/raid1/www/Hosts/bankrupt/TCRLA_Public/170314.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, March 14, 2017, Vol. 18, No. 52
Headlines
A R G E N T I N A
ARGENTINA: Consumer Prices Rose in February
BALANZ CAPITAL: Moody's Assigns B3 Senior Unsecured Debt Ratings
B R A Z I L
GOL LINHAS: Fitch Raises Long-Term FC and LC IDRs to 'CCC'
USIMINAS COMMERCIAL: Moody's Hikes Sr. Unsec. Debt Rating to Caa1
USINAS SIDERURGICAS: Moody's Raises Corp. Family Rating to Caa1
C A Y M A N I S L A N D S
BLUECREST QUANTITATIVE: Members Receive Wind-Up Report
BLUECREST QUANTITATIVE MASTER: Members Receive Wind-Up Report
CICC BRIDGE: Members Receive Wind-Up Report
GLADE BROOK: Members Receive Wind-Up Report
GLOBAL ALTERNATIVE: Members Receive Wind-Up Report
GTN CAYMAN: Members Receive Wind-Up Report
ICIG LIMITED: Members Receive Wind-Up Report
LG III - HV CR: Members Receive Wind-Up Report
LG IIIA - HV CR: Members Receive Wind-Up Report
LGB - HV CR: Members Receive Wind-Up Report
LGB II - HV CR: Members Receive Wind-Up Report
LGB IIA - HV CR: Members Receive Wind-Up Report
LGBPIV - HV CR: Members Receive Wind-Up Report
MARADONA LIMITED: Members Receive Wind-Up Report
NEXUS ASIAN: Members Receive Wind-Up Report
NEXUS ASIAN PUBLIC: Members Receive Wind-Up Report
NKND TRADING: Members Receive Wind-Up Report
SEAL LIMITED: Members Receive Wind-Up Report
WYETREE YIELD: Members Receive Wind-Up Report
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: February Prices Climb 0.42% Paced by Transport
J A M A I C A
JAMAICA: EU-Funded Program Breathes New Life Into Banana Sector
M E X I C O
MEXICO: Wraps Up Round One Oil Auctions
T R I N I D A D & T O B A G O
GULF INSURANCE: A.M. Best Lowers Financial Strength Rating to B
V E N E Z U E L A
VENEZUELA: Wins Appeal on $1.4 Billion Payment to Exxon Mobil
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Consumer Prices Rose in February
-------------------------------------------
Taos Turner at The Wall Street Journal reports that Argentine
consumer prices jumped 2.5% in February from the previous month,
reflecting the stubborn nature of the country's decade long
inflation problem.
The increase, reported by Argentina's statistics agency, is a
significant jump from January's 1.3% monthly inflation rate,
according to The Wall Street Journal. But it was no surprise to
economists who had been expecting a recent increase in electricity
prices to push the rate up sharply, the report notes.
"It seems high but you have to keep in mind that this was a month
heavily characterized by increases in regulated prices," said
Gabriel Zelpo, an analyst at Elypsis, a Buenos Aires economic-
research firm, the report relays. "Electricity prices were up and
health-care prices were up. Highway tolls were also up. So it
wasn't all that bad given the circumstances," Mr. Zelpo added.
Still, the abrupt jump in prices may make it harder for
Argentina's central bank to hit its inflation target this year,
the report relays.
The bank aims to cap inflation at 17% or less by the end of 2017.
For now, most economists say inflation will likely end the year at
closer to 20% or 21%, the report notes.
Argentina is coming off years of rampant inflation, which peaked
at about 47% in the country's capital in mid-2016, the report
discloses. The country's previous president, Cristina Kirchner,
long claimed that inflation didn't even exist, making it virtually
impossible to get under control, the report says.
President Mauricio Macri, who took office in December 2015 and
accused Mrs. Kirchner of lying about inflation, pledged to reduce
it to a single digit by 2019. She denied the accusation, the
report relays.
To do that, the central bank has kept interest rates high and put
an end to years of rampant money printing while also openly
touting its inflation targets, the report notes. The moves, aided
by a fierce recession last year and weak consumer spending, appear
to be working, the report relays.
For the first time in a generation, Argentine banks are beginning
to offer home mortgages, the report notes.
Economists said that access to mortgages and the growing
availability of cheaper credit will spur investment and growth,
pulling the economy out of its recession, the report adds.
As reported in the Troubled Company Reporter-Latin America on
March 8, 2017, Moody's Investors Service has changed the outlook
on the Government of Argentina's rating to positive from stable
and affirmed the issuer rating at B3, senior unsecured ratings at
B3 and Ca, senior unsecured shelf and MTN program at (P)B3 and
(P)Ca, short term ratings at NP and global MTN program at (P)NP.
