/raid1/www/Hosts/bankrupt/TCRLA_Public/170130.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
Monday, January 30, 2017, Vol. 18, No. 021
Headlines
A R G E N T I N A
ARGENTINA: Moody's Assigns B3 Rating to 2022 and 2027 Bonds
B R A Z I L
BANCO SUPERVIELLE: Fitch Assigns 'B' Rating to Sr. Unsecured Notes
BR PROPERTIES: Moody's Affirms Ba3 Sr. Unsecured Rating
BR PROPERTIES: Moody's Assigns Rating on Proposed Debetures to Ba2
EIKE BATISTA: Still a Fugitive, Whereabouts Unknown, Police Say
PETROBRAS: Investors Launch Compensation Case in Netherlands
PETROLEO BRASILEIRO: Fitch Affirms BB IDR, Outlook Negative
PROVINCE OF ENTRE RIOS: Fitch Withdraws 'B' LT FC Currency Rating
RB CAPITAL: Moody's Gives (P)Ba2 Global Scale Rating to 3 Tranches
C A Y M A N I S L A N D S
BARNSTAR OPPORTUNITIES: Shareholders Receive Wind-Up Report
CLOUGH EMETH: Shareholders Receive Wind-Up Report
EFG INVESTMENT: Shareholder Receives Wind-Up Report
EIRE CP NO. 1: Members Receive Wind-Up Report
EIRE FREEHOLD: Members Receive Wind-Up Report
EJF ENERGY: Shareholders Receive Wind-Up Report
FOUNTAIN VIEW: Shareholders Receive Wind-Up Report
GREAT ATLANTIC: Shareholder Receives Wind-Up Report
IMPERIAL ASIA: Shareholders Receive Wind-Up Report
JBS GLOBAL: Shareholders Receive Wind-Up Report
MINHUA POWER: Shareholders Receive Wind-Up Report
NEWTON COMPANY: Shareholder Receive Wind-Up Report
PRIVATE EQUITY: Shareholders Receive Wind-Up Report
PRS BLACKTHORPE: Shareholders Receive Wind-Up Report
RDG CAPITAL: Shareholders Receive Wind-Up Report
RION MASTER: Shareholders Receive Wind-Up Report
SIGMA FIXED: Shareholders Receive Wind-Up Report
STANDARD CAPITAL: Shareholders Receive Wind-Up Report
WINZIP HOLDINGS: Shareholders Receive Wind-Up Report
C O S T A R I C A
REVENTAZON FINANCE: Fitch Lowers Rating on US$135MM Notes to 'BB+'
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Leader Warns Against Return to Protectionism
J A M A I C A
JAMAICA: Aims to Save Millions Spent on Potato Import
P U E R T O R I C O
AC INDUSTRIAL: Unsecured Creditors to Get 1.02% Under Plan
ECRA GROUP: Disclosures Okayed, Plan Hearing on Feb. 17
FARMACIA SAN JUSTO: Feb. 28 Plan, Disclosure Statement Hearing
OIB LLC: Seeks to Hire RRC CPA Group as Financial Consultant
ONCOLOGY INSTITUTE: U.S. Trustee Directed to Appoint PCO
VIA NIZA: Seeks to Hire Gonzalez-Cordero as Legal Counsel
S U R I N A M E
SURINAME: Gets $20MM Loan to Implement Rehabilitation Program
X X X X X X X X
* BOND PRICING: For the Week From Jan. 23 to Jan. 27, 2017
- - - - -
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A R G E N T I N A
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ARGENTINA: Moody's Assigns B3 Rating to 2022 and 2027 Bonds
-----------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to the
Government of Argentina's US$3.25 billion bond due 2022 and the
US$3.75 billion bond due 2027. The outlook on the Government of
Argentina's rating is stable.
RATINGS RATIONALE
Argentina's B3 issuer rating balances the country's economic
development and government debt metrics with underlying weaknesses
resulting from a history of economic policies that over the years
led to macroeconomic imbalances and microeconomic distortions.
Argentina's economic strength is supported by its $20,499 GDP per
capita (2015, PPP basis), significantly higher than the $6,958
median for B-rated sovereigns. Argentina's $570 billion economy
(2017 estimate) is significantly larger than the $22 billion peer
median. After a recession in 2016, Moody's expect the economy will
grow 3% in 2017 bolstered by increased public and private
investment.
Weak institutions remain Argentina's main ratings constraint.
Moody's look at inflation as a proxy for policy effectiveness.
Argentina's inflation, which finished 2016 at over 40%, has been
among the highest for sovereigns rated by Moody's. But the Macri
administration has made lowering inflation a key policy goal and
Moody's expect inflation to fall significantly coming to 20% in
2017.
Argentina's fiscal position is characterized by a rising debt
burden and a high share of foreign currency debt. Moody's expect
debt to GDP to reach 53% this year, similar to B-rated peers. Debt
ratios will continue to rise driven by a high fiscal deficit
Moody's forecast to reach almost 5% of GDP in 2017.
The stable outlook on Argentina's B3 rating balances our
expectations for continued positive reform momentum and increasing
international reserve with still formidable macroeconomic
challenges, particularly reducing high fiscal deficits and
inflation.
A positive rating action is dependent on continued and sustainable
progress aimed at reducing macroeconomic imbalances and bringing
down government deficits and inflation. A negative rating action
could result if macroeconomic imbalances, such as sustained high
fiscal imbalances, lead to a significantly increase in the
government's debt burden, or if external vulnerabilities increase
due to a sharp drop in official international reserves.
This credit rating and any associated review or outlook has been
assigned on an anticipated/subsequent basis.
The principal methodology used in this rating was Sovereign Bond
Ratings published in December 2016.
The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.
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B R A Z I L
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BANCO SUPERVIELLE: Fitch Assigns 'B' Rating to Sr. Unsecured Notes
------------------------------------------------------------------
Fitch Ratings assigns an expected long-term rating of 'B(EXP)/RR4'
to Banco Supervielle S.A.'s upcoming series A senior unsecured
floating rate notes.
The assignment of the final rating is contingent on the receipt of
final documents conforming to the information received to date.
The notes will be for up to an amount equivalent to USD300
million, denominated in Argentine Pesos (ARS) but payable in USD
as calculated by the Calculation Agent by converting the ARS
amounts due into USD at the applicable exchange rate on the
relevant calculation date. The tenor of the notes will be between
3.5 and 5 years, with the principal to be paid in two
installments, and carry a floating annual interest. The notes will
rank equally with other senior unsecured debt.
KEY RATING DRIVERS - VR AND IDRs
Banco Supervielle's Viability Rating (VR) and Issuer Default
Ratings (IDRs) are driven by the still volatile and adverse
economic and operating environment, albeit some structural recent
improvements to Argentina's policy framework could benefit the
bank's performance. The ratings also consider the bank's good
profitability, sound and stable asset quality, adequate funding
and liquidity profile, improved capitalization and gradually
strengthening franchise.
SENIOR UNSECURED DEBT
The long-term rating of 'B' assigned to Supervielle's new debt
issuance is at the same level as the bank's Long-Term Local
Currency IDR considering the absence of credit enhancement or
subordination feature. The recovery rating of 'RR4' assigned to
Supervielle's senior debt issuance reflects the average expected
recovery in case of bank liquidation.
RATING SENSITIVITIES - IDRs AND VR
Supervielle's ratings would move in line with any change of
Argentina's sovereign rating. In addition, Supervielle's ratings
could be affected if the operating environment drives a material
deterioration in its financial profile, resulting in a Fitch core
capital ratio significantly falling and remaining below 3%, which
Fitch's sees unlikely in the short term.
Under current circumstances, Fitch considers unlikely that
Argentine banks could be rated above the sovereign. Therefore,
upside potential in the Supervielle's ratings is heavily
contingent upon positive developments in the sovereign rating
dynamics.
SENIOR UNSECURED DEBT
The rating for Supervielle's new debt issuance would move in line
with the bank's Long-term Local Currency IDR.
Fitch has assigned the following ratings:
Banco Supervielle:
-- Senior unsecured notes 'B(EXP)/RR4'.
Fitch currently rates Supervielle as follows:
-- Foreign and Local Currency Long-Term IDRs 'B'; Outlook Stable;
-- Foreign and Local Currency Short-Term IDRs 'B';
-- Viability Rating 'b';
-- Subordinated debt 'B-/RR6';
-- Support '5';
-- Support Floor 'NF'.
BR PROPERTIES: Moody's Affirms Ba3 Sr. Unsecured Rating
-------------------------------------------------------
Moody's Investors Service affirmed BR Properties S.A's senior
unsecured rating at Ba3. The rating outlook remains negative.
