/raid1/www/Hosts/bankrupt/TCRLA_Public/170508.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
Monday, May 8, 2017, Vol. 18, No. 90
Headlines
A R G E N T I N A
ARGENTINA: Small Farmers Need Access to Technology, Otero Says
ARGENTINA: Companies' Liquidity Risk Remains High, Moody's Says
B O L I V I A
BOLIVIA: Expert Says Country Must Adjust to Economic Lean Years
C A Y M A N I S L A N D S
AVIOL INVESTMENT: Shareholders Receive Wind-Up Report
BEST ACTION: Sole Member Receives Wind-Up Report
CHEERMARK GLOBAL: Shareholder to Hear Wind-Up Report on May 9
CONOCOPHILLIPS SOUTH: Shareholder to Hear Wind-Up Report on May 9
CREATINGEV INC: Shareholders to Hear Wind-Up Report on May 12
CYRUS L2: Shareholder Receives Wind-Up Report
GBA MINMETAL: Shareholder to Hear Wind-Up Report on May 9
IGUAZU HOLDINGS: Shareholder Receives Wind-Up Report
TASTOTAL LTD: Shareholder to Hear Wind-Up Report on May 9
WHITE BLUFF: Shareholder to Hear Wind-Up Report on May 12
C H I L E
CHILE: Cos. Liquidity Risk Dip Despite Low Growth, Moody's Says
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: March Manufacturing Index Rebounds to 66.3
J A M A I C A
JAMAICA: Sugar Factories Reopening Following Heavy Rains
M E X I C O
MEXICO: Moody's Affirms Ba2/A2.mx Issuer Ratings on Water Cos.
P U E R T O R I C O
PUERTO RICO: Faces Bank Closure, Privatizations Amid Crisis
X X X X X X X X X
* BOND PRICING: For the Week From May 1 to May 5, 2017
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Small Farmers Need Access to Technology, Otero Says
--------------------------------------------------------------
EFE News reports that the candidate being backed by the Argentine
government to head the Inter-American Institute for Cooperation on
Agriculture (IICA), Manuel Otero, said small farmers in the
Americas must have access to specific technologies and join
together to survive and progress.
"Normally, national research institutes generate technologies that
are made for agribusiness growers, which is large-scale
technology. There has to be an effort to create technology that
will be appropriate for family farmers," Mr. Otero said in an
interview with EFE in La Paz.
EFE News relates that Mr. Otero said, "if family farmers don't
join together, they're going to continue being the adjustment
variable in these economic models" and agribusiness will spread at
the cost of the lands of those peasants.
It is necessary, Mr. Otero said, EFE News cites, for there to be
laws to foster agrarian cooperativism in all countries in the
Americas, something that could be pushed by the IICA leadership,
which is tasked with "fostering and developing" institutions, the
report relays.
A veterinarian by profession and the former vice president of
Argentina's National Institute for Agriculture and Livestock
Technology, Mr. Otero said that Bolivia, like most of the
Americas, has a dual agricultural model, with businessmen oriented
toward their export activities and small producers being the key
to the country's food sovereignty, the report discloses.
"There are many family farmers who occupy a not-very-large portion
of land and who are fundamental in ensuring that Bolivians' food
supply is guaranteed," Mr. Otero said, the report notes.
Mr. Otero said, the report relays, it is vital to ensure the
placement of small producers' crops in the market at fair prices
and to help them get the appropriate technology, although he added
that the IICA can only offer technical assistance and support in
designing projects and in negotiating with multilateral financing
institutions, the report relays.
Mr. Otero acknowledged that the poverty of many of these farmers
is an obstacle to the investment in technology, but he said that
"the vicious circle must be broken and we must see how the
conditions for promoting a virtuous circle can be created," the
report notes.
After meeting with authorities in Bolivia, Mr. Otero will travel
to Peru, Ecuador, Panama and Paraguay to try and round up the
votes needed to head the IICA, where he said he wants to promote
more inter-hemispheric trade, the report discloses.