BALANZ CAPITAL: Moody's Assigns B3 Senior Unsecured Debt Ratings
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (MLA) has
assigned a B3 global and Baa2.ar national scale senior unsecured
debt ratings to Balanz Capital Valores' Class 3 local currency
debt Issuance and its Class 4 foreign currency debt Issuance. Both
issuances will be due in 12 months, and together should not exceed
ARS 200 million, for up to ARS 400 million.
All the ratings have a stable outlook.
The following ratings were assigned to Balanz Capital Valores:
Class 3 Senior Unsecured Local Currency Debt Issuance for a
combined amount of ARS 200 million, for up to ARS 400 million:
Global Local Currency Senior Unsecured Debt Rating: B3
National Scale Local Currency Senior Unsecured Debt Rating:
Baa2.ar
Class 4 Senior Unsecured Foreign Currency Debt Issuance for a
combined amount of ARS 200 million, for up to ARS 400 million:
Global Foreign Currency Senior Unsecured Debt Rating: B3
National Scale Foreign Currency Senior Unsecured Debt Rating:
Baa2.ar
RATINGS RATIONALE
The B3 rating reflects Argentina's operating environment, which
remains challenging despite various market-friendly policy reforms
implemented by the current administration that are expected to
return the economy to growth this year while leading to continued
declines in inflation. The rating also considers the company's
high reliance on proprietary trading profits and aggressive
business expansion strategy targeting new and larger markets. In
addition, the entity has low funding diversification as its
funding is largely provided by its shareholders in the form of
accounts payable and capital, and to lesser extend from credit
facilities from a few banks. The recent and expected market
issuances are intended to start to diversify the company's funding
sources. These challenges outweigh Balanz Capital Valores' good
improving profitability, strong liquidity, and a recent increase
in capitalization. The rating also captures the company's
importance as the largest non-bank player in the fixed income
instruments market, with a market share of 4.1% of volumes traded
in the MAE (Mercado Abierto Electronico) as of January 2017, and
its role as the second largest player in the MERVAL (Mercado de
Valores de Buenos Aires), with a 12% share as of February 2017. In
addition, Balanz Capital Valores shows good liquidity indicators,
with liquid inflows to outflows ratios above 80% over the past 4
years. Liquidity is held in liquid short term investments and
securities, mainly foreign currency government securities.
The Baa2.ar national scale rating is the middle of the range of
national scale ratings corresponding to Balanz Capital Valores' B3
global scale rating and considers the risks and opportunities are
evenly balance at the B3 level.
WHAT COULD CHANGE THE RATING UP/DOWN
Balanz Capital Valores' rating could face upward pressure if the
company further diversifies its funding sources and reduces its
reliance on proprietary trading profits, or if Argentina's
operating environment continues to improve and its capital
markets begin to mature, which would generate more business
prospects for the company. On the other hand, the rating could go
down if the operating environment deteriorates, negatively
affecting the issuer business prospects, if Balanz Capital
Valores' liquidity or profitability deteriorate significantly.
The principal methodology used in these ratings was Securities
Industry Market Makers published in February 2017.
===========
B R A Z I L
===========
GOL LINHAS: Fitch Raises Long-Term FC and LC IDRs to 'CCC'
----------------------------------------------------------
Fitch Ratings has upgraded GOL Linhas Aereas Inteligentes S.A.'s
(GOL) Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) to 'CCC' from 'CC' and its National Scale rating to
'CCC(bra)' from 'CC(bra)'. Fitch has also upgraded GOL's fully
owned subsidiaries' secured notes to 'CCC+/RR3' from 'CCC-/RR3'
and its fully owned subsidiaries' unsecured bond ratings to 'CCC-
/RR5' from 'C/RR5'.
The rating actions reflect Fitch's reassessment of GOL's credit
risk incorporating the company's operational performance and
business deleverage executed during the second half of 2016. The
ratings actions also incorporate Fitch's expectations for GOL to
benefit from the Brazilian airline industry's better fundamentals
in 2017.
The ratings reflect the company's continued high leverage, limited
geographic diversification, and low cash flow generation relative
to debt obligations. GOL's operational results are highly
correlated to the domestic economy. The company is exposed to
currency risk, as approximately 90% of the company's revenues are
denominated in local currency, while approximately 60% of its cost
structure is U.S. dollars denominated. In addition, about 80% of
the company's debt denominated in U.S. dollars. Also factored in
the ratings is the company's exposure to oil price volatility
since fuel costs represent approximately 38%-40% of its cost
structure.
The 'RR3' Recovery Rating (RR) for the secured notes reflects
above-average recovery prospects in an event of default. These
notes are secured by collateral that has been valued at USD222.7
million, representing a principal coverage ratio of over 3 to 1.
Fitch recovery analysis for the secured notes resulted in higher
values but has been capped at 'RR3' considering that some
jurisdiction's issues could affect the recovery prospects. The
'RR5' for the senior unsecured notes reflects below average
recovery prospects in an event of default.
