/raid1/www/Hosts/bankrupt/TCRLA_Public/180605.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, June 5, 2018, Vol. 19, No. 110
Headlines
A R G E N T I N A
ARGENTINA: VP Defends Decision to Seek Help From IMF
B A R B A D O S
BARBADOS: Finances "Woeful", Says New Administration
B R A Z I L
PETROLEO BRASILEIRO: CEO Resigns as Strikes End
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Medina Pledges Support for Cocoa Growers
J A M A I C A
RADIO JAMAICA: Reports Loss for Financial Year Ending March
UC RUSAL: Trading Deadline Extended to August 5
P U E R T O R I C O
AUGUST SAGE: Taps Charles A. Cuprill as Legal Counsel
AUGUST SAGE: Taps Luis R. Carrasquillo as Financial Consultant
BENITEZ ALL ALUMINUM: Court Approves Disclosure Statement
CARIBBEAN WINDS: Taps Luis R. Carrasquillo as Financial Consultant
CARIBBEAN WINDS: Taps Charles A. Cuprill as Legal Counsel
GREEN HORIZON: Taps Charles A. Cuprill as Legal Counsel
GREEN HORIZON: Taps Luis R. Carrasquillo as Financial Consultant
HALAIS GROUP: Court Approves Disclosure Statement
ISLAND FESTIVAL: Court Approves Disclosure Statement
JDHG LLC: Taps Charles A. Cuprill as Legal Counsel
JDHG LLC: Taps Luis R. Carrasquillo as Financial Consultant
WESTERN HOST: Taps Ismael Isern Suarez as Appraiser
- - - - -
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A R G E N T I N A
=================
ARGENTINA: VP Defends Decision to Seek Help From IMF
-----------------------------------------------------
EFE News reports that Argentina's vice president defended before
business leaders from Argentina and Brazil her government's
decision to enter talks with the International Monetary Fund on
financial support.
"To continue our economic policies, we decided to begin talks with
the IMF to establish a preventive financial support agreement,"
Gabriela Michetti said during the inauguration of the second
Argentina-Brazil International Leaders Seminar in Buenos Aires,
according to EFE News.
After the country experienced strong financial turbulences in
early May, including a sharp slide in the value of the Argentine
peso, the government of President Mauricio Macri began talks with
the IMF to negotiate a stand-by credit line, the report notes.
The IMF has avoided commenting on the credit line, which analysts
have estimated to amount to some $30 billion, the report relays.
The report discloses that the vice president said the government
is "aware that we live in uncertain times and that, faced with
currency instability, protective measures must be carried out that
would otherwise not have taken place."
The report relays that Mr. Michetti said that the policies
established by President Macri since he was sworn in in 2015 "have
been yielding results," with seven consecutive quarters of
economic growth and a 2.9 percent rise in GDP in 2017.
As reported in the Troubled Company Reporter-Latin America on
May 8, 2018, Fitch Ratings has affirmed Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B' and revised
the Outlook to Stable from Positive.
On December 4, 2017, Moody's Investors Service has upgraded the
Government of Argentina's local and foreign currency issuer and
senior unsecured ratings to B2 from B3. The senior unsecured
shelves were upgraded to (P)B2 from (P)B3. The outlook on the
ratings is stable. At the same time, Argentina's short-term
rating was affirmed at Not Prime (NP). The senior unsecured
ratings for unrestructured debt were affirmed at Ca and the
unrestructured senior unsecured shelf affirmed at (P)Ca.
Moody's said the key drivers of the upgrade of the rating to B2
are: (1) a record of macro-economic reforms that are beginning to
address long existing distortions in Argentina's economy; and (2)
the likelihood that reforms will continue and in turn sustain
the recent return to positive economic growth.
The stable outlook on Argentina's B2 ratings balances Argentina's
credit strengths of its large, diverse economy and moderate income
levels against the credit challenges posed by still high fiscal
deficits and a reliance on external financing, which increases its
vulnerability to external event risk, said Moody's.
On Nov. 10, 2017, Fitch Ratings revised Argentina's Outlook to
Positive from Stable and has affirmed its Long Term Foreign-
Currency Issuer Default Rating (IDR) at 'B'.
On Oct. 30, 2017, S&P Global Ratings raised its long-term
sovereign credit ratings on the Republic of Argentina to 'B+' from
'B'. The outlook on the long-term ratings is stable. S&P also
affirmed its short-term sovereign credit ratings on Argentina at
'B'. At the same time, S&P raised its national scale ratings to
'raAA' from 'raA+'. In addition, S&P raised its transfer and
convertibility assessment to 'BB-' from 'B+', in line with its
assessment of sustained local access to foreign exchange.
