/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/170515.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 15, 2017, Vol. 18, No. 94 Headlines B A R B A D O S FLOW: To Cut Some Jobs in Barbados B R A Z I L CARTA GOIAS: Moody's Assigns B2 GS Corporate Family Rating ELETROPAULO METROPOLITANA: S&P Affirms BB- Rating; Outlook Stable * BRAZIL: Declares End to Zika Emergency C A Y M A N I S L A N D S CPC GHD: Commences Liquidation Proceedings DESPINA INVESTMENTS: Shareholders' Final Meeting Set for May 24 DUNLOCH INVESTMENTS: Placed Under Voluntary Wind-Up JAPY LIMITED: Commences Liquidation Proceedings KUBERA-COMMONS: Creditors' Proofs of Debt Due May 23 MARLIN FUND: Members' Final Meeting Set for June 8 MOJAVE INVESTMENTS: Members' Final Meeting Set for May 25 ONE EAST: Placed Under Voluntary Wind-Up PERRELET INVESTMENTS: Shareholders' Final Meeting Set for May 16 R&C HEDGE: Commences Liquidation Proceedings RANESFIELD CORPORATION: Commences Liquidation Proceedings C H I L E ENJOY SA: S&P Assigns B- Rating to $300MM Senior Sec. Notes C O S T A R I C A AUTOPISTAS DEL SOL: Fitch Assigns BB(EXP) Rating to Int'l Notes AUTOPISTAS DEL SOL: Moody's Assigns Ba2 Rating to Sr. Sec. Notes E C U A D O R GUYANA: Discloses Major Cuts to Sugar Sector J A M A I C A SANDALS RESORTS: Silent on Reports of a Possible Sale P U E R T O R I C O ADELPHIA COMMUNICATIONS: NextEra Sues Greenberg for Malpractice MINI MASTER: Rodriguez Ready Buying Summit Tumba Agg. A3T for $12K MINI MASTER: BTA Concrete Buying Six Vehicles for $17K MINI MASTER: Rodriguez Ready Buying Kenworth C-11 for $12K MINI MASTER: Rivera Buying Chevrolet Malibu (2005) for $600 V E N E Z U E L A VENEZUELA: Warao People Cross into Brazil to Flee Crisis X X X X X X X X X * BOND PRICING: For the Week From May 8 to May 12, 2017 - - - - - =============== B A R B A D O S =============== FLOW: To Cut Some Jobs in Barbados ---------------------------------- RJR News reports that telecommunications provider Flow confirmed via a statement that several employees in Barbados will be going home, amid ongoing internal restructuring. The company, however, did not provide details on the number of staff who would be affected or what form the separation would take, according to RJR News. Marilyn Sealy, Director of Communications and Stakeholder Management, said the development formed part of its business transformation program, the report notes. Mr. Sealy said as part of this broader program, it has adjusted its team structure and a number of positions will be impacted, the report adds. =========== B R A Z I L =========== CARTA GOIAS: Moody's Assigns B2 GS Corporate Family Rating ---------------------------------------------------------- Moody's America Latina assigned a first-time B2 (global scale) and Ba1.br (national scale) corporate family rating (CFR) to Carta Goias Industria e Comercio de Papeis S.A. The outlook for the ratings is stable. Ratings assigned: Issuer: Carta Goias Industria e Comercio de Papeis S.A. Corporate family ratings: B2 (global scale) and Ba1.br (national scale) The outlook for the ratings is stable. RATINGS RATIONALE Carta Goias B2/Ba1.br corporate family ratings reflect the company's adequate credit metrics and track record of relatively stable margins, even during Brazil's recent economic recession. Its EBITDA margins have remained relatively stable between 19%-21% in the past three years, and adjusted leverage, measured by total adjusted debt/EBITDA, in the 1.8x-2.3x range in the same period. Interest coverage (measured by EBITDA/interest expenses) remained also stable at 2.8x-2.9x from 2014 to 2016. Although the ratings incorporate the execution risk for greenfield and brownfield projects that Carta Goias will be carrying out in the next few years, Moody's expects that these projects, if successfully executed, will bring a substantial increase in scale and allow the company to expand its market presence, in particular in diapers. Constraining the ratings is Carta Goias small size in Brazil's tissue and personal hygiene market, with revenues of about USD 200 million in 2016, relatively weak market share in its main products, including diapers, and limited client and geographic diversification, as the company operates only in Brazil. Accordingly, the company is vulnerable to competitive pressures from larger, well capitalized players; economic volatility; and specific market dynamics in the tissue and hygiene segments, in particular supply imbalances and price movements. An additional constraint is the company's liquidity position, with a cash balance of BRL 27 million, and BRL 90 million in short-term debt at the end of 2016. Although the company has been able to secure adequate funding for its working capital needs and capital expenditures and refinance its debt in the past few years, the liquidity risk will increase in 2017-2018 as the company embarks in its large capital expenditure program. Carta Goias evolving corporate governance is an additional credit constraint. The stable outlook reflects Moody's expectations that Carta Goias will maintain its profitability and expand its market presence overtime. At the same time, Moody's expects that the company will improve cash flow generation while carrying out is expansion projects, which will allow the company to maintain or reduce leverage metrics and improve its liquidity position. The ratings could be upgraded if Carta Goias' liquidity profile improves, with higher coverage of cash to debt and lower concentration of debt in the short term. A rating upgrade would also require greater visibility over the company's financial policies and corporate governance. Quantitatively, the ratings could be upgraded if Carta Goias is able to improve its cash flow generation, with adjusted retained cash flow -- capex over debt (RCF-capex/debt) of at least 4% (-15.6% at the end of 2016). The ratings could be downgraded if Carta Goias' liquidity profile deteriorates or if its capital structure weakens, with adjusted Debt to Ebitda above 6x (2.2 x at the end of 2016) and interest coverage (measured by adjusted EBITDA to interest expense) declines to 1.5x or lower during the execution of its expansion program. Performance falling below Moody's expectations, indicated by retained cash flow - capex to debt below 3% (-15.6% at the end of 2016), could also lead to negative rating actions. The principal methodology used in this rating was Global Paper and Forest Products Industry published in October 2013. Headquartered in Niteroi, in the State of Rio de Janeiro, Carta Goias is a Brazilian privately-owned company operating in the tissue and personal hygiene segments since 1990. Fluminense Industrial is the controlling shareholder of Carta Fabril (100% of shares). Carta Fabril