KEY RATING DRIVERS
Sustaining Positive Operational Margin
Fitch has revised upward its expectations for the company's 2017
operational performance to now trending to levels in the 6% to 7%
range driven by higher yields and expectations of moderate
recovery in demand as the Brazilian macroeconomic environment
improves in 2017. These factors could be partially offsetting by
some fuel cost increase in 2017. Fitch views the development of
traffic trend and yields, coupled with an improvement in Brazil's
macro-economic scenario, as key factors for GOL's operational
margin during 2017.
Fitch forecasts Brazil's GDP growth at 0.7% for 2017. Trend
expectations of a less volatile USD/BRL exchange rate and GOL's
continued capacity reduction are viewed as positive factors
helping the company to manage its cost structure. Fitch forecasts
GOL reduced total consolidated capacity by 2% in 2017 in an effort
to accommodate current demand conditions and maintain cost
structure. GOL's capacity adjustment is expected to support
single-digit growth rate in yields in 2017.
Material Deleveraging
GOL has materially reduced its financial adjusted gross leverage
in recent quarters. The company's total adjusted debt/EBITDAR was
at 6.2x as of Dec. 31, 2016; it declined from 12.7x as of Dec. 31,
2015. The company's 2016 EBITDAR was BRL 2.1 billion. GOL's total
adjusted debt was BRL13.3 billion as of Dec. 31, 2016. This debt
comprises BRL6.4 billion of on-balance-sheet debt, including
loans, financial leases and bonds, and BRL6.9 billion of off-
balance-sheet obligations related to operating leases, with
combined rental payments of around BRL1 billion during 2016. GOL's
adjusted gross leverage, measured as total adjusted debt/EBITDAR
ratio, is expected to remain around 6.5x by year-end 2017.
Capex Levels Key for 2017 FCF Trend
GOL renegotiated 29 aircraft contracts in 2016, including payment
deferrals, final sale, sale leaseback and leasing returns. In
addition, GOL postponed 11 new aircraft deliveries during 2016-
2017 to 2026-2027. During 2016, the company's FCF generation was
negative BRL170 million, resulting in FCF margin, or LTM FCF/LTM
revenue, of negative 1.7%, representing a material reduction when
compared with FCF margin of negative 16.7% in 2015 (negative
BRL1.6 billion). The company's net capex after pre-delivery
payments/refunds went from BRL602 million in 2015 to positive cash
flow of approximately BRL93 million during 2016 as the company
sold assets during this period. Fitch expects the company's 2017
FCF margin to remain negative in 2017 around -3.3% as resuming
higher capex levels is expected to limit FCF generation.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for GOL's ratings
include:
-- 2017 EBIT margin positive of around 6.5%;
-- 2017 FCF margin negative of around 3%;
-- Ready available cash, measured as cash plus mk. securities,
around BRL900 million by the end of 2017.
-- Minimum levels of net capital expenditure levels around BRL400
million in 2017;
-- 2016 Coverage ratio, EBITDAR/Net Interest Expense + Rents),
around 1.3x;
-- Gross adjusted financial leverage (total adjusted
debt/EBITDAR) at levels around 6.3x by the end of 2017.
RATING SENSITIVITIES
Considerations that could lead to a negative rating action (Rating
or Outlook):
-- Weaker-than-expected operational performance in 2017;
-- FCF margin persistently below -7%;
-- Readily available cash, measured as total cash plus marketable
securities, consistently declining in 2017.
Considerations that could lead to a positive rating action (Rating
or Outlook):
Fitch could consider a positive rating action if GOL generates
operational and FCF margins consistently above than those levels
incorporated in the ratings, resulting in material liquidity
improvement and lower financial adjusted gross leverage.
LIQUIDITY
Low Liquidity
GOL's liquidity is viewed as weak as of Dec. 31, 2016. The company
would need to sustain a positive operational margin,
renegotiate/minimize capex levels and continue refinancing its
debt to avoid a material decline in its liquidity position during
2017. GOL's readily available cash, measured as total cash plus
marketable securities, was BRL1 billion as of Dec. 31, 2016. This
compares to BRL1.6 billion and BRL1.9 billion in Dec.31, 2015 and
Dec. 31, 2014, respectively. The company has debt principal
payments due of approximately BRL835 million and BRL388 million
during 2017 and 2018, respectively. GOL's level of liquidity,
measured as total cash and marketable securities over LTM
revenues, is expected to be around 8% during 2017.
FULL LIST OF RATING ACTIONS
Fitch has taken the following rating actions:
Gol Linhas Aereas Inteligentes S.A. (GOL):
-- Long-Term Foreign and Local-Currency IDRs upgraded to 'CCC'
from 'CC';
-- Long-Term National Rating upgraded to 'CCC(bra)' from
'CC(bra)';
-- USD200 million perpetual bonds upgraded to 'CCC-/RR5' from
'C/RR5'.