The following rating was affirmed:
Senior Unsecured Regular Bond/Debenture (Foreign Currency) at Ba3
RATINGS RATIONALE
The affirmation of BR Properties' senior unsecured rating is based
on the company's size and scale as one of the largest commercial
real estate companies in Brazil, its moderately levered balance
sheet and its ample liquidity position. As of 3Q16, the company's
real estate portfolio comprised of 40 commercial properties,
including five land plots, totaling 573 thousand square meters
(m2) of gross leasable area (GLA). The company has solid leverage
metrics with effective leverage at 35% of gross assets on a
market-value basis and a Net Debt to EBITDA at 5.1x, respectively,
as of 3Q16. Moreover, BRPR has ample liquidity to meets its near-
term obligations and a manageable debt maturity schedule.
Concurrent with the affirmation of the rating, Moody's also
assigned a Ba2 senior secured rating to BR Properties' proposed R$
550 million local debenture, reflecting the company's moderately
levered balance sheet, good access to the domestic capital
markets, as well as the collateral package of the offering. The
company intends to redeem and amend an existing R$ 550 million
debenture that it had issued locally in December 2016 for the
acquisition of the remaining ownership stake in said office
property in Rio. To guarantee the payment obligation of the
amended debenture, which is non-convertible, irrevocable and
unconditional, BR Properties will grant a fiduciary lien
(alienacao fiduciaria), subject to its formalization, on 100% of
the company's proportional ownership share of the said office
property in Rio, as collateral. The collateral is a triple-net
leased, unencumbered, Class A office tower located in the city's
central business district. This transaction is subject to final
documentation and local regulatory approval. The Ba2 senior
secured rating is one notch above the company's Ba3 senior
unsecured rating.
BR Properties' credit strengths are offset by the company's
exposure to the slow-paced and uneven economic recovery in Brazil.
Furthermore, the company continues to have a weak fixed charge
coverage. However, this is partially mitigated by a Net Cash
Interest Expense coverage of over 1.2x, as of 3Q16. Lastly, the
real estate portfolio continues to experience occupancy challenges
from the fallout of recession. This is partially offset by the
company's high-quality and resilient tenant base, which registered
a low delinquency rate throughout the recession, and several new
leases that were signed subsequent to the 3rd quarter, which
slightly improved the portfolio's occupancy rate. As the economy
improves, Moody's anticipates that BR Properties will be able to
reduce its vacancy levels.
The rating outlook remains negative due to the overall
macroeconomic challenges in Brazil as well as BR Properties' weak
fixed charge coverage and the high vacancy rates in both the Sao
Paolo and Rio de Janeiro office submarkets.
According to Moody's, a return to stable outlook would be
predicated upon BR Properties maintaining the high-quality and
size of its real estate portfolio; increasing and maintaining a
Net Cash Interest Expense Coverage (Adjusted EBITDA to Net Cash
Interest Expense) closer to 1.5x and increasing and maintaining
the portfolio's occupancy levels above 85%.
Downward rating pressure would likely result from effective
leverage reaching a level greater than 40% and a Net debt/EBITDA
above 7.0x, both on a consistent basis. Additional factors include
a Net Cash Interest Expense Coverage below 1.2x for multiple
quarters and the real estate's portfolio physical occupancy level
below 80% on a sustained basis. Lastly, a significant decline in
unencumbered assets as a percentage of gross assets would also
cause additional pressure on the ratings.
Moody's last rating action with respect to BR Properties S.A. was
on May 4, 2015 when Moody's affirmed the rating and revised the
outlook to negative from stable.
BR Properties S.A. [BOVESPA: BRPR3], headquartered in Sao Paulo,
Brazil, is an owner, acquirer, manager, and developer of
commercial properties in the main economic regions of Brazil. As
of September 30, 2016, the company held a portfolio of 40
properties, totaling 573 thousand square meters of GLA.
BR PROPERTIES: Moody's Assigns Rating on Proposed Debetures to Ba2
------------------------------------------------------------------
Moody's America Latina Ltda. assigned a Ba2/Aa2.br rating to BR
Properties S.A's proposed BRL550 million senior secured, local
debenture and affirmed its corporate family ratings at Ba2 /
Aa2.br. The rating outlook remains negative.
The following rating was assigned:
Issuer: BR Properties S.A.
Global Scale, Local Currency Senior Secured Debetures at Ba2
(global currency) / Aa2.br (national scale)
The following rating was affirmed:
Corporate family rating at Ba2 (global local currency) /Aa2.br
(national scale)
RATINGS RATIONALE
BR Properties intends to redeem and amend an existing BRL550
million debenture that it had issued locally in December 2016 for
the acquisition of the remaining ownership stake in an office
property in Rio de Janeiro. To guarantee the payment obligation of
the proposed debenture, which is non-convertible, irrevocable and
unconditional, BR Properties will grant a fiduciary lien, subject
to its formalization, on 100% of the company's proportional
ownership share of said office property in Rio, as collateral. The
collateral is a triple -- net leased, unencumbered, Class A office
tower located in the city's central business district. This
transaction is subject to final documentation and local regulatory
approval.
The Ba2 senior secured rating for the proposed debenture reflects
BR Properties' moderately levered balance sheet, good access to
domestic capital markets, as well as the collateral package of the
offering. The senior secured rating is one notch above the
company's senior unsecured (foreign currency) rating of Ba3.
In the same rating action Moody's also affirmed BR Properties'
corporate family rating, reflecting the company's size and scale
as one of the largest commercial real estate companies in Brazil,
its moderately levered balance sheet and its ample liquidity
position. As of 3Q16, the company's real estate portfolio
comprised of 40 commercial properties, including five land plots,
totaling 573 thousand square meters (m2) of gross leasable area
(GLA). The company has solid leverage metrics with effective
leverage at 35% of gross assets on a market-value basis and a Net
Debt to EBITDA at 5.1x, respectively, as of 3Q16. BRPR has ample
liquidity to meets its near-term obligations and a manageable debt
maturity schedule.
BR Properties' credit strengths are offset by the company's
exposure to the slow-paced and uneven economic recovery in Brazil.
Furthermore, the company continues to have a weak fixed charge
coverage. However, this is partially mitigated by a Net Cash
Interest Expense coverage of over 1.2x, as of 3Q16. Lastly, the
real estate portfolio continues to experience occupancy challenges
from the fallout of the recession. This is partially offset by the
company's high-quality and resilient tenant base, which registered
a low delinquency rate throughout the recession, and several new
leases that were signed subsequent to the 3rd quarter, which
slightly improved the portfolio's occupancy rate. As the economy
improves, Moody's anticipates that BR Properties will be able to
reduce its vacancy levels.
The rating outlook remains negative due to the overall
macroeconomic challenges in Brazil as well as BR Properties' weak
fixed charge coverage and the high vacancy rates in the both Sao
Paolo and Rio de Janeiro office submarkets.
According to Moody's, a return to stable outlook would be
predicated upon BR Properties maintaining the high-quality and
size of its portfolio; increasing and maintaining a Net Cash
Interest Expense Coverage (Adjusted EBITDA / Net Cash Interest
Expense) closer to 1.5x and increasing and maintaining its
portfolio occupancy levels above 85%.
Downward rating pressure would likely result from the effective
leverage reaching a level greater than 40%and a Net debt/EBITDA
above 7.0x, both on a consistent basis. Additional factors include
a Net Cash Interest Expense below 1.2x for multiple quarters and
the real estate portfolio physical occupancy levels below 80% on a
sustained basis. Lastly, a significant decline in unencumbered
assets as a percentage of gross assets would also cause additional
pressure on the ratings.
Moody's last rating action with respect to BR Properties S.A. was
on May 4, 2015 when Moody's affirmed the ratings and revised the
outlook to negative from stable.
BR Properties S.A. [BOVESPA: BRPR3], headquartered in Sao Paulo,
Brazil, is an owner, acquirer, manager, and developer of office,
industrial and retail properties in the main economic regions of
Brazil. As of September 30, 2016, the company held a portfolio of
40 properties, totaling 573 thousand square meters of GLA.
EIKE BATISTA: Still a Fugitive, Whereabouts Unknown, Police Say
---------------------------------------------------------------
Luciana Magalhaes and Rogerio Jelmayer at The Wall Street Journal
report that Brazilian businessman Eike Batista remains a fugitive
and his whereabouts are currently unknown to the country's
authorities, Brazil's Federal Police said.
Mr. Batista's lawyer, Fernando Martins, said earlier Friday that
his client is in New York, at an undisclosed address, and has no
intention of fleeing to Germany, according to The Wall Street
Journal. Mr. Martins couldn't be reached.
