/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/170216.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 16, 2017, Vol. 18, No. 34 Headlines B R A Z I L AGENCIA DE FOMENTO PARANA: Fitch Affirms IDRs at BB AGENCIA DE FOMENTO RIO DE JANEIRO: Fitch Affirms IDR at 'C' AGENCIA DE FOMENTO SAO PAULO: Fitch Affirms IDRs at 'BB' BANCO REGIONAL: Fitch Affirms LT Issuer Default Rating at 'BB' BRAZIL: Retail Sales Slid in December OI BRASIL: Int'l Bondholder Committee Appeals Dutch Rulings C A Y M A N I S L A N D S AEGON INNOVATIVE: Commences Liquidation Proceedings CALEDONIAN BANK: To Declare Fifth Interim Dividend CAP GP: Commences Liquidation Proceedings CBD HOLDINGS: Commences Liquidation Proceedings EMERGING SOVEREIGN: Placed Under Voluntary Wind-Up EMERGING SOVEREIGN MASTER: Commences Liquidation Proceedings EMREAL CORPORATION: Placed Under Voluntary Wind-Up FRM DYNAMIC: Commences Liquidation Proceedings GLG ELS: Commences Liquidation Proceedings GLG INTERNATIONAL: Commences Liquidation Proceedings GOLDEN SHALE: Placed Under Voluntary Wind-Up LEAFGREEN INVESTMENTS: Placed Under Voluntary Wind-Up MAN STRATEGY: Commences Liquidation Proceedings MAN WINDS: Commences Liquidation Proceedings PCMC GP: Commences Liquidation Proceedings PINE RIVER: Commences Liquidation Proceedings PINE RIVER ULTRA: Commences Liquidation Proceedings STABLE ALPHA II: Commences Liquidation Proceedings STABLE ALPHA II MASTER: Commences Liquidation Proceedings D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: ANJE Demand Zero Tolerance on Corruption DOMINICAN REPUBLIC: Must Tweak Taxes to Face Risks, IMF Says DOMINICAN REPUBLIC: Approves Sweeping Transport Law T R I N I D A D & T O B A G O TRINIDAD CEMENT: Wayne Yip Choy Resigns From Board V E N E Z U E L A VENEZUELA: OPEC & Non-OPEC Producers Sticking to Production Cuts - - - - - =========== B R A Z I L =========== AGENCIA DE FOMENTO PARANA: Fitch Affirms IDRs at BB --------------------------------------------------- Fitch Ratings has affirmed Agencia de Fomento do Parana's (FP) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB'. The Rating Outlook on the IDRs remains Negative. KEY RATING DRIVERS FP's ratings are equal to those of the State of Parana (Parana), reflecting the expectation of support from its controlling shareholder. Fitch views FP as an important part in the implementation of the state government's public policies. FP belongs to EPR and acts as the state's development bank with a mission to promote the region's economy. For this purpose, it manages state development funds, giving support to sectors considered strategic for the government. The Support Rating '3' indicates a moderate probability of Parana supporting Fomento, if necessary. FP's ratings follow those of Parana which, in turn, follow the Brazilian Sovereign Rating ('BB'/Outlook Negative). The Negative Outlook of Brazilian ratings reflect the continuing uncertainties and the negative risks regarding the unfolding of the country's economy, fiscal and political situation. FP's strategy is in line with Parana's economic and development policies. A large part, 77% of FP's credit portfolio in June 2016, is related to the public sector due to strong links to Parana's municipalities. FP counts on strong guarantees from federal and state transfer flow to these municipalities. The balance of the portfolio (23%) is allocated for the purpose of financing micro, small and midsized private companies. FP's asset quality indicators are commensurate with its ratings. The impaired loan ratings (D-H) improved to 1.8% of the portfolio in June 2016. In December 2015, D-H ratings were 3.7%. This reflects the larger volume of write-offs at 4.5% and 1.0%, respectively of the loan average. However, the delinquency ratio should continue to be higher than levels previous to 2014 due to the local economic environment and maturity of the private sector portfolio. Loan loss reserves decreased, but were still high at 99% in June 2016. Profitability over net income (ROAE) is adequate for a development agency with lower interest rates in loan operations than traditional banking institutions. The control of delinquency is key for the maintenance of FP's results, as margin is reduced, due to low interest rates in the loan portfolio. Due to low leverage, the indicator of regulatory capital (43.2% in June 2016) and the Fitch core capital are too high. Even though Parana provided a financial injection in 2014, it is not formally obliged to support FP. FP is basically financed by its own capital and is not allowed to accept deposits or issue financial and credit bills, according to local regulation. Although discussions for more flexible sources of funding are ongoing, development agencies are only allowed to capture from official programs, funds and other development agencies or institutions. As of