/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/170316.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, March 16, 2017, Vol. 18, No. 54 Headlines A R G E N T I N A MAS CUOTAS: Moody's Assigns B2 Rating on Cl. B Debt B A R B A D O S BARBADOS: Businesses Pessimistic About Future, Survey Shows B R A Z I L COMPANHIA ENERGETICA: S&P Cuts CCR to 'B'; Removes from Watch Neg. COMPANHIA DE GAS: S&P Affirms Then Withdraws 'BB' GS Rating C A Y M A N I S L A N D S ALFA HOLDINGS: Commences Liquidation Proceedings BELLINI DESIGNS: Commences Liquidation Proceedings CS SOLUTIONS: Commences Liquidation Proceedings DECISION INTERNATIONAL: Commences Liquidation Proceedings FALCON RELATIVE: Placed Under Voluntary Wind-Up GENENCOR INTERNATIONAL: Commences Liquidation Proceedings HVS III: Placed Under Voluntary Wind-Up HVS III PLUS: Placed Under Voluntary Wind-Up KODIAK OFFSHORE: Commences Liquidation Proceedings LIONTRUST PANTHERA: Commences Liquidation Proceedings MATOSARO INC: Commences Liquidation Proceedings MEPCO LTD: Grand Court Enters Wind-Up Order PARTNERS CAPITAL: Placed Under Voluntary Wind-Up SCUTUM HOLDINGS: Commences Liquidation Proceedings STERLING GK: Commences Liquidation Proceedings STERLING REALTY: Commences Liquidation Proceedings STRATEGIC MARKET: Commences Liquidation Proceedings VISIUM CATALYST: Commences Liquidation Proceedings VOYAGER GLOBAL: Placed Under Voluntary Wind-Up VOYAGER GLOBAL SELECT: Placed Under Voluntary Wind-Up D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Firms Balks at Talk of Impeaching Leader J A M A I C A DIGICEL GROUP: In Deal with Chinese Firm Under US Probe M E X I C O * MEXICO: Confident of Timely Start to NAFTA Re-negotiation P U E R T O R I C O DACCO TRANSMISSION: Taps Hilco Real Estate as Lease Consultant HALAIS GROUP: Unsecured Creditors to Get $10,000 Under Plan ISLA BONITA: Plan Confirmation Hearing on April 5 JAYUYA MEMORIAL: March 31 Plan Confirmation Hearing METROPOLITAN INDUSTRIAL: Hearing on Plan Disclosures Set June 7 PANADERIA ZULMA: Seeks Plan Filing Deadline Moved to April 27 T R I N I D A D & T O B A G O PETROTRIN: Bharath Disputes Firm's Loss Figures - - - - - ================= A R G E N T I N A ================= MAS CUOTAS: Moody's Assigns B2 Rating on Cl. B Debt --------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo has rated Fideicomiso Financiero Mas Cuotas Serie VII. This transaction will be issued by Banco de Galicia y Buenos Aires S.A. ("Banco Galicia", LT Bank Deposits (Domestic) B3, Trustee Quality Assessment TQ1-.ar)- acting solely in its capacity as issuer and trustee. The securities for this transaction have not been placed in the market yet. The transaction is pending for approval from the Comision Nacional de Valores, if any assumption or factor Moody's considers when assigning the ratings change before closing, the ratings may also change. The full rating action is: - ARS 449,579,618 in Class A Floating Rate Debt Securities (VDFA) of "Fideicomiso Financiero Mas Cuotas Serie VII", rated Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale) - ARS 27,475,661 in Class B Floating Rate Debt Securities (VDFB) of "Fideicomiso Financiero Mas Cuotas Serie VII", rated A1.ar (sf) (Argentine National Scale) and B2 (sf) (Global Scale) - ARS 2,735,409 in Class C Floating Rate Debt Securities (VDFC) of "Fideicomiso Financiero Mas Cuotas Serie VII ", rated Baa1.ar (sf) (Argentine National Scale) and B3 (sf) (Global Scale). RATINGS RATIONALE The rated securities are payable from the cash flow coming from the assets of the trust, which is an amortizing pool of approximately 172,401 eligible purchases in installments denominated in Argentine pesos and originated by Cencosud (Argentina) S.A., the local subsidiary of Cencosud S.A. ("Cencosud", Baa3, Stable), among Latin America's largest retailers, with presence in Chile, Argentina, Peru, Colombia and Brazil. Only installments payable after April 2, 2017 will be assigned to the trust. The installments are originated through credit cards issued by Cencosud Argentina. Clients of Cencosud credit cards can make purchases in affiliated stores and split the payments in several monthly installments bearing no interest rates. The monthly installments are included in the cardholder's credit card balance. Approximately 71.6% (measured in terms of nominal amount) of the installments in the pool have a minimum payment lower than 100%. Therefore, in situations with cardholders paying less than the whole credit card balance, the transaction could be exposed to delays in collections of the installment. In these situations, Cencosud Argentina will advance to the trust the difference between: (i) the full amount of the installment assigned to the trust and (ii) the minimum payment. This feature of the transaction increases dependence to the sponsor. As a mitigating factor, Cencosud and Cencosud Argentina have a relatively strong credit profile. Also, the credit card portfolio exhibits high payment rates (71.3% average during the last twelve months as of December 2016). For more details about this risk, please refer to the "Loss and Cash Flow Analysis" section of this press release and/or the Pre-Sale Report (in Spanish) which can be found at www.moodys.com. TRANSACTION STRUCTURE The VDFA will bear a floating interest rate (BADLAR plus 150 bps). The VDFA's interest rate will never be higher than 31.0% or lower than 21.0%. The VDFB will bear a floating interest rate (BADLAR plus 250 bps). The VDFB's interest rate will never be higher than 32.0% or lower than 22.0%. The VDFC will bear a floating interest rate (BADLAR plus 450 bps). The VDFC's interest rate will never be higher than 34.0% or lower than 24.0%. Overall credit enhancement is comprised of subordination, transaction level overcollateralization and various reserve funds. The transaction has initial subordination levels of 26.0% for the VDFA, 21.5% for the VDFB and 21.1% for the VDFC, calculated over the pool's undiscounted principal balance. Credit enhancement is also comprised by the availability of a Liquidity Reserve Fund covering the next two interest accruals for the VDFA and VDFB. Finally, the transaction has an estimated 24.5% negative annual excess spread, before considering losses, taxes or prepayments and calculated at the interest rate cap for the notes. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in September 2015. Factors that would lead to an upgrade or downgrade of the ratings: Factors that may lead to a downgrade of the ratings include an increase in delinquency levels beyond the level Moody's assumed when rating this transaction. Although Moody's analyzed the historical performance data of previous transactions and similar receivables originated by Cencosud Argentina, the actual performance of the securitized pool may be affected, among other factors, by the economic activity, high inflation rates compared with nominal salaries increases and the unemployment rate in Argentina. Another key factor that could lead to a rating downgrade would be the deterioration of the sponsor's credit profile, as well as changes in the sponsor's minimum payment policies. Factors that may lead to an upgrade of the ratings include the building of credit enhancement over time due to the turbo sequential payment structure, when compared with the level of projected losses in the securitized pool. Loss and Cash Flow Analysis: Moody's considered the credit enhancement provided in this transaction through the initial subordination levels for each rated class, as well as the historical performance of Cencosud Argentina's portfolio and previous securitizations. In addition, Moody's considered factors common to consumer loans and credit card receivables securitizations such as delinquencies, charge- offs, payment rates and losses; as well as specific factors related to the Argentine market, such as the probability of an increase in losses if there are changes in the macroeconomic scenario in Argentina. Moody's analyzed the historical performance data of previous transactions and the dynamic credit card portfolio of Cencosud Argentina, ranging from January 2012 to December 2016. In assigning the rating to this transaction, Moody's assumed a lognormal distribution of losses for the securitized pool with a mean of 6.5% and a coefficient of variation of 50%. The rating agency also analyzed the payment levels in the seller's overall credit card dynamic portfolio, identifying a payment rate (monthly payment / monthly balance) averaging 71.3% during the last twelve months as of December 2016. Additionally, in order to analyze a scenario of extreme dependence to the sponsor of the transaction, Moody's assumed that all cardholders in the pool will pay only the minimum payment. To determine the rating assigned to the notes, Moody's has used an expected loss methodology that reflects the probability of default times the severity of the loss expected for each security. In order to allocate losses to each Class in accordance with their priority of payment and relative size, Moody's has used a cash- flow model (ABSCORE) that reproduces many deal-specific characteristics. Weighting each loss scenario's severity result with its probability of occurrence, the model has calculated the expected loss level for each security as well as the expected average life. Moody's model then compares the quantitative values to the Moody's Idealized Expected Loss table for each tranche. Servicer default was modeled by simulating the default of Cencosud Argentina as the servicer consistent with an internal assessment of Cencosud Argentina's credit quality. In the scenarios where the servicer defaults, Moody's assumed that the defaults will increase by approx. 280% and that one full month of collections will be lost. The increase of 280% reflects the risk that, for those installments with a minimum payment of less than 100%, the amounts between the whole installment and the minimum payment will be lost without the support of the sponsor. In addition, the stress multiple also incorporates the risk that, in such a scenario, the credit card could stop working as a means of payment, reducing the incentives to pay remaining balances for the credit card holders. The model results showed 0.5% expected loss for the VDFA, 3.3% for the VDFB and 4.7% for the VDFC. Stress Scenarios: Parameter Sensitivities provide a quantitative, model-indicated calculation of the number of notches that a Moody's-rated structured finance security may vary if certain input parameters used in the initial rating process differed. The analysis assumes that the deal has not aged. It is not intended to measure how the rating of the security might migrate over time, but rather, how the initial rating of the security might differ as certain key parameters vary. Parameter sensitivities for this transaction have been calculated in the following manner: Moody's tested sixteen scenarios derived from the combination of mean loss: 6.5% (base case), 9.0% (base case + 2.5%), 11.5% (base case + 5%), 14% (base case + 7.5%) and coefficient of variation (CoV) of losses: 40% (10% less than base case), 50% (base case), 60% (10% more than base case) and 70% (20% more than base case). The 6.5% /50% represents the base case assumptions used in the initial rating process. At the time the rating was assigned, the model output indicated that the VDFA would have achieved a B1 (sf) global rating model output if mean loss was as high as 14.0% with a CoV of 50%. Under the same assumptions, the VDFB and VDFC would have achieved a rating of Caa3 (sf) and Ca (sf) respectively. Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in May 2016 entitled "Mapping National Scale Ratings from Global Scale Ratings". While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons. =============== B A R B A D O S =============== BARBADOS: Businesses Pessimistic About Future, Survey Shows ----------------------------------------------------------- Caribbean360.com reports that business confidence in Barbados is at an all-time low in the wake of recent grim economic reports, a recent survey has found. Preliminary findings from the latest Business Outlook 2017, conducted by local firm Abelian Consulting Services Inc., revealed that the level of confidence among businesses had declined significantly to minus eight percent, compared to 15 percent during the first quarter of last year, according to Caribbean360.com. According to the quarterly survey, local companies are expecting little to no profits and no real new employment opportunities over the next three months, the report notes. "We have come to a situation where that [business confidence] now is minus eight per cent, which essentially is saying, at the moment in the private sector there are more people who think that overall things are not going to get much better," Chief Executive Officer Ryan Straughn told an Ernst & Young/Barbados Chamber of Commerce and Industry Breakfast forum, the report relays. The news comes at the height of turbulence in the Barbados economy, notes the report. In its latest economic report issued in January, the Central Bank raised a red flag that the island's foreign reserves had fallen to its lowest level in 14 years -- 10.3 weeks of import, which is below the benchmark 12 weeks of import, the report discloses. Earlier this month, the Barbados-based Caribbean Development Bank forecasted that the island would be among seven of its 19 borrowing members countries that would record economic growth of less than two percent this year, the report notes. The report says the Bank estimated that growth would be in the range of 1.8 percent, a marginal gain on the 1.6 posted in 2016. The report relays that Mr. Straughn, an economist, said government activity was a major concern for the island's business. "For the first time now we are seeing it is at its lowest since we started looking at this. So, fewer executives believe now in their own ability to withstand the current situation as it relates to the foreign exchange crisis or the government's debt problem," he said, the report notes. "Today everybody is pretty much pessimistic about the next three months. They are even more pessimistic about the next six months and you can see that for the most part, a year out, it is the same level as the short term. So there is no expectation right now among the private sector that looking a year ahead, that things are going to be any better," Mr. Straughn cautioned, the report adds. As reported in the Troubled Company Reporter-Latin America on March 7, 2017, S&P Global Ratings lowered its long-term foreign and local currency sovereign ratings on Barbados to 'CCC+' from 'B-'. The outlook is negative. S&P also lowered the short-term ratings to 'C' from 'B.' At the same time, S&P lowered its transfer and convertibility assessment for Barbados to 'CCC+' from 'B-'. =========== B R A Z I L =========== COMPANHIA ENERGETICA: S&P Cuts CCR to 'B'; Removes from Watch Neg. ------------------------------------------------------------------ S&P Global Ratings lowered its global scale corporate credit on Companhia Energetica de Minas Gerais (Cemig) and on its operating subsidiaries, Cemig Distribuicao S.A. (Cemig D) and Cemig Geracao e Transmissao S.A. (Cemig GT), to 'B' from 'B+'. S&P also lowered its national scale ratings on the companies to 'brBB+' from 'brBBB+'. S&P removed the ratings from CreditWatch negative, where it placed them on Dec. 13, 2016. The outlook on the corporate credit ratings is stable. S&P also lowered the group's stand-alone credit profile (SACP) to 'b' from 'b+'. The downgrade reflects S&P's view that Cemig is exposed to the overall fiscal weakness of the state of Minas Gerais, which compare negatively with some of its utilities peers, and could influence to some extent the perception of risk among potential lenders and creditors to Cemig. However, S&P don't expect an extraordinary action from the state government that could erode the group's liquidity and credit metrics. On Dec. 13, 2016, S&P lowered the global scale ratings on the state to 'B-' from 'BB-' and the national scale rating to 'brB-' from 'brA', with a negative outlook. The downgrade reflected Minas Gerais' struggle to stabilize its finances and comply with the Fiscal Responsibility Law's targets. S&P views Cemig as a government-related entity (GRE). Minas Gerais controls 51% of the group and S&P views likelihood of extraordinary support as moderately high because it considers that Cemig plays an important role given that it provides essential services to the state's population. S&P believes that Cemig operates under the federal-level regulator's Agencia Nacional de Energia Eletrica (ANEEL) supervision, which helps to mitigate interference from Minas Gerais. In addition, the financial covenants under Cemig's debentures issuance due 2021 limit dividends to the minimum amount, as defined in the group's bylaws, and prohibit any amendment of the latter. Also, Cemig's highly leveraged credit metrics and less than adequate liquidity reduce its capacity to upstream financial resources. Finally, S&P tested Cemig's resilience to a hypothetical default of the state of Minas Gerais. Due to the latter's strained finances and that S&P's current base-case already reflects stressed conditions, the level of stress incorporated into its test on Cemig was limited and included an extraordinary increase in state tax. Under this hypothetical scenario, S&P currently expects Cemig to be relatively resilient to state-level default. COMPANHIA DE GAS: S&P Affirms Then Withdraws 'BB' GS Rating ----------------------------------------------------------- S&P Global Ratings affirmed its 'BB' global scale rating on Companhia de Gas de Sao Paulo -- Comgas with a negative outlook. S&P