VRG Linhas Aereas S.A. (VRG):
-- Long-Term Foreign and Local-Currency IDRs upgraded to 'CCC'
from 'CC';
-- Long-Term National Rating upgraded to 'CCC(bra)' from
'CC(bra)'.
GOL Finance, a company incorporated with limited liability in the
Cayman Islands:
-- USD225 million of senior unsecured notes due 2017 upgraded
to 'CCC-/RR5' from 'C/RR5';
-- USD300 million of senior unsecured notes due 2020 upgraded
to 'CCC-/RR5' from 'C/RR5'.
GOL LuxCo S.A.:
-- USD200 million of senior unsecured notes due 2023 upgraded
to 'CCC-/RR5' from 'C/RR5';
-- USD325 million of senior unsecured notes due 2022 upgraded
to 'CCC-/RR5' from 'C/RR5';
-- USD14.1 million of senior secured notes due 2018 upgraded
to 'CCC+/RR3' from 'CCC-/RR3;
-- USD41.3 million of senior secured notes due 2021 upgraded
to 'CCC+/RR3' from 'CCC-/RR3;
-- USD18.1 million of senior secured notes due 2028 upgraded
to 'CCC+/RR3' from 'CCC-/RR3.
USIMINAS COMMERCIAL: Moody's Hikes Sr. Unsec. Debt Rating to Caa1
-----------------------------------------------------------------
Moody's Investors Service has upgraded to Caa1 from Caa2 the
senior unsecured notes ratings of Usiminas Commercial Ltd.
(guaranteed by Usinas Siderurgicas de Minas Gerais -- "Usiminas")
and affirmed the (P) Caa2 ratings of the backed senior unsecured
global MTN programs of Usinas Siderurgicas de Minas Gerais S.A.,
Cosipa Commercial Ltd and Usiminas Commercial Ltd. The outlook for
all ratings is stable.
At the same time, Moody's America Latina upgraded Usiminas'
corporate family rating to Caa1 (global scale) from Caa2 and to
B3.br from Caa2.br (national scale), with a stable outlook.
Rating actions:
-- Issuer: Usinas Siderurgicas de Minas Gerais S.A.
US$500 million backed senior unsecured Global MTN Program:
affirmed at (P) Caa2
-- Issuer: Cosipa Commercial Ltd.
US$500 million backed senior unsecured Global MTN Program:
affirmed at (P) Caa2
-- Issuer: Usiminas Commercial Ltd.
US$180 million senior unsecured notes due 2018, guaranteed by
Usiminas: upgraded to Caa1 from Caa2
US$500 million backed senior unsecured Global MTN Program:
affirmed at (P) Caa2
The outlook of all ratings is stable
RATINGS RATIONALE
The upgrade to Caa1 reflects primarily the conclusion of important
steps towards Usiminas' full debt restructuring, including the
BRL1 billion capital increase concluded in July 2016, the
renegotiation with banks and debentures holders completed in
September 2016, and more recently, the BRL 1 billion capital
reduction approved at Mineracao Usiminas S.A. (MUSA, unrated). All
those events contribute to reduce liquidity pressures in the
short-term and will allow the company to focus more closely on its
operations.
In September 2016, Usiminas negotiation with creditors
representing 92% of its total debt has concluded with a payment
extension of up to 10 years, with a 3-year grace period. Liquidity
pressures were further relieved with the approval, on March 3rd,
of the capital reduction at its 70% owned subsidiary MUSA, which
will allow Usiminas to access BRL 700 million currently held by
this subsidiary. The transaction is expected to be concluded
within 60 days. Before the capital reduction approval, Usiminas
had BRL 2.2 billion in consolidated cash at the end of 2016, but
out of which only about BRL 539 million was available at the
parent company. An additional step to complete the debt
restructuring process will be the exchange offer for the USD 180
million outstanding senior unsecured notes, which needs to be
completed by June 30, 2017. Failure to complete the exchange offer
for at least 50% of the existing amount outstanding could trigger
an event of default under the debt restructuring agreement.
A successful conclusion of the full debt restructuring program
will enable Usiminas to improve its capital structure, further
eliminating short-term liquidity pressures, while market
fundamentals in Brazil's steel industry start to gradually
recover.
The ratings continue to reflect Usiminas' solid position in the
Brazilian flat-steel market, and the measures taken by Usiminas to
adjust operations to the feeble demand in the domestic market. In
May 2015, Usiminas announced the temporary halt of two blast
furnaces in its Cubatao and Ipatinga mills, and in October 2015,
the temporary interruption of activities of the primary areas of
the Cubatao plant (including sinter and coke plants, blast
furnaces and steelworks), concluded in January 2016. The
downsizing process at the Cubatao steel mill has significantly
reduced Usiminas' cost structure and production capacity,
providing flexibility to the company amid the deterioration of the
steel market in Brazil. Despite the operational improvement
observed during 2H16, credit metrics remain under pressure --
Fitch expects leverage (measured by total adjusted debt to EBITDA)
to stay above 7x (10.1x in FY 2016) and interest coverage to
remain negative in the next 12 to 18 months (-0.4x in FY 2016).
