commences Liquidation Proceedings D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Trump Looms Large at Regional Conclave DOMINICAN REPUBLIC: Exporters Will Co-Manage Trade Statistics J A M A I C A DIGICEL GROUP: Battle with FTC to Head to UK Privy Council in May P U E R T O R I C O COMERCIAL CELTA: Hires Lugo Mender Law Firm as Attorney T R I N I D A D & T O B A G O TRINIDAD CEMENT: Cemex SAB Takes Over Firm - - - - - =========== B R A Z I L =========== ODEBRECHT SA: Peru Moves to Oust Firm Over Bribes ------------------------------------------------- Ryan Dube at The Wall Street Journal reports that Peruvian President Pedro Pablo Kuczynski said Brazilian construction company Odebrecht SA will have to sell its projects and leave the country after admitting it paid millions of dollars in bribes to win public works contracts. "Unfortunately, they are tainted by corruption. They have to go," Mr. Kuczynski said in comments to radio station RPP Noticias. "Odebrecht will have to sell its projects," according to The Wall Street Journal. The report notes that Peru is the second country to announce it is moving to expel Odebrecht after the company signed the largest anti-corruption settlement in history last month, acknowledging to U.S. authorities that it paid nearly $800 million in bribes connected to more than 100 projects in 12 countries, mostly in Latin America. Colombia said it was working to remove Odebrecht from the country after the firm admitted paying $11 million to secure road and other projects, the report relays. Ecuador and Panama have also barred Odebrecht from signing contracts for new public works pending the completion of their probes, the report discloses. Odebrecht SA's office in Peru, where the company admitted to paying $29 million in bribes, said in a statement it was cooperating with authorities, the report relays. The company also said it was looking for ways to continue its projects to protect jobs and honor payments to suppliers. The company didn't elaborate, the report notes. "It is necessary to offer our profound apology to society and our almost 10,000 workers for the grave errors committed by former directors," Odebrecht SA said, the report discloses. Odebrecht SA's former chief executive, Marcelo Odebrecht, was sentenced in Brazil last year to 19 years in prison for scandals there, the report relays. In Peru, the company replaced its director, Jorge Barata, late last year, the report notes. Mr. Kuczynski's comments follow the termination of a contract with an Odebrecht-led consortium to build a $7 billion natural gas pipeline in southern Peru, the report discloses. The contract was voided after the consortium failed to secure financing for the pipeline by a deadline, the report relays. Banks refused to lend to the group until Odebrecht sold its 55% stake in the project, which it wasn't able to do amid corruption concerns, the report notes. Spain's Enagas and Peru's Grana y Montero were also part of the consortium, the report says. About 10% of the project's construction was already completed, the companies said, the report relays. Odebrecht SA expanded its operations into Peru nearly 40 years ago, which was its first foray outside of Brazil. It has since built some of the Andean nation's biggest infrastructure projects, including irrigation works in the northern desert, highways, hydroelectric plants and Lima's mass transit train system, the report relates. After years of strong business in Peru, it donated almost $1 million to build a replica of the Rio de Janeiro's Christ the Redeemer statute that overlooks Lima's Pacific coast, the report says. Odebrecht SA has already put some assets up for sell. In November, it agreed to sell its Olmos irrigation project, which involved drilling a tunnel through the Andes to divert a river to the desert coast, to Canada's Brookfield Infrastructure and France's Suez, the report notes. The corruption scandal has also rocked Peru's political class. Prosecutors made their first arrest last week connected to bribes Odebrecht allegedly paid for the first line of Lima's mass transit train system and plan to question former presidents Ollanta Humala, Alan Garcia and Alejandro Toledo over contracts the Brazilian firm won, the report notes. All three have denied wrongdoing. A judge said Mr. Humala would need court approval before traveling abroad as a money-laundering probe tied to Odebrecht continues. His lawyer, Julio Espinoza, told newspaper Peru.21 on Monday that he appealed that measure. In 2015, Odebrecht's engineering and construction arm generated 87% of its BRL58 billion ($18.13 billion) in gross revenue from international operations, with about BRL13 billion of that coming from Latin America. Some analysts say its international business may not survive the scandal, the report adds. As reporter in the Troubled Company Reporter-Latin America