/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/170905.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, September 5, 2017, Vol. 18, No. 176 Headlines A R G E N T I N A ALGODON WINES: Closes Acquisition of More Than 2,000 Acres of Land B E R M U D A SAGICOR FINANCE: Bourse Reviews 6-Mo. Results Ended June 2017 B R A Z I L BR MALLS: Fitch Affirms BB+ LT FC IDR; Outlook Remains Negative IPIRANGA PRODUTOS: Moody's Rates BRL1,012.5MM Sr. Debentures Ba1 JALLES MACHADO: S&P Alters Outlook to Stable, Affirms BB- GS CCR TERRAVIA HOLDINGS: Court Approves Key Executive Incentive Plan VERT COMPANHIA: Moody's Rates 2 Series of Certs. at (P) Ba1 C H I L E CHILE: Few Locals Turn Out for March Against Pension System D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: RD$20BB Aims to Boost Economy as GDP Slumps DOMINICAN REPUBLIC: Farmers Evicted From Park Get New Homes J A M A I C A JAMAICA: Records Record Budget Surplus and Debt Keeps Dropping M E X I C O ZACATECAS: Moody's Withdraws Ba1 Ratings on Three Enhanced Loans P U E R T O R I C O DORADO COMMUNITY: Unsecureds to Get $166.67 per Month for 5 Years ENTERPRISE BUSINESS: Hires Dage Consulting as Accountant TAMARA HOME: Court Directs U.S. Trustee to Appoint Ombudsman T R I N I D A D & T O B A G O CL FIN'L: Bourse Updates Investors on CLICO Investment - - - - - ================= A R G E N T I N A ================= ALGODON WINES: Closes Acquisition of More Than 2,000 Acres of Land ------------------------------------------------------------------ Algodon Wines & Luxury Development Group, Inc., has completed the strategic acquisition of additional land directly adjacent to the existing Algodon property. The new parcel measures 845 hectares or 2,088 acres, more than doubling the size of Algodon Wine Estates. This new land, which is on the Southwest end of the existing estate, brings Algodon Wine Estates to a total of 4,138 acres, providing room for continued expansion and growth. Algodon is considering various use cases for the new land, including the development of Private Estancias, Vineyard Villas and additional estate lots. An expansion of vineyard operations and the development of supplementary agricultural revenue streams are also being considered. "As part of our previously announced growth strategy, our team in Argentina has been exploring under-valued assets that we can monetize in conjunction with the rising economy in Argentina," said Scott Mathis, founder, chairman and CEO. "Today's acquisition announcement is the first of many initiatives we are implementing that will expand our real estate holdings and drive future revenue growth opportunities for Algodon. "The new land encompasses a massive 6.5 square miles and lies adjacent to our existing Algodon Wine estates property. We believe the new fertile property gives us the flexibility and space needed to expand the scope of our operations, enabling us to capitalize on the rebounding Argentinian real estate market. In fact, in the most recent quarter the city of San Rafael in the Mendoza Province lifted the prohibition on the digging of water wells, which we believe may have a significant positive impact on our parcel's value. We look forward to providing further updates to our shareholders on the development of this new land," concluded Mathis. Algodon Wine Estates is a 4,138 acre (1675 ha) world-class wine, wellness, culinary and sport resort, and luxury real estate development, located in the rolling hills of the Sierra Pintada Mountains in San Rafael, Mendoza, Argentina. This wine and golf community is a global destination that includes approximately 400 lots ranging from .5 to 7 acres, with 109 lots from Phase 1 of the master plan currently available for private sale and development. Surrounded by the natural beauty of vineyards, fruit orchards and olive groves, many lots have pre-existing vines and groves, and a significant number of available Phase 1 lots are situated directly on the estate's 18-hole golf course, offering golf, vineyard and mountain views. The luxury destination is truly unique in the world, where residents can step right outside their front door onto the golf course and find themselves among meticulously manicured vines planted in the 1940s. Recent momentum with the economic turnaround in Argentina was evidenced during the Argentina Business & Investment Forum held in September 2016 by President Mauricio Macri and the Argentina Investment and Trade Promotion Agency. The forum highlighted investment opportunities, attracted foreign direct investment and marked Argentina's historical return to international markets. Foreign direct investment pledges post the investment forum have totaled more than $32.5 billion with Siemens & GE committing to over $15 billion in combined infrastructure projects. In the wake of Argentina's recent economic reforms, the Buenos Aires Herald reports that the city's real estate market has experienced its strongest monthly growth in sales since the inauguration of President Mauricio Macri. Real estate transactions in August were up 43.9% for the same month last year, and up 18.4% from July. Experts believe that a key factor in a successfully booming real estate cycle may be linked to the increased use of mortgages, which is on the rise in Argentina. According to a February 2017 report from Morgan Stanley here, Argentina seems poised for a turnaround, one that offers investors long-term opportunity and returns. The Argentine real estate market is traditionally notable for its all cash transactions, and Algodon Wine Estates is one of the few real estate developments in the country that provides financing for the sale of its lots pursuant to Argentine law. This is reflected in the latest data from the College of Notaries of the City of Buenos Aires, which reported that in April, 4032 deeds were executed with an average value of us$ 144,535, growing 20.5% compared to the same month of 2016; So far this year 14,985 deeds were already signed, with an increase of 45.5% compared to 2016. According to the College of Notaries, there was also a strong rebound in mortgage lending operations. According to the entity's report, 804 of the 4032 deeds were made through this modality, with a year-on-year increase of 120%. The total amount reached in these operations is us$ 2.11 billion, a figure that reflects a year-on-year growth of 135.1%. Money tax amnesty also had an impact. In the province of Buenos Aires, April 2017 was also the best April since 2011. According to the College of Notaries of the province of Buenos Aires, 8,920 deeds were made in April, 5.9% more than the 8,420 operations carried out in April 2016. Considering the first 4 months of this year, 27,972 operations were carried out in the province of Buenos Aires, 16.7% more than the 23,965 deeds signed in the first 4 months of 2016. Century 21 Real