/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/170221.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 Tuesday, February 21, 2017, Vol. 18, No. 37 Headlines A R G E N T I N A ARGENTINA: Prosecutor Asks to Probe Pres Over Postal Service Deal C A Y M A N I S L A N D S ABRACADABRA INVESTMENTS: Placed Under Voluntary Wind-Up ABSORBINGLY INC: Commences Liquidation Proceedings AIS SELECT: Commences Liquidation Proceedings AIS SELECT MASTER: Commences Liquidation Proceedings AMERICAN HOME: Placed Under Voluntary Wind-Up FIRELAKE STRATEGIC: Commences Liquidation Proceedings FURFIVE (CAYMAN): Commences Liquidation Proceedings FURFOUR (CAYMAN): Commences Liquidation Proceedings FURTHREE (CAYMAN): Commences Liquidation Proceedings GOCM MASTER: Commences Liquidation Proceedings IRONBRIDGE LIMITED: Placed Under Voluntary Wind-Up LINKSUS GLOBAL: Commences Liquidation Proceedings MAGNOLIA FEEDER: Placed Under Voluntary Wind-Up MAGNOLIA MASTER: Placed Under Voluntary Wind-Up MENA PORTCO: Commences Liquidation Proceedings ROSEWOOD INVESTMENTS: Commences Liquidation Proceedings SSCG AFRICA: Commences Liquidation Proceedings VELA ENTERPRISES: Commences Liquidation Proceedings ZICO LIMITED: Commences Liquidation Proceedings D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Leaders Call Public Debt Unsustainable E C U A D O R ECUADOR: Faces New Choices in Presidential Election J A M A I C A JAMAICA: Signs Multi-Million Dollar Loan Agreement With China P U E R T O R I C O DORAL FINANCIAL: Wants Ronald Stewart's $12M Claim Capped PUERTO RICO PUBLIC: Fitch Cuts Rating on Refunding Bonds to 'D' SPANISH BROADCASTING: Third Avenue Reports 15.35% Stake V E N E Z U E L A CNN EN ESPANOL: Venezuela Takes Channel Off the Air - - - - - ================= A R G E N T I N A ================= ARGENTINA: Prosecutor Asks to Probe Pres Over Postal Service Deal ----------------------------------------------------------------- Luc Cohen at Reuters reports that a prosecutor asked to investigate Argentine President Mauricio Macri over a deal to resolve debt the country's postal service incurred with the government when it was owned by President Macri's father. A judge will decide whether or not to open an investigation, which could hurt center-right President Macri's party in congressional elections later this year, according to Reuters. Cabinet Chief Marcos Pena asked for an independent audit of the deal to resolve the debt and denied any wrongdoing by President Macri's government, the report notes. The deal, reached last year, has prompted conflict-of-interest allegations after a different prosecutor asked a court to block the agreement, calling it a "forgiveness of debt" that benefited the president's family, the report relays. "We believe this is an extra assurance, because we are absolutely committed to transparent government," said Mr. Pena, who also said the federal judiciary should name an independent panel of experts to recommend a solution, the report relays. A spokesman for the National Auditor General said it does not report to the executive branch and only opens investigations when requested by congress, the report notes. The auditor's leader is chosen by the largest opposition bloc in congress, the report relays. The case stems back to 1997, when then-President Carlos Menem privatized the country's postal service, the report notes. Control of the service went to Grupo Macri, a conglomerate owned by real estate magnate Franco Macri, the current president's father and one of Argentina's richest men, the report relays. Former President Nestor Kirchner, who rose to power after the country's financial crisis and 2002 debt default that plunged millions of Argentines into poverty, re-nationalized the postal service in 2003, the report discloses. The company had declared bankruptcy in 2001, and owed ARS296 million to the Argentine government. The debt was worth $296 million in 2001, but today is valued at $19.1 million, the report notes. Kirchner's successor and wife, former President Cristina Fernandez, never succeeded in reaching a deal on the debt, the report relays. Months after taking office in December 2015, Macri's administration struck an agreement to allow the company to repay it over 15 years at 7 percent interest, the report discloses. Prosecutor Gabriela Boquin said these terms were overly generous, given that more than a decade of rampant inflation and devaluation had eroded the peso's value, resulting in a substantial loss to the state in real terms, the report notes. Mr. Pena said Mauricio Macri had not been involved in the debt deal, the report adds. Prosecutor Juan Pedro