subsequently withdrew the global scale rating at issuer's request. At the time of the withdrawal, the rating and outlook reflected S&P's view that Comgas, as other regulated utilities in the Federative Republic of Brazil (global scale: BB/Negative/B; national scale: brAA-/Negative/--), could be subject to government intervention in a scenario of a sovereign default. Therefore, Brazil's foreign currency rating was a cap for the company's rating. In S&P's view, Comgas will continue posting solid credit metrics in the next few years and maintain a healthy operating performance throughout its concession area, despite Brazil's troubled economy. ========================== C A Y M A N I S L A N D S ========================== ALFA HOLDINGS: Commences Liquidation Proceedings ------------------------------------------------ The sole shareholder of Alfa Holdings Limited, on Jan. 6, 2017, 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: Roy Alan Angliss HSM Chambers 68 Fort Street P.O. Box 31726 Grand Cayman KY1-1207 Cayman Islands Telephone: (345) 815 7427 BELLINI DESIGNS: Commences Liquidation Proceedings -------------------------------------------------- The members of Bellini Designs Ltd., on Jan. 9, 2017, resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 28, 2017, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands CS SOLUTIONS: Commences Liquidation Proceedings ----------------------------------------------- At an extraordinary meeting held on Jan. 17, 2017, the members of CS Solutions Holdings Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 17, 2017, will be included in the company's dividend distribution. The company's liquidator is: Westport Services Ltd. c/o Michelle Bryan P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949 5122 Facsimile: (345) 949 7920 DECISION INTERNATIONAL: Commences Liquidation Proceedings --------------------------------------------------------- The shareholders of Decision International Fund Limited, on Jan. 17, 2017, 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: Robert Logan 28570 Calabria Court #101 Naples Florida 34110 Telephone: (239) 908-0911 e-mail: rlogan@southcovecapital.com FALCON RELATIVE: Placed Under Voluntary Wind-Up ----------------------------------------------- The sole shareholder of Falcon Relative Value Fund Limited, on Jan. 20, 2017, 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: Gulf International Bank (UK) Limited c/o Ridhiima Kapoor 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 GENENCOR INTERNATIONAL: Commences Liquidation Proceedings --------------------------------------------------------- The sole shareholder of Genencor International Cayman Ltd., on Jan. 4, 2017, 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: Henrik Fastholm Telephoone: +45 3266 2057 Facsimile: +45 3266 2175 DuPont Nutrition Biosciences ApS Langebroage 1 1411 Copenhagen Denmark HVS III: Placed Under Voluntary Wind-Up --------------------------------------- The sole member of HVS III (ECI), Ltd., on Dec. 31, 2016, resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 20, 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 HVS III PLUS: Placed Under Voluntary Wind-Up -------------------------------------------- The sole member of HVS III (ECI) Plus, Ltd., on Jan. 1, 2017, resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 20, 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 KODIAK OFFSHORE: Commences Liquidation Proceedings -------------------------------------------------- The sole shareholder of Kodiak Offshore Manager, Ltd., on Jan. 12, 2017, 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 Cayman Islands Telephone: +1 (345) 949 0100 LIONTRUST PANTHERA: Commences Liquidation Proceedings ----------------------------------------------------- The sole shareholder of Liontrust Panthera Fund Limited, on Dec. 31, 2016, resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by March 1, 2017, will be included in the company's dividend distribution. The company's liquidator is: Intertrust Trustees (Cayman) Limited c/o Kim Charaman 90 Elgin Avenue, George Town Grand Cayman, KY1-9005 Cayman Islands Telephone: (345) 943-3100 MATOSARO INC: Commences Liquidation Proceedings ----------------------------------------------- The sole shareholder of Matosaro Inc., on Jan. 18, 2017, 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: Argosa Corp. Inc. c/o Shavonne Davis East Bay Street P.O. Box N-7757 Nassau Bahamas Telephone: +1 [242-394-9300] MEPCO LTD: Grand Court Enters Wind-Up Order ------------------------------------------- The Grand Court of Cayman Islands, on Jan. 11, 2017, entered an order to wind up the operations of Mepco Ltd. Kenneth Krys and Christopher Smith were appointed as liquidators. The Liquidators can be reached at: Kenneth Krys Christopher Smith Governors Square Building 6, 2nd Floor 23 Lime Tree Bay Ave P.O. Box 31237 Grand Cayman KY1-1205 Cayman Islands PARTNERS CAPITAL: Placed Under Voluntary Wind-Up ------------------------------------------------ The sole shareholder of Partners Capital Peregrine Fund Ltd., on Jan. 20, 2017, 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: Tobias Seth c/o Richard Bennett Ogier Central Tower, 11th Floor 28 Queen's Road Central Hong Kong Telephone: +852 3656 6069 Facsimile: +852 3656 6001 SCUTUM HOLDINGS: Commences Liquidation Proceedings -------------------------------------------------- At an extraordinary general meeting held on Jan. 17, 2017, the shareholder of Scutum Holdings Limited 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: Commerce Corporate Services Limited P.O. Box 694 Grand Cayman Cayman Islands Telephone: 949 8666 Facsimile: 949 0626 STERLING GK: Commences Liquidation Proceedings ---------------------------------------------- The sole shareholder of Sterling GK Holding Limited, on Jan. 16, 2017, 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: Stephen Nelson Collas