June 2016, FP's liquidity remained very high, whereby liquid assets (government securities and investment funds consisting entirely of government securities and reverse repos) corresponded to 3 times its total liabilities, well above the minimum limit of 10% of the liabilities required by the regulator. RATING SENSITIVITIES Any changes to Parana's ratings or willingness to provide support to FP, or in Fitch's evaluation of the agency's strategic importance to the controlling shareholder, may result in a rating review. Parana's ratings, in turn, could be affected by changes regarding the classification of the sovereign. FULL LIST OF RATING ACTIONS: Fitch has affirmed Agencia de Fomento do Parana's ratings: -- Long-Term Foreign and Local Currency IDRs at 'BB'; Outlook Negative; -- Short-Term Foreign and Local Currency IDRs at 'B'; -- Support Rating at '3'; -- Long-Term National Rating at 'AA(bra)'; Outlook Stable; -- Short-Term National Rating at 'F1+ (bra)'. AGENCIA DE FOMENTO RIO DE JANEIRO: Fitch Affirms IDR at 'C' ----------------------------------------------------------- Fitch Ratings has affirmed Agencia de Fomento do Estado do Rio de Janeiro S.A.'s Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs) at 'C' and Long-Term National Ratings at 'C(bra)'. KEY RATING DRIVERS - IDRS, NATIONAL RATINGS, SUPPORT RATINGS AgeRio's IDRs and National Ratings are aligned with those of its parent, the State of Rio de Janeiro (ERio, Long-Term Local and Foreign Currency IDRs 'C'). AgeRio's Support Rating (SR) of '5' reflects the possibility of parental support, although it cannot be relied on, given ERio's very weak financial ability to do so. However, AgeRio's small size increases the relative ability of ERio to provide support in case of need. Fitch does not assign a Viability Rating to AgeRio, as it is a development agency and therefore cannot be assessed on a standalone basis. Fitch believes that ERio's willingness to support AgeRio remains high, even though its capacity to support has fallen significantly. AgeRio is strategically important for ERio, as it acts as the state's development arm and implements its economic development policies both as a lender and a financial agent. A track record of frequent capital injections by ERio, most recently in the second half of 2015, reinforces Fitch's view. Furthermore, ERio controls 99.99% of AgeRio, and, according to a state law, ERio's stake in AgeRio's voting shares cannot fall below 51%. As of June 2016, AgeRio's asset quality indicators deteriorated on the back of the very weak operating environment, and impaired loans, classified in the D-H risk category in the central bank's risk scale, rose significantly, reaching a very high 26% (7% in 2015). Renegotiated loans made up 18% of gross loans in the same period. Fitch believes that asset quality is likely to remain under pressure through at least the first half of 2017, given the expectations for only a very modest economic recovery. AgeRio's loan book is adequately provisioned, with loan loss reserves covering 66% of impaired loans and 40% of total reserves being additional reserves above the minimum requirements. AgeRio's earnings have historically been adequate, broadly stable and compatible with the agency's strategy, despite a spike in loan impairment charges in 2015, which was offset by a one-off increase in fee income. In the first nine months of 2016, loan impairment charges in proportion to pre-impairment operating profit returned to roughly historical levels. For 2017, AgeRio's operating results could be negatively affected if part of the renegotiated loans fails to perform, which would require additional loan loss reserves. As of June 30, 2016, funding consisted of lines from Banco Nacional de Desenvolvimento Economico Social (BNDES) and FINEP, a public entity subordinate to the Ministry of Science, Technology and Innovation, which accounted for 69% and 31% of total funding, respectively, as of June 30, 2016. In July 2016, BNDES suspended its funding lines to AgeRio following ERio's nonpayment of its obligations to the federal government. Existing BNDES operations were not affected by this suspension, but future new funding from BNDES will be conditional on ERio honoring its debt to the federal government. AgeRio is very highly capitalized and has significant room for growth. As of June 30, 2016, its total regulatory capital ratio was approximately 70%. Historically, ERio has reinvested all dividends back into AgeRio. In the same period, AgeRio's liquidity also remained very high, whereby liquid assets (government securities and investment funds consisting entirely of government securities and reverse repos) corresponded to 3.2 times its total liabilities, compared to the 10% minimum limit required by the regulator. RATING SENSITIVITIES IDRS, NATIONAL RATINGS, SUPPORT