Zoni asked to open an investigation into the president and his communications minister. As reported in the Troubled Company Reporter-Latin America on Jan. 30, 2017, 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. On Oct. 17, 2016, the Troubled Company Reporter-Latin America reported that Fitch Ratings has affirmed Argentina's sovereign ratings as: -- Long-term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B', Outlook Stable; -- Senior unsecured Foreign Currency bonds at 'B'; -- Country Ceiling at 'B'; -- Short-Term Foreign and Local Currency IDRs at 'B'. As previously reported by the TCR-LA, Argentina defaulted on some of its debt late July 30, 2014, after expiration of a 30-day grace period on a US$539 million interest payment. Earlier that day, talks with a court-appointed mediator ended without resolving a standoff between the country and a group of hedge funds seeking full payment on bonds that the country had defaulted on in 2001. A U.S. judge had ruled that the interest payment couldn't be made unless the hedge funds led by Elliott Management Corp., got the US$1.5 billion they claimed. The country hasn't been able to access international credit markets since its US$95 billion default 13 years ago. On March 30, 2016, after more than 12 hours of debate in the Senate, Argentina's Congress passed a bill that will allow the government to repay holders of debt that the South American country defaulted on in 2001, including a group of litigating hedge funds that won judgments in a New York court. The bill passed by a vote of 54-16. ========================== C A Y M A N I S L A N D S ========================== ABRACADABRA INVESTMENTS: Placed Under Voluntary Wind-Up ------------------------------------------------------- The sole shareholder of Abracadabra Investments, Ltd., on Dec. 12, 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: Christopher Bentham Ruffle 1601 Citigroup Tower 33 Huayuan Shi Qiao Rd. Pudong Shanghai 200120 China Telephone: (345)9496258 Facsimile: (345)9452877 ABSORBINGLY INC: Commences Liquidation Proceedings -------------------------------------------------- The shareholders of Absorbingly Inc., on Dec. 21, 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: Xuefei Chen No. 1804 Unit 1, Building 2, No 138 Dongli Street, Chenghua District, Chengdu City, Sichuan Province PRC Telephone: (345) 943 7700 AIS SELECT: Commences Liquidation Proceedings --------------------------------------------- The shareholders of AIS Select - Commodities Limited, 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. 23, 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 AIS SELECT MASTER: Commences Liquidation Proceedings ---------------------------------------------------- The shareholders of AIS Select - Commodities Master Limited, 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. 23, 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 AMERICAN HOME: Placed Under Voluntary Wind-Up --------------------------------------------- The sole shareholder of The American Home Investors Fund Ltd., 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: Aaron Edelheit c/o Sophia Leavett Ogier 89 Nexus Way Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 FIRELAKE STRATEGIC: Commences Liquidation Proceedings ----------------------------------------------------- The sole shareholder of Firelake Strategic Technology Fund, Ltd., on Dec. 9, 2016, resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Lisa Lee 575 High Street, Suite 330 Palo Alto, CA 94301 United States of America FURFIVE (CAYMAN): Commences Liquidation Proceedings --------------------------------------------------- The shareholders of Furfive (Cayman) Limited, 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: 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 FURFOUR (CAYMAN): Commences Liquidation Proceedings --------------------------------------------------- The shareholders of Furfour (Cayman) Limited, 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: 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 FURTHREE (CAYMAN): Commences Liquidation Proceedings ---------------------------------------------------- The shareholders of Furthree (Cayman) Limited, 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: 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 GOCM MASTER: Commences Liquidation Proceedings ---------------------------------------------- At an extraordinary meeting held on Dec. 15, 2016, the members of GOCM Master Fund, L.P. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 25, 2017, will be included in the company's dividend distribution. The company's liquidator is: DMS Corporate Services Ltd. c/o Norman Chan dms House 20 Genesis Close George Town PO Box 1344 KY1-1108 Cayman Islands Telephone: (345) 946 7665 Facsimile: (345) 949 2877 IRONBRIDGE LIMITED: Placed Under Voluntary Wind-Up -------------------------------------------------- The sole shareholder of Ironbridge Limited, 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: Ironbridge Capital Management Pty Ltd c/o Tim Cone Ogier 89 Nexus Way Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 LINKSUS GLOBAL: Commences Liquidation Proceedings ------------------------------------------------- The shareholders of Linksus Global Group Ltd., on Dec. 21, 2016, resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 23, 2017, will be included in the company's dividend distribution. The company's liquidator is: Ding Lei RM 502 Unit 2 Building 36 Meiliyuan Xiaoqu Haidian Beijing China Telephone: 8610-83798686 Facsimile: 8610-85171378 MAGNOLIA FEEDER: Placed Under Voluntary Wind-Up ----------------------------------------------- The sole shareholder of The Magnolia Feeder Fund I, 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. 25, 2017, will be included in the company's dividend distribution. The company's liquidator is: Xinliang Zhang The Center, Unit 4701, 47th Floor 99 Queen's Road Central, Hong Kong Telephone: +852 3758 2975 Facsimile: +852 3758 2970 MAGNOLIA MASTER: Placed Under Voluntary Wind-Up ----------------------------------------------- The sole shareholder of The Magnolia Master Fund, 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. 25, 2017, will be included in the company's dividend distribution. The company's liquidator is: Xinliang Zhang The Center, Unit 4701, 47th Floor 99 Queen's Road Central, Hong Kong Telephone: +852 3758 2975 Facsimile: +852 3758 2970 MENA PORTCO: Commences Liquidation Proceedings ---------------------------------------------- The shareholders of Mena Portco, on Dec. 15, 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: Jeronimo Roura Mas Building 4 (West), Level 3 Gate District, Dubai International Financial Centre P.O. Box 506553 Dubai United Arab Emirates ROSEWOOD INVESTMENTS: Commences Liquidation Proceedings ------------------------------------------------------- The sole shareholder of Rosewood Investments, on Dec. 15, 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: Patrick Storchenegger P.O. Box 1990 Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949-0488 Facsimile: (345) 949-0364 SSCG AFRICA: Commences Liquidation Proceedings ---------------------------------------------- At an extraordinary meeting held on Dec. 15, 2016, the members of SSCG Africa Opportunities Intermediate Fund LP resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 25, 2017, will be included in the company's dividend distribution. The company's liquidator is: DMS Corporate Services Ltd. c/o Norman Chan dms House 20 Genesis Close George Town P.O. Box 1344 KY1-1108 Cayman Islands Telephone: (345) 946 7665 Facsimile: (345) 949 2877 VELA ENTERPRISES: Commences Liquidation Proceedings --------------------------------------------------- At an extraordinary meeting held on Dec. 9, 2016, the members of Vela Enterprises Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 25, 2017, will be included in the company's dividend distribution. The company's liquidator is: DMS Corporate Services Ltd. c/o Norman Chan dms House 20 Genesis Close George Town PO Box 1344 KY1-1108 Cayman Islands Telephone: (345) 946 7665 Facsimile: (345) 949 2877 ZICO LIMITED: Commences Liquidation Proceedings ----------------------------------------------- At an extraordinary meeting held on Dec. 20, 2016, the shareholders of Zico Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 2, 2017, will be included in the company's dividend distribution. The company's liquidator is: Stuart Sybersma c/o Yvonne Lorimer Deloitte & Touche Citrus Grove Building, 4th Floor Goring Avenue, George Town KY1-1109 Cayman Islands Telephone: +1 (345) 814 2214 Facsimile: +1 (345) 949 8258 e-mail: yvlorimer@deloitte.com =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Leaders Call Public Debt Unsustainable ---------------------------------------------------------- Dominican Today reports that despite the government's repeated argument that the public debt, now at 50% of GDP, isn't cause for concern, economists and business leaders disagree. For the national young business leaders grouped in ANJE the public debt has already reached unsustainable levels, according to Dominican Today. The Dominican Republic has the need to reach a fiscal pact in a timely manner in