Estate most recently in June of 2017 announced its expansion in South America with the addition of CENTURY 21 Argentina. Algodon Wine Estates currently operates an award-winning wine-themed real estate development and resort with an 18-hole vineyard golf course that plays through the vines, a professional tennis center with the only grass courts in the Mendoza Province, as well as seven clay courts and one hard court, and a restaurant and members' clubhouse. The vineyard property also includes the world-class winery responsible for producing Algodon's collection of internationally award-winning wines, as well as 325 acres (131 ha) of vineyards, with old vines dating back to 1946, which is instrumental in the winery's ability to produce Malbec wines of the highest international caliber. Nestled in the southern heart of Argentina wine country, Algodon Wine Estates was recently named one of the world's best vineyard hotels by Frommer's Travel Guide, and one of the world's best wine resorts by Departures Magazine. Most recently the wine estates won the 2016 Vineyard of the Year for San Rafael by Luxury Travel Guide and was also rated by Architectural Digest as one of the world's most Beautiful Hotel Gardens. Algodon Wine Estates' Master Plan model and Brochure can be viewed in person at Sotheby's International Realty's office in New York City and Buenos Aires. About Algodon Wines New York-based Algodon Wines & Luxury Development Group, Inc., operates Algodon Mansion, a Buenos Aires-based luxury boutique hotel property. This lifestyle related real estate development company has also redeveloped, expanded and repositioned a winery and golf resort property called Algodon Wine Estates for subdivision of a portion of this property for residential development. Algodon Wines reported a net loss of $10.04 million on $1.52 million of sales for the year ended Dec. 31, 2016, compared to a net loss of $8.27 million on $1.86 million of sales for the year ended Dec. 31, 2015. As of June 30, 2017, Algodon Wines had $8.07 million in total assets, $4.14 million in total liabilities, $4.80 million in series B convertible redeemable preferred stock and a total stockholders' deficiency of $880,859. Marcum LLP, in New York, NY, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ============= B E R M U D A ============= SAGICOR FINANCE: Bourse Reviews 6-Mo. Results Ended June 2017 ------------------------------------------------------------- Trinidad Express reports that the Bourse reviewed the six-month results for the period ended June 2017 for Sagicor Financial Corporation Limited. The Bourse said SFC recorded growth in earnings over the period, with its share price advancing 7.4 per cent year to date, the report relays. As reported in the Troubled Company Reporter-Latin America on September 20, 2016, S&P Global Ratings placed its 'B' issue-level rating on Sagicor Finance (2015) Ltd.'s (SFL) $320 million seven- year senior unsecured notes on CreditWatch positive following Sagicor Financial Corporation Ltd.'s (SFC) re-domiciliation to Bermuda from Barbados and restructuring of Sagicor Life Inc. (SLI). S&P also placed its 'BB-' issuer credit and financial strength ratings on SLI on CreditWatch developing. S&P's rating action on SFL follows the announcement to shift SFC's domicile to Bermuda from Barbados and the changes in the SFC corporate structure. In S&P's view, both factors could reduce SFC's exposure to Barbados' potential default, because the company is no longer based in that country, and cash flows from each operating subsidiary could flow directly to SFC. =========== B R A Z I L =========== BR MALLS: Fitch Affirms BB+ LT FC IDR; Outlook Remains Negative --------------------------------------------------------------- Fitch Ratings has affirmed BR MALLS Participacoes S.A.'s (BR Malls) Long-Term Foreign Currency IDR (LT FC IDR) at 'BB+'. The Rating Outlook for the LT FC IDR remains Negative and it could be negatively impacted by a negative rating action on the sovereign rating of Brazil and/or a downgrade of its country ceiling. The Outlook for Brazil's foreign currency rating is currently Negative. Fitch has also affirmed BR Malls' LT Local Currency IDR (LC IDR) at 'BB+' and its National Long-Term Rating at 'AA+(bra)'. The Rating Outlook for the LC IDR and National Long-term rating has been revised to Positive from Stable. In addition, Fitch has also affirmed BR Malls' local debentures at 'AA+(bra)'. KEY RATING DRIVERS Solid Business Position: The company is the largest Brazilian shopping center operator, holding an interest in 44 malls with a total gross leasable area (GLA) of 1,613 thousand square meters, and, as of June 30, 2017, owns a GLA of 951 thousand square meters itself. The company is the largest player in the Brazilian mall industry. It has an adequate portfolio diversification when compared with local and regional players; the relatively high degree of property concentration is similar to most of the main regional players. BR Malls has operations in all five regions of Brazil, and its top 15 malls represent approximately 71% of its total net operating income (NOI) as of June 30, 2017. Improved Capital Structure Post Equity Injection: During mid-2017 the company concluded a capital increase for a total amount of BRL 1.7 billion and paid-off the total amount outstanding of its U.S. dollar denominated perpetual bonds of approximately BRL 1.2 billion (USD405 million). Through the execution of these transactions BR Malls has materially reduced its financial leverage and eliminated its exposure to FX risk. The perpetual bonds represented approximately 25% of the company's total debt. Fitch's revised expectations consider BR Malls to manage its net leverage, measured as total net debt to Adjusted EBITDA ratio, below 3x during 2017-2019, which represents a material improvement over the company's net leverage historical levels of around 4.6x during 2014-2016. Adequate Liquidity, Solid Unencumbered Assets Level: Fitch views the company's liquidity as adequate and improving considering the increase in its cash position post recent equity injection, its manageable debt payment maturity schedule during 2017-2019, improving interest coverage ratio post debt reduction coupled with lower average cost of funding in Brazil; and a significant unencumbered asset base. BR Malls' cash position as of June 30, 2017 was BRL2.2 billion. The company's net interest coverage is expected to improve to levels around 2.5x during 2017- 2018 from 1.8x during 2015-2016. The company's total unencumbered assets value is estimated at BRL 10 billion and its unencumbered assets to unsecured debt ratio is estimated at around 13x as of June 30 2017. The company's total net loan to value ratio, is estimated at approximately 15% as of June 30, 2017. Slow Recovery in Margins Expected: The ratings factor