RATINGS Changes in Parental Support: AgeRio's ratings are linked to those of ERio. Any further changes in ERio's ratings would lead to a review of AgeRio's ratings. Fitch has affirmed the following ratings: -- Long-Term Foreign and Local Currency IDRs at 'C'; -- Short-Term Foreign and Local Currency IDRs at 'C'; -- Long-term National Rating at 'C(bra)'; -- Short-term National Rating at 'C(bra)'; -- Support Rating at '5'. AGENCIA DE FOMENTO SAO PAULO: Fitch Affirms IDRs at 'BB' -------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) of Desenvolve SP - Agencia de Fomento do Estado de Sao Paulo S.A. at 'BB' and its Long-Term National Rating at 'AA (bra)'. The Outlook is Negative for the IDR and Stable for the Long-Term National Rating. KEY RATING DRIVERS The affirmation of Desenvolve SP's IDRs reflects the support of its controller, the State of Sao Paulo (SSP at 'BB'/Outlook Negative). Desenvolve SP's '3' Support Rating (SR) reflects the moderate likelihood that SSP will support Desenvolve SP, if necessary. Fitch did not assign a Viability Rating to Desenvolve SP, since it is a company with development characteristics. SSP's IDRs reflect its strong economy, which accounts for approximately one-third of Brazil's Gross Domestic Product (GDP). The ratings are based on the state's adequate budget performance, when compared to its peers in the same rating category, and on fiscal autonomy that is better than that of other Brazilian states. The Federal Government is the main creditor of Sao Paulo, which also supports the ratings. Fitch views Desenvolve SP as strategically important to the State of Sao Paulo based on their strong integration. Desenvolve SP operates primarily as a private sector financing agent for SSP and its municipalities, always with a development bias. Desenvolve SP also acts as a service provider / manager of development funds that are important to State of Sao Paulo. The size of the institution in relation to SSP's financial capacity reduces the potential cost of support from the government and increases the possibility of SSP supporting the agency. Desenvolve Sp's loan quality ratios have deteriorated following the challenging Brazilian operating environment. Nevertheless, these ratios can be considered still adequate. In September 2016, Impaired Loans ('D-H' loans / total loans) corresponded to 9.7% (9.7% in 2015, 5.4% in 2014 and 6.8% in 2013), a ratios compatible with its performance profile. The institution has concentrated its efforts on control and collection policies and has been more conservative in granting new loans. The credit concentration was adequate, with the 20 largest clients accounting for 33% of the total in September 2016 (32% in 2015). As a development agency, Desenvolve SP has limitations regarding the diversification of its funding base. The credit portfolio has been mostly financed by equity or onlendings from official entities, such as the National Bank for Economic and Social Development (BNDES) and Finep - Funding Institution for Studies and Projects. The agency intends to further diversify its funding through loans / onlendings to local and international development institutions. Due to low leverage, the regulatory capital ratio (53% in June 2016) and Tangible Equity /Tangible Asset (71%) were very high, even without the use of subordinated debt. Although discussions for more flexible sources of funding are taking place, development agencies are only allowed to raise it from official programs, funds and other development agencies or institutions. As of June 2016, Desenvolve SP's liquidity also remained very strong, whereby liquid assets (government securities and investment funds consisting entirely of government securities and reverse repos) corresponded to around 55% of its total liabilities, compared to the 10% minimum limit required by the regulator. Due to the characteristics of a development agency, Desenvolve SP's credit operations charge interest rates that are lower than those charged by banking institutions. Nonetheless, the institution has maintained acceptable levels of profitability that are in line with other development institutions. RATING SENSITIVITIES Changes to the State of Sao Paulo's ratings or to its ability or propensity to support Desenvolve SP may result in a rating review. Desenvolve SP's IDR follows the SSP's Outlook, which was revised to Negative following the revision of the Brazilian sovereign Outlook. Fitch has affirmed the following ratings: -- Long-Term Foreign and Local Currency IDRs at 'BB'; Outlook Negative; -- Short-Term Foreign and Local Currency IDRs at 'B'; -- Supporting Rating at '3'; -- Long-Term National Rating at 'AA(bra)'; Outlook Stable; -- Short-Term National Rating at 'F1+(bra)'. BANCO REGIONAL: Fitch Affirms LT Issuer Default Rating at 'BB' -------------------------------------------------------------- Fitch