the face of a situation of economic stability like the current one and not at the edge of a fiscal precipice, that could trigger one more "paquetazo," the Dominican moniker for a tax increase, the report notes. The ANJE said the tax structure should be simplified by eliminating distortions caused by the multiple tax patches that generate inequality among taxpayers, the report relays. "In this regard, the report published by IMF staff on February 13 has been stated in its comments, stating that fiscal consolidation should be based on a tax base that simplifies the tax system and makes it more equitable," saya ANJE, the report notes. During an event hosted by ANJE, its president Eugene Rault Grullon said they expect the country to forge a fiscal pact by yearend 2017, 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'. ============= E C U A D O R ============= ECUADOR: Faces New Choices in Presidential Election --------------------------------------------------- Ryan Dube at The Wall Street Journal reports that voters in Ecuador went to the polls last Sunday for the first time in a decade to elect a president other than Rafael Correa, opening a new chapter for a tiny country that had grown accustomed to the leader's free-spending, often combative ways. The front-runner is Mr. Correa's former vice president and favored candidate, Lenin Moreno, 63, who represents a continuation of the left-leaning views that have been losing popularity in the region in recent years, according to The Wall Street Journal. Mr. Moreno is expected to get the most votes, but fall short of securing enough support to avoid an April 2 runoff against one of his seven opponents, the report relays. In a second round, Mr. Moreno would likely face one of two market- friendly candidates: Guillermo Lasso, a former bank executive who lost the 2013 election to Mr. Correa, or Cynthia Viteri, an ex- congresswoman, the report discloses. Both of them say they would cut taxes and repeal some of Mr. Correa's controversial laws, including legislation critics say curbs freedom of expression, the report relays. Either candidate could compete with Mr. Moreno in a one-on-one race, as polls suggest the opposition would rally behind his rival, the report notes. For all that, however, many Ecuadoreans doubt the 53-year-old Mr. Correa, who has maintained a tight grip on power since first elected in 2006, is exiting politics for good, the report relays. Instead, he will likely keep his hand on the political pulse of the small, Andean nation of 16 million through allies in his leftist Alianza Pais party, political analysts say, even as the party faces its first serious electoral challenge from conservative opponents amid voter concerns about a sputtering economy and a corruption scandal, the report relays. "He's going to try to maintain his political influence," says Simon Pachano, a professor of politics at the Latin American Faculty of Social Sciences in Quito, the report notes. "He's one of those caudillo leaders who can't live without politics," he added, using the Spanish term for strongman. "It's like water for a fish." The report notes that the election is the latest test for Latin America's populist left, which has suffered several setbacks since 2015 as a sharp decline in commodity prices hammered economies across the region. In Argentina and Brazil, pro-business presidents have replaced populist leaders who were close allies with Mr. Correa. Bolivian President Evo Morales lost a referendum last year that would have allowed him to run for re-election, although his party is now looking at alternatives to keep him in office, the report relays. In October, electoral officials in Venezuela halted a recall referendum against President Nicolas Maduro, whose popularity has sunk to 20% as he struggles with a collapsing economy, the report notes. Mr. Moreno gets around in a wheelchair, a result of his being left paralyzed when he was shot in a robbery nearly two decades ago, and is mild-mannered, the report relays. Mr. Correa, in contrast, is openly belligerent on Twitter and in his hours long weekly television program, in which he excoriates political opponents, journalists and activists, the report discloses. Mr. Moreno, a former United Nations special envoy for people with disabilities, has about 28% to 32% support, according to pollsters Cedatos-Gallup International and Market, the report notes. To win the presidency in the first round, Mr. Moreno would need a majority or 40% of the votes if he were to secure a 10-point difference over the nearest rival, the report relays. "There is an important desire for change," The