The stable outlook incorporates Fitch assumptions that Usiminas
will be able to meet the conditions set by creditors and will
continue to pursue liquidity alternatives while it gradually
recovers its ability to generate sustainable cash flows from
operations.
Negative rating actions can be considered if Usiminas fails to
meet the conditions established by creditors under the debt
renegotiation or fails to establish an agreement with bondholders,
or enters into a debt restructuring that results in higher than
expected losses to creditors.
The ratings could be upgraded if Usiminas is able to successfully
complete the adjustments in its capital structure, eliminating
liquidity pressures, while market fundamentals for Brazilian
steelmakers improve along with Usiminas' cash flow generation.
Quantitatively, this would be the case if Usiminas is able to
reduce adjusted leverage to levels below 5.5x (Adjusted
Debt/EBITDA) and increase adjusted interest coverage to above 1.5x
(EBIT/Interest Expense). The maintenance of a comfortable
liquidity profile would also be required for an upgrade.
The principal methodology used in these ratings was Global Steel
Industry published in October 2012.
Headquartered in Belo Horizonte, Minas Gerais, Usinas Siderurgicas
de Minas Gerais S.A. - Usiminas (Usiminas) is the largest
integrated flat-steel manufacturer in Latin America, with
production of 3.1 million tons of crude steel and consolidated net
revenues of BRL 8.4 billion (approximately USD 2.4 billion
converted by the average exchange rate) in the FY ended December
2016. Usiminas also owns iron ore mining properties, steel
distribution and capital goods subsidiaries in Brazil.
USINAS SIDERURGICAS: Moody's Raises Corp. Family Rating to Caa1
---------------------------------------------------------------
Moody's America Latina has upgraded Usinas Siderurgicas de Minas
Gerais S.A corporate family ratings to Caa1 from Caa2 (global
scale) and to B3.br from Caa2.br (national scale). The outlook for
the ratings is stable.
Ratings upgraded:
Issuer:
- Corporate Family Rating: to Caa1 (from Caa2) in the global
scale and to B3.br (from Caa2.br) in the national scale
The outlook of all ratings is stable
RATINGS RATIONALE
The upgrade to Caa1 reflects primarily the conclusion of important
steps towards Usiminas' full debt restructuring, including the
BRL1 billion capital increase concluded in July 2016, the
renegotiation with banks and debentures holders completed in
September 2016, and more recently, the BRL1 billion capital
reduction approved at Mineracao Usiminas S.A. (MUSA, unrated). All
those events contribute to reduce liquidity pressures in the
short-term and will allow the company to focus more closely on its
operations.
In September 2016, Usiminas negotiation with creditors
representing 92% of its total debt has concluded with a payment
extension of up to 10 years, with a 3-year grace period. Liquidity
pressures were further relieved with the approval, on March 3rd,
of the capital reduction at its 70% owned subsidiary MUSA, which
will allow Usiminas to access BRL 700 million currently held by
this subsidiary. The transaction is expected to be concluded
within 60 days. Before the capital reduction approval, Usiminas
had BRL2.2 billion in consolidated cash at the end of 2016, but
out of which only about BRL 539 million was available at the
parent company. An additional step to complete the debt
restructuring process will be the exchange offer for the USD 180
million outstanding senior unsecured notes, which needs to be
completed by June 30, 2017. Failure to complete the exchange offer
for at least 50% of the existing amount outstanding could trigger
an event of default under the debt restructuring agreement.
A successful conclusion of the full debt restructuring program
will enable Usiminas to improve its capital structure, further
eliminating short-term liquidity pressures, while market
fundamentals in Brazil's steel industry start to gradually
recover.
The ratings continue to reflect Usiminas' solid position in the
Brazilian flat-steel market, and the measures taken by Usiminas to
adjust operations to the feeble demand in the domestic market. In
May 2015, Usiminas announced the temporary halt of two blast
furnaces in its Cubatao and Ipatinga mills, and in October 2015,
the temporary interruption of activities of the primary areas of
the Cubatao plant (including sinter and coke plants, blast
furnaces and steelworks), concluded in January 2016. The
downsizing process at the Cubatao steel mill has significantly
reduced Usiminas' cost structure and production capacity,
providing flexibility to the company amid the deterioration of the
steel market in Brazil. Despite the operational improvement
observed during 2H16, credit metrics remain under pressure --
Moody's expects leverage (measured by total adjusted debt to
EBITDA) to stay above 7x (10.1x in FY 2016) and interest coverage
to remain negative in the next 12 to 18 months (-0.4x in FY 2016).
The stable outlook incorporates Moody's assumptions that Usiminas
will be able to meet the conditions set by creditors and will
continue to pursue liquidity alternatives while it gradually
recovers its ability to generate sustainable cash flows from
operations.