The businessman, who also holds German citizenship, allegedly paid
$16.5 million in bribes to the former governor of Rio de Janeiro
state, Sergio Cabral, while Mr. Cabral was in office from 2007 to
2014, a police spokesman said, the report notes. Police raided
Mr. Batista's Rio de Janeiro home early with an arrest warrant as
part of an investigation into the allegations, the report
discloses.
Mr. Martins had said he would meet in person with Brazil's Federal
Police and prosecutors to decide when Mr. Batista would return to
Brazil. A police spokesman said that there had been no meeting,
while a spokesman for prosecutors declined to confirm or deny if
there had been a meeting, the report notes.
Mr. Martins said he and Mr. Batista hadn't discussed the
allegations against the businessman and had instead only talked
about Mr. Batista's eventual return to Brazil, the report
discloses.
Mr. Batista and his family had traveled to the U.S. just days
before the raid, the report says. According to his lawyer, the
businessman didn't know about the impending search and arrest
warrants and had traveled for business reasons, the report relays.
Police asked Interpol to include Mr. Batista on its red notice
list of people sought by a country's authorities, the report
notes.
Once Brazil's richest person, Mr. Batista, 60, built an industrial
empire in the early part of this century, raising billions of
dollars through equity offerings and debt sales, the report
relays. But he lost most of his fortune, once estimated at more
than $30 billion, in 2013 after a failure to meet oil-production
goals at one of his companies led to a financial disaster for his
entire group, the report adds.
PETROBRAS: Investors Launch Compensation Case in Netherlands
------------------------------------------------------------
The Associated Press reports that institutional investors who say
they lost billions of dollars as a result of the corruption
scandal at Brazilian state-run oil giant Petrobras have launched a
compensation case in the Netherlands.
In a statement on Jan. 24, a coalition of investors said it filed
a 172-page writ at the District Court of Rotterdam claiming that
investors lost billions following "significant asset write-downs
and precipitous declines in Petrobras share prices" after
allegations of fraud and kickbacks were revealed in 2014.
The coalition represents investors who bought Petrobras securities
in Brazil and elsewhere and who are not covered by litigation in
the United States.
Petrobras Global Finance BV and other Petrobras units have offices
in Rotterdam.
The investors added that the Netherlands is an ideal jurisdiction
to pursue the case as the Dutch legal system has precedents for
international investors seeking compensation for damages caused by
fraud and violations of international securities laws.
In a statement, Petrobras said investigators and Brazil's supreme
court consider the company a victim, and thus Petrobras has
received tens of millions of dollars recovered over the course of
the investigation into the kickback scheme.
It was not immediately clear when hearings in the Dutch case would
be held.
PETROLEO BRASILEIRO: Fitch Affirms BB IDR, Outlook Negative
-----------------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings (IDRs) and outstanding debt ratings of Petroleo
Brasileiro S.A. at 'BB' and National Scale rating at 'AA+(bra)'.
The Rating Outlook is Negative.
These rating actions affect approximately USD50 billion of issued
debt, including debt originally issued by PIFCO and PGF, which
Petrobras unconditionally and irrevocably guarantees.
KEY RATING DRIVERS
Linkage to the Sovereign
Petrobras' ratings continue to reflect its close linkage with the
sovereign rating of Brazil due to the government's control of the
company and its strategic importance to Brazil as its near-
monopoly supplier of liquid fuels. By law, the federal government
must hold at least a majority of Petrobras' voting stock. The
government currently owns 60.5% of Petrobras' voting rights,
directly and indirectly, and has an overall economic stake in the
company of 46%.
Government Support
Petrobras' credit linkage to the sovereign is supported by the
company's strategic importance for the country, government control
and proven record of access to government controlled financial
institutions. Absent implicit and explicit government support,
Petrobras' standalone credit profile is consistent with a 'BB-'
rating. As of Sept. 30, 2016 the company reported total financial
debt of USD123 billion and Fitch defined gross leverage was 5.7x.
In Fitch's view, the recent price policy implementation bodes well
for the company as it adds transparency and increases independence
from the federal government. Between 2010 and 2014, the company
financial profile suffered materially as a result of its previous
pricing policy.
Neutral Cash Flow Generation
Fitch expects Petrobras to report neutral free cash flow (FCF)
generation over the medium term, supported by growing production,
expected price premiums over import parity and lower capex and
dividends. Fitch's rating case expects Petrobras to generate
enough cash flow from operations (CFFO) after interest expenses to
cover capex and to rely on its access to the capital debt markets
to refinance upcoming principal maturities. Future debt reduction
will depend on the success of Petrobras' divestiture program,
which in Fitch's view is uncertain and difficult to predict,
although the company has demonstrated substantial progress so far.
The company's business plan incorporates asset divestments of
USD19.5 billion for 2017 and 2018. This compares with USD15.1
billion for 2015 to 2016, of which USD13.6 billion have been
approved or negotiations are closed, and/or are pending board
approval. Petrobras expects to complete the remaining USD1.5
billion asset sale from its 2015 to 2016 divestiture target during
2017 to 2018 period, increasing the divestiture target for the
next two years to USD21 billion.
Weak Credit Metrics
Fitch's rating case expects Petrobras' leverage, as measured by
total debt/EBITDA, to be between 4x and 5x over the medium term
and for leverage to decline only if the company's divestiture
program is successful. As of Sept. 30, 2016 the company reported
total financial debt of approximately USD123 billion; EBITDA for
the last 12 months (LTM) ending September 2016 was USD21 billion,
translating into a leverage of 5.7x. Petrobras' gross leverage
could decline by approximately half a turn to 5.2x in a pro forma
basis once the company receives an expected USD10 billion of
proceeds from its announced divestitures through the end of 2016.
As of year-end 2016 total proved reserves (1P) were approximately
9.7 billion barrels of oil equivalent (boe) and proved developed
(PD) reserves were 5.2 billion boe, under SEC criteria. This
translates into high level of debt to 1P reserves of USD12.7/boe
and debt/PD reserves of USD24/boe.
Marginal Growth Potential
Fitch's rating case assumes Petrobras' gross production to
increase to approximately 3.1 million barrels of oil equivalent
per day (boed) over the next two to three years. Thereafter,
production is assumed to remain relatively flat over the ensuing
two years. Production growth is expected to remain driven by the
company's development of its pre-salt assets. During 2016, almost
half of Petrobras' crude production in Brazil of 2.14 million
barrels per day (bbl/d) came from pre-salt formation. Petrobras
reported total average oil and gas production of 2.79 millio boed
during 2016.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Gross production to increase to approximately 3.1 million
boe/d over the next two to three years and then to remain
relatively flat over the ensuing two years;
-- Petrobras' receives less than USD10 billion of proceeds in
2017 from the USD13.6 billion of divestitures announced until
2016;
-- The company relies on external financing to meet principal
payments;
-- WTI/Brent Crude Prices average USD45/bbl in 2017, USD55/bbl in
2018 and USD60/bbl in 2019;
-- Average FX rate trends toward BRL3.8/USD by 2018.
RATING SENSITIVITIES
A negative rating action on Petrobras could result from a
downgrade of the sovereign and/or the perception of a lower
linkage between Petrobras and the government.
A positive rating action on Brazil could lead to a positive rating
action on Petrobras.
LIQUIDITY
Petrobras' liquidity position is currently supported by robust
cash and marketable securities, stable cash flow generation and
the company proven track record of access to debt capital markets.
As of September, 2016, Petrobras reported USD22.4 billion of cash
and marketable securities. This liquidity is considered adequate
when compared with short-term debt of USD11.4 billion. The
company's liquidity is also supported by its LTM funds from
operations (FFO) of approximately USD20.1 billion, which is
expected to be used to cover capex of approximately USD15 billion
to USD20 billion per year. The company expects capex to decline in
the medium term under its current business plan, which lowered the
company's capex projections to USD74.1 billion for the 2017 to
2021 period from USD98.4 billion for the 2016 to 2020 period under
the previous plan.
Petrobras demonstrates a solid ability to access the debt capital
markets to refinance debt. During the first nine months of 2016,
long-term debt proceeds amounted to $12.5 billion including $9.75
billion of notes issued in international capital markets, with
maturities of 5 and 10 years. The proceeds were partially used to
early amortize $9.3 billion existing global notes. Petrobras also
entered into a sale and leaseback agreement with the Industrial
and Commercial Bank of China (ICBC) for the total amount of $1
billion. As of Sept. 30, 2016, the average maturity of the
outstanding debt was 7.33 years and 20% of the company's debt was
in Brazilian Reais.