Crill Willow House, Cricket Square P.O. Box 709 Grand Cayman KY1-1107 Cayman Islands Telephone: (345) 949.4544 Facsimile: (345) 949.8460 STERLING REALTY: Commences Liquidation Proceedings -------------------------------------------------- The sole shareholder of Sterling Realty Holding Limited, on Jan. 16, 2017, 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: Stephen Nelson Collas Crill Willow House, Cricket Square P.O. Box 709 Grand Cayman KY1-1107 Cayman Islands Telephone: (345) 949.4544 Facsimile: (345) 949.8460 STRATEGIC MARKET: Commences Liquidation Proceedings --------------------------------------------------- The shareholders of Strategic Market Neutral Fund Limited, on Dec. 30, 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: Hadley J. Chilton Tropic Isle Building Nibbs Street Road Town P.O. Box 650 Tortola VG 1110 British Virgin Islands Telephone: +1 (284) 852 2584 VISIUM CATALYST: Commences Liquidation Proceedings -------------------------------------------------- At an extraordinary general meeting held on Jan. 6, 2017, the shareholder of Visium Catalyst Event Driven Master Fund, Ltd. 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: Andrew Childe Trudy-Ann Scott FFP (Cayman) Limited, Harbour Centre, 2nd Floor 42 North Church Street, George Town Grand Cayman Cayman Islands Telephone: +1 (345) 947 5854 VOYAGER GLOBAL: Placed Under Voluntary Wind-Up ---------------------------------------------- The sole shareholder of Voyager Global Fund, Ltd., on Dec. 31, 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: Voyager Management, LLC c/o Justin Savage Ogier 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 VOYAGER GLOBAL SELECT: Placed Under Voluntary Wind-Up ----------------------------------------------------- The sole shareholder of Voyager Global Select Fund, Ltd., on Dec. 31, 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: Voyager Management, LLC c/o Justin Savage Ogier 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Firms Balks at Talk of Impeaching Leader ------------------------------------------------------------ Dominican Today reports that the National Business Council (Conep) executive vice president Rafael Paz critiqued the proposal of some opposition lawmakers to impeach president Danilo Medina, as the Odebrecht US$92.0 million bribe case takes root. Mr. Paz warned the political class not to rely on false news spurred by the social networks and online newspapers "simply to generate confusion and dissociation in Dominican society," according to Dominican Today. The business leader called on certain sectors of the political leadership to avoid spreading information that is later debunked, the report notes. "The public debates have to be based on real and certain information, the other leads us to paths that we haven't explored," the report quoted Mr. Paz as saying. Some opposition lawmakers including deputy (PRM party) Dario Zapata proposed the impeachment of Medina, to clarify under oath reports that Odebrecht funded his campaigns in 2012 and 2016 through chief adviser, Joao Santana, as company executive Hilberto Silva testified in Brazil, 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'. ============= J A M A I C A ============= DIGICEL GROUP: In Deal with Chinese Firm Under US Probe ------------------------------------------------------- Caribbean360.com reports that Digicel Group begins offering voluntary separation packages as it moves to cut its global workforce by 25 per cent, a week after announcing organizational restructuring and a partnership with a controversial Chinese company embroiled in a probe by the United States government. The Enhanced Voluntary Separation Programme is the first step in Digicel's staff reduction process that will continue over the next 18 months, according to Caribbean360.com. The report notes that the decision to cut jobs is part of an overhaul of the company that also involves a relationship with telecom equipment maker ZTE Corporation, accused of violating US trade sanctions on Iran. It was alleged the Chinese firm was exporting communications systems to Iran that contained US technology covered by an economic embargo on the Middle Eastern country, the report relays. Digicel Group announced a global partnership agreement with ZTE for an ongoing multi-year network upgrade program, the largest network transformation ever undertaken by the telecoms firm, the report notes. The deal was signed on February 9 in China by Digicel Chairman Denis O'Brien and Chairman and ZTE Chief Executive Officer Dr. Zhao Xianming, the report relays. In March 2016, the US began investigations into ZTE. But the Chinese company recently got a slightly longer reprieve from export restrictions imposed by the US government over the issue, according to Reuters, the report notes. The US Department of Commerce extended ZTE's temporary export license until March 29, which means that the company can continue using US technology in communications systems it exports to other countries, despite the concerns, the report relays. In a very brief statement on the license extension, ZTE said it is "actively cooperating and communicating with relevant US government departments" and both parties were "negotiating on settlement issues," the report discloses. ZTE's latest reprieve is much shorter than 90-day reprieves given previously, the report relays. Reuters quoted Washington attorney Douglas Jacobson, who specializes in international trade law and represents a number of American companies that supply ZTE, as saying this either "indicates the final settlement is imminent or is just a stopgap to give the new administration time to decide how they want to proceed," the report adds. As reported in the Troubled Company Reporter-Latin America on May 27, 2016, Fitch Ratings has affirmed the ratings of Digicel Group Limited (DGL) and its subsidiaries Digicel Limited (DL) and Digicel