Negative rating actions can be considered if Usiminas fails to
meet the conditions established by creditors under the debt
renegotiation or fails to establish an agreement with bondholders,
or enters into a debt restructuring that results in higher than
expected losses to creditors.
The ratings could be upgraded if Usiminas is able to successfully
complete the adjustments in its capital structure, eliminating
liquidity pressures, while market fundamentals for Brazilian
steelmakers improve along with Usiminas' cash flow generation.
Quantitatively, this would be the case if Usiminas is able to
reduce adjusted leverage to levels below 5.5x (Adjusted
Debt/EBITDA) and increase adjusted interest coverage to above 1.5x
(EBIT/Interest Expense). The maintenance of a comfortable
liquidity profile would also be required for an upgrade.
Headquartered in Belo Horizonte, Minas Gerais, Usinas Siderurgicas
de Minas Gerais S.A. - Usiminas (Usiminas) is the largest
integrated flat-steel manufacturer in Latin America, with
production of 3.1 million tons of crude steel and consolidated net
revenues of BRL 8.4 billion (approximately USD 2.4 billion
converted by the average exchange rate) in the FY ended December
2016. Usiminas also owns iron ore mining properties, steel
distribution and capital goods subsidiaries in Brazil.
==========================
C A Y M A N I S L A N D S
==========================
BLUECREST QUANTITATIVE: Members Receive Wind-Up Report
------------------------------------------------------
The members of Bluecrest Quantitative Equity Fund Limited received
on Jan. 30, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Aisling Clarke
c/o Maples Liquidation
Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
BLUECREST QUANTITATIVE MASTER: Members Receive Wind-Up Report
-------------------------------------------------------------
The members of Bluecrest Quantitative Equity Master Fund Limited
received on Jan. 26, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Aisling Clarke
c/o Maples Liquidation
Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
CICC BRIDGE: Members Receive Wind-Up Report
-------------------------------------------
The members of CICC Bridge Matrix Core Fund Ltd. received on
Jan. 25, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Natasha Morgan
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
GLADE BROOK: Members Receive Wind-Up Report
-------------------------------------------
The members of Glade Brook Global Offshore Fund Ltd received on
Jan. 26, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Aisling Clarke
c/o Maples Liquidation
Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
GLOBAL ALTERNATIVE: Members Receive Wind-Up Report
--------------------------------------------------
The members of Global Alternative Investments Corporation received
on Jan. 26, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Aisling Clarke
c/o Maples Liquidation
Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
GTN CAYMAN: Members Receive Wind-Up Report
------------------------------------------
The members of GTN Cayman Ltd received on Jan. 25, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Marc Randall
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
ICIG LIMITED: Members Receive Wind-Up Report
--------------------------------------------
The members of ICIG Limited received on Jan. 26, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Avalon Ltd.
Landmark Square, 1st Floor, 64 Earth Close
P.O. Box 715, Grand Cayman KY1-1107
Cayman Islands
Facsimile: +1 (345) 769-9351
LG III - HV CR: Members Receive Wind-Up Report
----------------------------------------------
The members of LG III - HV CR Limited received on Jan. 26, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Aisling Clarke
c/o Maples Liquidation
Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
LG IIIA - HV CR: Members Receive Wind-Up Report
-----------------------------------------------
The members of LG III - HV CR Limited received on Jan. 26, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Aisling Clarke
c/o Maples Liquidation
Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
LGB - HV CR: Members Receive Wind-Up Report
-------------------------------------------
The members of LGB - HV CR Limited received on Jan. 26, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Aisling Clarke
c/o Maples Liquidation
Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
LGB II - HV CR: Members Receive Wind-Up Report
----------------------------------------------
The members of LGB II - HV CR Limited received on Jan. 26, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Aisling Clarke
c/o Maples Liquidation
Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
LGB IIA - HV CR: Members Receive Wind-Up Report
----------------------------------------------
The members of LGB IIA - HV CR Limited received on Jan. 26, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Aisling Clarke
c/o Maples Liquidation
Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
LGBPIV - HV CR: Members Receive Wind-Up Report
----------------------------------------------
The members of LGBPIV - HV CR Limited received on Jan. 26, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Aisling Clarke
c/o Maples Liquidation
Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
MARADONA LIMITED: Members Receive Wind-Up Report
------------------------------------------------
The members of Maradona Limited received on Jan. 26, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Aisling Clarke
c/o Maples Liquidation
Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
NEXUS ASIAN: Members Receive Wind-Up Report
-------------------------------------------
The members of Nexus Asian Hybrid Credit Private Securities
Limited received on Jan. 26, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Aisling Clarke
c/o Maples Liquidation
Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
NEXUS ASIAN PUBLIC: Members Receive Wind-Up Report
--------------------------------------------------
The members of Nexus Asian Hybrid Credit Public Securities Limited
received on Jan. 26, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Aisling Clarke
c/o Maples Liquidation
Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
NKND TRADING: Members Receive Wind-Up Report
--------------------------------------------
The members of NKND Trading Ltd. received on Jan. 25, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Natasha Morgan
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
SEAL LIMITED: Members Receive Wind-Up Report
--------------------------------------------
The members of Seal Limited received on Jan. 26, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Aisling Clarke
c/o Maples Liquidation
Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
WYETREE YIELD: Members Receive Wind-Up Report
---------------------------------------------
The members of Wyetree Yield Distribution Fund (General Partner)
Limited received on Jan. 25, 2017, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Natasha Morgan
c/o Maples Liquidation Services (Cayman) Limited
P.O. Box 1093, Boundary Hall
Grand Cayman KY1-1102
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: February Prices Climb 0.42% Paced by Transport
------------------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank
said consumer prices climbed 0.42% in February, while accumulated
inflation during the first two months stands at 1.04%.