"Our hemisphere is one with the least intrabloc trade," Mr. Otero
said, attributing this to "historical and cultural reasons" more
than to the obstacles imposed by regulations, the report relays.
He also said that he wanted to "review the extractive agricultural
model based on monoculture," where big farms predominate for crops
like soybeans or sugar cane in various countries, the report
notes.
Mr. Otero also recommended the adoption of the new conceptual
framework of "the bioeconomy," whereby the biomass and
agricultural waste products would be utilized to obtain -- besides
more food -- energy and inputs for industry, 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.
The TCR-LA reported on Jan. 30, 2017 that Moody's Investors
Service assigned a B3 rating to the Government of Argentina's
US$3.25 billion bond due 2022 and the US$3.75 billion bond due
2027. The outlook on the Government of Argentina's rating is
stable.
The TCR-LA also relayed that Argentina defaulted on some of its
debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment. Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.
On March 30, 2016, after more than 12 hours of debate in the
Senate, Argentina's Congress passed a bill that will allow the
government to repay holders of debt that the South American
country defaulted on in 2001, including a group of litigating
hedge funds that won judgments in a New York court. The bill
passed by a vote of 54-16.
ARGENTINA: Companies' Liquidity Risk Remains High, Moody's Says
---------------------------------------------------------------
Limited access to bond markets and a lack of long-term funding
opportunities at home mean that liquidity risk will remain high
for Argentine companies through at least mid-2018, says Moody's
Investors Service in a report.
Nine of the 14 Argentine companies that Moody's rates had high
liquidity risk in 2016. However, this was countered by their
relatively strong credit quality, based on their size and market
positions, support from parents, reliance on exports and low
levels of leverage.
"Argentina's uncertain economy and fiscal health have long shut
out all but a few large companies from the international capital
markets," said Veronica Amendola, a Vice President and Senior
Analyst. "This has made many companies increasingly reliant on
short-term bank debt."
As a consequence, Argentine companies are exposed to interest-rate
swings and funding risks and their liquidity depends heavily on
their ability to roll over short-term debt. These companies should
be able to roll over their short-term debt through mid-to-late
2018, but like most Latin American companies, they tend to lack
committed credit facilities.
Foreign-exchange risk will also remain high through mid-2018 for
companies in Argentina. The newly floating peso fell by 21%
against the US dollar in 2016, but it recovered, gaining by 3%
during the first quarter of 2017. The oil and gas sector is most
exposed to foreign-exchange risk, and debt for Argentina's rated
companies is 68% denominated in foreign currencies after hedges.
Nonetheless, despite these challenges, Argentina's business
environment does continue to improve. Moody's expects the economy
to grow by 3% in 2017 and 3.5% in 2018 as consumption and
investment pick up and the government increases spending on
infrastructure.
=============
B O L I V I A
=============
BOLIVIA: Expert Says Country Must Adjust to Economic Lean Years
----------------------------------------------------------------
EFE News reports, citing an economist's warning, that the boom
that Bolivia enjoyed during the last 10 years has given way to a
downturn and the country must now adjust its economy to the lean
times that are just starting.
Economist Gonzalo Chavez pursued his doctorate studies at the
University of Manchester in the UK and has master's degrees from
Harvard, Columbia University and the Pontifical Catholic
University of Rio de Janeiro, EFE News cites.
As reported in the Troubled Company Reporter-Latin America on
March 15, 2017, S&P Global Ratings assigned its 'BB' issue rating
on the Plurinational State of Bolivia's proposed up to US$1
billion senior unsecured notes issuance. The rating on the notes
is the same as the long-term foreign currency sovereign credit
rating on Bolivia.
==========================
C A Y M A N I S L A N D S
==========================
AVIOL INVESTMENT: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Aviol Investment Management Ltd. received on
May 2, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.
Gerrit Berend Oldekamp is the company's liquidator.
BEST ACTION: Sole Member Receives Wind-Up Report
------------------------------------------------
The sole member of Best Action Limited received on May 2, 2017,
the liquidators' report on the company's wind-up proceedings and
property disposal.