on Dec. 2, 2016, The Wall Street Journal said that Marcelo Odebrecht, the jailed former head of Brazilian construction giant Odebrecht SA, agreed to sign a plea-bargain agreement in connection with Brazil's largest corruption probe ever, according to a person close to the negotiations. The move could roil the nation's political class yet again. The testimony of the former industrialist, which is part of the deal, has the potential to implicate numerous politicians who allegedly took kickbacks from contractors as part of a years-long graft ring centered on Brazil's state-run oil company, Petroleo Brasileiro SA, known as Petrobras, according to The Wall Street Journal. RUMO SA: S&P Assigns 'BB-' CCR on Large Capital Expenditure Plan ---------------------------------------------------------------- S&P Global Ratings has assigned its 'BB-/B' global scale and 'brA-/brA-2' national scale corporate credit ratings to Rumo S.A. At the same time, S&P has assigned a 'b+' SACP on the company. The outlook on the corporate credit ratings is negative. The ratings reflect Rumo's large capital expenditure plan, the expectation of an improvement in operating efficiency of the assets from America Latina Logisica S.A. (ALL) that were merged with Rumo's, and its relationship with the ultimate parent company, Cosan Ltd. (BB/Negative/--). S&P considers Rumo as a strategically important subsidiary of Cosan, which provides one- notch uplift to Rumo's 'b+' SACP. Rumo has an aggressive investment plan for the next five years to improve the operating efficiency of ALL's assets. The company will focus on revamping rail assets and increasing capacity to support higher volumes transported through its railroad network. Also, the heavy investment needs amid an already high debt level should keep Rumo's FOCF in the negative zone until 2018, when stronger cash flows will help reduce debt. Although Rumo's capital structure has improved considerably after the renegotiation of R$2.9 billion in banking debt and equity injection of R$2.6 billion in the first half of 2016, the company still faces sizeable annual maturities, which combined with a capex plan of R$8.5 billion for the next five years, will require ongoing efforts to refinance debt. The investment plan will also improve Rumo's competitive advantage over companies that offer other modes of transportation, especially road transportation. Also, S&P expects the company to fund most of its capex with direct and indirect lines from the Brazilian Development Bank (BNDES), which typically have lower costs and more favorable tenor terms. In turn, the granting of indirect BNDES lines depends on Rumo increasing credit limits with banks and ultimately on additional banking lines. After the merger of Rumo and ALL, the former became the largest railroad operator in Brazil, owning the concession to exclusively operate about 13,000 kilometers (km) of rail network. However, it generates the bulk of its revenue and EBITDA out of a 750-km stretch that runs through some of the largest agricultural commodities production areas in Brazil. In this sense, the company's business is concentrated in a specific region and exposed to trends in agricultural commodities, although Rumo's operations aren't limited to a single client or commodity. As a characteristic of the business, S&P believes that Rumo generates strong and predictable cash flows, while Brazilian companies' investments in railroad capacity and infrastructure usually bolster rapidly their financial metrics, given the industry dynamics and infrastructure bottlenecks in the country. This, combined with Rumo's capex discretion and access to funding lines with favorable conditions, leads S&P to compare the company favorably with other 'B' rated companies. Nonetheless, over the next few quarters, S&P still expects Rumo's margins to remain slightly lower than those of its more efficient domestic peers, such as MRS Logistica S.A. (BB/Negative/--), although they're rising. SMU SA: S&P Puts 'CCC+' CCR on CreditWatch Positive --------------------------------------------------- The CreditWatch placement reflects the likelihood for an upgrade following the completion of the IPO. The company raised CLP130 billion and intends to use the proceeds to pay down debt, which will improve its capital structure. Furthermore, SMU's profitability has risen in the past two years amid sound revenue growth and more efficient operations. S&P believes that the capital injection and improved performance will result in consistent leverage reduction. The potential upside also incorporates SMU's renegotiation of covenants on its local bonds in October 2016 to levels more consistent with the company's expected performance. The CreditWatch placement reflects S&P's view that it could raise its ratings on SMU by one notch following the IPO and after it uses the proceeds to repay