International Finance Limited (DIFL), collectively referred to as 'Digicel' as follows. DGL -- Long-Term Issuer Default Rating (IDR) at 'B'; Stable Outlook; -- $US 2.0 billion 8.25% senior subordinated notes due 2020 at 'B-/RR5'; -- $US 1 billion 7.125% senior unsecured notes due 2022 at 'B-/RR5'. DL -- Long-Term IDR at 'B'; Stable Outlook; -- $US 250 million 7% senior notes due 2020 at 'B/RR4'; -- $US 1.3 billion 6% senior notes due 2021 at 'B/RR4'; -- $US 925 million 6.75% senior notes due 2023 at 'B/RR4'; DIFL -- Long-Term IDR at 'B'; Stable Outlook; -- Senior secured credit facility at 'B+/RR3'. The Rating Outlook is Stable. =========== M E X I C O =========== * MEXICO: Confident of Timely Start to NAFTA Re-negotiation ----------------------------------------------------------- EFE News reports that Mexico's economy secretary said his government is confident that negotiations to revise the North American Free Trade Agreement (NAFTA) will begin as soon as possible. Ildefonso Guajardo commented during a joint press conference with US Commerce Secretary Wilbur Ross, who stressed that by law, President Donald Trump's administration must allow at least 90 days for consultations with Congress before launching formal talks, according to EFE News. "The next stage will be -- hopefully sometime in the next couple of weeks -- issuing the 90-day (consultation) letter," the report quoted Mr. Ross as saying. "That's what triggers the beginnings of the formal process itself. We don't have a date certain for that. We've been in discussion with the -- Senate finance committee and the House ways and means committee," the commerce secretary said, the report notes. Trump has criticized the 1994 pact linking the economies of the United States, Mexico, and Canada, calling it unfair to US workers and industries, the report relays. The Mexican government's NAFTA consultation process is well under way, Mr. Guajardo said, the report notes. "We'll be ready by the end of May to start negotiations at any point. Therefore we will just be waiting for the US and Canada to finish their own . . . process to kick off negotiations," he said, the report relays. Mr. Ross, however, raised the possibility that the process will not involve three-sided negotiations, the report notes. "It will either be two parallel bilaterals, with symmetrical provisions. Or one new trilateral. We're less concerned at this stage with the exact form than we are with trying to get to the substance," he said, the report relays. Mexico has made it clear that it would prefer a trilateral approach to updating NAFTA, the report adds. ====================== P U E R T O R I C O ====================== DACCO TRANSMISSION: Taps Hilco Real Estate as Lease Consultant -------------------------------------------------------------- DACCO Transmission Parts (NY), Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Hilco Real Estate, LLC. The firm will provide consulting and advisory services related to the restructuring and renegotiation of the Debtor's lease agreements. For each lease that becomes a restructured lease, Hilco will earn a fee equal to the "restructured lease savings fee." The amount will be paid in a lump sum upon closing of the transaction. A "restructured lease" means any lease for which the Debtor enters into a written agreement with a landlord that has the effect of modifying the terms of such lease. Compensation for any restructured lease will be equal to the sum of a flat fee of $2,000, plus the aggregate "restructured lease savings" multiplied by 6.5%. Ryan Lawlor, vice-president and deputy general counsel of Hilco Trading, the managing member of Hilco Real Estate, disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Ryan Lawlor Hilco Real Estate, LLC 5 Revere Drive, Suite 206 Northbrook, IL 60062 About DACCO Transmission Parts (NY) DACCO Transmission Parts (NY), Inc. and 46 affiliated debtors, including Transtar Holding Company, filed Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 16-13245) on November 20, 2016. The petitions were signed by Joseph Santangelo, authorized representative. The cases are assigned to Judge Mary Kay Vyskocil. The Debtors estimated assets and liabilities at $500 million to $1 billion at the time of the filing. Jones Day represents the Debtors as bankruptcy counsel. The Debtors hired FTI Consulting, Inc. as restructuring and financial advisor, Ducera Partners LLC as financial advisor and investment banker, and Prime Clerk LLC as claims, noticing and solicitation agent. Richard Levin was appointed as examiner in the Debtors' cases. The examiner is represented by Jenner & Block LLP. On February 21, 2017, the Debtors filed a Chapter 11 plan of reorganization. Headquartered in Cleveland, Ohio, Transtar Holding Company manufactures and distributes aftermarket driveline Replacement parts and components to the transmission repair and remanufacturing market. It also supplies autobody refinishing products and manufactures air conditioning, cooling and power steering assemblies and components. Founded in 1975, Transtar maintains over 70 local branch locations, four manufacturing and production facilities (in Alma, Michigan; Brighton, Michigan; Cookeville, Tennessee; and Ferris, Texas), and four regional distribution centers throughout the United States, Canada and Puerto Rico. On December 21, 2010, the company was acquired from Linsalata Capital Partners by current majority equity holder Friedman Fleischer & Lowe LLC. The acquisition was financed with $425 million of senior secured credit facilities. As of the Petition Date, the company employs approximately 2,000 full-time and 50 part-time employees in the United States, and approximately 100 full-time employees in Canada and Puerto Rico. HALAIS GROUP: Unsecured Creditors to Get $10,000 Under Plan ----------------------------------------------------------- Halais Group, Inc., filed with the U.S. Bankruptcy Court for the