Journal quoted Sebastian Hurtado, president of Profitas, a Quito-based political- risk consulting firm, as saying. "A second-round victory for the government is much more difficult," Mr. Hurtado added. Mr. Correa, a staunch critic of U.S. foreign policy, hasn't been immune to the ebbing support for the left in Latin America, the report relays. After taking office in 2007, he ushered in a period of political stability, the report notes. Buoyed by high oil prices, his government increased public spending on highways and education as poverty declined, the report relays. According to the Journal, his popularity has remained high despite accusations of undermining judicial independence, muzzling the press and cracking down on critics of mining. Ecuador's economy was pushed into recession in 2015 by declining oil prices, the report says. More recently, his administration has been tarnished by a corruption scandal at the state oil company that risks implicating Vice President Jorge Glas, a close ally and Mr. Moreno's running mate, the report notes. Mr. Glas denied the corruption allegations in a press conference, saying he would take legal action against his accusers after the election, the report relays. Mr. Correa, who is legally barred from running this year, has said he wants to move after the election to Belgium, where his wife is from, the report notes. But he has said he could run again in 2021 if his political adversaries "cause a lot of trouble," the report relays. Moreno Leads Vote In a separate report, BBC News said partial official results in Ecuador's presidential election have put governing party candidate Lenin Moreno in the lead. With 88% of the votes counted, he has 39.1%, just short of the 40% needed to win outright in the first round, says BBC. If he fails to reach 40%, he will face conservative candidate Guillermo Lasso in a run-off on 2 April. Third-placed candidate Cynthia Viteri said she would support Mr. Lasso in the case of a second round, says the report. Polls conducted before the election suggested that Mr Lasso could win a second round if he got the backing of candidates eliminated in round one, BBC News relays. According to the report, Mr. Moreno needs to both win 40% of the vote and have a 10-percentage-point lead over the next candidate to stave off a second round. He currently has a 10.8-percentage- point lead but not the 40%. Final results could take up to three days to be announced, says BBC. As reported in the Troubled Company Reporter-Latin America on Dec. 14, 2016, Fitch Ratings has assigned a 'B' rating to Ecuador's $750 million notes maturing 2026. Proceeds from this issuance will be used for general budgetary financing purposes. ============= J A M A I C A ============= JAMAICA: Signs Multi-Million Dollar Loan Agreement With China ------------------------------------------------------------- The Daily Observer reports that Jamaica has signed a US$326 million loan with China for the construction of a new Southern Coastal Highway Improvement project and the extension of the tolled east-west highway from May Pen, Clarendon to Williamsfield, Manchester. Finance Minister Audley Shaw signed the agreement with the China ExIM Bank's vice-chairman and president, Liu Liange, according to a statement, the report notes. It said the southern coastal highway project is billed at approximately US$384 million, and will allow for the construction of a four-lane highway, which is expected to provide opportunities for employment and economic development for people in and around St Thomas and St Andrew when it starts, according to The Daily Observer. Jamaica will contribute US$57 million to the project, notes the report. According to the report, Mr. Shaw, who left Kingston earlier at the head of a delegation that included the Minister of Transport and Works Michael Henry, Minister of State in the Ministry of Economic Growth and Job Creation Daryl Vaz, met with his Chinese counterpart, Xiao Jie, in Beijing. A release from the Ministry of Finance said both finance ministers agreed on the strategic importance of Jamaica in joint ventures for the development of industrial and agro-parks to service export markets in the western hemisphere, the report relays. The ministry said Shaw updated Xiao on the Jamaican economy and the status of Chinese investment projects in the country's infrastructure development and briefed him on the increased activities since he met with his predecessor in China in 2011, the report discloses. Mr. Shaw noted that since then, Jamaica had progressed with the Jamaica Development Infrastructure Program, the Major Infrastructure