Ratings has affirmed the ratings on the following Brazilian development agencies/banks owned by subnational: -- Agencia de Fomento do Estado do Rio de Janeiro (Agerio) -- Desenvolve SP - Agencia de Fomento do Estado de Sao Paulo (Desenvolve SP) -- Agencia de Fomento do Parana (Fomento PR) -- Banco Regional de Desenvolvimento do Extremo Sul (BRDE) The ratings of all four development agency/banks reflect the institutional support from their controlling shareholders. In Fitch's opinion, all of these issuers are strategically important for the states that control them. The development agencies/banks act as their controlling states' development arms and implement their economic development policies. None of these entities have Viability Ratings. Fitch has taken actions the following ratings: Agerio -- Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) affirmed at 'C'; -- Short-Term Foreign and Local Currency IDRs affirmed at 'C'; -- Long-term National Rating affirmed at 'C(bra)'; -- Short-term National Rating affirmed at 'C(bra)'; -- Support Rating affirmed at '5'. Desenvolve SP -- Long-Term Foreign and Local Currency IDRs affirmed at 'BB'; Outlook Negative; -- Short-Term Foreign and Local Currency IDRs affirmed at 'B'; -- Supporting Rating affirmed at '3'; -- Long-Term National Rating affirmed at 'AA(bra)'; Outlook Stable; -- Short-Term National Rating affirmed at 'F1+ (bra)'. Fomento PR -- Long-Term Foreign and Local Currency IDRs affirmed at 'BB'; Outlook Negative; -- Short-Term Foreign and Local Currency IDRs affirmed at 'B'; -- Supporting Rating affirmed at '3'; -- Long-Term National Rating affirmed at 'AA(bra)'; Outlook Stable; -- Short-Term National Rating affirmed at 'F1+ (bra)'. BRDE -- Long-Term Foreign and Local Currency IDRs affirmed at 'BB'; Outlook Negative; -- Short-Term Foreign and Local Currency IDRs affirmed at 'B'; -- Long-Term National Rating downgraded to 'AA-(bra)', from 'AA(bra)' ; Outlook Stable; -- Short-Term National Rating affirmed at 'F1+(bra)'; -- Support Rating affirmed at '3'. BRAZIL: Retail Sales Slid in December ------------------------------------- The Wall Street Journal reports that Brazil's retail sales contracted sharply in December, as the country's economic recession damaged the purchasing power among consumers. Sales fell 2% in December from November in seasonally adjusted terms, and were down 4.9% from the same month of 2015, the Brazilian Institute of Geography and Statistics, or IBGE, said, according to The Wall Street Journal. The report notes that the for the full year, retail sales dropped 6.2%, following a contraction of 4.3% in 2015. This marked the worst annual performance since 2001, when IBGE started to compile retail performance figures under the current methodology, the report relays. All retail categories posted contractions last year, with the main declines in sales of expensive items like furniture and home appliances, which plunged 12.6% in the period, the report discloses. The retail sector has grown faster than the broader economy over the past decade as the government bet on tools such as easy credit to help spur economic growth, the report relays. Since 2015, however, the sector suffered a severe contraction, amid a deep and prolonged economic recession, the report notes. After contracting 3.8% in 2015, Brazil's economy shrank at a projected level of 3.5% last year, according to finance ministry, the report says. For this year, country's economy is expected to expand around 0.5%, the report notes. With the combination of weak economic activity and inflation slowdown, Brazil's central bank is expected to continue aggressive cuts to its benchmark Selic interest rate in the next months, the report discloses. In January, Brazil's central bank lowered its Selic rate to 13% from 13.75%. Economists expect the Selic rate to end this year at 9.5%, the report adds. As reported in the Troubled Company Reporter-Latin America on Nov. 15, 2016, Fitch Ratings has affirmed Brazil's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB'/ Negative Outlook. Brazil's senior unsecured Foreign- and Local- Currency bonds are also affirmed at 'BB'. The Country Ceiling is affirmed at 'BB+' and the Short-Term Foreign and Local-Currency IDRs at 'B'. OI BRASIL: Int'l Bondholder Committee Appeals Dutch Rulings ----------------------------------------------------------- The Steering Committee of the International Bondholder Committee on Feb. 10 disclosed that it has appealed the decision by the Amsterdam District Court to deny the conversion of the suspension of payments of Oi Brasil Holdings Cooperatief U.A. ("Coop") into bankruptcy. The Steering Committee understands that the indenture trustee for the bonds of Portugal Telecom International Finance B.V. ("PTIF") (together with Coop: the "Dutch Companies") has