As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment. Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago. On March 30, 2016, Argentina's Congress
passed a bill that will allow the government to repay holders of
debt that the South American country defaulted on in 2001,
including a group of litigating hedge funds that won judgments
in a New York court. The bill passed by a vote of 54-16.
===============
B A R B A D O S
===============
BARBADOS: Finances "Woeful", Says New Administration
----------------------------------------------------
EFE News reports that the new administration in Barbados is
describing the island's finances as a woeful state of affairs and
the financial equivalent to the south coast sewage mess.
Prime Minister Mia Mottley spoke at a Post Cabinet briefing about
what her one-week-old Barbados Labour Party-led administration
have found since assuming office following the general election,
according to EFE News.
Effective September 30 last year, outstanding wire transfers as
per the Accountant General's records were $621.4 million, the
report relays.
The University of the West Indies, as per the last audit
confirmation, was owed $229.7 million and state owned enterprises
$467.7 million, bringing to a total of $1.315 billion, the report
adds.
===========
B R A Z I L
===========
PETROLEO BRASILEIRO: CEO Resigns as Strikes End
-----------------------------------------------
EFE News reports that the chief executive officer of the Brazilian
state oil company Petroleo Brasileiro S.A. resigned several days
after the government and truckers' unions reached an agreement to
put an end to a truck drivers' strike against high fuel prices.
The company said in a statement that its board of directors would
discuss the appointment of an interim CEO and that no further
changes to the board were expected, according to EFE News.
The report notes that Mr. Parente was widely criticized for
establishing a new fuel price policy, which was one of the factors
that sparked the truckers' strike.
The government agreed to reduce and freeze the price of fuels
until the end of the year through subsidies that could cost Brazil
as much as BRL9.5 billion (US$2.5 billion), the report relays.
Petrobras also agreed to lower the cost of diesel by 10 percent in
the next month, a switch from the company's market-based pricing
policy, the report discloses.
That policy was criticized by truck drivers as well as by oil
workers, who ended a two-day strike to demand lower fuel prices
and Mr. Parente's resignation, the report relays.
The report relays that Mr. Parente was appointed as the CEO of
Petrobras on June 1, 2016, and in a matter of months, established
a new market-based policy of daily fuel price changes, which
recently led to a sharp rise in the cost of diesel due to an
upsurge in international oil prices and to the slide in the value
of the Brazilian real.
The truck driver's strike started on May 21 and gradually ended
after the government and truckers' unions reached an agreement on
to cut diesel prices, the report adds.
As reported in the Troubled Company Reporter-Latin America on
Feb. 14, 2017, S&P Global Ratings raised its global scale ratings
on Petroleo Brasileiro S.A. (Petrobras) to 'BB-' from 'B+',
including its corporate credit rating and the ratings on the
senior unsecured notes issued through the company's financing
vehicles (Petrobras International Finance Co. and Petrobras Global
Finance B.V.).
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Medina Pledges Support for Cocoa Growers
------------------------------------------------------------
Dominican Republic reports that President Danilo Medina visited La
Coyera, where he pledged financial support for cocoa plantations,
at the farmer's settlement La Manteca, in northeastern Maria
Trinidad Sanchez province.
President Medina pledged support for a project, which will improve
the living conditions of more than 3,000 people from several
villages, according to Dominican Republic.
Among the assistance which the growers requested figure a
warehouse, a truck to transport the harvest, all accepted by
Medina, who added that the Agriculture Ministry, "is going to
build the warehouse and the dryer at the Government's expense,"
the report notes.
As reported in the Troubled Company Reporter-Latin America on
April 23, 2018, S&P Global Ratings affirmed its 'BB-/B' long- and
short-term sovereign credit ratings on the Dominican Republic.
The outlook remains stable.
=============
J A M A I C A
=============
RADIO JAMAICA: Reports Loss for Financial Year Ending March
-----------------------------------------------------------
RJR News reports that Radio Jamaica is reporting a loss for the
financial year ending March 2018.
The company made $41.7 million in losses compared with $145
million in profit the prior year, according to RJR News.
Revenues were down last year, but the company also managed to
reduce expenses by $55 million, the report notes.
