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/raid1/www/Hosts/bankrupt/TCRLA_Public/170202.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, February 2, 2017, Vol. 18, No. 024 Headlines B R A Z I L MEDANITO S.A.: Fitch Affirms Then Withdraws 'B-' IDRs C A Y M A N I S L A N D S ADAR LATAM: Shareholder Receives Wind-Up Report AQR OFFSHORE: Shareholder Receives Wind-Up Report BEVI2: Shareholders Receive Wind-Up Report BURNABY HOLDINGS: Shareholders Receive Wind-Up Report CAIRN COMPANY: Shareholder Receives Wind-Up Report DESTRIER CAPITAL: Shareholder Receives Wind-Up Report DOVETAIL INVESTMENTS: Shareholders Receive Wind-Up Report ECHO NOTES: Shareholder Receives Wind-Up Report ERC IRELAND: Shareholders Receive Wind-Up Report FINE ACE: Shareholders Receive Wind-Up Report FREESTYLE SPECIAL: Shareholders Receive Wind-Up Report GINGERALE LIMITED: Shareholders Receive Wind-Up Report IBIS RE II: Sole Member Receives Wind-Up Report D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: IMF Mission Assesses Economy G U Y A N A * GUYANA: Environmental Tax About to Take Effect J A M A I C A * JAMAICA: Focused on Increasing Tourist Attractions T R I N I D A D & T O B A G O TRINIDAD & TOBAGO: Corruption Continues Unabated TRINIDAD & TOBAGO: Business Chambers React to Fall in CPI - - - - - =========== B R A Z I L =========== MEDANITO S.A.: Fitch Affirms Then Withdraws 'B-' IDRs ----------------------------------------------------- Fitch Ratings has affirmed and withdrawn Medanito S.A.'s Long-term Foreign and Local Currency Issuer Default Ratings at 'B-' with a Stable Rating Outlook. Medanito's ratings are no longer considered by Fitch to be relevant to the agency's coverage because the entity is no longer issuing debt. Rating Sensitivities are not applicable as the ratings have been withdrawn. ========================== C A Y M A N I S L A N D S ========================== ADAR LATAM: Shareholder Receives Wind-Up Report ----------------------------------------------- The shareholder of Adar Latam Special Situations 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: Adar Capital Partners Ltd. c/o Paul Ebanks Ogier, Attorneys 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 AQR OFFSHORE: Shareholder Receives Wind-Up Report ------------------------------------------------- The shareholder of AQR Offshore Multi-Strategy Fund Ltd. received on Jan. 11, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: AQR Capital Management, LLC c/o Sophia Leavett Ogier, Attorneys 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 BEVI2: Shareholders Receive Wind-Up Report ------------------------------------------ The shareholders of BEVI2 received on Jan. 10, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Griffin c/o Sandipan Bhowmik FTI Consulting (Cayman) Limited Suite 3212, 53 Market Street Camana Bay P.O. Box 30613 Grand Cayman KY1-1203 Cayman Islands Telephone: +1 (345) 743 6835 BURNABY HOLDINGS: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Burnaby Holdings Limited received on Jan. 23, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Matthew Wright c/o Omar Grant P.O. Box 897 Grand Cayman KY1-1103 Windward 1, Regatta Office Park Cayman Islands Telephone: (345) 949-7576 Facsimile: (345) 949-8295 CAIRN COMPANY: Shareholder Receives Wind-Up Report -------------------------------------------------- The shareholder of Cairn Company (Cayman Islands No.6) Limited received on Jan. 20, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 DESTRIER CAPITAL: Shareholder Receives Wind-Up Report ----------------------------------------------------- The shareholder of Destrier Capital Partners, 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: Destrier Capital Management LLC c/o Tim Cone Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 DOVETAIL INVESTMENTS: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Dovetail Investments Limited received on Jan. 19, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Zedra Directors (Cayman) Limited c/o Enola Reid 136 Shedden Road One Capital Place, 3rd Floor P.O. Box 487 George Town, Grand Cayman KY1-1106 Cayman Islands Telephone: +1 (345) 914-5413 ECHO NOTES: Shareholder Receives Wind-Up Report ----------------------------------------------- The shareholder of Echo Notes (Cayman) Limited received on Jan. 20, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands Telephone: (345)949-8244 Facsimile: (345)949-5223 ERC IRELAND: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of ERC Ireland Equity SPC received on Jan. 11, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Griffin c/o Sandipan Bhowmik FTI Consulting (Cayman) Limited Suite 3212, 53 Market Street Camana Bay P.O. Box 30613 Grand Cayman KY1-1203 Cayman Islands Telephone: +1 (345) 743 6835 FINE ACE: Shareholders Receive Wind-Up Report --------------------------------------------- The shareholders of Fine Ace Asset Management 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 FREESTYLE SPECIAL: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Freestyle Special Opportunities Master Fund, Ltd. received on Jan. 19, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Adrian Mackay 6 Peter Cooper Road, 2B New York, NY 10010 USA Telephone: +1 646 924 9987 GINGERALE LIMITED: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Gingerale