The company's liquidators are:
Koo Chi Sum
Stephen Liu Yiu Keung
Ernst & Young Transactions Limited
One Island East, 62nd Floor
18 Westlands Road, Island East
Hong Kong
Telephone: +852 2846 9888
Facsimile: +852 2827 0715
CHEERMARK GLOBAL: Shareholder to Hear Wind-Up Report on May 9
-------------------------------------------------------------
The shareholder of Cheermark Global Ltd will hear on May 9, 2017,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Chan Siu Yi
KITEC, Unit 1085, 10th Floor
1 Trademart Drive, Kowloon Bay
Kowloon, Hong Kong
Telephone +852 2780 0607
Facsimile: + 852 2780 0013
CONOCOPHILLIPS SOUTH: Shareholder to Hear Wind-Up Report on May 9
-----------------------------------------------------------------
The shareholder of Conocophillips South Asia New Ventures Ltd.
will hear on May 9, 2017, at 10:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Trident Liquidators (Cayman) Ltd.
c/o Lisa Thoppil
One Capital Place, 4th Floor
P.O. Box 847, George Town
Grand Cayman KY1-1103
Cayman Islands
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
CREATINGEV INC: Shareholders to Hear Wind-Up Report on May 12
-------------------------------------------------------------
The shareholders of Creatingev Inc. will hear on May 12, 2017, at
11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Maricorp Services Ltd.
c/o Steven J. Barrie
#31 The Strand, 46 Canal Point Drive
P.O. Box 2075 Grand Cayman, KY1-1105
Cayman Islands
Telephone: (345) 949-9710
CYRUS L2: Shareholder Receives Wind-Up Report
---------------------------------------------
The shareholder of Cyrus L2 SPC received on May 3, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Cyrus Capital Partners, L.P.
c/o Jody Powery-Gilbert
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
GBA MINMETAL: Shareholder to Hear Wind-Up Report on May 9
---------------------------------------------------------
The shareholder of GBA Minmetal Trading Ltd will hear on May 9,
2017, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Chan Siu Yi
KITEC, Unit 1085, 10th Floor
1 Trademart Drive, Kowloon Bay
Kowloon, Hong Kong
Telephone +852 2780 0607
Facsimile: + 852 2780 0013
IGUAZU HOLDINGS: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Iguazu Holdings SPC received on May 3, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Cyrus Capital Partners, L.P.
c/o Jody Powery-Gilbert
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
TASTOTAL LTD: Shareholder to Hear Wind-Up Report on May 9
---------------------------------------------------------
The shareholder of Tastotal Ltd will hear on May 9, 2017, at
3:00 p.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Marcel Minger
e-mail: m.minger@kendris.com
Wengistrasse 1
8004 Zurich
Switzerland
Telephone: 0041 58 450 58 50
WHITE BLUFF: Shareholder to Hear Wind-Up Report on May 12
---------------------------------------------------------
The shareholder of White Bluff Limited will hear on May 12, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949-8666
Facsimile: 949-0626
=========
C H I L E
=========
CHILE: Cos. Liquidity Risk Dip Despite Low Growth, Moody's Says
---------------------------------------------------------------
Liquidity risk for Chilean companies has declined considerably,
despite a slowdown in the country's economic growth and a slow
recovery in commodity prices, says Moody's Investors Service in a
report.
Only four out of the 11 companies that Moody's studied had little
cushion to address upcoming cash needs in 2016, and about seven of
the companies had medium or low liquidity risk during the same
period -- an improvement since 2015.
"Corporate liquidity risk in Chile declined, with funding risk
dropping overall for the 11 Chilean non-financial companies that
we rate B3 or higher," says Barbara Mattos, a Vice President and
Senior Credit Officer at Moody's. "Most corporates have manageable
maturity profiles, with no significant refinancing peaks in the
next 4 years."
Moody's expects that Chile's economy will grow a bit shy of 2% in
2017 and 2.5% in 2018. Commodity prices proved volatile in 2016,
with copper prices in particular falling in late 2015 and
remaining at low levels before recovering later in the year and in
early 2017.