holds 45.3% of Carta Industrial, and 100% of Carta Goias, which in turn has a 54.7% stake at Carta Industrial. Carta Goias reported revenues of USD 200 million in FY 2016. ELETROPAULO METROPOLITANA: S&P Affirms BB- Rating; Outlook Stable ----------------------------------------------------------------- S&P Global Ratings revised its outlook on Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. (Eletropaulo to stable from negative. S&P also affirmed its 'BB-' global scale and 'brA-' Brazil national scale ratings on the company. At the same time, S&P affirmed the 'brA-' issue-level rating on Eletropaulo's 15th debentures issuance of R$200 million maturing in 2018. The outlook revision reflects S&P's view that the risk of a covenant breach will diminish in the next few quarters, because Eletropaulo used higher cash flows in 2016 stemming from the monetization of regulatory assets to reduce debt. Still, the two pending litigations against could harm its credit metrics if the court rules against the company, although the timing for a resolution in uncertain. In 2016, Eletropaulo was able to recover a large portion of the higher electricity costs by converting its regulatory assets into cash. This resulted in a higher-than-expected cash flow generation and in the company's lower debt. Nevertheless, S&P expects the company to reimburse the R$520 million in regulatory liabilities accumulated until the first quarter of 2017 to its clients in 2017 and 2018. Therefore, its cash flow generation for these years will likely be lower. Eletropaulo has been involved in two large litigations. The first one is ANEEL, regarding the company's regulatory asset base that involves R$635.5 million, and there's no defined timeframe on the potential cash outflow. The second one, in court since 1988, is with Eletrobras -- Centrais Eletricas Brasileiras S.A. (Eletrobras; global scale: BB/Negative/--; national scale: /-- /brA-1). The lawsuit is over a R$1.9 billion loan contract between Eletropaulo Eletricidade de Sao Paulo S.A., while the state of Sao Paulo still controlled it. An unfavorable court ruling could, in S&P's view, weaken Eletropaulo's credit metrics and financial flexibility. The timing for the court ruling is currently uncertain. S&P revised its liquidity assessment on Eletropaulo to adequate from less than adequate based on S&P's view that the company's headroom under its debt covenants will be more comfortable than our previous expectations. S&P expects Eletropaulo's sources to exceed its uses by at least 10% and the difference between these to remain above zero even if the expected EBITDA is 10% lower than in S&P's base-case scenario. Also, S&P believes that the company will continue complying with its financial covenants even if its EBITDA declines by 10%. * BRAZIL: Declares End to Zika Emergency ---------------------------------------- Associated Press reports that Brazil declared an end to its public health emergency over the Zika virus, 18 months after a surge in cases drew headlines around the world. The mosquito-borne virus wasn't considered a major health threat until the 2015 outbreak revealed that Zika can lead to severe birth defects. One of those defects, microcephaly, causes babies to be born with skulls much smaller than expected, according to Associated Press. Photos of babies with the defect spread panic across the Western Hemisphere and around the globe, as the virus was reported in dozens of countries, the report relays. Many would-be travelers canceled their trips to Zika-infected places, the report notes. The Centers for Disease Control and Prevention and others recommended that women who were pregnant shouldn't travel to affected areas, the report says. The concern spread even more widely when health officials said it could also be transmitted through sexual contact with an infected person, the report discloses. The health scare came just as Brazil, the epicenter of the outbreak, was preparing to host the 2016 Olympics, fueling concerns the Games could help spread the virus, the report notes. One athlete, a Spanish wind surfer, said she got Zika while training in Brazil ahead of the Games, the report says. In response to the outbreak, Brazil launched a mosquito- eradication campaign, the report relays. The Health Ministry said those efforts have helped to dramatically reduce cases of Zika, the report discloses. From January through mid-April, the Health Ministry recorded 95% fewer cases than during the same period last year, the report relays. The incidence of microcephaly has fallen as well. The World Health Organization lifted its own international emergency in November, even while saying the virus remained a threat, the report notes. "The end of the emergency doesn't mean the end of surveillance or assistance" to affected families, said Adeilson Cavalcante, the secretary for health surveillance at Brazil's Health Ministry. "The Health Ministry and other organizations involved in this area will maintain a policy of fighting Zika, dengue and chikungunya," he added. All three diseases are carried by the Aedes aegypti mosquito. But the WHO has warned that Zika is "here to stay," even when cases of it fall off, and that fighting the disease will be an ongoing battle, the report says. Adriana Melo, the Brazilian doctor who raised alarm bells in the early days of the outbreak about a link between Zika and birth defects, said the lifting of the emergency was expected following the decline in cases, the report notes. "The important thing now is that we don't forget the victims," said Ms. Melo, the report adds. As reported in the Troubled Company Reporter-Latin America on March 17, 2017, Moody's Investors Service has changed the outlook on Brazil's rating to stable from negative and affirmed its issuer rating, senior unsecured at Ba2 and shelf ratings at (P) Ba2. ========================== C A Y M A N I S L A N D S ========================== CPC GHD: Commences Liquidation Proceedings ------------------------------------------ The sole shareholder of CPC GHD, Ltd., on April 12, 2017, passed a resolution 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: Michael T. Hearne 3030 Olive Street, Suite 500 Dallas, TX 75219 DESPINA INVESTMENTS: Shareholders' Final Meeting Set for May 24 --------------------------------------------------------------- The shareholders of Despina Investments Ltd. will hold their final meeting on May 24, 2017, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Matthew Wright c/o Omar Grant Windward 1, Regatta Office Park P.O. Box 897 Grand Cayman KY1-1103 Cayman Islands Telephone: (345) 949-7576 Facsimile: (345) 949-8295 DUNLOCH INVESTMENTS: Placed Under Voluntary Wind-Up --------------------------------------------------- The