Development Program of the last administration and the completion of the North-South Highway, the report relays. Mr. Shaw also met the China Vice Minister of Commerce Zhang Xiangchen and a statement issued afterwards noted that a mutual agreement was reached to explore the possibility of entering into a Memorandum of Understanding to put in place mechanisms for the establishment of logistics, industrial and agro parks in Jamaica, the report notes. Meanwhile, the release stated that meetings were also held with Chairman of the China Development Bank Hu Huaibang on the financing of the North-South Highway and the financing of future investment projects, the report relays. "There were fruitful discussions with Mr. Chen Chunming, head of Jiquan Iron and Steel (JISCO), on the reopening and development of ALPART and on the several opportunities that will flow, including agricultural development opportunities for small farmers in central Jamaica," the release said, the report adds. As reported in the Troubled Company Reporter-Latin America on Feb. 9, 2017, Fitch Ratings has affirmed Jamaica's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B' with a Stable Outlook. The issue ratings on Jamaica's senior unsecured Foreign and Local Currency bonds are also affirmed at 'B'. The Outlooks on the Long-Term IDRs are Stable. The Country Ceiling is affirmed at 'B' and the Short-Term Foreign Currency and Local Currency IDRs at 'B'. ====================== P U E R T O R I C O ====================== DORAL FINANCIAL: Wants Ronald Stewart's $12M Claim Capped --------------------------------------------------------- Rick Archer, writing for Bankruptcy Law360, reports that the trustee of Doral Financial Corp. asked on Feb. 13 the U.S. Bankruptcy court for the Southern District of New York to cap the $12 million whistle-blowing claim of Ronald Stewart, a former senior vice-president for the Puerto Rican bank who claimed he was fired for expressing concerns about the Bank's financial reporting, at under $300,000. That's all he can get by law, the report states, citing Mr. Stewart. Law360 relates that Mr. Stewart claimed he was fired for expressing concerns about the bank's financial reporting. Mr. Stewart is seeking past and future lost income plus emotional distress and punitive damages, Law360 says. About Doral Financial Corp. Doral Financial Corp. is a holding company whose primary operating asset was equity in Doral Bank. DFC maintains offices in New York City, Coral Gables, Florida and San Juan, Puerto Rico. The Company has three wholly-owned subsidiaries: Doral Properties, Inc., Doral Insurance Agency, LLC, and Doral Recovery, Inc. On Feb. 27, 2015, regulators placed Doral Bank into receivership and named the Federal Deposit Insurance Corp. as receiver. Doral Bank served customers through 26 branches located in New York, Florida, and Puerto Rico. DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 15-10573) in Manhattan on March 11, 2015. The case is assigned to Judge Shelley C. Chapman. It estimated $50 million to $100 million in assets and $100 million to $500 million in debt as of the bankruptcy filing. PUERTO RICO PUBLIC: Fitch Cuts Rating on Refunding Bonds to 'D' --------------------------------------------------------------- Fitch Ratings has downgraded the rating on the following bonds issued by the Puerto Rico Public Buildings Authority to 'D' from 'C' to reflect payment default: -- Government facilities revenue and revenue refunding bonds, series R, S, T, and U. The commonwealth's Issuer Default Rating (IDR) remains 'RD', indicating that the issuer has defaulted on a select class of its debt. Ratings on securities that have not defaulted remain at 'C'/Rating Watch Negative. RATING SENSITIVITIES The ratings on the bonds have reached the lowest level on Fitch's rating scale. Fitch expects to re-examine the commonwealth's credit profile once debt restructuring plans become more clear. SPANISH BROADCASTING: Third Avenue Reports 15.35% Stake ------------------------------------------------------- In a Schedule 13G filed with the Securities and Exchange Commission, Third Avenue Management LLC, reported that as of Dec. 31, 2016, it beneficially owns 639,603 shares of common stock of Spanish Broadcasting System, Inc., representing 15.35 percent of the shares outstanding. Third Avenue Focused Credit Fund, an investment company registered under the Investment Company Act of 1940, has the right to receive dividends from, and the proceeds from the sale of 639,603 of the shares reported by Third Avenue Management. A copy of the regulatory filing is available for free at https://is.gd/ffG05L