UC RUSAL: Trading Deadline Extended to August 5
-----------------------------------------------
RJR News reports that the US Treasury has extended the deadline
for trading in three sanctioned companies linked to Russian
billionaire Oleg Deripaska, including UC Rusal, the owner of the
WINDALCO plant in Jamaica.
The other companies are E N Plus and Gaz Group, according to RJR
News.
The cut-off date for trading in equity and debt in the businesses
has been pushed back by two months, from June 5 to August 5, the
report notes.
The US Treasury imposed sanctions on Deripaska and eight of his
businesses in April as it targeted several oligarchs in response
to the Russian government's malign activity, the report relays.
It has since given investors more time to prepare for the
sanctions as it attempted to mitigate the broad impact of the
sanctions on companies like Rusal, the world's second largest
aluminum producer, the report relays.
The US government has also indicated it would remove the sanctions
on Deripaska's businesses if he gave up control, the report adds.
As reported in the Troubled Company Reporter-Latin America on
April 18, 2018, Fitch Ratings revised the Rating Watch on
Russia-based aluminium company United Company Rusal Plc's Long-
Term Issuer Default Rating (IDR) of 'BB-', Short-Term IDR of
'B' as well as Rusal Capital D.A.C.'s senior unsecured rating of
'BB- '/'RR4' to Negative from Evolving. Fitch simultaneously
withdrew all the ratings.
======================
P U E R T O R I C O
======================
AUGUST SAGE: Taps Charles A. Cuprill as Legal Counsel
-----------------------------------------------------
August Sage Holdings LLC seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire Charles A. Cuprill,
PSC Law Offices as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code and will provide other legal services related to
its Chapter 11 case.
The firm will charge these hourly rates:
Charles Cuprill-Hernandez $350
Senior Associates $250
Junior Associates $150
Paralegals $85
The Debtor has agreed to pay the firm a retainer in the sum of
$10,000.
Charles Cuprill-Hernandez, Esq., disclosed in a court filing that
the members of his firm are "disinterested persons" as defined in
section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Charles A. Cuprill-Hernandez, Esq.
Charles A. Cuprill, PSC Law Offices
356 Calle Fortaleza, Second Floor
San Juan, PR 00901
Tel: 787-977-0515
Fax: 787-977-0518
E-mail: cacuprill@cuprill.com
E-mail: ccuprill@cuprill.com
About August Sage Holdings
August Sage Holdings LLC owns three properties in San Juan, Puerto
Rico, consisting of: (a) 423.72 square meters with a two-story
residence (Wind Chimes Hotel); (b) 393.57 square meters with a
two-story residence (Wind Chimes Inn Hotel; and (c) 546.07 square
meters with a two-story residence (known as Cervantes 12). The
company valued the properties at $2.1 million in the aggregate.
August Sage Holding sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-02808) on May 21, 2018.
In the petition signed by John B. Dennis Brull, president, the
Debtor disclosed $2.10 million in assets and $1.94 million in
liabilities. Judge Enrique S. Lamoutte Inclan presides over the
case.
AUGUST SAGE: Taps Luis R. Carrasquillo as Financial Consultant
--------------------------------------------------------------
August Sage Holdings LLC seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire CPA Luis R.
Carrasquillo & Co., P.S.C. as its financial consultant.
The firm will assist the Debtor in the financial restructuring of
its affairs by providing advice on strategic planning, preparation
of plan of reorganization and business plan, and participating in
negotiations with creditors.
Carrasquillo's hourly rates range from $45 to $175. The Debtor
has agreed to pay the firm a retainer in the sum of $7,500.
Luis Carrasquillo Ruiz, principal of the firm, disclosed in a
court filing that he and other members of his firm are
"disinterested persons" as defined in section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Luis R. Carrasquillo Ruiz
CPA Luis R. Carrasquillo & Co., P.S.C.
28th Street, TI-26, Turabo Gardens Avenue
Caguas, PR 00725
Phone: 787-746-4555 / 787-746-4556
Fax: 787-746-4564
Email: luis@cpacarrasquillo.com
About August Sage Holdings
August Sage Holdings LLC owns three properties in San Juan, Puerto
Rico, consisting of: (a) 423.72 square meters with a two-story
residence (Wind Chimes Hotel); (b) 393.57 square meters with a
two-story residence (Wind Chimes Inn Hotel; and (c) 546.07 square
meters with a two-story residence (known as Cervantes 12). The
company valued the properties at $2.1 million in the aggregate.
