/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/170517.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 Wednesday, May 17, 2017, Vol. 18, No. 96 Headlines B R A Z I L BANCO NACIONAL: Under Investigation on Suspected Irregularities C A Y M A N I S L A N D S CASSABAH INVESTMENT: Members' Final Meeting Set for May 25 CHINA QIBU: Shareholders' Final Meeting Set for May 23 GAMMA OPPORTUNITY: Shareholders' Final Meeting Set for June 7 GAMMA OPPORTUNITY II: Shareholders' Final Meeting Set for June 7 GLOBAL DEVELOPER: Members' Final Meeting Set for May 25 GOLDEN HORN: Shareholders Receive Wind-Up Report HAPPYLATTE: Shareholders Receive Wind-Up Report KAZIMIR RUSSIA: Shareholders' Final Meeting Set for May 17 OCTAGON PAN: Shareholders' Receive Wind-Up Report OXFORD ENTERPRISES: Members' Final Meeting Set for May 25 POLARCUS 2: Shareholders Receive Wind-Up Report POLARCUS 6: Shareholders' Receive Wind-Up Report SUMMER TIME: Shareholders' Receive Wind-Up Report TROMSO PARTICIPATIONS: Shareholders' Receive Wind-Up Report M E X I C O CEMEX: Digitally Transformed Ops. to Benefit Dominican Customers MEXICO: Industrial Production Unchanged in March P U E R T O R I C O PUERTO RICO: Government Debt Restructuring Won't Affect PRIIA T R I N I D A D & T O B A G O PETROTRIN: Has 5-Year Plan to Restore Business V E N E Z U E L A VENEZUELA: OWTU Supports Maduro - - - - - =========== B R A Z I L =========== BANCO NACIONAL: Under Investigation on Suspected Irregularities ---------------------------------------------------------------- EFE News reports that Brazil's Federal Police launched an investigation of suspected irregularities on the part of Banco Nacional de Desenvolvimento Economico e Social (BNDES) in the granting of loans to the holding company behind JBS, the world's largest meatpacker. The bank's decision to loan money to J&F Investimentos without requiring the necessary repayment guarantees cost the Brazilian treasury BRL1.2 billion ($380 million), the Federal Police said in a statement, according to EFE News. Starting in June 2007, BNDES -- through its BNDES Participacoes subsidiary -- loaned a total of BRL8.1 billion ($570 million) to J&F to finance acquisitions of smaller firms in the industry, according to investigators, the report notes. JBS, the world's No. 1 meat exporter, was among the targets of a massive police operation on March 17 against companies accused of selling beef adulterated with chemicals, the report recalls. The questionable loans to J&F began after the holding company hired a consulting firm linked to a member of Congress, the police statement said, the report says. Police detained 37 people for questioning and executed 20 search warrants, the report notes. News Web site G1 said that police were searching the homes of J&F CEO Joesley Batista and former BNDES President Luciano Coutinho, the report discloses. Authorities have frozen assets of individuals and companies implicated in the probe, the Federal Police said, the report adds. As reported in the Troubled Company Reporter-Latin America on May 4, 2017, Moody's Investors Service has assigned a Ba2 long-term foreign currency debt rating to the proposed senior unsecured notes to be issued by Banco Nacional de Desenvolvimento Economico e Social (BNDES). The notes will be denominated and settled in US dollars, with maturity between five and ten years. The notes will be issued as a green bond. The outlook on the rating is stable. Assignments: Issuer: Banco Nac. Desenv. Economico e Social - BNDES Senior Unsecured Regular Bond, Assigned Ba2 ========================== C A Y M A N I S L A N D S ========================== CASSABAH INVESTMENT: Members' Final Meeting Set for May 25 ---------------------------------------------------------- The members of Cassabah Investment Co. 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 CHINA QIBU: Shareholders' Final Meeting Set for May 23 ------------------------------------------------------ The shareholders of China Qibu Group Limited will hold their final meeting on May 23, 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: Zhang Limin Qibu Co., Ltd No. 3 Chiyan, Qiaoziang Industrial Zone Youzhu New District Qingtian County, Lishui City Zhejiang Province China Telephone +86 578 6558999 Facsimile: + 86 578 6558999 GAMMA OPPORTUNITY: Shareholders' Final Meeting Set for June 7 ------------------------------------------------------------- The shareholders of Gamma Opportunity General Partner, Ltd. will hold their final meeting on June 7, 2017, at 9:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: El Gabino 13492 Lo Barnechea Santiago de Chile c/o Jayme Colter / Jonathan Knight Telephone: 56 22 724 9218 GAMMA OPPORTUNITY II: Shareholders' Final Meeting Set for June 7 ---------------------------------------------------------------- The shareholders of Gamma Opportunity Fund - Series II, Ltd. will hold their final meeting on June 7, 2017, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: El Gabino 13492 Lo Barnechea Santiago de Chile c/o