shareholders of Dunloch Investments Ltd., on April 6, 2017, passed a resolution 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: Alexandria Bancorp Limited c/o Dayra Triana-Munroe Barbara Conolly The Grand Pavilion Commercial Centre 802 West Bay Road P.O. Box 2428 Grand Cayman KY1-1105 Cayman Islands Telephone: (345) 945-1111 JAPY LIMITED: Commences Liquidation Proceedings ----------------------------------------------- The sole shareholder of JAPY Limited, on April 11, 2017, passed a resolution 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: Tiago Citino De Arruda Botelho Rua Belmonte 757 - Sao Paulo SP CEP 05088 050 Brazil KUBERA-COMMONS: Creditors' Proofs of Debt Due May 23 ---------------------------------------------------- The creditors of Kubera-Commons Fund Limited are required to file their proofs of debt by May 23, 2017, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 13, 2017. The company's liquidator is: Mr. Tetsuya Tanaka c/o Maples and Calder, Attorneys-at-law The Center, 53rd Floor 99 Queen's Road, Central Hong Kong MARLIN FUND: Members' Final Meeting Set for June 8 -------------------------------------------------- The members of Marlin Fund Offshore, LDC will hold their final meeting on June 8, 2017, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd. c/o Nicola Cowan dms House, 20 Genesis Close PO Box 1344 George Town KY1-1108 Cayman Islands Telephone: (345) 946 7665 Facsimile: (345) 949 2877 MOJAVE INVESTMENTS: Members' Final Meeting Set for May 25 --------------------------------------------------------- The members of Mojave Investments Ltd. will hold their final meeting on May 25, 2017, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands ONE EAST: Placed Under Voluntary Wind-Up ---------------------------------------- The sole shareholder of One East Ironshore, Ltd., on April 13, 2017, passed a resolution 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: One East Capital Advisors, L.P. c/o Sophia Leavett 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 PERRELET INVESTMENTS: Shareholders' Final Meeting Set for May 16 ---------------------------------------------------------------- The shareholders of Perrelet Investments Limited will hold their final meeting on May 16, 2017, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Citron 2004 Limited Jane Freer Simon Voisin 23-25 Broad Street St. Helier Jersey JE4 8ND Telephone: + 44 1534 282276/ 01534 282345 Facsimile: + 44 1534 282400 R&C HEDGE: Commences Liquidation Proceedings -------------------------------------------- The sole shareholder of R&C Hedge Fund, on April 12, 2017, passed a resolution 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: Claudio Coppola Telephone: (345) 949 - 8599 Harneys Services (Cayman) Limited Harbour Place, 4th Floor 103 South Church Street P.O. Box 10240 Grand Cayman KY1-1002 Cayman Islands RANESFIELD CORPORATION: Commences Liquidation Proceedings --------------------------------------------------------- The shareholders of Ranesfield Corporation, on April 11, 2017, passed a resolution 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: Jose A. Toniolo 307 Fairbanks Road Apt. 50, George Town Grand Cayman Cayman Islands Telephone: (345) 916 2956 ========= C H I L E ========= ENJOY SA: S&P Assigns B- Rating to $300MM Senior Sec. Notes ----------------------------------------------------------- Chile-based gaming company Enjoy S.A. successfully issued five- year $300 million senior secured notes for the acquisition of the remaining 55% stake in Baluma and to refinance most its debt. S&P is assigning its 'B-' ratings on Enjoy and on its proposed senior secured notes. The corporate credit rating reflects Enjoy's solid market position in Chile and Uruguay, but it's constrained by the company's high leverage, with debt to EBITDA close to 5.0x and funds from operations (FFO) to debt slightly below 12% in the next two years. The positive outlook reflects S&P's expectation of a favorable outcome in Enjoy's bidding for the renewal of three municipal casino licenses and that the company will gradually improve its leverage metrics in the next 12 months. Enjoy successfully issued five-year $300 million senior secured notes for the acquisition of the remaining 55% stake in Baluma and to refinance most its debt. S&P is assigning its 'B-' ratings on Enjoy and on its proposed senior secured notes. The corporate credit rating reflects Enjoy's solid market position in Chile and Uruguay, but it's constrained by the company's high leverage, with debt to EBITDA close to 5.0x and funds from operations (FFO) to debt slightly below 12% in the next two years. The positive outlook reflects S&P's expectation of a favorable outcome in Enjoy's bidding for the renewal of three municipal casino licenses and that the company will gradually improve its leverage metrics in the next 12 months. The final ratings are in line with the preliminary ratings that S&P assigned on April 27, 2017, following the successful issuance of the proposed notes and confirmation that final terms and conditions don't differ materially from the draft documents presented to S&P. S&P believes that investors in Enjoy's senior secured notes don't face a significant disadvantage as creditors of the holding company, because the notes will be guaranteed by operating subsidiaries, which generate a considerable share of consolidated EBITDA, and because debt will be secured by real estate and shares from subsidiaries. ================== C O S T A R I C A ================== AUTOPISTAS DEL SOL: Fitch Assigns BB(EXP) Rating to Int'l Notes --------------------------------------------------------------- Fitch Ratings has assigned an expected rating of 'BB(EXP)' to the International Notes that Autopistas del Sol S.A. (the issuer) intends to place in the international markets. The Rating Outlook is Stable. Fitch has also affirmed the rating at 'AA(cri)' for the Series 2017-A-CR notes that will be placed in the local market of Costa Rica. The Rating Outlook is Stable. KEY RATING DRIVERS Summary: The ratings reflect the asset's stable traffic and revenue profile, supported by an adequate toll adjustment mechanism. Mostly used by commuters, the project may face significant competition in the short-to-medium term in case the main competing road is substantially improved and its tariff is significantly lower than that of the project. Toll rates are adjusted quarterly to exchange rate and annually to reflect changes in the U.S. Consumer Price Index (CPI). The ratings also reflect fully amortizing senior debt with a fixed interest rate and a net present value (NPV) cash trap mechanism that protects noteholders in the event of early NPV-related termination of the concession before debt is fully