August Sage Holding sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-02808) on May 21, 2018.
In the petition signed by John B. Dennis Brull, president, the
Debtor disclosed $2.10 million in assets and $1.94 million in
liabilities. Judge Enrique S. Lamoutte Inclan presides over the
case.
BENITEZ ALL ALUMINUM: Court Approves Disclosure Statement
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
approved the disclosure statement explaining Benitez All Aluminum
Corp.'s small business chapter 11 plan of reorganization.
Class 2 under the plan consists of the general unsecured claims
which total $211,711. This class will be paid $105.86 monthly with
no interest. Estimated percentage of claim to be paid is 3%.
Total monthly payment proposed under the Plan is $4,192, including
$2,692 through a 48 months term in the case of priority tax debts,
$1,394 through in the case of secured debt as per contracts, and
$106 through a 60 months term in the case of general unsecured
debt, beginning 30 days after confirmation of plan.
Source of funds for payments under the plan is the collection of
revenues for the sale and installation of products.
A full-text copy of the Disclosure Statement is available at:
http://bankrupt.com/misc/prb17-03239-11-84.pdf
About Benitez All Aluminum Corp.
Benitez All Aluminum Corp. is a corporation organized under the
laws of the Commonwealth of Puerto Rico in 1998 and engaged in the
manufacturing, assembly and installation of aluminum and glass
products such as security windows, residential doors, garage doors
and hurricane shutters. Its business has been mostly concentrated
into the residential market for medium/ high-class individual
customers in Puerto Rico and the U.S. Virgin Islands.
Benitez All Aluminum Corp. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 17-03239) on May 8,
2017. Its president, Noel Benitez Carrasquillo, signed the
petition. At the time of the filing, the Debtor estimated assets
of less than $50,000 and liabilities of less than $500,000.
CARIBBEAN WINDS: Taps Luis R. Carrasquillo as Financial Consultant
------------------------------------------------------------------
Caribbean Winds Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire CPA Luis R. Carrasquillo &
Co., P.S.C. as its financial consultant.
The firm will assist the Debtor in the financial restructuring of
its affairs by providing advice on strategic planning, preparation
of plan of reorganization and business plan, and participating in
negotiations with creditors.
Carrasquillo's hourly rates range from $45 to $175. The Debtor
has agreed to pay the firm a retainer in the sum of $7,500.
Luis Carrasquillo Ruiz, principal of the firm, disclosed in a
court filing that he and other members of his firm are
"disinterested persons" as defined in section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Luis R. Carrasquillo Ruiz
CPA Luis R. Carrasquillo & Co., P.S.C.
28th Street, TI-26, Turabo Gardens Avenue
Caguas, PR 00725
Phone: 787-746-4555 / 787-746-4556
Fax: 787-746-4564
Email: luis@cpacarrasquillo.com
About Caribbean Winds
Caribbean Winds Inc. owns in fee simple the Acacia Seaside Inn
Hotel located at No. 8 Taft Street, Santurce Ward, San Juan,
Puerto Rico, having an appraised value of $1.4 million.
Caribbean Winds sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case No. 18-02809) on May 21,
2018.
In the petition signed by John B. Dennis Brull, president, the
Debtor disclosed $7.06 million in assets and $20.22 million in
liabilities.
Judge Brian K. Tester presides over the case.
CARIBBEAN WINDS: Taps Charles A. Cuprill as Legal Counsel
---------------------------------------------------------
Caribbean Winds Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire Charles A. Cuprill, PSC
Law Offices, as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code and will provide other legal services related to
its Chapter 11 case.
The firm will charge these hourly rates:
Charles Cuprill-Hernandez $350
Senior Associates $250
Junior Associates $150
Paralegals $85
The Debtor has agreed to pay the firm a retainer in the sum of
$10,000.
Charles Cuprill-Hernandez, Esq., disclosed in a court filing that
the members of his firm are "disinterested persons" as defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Charles A. Cuprill-Hernandez, Esq.
Charles A. Cuprill, PSC Law Offices
356 Calle Fortaleza, Second Floor
San Juan, PR 00901
Tel: 787-977-0515
Fax: 787-977-0518
Email: cacuprill@cuprill.com
Email: ccuprill@cuprill.com
About Caribbean Winds Inc.
Caribbean Winds Inc. owns in fee simple the Acacia Seaside Inn
Hotel located at No. 8 Taft Street, Santurce Ward, San Juan,
Puerto Rico, having an appraised value of $1.4 million.