District of Puerto Rico a disclosure statement describing its plan of reorganization, dated Feb. 28, 2017, a full-text copy of which is available at: http://bankrupt.com/misc/prb16-01361-11-131.pdf The plan proposes to pay Class 5 general unsecured claimants a Pro-rata distribution of a total of $10,000 at the effective date of the plan. Based on the current allowed amounts, each claim holder in this class will receive approximately 100% of the allowed amount. Any change in the allowed amounts may change the actual distribution change, but it will be nevertheless the same to them. Payments and distribution under the plan will be funded by the cash flow from operations and future income of the Debtor, as well as Stockholder's contributions. Counsel for the Debtor: Carlos A. Ruiz Rodriguez, Esq. LCDO. CARLOS ALBERTO RUIZ, CSP PO Box 1298 Caguas, PR 00726-1298 Tel: (787) 286-9775 Fax: (787) 747-2174 Email: caruiz@reclamatusderechos.com About Halais Group Headquartered in Caguas, Puerto Rico, Halais Group, Inc. filed for chapter 11 bankruptcy protection (Bankr. D.P. R. Case No. 16- 01361) on Feb. 24, 2016, with estimated assets at $500,000 to $1 million and estimated liabilities at $1 million to $10 million. The petition was signed by Raymond Halais, president, authorized representative of Halais. ISLA BONITA: Plan Confirmation Hearing on April 5 ------------------------------------------------- The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the District of Puerto Rico has conditionally approved Isla Bonita Investment Holding Company, Inc.'s disclosure statement filed on Feb. 28, 2017, referring to the Debtor's plan of reorganization. A hearing for the consideration of the final approval of the Disclosure Statement and the confirmation of the Plan will be held on April 5, 2017, at 2:00 p.m. Objections to the final approval of the Disclosure Statement and confirmation of the Plan must be filed on or before 10 days prior to the date of the hearing on confirmation of the Plan. The Debtor will file with the Court a statement setting forth compliance with each requirement in Section 1129, the list of acceptances and rejections and the computation of the same, within seven working days before the hearing on confirmation. Acceptances or rejections of the Plan may be filed by the holders of all claims on or before 10 days prior to the date of the hearing on confirmation of the Plan. About Isla Bonita Isla Bonita Investment and Holding Co, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-06580) on August 18, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Jose Guillermo Gonzalez, Esq. No official committee of unsecured creditors has been appointed in the case. JAYUYA MEMORIAL: March 31 Plan Confirmation Hearing --------------------------------------------------- Judge Edward A. Godoy of the U.S. Bankruptcy Court for the District of Puerto Rico conditionally approved the disclosure statement explaining Jayuya Memorial, Inc.'s plan of reorganization, and scheduled a hearing to consider final approval of the Disclosure Statement and confirmation of the Plan for March 31, 2017, at 9:30 a.m. The Troubled Company Reporter previously reported that Class 2 Claims of General Unsecured Creditors are impaired by the Plan. Holders of Allowed Class 2 Claims will receive a distribution $14,400. This distribution is projected to equal a 50.00% distribution on the Allowed Class 2 Claims. These claims will be paid via 48 monthly payments in the amount of $300. Payments on the Class 2 Claims will commence on the first day of the 74th month following the Effective Date of the Plan and continue, on a monthly basis, through the last day of the 120th month following the Effective Date of the Plan. The Plan establishes that the Plan will be funded from the cash-flows generated by the Reorganized Debtor. The Debtor's cash-flows consist of the business income generated by the Debtor's business. The Debtor will contribute its cash flows to fund the Plan commencing on the Effective Date of the Plan and continue to contribute through the date that Holders of Allowed Class 1 and 2 Claims receive the payments specified for in the Plan. The Disclosure Statement is available at: http://bankrupt.com/misc/prb16-06235-50.pdf Jayuya Memorial, Inc, is managed and operated by its president, Juan Morales. It is a mortuary services company which offers funerary services. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-06235) on Aug. 5, 2016, listing under $1 million in assets and debts. The Batista Law Group, P.S.C., serves as the Debtor's bankruptcy counsel. The Debtor hired Manuel E. Feliciano Rios, CPA, as financial consultant. METROPOLITAN INDUSTRIAL: Hearing on Plan Disclosures Set June 7 --------------------------------------------------------------- The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the District of Delaware will hold a hearing on June 7, 2017, at 9:00 a.m. to consider the approval of Metropolitan Industrial Food Services, Inc.'s disclosure statement referring to the Debtor's plan of reorganization. Objections to the Disclosure Statement must be filed not less than 14 days prior to the hearing. The Debtor will give notice of this court order to all creditors and parties in interest and file a certificate of service within fourteen 14 days from the March 1, 2017 notice of this order. Headquartered in San Juan, Puerto Rico, Metropolitan Industrial Food Services, Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No. 15-08302) on Oct. 23, 2015, listing $2.09 million in total assets and $4.62 million in total liabilities. The petition was signed by Josue V. Navarro, president. Judge Edward A Godoy presides over the case. Alexis Fuentes Hernandez, Esq., at Alexis Fuentes-Hernandez serves as the Debtor's bankruptcy counsel. PANADERIA ZULMA: Seeks Plan Filing Deadline Moved to April 27 ------------------------------------------------------------- Panaderia