in a slow recovery in BR Malls' operational metrics as Brazil's macroeconomic environment is anticipated to improve during the second half of 2017 and 2018. BR Malls' EBITDA margin is expected to be in the 71% to 73% range during the 2017- 2018. These levels are below the company's historical levels and it reflects Brazil's current challenging business environment, lower leasing spread renewals and non-recurring occurred in 2017. During the LTM ending June 30, 2017, the company's EBITDA was BRL918 million. During 2017-2018, Fitch expects BR Malls' annual average EBITDA to be around BRL945 million, healthy occupancy rates of around 96%, and net late payments in the 3% to 5% range. Focus on Organic Growth and Efficiencies: BR Malls' business strategy is expected to focus on expansions during 2017-2018. The company's capital intensity ratio, measured as total capex/revenue, was 50%, 26%, and 13% in 2014, 2015, and 2016, respectively. Fitch expects this ratio to remain in the 10% to 25% range during 2017-2018. BR Malls is expected to reach a neutral-to-positive FCF margin during 2017-2018. Fitch's rating case anticipates BR Malls will generate positive FCF of approximately BRL 160 million for 2017. DERIVATION SUMMARY BR Malls' ratings reflect an experienced and well positioned shopping mall operator with good tenant diversification, strong financial policies and the scale necessary to be a meaningful issuer in the debt and equity capital markets, which are comparable attributes to other rated entities in the region. BR Malls' ratings of 'BB+' is well-positioned relative to global peers on each major comparative. The company's 'AA+(bra)' LT National rating reflects BR Malls' solid business position as one of the largest owners and managers of shopping centers in Brazil in terms of gross leasable area (GLA) and the number of rental properties. BR Malls' FC IDR continues to be constrained at 'BB+'/Negative Outlook by the Country Ceiling assigned to Brazil. The Positive Rating Outlook on BR Malls' LC IDR and National Rating incorporate Fitch's expectations BR Malls will maintain its solid capital structure post recently completed equity injection, high EBITDA Margins, and continued improvement in its interest coverage ratios during 2017-2018. BR Malls' credit metrics compare well with its main peers in the real estate sector. In terms of profitability, BR Malls' EBITDA margin of around 71% during LTM June 2017 is viewed as adequate when compared with main players in Latin America such as Fibra Uno (BBB / Outlook Stable), InRetail Real Estate(BB+/Outlook Stable), Multiplan (AAA(bra)/Outlook Stable), and Parque Arauco (AA- (cl)/Outlook Stable) with EBITDA Margin levels of 76.5%, 81.3%, 72.2%, and 70%, respectively, during the same period. In terms of financial leverage BR Malls' leverage metric, measured as net debt/EBITDA, is expected to remain around 3x during 2017-2018, which is viewed as very solid when compared with regional peers. Fibra Uno, InRetail Real Estate, Multiplan, and Parque Arauco reached net leverage metrics of 5.4x, 3.9x, 2.4x, and 5.8x, respectively, during the same period. KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer include: -- Occupancy levels around 95% during 2017-2019; -- Net leverage ratio, measured as Net debt to Adjusted EBITDA ratio around 3x during 2017-2019; -- Interest coverage, measured as adjusted EBITDA to net cash interest exp. paid, trending consistently to levels around 2.5x; -- EBITDA margin in the 71% to 74% range during 2017-2019; RATING SENSITIVITIES Future Developments That May, Individually or Collectively, Lead to Positive Rating Action -- Net leverage consistently below 4x; -- Interest coverage, measured as adjusted EBITDA to net cash interest exp. paid, trending consistently to levels above 2.25x; -- Capacity to consistently maintain unencumbered assets-to-net unsecured debt coverage consistently around 5x. Future Developments That May, Individually or Collectively, Lead to Negative Rating Action BR Malls' foreign currency ratings could be negatively affected by a negative rating action on Brazil's sovereign rating and/or a downgrade of its country ceiling. The Outlook for Brazil's foreign currency rating is currently Negative. Fitch would also consider a negative rating action on BR Malls' ratings if the company's financial profile deteriorates due to some combination of the following: aggressive capex, adverse macroeconomic trends leading to weaker credit metrics, significant dividend distributions, and higher vacancy rates or deteriorating lease conditions. The following factors may also have a negative impact on BR Malls' ratings: -- Net leverage consistently trending to levels around 5x; -- Interest coverage, measured as adjusted EBITDA to net cash interest exp. paid, trending consistently to levels below 1.7x; -- Deterioration in the company's debt payment schedule from current levels; -- Unencumbered assets-to-net unsecured debt coverage consistently below 2.5x. LIQUIDITY Adequate Liquidity and Access to Capital: Fitch views the company's liquidity as adequate and improving considering the increase in its cash position post recent equity injection, its manageable debt payment maturity schedule during 2017-2019, improving interest coverage ratio post debt reduction coupled with lower average cost of funding in Brazil; and a significant unencumbered asset base. FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings for BR MALLS Participacoes S.A. (BR Malls): -- Long-term Foreign Currency IDR at 'BB+'; -- Long-term Local Currency IDR at 'BB+'; -- National long-term Rating at 'AA+(bra)'; -- Local debentures at 'AA+ (bra)'. The Rating Outlook for the LT IDR remains Negative. The Rating Outlooks for the LC IDR and Long-term National Rating have been revised to Positive from Stable. IPIRANGA PRODUTOS: Moody's Rates BRL1,012.5MM Sr. Debentures Ba1 ---------------------------------------------------------------- Moody's America Latina Ltda. assigned a Ba1/Aaa.br rating to Ipiranga Produtos de Petroleo S.A. proposed up to BRL 1,012.5 million senior unsecured debentures due in 2022 and 2024, irrevocably and unconditionally guaranteed by Ultrapar Participacoes S.A. The outlook is negative. The proposed debentures will be fully subscribed by Vert Companhia Securitizadora and they will back an issuance of agribusiness certificates - CRA (Certificados de Recebiveis do Agronegocio). The proceeds will be directed to finance purchases of ethanol. With the increased financial flexibility, Ultrapar will pay down debt in order to complement its liability management strategy. The rating of the proposed debentures assumes that the final transaction documents will not be materially different from draft legal documentation reviewed by Moody's to date and assume that these agreements are legally valid, binding and