debt, mostly with related parties. S&P expects to resolve the CreditWatch placement over the next 90 days, after S&P reviews the company's new capital structure and business strategies, and revise its forecasts. ========================== C A Y M A N I S L A N D S ========================== AUTOPISTAS DEL NORDESTE: Fitch Hikes Notes to 'BB-' --------------------------------------------------- Fitch Ratings has upgraded Autopistas del Nordeste (Cayman) Ltd's (AdN) notes to 'BB-' from 'B+'. The Rating Outlook is Stable. The notes are due in 2026 and have an outstanding balance of USD152.2 million. The rating upgrade reflects Fitch's positive rating action on the Dominican Republic's sovereign, currently rated 'BB-'/Outlook Stable and the fact that project fundamentals and financial metrics support a rating improvement. AdN's rating is capped by the credit quality of the sovereign, as the project's grantor. Despite continued heavy delays in the payments of minimum revenue guarantee (MRG) provided by the grantor, the availability of robust liquidity at the project level provides adequate mitigation against this risk. KEY RATING DRIVERS Summary: The rating is supported by the MRG paid by the Dominican government, which largely mitigates the project's volume and price risks, as toll revenues remain persistently insufficient to cover operational costs and debt service. It also reflects a flexible debt structure with principal payments that can be deferred for two years if needed, and robust liquidity in the form of the typical reserve accounts, a stand by letter of credit (SBLC) provided by the grantor, and additional resources retained by the stockholders within the project to face its operational and financial obligations should delays in receipt of the MRG continue or increase significantly. Considering the MRG cash inflows, Fitch's rating case yields a solid debt service coverage profile with minimum and average debt service coverage ratio (DSCR) of 1.29x and 1.62x, respectively, considered strong for the rating category according to applicable criteria. AdN's rating is capped by the Dominican Republic's sovereign rating. Fitch believes the delays in the payment of the MRG are not signs of the sovereign's incapacity or unwillingness to pay, but rather a manner in which to make use of the financial flexibility offered by the liquidity position of the project and a reflection of the complex administrative process needed to make budget appropriations. If such a buffer was not available, Fitch believes the government would try and reduce the payment cycle. The presence of Multilateral Investment Guarantee Agency (MIGA) insurance may also incentivize the government to treat the MRG as a senior expenditure. Adequate Governmental Support: The government of the Dominican Republic pledged an MRG that protects noteholders from the risk of insufficient traffic over the life of the notes. The government has continued to honor this pledge, and Fitch expects required payments to be made over the life of the notes. The government also offers a SBLC required under the concession agreement to provide additional support to the transaction. Financial Guarantee: The notes benefit from a partial political risk guarantee provided by the MIGA, a member of the World Bank Group. A failure by the government to honor the MRG would be covered under this guarantee; however, disbursements can be delayed and internal liquidity is essential to the project's capacity to service debt. Fitch believes the MIGA guarantee provides additional incentives for the government to honor its obligations under the concession. Low Volume Touristic Asset [Revenue Risk - Volume: Weaker]: The toll road connects Santo Domingo and the northern province of Samana. It provides an efficient route but has competing free alternatives. Moreover, despite robust gains in recent years, actual traffic remains far below initial projections requiring substantial payments via the MRG. This dependence on external revenues is expected to continue in the near to intermediate term. Regular Toll Increases [Revenue Risk - Price: Midrange]: The operator of the road is able to increase tolls under the concession agreement and has historically completed annual rate adjustments to account for inflation without issue. Predictable Operating Costs [Infrastructure Development & Renewal: Midrange]: A fixed operation and maintenance (O&M) agreement with an experienced toll road operator. The project benefits from oversight from an independent engineer who provides quarterly reports on the overall condition of the toll road along with current and future maintenance needs. There is a 12 month major maintenance reserve account. Conservative Debt Structure [Debt Structure: Stronger]: The notes are fully amortizing, fixed-rate obligations with typical project finance covenants. Liquidity available