FULL LIST OF RATING ACTIONS
Fitch has affirmed the following ratings:
Petroleo Brasileiro S.A. (Petrobras)
-- Long-Term Foreign-Currency Issuer Default Rating (IDR) at
'BB'; Outlook Negative;
-- Long-Term Local-Currency IDR at 'BB'; Outlook Negative;
-- National Scale rating at 'AA+(bra)'; Outlook Negative;
-- National Scale senior unsecured obligations at 'AA+(bra)'.
Petrobras International Finance Company (PIFCO)
-- International debt issuances at 'BB'.
Petrobras Global Finance B.V. (PGF)
-- International debt issuances at 'BB'.
PROVINCE OF ENTRE RIOS: Fitch Withdraws 'B' LT FC Currency Rating
-----------------------------------------------------------------
Fitch Ratings has withdrawn the expected Long-Term Foreign-
Currency Rating of 'B(EXP)' to the Province of Entre Rios' 2016
bond issuance. This issuance was substituted for a new one with
similar characteristics to be issued in 2017.
KEY RATING DRIVERS
The notes would be issued in USD for an amount of up to USD250
million in 2016, to accrue a fixed interest rate to be determined
at issuance and payable on a semi-annual basis.
RATING SENSITIVITIES
Any change in the ratings assigned to the Province of Entre Rios
will have a direct impact on the bond rating.
RB CAPITAL: Moody's Gives (P)Ba2 Global Scale Rating to 3 Tranches
------------------------------------------------------------------
Moody's America Latina has assigned provisional ratings of (P) Ba2
(Global Scale, Local Currency) and (P) Aa2.br (National Scale) to
the 149th, 150th and 151th Series of real estate certificates
issued by RB Capital Companhia de Securitizacao and backed by
three series of a debentures issued by BR Properties S.A
Issuer / Securitizadora: RB Capital Companhia de Securitizacao
149th, 150th and 151th Series of CRI rated (P) Ba2 / (P) Aa2.br
The provisional ratings address the structure and characteristics
of the transaction based on the information provided to Moody's as
of Jan. 24, 2017. Certain issues related to this transaction have
yet to be finalized. Upon conclusive review of all documents and
legal information as well as any subsequent changes in
information, Moody's will endeavor to assign definitive ratings to
the CRI issuances. If any assumptions or factors considered by
Moody's in assigning the ratings change, Moody's could change the
ratings assigned to the CRI.
RATINGS RATIONALE
The (P) Ba2 (Global Scale, Local Currency) and (P) Aa2.br
(National Scale) ratings assigned to the CRI are primarily based
on the willingness and ability of BR Properties (as debtor) to
honor the payments defined in transaction documents, reflecting
the Ba2/Aa2.br senior secured ratings of the underlying debenture
backing the CRI issuances. Any change in the ratings of the
debenture will lead to a change in the ratings of the CRI.
Each CRI series to be issued by RB Capital will be backed by a
real estate credit note, which in turn represents a series of
debentures issued by BR Properties. The underlying debentures are
rated Ba2 (Global Scale, Local Currency) Aa2.br (National Scale).
BR Properties is responsible to maintain the expenses reserve
according to the minimum level established, as well as to cover
all transaction expenses.
The 149th series of CRI are floating rate notes, indexed to the DI
(interbank deposit rate) rate plus a spread to be determined.
Interest will be paid on a semiannual basis, followed by two
principal payments in March 2020 and March 2021.
For the 150th series of CRI principal will be adjusted by the IPCA
(Extended National Consumer Price Index) inflation index and will
pay a coupon rate to be determined. Interests will be paid on an
annual basis, followed by three consecutive annual principal
payments starting in March 2022 until the legal final maturity in
March 2024.
The 151th series of CRI will have the principal adjusted by the
IPCA inflation index and will pay a coupon rate to be determined.
Principal and interests will be paid on an annual basis, until the
legal final maturity in March 2030.
The sum of the three series will total BRL 550 million.
The provisional ratings on the CRI are based on a number of
factors, among them the following:
-- The willingness and ability of BR Properties (as debtor) to
make payments on each series of the underlying debentures,
rated Ba2/Aa2.br. BR Properties is therefore ultimately
responsible for making timely principal and interest payments
on the debentures backing the CRI.
-- Pass through structure; interest risk mitigated: The payment
schedule of each series of CRI replicates the scheduled cash
flow of the underlying debentures, with a two-day lag, which
allows adequate timing to make payments on the CRI. The CRI
will make payments that match the payments to be made by the
underlying debentures. The floating rate of DI to be paid
under the 149th series will be determined using the same DI
period under the underlying debenture. The principal balance
of the CRI 150th series and 151th will be adjusted by the same
IPCA index used to adjust the underlying debentures. Also, the
coupon of both series will be calculated considering the same
business days. In addition, to mitigate the risk of the
additional one day of interest for the first interest payment,
the debentures will incorporate one extra day of interest
accrual to address any potential interest rate mismatch.
-- BR Properties will pay the CRI expenses: BR Properties will be
responsible, under the transaction documents, for all the CRI
expenses. In addition, the CRI will benefit from an expenses
reserve, designed primarily to cover any shortfall of cash to
paid down transaction expenses. BR Properties is responsible
to maintain a minimum of BRL 550,000 in the expenses reserve
throughout the life of the transaction. The expenses reserve
is able to cover approximately one year of expected
transaction expenses.
-- BR Properties' payment obligations under the debentures,
assignment agreement and the trust expenses related to the CRI
issuance will benefit from: (i) a fiduciary lien of Edificio
Ventura -- Torre Oeste, an unencumbered, triple-net lease
Class A office tower located in Rio de Janeiro's central
business district and (ii) a pledge of receivables of the
tenant rent flows related to the exploration of the building.
The senior secured ratings assigned to the underlying
debentures reflect the benefit of the collateral package.
-- No commingling risk: BR Properties will make the payments due
on the three series of debentures directly to the respective
accounts of each series of CRI held at Banco Itau Unibanco
S.A. (Ba2 negative).
-- Segregated assets: The CRI benefit from a fiduciary regime
whereby the assets backing each series of CRI are segregated.
These segregated assets are destined exclusively for payments
on the CRI as well as certain fees and expenses, and will be
segregated from all of the other assets on the issuer's
balance sheet. However, the transaction is subject to residual
legal risk because RB Capital's real estate credits can be
affected by the securitization company's tax, labor and
pension creditors.
BR Properties [BOVESPA: BRPR3], headquartered in Sao Paulo,
Brazil, is an owner, manager, and developer of office, industrial
and retail properties in the main economic regions of Brazil. As
of September 30, 2016, the company owns a portfolio of 40
properties, totaling 573 thousand square meters of gross leasable
area (GLA).
The senior secured ratings of the debentures that backs the 149th,
150th and 151th Series of CRI reflect reflects BR Properties'
moderately levered balance sheet, good access to domestic capital
markets, as well as the collateral package of the offering.
The company has solid leverage metrics, with effective leverage at
35% of gross assets on a market-value basis and a Net Debt to
EBITDA at 5.1x, respectively, as of 3Q16. BR Properties has ample
liquidity to meets its near-term obligations and a manageable debt
maturity schedule.
BR Properties' credit strengths are offset by the company's
exposure to the slow-paced and uneven economic recovery in Brazil.
Furthermore, the company continues to have a weak fixed charge
coverage. However, this is partially mitigated by a Net Cash
Interest Expense coverage of over 1.2x, as of 3Q16. Lastly, the
real estate portfolio continues to experience occupancy challenges
from the fallout of the recession. This is partially offset by the
company's high-quality and resilient tenant base, which registered
a low delinquency rate throughout the recession, and several new
leases that were signed subsequent to the 3rd quarter, which
slightly improved the portfolio's occupancy rate. As the economy
improves, Moody's anticipates that BR Properties will be able to
reduce its vacancy levels.
RB Capital Companhia de Securitizacao was incorporated in 1998 as
a securitization company authorized to issue real estate
certificates (CRI) as per Brazilian law n§ 9,514/97.
To date, RB Capital has issued circa 142 transactions of CRI and 5
transactions of CRA, totaling approximately BRL14.9 billion, with
an outstanding amount of CRI of BRL12.3 billion. RB Capital
financial auditor is Grant Thornton Auditores Independentes.
Factors that would lead to an upgrade or downgrade of the ratings:
Any changes in the senior secured ratings of the underlying
debentures will lead to a change in the ratings on the CRI.
The principal methodology used in these ratings was "Moody's
Approach to Rating Repackaged Securities" published in June 2015.