appealed a similar decision by the Court with respect to PTIF. The Dutch Companies have outstanding bonds in the aggregate face amount of approximately $6.2 billion, which have been guaranteed by Oi S.A. Coop is the largest creditor of Oi S.A. and its subsidiary Oi Movel S.A. The Dutch Companies remain subject to oversight by court- appointed administrators and supervisory judges. Those administrators, the Steering Committee, PTIF indenture trustee, and various other creditors had asked the Court to convert those proceedings to bankruptcies and to appoint independent fiduciaries to supplant the conflicted directors appointed by Oi S.A. The Amsterdam District Court denied the conversion requests as premature on account of the Oi group having filed only a "draft" restructuring plan in the Brazilian insolvency proceedings. The Court accepted Coop's assurances that its claims against Oi S.A. and Oi Movel S.A. will not be harmed; and directed the Dutch Companies to provide the administrators with the separate-company and other information they require to ensure a fair outcome. The Court also ruled that the conduct of a company prior to the start of its suspension of payments -- no matter how illegal and prejudicial -- can never provide a basis to convert those proceedings to bankruptcy. The appellate court is expected to rule this spring. Allan Brilliant, a Partner at Dechert LLP, US counsel to the International Bondholder Committee, said: "We respectfully believe the District Court erred by, among other things, ignoring the gross misconduct that we allege occurred since mid-2015 and trusting Coop's assurances that claims against its affiliates will be respected. We believe that the appeal we have filed is based on strong legal grounds and that the conversion into bankruptcy will prevent further actions that are detrimental to the interests of the Dutch Companies." Mr. Brilliant further stated that: "The Steering Committee remains committed to working with management, the Dutch administrators, Anatel, and all stakeholders to negotiate a prompt consensual restructuring of the Dutch Companies and the rest of the Oi group in a manner consistent with the laws of Brazil, the Netherlands, and the United States." That goal will require all parties to make compromises, but the Steering Committee will be guided by the following principles: -- The Oi group should be dramatically de-leveraged to enable it to make any necessary investments and position itself for sustainable, profitable growth over the long-term. -- Distributions should fairly take into account the creditors' respective rights and the separateness of entities, including intercompany claims. -- The restructuring should treat similarly situated creditors equally. -- If there is a proven need to raise new capital, all creditors should be afforded the opportunity to provide it on a fair and equitable basis. The International Bondholder Committee holds more than $2 billion of bonds issued by the Dutch Companies and other members of the Oi group. Bondholders interested in joining the Committee should contact Allan Brilliant at allan.brilliant@dechert.com or Corrado Varoli at cvaroli@g5evercore.com. The Committee does not assume any fiduciary or other duties. About Oi SA Headquartered in Rio de Janeiro, and operating almost exclusively within Brazil, the Oi Group provides services like fixed-line data transmission and network usage for phones, internet, and cable, Wi-Fi hot-spots in public areas, and mobile phone and data services, and employs approximately 142,000 direct and indirect employees. Ojas N. Shah filed a Chapter 15 petition for Oi S.A. (Bankr. S.D.N.Y. Case No. 16-11791), Oi Movel S.A. (Bankr. S.D.N.Y. Case No. 16-11792), Telemar Norte Leste S.A. (Bankr. S.D.N.Y. Case No. 16-11793), and Oi Brasil Holdings Cooperatief U.A. (Bankr. S.D.N.Y. Case No. 16-11794) on June 21, 2016. The case is assigned to Judge Sean H. Lane. The Chapter 15 Petitioner is represented by John K. Cunningham, Esq., and Mark P. Franke, Esq., at White & Case LLP, in New York; and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and Laura L. Femino, Esq., at White & Case LLP, in Miami, Florida. ========================== C A Y M A N I S L A N D S ========================== AEGON INNOVATIVE: Commences Liquidation Proceedings --------------------------------------------------- The sole shareholder of Aegon Innovative Strategies EUR (Master) Limited, on Dec. 20, 2016, resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 20, 2017, will be included in the company's dividend distribution. The company's liquidator is: Claire Loebell c/o Steve Bull Telephone: (345) 814 9060 Ernst & Young Ltd 62 Forum Lane Camana Bay P.O. Box 510, Grand Cayman, KY1-1106 Cayman Islands CALEDONIAN BANK: To Declare Fifth Interim Dividend -------------------------------------------------- Caledonian Bank Limited, which is in official liquidation, will declare its fifth interim dividend. Only creditors who were able to file their proofs of debt by Feb. 3, 2017, will be included in the company's dividend distribution. The company's liquidator is: Mr. Keiran Hutchison c/o Ernst & Young Ltd. 