repaid. Fitch's Rating Case average debt service coverage ratio of 1.25x is in line with Fitch's criteria guidance for the rating category, although somewhat weak. The presence of a Minimum Revenue Guarantee (MRG) mechanism provides an additional layer of comfort to the ratings. Mostly Commuter Traffic Base (Revenue Risk: Volume - Midrange): Light vehicles account for approximately 90% of all users, which have proved to be the most stable and resilient traffic base. The road is used by commuters on workdays and by residents of San Jose travelling to the beaches on the weekends. It could face significant competition if major improvements to the existing and congested San Jose-San Ramon route are made and the road is untolled or materially cheaper than the project. The concession agreement provides a MRG that compensates the Issuer if revenue is below certain thresholds, alleviating this risk to a certain extent. Adequate Rate Adjustment Mechanism (Revenue Risk: Price: Midrange): Toll rates are adjusted quarterly to reflect changes in the Costa Rican Colon (CRC) to USD exchange rate, and also annually to reflect changes in the U.S.CPI. Tolls may be adjusted prior to the next adjustment date if the U.S. CPI or the CRC/USD exchange rate varies by more than 5%. Historically, tariffs have been updated appropriately. Suitable Capital Improvement Program (Infrastructure & Development: Midrange): Brownfield asset operated by an experienced global company with a higher-than-average expense profile due to the geographical attributes of the project. The majority of the investments required by the concession have been made. The concession requires lane expansions when congestion exceeds 70% of the ideal saturation flow, which triggers the need for of further investments. However, the project would only be required by the grantor to perform these investments to the extent they do not represent a breach in the debt coverage ratios assumed by the Issuer in the financing documents. Structural Protections Against Shortened Concession (Debt Structure: Midrange): Debt is senior secured, pari passu, fixed rate and fully amortizing. The debt will be denominated in USD. Nonetheless, no significant exchange rate risk exists due to the tariff adjustment provisions set forth in the concession and to the fact that CRC-denominated toll revenues will be converted to USD on a daily basis. The structure includes an NPV cash trap mechanism to prepay debt if traffic outperforms the base case traffic indicated in the issuer's financial model, which largely mitigates the risk of the concession maturing before the debt is fully repaid. Typical project finance features include six-month Debt Service Reserve Account (DSRA), three-month O&M Reserve Account (OMRA), six-month backward and forward looking 1.20x distribution trigger and limitations on investments and additional debt. Metrics: Under Fitch's Rating Case, the project yields minimum DSCR of 0.94x, an average DSCR of 1.25x, and net debt to CFADS of 6.60x. The concession will expire in July 2033 under the Rating Case, which matches its legal maturity. It assumes payments under the MRG from 2024 to 2027, which totals an average 2% of annual revenues. Debt repayment does not depend on the MRG payment, as should it not be received, reserve funds would be sufficient to cover debt service. The metrics are in line with Fitch's applicable criteria for the rating category, although on its weaker side. Additional comfort is provided by the presence of the MRG. PEER GROUP There are no peers rated locally by Fitch that are comparable with the project. RATING SENSITIVITIES Positive: Given the uncertainty related to the degree of competition posed by the Competition Route a positive rating action is unlikely in the short term. Negative: Traffic volumes below Fitch's base case over a prolonged period; Negative: Projected ADSCR profile below 1.15x under Fitch's rating case could trigger a negative rating action. TRANSACTION SUMMARY The issuer plans to issue local and International notes for a total amount of up to USD354 million. The local notes (Series 2017-A-CR) will be denominated in U.S. dollars for up to USD104 million and for a term of 10 years, while the International notes will be denominated in U.S. dollars for up to USD250 million and for a term of 14 years. Both series will maintain a fixed interest rate. The debt structure is prohibited from distributing cash if the historical and projected six-month DSCR is below 1.20x. In case cash has been trapped for six consecutive periods, the trustee must use it to prepay the International notes. The proceeds from the notes are anticipated to be used to repay the outstanding amount of a bank term loan and associated expenses with its repayment, to distribute dividends and to terminate other financial instruments related to the bank loan. The concession will expire at the earliest of July 2033 or the point at which the NPV of cumulative toll revenues reaches USD301.4 million in real terms. Since the concession can be terminated whenever the concessionaire reaches the NPV established in the concession agreement, the structure includes an NPV cash trap mechanism to prepay debt if traffic outperforms the base case revenue indicated in the issuer's financial model. In Fitch's opinion, this mechanism largely mitigates the risk of the concession maturing before the debt is fully repaid. Autopistas del Sol S.A.'s traffic has grown steadily since the road started operations. The ramp-up period occurred from 2010 to 2013, when traffic grew almost 70%. Strong traffic growth was driven by real estate and industrial development in the area, an increase in the commercial activity of the Port of Caldera and the overall growth of the Gross Domestic Product (GDP). The toll road has also benefited from a lack of competition. In recent years, the toll road has shown moderate traffic growth of 4.0%, 9.2% and 4.7% in 2014, 2015 and 2016, respectively. Revenue has grown in line with traffic. In 2014, revenue growth was less than traffic growth due to a slight change in the traffic mix, as heavy vehicles, which pay the highest tariff, decreased their share. In 2015, revenue reached USD66.4 million, an increase of 10.6% compared with 2014. In 2016, revenue reached USD70.6 million, an increase of 5.6%. In addition to revenue from tolls collected at the authorized rate, the concessionaire is also entitled to compensation from the grantor derived from the MRG, whenever the issuer subscribes to it. Its payment will be received whenever actual revenue in any given year is less than the threshold established in the concession agreement. The grantor retains the right to co- participate in the toll revenues following certain provisions described