==========================
C A Y M A N I S L A N D S
==========================
BARNSTAR OPPORTUNITIES: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Barnstar Opportunities Master Fund, SPC
received on Jan. 13, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Mourant Ozannes
Attorneys-at-law
Maynard Hellman
c/o Corey Stokes
94 Solaris Avenue Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 814-9277
Facsimile: (345) 949-4647
CLOUGH EMETH: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Clough Emeth Offshore Fund, Ltd. received on
Jan. 9, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Austin C. Mcclintock
Walkers
190 Elgin Avenue George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: (345) 914 6386
EFG INVESTMENT: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of EFG Investment Partners (Cayman) II Ltd.
received on Jan. 24, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
EFG Capital Advisors, Inc.
c/o Tim Cone
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
EIRE CP NO. 1: Members Receive Wind-Up Report
---------------------------------------------
The members of Eire CP No. 1 Limited received on Jan. 13, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Mourant Ozannes
c/o Michael Walton
Corey Stokes
Attorneys-at-law
94 Solaris Avenue Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 814-9277
Facsimile: (345) 949-4647
EIRE FREEHOLD: Members Receive Wind-Up Report
---------------------------------------------
The members of Eire Freehold Holdings Limited received on Jan. 13,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Mourant Ozannes
c/o Michael Walton
Corey Stokes
Attorneys-at-law
94 Solaris Avenue Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 814-9277
Facsimile: (345) 949-4647
EJF ENERGY: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of EJF Energy Opportunities Offshore Fund Ltd.
received on Jan. 12, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.
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
FOUNTAIN VIEW: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Fountain View Reinsurance, Ltd. received on
Dec. 19, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Kieran Mehigan
Marsh Management Services Cayman Ltd.
P.O. Box 1051 G.T. George Town, Grand Cayman, B.W.I
Governors Square, 23 Lime Tree Bay Avenue
GREAT ATLANTIC: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Great Atlantic Offshore Fund, Ltd received on
Jan. 24, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
EFG Capital Advisors, Inc.
c/o Tim Cone
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
IMPERIAL ASIA: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Imperial Asia Fund SPC received on Jan. 13,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Mourant Ozannes
c/o Barbara Shaw
Corey Stokes
Attorneys-at-law
94 Solaris Avenue Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 814-9277
Facsimile: (345) 949-4647
JBS GLOBAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of JBS Global Opportunities Investment Advisory
Services received on Jan. 12, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.
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
MINHUA POWER: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Minhua Power Holdings Limited received on
Jan. 10, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Richard Fear
c/o Kevin Butler
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
Telephone: (345) 814 7374
Facsimile: (345) 945 3902
NEWTON COMPANY: Shareholder Receive Wind-Up Report
--------------------------------------------------
The shareholder of Newton Company Ltd. received on Jan. 16, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Renato Bullani
Via E. Bossi 23, 6830 Chiasso
Switzerland
Telephone: +41 91 695 2777
Facsimile: +41 91 682 9805
PRIVATE EQUITY: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Private Equity Concentrated Energy II Offshore
Holdings Advisors, Inc. received on Jan. 12, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.
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
PRS BLACKTHORPE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of The PRS Blackthorpe Fund received on Jan. 17,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
EFG Capital Advisors, Inc.
c/o Tim Cone
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
RDG CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of RDG Capital Offshore Fund Ltd. received on
Jan. 12, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Russell Glass
RDG Capital Fund Management LP
400 Madison Avenue, 12th Floor
New York
New York 10017
United States of America
Telephone: +1 (212) 407 2195
RION MASTER: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Rion Master Fund Ltd. received on Jan. 27,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Rion Capital, LLC
c/o Tim Cone
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
SIGMA FIXED: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Sigma Fixed Income Fund, Ltd. received on
Jan. 12, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
S.A.C. Capital Advisors, L.P.
72 Cummings Point Road
Stamford
Connecticut 06902
United States of America
Telephone: +1 203 890 2000
STANDARD CAPITAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Standard Capital International (Holdings)
Limited received on Jan. 13, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ho Shek Tim
Sands Building, 15th Floor
17 Hankow Rd. Tsimshatsui
Hong Kong
Telephone + 011 852 2376 3368
Facsimile: + 011 852 2376 3018
WINZIP HOLDINGS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Winzip Holdings SGPS LDA received on Jan. 12,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Thomas Edward Walsh
c/o 1 Market Street
Steuart Tower, 23rd Floor
San Francisco
California 94105
United States of America
Telephone: +1 (415) 293 5055
e-mail: twalsh@vectorcapital.com
===================
C O S T A R I C A
===================
REVENTAZON FINANCE: Fitch Lowers Rating on US$135MM Notes to 'BB+'
------------------------------------------------------------------
Fitch Ratings has downgraded Reventazon Finance Trust's US$135
million fixed-rate notes to 'BB+' from 'BBB-'. The Rating Outlook
is revised to Stable from Negative.
The rating action follows Fitch's downgrade of Costa Rica's
sovereign rating to 'BB' from 'BB+' (see 'Fitch Downgrades Costa
Rica to 'BB'; Outlook Revised to Stable' dated Jan. 19, 2017 at
www.fitchratings.com) and Fitch's downgrade of Instituto
Costarricense de Electricidad (ICE) to 'BB' from 'BB+' (see 'Fitch
Downgrades Grupo ICE's Ratings to 'BB'; Outlook Revised to Stable'
dated Jan. 23, 2017).
KEY RATING DRIVERS
Credit Quality of ICE: Given the unconditional and irrevocable
nature of the lease payments, Fitch views the credit risk of these
payments as linked to ICE's credit quality. On Jan. 23, 2017 Fitch
downgraded ICE's Long-Term Foreign Issuer Default Rating (IDR) to
'BB' and revised the Outlook to Stable. Grupo ICE's ratings are
supported by its linkage to the sovereign rating of Costa Rica
(Foreign and Local Currency IDRs 'BB'/Outlook Stable), which stems
from the company's government ownership and the implicit and
explicit expectation of government support.
Reliance on ICE Lease Payments: The notes are backed by 100%
participation interest on the IDB's B-loan acquired through a
participation agreement, which gives the right to receive payments
under IDB's B-loan. ICE lease payments from a non-cancellable
financial lease agreement for the operation and maintenance of the
hydropower plant will cover all payments on the loan.
Strength of the Lease Payments: To determine the strength of the
lease payment obligation Fitch considered the role of IDB as
lender of record of the obligation being covered by ICE's payments
tied to ICE's ownership structure. As the IDB will continue to be
the lender of record and administers IDB's B-loan, Fitch believes
the holders of the rated notes will benefit from the B-loan
preferential, de facto, status provided by IDB. Because of this
benefit the credit quality of the payment obligation is considered
to be in line to other obligations of Costa Rica with the IDB and
therefore was notched upward from the ICE's IDR.
Preferred Creditor Status of IDB to Costa Rica: Historically,
sovereigns have prioritized certain obligations, such as
obligations from multilateral development banks (MDBs), when the
government cannot service all of the country's external debt.
While the B-loan is not a direct obligation of the sovereign,
Fitch believes treatment of the IDB as a preferred creditor
extends to ICE as the debtor, since ICE is a strategic government-
owned entity that receives underlying sovereign support.
Although Costa Rica has defaulted in the past (for example in
1981), neither the sovereign nor ICE have ever defaulted on debt
issued by a preferred creditor. Historically, IDB's share of Costa
Rica's external debt has been within 12% to 13%, which makes it an
essential preferred creditor for the country.
Adequate Liquidity: The rated fixed-rate notes benefit from a debt
service reserve account equivalent to the next principal and
interest payment due amount. This liquidity provides certainty in
case the transaction is exposed to temporary liquidity shock.
Criteria Variation: Fitch's 'Global Rating Criteria for Single-
and Multi-Name Credit-Linked Notes', dated March 8 2016,
establishes that the credit quality of the primary risk
contributors in a credit linked notes (CLNs) transaction is
typically determined by an IDR assigned by Fitch. However, in some
situations, a committee would consider using the actual bond
rating (e.g. senior unsecured rating, subordinate rating) of an
asset in place of the IDR.
For this transaction, it has been determined that the credit
quality of the primary risk contributor is not commensurate with
the IDR or any particular bond rating of the obligor, as IDRs do
not directly address all forms of obligations including Fitch's
view regarding a preferred creditor obligation. To determine the
credit quality of the lease payment obligation, and its notching
from the relevant IDR, the agency incorporated perspectives from
its sovereign and corporates group.