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman, KY1 -1106 Cayman Islands CAP GP: Commences Liquidation Proceedings ----------------------------------------- The sole shareholder of Cap GP Limited, on Dec. 16, 2016, resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road George Town Grand Cayman KY1-9008 Telephone: +1 (345) 949 0100 CBD HOLDINGS: Commences Liquidation Proceedings ----------------------------------------------- The shareholder of CBD Holdings, on Dec. 15, 2016, resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 24, 2017, will be included in the company's dividend distribution. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue George Town Grand Cayman, KY1-9005 Cayman Islands c/o Susan Craig/Jennifer Chailler Telephone: (345) 943-3100 EMERGING SOVEREIGN: Placed Under Voluntary Wind-Up -------------------------------------------------- The sole shareholder of Emerging Sovereign Offshore Fund, Ltd., on Dec. 20, 2016, resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Emerging Sovereign Group LLC c/o Joanne Huckle Ogier 89 Nexus Way Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 EMERGING SOVEREIGN MASTER: Commences Liquidation Proceedings ------------------------------------------------------------ The sole shareholder of Emerging Sovereign Master Fund, Ltd., on Dec. 20, 2016, resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Emerging Sovereign Group LLC c/o Joanne Huckle Ogier 89 Nexus Way Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 EMREAL CORPORATION: Placed Under Voluntary Wind-Up -------------------------------------------------- The sole shareholder of Emreal Corporation, on Dec. 21, 2016, resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Daniel Saccani c/o Paul Ebanks Ogier 89 Nexus Way Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 FRM DYNAMIC: Commences Liquidation Proceedings ---------------------------------------------- The sole shareholder of FRM Dynamic Selection (Master) Ltd., on Dec. 20, 2016, resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 20, 2017, will be included in the company's dividend distribution. The company's liquidator is: Claire Loebell c/o Steve Bull Ernst & Young Ltd 62 Forum Lane, Camana Bay P.O. Box 510, Grand Cayman, KY1-1106 Cayman Islands Telephone: (345) 814 9060 GLG ELS: Commences Liquidation Proceedings ------------------------------------------ The sole shareholder of GLG ELS Fund SPC, on Dec. 20, 2016, resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 20, 2017, will be included in the company's dividend distribution. The company's liquidator is: Claire Loebell c/o Steve Bull Ernst & Young Ltd, 62 Forum Lane, Camana Bay P.O. Box 510, Grand Cayman, KY1-1106 Cayman Islands Telephone: (345) 814 9060 GLG INTERNATIONAL: Commences Liquidation Proceedings ---------------------------------------------------- The sole shareholder of GLG International Small Cap Fund, on Dec. 20, 2016, resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 20, 2017, will be included in the company's dividend distribution. The company's liquidator is: Claire Loebell c/o Steve Bull Ernst & Young Ltd, 62 Forum Lane, Camana Bay P.O. Box 510, Grand Cayman, KY1-1106 Cayman Islands Telephone: (345) 814 9060 GOLDEN SHALE: Placed Under Voluntary Wind-Up -------------------------------------------- The members of Golden Shale Resources International, Ltd., on Dec. 20, 2016, resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Ryann Yap c/o Campbells Willow House, Floor 4 Cricket Square Grand Cayman KY1-9010 Cayman Islands Telephone: +1 (345) 949 2648 Facsimile: +1 (345) 949 8613 LEAFGREEN INVESTMENTS: Placed Under Voluntary Wind-Up ----------------------------------------------------- The sole member of Leafgreen Investments Limited, on Dec. 21, 2016, resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 24, 2017, will be included in the company's dividend distribution. 