Caribbean Winds sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-02809) on May 21, 2018.
In the petition signed by John B. Dennis Brull, president, the
Debtor disclosed $7.06 million in assets and $20.22 million in
liabilities. Judge Brian K. Tester presides over the case.
GREEN HORIZON: Taps Charles A. Cuprill as Legal Counsel
-------------------------------------------------------
Green Horizon Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire Charles A. Cuprill, PSC
Law Offices, as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code and will provide other legal services related to
its Chapter 11 case.
The firm will charge these hourly rates:
Charles Cuprill-Hernandez $350
Senior Associates $250
Junior Associates $150
Paralegals $85
The Debtor has agreed to pay the firm a retainer in the sum of
$10,000.
Charles Cuprill-Hernandez, Esq., disclosed in a court filing that
the members of his firm are "disinterested persons" as defined in
section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Charles A. Cuprill-Hernandez, Esq.
Charles A. Cuprill, PSC Law Offices
356 Calle Fortaleza, Second Floor
San Juan, PR 00901
Tel: 787-977-0515
Fax: 787-977-0518
Email: cacuprill@cuprill.com
Email: ccuprill@cuprill.com
About Green Horizon Inc.
Green Horizon Inc. is the fee simple owner of Blue Horizon
Boutique Hotel located at State Road 996 km 4.3, La Hueca Sector,
Puerto Real Ward, Vieques, Puerto Rico, having an appraised value
of 2.15 million.
Green Horizon sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 18-02811) on May 21, 2018.
In the petition signed by John B. Dennis Brull, president, the
Debtor disclosed $2.57 million in assets and $19.71 million in
liabilities.
Judge Enrique S. Lamoutte Inclan presides over the case.
GREEN HORIZON: Taps Luis R. Carrasquillo as Financial Consultant
----------------------------------------------------------------
Green Horizon Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire CPA Luis R. Carrasquillo &
Co., P.S.C. as its financial consultant.
The firm will assist the Debtor in the financial restructuring of
its affairs by providing advice on strategic planning, preparation
of plan of reorganization and business plan, and participating in
negotiations with creditors.
Carrasquillo's hourly rates range from $45 to $175. The Debtor
has agreed to pay the firm a retainer in the sum of $7,500.
Luis Carrasquillo Ruiz, principal of the firm, disclosed in a
court filing that he and other members of his firm are
"disinterested persons" as defined in section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Luis R. Carrasquillo Ruiz
CPA Luis R. Carrasquillo & Co., P.S.C.
28th Street, TI-26, Turabo Gardens Avenue
Caguas, PR 00725
Phone: 787-746-4555 / 787-746-4556
Fax: 787-746-4564
Email: luis@cpacarrasquillo.com
About Green Horizon Inc.
Green Horizon Inc. is the fee simple owner of Blue Horizon
Boutique Hotel located at State Road 996 km 4.3, La Hueca Sector,
Puerto Real Ward, Vieques, Puerto Rico, having an appraised value
of 2.15 million.
Green Horizon sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 18-02811) on May 21, 2018. In the
petition signed by John B. Dennis Brull, president, the Debtor
disclosed $2.57 million in assets and $19.71 million in
liabilities. Judge Enrique S. Lamoutte Inclan presides over the
case.
HALAIS GROUP: Court Approves Disclosure Statement
-------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
approved the amended disclosure statement explaining Halais Group,
Inc.'s amended plan of reorganization dated March 10, 2018.
As previously reported by The Troubled Company Reporter, the
amended plan adds the secured claim of Parliament High Yield Fund,
LLC in Class 5. The Debtors will pay the expected amount of
$785,000 in monthly payments of $9,322 in an interest rate of
14.25%. Maturity date of Balloon is Aug. 31, 2019, with an
estimated balance of $785,000.
The plan proposes to pay creditors of the Debtor with funds from
the cash flow from operations and future income derived from the
burial and funeral services business and from funds obtained from
Parliament High by a post-petition secured loan.
The original Plan proposed that Class 5 general unsecured
claimants will be paid a pro-rata distribution of a total of
$10,000 at the effective date of the plan.