within the structure includes a six-month debt service reserve account, working capital voluntarily contributed by the stockholders, a SBLC provided by the concession grantor, among others. Additional flexibility is also available as targeted principal amortization on the notes is deferrable. Metrics: The project's rating case ratios are strong for the rating category with minimum and average DSCRs at 1.29x and 1.62x, respectively. The projected ratios compare favorably to those of similar projects rated by Fitch in this rating category, as well as to the applicable sector-specific criteria. Peer Group: The transaction's dependence on revenues from the project's grantor, the government of the Dominican Republic, rated 'BB-'/Outlook Stable, effectively caps the rating at the level of the sovereign. Given AdN's revenue profile, the most comparable transactions are P.A. Pacifico 3 and P.A. Costera, two Colombian toll road transactions rated at 'BBB-', with revenues that are mostly dependent on grants and traffic top up payments by the concession's grantor. AdN's rating case credit metrics compare well with those of the Colombian transactions, which present LLCRs in the 1.3x-1.4x range. Criteria Variation: For this transaction, a variation to the 'Rating Criteria for Infrastructure and Project Finance' (Master Criteria) dated July 8, 2016 is being applied. It considers that, to the extent the payment of the MRG by the Dominican Republic government is a contingent liability, the project's rating will be capped by the grantor's Issuer Default Rating (IDR), subject to the existence of robust liquidity at the project level to mitigate against such delays. RATING SENSITIVITIES -- Positive: A positive rating action on the Dominican Republic's sovereign rating, to the extent that project fundamentals and financial metrics support a rating improvement. -- Negative: A negative rating action on the Dominican Republic below the rating of the project. -- Negative: Delays in the payment of the MRG that result in material deterioration of project liquidity, indicated by the annual cash flows from operations, without considering MRG payments, plus all available cash insufficient to cover 1.5x debt service. SUMMARY OF CREDIT Traffic in 2016 increased approximately 7.4% over 2015 while revenues increased 5.3%. The positive operational performance has improved the project's cash on hand by reducing average quarterly MRG payments from USD7.8 million in 2015 to USD6.9 million in 2016. This enhances the already strong liquidity the project has in the form of a debt service reserve account (USD12 million), a SBLC provided by the grantor (USD10.2 million), operational reserves permitted by the Indenture to be used for debt service if needed (USD18 million), and cash (USD2.8 million) as shareholders have decided not to take out the totality of the dividends accrued. Although the latter is not a contractual obligation, the company has expressed the intention of its shareholders to keep a relevant cash amount within the project to maintain healthy liquidity levels. During 2016, the government continued having heavy delays in the payment of the MRG. Four MRG payments were received for the months of June 2015 to May 2016, while the payments for the months of June to December 2016 have not been received to date. Heavy rains in November 2016 resulted in a portion of the road being flooded with minor damage; the project received an insurance payment in the amount of USD30 thousand in January 2017 which fully covered the repair costs. Continued rainfall in the fourth quarter of 2016 (4Q16) and 1Q17 reduced road usage but is not expected to be indicative of any long term trend. The project anticipates starting an estimated USD18 million resurfacing and improvement program in 2017 in line with the original asset maintenance schedule with available funds from the appropriate reserve accounts. In 2016, the consortium that comprises the issuer was changed and now includes: Odinsa Holding, Caribbean Basin Construction Corporation, Consorcio Remix, and Grupo Odinsa. The project continues to be operated by Odinsa, a Colombian operator with extensive experience in the infrastructure sector, including toll road management. Fitch's rating case assumed Dominican Republic's Consumer Price Index (CPI) at a rate of 3.8% for 2017, 4% for 2018 and 6% for 2019 onwards. United States' CPI was assumed at 2.3% for 2017, 2.4% for 2018 and 2.5% for 2019 onwards. O&M expenses at 55% of toll road generated revenue and traffic growth at 2% for 2017-2022 and 1% for 2023-2024. DSCR resulted at 1.29x minimum and 1.62x average. The toll road, completed in 2009, extends 106 kilometers (approximately 66 miles), connects Santo Domingo with the northern province of Samana, and includes three toll plazas. In comparison to alternative roads in the region, it considerably