enforceable. Ratings assigned: Issuer: Ipiranga Produtos de Petroleo S.A. - up to BRL 1,012.5 million senior unsecured debentures due 2022 and 2024 (guaranteed by Ultrapar): Ba1/Aaa.br The outlook is negative. RATINGS RATIONALE Ultrapar's Ba1/Aaa.br rating reflects primarily the company's solid business model, low risk profile, stable cash flows and leading position in different segments. Over the past few years the company demonstrated its ability to post robust growth across all business lines and to sustain conservative credit metrics and strong cash generation even under adverse market conditions and sizeable capex plan. On the other hand, the rating is primarily constrained by Brazil's sovereign government bond rating. The company's acquisitive growth strategy and its dependence on a few key suppliers for raw materials are additional negative rating considerations. To a lesser extent, the more cyclical nature of its specialty chemicals business is also viewed as credit negative. Ultrapar's Ba1/Aaa.br rating stands one notch above Brazil's government bond rating of Ba2. Granted only on an exceptional basis, the notching represents a fundamental corporate profile that is stronger than the sovereign's government bond rating, as explained in Moody's methodology "How Sovereign Credit Quality Can Affect Other Ratings", published on March 16, 2015. In the case of Ultrapar, this is evidenced by the resilient nature of its cash flows and its financial flexibility, which allow it to withstand Brazil's weakened economic and fiscal condition. The negative outlook on Ultrapar's rating mirrors Brazil's sovereign ratings outlook. An upgrade of Ultrapar's rating would depend on an upgrade of Brazil's sovereign rating and on the maintenance by Ultrapar of strong credit metrics and liquidity profile. Negative pressure on the rating could arise from a deterioration in the group's liquidity position or an increase in leverage (debt to EBITDA above 4.0x) without prospects of deleveraging in the near term. A drop in interest coverage as measured by EBIT to interest expense to below 2.5x for a prolonged period of time, and operating margins below 3.0%, could negatively pressure the rating. Additional negative actions on Brazil's sovereign rating would also trigger a downgrade of Ultrapar's ratings. Ultrapar Participacoes S.A. ("Ultrapar"), headquartered in Sao Paulo, Brazil, is engaged in fuel (Ipiranga) and liquefied petroleum gas (Ultragaz) distribution, specialty chemicals production (Oxiteno), storage for liquid bulk (Ultracargo) and retail drugstore (Extrafarma). In the last twelve months ended June 30, 2017, Ultrapar reported consolidated net revenues of BRL 76.4 billion (about USD23.7 billion). Ipiranga is the group's largest business segment, representing 86% of consolidated net revenues and 75% of EBITDA in the same period. The principal methodology used in these ratings was Retail Industry published in October 2015. Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in May 2016 entitled "Mapping National Scale Ratings from Global Scale Ratings". While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons. JALLES MACHADO: S&P Alters Outlook to Stable, Affirms BB- GS CCR ---------------------------------------------------------------- S&P Global Ratings revised its outlook on Jalles Machado S.A. (Jalles) to stable from positive. S&P also affirmed its 'BB-' global scale and 'brA+' national scale corporate credit ratings on the company. S&P said, "We revised the outlook to stable from positive to reflect the fact that Jalles hasn't improved liquidity as we previously expected, primarily due to weaker cash flow generation resulting from a severe drought in the region where it operates, and higher capex. Now, although we expect a gradual increase in cash flow generation, we don't foresee a rating raise in the short term because we believe the company wouldn't be able to maintain sufficient liquidity to meet its obligations in a scenario of adverse market circumstances in the next 12 months." TERRAVIA HOLDINGS: Court Approves Key Executive Incentive Plan -------------------------------------------------------------- BankruptcyData.com reported that the U.S. Bankruptcy Court issued an order approving TerraVia Holdings' key executive incentive plan (KEIP). As previously reported, "The Debtors assert that the modest bonus payments set forth in the KEIP are reasonable and appropriate. The KEIP will provide performance incentives for the Key Executives. As members of the Debtors' executive management team, the Key Executives are responsible for determining the Debtors' strategic plan and facilitating the achievement of the Debtors' sale goals. The Debtors, with significant input from the DIP Lenders, have established bonus pools (the 'Bonus Pools') from which each Key Executive will be eligible to receive a bonus pay-out (a 'Bonus') based on a predetermined percentage (the 'Participation Percentage'). The Bonus Pools under the KEIP are as follows: For total noteholder consideration of less than $21,000,000 will have a bonus pool of $0; for $21,000,000 it is $500,000; for greater than $21,000,000 bonus pool is $500,000 plus 3% of total noteholder consideration in excess of $21,000,000; provided that the bonus pool shall not exceed $3,500,000." About TerraVia Headquartered in South San Francisco, California, TerraVia Holdings, Inc. (NASDAQ:TVIA) -- http://www.terravia.com/-- is a plant-based food, nutrition and specialty ingredients company that harnesses the power of algae, the mother of all plants and earth's original superfood. TerraVia also manufactures a range of specialty personal care ingredients for key strategic partners. On Aug. 2, 2017, TerraVia Holdings, Inc., and its wholly owned U.S. subsidiaries filed voluntary petitions under chapter 11 of title 11 of the United States Code (Bankr. D. Del. Lead Case No. 17-11655). The subsidiary debtors in the Chapter 11 cases are Solazyme Brazil LLC and Solazyme Manufacturing 1, LLC. The Debtors sought bankruptcy protection after reaching a deal to sell the assets to Corbion N.V. for $20 million in cash plus the assumption of liabilities. The Debtors hired Davis Polk & Wardwell LLP as their lead counsel and Richards, Layton & Finger, P.A., as co-counsel. Kurtzman Carson Consultants LLC is their claims agent. No official committee of unsecured creditors has been appointed in the Chapter 11 case. VERT COMPANHIA: Moody's Rates 2 Series of Certs. at (P) Ba1 ----------------------------------------------------------- Moody's America Latina Ltda. has assigned provisional ratings of (P) Ba1 (global scale, local currency) and (P) Aaa.br (national scale) to the 1st and 2nd series of agribusiness certificates ("certificados de recebiveis do agronegocio" or CRA) issued by Vert Companhia Securitizadora (Vert, the Issuer or the Securitizadora) and