RATING SENSITIVITIES
A downgrade of ICE, tied to a rating of the sovereign, may trigger
a downgrade of the transaction's rating. However, a rating action
of ICE not tied to a rating downgrade of the sovereign may not
trigger a rating action on the notes if Fitch's view on the
strength of the payment obligation is not affected by such rating
action. Additionally, changes in Fitch's view of the treatment of
the IDB as a preferred creditor may trigger a rating action on the
notes.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Leader Warns Against Return to Protectionism
----------------------------------------------------------------
Dominican Today reports that Dominican Republic President Danilo
Medina called on the Latin American and Caribbean countries to
build a broad regional space for trade, capital investment and
financing, technology transfer, the flow of human capital and
cooperation to deal with the challenges they face with the US'
intention to abandon the policies that have helped to raise the
region's expectations of progress.
"It does not seem reasonable to think that the United States and
the developed countries, after years pushing openness and
globalization, both inside and outside their borders, now abandon
these policies that have contributed to raising the hopes of
progress of all our peoples," Mr. Medina said to open the V Summit
of Heads of State and governments of CELAC, held in the Barcelo
Bavaro Convention Center at Punta Cana, according to Dominican
Today.
Mr. Medina said the most optimistic economic projections for this
year must be based on improving commodity prices, increasing
tourist flow, fostering greater external demand and boosting
intraregional trade, the report notes.
The report relays Mr. Medina called CELAC, "a space for political
consultation, regional integration and collective institutional
representation before the international community," which should
serve as a stage to face the challenges that lie ahead.
"I will give just one data to illustrate the interconnection of
our economies in the global market: the 33 nations that make up
CELAC have signed 164 bilateral and multilateral free trade
agreements in these years," Mr. Medina said, the report relays.
Mr. Medina said that while free trade agreements are not perfect
tools, the fact that their implementation has opened many doors
and generated numerous benefits cannot be denied, the report
discloses.
Mr. Medina said all of the region's countries agree that the whole
world would lose if the US, Europe and China adopt the model of
tariff reprisals that have only served to generate poverty in the
past, the report relays. "It is worrisome that, in the face of
announcements of unilateral impositions of tariffs to protect
specific industries, the specter of protectionism and the
consequent trade wars begin to meander through all the global
scenarios," Mr. Medina added.
Mr. Medina also call of great concern that the growing discourse
of protectionism and closing of borders isn't limited to the
economic sphere but could have serious consequences on the migrant
population. "Given these challenges, we understand that CELAC has
a great responsibility: to always watch over the interests of our
peoples," the report relays.
Mr. Medina called on the governments of the region to do
everything in their power to prevent the return of a past that is
now trying to sell itself as superior to the phase of development
achieved, the report says.
"We must preserve the goodness of an interconnected world, while
protecting the achievements in social welfare for the great
majority of our countries," Mr. Medina said, and insisted that
it's not time to isolate and go backward, and "deepen the bonds,
to move onward with more forward momentum" instead, 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'.
=============
J A M A I C A
=============
JAMAICA: Aims to Save Millions Spent on Potato Import
-----------------------------------------------------
RJR News reports that the government of Jamaica is aiming to save
the US$4 million spent on potato imports.
At present, the country spends that sum annually to import 90 per
cent of Irish potato seeds, according to RJR News.
The agricultural sector is aiming to supply 100 per cent of local
demand for Irish potato in another three years, the report notes.
This was noted by Agriculture Minister Karl Samuda, in an
interview with JIS News on Wednesday, at the signing of a
Memorandum of Understanding (MoU) for the in vitro propagation of
Irish potato seeds program, 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
======================
AC INDUSTRIAL: Unsecured Creditors to Get 1.02% Under Plan
----------------------------------------------------------
AC Industrial Services Corp. filed with the U.S. Bankruptcy Court
for the District of Puerto Rico a disclosure statement explaining
its plan of reorganization, dated Jan. 20, 2017.
Class 2 under the Plan consists of the general unsecured
creditors. Within 30 days afer the Effective Date of the Plan,
Class 2 claimants will receive a total payment of 1.02% of their
claimed or listed debt equals a total of $1,000 with no interest
to be paid prorata to all allowed claimants under this class.
The source of payments under the Plan will come from the operation
of Debtor's business.
A full-text copy of the Disclosure Statement is available at:
http://bankrupt.com/misc/prb16-04843-11-71.pdf
Counsel for Debtor:
Noemi Landrau Rivera
USDC 215510
LAUNDRA RIVERA & ASSOC.
PO Box 270219 San Juan, PR 00927-0219
Tel: 787-774-0024
Fax: 787-793-1004
nlandrau@landraulaw.com
AC Industrial Services Corp. filed for chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 16-04843) on June 16, 2016.
ECRA GROUP: Disclosures Okayed, Plan Hearing on Feb. 17
-------------------------------------------------------
The U.S. Bankruptcy Court in Puerto Rico will consider approval of
the Chapter 11 plan of reorganization of ECRA Group Corp. at a
hearing on Feb. 17.
The hearing will be held at 9:30 a.m., at the Jose V. Toledo
Federal Building & U.S. Courthouse, Courtroom 3, Third Floor, 300
Recinto Sur Street, San Juan, Puerto Rico.
The court will also consider at the hearing the final approval of
ECRA Group's disclosure statement, which it conditionally approved
on Jan. 19.
Creditors are required to cast their votes and file their
objections on or before 14 days prior to the hearing.
About ECRA Group, Corp.
ECRA Group, Corp. filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 16-04651) on June 10, 2016. Luis D. Flores
Gonzalez at The Law Offices of Luis D. Flores Gonzalez serves as
bankruptcy counsel.
On January 18, 2017, the Debtor filed its Chapter 11 plan of
reorganization and disclosure statement. The disclosure statement
was conditionally approved on January 19, 2017.
FARMACIA SAN JUSTO: Feb. 28 Plan, Disclosure Statement Hearing
--------------------------------------------------------------
Judge Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court for
the District of Puerto Rico conditionally approved Farmacia San
Justo, Inc.'s small business disclosure statement filed on Jan.
18, 2017 with respect to its chapter 11 plan filed on Jan. 10,
2017.
Feb. 28, 2017 at 10:00 a.m. is fixed for the hearing on final
approval of the disclosure statement and for the hearing on
confirmation of the plan.
Three days prior to the hearing is fixed as the last day for
filing written acceptances or rejections to the plan.
Three days prior to the hearing is fixed as the last day for
filing and serving written objections to the disclosure statement
and confirmation of the plan.
About Farmacia San Justo
Farmacia San Justo, Inc., based in Saint Just, PR, filed a Chapter
11 petition (Bankr. D.P.R. Case No. 16-05624) on July 14, 2016.
The petition was signed by Hector O. Rodriguez, president.
The Debtor tapped Charles Alfred Cuprill, Esq., at Charles A
Cuprill, PSC Law Office, as bankruptcy counsel, and Luis R.
Carrasquillo & Co., P.S.C. as financial consultant.
In its petition, the Debtor estimated $0 to $1.30 million in both
assets and liabilities
OIB LLC: Seeks to Hire RRC CPA Group as Financial Consultant
------------------------------------------------------------
OIB, LLC seeks approval from the U.S. Bankruptcy Court in Puerto
Rico to hire a financial consultant.
The Debtor proposes to hire RRC CPA Group, P.S.C. to assist in the
restructuring of its affairs by providing advice on strategic
planning and the preparation of schedules and bankruptcy plan, and
by participating in its negotiations with creditors.
The hourly rates charged by the firm are:
Normal Discounted
------ ----------
Partner $125 $100
Director $85 $80
Auditor $55 $45
Support Staff $25 $20
Jose Antonio Colon Alvarez, a certified public accountant and a
partner at RRC, disclosed in a court filing that his firm is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Jose Antonio Colon Alvarez
RRC CPA Group, P.S.C.
P.O. Box 336876
Ponce, PR 00733-6878
Phone: 787-843-5500
Fax: 787-840-5470
The Debtor is represented by:
Charles A. Cuprill-Hernandez, Esq.
Charles A. Cuprill, P.S.C. Law Offices
356 Fortaleza Street, Second Floor
San Juan, PR 00901
Tel: 787-977-0515
Fax: 787-977-0518
Email: ccuprill@cuprill.com
About OIB LLC
OIB, LLC sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. P.R. Case No. 16-10122) on December 29, 2016. The
petition was signed by Francisco J. Lasanta Morales, managing
member.
The case is assigned to Judge Edward A. Godoy.
At the time of the filing, the Debtor disclosed $2.63 million in
assets and $805,404 in liabilities.
ONCOLOGY INSTITUTE: U.S. Trustee Directed to Appoint PCO
--------------------------------------------------------
Judge Enrique S. Lamoutte of U.S. Bankruptcy Court for the
District of Puerto Rico entered an Order directing the United
States Trustee to appoint a Patient Care Ombudsman for Oncology
Institute of Puerto Rico PSC.