Despite the declining inflation and interest rates, which will
support an improvement in consumer confidence in 2017, Chile's
weak labor market conditions could threaten private consumption
through mid-2017.
Overall, Chilean corporate liquidity depends in part on the
strength of the Chilean peso, since most of Chile's corporate
debt, EBITDA and revenue is denominated in US dollars. In 2016,
Chilean companies with US dollar-denominated debt benefited from
an appreciation of the peso by 5.5% against the US dollar,
although the stronger peso has weakened cash flows for exporters.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: March Manufacturing Index Rebounds to 66.3
--------------------------------------------------------------
Dominican Today reports that the Dominican Republic Industry
Association (AIRD) said that after a sharp decline in January, the
monthly manufacturing activity index rebounded from 40.2 in the
first month of the year to 53.8 in February, down from a year
earlier -- in February 2016, it had been 59.8 -- but soared to
66.3 by March, the highest in the last 22 months.
By 2017, the financial authorities have estimated economic growth
below the levels posted in recent years, according to Dominican
Today.
In that regard, the Central Bank estimates that the GDP will grow
at around 5.5% in 2017, which still means an expansion above the
real potential of the local economy, the report notes.
"We have been running an average of 7.2 quarts for 11 quarters, so
the growth slowdown to 5-5.5% is natural," said Enrique Penson,
economist at Analytica, the report relays.
Mr. Penson said that in the last decade, the average GDP growth in
the first quarter has ranged between 1 and 2%, "lower than the
year average," and notes that some lethargy in the economy at the
start of each year is natural, and "this 2017 hasn't escaped it,"
the report notes.
The Central Bank said economic activity grew 5.5% in January,
while data for February and March have yet to be released, the
report relays.
Effect on Prices
According to the economist, the working class' negative perception
about economic performance could stem from higher consumer prices,
"which this year has been a little more intense," the report
discloses.
Mr. Penson, quoted by diariolibre.com, said despite the average
inflation rise falls within the government's 4% target for this
year, the increase in some groups such as transport, has been
nearly 9% in the first quarter, the report relays.
"This increase in transport costs is especially significant for
the population," Mr. Penson said, adding that rising fuel prices
are to blame, the report notes.
According to the Central Bank, the accumulated inflation rate for
the first quarter stood at 0.84%, the report adds.
As reported in the Troubled Company Reporter-Latin America on
May 1, 2017, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term sovereign credit ratings on the Dominican Republic.
The outlook remains stable. The transfer and convertibility (T&C)
assessment is unchanged at 'BB+'.
=============
J A M A I C A
=============
JAMAICA: Sugar Factories Reopening Following Heavy Rains
--------------------------------------------------------
RJR News reports that some of Jamaica's sugar factories, which
were forced to close following heavy rains two weeks ago are
reopening.
Allan Rickards, Chairman of the All Island Jamaica Cane Farmers
Association, told RJR News that things are slowly returning to
normal.
"Appleton has restarted as of [April 30]; St. Thomas is still
waiting on the fields to be in a condition where they can be
reaped; Monymusk is about to start, or has started (and) Worthy
Park never stopped at all. You could say that they are all either
resuming production or waiting on the fields to dry out to do
soon," Mr. Rickards said, the report notes.
As reported in the Troubled Company Reporter-Latin America on
Feb. 9, 2017, Fitch Ratings 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: Moody's Affirms Ba2/A2.mx Issuer Ratings on Water Cos.
--------------------------------------------------------------
Moody's de Mexico affirmed the Global Scale, local currency and
Mexico National Scale issuer ratings of the following water
companies:
-- Sistema Intermunicipal de los Servicios de Agua Potable y
Alcantarillado (SIAPA) at Ba2/A2.mx
-- Comision Municipal de Agua Potable y Alcantarillado De la Zona
Conurbada de la Desembocadura del Rio Panuco en el Estado de
Tamaulipas (COMAPA Z.C.) at Ba2/A2.mx
-- Comision de Agua Potable y Alcantarillado del Municipio de
Acapulco (CAPAMA) at B3/B1.mx
-- Aguas del Municipio de Durango (AMD) at Ba3/A3.mx
The outlook of all affected issuers remains negative.