in the concession agreement. The toll road is expected to face significant competition beginning in 2019, as the Government plans to grant the concession for the San Jose-San Ramon route (competing route), an existing asset connecting the cities of San Ramon and San Jose, providing an alternative route for a portion of the project. There is no expectation of greater competition from the competing route in the next 18 to 24 months; however, in the long term, such improvements could represent significant competition for the project. Operating expenses reached USD14.8 million in 2013 and USD18.9 million in 2014. During 2015, costs increased by 22% to USD23.0 million. The increase was due to an increase in administrative expenses related to the payment of fees in relation to the sixth novation of the current credit agreement, as well as the increase in operating expenses related to the works performed to obtain the definitive start of service of the toll road in 2015 and insurance-related costs. In 2016, expenses reached USD20.1 million. Under the concession agreement, the issuer is obliged to extend the lanes on two segments of the toll road whenever a certain congestion level is reached. Although one of the two segments is reaching the congestion limits, there are no formal plans to start the expansion or how it will be financed. However, the concessionaire would only be required by the grantor to perform these investments to the extent they do not generate as a result a breach of the coverage ratios assumed by the issuer in the financing documents. Fitch's Base Case assumed traffic growth at a compounded annual growth rate (CAGR) of 1.50%, which considers, amongst other, that the competing route will charge 50% of the tariff initially stablished when the concession was granted. U.S. CPI reflects Fitch's forecast of 2.3% in 2017, 2.4% in 2018 and 2.0% from 2019 onwards. O&M and capex were projected following the budget provided plus 5.0%. Fitch's Base Case resulted in a minimum DSCR of 1.29x in 2018, an average DSCR of 1.38x and LLCR of 1.44x. Net debt to CFADS in 2017 is 6.35x and decreases each year over the life of the notes. Under this scenario, the concession will end in 2031, earlier than the contractual July 2033, due to the project yielding the NPV of cumulative revenues specified in the concession agreement. Fitch's Rating Case assumed traffic growth at a CAGR of 0.70%, which considers, amongst others, that the competing route will be untolled. U.S. CPI rates as utilized in Fitch's Base Case. O&M and capex were projected following the budget provided plus 7.5%. Fitch's Rating Case resulted in a minimum DSCR of 0.94x in 2022, average DSCR of 1.25x and LLCR of 1.23x. Net debt to CFADS in 2017 is 6.60x and decreases each year over the life of the Notes. Under this scenario, the concession will end at its contractual maturity in July 2033. Ruta 27 is an operational toll road with a length of 76.8 kilometers located in the capital of Costa Rica. The asset serves as a connection between the city of San Jose and its metropolitan area with Puerto Caldera, along the Pacific coast. The asset is operated by Globalvia, one of the world leaders in infrastructure concession management, which manages 28 concessions in seven countries. The company was established in 2007 by FCC Group and Bankia Group. In March 2016, Globalvia was acquired by pension funds OPSEU Pension Plan Trust Fund (40%), PGGM N.V. (40%) and Universities Superannuation Scheme Ltd (20%). AUTOPISTAS DEL SOL: Moody's Assigns Ba2 Rating to Sr. Sec. Notes ---------------------------------------------------------------- Moody's Investors Service assigned a first time rating of Ba2 to the Senior Secured Notes to be issued by Autopistas del Sol S.A.. The outlook on the rating is negative. The Ba2 rating is based upon the assumption that the final transaction and financing documents will be in accordance with Moody's current understanding of the transaction based on documentation reviewed as of the date of this report. RATINGS RATIONALE The Notes of approximately $250 million maturing 2030 will rank pari passu with a $104 million US denominated bond to be issued in the local market in Costa Rica, maturing in 2027. Autopistas del Sol will use the proceeds of the notes to repay Autopistas del Sol existing senior secured debt and associated fees, issuance expenses and a shareholder loan. Autopistas del Sol, a subsidiary of Global V°a Infraestructuras S.A. (unrated), is the concessionaire that operates and maintains the Ruta 27 toll road, a key, strategic thoroughfare in Costa Rica. Ruta 27 connects the country's capital city of San JosÇ and Puerto Caldera, the most important port in the country's west coast. Moody's views Ruta 27 as a strong asset given its limited competing alternatives and its large commuter traffic base. Although the toll road has a relatively limited history, traffic growth is strong and outperforming expectations (2010-2016 CAGR of 12.2%). The rating also incorporates the Ruta 27 service area, a relatively small but diversified Costa Rican economy. Autopistas del Sol operates under a long term concession agreement expiring in 2033 with the Government of Costa Rica (Ba2 negative). The concession framework is supportive to the Noteholders and the concessionaire, allowing automatic US-inflation adjustments to toll rates, fair mechanisms for compensation for investment and a minimum revenue guarantee if traffic underperforms. The concession may be terminated before the end date if the concession reaches a maximum allowable Net Present Value of toll revenues (NPV termination). Under such scenario, the Notes would become due. Notwithstanding, the structure includes a cash trap / early redemption mechanism that reduces the debt outstanding under upside scenarios and ensures the debt is fully paid down if the NPV termination occurs. The rating reflects financial metrics in line with the broader Ba rating category. Under Moody's base case, Debt Service Coverage Ratio (DSCR) averages 1.4x over the first five years of the transaction and Funds From Operations to Debt (FFO/Debt) ratio averages 8.5% over the same period. The transaction provides standard project finance features restricting additional debt, distributions to sponsors and business activities. In addition, the Notes benefit from a 6-month Debt Service Reserve Account (DSRA) and a 3-month O&M and major maintenance reserve. The outlook is negative, in line with the negative outlook on the rating of the Government of Costa Rica. The outlook acknowledges the strong economic and regulatory linkages of the toll road with Costa Rica. WHAT COULD CHANGE THE RATING UP/DOWN Given the negative outlook, Moody's does not expects upward pressure in the