The Order was made pursuant to the petition dated January 18,
2017, reflecting that the case involves a health care business
case.
Judge Lamoutte ordered the U.S. Trustee to appoint an Ombudsman,
pursuant to 11 USC Sec. 333(a)(2) and Fed. R. Bankr. P. 2007.2(c),
unless the U.S. Trustee and/or the Debtor in possession inform the
court in writing, within 21 days, why the appointment of an
ombudsman is not necessary for the protection of the patients.
VIA NIZA: Seeks to Hire Gonzalez-Cordero as Legal Counsel
---------------------------------------------------------
Via Niza, Inc. seeks approval from the U.S. Bankruptcy Court in
Puerto Rico to hire legal counsel in connection with its Chapter
11 case.
The Debtor proposes to hire Nilda Gonzalez-Cordero, Esq., to give
legal advice regarding its duties under the Bankruptcy Code,
negotiate with creditors on the formulation of a bankruptcy plan
or liquidation of its assets, and provide other legal services.
Ms. Gonzalez-Cordero will be paid an hourly rate of $250 while
paralegals will be paid $75 per hour.
In a court filing, Ms. Gonzalez-Cordero disclosed that she is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.
Ms. Gonzalez-Cordero maintains an office at:
Nilda Gonzalez-Cordero, Esq.
P.O. Box 3389
Guaynabo, PR 00970
Tel: (787)721-3437 / (787)724-2480
Email: ngonzalezc@ngclawpr.com
About Via Niza Inc.
Via Niza, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case No. 17-00215) on January 18,
2017. At the time of the filing, the Debtor estimated assets and
liabilities of less than $1 million.
===============
S U R I N A M E
===============
SURINAME: Gets $20MM Loan to Implement Rehabilitation Program
-------------------------------------------------------------
Suriname will launch an urban rehabilitation program in Paramaribo
with a $20 million loan from the Inter-American Development Bank
(IDB).
The project seeks to contribute to the socio-economic
revitalization of the city's historic center in order to attract
back residents and businesses to the area; restore its cultural
heritage value; reduce traffic congestion; and strengthen the
institutional framework for its sustainable management.
Paramaribo, Suriname's capital, has 243,556 inhabitants, or 45
percent of the country's population. The old town, consisting of a
core of 48 hectares and a buffer zone of more than 100 hectares,
in 2002 was declared a World Heritage Site by the United Nations
Educational, Scientific and Cultural Organization (UNESCO).
This concentration of historic and cultural heritage buildings and
monuments as well as of urban sites has great potential to
contribute to the city's sustainable and equitable development.
Yet, the area suffers from physical, social and economic decay,
which undermines its potential and poses a threat to its physical
assets and its UNESCO Heritage Site designation.
The program will renovate the city's public spaces, rehabilitate
heritage buildings, create new housing projects in order to offer
renting options to a mixed-income population, and develop new
business strategies with private sector participation. "The
projects' design will adopt a climate-intelligent infrastructure
approach that will take adaptation and mitigation aspects into
account," said Jes£s Navarrete, IDB project team leader.
The program will also finance the strengthening of the Suriname
Built Heritage Foundation and the creation of key planning tools
to guide the old town's sustainable revitalization process.
The IDB's $20 million loan is for a 25-year term, with a 5.5-year
grace period, at a LIBOR based interest rate.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week From Jan. 23 to Jan. 27, 2017
---------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
Andino Investment Holding 11 68.88 11/13/2020 PE USD
Andino Investment Holding 11 70.85 11/13/2020 PE USD
Anton Oilfield Services G 7.5 69.03 11/6/2018 CN USD
Anton Oilfield Services G 7.5 66 11/6/2018 CN USD
BA-CA Finance Cayman 2 Lt 0.719 38.5 KY EUR
BA-CA Finance Cayman Ltd 0.749 38.93 KY EUR
Banco do Brasil SA/Cayman 6.25 62.84 KY USD
Banco do Brasil SA/Cayman 6.25 59.51 KY USD
BPI Capital Finance Ltd 2.29 40 KY EUR
CA La Electricidad de Car 8.5 43.75 4/10/2018 VE USD
Chile Government Internat 3.625 15.7 10/30/2042 CL USD
CSN Islands XI Corp 6.875 61.25 9/21/2019 KY USD
CSN Islands XI Corp 6.875 61.13 9/21/2019 KY USD
CSN Islands XII Corp 7 48.8 BR USD
CSN Islands XII Corp 7 47.75 BR USD
Decimo Primer Fideicomiso 4.54 59.75 10/25/2041 PA USD
Decimo Primer Fideicomiso 6 71.38 10/25/2041 PA USD
Ecuador Government Domest 8.45 70.8 2/6/2034 EC USD
Ecuador Government Domest 8.45 69.35 9/10/2034 EC USD
Ecuador Government Domest 8.45 70.42 4/2/2034 EC USD
Ecuador Government Domest 8.45 69.72 7/17/2034 EC USD
Ecuador Government Domest 8.45 69.71 5/30/2034 EC USD
Ecuador Government Domest 8.45 69.23 9/30/2034 EC USD
Ecuador Government Domest 8.45 70.52 3/19/2034 EC USD
Ecuador Government Domest 7.75 74.84 12/19/2028 EC USD
Ecuador Government Domest 8.45 69.94 6/12/2034 EC USD
Ecuador Government Domest 8.45 69.95 6/11/2034 EC USD
Ecuador Government Domest 8.45 69.82 7/1/2034 EC USD
Ecuador Government Domest 7.7 73.56 7/1/2029 EC USD
Ecuador Government Domest 7.7 72.94 9/10/2029 EC USD
Ecuador Government Domest 7.75 74.95 11/8/2028 EC USD
Ecuador Government Domest 7.7 73.74 6/11/2029 EC USD
Ecuador Government Domest 7.7 73.73 6/12/2029 EC USD
Ecuador Government Domest 7.7 72.77 9/30/2029 EC USD
Empresa de Telecomunicaci 7 71.24 1/17/2023 CO COP
Empresa de Telecomunicaci 7 71.24 1/17/2023 CO COP
ESFG International Ltd 5.753 0.883 KY EUR
General Exploration Partn 11.5 36.75 11/13/2018 CA USD
General Shopping Finance 10 60.55 KY USD
General Shopping Finance 10 60.63 KY USD
Global A&T Electronics Lt 10 70.88 2/1/2019 SG USD
Global A&T Electronics Lt 10 71.88 2/1/2019 SG USD
Global A&T Electronics Lt 10 50.5 2/1/2019 SG USD
Global A&T Electronics Lt 10 54 2/1/2019 SG USD
Glorious Property Holding 13.25 74.56 3/4/2018 HK USD
Gol Finance Inc 9.25 47.35 7/20/2020 BR USD
Gol Finance Inc 8.75 37.75 BR USD
Gol Finance Inc 7.5 61 4/3/2017 BR USD
Gol Finance Inc 7.5 59.38 4/3/2017 BR USD
Gol Finance Inc 7.5 59.38 4/3/2017 BR USD
Gol Finance Inc 9.25 43.38 7/20/2020 BR USD
Gol Finance Inc 8.75 36.88 BR USD
Green Dragon Gas Ltd 10 63.75 11/20/2017 HK USD
Greenfields Petroleum Cor 9 11.35 5/31/2017 US CAD
Honghua Group Ltd 7.45 58.25 9/25/2019 CN USD
Honghua Group Ltd 7.45 58 9/25/2019 CN USD