At the same time, Moody's upgraded Sistema Operador de los
Servicios de Agua Potable y Alcantarillado de Puebla's (SOAPAP)
issuer ratings to Baa3/Aa3.mx from Ba2/A2.mx. The outlook remains
negative.
RATINGS RATIONALE
RATINGS RATIONALE FOR SIAPA, COMAPA, CAPAMA AND AGUAS DEL
MUNICIPIO DE DURANGO
The ratings affirmation reflect the strong linkages between the
water companies SIAPA, COMAPA, CAPAMA and AMD and their support
providers: Jalisco, State of Ba2/A2.mx, negative outlook,
Tamaulipas, State of (Ba1/A1.mx), negative outlook, Acapulco,
Municipality of (unrated) and Durango, Municipality of
(Ba3/A3.mx), negative outlook, respectively.
In Moody's view, it is not meaningful to distinguish between the
credit quality of SIAPA, CAPAMA and Aguas del Municipio de Durango
and that of the respective supporting government. There are clear
levels of government oversight as these companies have a clear
public mandate to provide essential water and sewage services. The
governments have substantial control over their strategy,
operations and debt and financial management. These companies are
considered strategic given the essential service they provide and
the economic importance of the regions they cover. Furthermore,
debt of all the companies is guaranteed and a potential default
would greatly damage the support providers' reputation. Moody's
believes that the supporting government would act in a timely
manner to address any liquidity pressures that the water companies
may face.
The affirmation of the Ba2/A2.mx issuer ratings for COMAPA, which
is one notch below the ratings of the State of Tamaulipas
(Ba1/A1.mx, negative outlook) reflect the same characteristics as
above with the exception that COMAPA's board is represented by all
three levels of government in Mexico (federal, state and local).
In Moody's view, this adds an element of uncertainty on the
timeliness of support from the State in order to address any
liquidity pressures or cover its operating expenditures.
RATINGS RATIONALE FOR SOAPAP
The ratings upgrade to Baa3/Aa3.mx from Ba2/A2.mx for SOAPAP
reflects the strong linkages between SOAPAP and its supporter, the
state of Puebla (Baa3/Aa3.mx, negative) as well as Moody's
evaluation that the state would not prioritize repayment of its
own debt over that of SOAPAP. To issue new long term debt, SOAPAP
would require approval from the state of Puebla, through its
Finance Ministry and the state's Congress and currently they are
not able to contract short term debt per the Fiscal Discipline
law.
SOAPAP is only responsible for oversight of the concessionaire to
ensure compliance with the terms of the concession. Additionally,
SOAPAP's director is appointed by the state's governor, and the
governor serves as chair of SOAPAP's board. The state of Puebla
will closely monitor SOAPAP's financial performance on a monthly
basis and will review and approve the entity's budget. SOAPAP
retains responsibility for a MXN 2.1 billion enhanced loan fully
guaranteed by the state of Puebla. To issue new debt, SOAPAP would
require approval from the state of Puebla, through its Finance
Ministry and the state's Congress.
RATIONALE FOR NEGATIVE OUTLOOKS
The negative outlooks reflect the negative outlooks assigned to
each of the supporting governments. Given the strong funding
linkages with the federal government, the states and
municipalities face the same risks currently facing the Government
of Mexico (A3, negative), namely downward pressure stemming from a
potential to renegotiate NAFTA which could compromise
macroeconomic and financial stability and -- directly or
indirectly -- reduce growth below even the relatively low levels
expected over the next two years.
The principal methodology used in these ratings was Government-
Related Issuers published in October 2014.
======================
P U E R T O R I C O
======================
PUERTO RICO: Faces Bank Closure, Privatizations Amid Crisis
-----------------------------------------------------------
Trinidad Express reports that Puerto Ricans will be facing a water
rate increase, privatization of government operations, and the
closure of a bank that once oversaw the island's debt
transactions, officials said as they worked on measures to offset
an economic crisis.