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 MAN STRATEGY: Commences Liquidation Proceedings ----------------------------------------------- The sole shareholder of Man Strategy Selection SPC, on Dec. 20, 2016, resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 20, 2017, will be included in the company's dividend distribution. The company's liquidator is: Claire Loebell c/o Steve Bull Ernst & Young Ltd, 62 Forum Lane, Camana Bay P.O. Box 510, Grand Cayman, KY1-1106 Cayman Islands Telephone: (345) 814 9060 MAN WINDS: Commences Liquidation Proceedings -------------------------------------------- The sole shareholder of Man Winds of Change (Master) Ltd, on Dec. 20, 2016, resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 20, 2017, will be included in the company's dividend distribution. The company's liquidator is: Claire Loebell c/o Steve Bull Ernst & Young Ltd, 62 Forum Lane, Camana Bay P.O. Box 510, Grand Cayman, KY1-1106 Cayman Islands Telephone: (345) 814 9060 PCMC GP: Commences Liquidation Proceedings ------------------------------------------ The shareholders of PCMC GP, on Dec. 19, 2016, resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 24, 2017, will be included in the company's dividend distribution. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue George Town Grand Cayman, KY1-9005 Cayman Islands c/o Susan Craig/Jennifer Chailler Telephone: (345) 943-3100 PINE RIVER: Commences Liquidation Proceedings --------------------------------------------- The shareholders of Pine River Asia Fund Ltd., on Dec. 12, 2016, resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 27, 2017, will be included in the company's dividend distribution. The company's liquidator is: Matthew Wright c/o Omar Grant Regatta Office Park Grand Cayman KY1-1103 P.O. Box 897 Windward 1, Cayman Islands Telephone: (345) 949 7576 Facsimile: (345) 949 8295 PINE RIVER ULTRA: Commences Liquidation Proceedings --------------------------------------------------- The shareholders of Pine River Ultra Fund Ltd, on Dec. 12, 2016, resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 27, 2017, will be included in the company's dividend distribution. The company's liquidator is: Matthew Wright c/o Omar Grant Regatta Office Park Grand Cayman KY1-1103 P.O. Box 897 Windward 1, Cayman Islands Telephone: (345) 949 7576 Facsimile: (345) 949 8295 STABLE ALPHA II: Commences Liquidation Proceedings -------------------------------------------------- The shareholders of Stable Alpha II Fund Ltd., on Dec. 13, 2016, resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 26, 2017, will be included in the company's dividend distribution. The company's liquidator is: Matthew Wright c/o Omar Grant Regatta Office Park Grand Cayman KY1-1103 P.O. Box 897 Windward 1, Cayman Islands Telephone: (345) 949 7576 Facsimile: (345) 949 8295 STABLE ALPHA II MASTER: Commences Liquidation Proceedings --------------------------------------------------------- The shareholders of Stable Alpha II Master Fund Ltd., on Dec. 13, 2016, resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 26, 2017, will be included in the company's dividend distribution. The company's liquidator is: Matthew Wright c/o Omar Grant Regatta Office Park Grand Cayman KY1-1103 P.O. Box 897 Windward 1, Cayman Islands Telephone: (345) 949 7576 Facsimile: (345) 949 8295 =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: ANJE Demand Zero Tolerance on Corruption ------------------------------------------------------------ Dominican Today reports that Dominican Republic's young entrepreneurs grouped in ANJE said it's high time for the State to "send a clear and forceful signal" of "zero tolerance" on corruption cases and the full independence of powers, to the population and to politicians as well. ANJE's statement comes just two days after prominent attorney and political leader Marino Vinicio Castillo (Vincho) slammed the organization for in his view, failing to speak out against the rampant government corruption, according to Dominican Today. In a statement, the young entrepreneurs stressed the importance of the Justice Ministry sending a strong message to the population, which mitigates the public perception of a questioned independence of branches of Government, the report notes. "It's also time to send a direct message to society as a whole that there will be no tolerance for cases of corruption, abuse of power, embezzlement of public funds or any other kind, involving a lack of transparency in the handling and theft of state funds," said ANJE president Eugene Rault Grullon, the report relays. As reported in the Troubled Company Reporter-Latin America on Nov. 22, 2016, Fitch Ratings has taken the following rating actions on the Dominican Republic: -- Long-Term Foreign Currency Issuer Default Rating (IDR) upgraded to 'BB-' from 'B+'; assigned Stable Outlook; -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+'; assigned Stable Outlook; -- Senior unsecured Foreign and Local Currency bonds upgraded to 'BB-' from 'B+'; -- Short-Term Foreign Currency IDR affirmed at 'B'; -- Short-Term Local Currency IDR affirmed at 'B'. DOMINICAN REPUBLIC: Must Tweak Taxes to Face Risks, IMF Says ------------------------------------------------------------ Dominican Today reports that the Dominican Republic will need an important fiscal adjustment to guarantee debt sustainability, given the risks created by policies of partner such as the