Zulma Inc. asks the U.S. Bankruptcy Court for the District of Puerto Rico to grant an extension of its exclusivity period, until April 27, 2017, to submit a bankruptcy plan; and a corresponding extension of 60 days of its deadline to procure votes under that plan after the order granting approval of the Disclosure Statement is entered. The Debtor says it needs to be able to reconcile all claims in order to propose a complete, viable and effective plan that account for all claims. Moreover, the Debtor relates that it is in the process of conducting negotiations with key creditors that are necessary in order to propose the plan. About Panaderia Zulma Panaderia Zulma Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-07217) on September 11, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Myrna L. Ruiz-Olmo, Esq. of MRO Attorneys. Hector A. Morales of Morales Munoz & Asociados CPA, PSC has been tapped as accountant. ================================ T R I N I D A D & T O B A G O ================================ PETROTRIN: Bharath Disputes Firm's Loss Figures ----------------------------------------------- Trinidad and Tobago Newsday reports that former Trade Minister Vasant Bharath has said Finance Minister Colm Imbert's statement that state-owned oil company Petrotrin had accumulated a $4.2 billion loss displayed Imbert's "lack of appropriate experience and qualification." In a media statement, the Finance Ministry said between 2011 and 2016, Petrotrin had sustained $4.2 billion in losses which would now have to be shown in Petrotrin's books as a "loss" rather than as a "deferred tax asset," according to Trinidad and Tobago Newsday. However, says the report, in his own media release on March 9, Bharath, himself a former minister in the Ministry of Finance, said Imbert's statement displayed "both his lack of appropriate experience and qualification for this pivotal and crucial portfolio as well as his indiscretion in pointing fingers at an internationally reputable accounting firm, from whose glare and scrutiny these losses were supposedly concealed. "The truth of the matter, as the minister would have been informed, is that Petrotrin would have brought forward unused capital allowances, accumulated as a result of refinery upgrades as well as the failed WGTL project which cost taxpayers $3.3 billion and a further $3.2 billion in relation to a separate project involving an ultra - low sulphur diesel (USD) plant constructed by South Korean firm Samsung Engineering and Construction Limited." Mr. Bharath said both projects had been entered into under the Malcolm Jones-led board in 2009, the report relays. "Provided the auditors are given sufficient evidence that the company will make sufficient profits in the future, these allowances remain on the company's books as a deferred asset," he said, and noted that a deferred tax asset was an accounting term which referred to a situation where a business has overpaid taxes or taxes paid in advance on its balance sheet, says the report. "These taxes were eventually returned to the business in the form of tax relief, and the over-payment was, therefore, an asset for the company. "It is clear that as a result of no such assurances been given to the auditors, they may have had little choice but to write off the asset as being 'unrelievable' against future profits. This is what has given rise to the alleged loss of $4.2 billion on Petrotrin's books. "It has absolutely nothing to do with the management of Petrotrin under the People's Partnership government and everything to do with the incompetence and mismanagement of the present regime," he added, the report relays. About Petrotrin Petroleum Company of Trinidad and Tobago is the major state-owned oil company in Trinidad and Tobago. The company was established in 1993 by the merger of Trintopec and Trintoc, two state-owned oil companies. Petrotrin's main holdings are extensive, mature onshore fields located across southern Trinidad. Large areas have been leased out to small private producers who are able to make a profit on wells that are unprofitable for Petrotrin, giving it higher labor costs. The company operates a refinery at Pointe-Pierre, just north of San Fernando in south Trinidad. Most crude petroleum produced in Trinidad is exported without being refined. The refinery depends on imported crude (mostly from Venezuela), which is either used domestically or exported. * * * As reported in the Troubled Company Reporter-Latin America on July 23, 2015, Trinidad Express reported that state-owned Petroleum Company of Trinidad and Tobago (Petrotrin) multiplied its losses 11.2 times to reach US$168 million for the nine months ended June 30 compared to US$15 million loss for the same period last year, but its earnings before income tax, depreciation and amortisation (EBITDA) rose 132 per cent between March and June, preliminary financials show. On Dec. 2, 2014, TCRLA reported that Trinidad and Tobago Newsday said in the face of falling global oil prices, which is starring to impact on Trinidad and Tobago's earnings from its petroleum resources, Petroleum Company of Trinidad and Tobago has rolled out a plan to remain viable and to survive in the harsh global oil industry. Petrotrin said in a media release that it is forging ahead with objective cost management decisions imperative to secure its viability, according to Trinidad and Tobago Newsday. The report said Petrotrin's operations have also been severely impacted due to unfavorable margins. The TCRLA reported on Jan. 21, 2014 that Trinidad Express, citing Energy Minister Kevin Ramnarine, said Petrotrin will make a loss for its 2013 financial year. According to Mr. Ramnarine, Petrotrin was scheduled to make the loss even before the series of oil spills affecting Trinidad's southwestern peninsula since December, reports Trinidad Express. *********** 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 * * *