Some of the changes were outlined in new fiscal plans presented to
a federal control board overseeing the island's finances,
according to Trinidad Express.
The plans for four heavily indebted Puerto Rico agencies will be
amended in upcoming weeks, although officials noted that the water
rate increase will start in January and that the Government
Development Bank will be liquidated within a decade, the report
notes.
The board recently approved an overall fiscal plan for the central
government that contains several austerity measures, the report
adds.
About Puerto Rico
Puerto Rico is a self-governing commonwealth in association with
the United States. The chief of state is the President of the
United States of America. The head of government is an elected
Governor. There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats. The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the
son of former governor Pedro Rossello.
In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.
The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and
(vii) David A. Skeel Jr.
On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA"). The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto
Rico's PROMESA petition is posted at
http://bankrupt.com/misc/17-01578-00001.pdf
The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.
Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.
Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico
Jones Day is serving as counsel to certain ERS bondholders.
Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.
=================
X X X X X X X X X
=================
* BOND PRICING: For the Week From May 1 to May 5, 2017
------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
BA-CA Finance Cayman Lt 0.518 62.07 KY EUR
CSN Islands XII Corp 7 68 BR USD
CSN Islands XII Corp 7 67.75 BR USD
Decimo Primer Fideicomi 4.54 52.63 10/25/2041 PA USD
Decimo Primer Fideicomi 6 63.5 10/25/2041 PA USD
Dolomite Capital Ltd 13.26 67.2 12/20/2019 CN ZAR
Empresa de Telecomunica 7 73.14 1/17/2023 CO COP
Empresa de Telecomunica 7 73.14 1/17/2023 CO COP
ESFG International Ltd 5.75 0.66 KY EUR
General Shopping Financ 10 72.5 KY USD
General Shopping Financ 10 71.7 KY USD
Global A&T Electronics 10 74 2/1/2019 SG USD
Global A&T Electronics 10 74.5 2/1/2019 SG USD
Global A&T Electronics 10 65.5 2/1/2019 SG USD
Global A&T Electronics 10 65 2/1/2019 SG USD
Gol Finance 8.75 63 BR USD
Gol Finance 8.75 63.88 BR USD
Gol Linhas Aereas SA 10.75 34.63 2/12/2023 BR USD
Gol Linhas Aereas SA 10.75 34.63 2/12/2023 BR USD
Inversora Electrica de 6.5 55 9/26/2017 AR USD
Inversora Electrica de 6.5 55 9/26/2017 AR USD
MIE Holdings Corp 7.5 75.16 4/25/2019 HK USD
MIE Holdings Corp 7.5 75.26 4/25/2019 HK USD
NB Finance Ltd/Cayman I 3.88 58.01 2/7/2035 KY EUR
Newland International P 9.5 19.88 7/3/2017 PA USD
Newland International P 9.5 19.88 7/3/2017 PA USD
Noble Holding Internati 5.25 72.98 3/15/2042 KY USD
Ocean Rig UDW Inc 7.25 39 4/1/2019 CY USD
Ocean Rig UDW Inc 7.25 38 4/1/2019 CY USD
Odebrecht Drilling Norb 6.35 48.5 6/30/2021 KY USD