backed by two series of a debentures issued by Ipiranga Produtos de Petroleo S.A. (Ipiranga), which is guaranteed by Ultrapar Participacoes S.A. (Ultrapar). The total issuance could be raised up to BRL1,012.5 million, by the agreement among the arrangers, the securitization company and Ipiranga. The additional issuance will be followed by an additional issuance of debentures. The proceeds will be directed to finance purchases of ethanol. Issuer: Vert Companhia Securitizadora - 1(a) e 2(a) Series da 14(a) Emissao de CRA 1st and 2nd Series of the 14th issuance -- (P) Ba1 (global scale, local currency) / (P) Aaa.br (national scale) The provisional ratings address the structure and characteristics of the transaction based on the information provided to Moody's as of September 1, 2017. Certain issues related to this transaction have yet to be finalized. Upon conclusive review of all documents and legal information as well as any subsequent changes in information, Moody's will endeavor to assign definitive ratings to the CRA issuances. If any assumptions or factors considered by Moody's in assigning the ratings change, Moody's could change the ratings assigned to the CRA. RATINGS RATIONALE The (P) Ba1 (global scale, local currency) and (P) Aaa.br (national scale) ratings assigned to the CRA are primarily based on the willingness and ability of Ultrapar (as guarantor) to honor the payments defined in transaction documents, reflecting the Ba1/Aaa.br senior unsecured ratings of the underlying debenture backing the CRA issuances. Any change in the ratings of the debenture will lead to a change in the ratings of the CRA. Each CRA series to be issued by Vert will be backed by a series of debentures issued by Ipiranga and guaranteed by Ultrapar. The underlying debentures are rated Ba1 (global scale, local currency) Aaa.br (national scale). Ipiranga and Ultrapar will be responsible to cover all transaction expenses. The 1st series of CRA are floating rate notes, indexed to a percentage of the DI (interbank deposit rate) to be determined in the bookbuilding process. Interest will be paid on a semiannual basis, followed by a balloon payment of principal at the legal final maturity in October 2022. The 2nd series of CRA the principal balance will be adjusted by the IPCA (Extended National Consumer Price Index) inflation index and will pay a coupon rate to be determined. Interests will be paid on an annual basis, followed by a balloon payment of principal at the legal final maturity in October 2024. The sum of the two series will total BRL 750 million, which could be raised up to BRL1,012.5 million by exercising the option of issuing additional CRA. The provisional ratings on the CRA are based on a number of factors, among them the following: - The willingness and ability of Ultrapar (as guarantor) to make payments on each series of the underlying debentures, rated Ba1/Aaa.br. - Pass through structure; interest risk mitigated: the payment schedule of each series of CRA replicates the scheduled cash flow of the underlying debentures, with a one-day lag, which allows adequate timing to make payments on the CRA. The CRA will make payments that match the payments to be made by the underlying debentures. The floating rate of DI to be paid under the 1st series will be determined using the same DI period under the underlying debenture. The principal balance of the CRA 2nd series will be adjusted by the same IPCA index used to adjust the underlying debentures. Also, the coupon will be calculated considering the same business days. In addition, to mitigate the risk of the additional one day of interest for the first interest payment, the debentures will incorporate one extra day of interest accrual to address any potential interest rate mismatch. - The event of default (EOD) on the CRA are matched to the EOD on the underlying debentures. Therefore, the risk of having an EOD on the certificates while the underlying assets are current is mitigated. In addition, EOD on the underlying debentures will trigger and EOD on the CRA. - Ipiranga or Ultrapar, in the last instance, will pay the CRA expenses: Ipiranga or Ultrapar will be responsible, under the transaction documents, for all CRA expenses. Nonetheless, the transaction have recourse back to Ultrapar, in case Ipiranga miss any payment of expenses. - Ipiranga's payment obligations, as well as Ultrapar's guarantee under the debentures, assignment agreement and the trust expenses related to the CRA issuance also benefits from a guarantee provided by Ultrapar, which is the holding company from Ipiranga. The senior unsecured ratings assigned to the underlying debentures issued by Ipiranga (as debtor) reflect the profile of the guarantor's senior unsecured debt. - No commingling risk: Ipiranga will make the payments due on the two series of debentures directly to the respective accounts of each series of CRA held at Banco Bradesco S.A. (Ba2 negative). - Segregated assets: The CRA benefit from a fiduciary regime ("regime fiduci†rio") whereby the assets backing each series of CRA are segregated. These segregated assets are destined exclusively for payments on the CRA as well as certain fees and expenses, and will be segregated from all of the other assets on the issuer's balance sheet. However, the transaction is subject to residual legal risk because Vert agribusiness credits can be affected by the securitization company's tax, labor and pension creditors. (For more information, see the "Fiduciary Regime and Segregation of Assets" section in the Pre-sale Report.) Ultrapar Participacoes S.A., headquartered in Sao Paulo, Brazil, is engaged in fuel (Ipiranga) and liquefied petroleum gas (Ultragaz) distribution, specialty chemicals production (Oxiteno), storage for liquid bulk (Ultracargo) and retail drugstore (Extrafarma). In the last twelve months ended June 30, 2017, Ultrapar reported consolidated net revenues of BRL 76.4 billion (about USD23.7 billion). Ipiranga is the group's largest business segment, representing 86% of consolidated net revenues and 75% of EBITDA in the same period. Ultrapar's ratings reflect primarily the company's solid business model, low risk profile, stable cash flows and leading position in different segments. Over the past few years the company demonstrated its ability to post robust growth across all business lines and to sustain conservative credit metrics and strong cash generation even under adverse market conditions and sizable investment plan. On the other hand, the ratings are primarily constrained by Brazil's sovereign government bond rating. The company's acquisitive growth strategy and its dependence on a few key suppliers for raw materials are additional negative rating considerations. To a lesser extent, the more cyclical nature of its specialty chemicals business is also viewed as credit