United States, rising prices of oil, interest rates and the dollar. The warning is from the International Monetary Fund (IMF) mission that was evaluating the Dominican economy during two weeks, which affirmed that the government has managed to improve its fiscal position, although high projected deficits for the consolidated public sector will generate pressures on the debt, as global financial conditions harden, according to Dominican Today. "The adoption of a robust fiscal framework for the medium term will ensure that annual fiscal policies are consistent with sustainability objectives," the IMF said, the report notes. It said fiscal consolidation should be based on a comprehensive reform that broadens the narrow tax base, simplifies the tax system and makes it more equitable, the report relays. "This should be accompanied by reforms to address the fiscal cost of the electricity sector and increase the efficiency of public spending," IMF added. Growth The IMF said the country is in a strong position in the economic cycle, the report notes. It adds that the economy has been growing above its potential, reaching an average expansion of 7% of GDP in the last three years, while positive shocks on supply have contained inflationary pressures and strengthened the external position, the report relays. "Growth will remain solid," it added. As reported in the Troubled Company Reporter-Latin America on Nov. 22, 2016, Fitch Ratings has taken the following rating actions on the Dominican Republic: -- Long-Term Foreign Currency Issuer Default Rating (IDR) upgraded to 'BB-' from 'B+'; assigned Stable Outlook; -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+'; assigned Stable Outlook; -- Senior unsecured Foreign and Local Currency bonds upgraded to 'BB-' from 'B+'; -- Short-Term Foreign Currency IDR affirmed at 'B'; -- Short-Term Local Currency IDR affirmed at 'B'. DOMINICAN REPUBLIC: Approves Sweeping Transport Law --------------------------------------------------- Dominican Today reports that the Chamber of Deputies passed sweeping legislation which mergers the Metropolitan Transit Authority (AMET) and Santiago counterpart Ametrasan, to create the Traffic Safety and Land Transport General Directorate (Digesett), among other measures. The bill passed by the lower chamber after some modifications by the Senate fines motorists the equivalent of 20 minimum wages for moving violations, cancels the driver's license for reckless driving from one to five years and sets up an accrued points system for every violation, according to Dominican Today. The legislation now goes to president Danilo Medina, who's expected to sign it into law, the report notes. The initiative was by deputy Tobias Crespo, who denied that there are privileges in favor of the National Business Council (Conep), the report relays. Mr. Crespo said the Senate made some modifications to the bill as proposed by government agencies and private sector and organizations, 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'. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD CEMENT: Wayne Yip Choy Resigns From Board -------------------------------------------------- Mr. Wayne Yip Choy has resigned from the Board of Directors of Trinidad Cement Limited (TCL). His resignation took effect on February 9. As reported in the Troubled Company Reporter-Latin America on Feb. 6, 2017, S&P Global Ratings said that it raised its long-term corporate credit rating on Trinidad Cement Limited Group (TCL) to 'B' from 'B-'. S&P also raised its issue-level rating on the company's senior secured term loan to 'B' from 'B-'. ================= V E N E Z U E L A ================= VENEZUELA: OPEC & Non-OPEC Producers Sticking to Production Cuts ---------------------------------------------------------------- EFE News reports that the oil producers who signed the Dec. 10 agreement in Vienna covering production cuts have mostly adhered to the deal's terms, Venezuelan Petroleum and Mining Minister Nelson Martinez said. The Organization of Petroleum Exporting Countries (OPEC) and 12 producers that do not belong to the cartel agreed in the Austrian capital to reduce oil output by 1.8 million barrels per day (bpd), or nearly 2 percent of the commodity's global supply, according to EFE News. As reported in the Troubled Company Reporter-Latin America on July 5, 2016, Fitch Ratings affirmed Venezuela's Long-Term Foreign-and Local-Currency Issuer Default Ratings (LT FC/LC IDR) at 'CCC'. Fitch has also affirmed the sovereign's Short-Term Foreign Currency (ST FC) IDR at 'C' and country ceiling at 'CCC'. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. Submissions about insolvency-related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, 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. 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