Odebrecht Drilling Norb 6.35 47.25 6/30/2021 KY USD
Odebrecht Finance Ltd 7.5 49 KY USD
Odebrecht Finance Ltd 4.3 48.29 4/25/2025 KY USD
Odebrecht Finance Ltd 7.12 48.2 6/26/2042 KY USD
Odebrecht Finance Ltd 5.25 46.15 6/27/2029 KY USD
Odebrecht Finance Ltd 7 57.02 4/21/2020 KY USD
Odebrecht Finance Ltd 5.12 53.51 6/26/2022 KY USD
Odebrecht Finance Ltd 8.25 70.88 4/25/2018 KY BRL
Odebrecht Finance Ltd 6 51.47 4/5/2023 KY USD
Odebrecht Finance Ltd 5.25 45.92 6/27/2029 KY USD
Odebrecht Finance Ltd 7.1 47.82 6/26/2042 KY USD
Odebrecht Finance Ltd 7.5 49.25 KY USD
Odebrecht Finance Ltd 4.3 48.39 4/25/2025 KY USD
Odebrecht Finance Ltd 6 51.77 4/5/2023 KY USD
Odebrecht Finance Ltd 8.2 70.88 4/25/2018 KY BRL
Odebrecht Finance Ltd 7 56.85 4/21/2020 KY USD
Odebrecht Finance Ltd 5.1 52.99 6/26/2022 KY USD
Odebrecht Offshore Dril 6.6 39.64 10/1/2022 KY USD
Odebrecht Offshore Dril 6.7 36.44 10/1/2022 KY USD
Odebrecht Offshore Dril 6.6 38.79 10/1/2022 KY USD
Odebrecht Offshore Dril 6.7 38.75 10/1/2022 KY USD
Petroleos de Venezuela 12.75 67.19 2/17/2022 VE USD
Petroleos de Venezuela 9 58.28 11/17/2021 VE USD
Petroleos de Venezuela 6 40.32 5/16/2024 VE USD
Petroleos de Venezuela 9.75 50.15 5/17/2035 VE USD
Petroleos de Venezuela 6 38.22 11/15/2026 VE USD
Petroleos de Venezuela 5.37 37.39 4/12/2027 VE USD
Petroleos de Venezuela 5.5 37.1 4/12/2037 VE USD
Petroleos de Venezuela 6 41.25 10/28/2022 VE USD
Petroleos de Venezuela 6 40.01 5/16/2024 VE USD
Petroleos de Venezuela 9 58.11 11/17/2021 VE USD
Petroleos de Venezuela 6 38.13 11/15/2026 VE USD
Petroleos de Venezuela 12.75 67.2 2/17/2022 VE USD
Petroleos de Venezuela 9.75 49.94 5/17/2035 VE USD
Polarcus Ltd 5.6 60 3/30/2022 AE USD
Siem Offshore Inc 5.8 49.75 1/30/2018 NO NOK
Siem Offshore Inc 5.59 50.25 3/28/2019 NO NOK
STB Finance Cayman Ltd 2.04 58.35 KY JPY
Sylph Ltd 2.36 50.93 9/25/2036 KY USD
Uruguay Notas del Tesor 5.25 68.02 12/29/2021 UY UYU
US Capital Funding IV L 1.25 51.35 12/1/2039 KY USD
US Capital Funding IV L 1.25 51.35 12/1/2039 KY USD
USJ Acucar e Alcool SA 9.87 67.5 11/9/2019 BR USD
USJ Acucar e Alcool SA 9.87 65.75 11/9/2019 BR USD
Venezuela Government In 9.25 48.75 5/7/2028 VE USD
Venezuela Government In 13.63 82.58 8/15/2018 VE USD
Venezuela Government In 9 51.75 5/7/2023 VE USD
Venezuela Government In 9.37 49 1/13/2034 VE USD
Venezuela Government In 7 71.88 12/1/2018 VE USD
Venezuela Government In 9.25 52 9/15/2027 VE USD
Venezuela Government In 7.65 46.38 4/21/2025 VE USD
Venezuela Government In 13.63 82.58 8/15/2018 VE USD
Venezuela Government In 7.75 61.75 10/13/2019 VE USD
Venezuela Government In 11.95 58.13 8/5/2031 VE USD
Venezuela Government In 6 53.75 12/9/2020 VE USD
Venezuela Government In 12.75 67 8/23/2022 VE USD
Venezuela Government In 7 44 3/31/2038 VE USD
Venezuela Government In 6.5 36.53 12/29/2036 VE USD
Venezuela Government In 8.25 47.75 10/13/2024 VE USD
Venezuela Government In 11.75 57.75 10/21/2026 VE USD
Venezuela Government TI 5.25 69.59 3/21/2019 VE USD
***********
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 Joseph Cardillo at
856-381-8268.
* * * End of Transmission * * *