near term. Notwithstanding if the rating outlook of Costa Rica is stabilized, the outlook on the rating of Autopistas del Sol may follow suit. A downgrade of Costa Rica's rating would exert downward pressure on the rating of the Notes issued by Autopistas del Sol. Furthermore, weak traffic performance, additional leverage or lower cash available for debt service that leads to lower than expected financial metrics would exert downward pressure on the ratings. Specifically, if DSCR and FFO/Debt are expected to fall below 1.3x and 6.0%, respectively, on a sustained basis, the rating could also be pressured. The principal methodology used in this rating was Privately Managed Toll Roads published in May 2014. ============= E C U A D O R ============= GUYANA: Discloses Major Cuts to Sugar Sector -------------------------------------------- Caribbean360.com reports that Guyana is refining its sugar industry, announcing major changes to operations that include a scale back on factories and production. Guyana Agriculture Minister Noel Holder disclosed the new plan that would see only three factories continuing operations and the production of 147,000 tons of sugar annually to meet the demands of its markets, according to Caribbean360.com. According to Mr. Holder, the changes have been driven by the falling value of the sector to the Guyana economy and mounting debt at the state-owned Guyana Sugar Corporation (Guysuco) among other concerns, the report relays. "The dire revenue situation coincided with the loss of preferential markets and prices that the company enjoyed from 1976 to 2009," he told the National Assembly, the report discloses. Mr. Holder also cited chronic problems, including the migration of skilled and experienced managers, exhaustion of cash reserves, deteriorating field infrastructure and factories, and adversarial industrial relations, the report notes. Under the new plan, Mr. Holder said the government will merge the operations of the Albion and Rose Hall Estates, resulting in the closure of the latter factory at year-end, the report relays. The other two factories earmarked to remain open are the Blairmont and Uitvlugt Estates, the report relays. Production from these factories will be geared towards meeting the demand in the local markets (25,000 tons per year), CARICOM and regional (50,000- 60,000 tons per year) United States of America (12,500 tons per year) and the World Market (50,000 tons), the report relays. The David Granger administration said focus would be on producing for direct consumption, value-added sugars and providing electricity to the national grid (co-generation), the report discloses. Despite the cuts, Holder assured the government "will retain as many workers needed for all operations of the merged estates and factories," the report relays. The Agriculture Minister also disclosed that the government has begun soliciting Expressions of Interest (EOI) for the divestment of the state-of-the-art Skeldon Sugar Factory because Guysuco cannot afford to fix that facility, the report notes. He said the monies from Skeldon would help to bail out the cash- strapped and debt burdened state-owned corporation, the report adds. ============= J A M A I C A ============= SANDALS RESORTS: Silent on Reports of a Possible Sale ----------------------------------------------------- Caribbean360.com reports that officials at Jamaican hotel chain Sandals Resorts International are staying clear of media reports that founder Gordon 'Butch' Stewart is exploring selling the renowned company. Reuters carried an exclusive report claiming that SRI has hired investment bank Deutsche Bank AG to explore several options, including selling a majority stake in the more than three-decade- old resort group, according to Caribbean360.com. Sources, Reuters identified "as people familiar with the matter", said there was no certainty the move would result in any deal, the report notes. Pressed for a response to the report, SRI issued a one-paragraph statement that neither confirmed nor denied the claims, the report relays. "Sandals Resorts International is exploring options to accelerate the company's long-term growth and development plans. This is not new. Meanwhile, it's business as usual," it said in the statement sent to the Jamaica Gleaner, the report notes. Reuters estimated that Sandals could be worth well over US$1 billion, the report adds. About Sandals Resorts Sandals Resorts is an operator of all-inclusive resorts for couples in the Caribbean and part of Sandals Resorts International (SRI), parent company of Sandals Resorts, Beaches Resorts, Grand Pineapple Beach Resorts, Fowl Cay Resort and several private villas. Founded by Jamaican-born Gordon "Butch" Stewart in 1981, SRI is based in Montego Bay, Jamaica and is responsible for resort development, service standards, training and day-to-day operations. * * * As reported in the Troubled Company Reporter-Latin America on March 28, 2013, RJR News said that the Sandals Resorts International chain has reached an agreement with the Bahamian government that will help alleviate the cost of running its resort on the island of Great Exuma. Gordon 'Butch' Stewart, the founder of Sandals, in 2012 said the Sandals Emerald Bay on Great Exuma was in a dire situation because of high operating costs and insufficient airlift, according to RJR News. RJR News related that the hotel chain said its effort involved looking to the Bahamas government for solutions. ====================== P U E R T O R I C O ====================== ADELPHIA COMMUNICATIONS: NextEra Sues Greenberg for Malpractice --------------------------------------------------------------- Abraham Moussako, writing for Bankruptcy Law360, reports that NextEra Energy Inc. filed a lawsuit against Greenberg Traurig LLP in New York state court for allegedly failing to assert a common legal defense to a $149 million fraudulent transfer claim in the Adelphia Communications Corp. bankruptcy proceeding. NextEra Energy, according to Law360, accused Greenberg Traurig of committing legal malpractice by not invoking Section 546(e) of the U.S. Bankruptcy Code, a safe harbor provision, as a defense when the Adelphia Recovery Trust, formed in the reorganization of Adelphia Communications, sued. About Adelphia Recovery Trust The Adelphia Recovery Trust is a Delaware Statutory Trust formed pursuant to the First Modified Fifth Amended Joint Chapter 11 Plan of Reorganization of Adelphia Communications Corporation and Certain Affiliated Debtors, which became effective February 13, 2007. The Trust holds certain litigation claims transferred pursuant to the Plan against various third parties and exists to prosecute the causes of action transferred to it for the benefit of holders of Trust