reduces the travel distance between Santo Domingo and Samana. AdN is the issuer, created under the laws of the Cayman Islands, and is an exempted limited liability company. BOSON GLOBAL: Placed Under Voluntary Wind-Up -------------------------------------------- The sole shareholder of Boson Global Funds SPC Ltd., on Dec. 9, 2016, resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Kenneth Stewart c/o Apex Fund Services (Cayman) Ltd. PO Box 10085, Grand Cayman KY1 1001 161a Artillery Court, Shedden Road Cayman Islands Telephone: (345) 747 2739 BROTHERS HOLDINGS: Commences Liquidation Proceedings ---------------------------------------------------- The shareholders of Brothers Holdings Limited, on Dec. 8, 2016, 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: Eduardo Sonoda 54-46 rue du Rhone, CH-1204 Geneva Switzerland Telephone: +41 22 879 6262 e-mail: e.sonoda@eqwa.ch CALABAS CAPITAL: Placed Under Voluntary Wind-Up ----------------------------------------------- The sole shareholder of Calabas Capital Fund, on Dec. 9, 2016, resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: 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 CALABAS CAPITAL MANAGEMENT: Placed Under Voluntary Wind-Up ---------------------------------------------------------- The sole shareholder of Calabas Capital Management, on Dec. 2, 2016, resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Kenneth Stewart c/o Apex Fund Services (Cayman) Ltd. PO Box 10085, Grand Cayman KY1 1001 161a Artillery Court, Shedden Road Cayman Islands Telephone: (345) 747 2739 CENTURION SHORT: Commences Liquidation Proceedings -------------------------------------------------- The sole shareholder of Centurion Short Term Trading Master Fund Ltd., on Dec. 9, 2016, 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: Cathlin Rossiter c/o Genesis Trust & Corporate Services Ltd. P.O. Box 448 Grand Cayman KY1-1106 Elgin Court Elgin Avenue, George Town Cayman Islands Telephone: (345) 815 8512 Facsimile: (345) 945 3470 DIAPASON COMMODITIES: Commences Liquidation Proceedings ------------------------------------------------------- The sole shareholder of Diapason Commodities Index Fund, on Dec. 9, 2016, resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 DIAPASON RELATIVE: Commences Liquidation Proceedings ---------------------------------------------------- The sole shareholder of Diapason Relative Value Petroleum Industry Fund Ltd., on Dec. 9, 2016, resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 DIAPASON RELATIVE MASTER: Commences Liquidation Proceedings ----------------------------------------------------------- The sole shareholder of Diapason Relative Value Petroleum Industry Master Fund Ltd., on Dec. 9, 2016, resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 ESO HOLDINGS: Commences Liquidation Proceedings ----------------------------------------------- The sole shareholder of Eso Holdings, on Dec. 9, 2016, 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: Eduardo Sonoda 54-46 rue du Rhone CH-1204 Geneva Switzerland Telephone: +41 22 879 6262 FAR EAST: Commences Liquidation Proceedings ------------------------------------------- The sole shareholder of Far East Capital Partners Limited on Dec. 9, 2016, 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: 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 FAR EAST INVESTMENTS: Commences Liquidation Proceedings ------------------------------------------------------- The sole shareholder of Far East Investments L.P., on Dec. 9, 2016, 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: 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 KARMA OFFSHORE: Placed Under Voluntary Wind-Up ---------------------------------------------- The sole shareholder of Karma Offshore Fund, Ltd., on Dec. 9, 2016, resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Kenneth Stewart Apex Fund Services (Cayman) Ltd. P.O. Box 10085, Grand Cayman KY1 1001 161a Artillery Court, Shedden Road Cayman Islands Telephone: (345) 747 2739 KIDS HOLDINGS: Commences Liquidation Proceedings ------------------------------------------------ The sole shareholder of Kids Holdings SA, on Dec. 9, 2016, 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: Luis Filipe Magalhaes Da Conceicao Freire Ch. Frank-Thomas 42, 1208 Geneva Switzerland Telephone: +971 55 415 5960 LIMETREE CAPITAL: Commences Liquidation Proceedings --------------------------------------------------- The sole shareholder of Limetree Capital Partners Limited II, on Dec. 6, 2016, 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: Cathlin Rossiter c/o Genesis Trust & Corporate Services Ltd. P.O. Box 448 Grand Cayman KY1-1106 Elgin Court Elgin Avenue, George Town Cayman Islands Telephone: (345) 815 8544 Facsimile: (345) 945 3470 MAPLEHURST HOLDINGS: Commences Liquidation Proceedings ------------------------------------------------------ The sole shareholder of Maplehurst Holdings Ltd., on Nov. 22, 2016, resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 5, 2017, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands MARKA HOLDINGS: Commences Liquidation Proceedings ------------------------------------------------- The sole shareholder of Marka Holdings, on Dec. 9, 2016, 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: Marc Kattan R Bahia 753 AP 111 CEP: 01244-001 Sao Paolo - SP Brazil Telephone: +55 11 99194 4499 NIGHTLINE LTD: Placed Under Voluntary Wind-Up --------------------------------------------- The sole shareholder of Nightline Ltd., on Dec. 9, 2016, resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: 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 PROTEGE PARTNERS: Placed Under Voluntary Wind-Up ------------------------------------------------ The sole shareholder of Protege Partners (BP) Fund, Ltd., on Dec. 9, 2016, resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Protege Partners, LLC c/o Jody Powery-Gilbert Ogier 89 Nexus Way Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 ST. HERVE: Placed Under Voluntary Wind-Up ----------------------------------------- The sole shareholder of St. Herve Limited, on Dec. 9, 2016, resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: 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 WMH LIMITED: Commences Liquidation Proceedings ---------------------------------------------- The sole shareholder of WMH Limited, on Dec. 7, 2016, resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 9, 2017, will be included in the company's dividend distribution. The company's liquidator is: Natasha Morgan c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Trump Looms Large at Regional Conclave ---------------------------------------------------------- Dominican Today reports that the presidents of Latin America and the Caribbean or their representatives meet to discuss plans on immigration, security and drug trafficking amid uncertainty over the region's future ties with US president Donald Trump. Though the trade and political ties with the new US administration doesn't figure in the meeting's official agenda, Dominican Foreign minister Miguel Vargas didn't rule out addressing the issue during the meeting of leaders, according to Dominican Today. "Our purpose is to widen and sustain relations at the highest level with the United States, because the commitment in the case of the countries that form CELAC, in terms of relations, is with the government and with the American people" and not only with the new president, Mr. Vargas said, quoted by listin.com.do, the report notes. Dominican president Danilo Medina will inaugurate the Community of Latin American and Caribbean States (CELAC) summit night in the Barcelo Bavaro luxury hotel complex in Punta Cana, 200 kilometers east of Santo Domingo, the report relays Prior to the meeting of leaders, foreign ministers and representatives from the 33 nations that make up the group will draft the statement that will be signed by the leaders on food security, immigration and the fight against drug trafficking, the report relays. The leaders also plan to sign 20 individual resolutions, including one to call for an end to the US blockade on Cuba, the report notes. The regional summit comes a few days after Trump's protectionist speech and announcement to renegotiate a similar agreement with Central America and the Dominican Republic DR-Cafta, 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'. DOMINICAN REPUBLIC: Exporters Will Co-Manage Trade Statistics ------------------------------------------------------------- RJR News reports that the National Statistics Office (ONE) and the Dominican Exporters Association (ADOEXPO) agreed to jointly manage foreign trade statistics and the sector's characteristics. ONE director Alexandra Izquierdo said managing the country's exports statistics is of great importance for the economy of the Dominican Republic, according to RJR News. "To know first-hand the acquisition of raw materials, manufacturing process and the various stages of transformation, to the destination of producers abroad by the companies of the export sector is of vital importance to stipulate with scientific rigor where there is solidity and where there are areas with room for improvement," the report quoted Mr. Izquierdo as saying. For ADOEXPO President Alvaro Sousa, collecting statistical information in conjunction with ONE is a fundamental step to make wise decisions based on data that benefit the vast majority, 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'. ============= J A M A I C A ============= DIGICEL GROUP: Battle with FTC to Head to UK Privy Council in May ----------------------------------------------------------------- RJR News reports that the UK Privy Council will commence