Jayme Colter / Jonathan Knight Telephone: 56 22 724 9218 GLOBAL DEVELOPER: Members' Final Meeting Set for May 25 ------------------------------------------------------- The members of Global Developer Limited 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 GOLDEN HORN: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Golden Horn Trading Limited - ET 285766 received on May 16, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Doran + Minehane 59/60 O' Connell Street Limerick Ireland Telephone: 00353 61 430000 Facsimile: 00353 61 408613 HAPPYLATTE: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Happylatte received on April 24, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Bjorn Stabell Ho Lee Commercial Building, Suite D, 6th Floor 38-44 D'Aguilar Street Central Hong Kong Telephone: +852 2528 1008 Facsimile: +852 2529 9830 KAZIMIR RUSSIA: Shareholders' Final Meeting Set for May 17 ---------------------------------------------------------- The shareholders of Kazimir Russia Offshore Fund Ltd will hold their final meeting on May 17, 2017, at 11:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Frances Holliday 2 Eaton Gate London SW1W 9BJ OCTAGON PAN: Shareholders' Receive Wind-Up Report ------------------------------------------------- The shareholders of Octagon Pan Asia Levered received on May 16, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 OXFORD ENTERPRISES: Members' Final Meeting Set for May 25 --------------------------------------------------------- The members of Oxford Enterprises 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 POLARCUS 2: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Polarcus 2 Ltd. received on May 16, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 POLARCUS 6: Shareholders' Receive Wind-Up Report ------------------------------------------------ The shareholders of Polarcus 6 Ltd. received on May 16, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 SUMMER TIME: Shareholders' Receive Wind-Up Report ------------------------------------------------- The shareholders of Summer Time Corp. received on May 16, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Summer Time Corp. c/o Jose A. Toniolo 307 Fairbanks Road Apt. 50, George Town Grand Cayman Cayman Islands TROMSO PARTICIPATIONS: Shareholders' Receive Wind-Up Report ----------------------------------------------------------- The shareholders of Tromso Participations Limited received on May 16, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Tromso Participations Limited c/o Hilton Nogueira Ribeiro Rua Engenheiro Prudente Meireles De Morais 965, APT 604 Sso Jose Dos Campos Sao Paulo 12243-750 Brazil =========== M E X I C O =========== CEMEX: Digitally Transformed Ops. to Benefit Dominican Customers ---------------------------------------------------------------- Dominican Today reports that CEMEX, S.A.B. de C.V. steps to digitally transform its Dominican Republic operations, paving the way for real-time interactions with customers, from mobile devices. It said that through mobile applications, the company will transform the way it conducts business globally, from the creation of new customers to billing, charging and post-sales support, according to Dominican Today. "The project, planned for 2018, is part of a sweeping global transformation designed to improve CEMEX's customer experience, streamline operations and increase business efficiency, and has invested in the country to strengthen its responsiveness," the transnational told local media, the report notes. "At CEMEX we're committed to a new customer focus which has a clear objective: to achieve the best customer experience, always and everywhere. We're committed to providing not only products, services and solutions of the highest quality, but an outstanding and exceptional experience at all times, "said CEMEX president in the country Carlos Emilio Gonzalez, the report relays. As part of the efforts, CEMEX has created a new Service Promise in which it states its commitment to guarantee the best experience in every interaction with the company, the report notes. The report discloses that it has also expanded its cement packaging capacity with a new line with a capacity of 1.5 million additional bags per month with stronger cement bags and started an aggressive palette replacement plan, acting on recommendations received from our customers. "This new customer focus means that we are placing our customers at the center of everything we do and all the decisions we make. We seek to be more than just a supplier, we want to be partners that add value in an agile and constant manner," the executive said, notes the report. In addition, CEMEX has made available additional concrete mixer trucks and boom trucks, improving punctuality by having the largest truck fleet o all its Caribbean operations, geo-located and communicated at all times, the report relates. Through the "My CEMEX" platform, which includes a website and a digital application available since 2016, customers can