interests. About Adelphia Communications Based in Coudersport, Pennsylvania, Adelphia Communications Corporation was once the fifth-biggest cable company. Adelphia served customers in 30 states and Puerto Rico, and offered analog and digital video services, Internet access and other advanced services over its broadband networks. Adelphia collapsed in 2002 after disclosing that founder John Rigas and his family owed $2.3 billion in off-balance-sheet debt on bank loans taken jointly with the company. Mr. Rigas was sentenced to 12 years in prison, while son Timothy 15 years. Adelphia Communications and its more than 200 affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 02-41729) on June 25, 2002. Willkie Farr & Gallagher represented the Debtors in their restructuring effort. PricewaterhouseCoopers served as the Debtors' financial advisor. Kasowitz, Benson, Torres & Friedman LLP and Klee, Tuchin, Bogdanoff & Stern LLP represented the Official Committee of Unsecured Creditors. Adelphia Cablevision Associates of Radnor, L.P., and 20 of its affiliates, collectively known as Rigas-Managed Entities, were entities that were previously held or controlled by members of the Rigas family. In March 2006, the rights and titles to these entities were transferred to certain subsidiaries of Adelphia Cablevision LLC. The RME Debtors filed for Chapter 11 protection (Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-10642) on March 31, 2006. Their cases were jointly administered under Adelphia Communications and its debtor-affiliates' Chapter 11 cases. The Bankruptcy Court confirmed the Debtors' Joint Chapter 11 Plan of Reorganization on Jan. 5, 2007. The Plan became effective on Feb. 13, 2007. The Adelphia Recovery Trust, a Delaware Statutory Trust, was formed pursuant to the Plan. The Trust holds certain litigation claims transferred pursuant to the Plan against various third parties and exists to prosecute the causes of action transferred to it for the benefit of holders of Trust interests. Lawyers at Kasowitz, Benson, Torres & Friedman, LLP (NYC), represent the Adelphia Recovery Trust. MINI MASTER: Rodriguez Ready Buying Summit Tumba Agg. A3T for $12K ------------------------------------------------------------------ Mini Master Concrete Services, Inc., asks the U.S. Bankruptcy Court for the District of Puerto Rico to authorize the private sale of Summit Tumba Agg. A3T, Serial No. 1S8AD283XT0009257, to Rodriguez Ready Mix, Inc., for $12,000. Objections, if any, must be filed within 21 days after service of Notice. The Debtor owns the unencumbered Equipment for which Debtor has no use and must be sold to maximize its estate, in line with its Liquidating Plan, and preclude its further deterioration. Maintaining the Equipment, not in use by Debtor, is causing unnecessary administrative expenses such as security, insurance and property taxes, which are burdensome to the Debtor's estate. The Debtor has received an offer from the Buyer for the purchase of the Equipment free and clear of any interest. It considers the Buyer's offer to be reasonable and fair. The Debtor must sell the Equipment as expeditiously as possible, in order to maximize its value and avoid its deterioration, particularly considering that the Debtor is no longer in operations. Therefore, it is in the best interest of its estate and its creditors that the Equipment be sold as proposed. Accordingly, the Debtor asks the Court to approve the proposed sale. About Mini Master Concrete Services Mini Master Concrete Services, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-09956) on Dec. 22, 2016. Carmen M. Betancourt, president, signed the petition. The Debtor disclosed total assets of $15.78 million and total liabilities of $5.46 million. The Hon. Mildred Caban Flores is the case judge. Charles A. Cuprill, Esq., at PCS Law Offices, is serving as counsel to the Debtor. MINI MASTER: BTA Concrete Buying Six Vehicles for $17K ------------------------------------------------------ Mini Master Concrete Services, Inc., asks the U.S. Bankruptcy Court for the District of Puerto Rico to authorize the private sale of six vehicles to BTA Concrete, Inc., for $17,000. Objections, if any, must be filed within 21 days after service of Notice. The Debtor owns the Vehicles for which Debtor has no use and must be sold to maximize its estate, in line with its Liquidating Plan, and preclude its further deterioration. Maintaining the Vehicles, not in use by Debtor, is causing unnecessary administrative expenses such as security, insurance and property taxes, which are burdensome to the Debtor's estate. The Debtor has received an offer from the Buyer for the purchase of the Vehicles free and clear of any interest, which are encumbered in favor of the Economic Development Bank of Puerto Rico ("EDB") and Wells Fargo Financial Lien, Inc. It considers the Buyer's offer to be reasonable and fair. The Vehicles proposed to be sold to BTA are: a. 1999 Volvo TM-210, Serial No. 4VHJCABE4XN866018, for $6,000, encumbered in favor of EDB; b. 2000 Kenworth TM-2017, Serial No. 1NK0L00X9YR841051, for $5,000, encumbered in favor of EDB; c. 2001 Kenworth TM-252, Serial No. 1NK0L00X61J879521, for $1,500, encumbered in favor of Wells Fargo; d. 2001 Kenworth TM-255, Serial No. INK0X0TX61J868535, for $1,500, encumbered in favor of Wells Fargo; e. 1999 Volvo TM-269, Serial No. 4VHJCABE2XN866017, for $1,500, encumbered in favor of Wells Fargo; and f. 2003 Kenworth TM-274, Serial No. INK0L00X53J395701, for $1,500, encumbered in favor of Wells Fargo. Since the Mixers are encumbered in favor of EDB and Wells Fargo, the proceeds of the sale will be deposited in a segregated account, from which the payments to EDB and Wells Fargo, under the Plan will be made on its Effective date. The Debtor must sell the Vehicles as expeditiously as possible, in order to maximize its value and avoid its deterioration, particularly considering that the Debtor is no longer in operations. Therefore, it is in the best interest of its estate and its creditors that the Vehicles be sold as proposed. Accordingly, the Debtor asks the Court to approve the proposed sale. The Purchaser can be reached at: BTA CONCRETE, INC. P.O. Box 2181 Barceloneta, PR 00617 Telephone: (787) 846-3370 About Mini Master Concrete Services Mini Master Concrete Services, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-09956) on Dec. 22, 2016. Carmen M. Betancourt, president, signed the petition. The Debtor disclosed total assets of $15.78 million and total liabilities of $5.46 million. The Hon. Mildred Caban Flores is the case judge. Charles A. Cuprill, Esq., at PCS Law Offices, is serving as counsel to the Debtor. MINI MASTER: Rodriguez Ready Buying Kenworth C-11 for $12K ---------------------------------------------------------- Mini Master Concrete Services, Inc., asks the U.S. Bankruptcy Court for the District of Puerto Rico to authorize the private sale of Kenworth Remolque C-11, Serial No. 1NK0L60X3YJ840947, to Rodriguez Ready Mix, Inc. for $12,000. Objections, if any, must be filed within 21 days after service of Notice. The Debtor owns the unencumbered Vehicle for which Debtor has no use and must be sold to maximize its estate, in line with its Liquidating Plan, and preclude its further deterioration. Maintaining the Vehicle, not in use by Debtor, is causing unnecessary administrative expenses such as security, insurance and property taxes, which are burdensome to the Debtor's estate. The Debtor has received an offer from the Buyer for the purchase of the Vehicle free and clear of any interest, which is encumbered in favor of the Economic Development Bank of Puerto Rico ("EDB"). It considers the Buyer's offer to be reasonable and fair. Since the Vehicle is encumbered in favor of EDB; the proceeds of the sale will be deposited in a segregated account, from which the payments to EDB, under the Plan will be made to EDB on its Effective date. The Debtor must sell the Vehicle as expeditiously as possible, in order to maximize its value and avoid its deterioration, particularly considering that the Debtor is no longer in operations. Therefore, it is in the best interest of its estate and its creditors that the Vehicle be sold as proposed. Accordingly, the Debtor asks the Court to approve the proposed sale. The Purchaser can be reached at: RODRIGUEZ READY MIX, INC. P.O. Box 1239 Hormigueros, PR 00660 Telephone: (787) 849-0055 Facsimile: (787) 849-5533 About Mini Master Concrete Services Mini Master Concrete Services, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-09956) on Dec. 22, 2016. Carmen M. Betancourt, president, signed the petition. The Debtor disclosed total assets of $15.78 million and total liabilities of $5.46 million. The Hon. Mildred Caban Flores is the case judge. Charles A. Cuprill, Esq., at PCS Law Offices, is serving as counsel to the Debtor. MINI MASTER: Rivera Buying Chevrolet Malibu (2005) for $600 ----------------------------------------------------------- Mini Master Concrete Services, Inc., asks the U.S. Bankruptcy Court for the District of Puerto Rico to authorize the private sale of Chevrolet Malibu (2005), Serial No. 1G1ZT54895F262656, to Mr. Angel Rivera for $600. Objections, if any, must be filed within 21 days after service of Notice. The Debtor owns the unencumbered Vehicle for which Debtor has no use and must be sold to maximize its estate, in line with its Liquidating Plan, and preclude its further deterioration. Maintaining the Vehicle, not in use by Debtor, is causing unnecessary administrative expenses such as security, insurance and property taxes, which are burdensome to the Debtor's estate. The Debtor has received an offer from the Buyer for the purchase of the Vehicle free and clear of any interest. It considers the Buyer's offer to be reasonable and fair. The Debtor must sell the Vehicle as expeditiously as possible, in order to maximize its value and avoid its deterioration, particularly considering that the Debtor is no longer in operations. Therefore, it is in the best interest of its estate and its creditors that the Vehicle be sold as proposed. Accordingly, the Debtor asks the Court to approve the proposed sale. The Purchaser can be reached at: Angel Rivera HR 01 Box 2395 Morovis, PR 00687 Telephone: (787) 381-0187 About Mini Master Concrete Services Mini Master Concrete Services, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-09956) on Dec. 22, 2016. Carmen M. Betancourt, president, signed the petition. The Debtor disclosed total assets of $15.78 million and total liabilities of $5.46 million. The Hon. Mildred Caban Flores is the case judge. Charles A. Cuprill, Esq., at PCS Law Offices, is serving as counsel to the Debtor. ================= V E N E Z U E L A ================= VENEZUELA: Warao People Cross into Brazil to Flee Crisis -------------------------------------------------------- Caribbean360.com reports that members of the indigenous Warao people from the Orinoco Delta in Venezuela are the latest of thousands of their compatriots to flee the deteriorating situation in the socialist country. About 400 of the Warao people have arrived in the Brazilian city of Manaus in the Amazon, where authorities have declared a social emergency to seek government funds to help with the influx, according to Caribbean360.com. The Warao said they had travelled around 1,250 miles and were fleeing hunger and Venezuela's worsening economic and political crisis, the report notes. In Manaus, most of the group are reportedly living in a makeshift encampment in deplorable conditions under a viaduct near the bus station, and spend much of their time begging at traffic lights, the report relays. The Venezuelans arrived seeking jobs in the city's industrial complex, but they lack documents needed for employment, according to municipal secretary Elias Emanuel, the report notes. "Now our Federal Police will help them. We want to include them in our social programs, too, but since they are foreign Indians we really need support," Mr. Emanuel said in a statement obtained by the news agency. The report relays that Warao people have also sought relief from the crisis in Venezuela by slipping into the northern Brazilian state of Roraima, but have had little success. City authorities in Boa Vista, the state capital, said more than 500 Warao arrived across the border but were deported because of concerns about vagrancy and begging, the report notes. The term Warao translates as "the boat people," after the Warao's deep connection with water. They live in thatched-roof huts built on stilts over the water on the shores of the river. Most of the approximately 20,000 Warao inhabit Venezuela's Orinoco Delta region, with smaller numbers in neighboring Guyana and Suriname. By no means alone in their exodus from Venezuela, the Warao join more than 5,400 Venezuelans who have requested visas and permission to stay in Brazil, according to the Brazilian Ministry of Justice, the report notes. Both Roraima and Amazonas states, which border on Venezuela, have reported many more people coming across in search of basic food items, medicine and temporary jobs, the report says. Border towns in Roraima say local state hospitals and social services have been overwhelmed by tens of thousands of Venezuelan migrants, the report adds. 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. ================= X X X X X X X X X ================= * BOND PRICING: For the Week From May 8 to May 12, 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 * * *