hearing the matter involving the Fair Trading Commission and its legal battle with Claro/Digicel Group in May. Last July, the FTC appealed to the Judicial Committee of the Privy Council to vary the judgment, according to RJR News. It was handed down by the Court of Appeal on December 19, 2014 with respect to a Stock Purchase Agreement between Digicel Jamaica and Oceanic Digital Jamaica which traded as Claro, the report relays. The Court of Appeal held that the FTC has jurisdiction over telecommunications matters, but not over transactions between the parties, the report notes. Arising from the judgment, the FTC is seeking to clarify issues relating to the proper interpretation of the relationship between the Fair Competition Act and the Telecommunications Act and the interpretation of section 17 of the Fair Competition Act, the report discloses. Meanwhile, the FTC is reporting that in 2016, it investigated 317 complaints for breaches of the Fair Competition Act, the report relays. This comprised 238 cases that were unresolved at the end of 2015 and 79 received during last year, the report says. The automobile and telecommunications sectors triggered the largest number of complaints, the report notes. The report discloses 258 of the cases concerned misleading advertising; 36 as offences against competition; five as request for opinion; one as sale above advertised price; and two as tied selling. Fifteen complaints were considered as being outside the purview of the Fair Competition Act, the report adds. As reported in the Troubled Company Reporter-Latin America on May 27, 2016, Fitch Ratings has affirmed the ratings of Digicel Group Limited (DGL) and its subsidiaries Digicel Limited (DL) and Digicel International Finance Limited (DIFL), collectively referred to as 'Digicel' as follows. DGL -- Long-Term Issuer Default Rating (IDR) at 'B'; Stable Outlook; -- $US 2.0 billion 8.25% senior subordinated notes due 2020 at 'B-/RR5'; -- $US 1 billion 7.125% senior unsecured notes due 2022 at 'B-/RR5'. DL -- Long-Term IDR at 'B'; Stable Outlook; -- $US 250 million 7% senior notes due 2020 at 'B/RR4'; -- $US 1.3 billion 6% senior notes due 2021 at 'B/RR4'; -- $US 925 million 6.75% senior notes due 2023 at 'B/RR4'; DIFL -- Long-Term IDR at 'B'; Stable Outlook; -- Senior secured credit facility at 'B+/RR3'. The Rating Outlook is Stable. ====================== P U E R T O R I C O ====================== COMERCIAL CELTA: Hires Lugo Mender Law Firm as Attorney ------------------------------------------------------- Comercial Celta Inc. seeks authorization from the U.S. Bankruptcy Court for the District of Puerto Rico to employ the Law Firm of Lugo Mender Group, LLC as legal representative. The Debtor will rely on the law firm for general legal counseling services in connection with the bankruptcy petition. Lugo Mender will be paid at these hourly rates: Wigberto Lugo Mender $300 Associate Staff Attorney $175 Legal and Financial Assistants $100 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Lugo Mender received a retainer in this case in the amount of $5,000, which sum, upon information and belief, was generated by the Quinoy Realty Corp. from its regular income operations and activities. Wigberto Lugo Mender, principal of Lugo Mender, 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 estate. The firm can be reached at: Wigberto Lugo Mender, Esq. LUGO MENDER GROUP LLC 100 Carr. 165 Suite 501 Guaynabo, P.R. 00968-8052 Tel: (787) 707-0404 Fax: (787) 707-0412 E-mail: lugo@lugomender.com Comercial Celta Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 17-00080) on January 10, 2017, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Wigberto Lugo Mender, Esq. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD CEMENT: Cemex SAB Takes Over Firm ------------------------------------------ RJR News reports that Mexican conglomerate Cemex SAB has succeeded in its bid to take over Trinidad Cement Limited, which has a controlling stake in Caribbean Cement Company. Cemex, through its subsidiary Sierra Trading, now controls 67.39 per cent of TCL. The company made the announcement in a statement. Cemex said based on latest information, TCL stockholders deposited 104-point-5 million shares in response to the offer, according to RJR News. CEMEX earlier this month revised its TCL takeover offer and raised it from TT$ 4.50 cents to $5.07 cents per stock, the report notes. TCL's main operations are in Trinidad and Tobago, Jamaica as well as Barbados. 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 December 8, 2016, S&P Global Ratings placed its 'B-' long-term corporate credit and issue-level ratings on Trinidad Cement Limited Group (TCL) on CreditWatch with positive implications. *********** 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, Ivy B. Magdadaro, 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 * * *