About Spanish Broadcasting Headquartered in Coconut Grove, Florida, Spanish Broadcasting System, Inc. (OTCQX:SBSAA) -- http://www.spanishbroadcasting.com/ -- owns and operates 21 radio stations targeting the Hispanic audience. The Company also owns and operates Mega TV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. Its revenue for the twelve months ended Sept. 30, 2010, was approximately $140 million. As of Sept. 30, 2016, Spanish Broadcasting had $451.7 million in total assets, $569.4 million in total liabilities and a total stockholders' deficit of $117.7 million. * * * As reported by the TCR on Feb. 1, 2016, Moody's Investors Service downgraded Spanish Broadcasting System's Corporate Family Rating to 'Caa2' from 'Caa1', Probability of Default Rating to 'Caa3-PD' from 'Caa1-PD', and lowered its Speculative Grade Liquidity Rating to SGL-4 from SGL-3. Spanish Broadcasting's 'Caa2' Corporate Family Rating and Caa3-PD Probability of Default Rating reflect very high debt+preferred stock-to-EBITDA of 10.4x estimated for LTM December 2015 (including Moody's standard adjustments, 6.9x excluding preferred stock and accrued dividends), the need to address the Voting Rights Triggering Event, and the heightened potential of a payment default given the near term maturity of the 12.5% senior secured notes due April 2017. As reported by the TCR on June 21, 2016, S&P Global Ratings said it lowered its corporate credit rating on Spanish Broadcasting System to 'CCC' from 'CCC+'. ================= V E N E Z U E L A ================= CNN EN ESPANOL: Venezuela Takes Channel Off the Air --------------------------------------------------- Anatoly Kurmanaev at The Wall Street Journal reports that the government took off the air CNN En Espanol, one of the country's most popular cable channels, following the U.S.-based broadcaster's report on the alleged sale of fake passports by the country's top officials. The channel disappeared from all national cable providers minutes after the media regulator said it launched disciplinary proceedings against CNN en Espanol for "direct aggression against the peace and democratic stability of Venezuelan people," according to The Wall Street Journal. For many Venezuelans, CNN en Espanol had become the last independent source of news about their country, as the government steadily bought out, shut down or starved local media of resources, the report notes. "CNN stands by our network's reporting and our commitment to truth and transparency," the broadcaster said in a statement following the ban, the report relays. "CNN en Espanol will continue to fulfil its responsibility to the Venezuelan public by offering our live signal on YouTube free of charge," the statement added. Earlier, it was the only Spanish-language TV station in Venezuela to report on the U.S. sanctions against the country's powerful vice president, Tareck El Aissami, for alleged drug trafficking, the report relays. CNN En Espanol also implicated Mr. El Aissami last week in the fraudulent sale of passports to Middle Eastern citizens with links to terrorism, the report notes. Mr. El Aissami denied all allegations against him. Venezuela President Nicolas Maduro has gradually tightened control of the media since coming to power in 2013, as his government faces a spiraling economic collapse and plummeting popularity, the report relays. In the past few months, over a dozen foreign journalists were deported for not having work permits, which the government stopped issuing to Western reporters over a year ago, the report notes. Local reporters covering the country's crippling shortages and corruption face harassment and arbitrary detentions, according to human-rights groups, the report relays. The Information Ministry didn't respond to a request for comment. Mr. Maduro has also used his control of the courts to strip the congress of all power and to postpone indefinitely all coming elections ranging from governor's offices to student unions, the report notes. The government has said it needs to stop the economic crisis before holding elections, the report discloses. "With these arbitrary actions, the government is giving all reasons to call it a dictatorship," said Carlos Correa, president of Venezuela's free speech advocacy group Public Space, the report relays. The censorship has forced Venezuelans to increasingly rely on social media for information, the report notes. Minutes after CNN en Espanol disappeared from air, social networks in Venezuela were filled with links to live streaming of the channel, the report adds. *********** 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 * * *