access invoices, vouchers and orders, says Dominican Today. CEMEX is the country's leading construction industry company, offering innovative solutions through its product portfolio: Cemento Titan, concrete, aggregates, dry mortar, the network Construrama Hardware Stores as well. As reported in the Troubled Company Reporter-Latin America on March 15, 2017, Fitch Ratings has affirmed CEMEX, S.A.B. de C.V.'s Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has also affirmed the company's National Scale Long-Term Rating at 'A(mex)' and upgraded the company's National Scale Short-Term rating to 'F1(mex)' from 'F2(mex)'. The Rating Outlook has been revised to Positive from Stable. MEXICO: Industrial Production Unchanged in March ------------------------------------------------ Anthony Harrup at The Wall Street Journal reports that Mexican industrial production was unchanged in March from the previous month as lower construction and manufacturing output was offset by an improvement in oil and gas production, the National Statistics Institute said. In seasonally adjusted terms, manufacturing slipped 0.3% and construction was down 0.2% from February, while mining activity rose 0.1% and utilities output was up 0.5%, according to The WSJ. Compared with March of 2016, industrial production rose 3.4% as a result of the Easter holiday moving this year to April, the report relays. Economic activity tends to slow sharply during Holy Week, when many companies close for at least two days and workers take vacations, the report notes. Despite the pickup from February, mining output remains the main drag on industrial production while manufacturing has been buoyant, the report discloses. In the first three months of the year, manufacturing output rose 4.8% from a year earlier with strong gains in automotive production and electronic equipment, the report says. Mining output in the quarter was down 10.8%, including an 11.6% drop in oil and gas production, the report notes. With March's increase, industrial production rose 0.5% in the first quarter from the first quarter of 2016, above the institute's previous estimate of 0.2%, the report adds. ====================== P U E R T O R I C O ====================== PUERTO RICO: Government Debt Restructuring Won't Affect PRIIA --------------------------------------------------------------- The Puerto Rico International Insurers Association (PRIIA) on May 11, 2017, issued the following statement in response to the filing in the United States District Court for the District of Puerto Rico of a voluntary bankruptcy petition under Title III of the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA). Enacted by the United States Congress and signed into law by President Obama in 2016, PROMESA provides the legal framework for local Puerto Rico government entities to restructure debt obligations. "Puerto Rico's International Insurance Center operates under laws and regulations that insulate its member companies and their clients from any changes to Puerto Rico that Title III bankruptcy may bring about. Regulation of companies operating in the Center is provided by the Office of the Commissioner of Insurance of Puerto Rico, which receives funding from fees paid by its regulated entities. There is no change to the tax, regulatory, or other legal status of any licensed insurer operating in the Center as a result of the Title III filing. Puerto Rico's international insurers are open for business." In addition to the statement above, PRIIA member and CEO of Advantage Insurance Inc., Walter Keenan, added: "PROMESA was enacted to help grow Puerto Rico's economy. The International Insurance Center has brought jobs and investment capital to Puerto Rico and will continue to play an important role in the Commonwealth's return to prosperity. PROMESA recognizes the importance of growth engines, such as the International Insurance Center, and the law expressly preserves and continues the benefits our clients and companies enjoy today." Ralph Rexach, a PRIIA member and former Puerto Rico Commissioner of Insurance, explained: "Companies considering Puerto Rico's compelling tax incentives and modern system of insurance regulation should know that the Title III filing does not change what Puerto Rico has to offer. Insurance companies operating within the International Insurance Center receive contractual tax incentive grants that guarantee favorable taxation for at least 15 years. PRIIA member companies and potential new entrants to the Center can have confidence in the continuity of Puerto Rico's tax treatment provisions under both Puerto Rico and United States law." About PRIIA The Puerto Rico International Insurers Association (PRIIA) is the industry trade group representing insurance carriers, service providers and other participants in Puerto Rico's International Insurance Center. Founding members of PRIIA include Advantage Insurance Inc.; Madison Re I.I.; Ryan, LLC; and U.S. Commonwealth Life, A.I. More information about PRIIA and Puerto Rico's International Insurance Center can be found at http://www.PRIIA.org. About Ryan Ryan -- http://ryan.com-- is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the seventh largest corporate tax practice in the United States. With global headquarters in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi- jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a five-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi- disciplinary team of more than 2,100 professionals and associates serves over 12,000 clients in more than 40 countries, including many of the world's most prominent Global 5000 companies. 