negative. Ultrapar's Ba1/Aaa.br Corporate Family Rating ratings stand one notch above Brazil's government bond rating of Ba2. Granted only on an exceptional basis, the notching represents a fundamental corporate profile that is stronger than the sovereign's government bond rating. This is evidenced by the resilient nature of Ultrapar's cash flows and financial flexibility, which allow it to withstand Brazil's weakened economic and fiscal condition. Vert was established since 2016 and headquartered in Sao Paulo. The securitization company is focused on structuring CRA with large and renowned sponsors of the agricultural industry. Vert is audited by Grant Thornton and since the beginning of its operations, the securitization company has issued 9 different securitizations totaling R$ 2.975 billion, currently with a total CRA outstanding of R$2.968 billion. Factors that would lead to an upgrade or downgrade of the ratings: ========= C H I L E ========= CHILE: Few Locals Turn Out for March Against Pension System ----------------------------------------------------------- EFE News reports that relatively few people turned out for marches called in several Chilean cities by social organizations lobbying for an end to the private pension system, especially in Santiago, where 1,500 people congregated. The marchers in the capital set out from the Plaza Italia, the traditional meeting place for Chileans, because the latest pension adjustment effort by President Michelle Bachelet preliminarily does not meet their demands and they are insisting on real reform to the retirement system to guarantee themselves sufficient pensions to live a dignified retirement, according to EFE News. As reported in the Troubled Company Reporter-Latin America on May 8, 2017, 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. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: RD$20BB Aims to Boost Economy as GDP Slumps --------------------------------------------------------------- Dominican Today reports that the Dominican Republic government will inject resources for construction, production and consumption to boost the economy in response to a slumping GDP growth, of just 4.0% so far this year. Administrative minister Jose Ramon Peralta made the announcement, and said that some RD$20.0 billion will be disbursed to the agencies to boost infrastructure projects, to increase economic movement through public works, according to Dominican Today. The funds are in addition to the Central Bank's RD$20.4 billion release of the reserve to financial institutions to lend for housing projects, small and medium-sized businesses and motor vehicles, the report notes. Among the entities that will receive the funds figure the ministries of Public Works and Agriculture, the State Works Supervisors Office, the Santo Domingo Water Utility, the National Aqueducts Agency, the Dams and Canals Agency, and the National Housing Institute, the report relays. As reported in Troubled Company Reporter-Latin America on July 24, 2017, Moody's Investors Service has upgraded the Dominican Republic's long term issuer and debt ratings to Ba3 from B1 and changed the outlook to stable from positive, based on the following key drivers: (1) The Dominican Republic's continued robust growth outlook compared to rating peers, coupled with a reduction in external risks as current account deficits have declined and international reserves have increased. (2) The reduction in fiscal deficits over the last four years and Moody's expectation that fiscal deficits will remain shy of 3% of GDP, supported by fiscal restraint and reduced transfers to the electricity sector. DOMINICAN REPUBLIC: Farmers Evicted From Park Get New Homes ----------------------------------------------------------- Dominican Today reports that Dominican Republic Environment Minister Francisco Dominguez disclosed advances on the construction of the housing complex "Villa Popy," to relocate the farm workers evicted from several areas in Valle Nuevo National Park (central). Minister Dominguez said more than 150 volunteers, business leaders, ministry employees and community members participated in an intense effort, according to Dominican Today. "We're working on a project dedicated to Popy Bermudez. 51 families from Castillo and Siberia will come here and change their lives," said Mr. Dominguez, who thanked the Bermudez family for donating more than seven hectares "to make this dream possible," the report notes. "This donation we make is also an interest to protect the forests and especially the national parks which has always been an initiative of the family. I know that my dad from heaven sends us a big hug," said Jose A. Bermudez, on behalf of the family, the report adds. Mr. Dom°nguez also thanked Cooperativa Vega Real, Fundacion Rica, Plan Yaque, the Constanza City Council, Sabina, Emilio Reyes and Alvaro Pena. As reported in Troubled Company Reporter-Latin America on July 24, 2017, Moody's Investors Service has upgraded the Dominican Republic's long term issuer and debt ratings to Ba3 from B1 and changed the outlook to stable from positive, based on the following key drivers: (1) The Dominican Republic's continued robust growth outlook compared to rating peers, coupled with a reduction in external risks as current account deficits have declined and international reserves have increased. (2) The reduction in fiscal deficits over the last four years and Moody's expectation that fiscal deficits will remain shy of 3% of GDP, supported by fiscal restraint and reduced transfers to the electricity sector. ============= J A M A I C A ============= JAMAICA: Records Record Budget Surplus and Debt Keeps Dropping -------------------------------------------------------------- Caribbean360.com reports that Jamaica has post a record budget surplus and is on track to lower its debt, further signaling that the economy has shrugged off the lethargy which has plagued the country for years. Minister of Finance and Public Service Audley Shaw has reported a primary budget surplus of $135.9 billion, which was $7.7 billion or six percent above the targeted surplus, according to Caribbean360.com. Minister Shaw, who recently named Finance Minister of the Year for the Caribbean by the GlobalMarkets newspaper, told journalists at a news briefing that the country's debt is likely to fall below the 109 per cent of gross domestic product (GDP) by the end of 2017/18, the report notes. The debt-to-GDP ratio was already down to 115 per cent of GDP, coming from 150 per cent of GDP, and will remain on track, the report relays. He attributed that development to the fact that, under the Government's most recent debt management exercise, the country was able to repay some US$526 million in debt that was issued under the Jamaica Debt Exchange, the report says. In return for raising those funds to meet the prepayment, Minister Shaw explained that the Government was able to issue longer-term debts of US$869 million that will now mature in 2028 and 2045, instead of 2019 to 2025, the report notes. "This strong budget performance has provided the Government with more funds for investing in the Jamaican people and future generations," the report quoted Minister Shaw as saying. The Finance Minister also noted that Jamaica had seen a rise in foreign direct investments (FDIs) in the areas of tourism, port expansion and business process outsourcing, the report relays. He said that FDIs had increased from US$580 million in 2014 to US$866 in 2016, the report notes. The report discloses that Minister Shaw said Jamaicans were benefiting from the improved economic showing, citing the rise in the income tax threshold to $1.5 million and an increase in social security payment which benefited an estimated 300,000 citizens. 