"The annual inflation, measured from February 2016 to February
2017, reached 3.34%, falling within the target range established
in the Monetary Program of 4.0% (+/-1.0%)," the Central Bank said
in an emailed statement to Dominican Today.
It adds that during February the group which most influenced on
higher prices was Transport, climbing 0.82% over the previous
month, the report notes.
As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:
-- Long-Term Foreign Currency Issuer Default Rating (IDR)
upgraded to 'BB-' from 'B+'; assigned Stable Outlook;
-- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
assigned Stable Outlook;
-- Senior unsecured Foreign and Local Currency bonds upgraded
to 'BB-' from 'B+';
-- Short-Term Foreign Currency IDR affirmed at 'B';
-- Short-Term Local Currency IDR affirmed at 'B'.
=============
J A M A I C A
=============
JAMAICA: EU-Funded Program Breathes New Life Into Banana Sector
---------------------------------------------------------------
Caribbean360.com reports that stakeholder activities under a
$677.85-million European Union (EU) grant-funded program to
revitalize Jamaica's banana sector, which had been seriously
impacted by the weather in recent years, are far advanced.
The Jamaica Banana Accompanying Measures (JBAM) Programme, being
implemented by the Rural Agricultural Development Authority
(RADA), aims to spur increased production and other key outcomes,
following recent fallouts caused by hurricanes and tropical
storms, among other weather-related events, according to
Caribbean360.com.
Its implementation commenced in 2012 following the passage of
Tropical Storm Gustav in 2008, which ravaged thousands of acres of
banana, resulting in farmers incurring billions of dollars in
losses, and industry activities scaling down over the ensuing
three years, the report notes.
Agricultural Attache with the EU Delegation in Jamaica, Stefano
Cilli, said the JBAM allocation is part of approximately $6.7
billion in overall funding support extended to the industry over
the last 10 years, the report relays.
The report notes that Mr. Cilli indicates that the JBAM allocation
has been funding stakeholder activities aimed at boosting the
industry's operations to world-class standards.
These include provisions to the Banana Board and All Island Banana
Growers Association (AIBGA) to facilitate technical support and
capacity building; and direct inputs for farmers and other
stakeholders targeting infrastructure development, and enabling
farmers to attain Global Good Agricultural Practices (GAP)
certification in order to export, the report discloses.
Global GAP is the international organization that assures the
implementation of safe, sustainable agricultural practices
worldwide, the report says.
The certification exercise is being administered by the Board
under the EU-funded Banana Export Expansion Program(BEEP), the
report notes.
Program Coordinator for JBAM at RADA, Vaughn Barnaby, said the
entity has been pivotal in the project's implementation, the
report relays.
Mr. Barnaby says RADA's undertaking has included facilitating the
Banana Board's production of approximately 120,000 tissue culture
plantlets per annum for distribution to farmers in the five main
banana-producing parishes where JBAM is being implemented, 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'.
===========
M E X I C O
===========
MEXICO: Wraps Up Round One Oil Auctions
---------------------------------------
EFE News reports that Mexico's National Hydrocarbons Commission
(CNH) presided over the signing of seven deepwater exploration and
production contracts, bringing an end to the country's historic
Round One series of oil auctions.
The contracts were for blocks located in the Gulf of Mexico: three
in the Perdido Fold Belt, a 40,000 sq.-kilometer (15,450 sq.-mile)
area located in the northwestern part of the Gulf; and four in the
Saline Basin, situated in the southern part of the Gulf, according
to EFE News.
The blocks were all awarded in early December.
The seven contracts are in addition to one signed by Mexican state
oil company Petroleos Mexicanos (Pemex), American oil supermajor
Chevron Corp. and Japan's Index that marked the first time Pemex
had formed a consortium to compete for a block under a 2013
energy-sector overhaul ending the company's nearly eight-decade
monopoly, the report notes.
Each of the contracts has a 35-year life span, but they can be
extended for additional periods of 10 years and then five years,
the report relays.