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. =============================== T R I N I D A D & T O B A G O =============================== PETROTRIN: Has 5-Year Plan to Restore Business ---------------------------------------------- Donstan Bonn at Trinidad Express reports that there's light at the end of the tunnel for Petrotrin, says president of the State-owned oil and gas company, Fitzroy Harewood. Mr. Bonn was speaking at a luncheon hosted by the Energy Chamber of Trinidad and Tobago at Cara Suites Hotel and Conference Centre, Claxton Bay, according to Trinidad Express. Mr. Harewood said that, despite the many challenges the company faces, some of them legacy issues, Petrotrin, under its current board of directors and management team, has embarked on a five- year strategic plan focused on restoring the business of the energy entity, the report notes. "Our refinery throughput as of December 2016 was 158,000 barrels per day," he added, says the report. As reported in the Troubled Company Reporter-Latin America on April 28, 2017, Moody's Investors Service downgraded Petroleum Co. of Trinidad & Tobago corporate family rating and senior unsecured debt ratings to B1 from Ba3. Simultaneously, Moody's lowered Petrotrin's Baseline Credit Assessment ("BCA") to caa1 from b3. The outlook on the ratings is stable. The rating actions are linked to Moody's April 25, 2017 downgrade of the government of Trinidad & Tobago bond ratings to Ba1 from Baa3, with a stable outlook. ================= V E N E Z U E L A ================= VENEZUELA: OWTU Supports Maduro ------------------------------- Julien Neaves at Trinidad and Tobago Newsday reports that Oilfield Workers' Trade Union (OWTU) President General Ancel Roget has blamed opposition forces in Venezuela for the suffering of the people and claimed the mass media was supporting these forces by spreading misinformation. "We are opposed to the opposition forces in Venezuela. We join arms with the suffering people in Venezuela, suffering which comes as a result of the opposing forces and their actions," Mr. Roget said at the Venezuelan Embassy, Port-of-Spain, the report notes. Mr. Roget expressed solidarity with President Nicolas Maduro in the wake of a month-long protests that has left 39 people dead, the report relays. Mr. Roget explained that they were gathered to express solidarity for the Venezuelan government, the people of Venezuela and for the Bolivarian Revolution, the report discloses. "The story is not properly told and the mass media is carrying a different line. The mass media is carrying the line of the opposing forces, the dark forces in Venezuela. Which forces are hell bent on the intent to undermine, to circumvent and topple the democratically elected government," the report quoted Mr. Roget as saying. He added that misinformation carried by the north and mass media throughout the Caribbean region suggests that Maduro does not have the vast support of working people in the region, notes the report. He added that they highlight in a negative way the work of Maduro to show and advance their own cause, "so they can seize power from a democratically elected government." He said that as progressive trade unionists they understand because they are also victims of a mass media, "who continue to push the establishment line," the report relays. Venezuelan Ambassador to TT Coromoto Godoy-Calderon said she was happy to see the support of the working class of Trinidad and Tobago and she described Maduro as a president of the working class, according to Trinidad and Tobago Newsday. She said that on May 1, when Maduro issued a decree for a new constitution, the president made a historical step, "defending democracy and socialism in Venezuela. Social inclusion and social justice." She said his call for a new constituent assembly will deepen the rights of the people. "At this time the dark forces of imperialism are attacking our country." She stressed that Venezuelans are a people of freedom and of peace, notes the report. "Because we come from (Venezuelan liberator Simon) Bolivar and (late former president Hugo ) Chavez we will defend our land, our solidarity, our independence, with our own life if necessary," she vowed. Four union representatives read solidarity statements expressing support for Maduro and his government, says the report. *********** 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 * * *