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 =========== ZACATECAS: Moody's Withdraws Ba1 Ratings on Three Enhanced Loans ---------------------------------------------------------------- Moody's de Mexico has withdrawn the Global Scale (local currency) and Mexico National Scale ratings of the following six enhanced loans of the State of Zacatecas: * MXN 500 million from HSBC (original face value), Ba1/A1.mx * MXN 500 million from Santander (original face value), Ba1/A1.mx * MXN 750 million from BBVA Bancomer (original face value), Baa2/Aa2.mx * MXN 1.05 billion from Banorte (original face value), Ba1/A1.mx * MXN 1.148 billion from Banobras (original face value), Baa3/Aa3.mx * MXN 3 billion from Banorte (original face value), Baa3/Aa3.mx RATINGS RATIONALE The ratings have been withdrawn following the prepayment of the six loans by the State on May and June, 2017. The principal methodology used in these ratings was Rating Methodology for Enhanced Municipal and State Loans in Mexico published in June 2014. The period of time covered in the financial information used to determine State of Zacatecas' rating is between January 01, 2012 and 31 December 2016. Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in May 2016 entitled "Mapping National Scale Ratings from Global Scale Ratings". While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons. REGULATORY DISCLOSURES Information sources used to prepare the rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's information. The ratings have been disclosed to the rated entity prior to public dissemination. A general listing of the sources of information used in the rating process, and the structure and voting process for the rating committees responsible for the assignment and monitoring of ratings can be found in the Disclosure tab in www.moodys.com.mx. The date of the last Credit Rating Action was 28/04/2017. For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity. This credit rating is subject to upgrade or downgrade based on future changes in the financial condition of the Issuer/Security, and said modifications will be made without Moody's de Mexico S.A. de C.V accepting any liability as a result. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating. Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process. ====================== P U E R T O R I C O ====================== DORADO COMMUNITY: Unsecureds to Get $166.67 per Month for 5 Years ----------------------------------------------------------------- Dorado Community Health Inc., filed with the U.S. Bankruptcy Court for the District of Puerto Rico a disclosure statement dated Aug. 26, 2017, referring to the Debtor's plan of reorganization dated Aug. 20, 2017. Class 4 General unsecured Claims are impaired by the Plan. On the consummation date, the entire Class 3 claimants will receive from the Debtor a non-negotiable, non-interest bearing promissory note, dated as of the Effective Date, providing for a total amount of $10,000 which will be payable in consecutive monthly installments of $166.67 during a period of five years, starting on the Effective Date; with a monthly pro-rata distribution among all members of this Class 3. As additional payments, the Debtor will initiate accounts receivable collection efforts. The Debtor understand that they can collect approximately $8,000 as annual accounts receivables net proceeds. The Debtor proposes that the accounts receivables net proceeds will be disbursed to unsecured creditors in the following manner and order: First all accounts receivables net proceeds will be distributed to Class 3 (unsecured priority creditors) until debtor could complete the payment of Class 3 obligation. Any amount received as account receivable net proceeds will be distributed to class 3 at pro-rata of each claim as a lump sum payment to class 3 claimholders. Second, once the Debtor complied with Class 3 (unsecured priority creditors) payments; then, after Class 3 has been paid in full, then, debtor will continue making accounts receivables net proceeds distribution in the following manner and order: 50% of the accounts receivables net proceeds will be distributed to Class 4 (general unsecured creditors) and the other 50% will be retained by the Debtor for Hospital repairs and hospital equipment purchase. The Plan will be implemented with the daily operations of the business and its resulting operating cash flows. The Debtor will retain property of the estate to operate its business and produce cash flow for the execution of the Plan. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/prb17-01565-56.pdf About Dorado Community Health, Inc. Dorado Community Health Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 17-01565) on March 7, 2017, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Jaime Rodriguez Perez, Esq. at Hatillo Law Office. The Debtor hired Fuertes & Fuertes Law Office, as counsel; and Julio Borges-Alvarado, as accountant. Acting United States Trustee, Guy G. Gebhardt, filed a Notice of Appointment before the U.S. Bankruptcy Court for the District of Puerto Rico naming Edna Diaz De Jesus as the Patient Care Ombudsman for Dorado Community Health, Inc. ENTERPRISE BUSINESS: Hires Dage Consulting as Accountant ------------------------------------------------------- Enterprise Business, Corp., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Dage Consulting CPA, PSC, as accountant to the Debtor. Enterprise Business requires Dage Consulting to: a. assist the Debtor in gathering and compiling the necessary information required to file the Chapter 11 Petition and court required information and schedules; b. provide consulting services; c. assist the Debtor and its attorney in documenting the reorganization plan to be filled in the case; d. prepare monthly operating reports; e. prepare financial projections and other relevant information as required and necessary f. prepare all necessary tax