In the Perdido Fold Belt, a unit of China National Offshore Oil
Corporation signed contracts for Block 1 and Block 4, while a
consortium made up of the local unit of France's Total and the
United States' Exxon Mobil Exploration signed one for Block 2, the
report notes.
In the Saline Basin, a consortium made up of Norway's Statoil, the
United Kingdom's BP Exploration and Total's local unit signed
contracts for Block 1 and Block 3, the report discloses.
A consortium made up of a unit of Malaysia's Petronas, PC Carigali
Mexico Operations; and Mexico's Sierra Offshore Exploration signed
a contract for Block 4, while a consortium made up of US energy
company Murphy Oil's local unit, the UK's Ophir Energy, PC
Carigali and Sierra Offshore inked another for Block 5, the report
says.
Mexico's energy sector, which has suffered a steady decline in
crude output for more than a decade, will receive a major boost
from oil production giants as a result of the Round One auctions,
Energy Secretary Pedro Joaquin Coldwell said, the report relays.
The companies that signed the contracts "are fully qualified and
have the capital and experience to undertake projects of these
dimensions (in which) there is no room for experimentation or
error," Coldwell said, the report notes.
The seven blocks encompass a total area of 17,000 sq. kilometers
and contain prospective hydrocarbon reserves estimated at 2
billion barrels of crude oil equivalent, the report adds.
================================
T R I N I D A D & T O B A G O
================================
GULF INSURANCE: A.M. Best Lowers Financial Strength Rating to B
---------------------------------------------------------------
A.M. Best has downgraded the Financial Strength Rating (FSR) to B
(Fair) from B++ (Good) and the Long-Term Issuer Credit Rating
(Long-Term ICR) to "bb" from "bbb" of Gulf Insurance Limited
(Gulf) (Trinidad). The outlooks for these Credit Ratings
(ratings) have been revised to negative from stable.
The rating actions reflect A.M. Best concerns surrounding the
macroeconomic and fiscal challenges faced by Gulf's parent,
Assuria N.V., and the potential financial strain that may be
placed on Gulf and its balance sheet. These rating actions also
consider the political, economic and financial challenges in
Assuria's home domicile of Suriname and A.M. Best's concern over
the potential adverse impact on Gulf as a result of Assuria's
weakened financial position.
Aside from the aforementioned concerns, Gulf maintains supportive
stand-alone capitalization and benefits from being domiciled in
Trinidad and Tobago and the regulatory safeguards provided by the
Central Bank of Trinidad and Tobago. Gulf is a long-standing
insurer in Trinidad and Tobago, having operated in this market for
over 30 years and garnering a high level of brand recognition.
Gulf's core markets however, have become increasingly competitive
to other regional markets.
Gulf is a multi-line property and casualty insurer operating in
several Caribbean markets with its main operating presence in
Trinidad and Tobago. As such, catastrophic events represent a
significant level of risk exposure to Gulf and other regional
insurers. This is mitigated through geographic diversification
and the use of reinsurance. While recent year results have
improved, Gulf's underwriting and overall results prior to 2014
have been inconsistent, primarily due to significant write-offs
associated with receivables from its prior ownership group.
=================
V E N E Z U E L A
=================
VENEZUELA: Wins Appeal on $1.4 Billion Payment to Exxon Mobil
-------------------------------------------------------------
Associated Press reports that a World Bank arbitration panel has
determined that Venezuela won't have to pay $1.4 billion to Exxon
Mobil Corp. for confiscating company assets during a wave of
nationalizations.
Exxon Mobil asked the bank's investment-dispute panel for $16.6
billion for the seizure of its Cerro Negro facilities in the
Orinoco Belt under then-President Hugo Chavez, according to
Associated Press. Mr. Chavez took over scores of companies to
secure greater control over key economic sectors, especially the
oil industry, the report notes.
That panel awarded the company $1.6 billion in October 2014, of
which $1.4 billion was for the seizure of a 41.7% stake in the
Cerro Negro project, the report relays. At the time, Venezuela
hailed the result, calling it reasonable, the report discloses.
The government later appealed the panel's decision.
The arbitration panel issued a ruling that annulled most of that
judgment. The decision was celebrated in Caracas, where the
socialist government is facing a cash shortfall triggered by
collapsing oil production in recent years, the report notes.
A lawyer for Venezuela said the decision as "correct and
courageous." Exxon Mobil didn't immediately respond to a request
for comment.
As reported by The Troubled Company Reporter-Latin America
S&P Global Ratings, on Feb. 28, 2017, affirmed its 'CCC' long-term
foreign and local currency sovereign credit ratings on the
Bolivarian Republic of Venezuela. The outlook on both long-term
ratings remains negative. S&P also affirmed its 'C' short-term
foreign and local currency sovereign ratings. In addition, S&P
affirmed its 'CCC' transfer and convertibility assessment on the
sovereign.
***********
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 * * *