Limited received on Jan. 19, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Zedra Directors (Cayman) Limited c/o Enola Reid 136 Shedden Road One Capital Place, 3rd Floor P.O. Box 487 George Town, Grand Cayman KY1-1106 Cayman Islands Telephone: +1 (345) 914-5413 IBIS RE II: Sole Member Receives Wind-Up Report ----------------------------------------------- The sole member of Ibis RE II Ltd. received on Jan. 20, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Andrew Johnson c/o Alan Turner Circumference FS (Cayman) Ltd. P.O. Box 32322 Grand Cayman, KY1-1209 Cayman Islands Telephone: (345)946-4091 =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: IMF Mission Assesses Economy ------------------------------------------------ Dominican Today reports that a mission from the International Monetary Fund (IMF) is in the country to review recent economic performance and prospects for the Dominican economy. The purpose of the two-week visit is to carry out consultations on article IV of the IMF Consultative Agreement "that establishes supervising fulfilment of each country's obligations," according to Dominican Today. For this purpose, the mission headed by Aliona Cebotari met with Central Bank governor Hector Valdez Albizu, and has other meetings scheduled with other entities, the report notes. When asked about the recent performance of the Dominican economy, Valdez Albizu informed that in 2016 the GDP had registered a growth rate of 6.6%, the highest in Latin America for the third consecutive year, with 1.70% inflation, the second lowest rate in the past 33 years, the report relays. The report discloses that Mr. Albizu highlighted that from the macroeconomic point of view, the economic bases appeared to be more favorable than two months ago, when the IMF mission last visited the country. The CB governor recalled that last year, the Central Bank increased the monetary policy rate by 50 base points due to the uncertainty caused by the economic process in the United States and in anticipation of Federal Reserve rate increases and oil price rises, the report notes. They also dealt with other issues on the agenda for 2017, including growth, inflation, reserve levels, exchange rate, remittances, tourism, foreign investment and exchange terms, the report relays. The meeting also discussed the US withdrawal from the Trans- Pacific Partnership Treaty (TPP), which will benefit Dominican Free Trade Zones, 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'. =========== G U Y A N A =========== * GUYANA: Environmental Tax About to Take Effect ------------------------------------------------ Caribbean360.com reports that consumers in Guyana are bracing for a possible price hike on local and imported beverages as the Government's new $10 tax on non-returnable containers takes effect soon. According to the Guyana Revenue Authority (GRA), the Customs Act provides for the levy to be charged on every non-returnable unit of metal, plastic or glass container of any alcoholic or non- alcoholic beverage or water, the report notes. "The levy . . . . will be applicable to non-returnable units imported, locally manufactured or produced in Guyana," the GRA said in a statement, according to Caribbean360.com. Authorities say the levy is an important move as Guyana transforms into a more sustainable, green economy, the report relays. "[It] is in keeping with government's broad agenda to promote a green economy and protect the environment," the tax agency said, pointing out that the levy applies across the board, "whether they are imported and not warehoused or imported and removed from a warehouse, factory, bond or other place of storage," the report notes. Exports however will not be subjected to the Environmental Levy, the report says. According to Demerara Waves, the previously imposed Environmental Levy on imported beverages, including those made in sister Caribbean Community (CARICOM) member states, had been deemed by the Caribbean Court of Justice (CCJ) as discriminatory and in violation of regional trade rules, because local companies had not been charged the tax,, the report relays. As a result, the Surinamese beverage company, Rudisa Beverages and Juices NV secured a CCJ judgment for Guyana to repay US$6 million in environmental tax that had been paid, the report adds. ============= J A M A I C A ============= * JAMAICA: Focused on Increasing Tourist Attractions ---------------------------------------------------- RJR News reports that Tourism Minister Edmund Bartlett said Jamaica has adequate time to increase the number of resort attractions to meet the anticipated growth in visitor arrivals. Minister Bartlett has however emphasized the need for increased investments to develop more diverse attractions in Jamaica, according to RJR News. Minister Bartlett pointed to J. Wray and Nephew spending J$1 billion to renovate its Appleton Rum Tour facility in St. Elizabeth and the Port Authority of Jamaica's infrastructural upgrade of the fisherman's beach in Ocho Rios, St. Ann, the report relays. Minister Bartlett said initiatives like these are needed. Meanwhile, Chairman of the National Cruise Council, Michael Belnavis, is encouraging ordinary Jamaicans to position themselves to take advantage of the anticipated increase in visitor arrivals, the report notes. Minister Bartlett dispelled the view that investing in the tourism sector is only for a few, the report says. Mr. Belnavis said every effort will be made to ensure that smaller players get their fair share of the tourism pie, 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+'. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD & TOBAGO: Corruption Continues Unabated ------------------------------------------------ Trinidad Express reports that it is disgraceful that year after year, Trinidad and Tobago is listed among the most corrupt countries in the world, according to Transparency International's Corruption Perception Index (CPI). In the 2016 edition of the CPI, T&T fell from 72nd to 101st position among 176 countries, scoring 35 points on a scale in which 100 is best, and one worst, according to Trinidad Express. More shamefully, in the Caribbean, only Guyana and Haiti lagged behind T&T, placing 108th and 159th respectively, while Jamaica displaced T&T, scoring 39 points and placing 83rd, the report notes. The Bahamas posted the highest score, 66, placing it in the enviable 24th spot, among developed countries, the report relays. The CPI scoring and rankings are based on data culled from 12 different organizations, which are not scientifically compiled, the report notes. TRINIDAD & TOBAGO: Business Chambers React to Fall in CPI --------------------------------------------------------- Richardson Dhalai at Trinidad and Tobago Newsday report that Trinidad and Tobago's decline on the Corruption Perception Index (CPI) has been described by the heads of two business Chambers as "unfortunate" and "unsurprising" given the nation's high tolerance for corrupt practices. The nation's CPI score, which measures perceptions of corruption within the public service by polling the opinions of business leaders and country experts and ranks 176 countries on a scale of one to 100, has slipped four points, from 39 in 2015, to 35 in 2016, according to Trinidad and Tobago Newsday. The lower the score, the more corrupt the country is perceived as being, the report notes. The country has also declined from its place at 72 in 2015, to a current ranking of 101 out of the 176 countries, the report relays. Commenting on the decline, Chaguanas Chamber of Industry and Commerce (CCIC) president, Richie Sookhai, said changes in both the mentality of the population as well as the enacting of anti- corruption legislation by government had to be expedited and not allowed to languish, the report relays. "It is unfortunate that we have actually dropped by a couple points down in the corruption perception index and this is exactly how the world is perceiving us currently, but we hope the measures that the current government have in place, which is like the anti- corruption legislation and the Whistle Blower Act, could be implemented soon and not held back because this will definitely not improve our perception index," Mr. Sookhai said in a telephone interview, the report notes. "For a society with all our natural resources we should have progressed via infrastructure. Instead, we have not used our resources to improve the society, we still have a lot of bureaucracy within the system and it is still about who you know before you can get something done," he said. "And this type of mentality needs to change. In some institutions that you go to, is all about who you know and whether or not a bribe is passed and allegations of bribes have been brought before the courts in the past and this is where the Whistle Blower Act and the anti-corruption legislation could, once in place, help stymie this whole process of corruption or bribe passing in Trinidad and Tobago." Asked whether he believed that T&T's society has a high tolerance for corruption, Mr. Sookhai said, "I think it has grown in our society for so long that it has become the norm, and the norm in the sense in the way we do business and this is unfortunate because when you have people who really want to do the right thing and walk the straight and narrow path, you have those who, to get anything done, sometimes you have to bend the rules and that is unfair." In full agreement was Penal/Debe Chamber of Commerce (PDCC) president, Shiva Roopnarine, who noted that Trinidad and Tobago's decline was part of a trend which had been taking place over the past few years and represented a lack of political will to deal with corruption by successive governments, the report discloses. "This is a trend that we are seeing over the last couple of years and it is a sign of the government's lack of will to correct a troubling situation, this is something that stems not only from the point of view of the government but State agencies as well, and it doesn't augur well for our nation," Mr. Roopnarine said. "It's the mentality of the society and what type of investors would we be attracting, whether we would be attracting ethical investors or unethical investors, serious business minded investors who want to develop the country, or investors who know they have to pass some money to get things done so as a country we have to understand and appreciate the type of people who would be willing to invest here in the perceived way to do business in Trinidad," he added. *********** 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 * * *