returns to ascertain the Debtor is in full compliance with its fiscal responsibilities; and g. assist the Debtor and its attorney in all matters related to court instructions, transactions, and or information requests of an accounting or financial nature. Dage Consulting will be paid at the hourly rate $150. The firm will be paid a retainer in the amount of $2,500. It willl also be reimbursed for reasonable out-of-pocket expenses incurred. Jose A. Diaz Crespo, member of Dage Consulting CPA, PSC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Dage Consulting can be reached at: Jose A. Diaz Crespo DAGE CONSULTING CPA, PSC P.O. Box 367457 San Juan, PR 00936-7457 Tel: (787) 594-1882 E-mail: jdiaz@dageconsulting.com About Enterprise Business, Corp. Enterprise Business owns a fee simple interest in a single story building located at Sabalos Ward (Folio 149, Tomo 1024 De Mayaguez) valued at $310,000. It is also the fee simple owner of a car wash located at Betances Street (Folio 26, Tomo 1535, De Mayaguez) valued at $471,000. The Company previously sought bankruptcy protection on Sept. 21, 2015 (Bankr. D.P.R. Case No. 15-07259) and Dec. 17, 2013 (Bankr. D.P.R. Case No. 13-10452). Enterprise Business Corporation, based in Mayaguez, Puerto Rico, filed a Chapter 11 petition (Bankr. D.P.R. Case No. 17-05940) on August 23, 2017. Carmen D Conde Torres, Esq., at C. Conde & Assoc., serves as the Debtor's bankruptcy counsel. In its petition, the Debtor estimated $1.03 million in assets and $1.37 million in liabilities. The petition was signed by Ivan Torres Nazario, president. TAMARA HOME: Court Directs U.S. Trustee to Appoint Ombudsman ------------------------------------------------------------ Judge Brian K. Tester of the U.S. Bankruptcy Court for the District of Puerto Rico has issued an order directing the U.S. Trustee to appoint an Ombudsman because Tamara Home Care Inc. has indicated in its petition that it is a "health care business" case. However, the U.S. Trustee and/or the debtor in possession may also inform the Court in writing, within 21 days, that the appointment of an ombudsman is not necessary for the protection of the patients. Tamara Home Care Inc sought Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 17-04204) on August 14, 2017. ================================ T R I N I D A D & T O B A G O ================================ CL FIN'L: Bourse Updates Investors on CLICO Investment ------------------------------------------------------ Trinidad Express reports that the Bourse updated investors on the CLICO Investment Fund (CIF). The Bourse said the unit price of CIF has slipped 8.5 per cent year-to-date, with much of the decline taking place in the recent few weeks, the report relays. * * * As reported in the Troubled Company Reporter-Latin America on July 26, 2017, CL Financial Limited shareholders have vowed to pay back a TT$15 billion (US$2.2 billion) debt to the Trinidad Government after scoring what it called a "major legal victory" against the Keith Rowley administration. Caribbean360.com said the Trinidad Government went to the High Court with a petition to have the company liquidated. Finance Minister Colm Imbert had explained then that the move was in response to attempts by the company's shareholders to take control of the board. However, after a near seven-hour hearing, High Court Judge Kevin Ramcharan sided with the company shareholders, ruling that the action by the Government was premature. The TCR-LA, citing Trinidad Express, reported on Aug. 6, 2015, that the Constitution Reform Forum (CRF) has called on Finance Minister Larry Howai to refrain from embarking on an "unnecessary drain on the Treasury" by appealing the decision of a High Court judge, who ordered that the Minister fulfil a request by president of the Joint Consultative Council (JCC) Afra Raymond for financial details relating to the bailout of CL Financial Limited. The CRF issued a release stating that if the decision is appealed, not only will it be a waste of finance but such a course of action will also demonstrate a "lack of commitment by the Government to the spirit and intent of the Freedom of Information Act FOIA", under which the request was made, according to Trinidad Express. On July 7, 2014, Trinidad Express said that the Central Bank has placed the responsibility of voluntary separation package (VSEP) negotiations for workers at insurance giant Colonial Life Insurance Company Ltd. (CLICO) with the company's board, after which it will review accordingly, the bank said in a statement. The bank's statement follows protest action by CLICO workers, supported by their union, the Banking, Insurance and General Workers' Union (BIGWU), outside the Central Bank in Port of Spain, according to Trinidad Express. In a separate TCRLA report on June 26, 2014, Caribbean360.com said that the Trinidad and Tobago government has welcomed an Appeal Court ruling that the Attorney General Anand Ramlogan said saves the country from paying out more than TT$1 billion (TT$1 = US$0.16 cents) to policyholders of the cash-strapped CLICO. The Appeal Court overturned the ruling of a High Court that ruled members of the United Policyholders Group (UPG) were entitled to be paid the full sums of their polices. CLICO financially caved in on itself at the end of 2008 after the investment instruments of major policyholders matured and they wanted hundreds of millions of dollars they were owed. On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that over TT$8 billion worth of CLICO's profitable business will be transferred to Atruis, a new company that will be owned by the state. The Trinidad Express said that the Cabinet approved the transfer as the Finance and General Purposes Committee continues to discuss a letter of intent hammered out by the Ministry of Finance and CL Financial's 400 shareholders, which envisions taxpayers will recover the more than TT$20 billion Government has injected since 2009 to keep CL subsidiary CLICO and other companies afloat. At its annual general meeting in Sept. 2013, CL Financial shareholders voted to extend the agreement with Government until August 25, 2014, while Cabinet decides on a new framework accord to recover the debt owed to Government through divestment of CL subsidiaries, including Methanol Holdings, Republic Bank, Angostura Holdings, CL World Brands and Home Construction Ltd., Caribbean360.com related. Proceeds from the divestment of these assets will go toward Government's recovery of the billions it pumped into CLICO. TCRLA reported on Sep 22, 2011, Caribbean News Now, citing Reuters, said that the cost of the Trinidad and Tobago government bailout of CL Financial Limited is likely to rise to more than TT$3 billion. *********** 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, 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 * * *