Inversora Electrica de Bu 6.5 59.5 9/26/2017 AR USD
MIE Holdings Corp 7.5 67.25 4/25/2019 HK USD
MIE Holdings Corp 7.5 68.58 4/25/2019 HK USD
NB Finance Ltd/Cayman Isl 3.38 60.22 2/7/2035 KY EUR
Newland International Pro 9.5 24.13 7/3/2017 PA USD
Newland International Pro 9.5 25.13 7/3/2017 PA USD
Noble Holding Internation 6.2 65.42 8/1/2040 KY USD
Noble Holding Internation 6.05 66.38 3/1/2041 KY USD
Noble Holding Internation 5.25 64.71 3/15/2042 KY USD
Ocean Rig UDW Inc 7.25 57.75 4/1/2019 CY USD
Ocean Rig UDW Inc 7.25 55 4/1/2019 CY USD
Odebrecht Drilling Norbe 6.35 27 6/30/2021 KY USD
Odebrecht Drilling Norbe 6.35 28.5 6/30/2021 KY USD
Odebrecht Finance Ltd 7.5 40 KY USD
Odebrecht Finance Ltd 4.375 37.23 4/25/2025 KY USD
Odebrecht Finance Ltd 7.125 33.5 6/26/2042 KY USD
Odebrecht Finance Ltd 5.25 34.5 6/27/2029 KY USD
Odebrecht Finance Ltd 5.125 36 6/26/2022 KY USD
Odebrecht Finance Ltd 8.25 35 4/25/2018 KY BRL
Odebrecht Finance Ltd 7 53.5 4/21/2020 KY USD
Odebrecht Finance Ltd 6 41.51 4/5/2023 KY USD
Odebrecht Finance Ltd 5.25 36 6/27/2029 KY USD
Odebrecht Finance Ltd 4.375 36 4/25/2025 KY USD
Odebrecht Finance Ltd 7.125 33.75 6/26/2042 KY USD
Odebrecht Finance Ltd 7.5 42.5 KY USD
Odebrecht Finance Ltd 8.25 35 4/25/2018 KY BRL
Odebrecht Finance Ltd 5.125 35.38 6/26/2022 KY USD
Odebrecht Finance Ltd 6 38.88 4/5/2023 KY USD
Odebrecht Finance Ltd 7 44 4/21/2020 KY USD
Odebrecht Offshore Drilli 6.75 17 10/1/2022 KY USD
Odebrecht Offshore Drilli 6.625 17 10/1/2022 KY USD
Odebrecht Offshore Drilli 6.75 17.38 10/1/2022 KY USD
Odebrecht Offshore Drilli 6.625 17.38 10/1/2022 KY USD
Petroleos de Venezuela SA 5.25 67.5 4/12/2017 VE USD
Petroleos de Venezuela SA 12.75 56.1 2/17/2022 VE USD
Petroleos de Venezuela SA 9 49.38 11/17/2021 VE USD
Petroleos de Venezuela SA 9.75 44.57 5/17/2035 VE USD
Petroleos de Venezuela SA 6 38.5 5/16/2024 VE USD
Petroleos de Venezuela SA 6 36.75 11/15/2026 VE USD
Petroleos de Venezuela SA 5.375 37 4/12/2027 VE USD
Petroleos de Venezuela SA 5.5 36.75 4/12/2037 VE USD
Petroleos de Venezuela SA 6 32.13 10/28/2022 VE USD
Petroleos de Venezuela SA 6 36.4 11/15/2026 VE USD
Petroleos de Venezuela SA 6 35.35 5/16/2024 VE USD
Petroleos de Venezuela SA 9.75 41.7 5/17/2035 VE USD
Petroleos de Venezuela SA 9 45.25 11/17/2021 VE USD
Petroleos de Venezuela SA 12.75 46.15 2/17/2022 VE USD
Polarcus Ltd 5.6 44.93 3/30/2022 AE USD
Provincia de Rio Negro 1.6148 62 5/4/2024 AR ARS
PSOS Finance Ltd 11.75 60.13 4/23/2018 KY USD
Republic of Ecuador Minis 8.45 69.22 9/30/2034 EC USD
Republic of Ecuador Minis 7.75 74.88 12/19/2028 EC USD
Republic of Ecuador Minis 7.7 73.6 7/1/2029 EC USD
Republic of Ecuador Minis 7.75 74.99 11/8/2028 EC USD
Republic of Ecuador Minis 8.45 69.22 9/30/2034 EC USD
Republic of Ecuador Minis 7.7 73.77 6/12/2029 EC USD
Republic of Ecuador Minis 8.45 69.39 9/10/2034 EC USD
Republic of Ecuador Minis 8.45 69.75 7/17/2034 EC USD
Republic of Ecuador Minis 8.45 69.39 9/10/2034 EC USD
Republic of Ecuador Minis 7.7 72.81 9/30/2029 EC USD
Republic of Ecuador Minis 7.7 73.78 6/11/2029 EC USD
Republic of Ecuador Minis 7.7 73.6 7/1/2029 EC USD
Republic of Ecuador Minis 8.45 69.98 6/11/2034 EC USD
Republic of Ecuador Minis 8.45 69.98 6/11/2034 EC USD
Republic of Ecuador Minis 7.7 73.77 6/12/2029 EC USD
Republic of Ecuador Minis 7.7 72.99 9/10/2029 EC USD
Republic of Ecuador Minis 8.45 69.97 6/12/2034 EC USD
Republic of Ecuador Minis 7.75 74.88 12/19/2028 EC USD
Republic of Ecuador Minis 8.45 70.84 2/6/2034 EC USD
Republic of Ecuador Minis 8.45 70.55 3/19/2034 EC USD
Republic of Ecuador Minis 8.45 69.85 7/1/2034 EC USD
Republic of Ecuador Minis 8.45 70.45 4/2/2034 EC USD
Republic of Ecuador Minis 7.7 72.81 9/30/2029 EC USD
Republic of Ecuador Minis 8.45 69.75 7/17/2034 EC USD
Republic of Ecuador Minis 8.45 69.74 5/30/2034 EC USD
Republic of Ecuador Minis 8.45 69.97 6/12/2034 EC USD
Republic of Ecuador Minis 7.75 74.99 11/8/2028 EC USD
Republic of Ecuador Minis 8.45 69.85 7/1/2034 EC USD
Republic of Ecuador Minis 8.45 70.45 4/2/2034 EC USD
Republic of Ecuador Minis 8.45 69.74 5/30/2034 EC USD
Republic of Ecuador Minis 7.7 73.78 6/11/2029 EC USD
Republic of Ecuador Minis 8.45 70.84 2/6/2034 EC USD
Republic of Ecuador Minis 7.7 72.99 9/10/2029 EC USD
Republic of Ecuador Minis 8.45 70.55 3/19/2034 EC USD
Samarco Mineracao SA 4.125 37.25 11/1/2022 BR USD
Samarco Mineracao SA 5.75 36.6 10/24/2023 BR USD
Samarco Mineracao SA 5.375 35.38 9/26/2024 BR USD
Samarco Mineracao SA 4.125 37.38 11/1/2022 BR USD
Samarco Mineracao SA 5.75 39.63 10/24/2023 BR USD
Samarco Mineracao SA 5.375 37.25 9/26/2024 BR USD
Siem Offshore Inc 5.69 52.25 1/30/2018 NO NOK
Siem Offshore Inc 5.49 51.75 3/28/2019 NO NOK
Transocean Inc 5.05 74.75 10/15/2022 KY USD
Transocean Inc 6.8 63.66 3/15/2038 KY USD
Transocean Inc 7.5 65.78 4/15/2031 KY USD
Transocean Inc 9.1 70.41 12/15/2041 KY USD
Transocean Inc 7.45 74.9 4/15/2027 KY USD
Transocean Inc 8 73.55 4/15/2027 KY USD
Uruguay Notas del Tesoro 5.25 61.99 12/29/2021 UY UYU
US Capital Funding IV Ltd 0.99305 43.92 12/1/2039 KY USD
US Capital Funding IV Ltd 0.99305 43.92 12/1/2039 KY USD
Venezuela Government Inte 9.25 49.03 9/15/2027 VE USD
Venezuela Government Inte 11.75 49.5 10/21/2026 VE USD
Venezuela Government Inte 11.95 49.5 8/5/2031 VE USD
Venezuela Government Inte 7.75 47.38 10/13/2019 VE USD
Venezuela Government Inte 13.625 65.25 8/15/2018 VE USD
Venezuela Government Inte 9.375 45.85 1/13/2034 VE USD
Venezuela Government Inte 7 52.85 12/1/2018 VE USD
Venezuela Government Inte 7 42 3/31/2038 VE USD
Venezuela Government Inte 9 45.5 5/7/2023 VE USD
Venezuela Government Inte 9.25 45.5 5/7/2028 VE USD
Venezuela Government Inte 8.25 44.38 10/13/2024 VE USD
Venezuela Government Inte 6 43.5 12/9/2020 VE USD
Venezuela Government Inte 13.625 56.5 8/15/2018 VE USD
Venezuela Government Inte 7.65 43.25 4/21/2025 VE USD
Venezuela Government Inte 13.625 59.69 8/15/2018 VE USD
Venezuela Government Inte 12.75 53.5 8/23/2022 VE USD
Venezuela Government TICC 5.25 53.23 3/21/2019 VE USD
VRG Linhas Aereas SA 10.75 25.63 2/12/2023 BR USD
VRG Linhas Aereas SA 10.75 25.63 2/12/2023 BR USD
XLIT Ltd 6.5 70 IE USD
***********
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
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liabilities that may never materialize. The prices at which
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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
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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 * * *