A full-text copy of the Amended Disclosure Statement is available
at:
http://bankrupt.com/misc/prb16-01361-11-281.pdf
A full-text copy of the Amended Plan is available at:
http://bankrupt.com/misc/prb16-01361-11-282.pdf
About Halais Group
Headquartered in Caguas, Puerto Rico, Halais Group, Inc. filed for
chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 16-01361)
on Feb. 24, 2016, with estimated assets at $500,000 to $1 million
and estimated liabilities at $1 million to $10 million. The
petition was signed by Raymond Halais, president, authorized
representative of Halais.
ISLAND FESTIVAL: Court Approves Disclosure Statement
----------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
approved the disclosure statement explaining Island Festival
Rentals and Recycling Corp.'s plan.
Claims of general unsecured creditors in Class 7 are estimated to
total $547,877. Creditors included in this class will be paid
2.74% of its claim or $15,000 of allowed unsecured claims.
Creditors in this class will be paid in one payment of $15,000 on
the effective date of the plan, unless the holder of such claims
agree with the Debtor to a different treatment.
A full-text copy of the Disclosure Statement is available at:
http://bankrupt.com/misc/prb17-01377-212.pdf
About Island Festival Rentals
Island Festival Rentals and Recycling Corp., a Commonwealth of
Puerto Rico corporation, was established by Wilfredo Medina
Ramirez, who presently serves as president. It is dedicated to
operate a business engaged in the recycling and sale of metals.
It is also engaged in the rental of party equipment for events.
Its main place of business is located at Carr. 181 Ramal 8860 KM
5.9 Bo. Las Cuevas Trujillo Ato, PR 00976. In addition to this
property, debtor has a lease in a commercial property located at
Parque Industrial Los Frailes, Sector Cubita, Guaynabo PR, in
which the rental party equipment is kept and from where such part
of the business operates.
Island Festival Rentals and Recycling sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 17-
01377) on Feb. 28, 2017. The petition was signed by Wilfredo
Medina Ramirez, president. At the time of the filing, the Debtor
estimated assets of less than $100,000 and liabilities of $1
million to $10 million. The case is assigned to Judge Edward A
Godoy.
JDHG LLC: Taps Charles A. Cuprill as Legal Counsel
---------------------------------------------------
JDHG, LLC, seeks approval from the U.S. Bankruptcy Court for the
District of Puerto Rico to hire Charles A. Cuprill, PSC Law
Offices as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code and will provide other legal services related to
its Chapter 11 case.
The firm will charge these hourly rates:
Charles Cuprill-Hernandez $350
Senior Associates $250
Junior Associates $150
Paralegals $85
The Debtor has agreed to pay the firm a retainer in the sum of
$10,000.
Charles Cuprill-Hernandez, Esq., disclosed in a court filing that
the members of his firm are "disinterested persons" as defined in
section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Charles A. Cuprill-Hernandez, Esq.
Charles A. Cuprill, PSC Law Offices
356 Calle Fortaleza, Second Floor
San Juan, PR 00901
Tel: 787-977-0515
Fax: 787-977-0518
Email: cacuprill@cuprill.com
Email: ccuprill@cuprill.com
About JDHG LLC
JDHG, LLC owns hotel furniture and fixtures at Wind Chimes Inn
located in San Juan, Puerto Rico, and boat bar equipment valued at
$65,255 in total. The company has accounts receivable of $4.6
million.
JDHG sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D.P.R. Case No. 18-02810) on May 21, 2018.
In the petition signed by John B. Dennis Brull, president, the
Debtor disclosed $4.67 million in assets and $19.24 million in
liabilities.
Judge Mildred Caban Flores presides over the case.
JDHG LLC: Taps Luis R. Carrasquillo as Financial Consultant
-----------------------------------------------------------
JDHG, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Puerto Rico to hire CPA Luis R. Carrasquillo & Co.,
P.S.C. as its financial consultant.
The firm will assist the Debtor in the financial restructuring of
its affairs by providing advice on strategic planning, preparation
of plan of reorganization and business plan, and participating in
negotiations with creditors.
Carrasquillo's hourly rates range from $45 to $175. The Debtor
has agreed to pay the firm a retainer in the sum of $7,500.
Luis Carrasquillo Ruiz, principal of the firm, disclosed in a
court filing that he and other members of his firm are
"disinterested persons" as defined in section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Luis R. Carrasquillo Ruiz
CPA Luis R. Carrasquillo & Co., P.S.C.
28th Street, TI-26, Turabo Gardens Avenue
Caguas, PR 00725
Phone: 787-746-4555 / 787-746-4556
Fax: 787-746-4564
Email: luis@cpacarrasquillo.com
About JDHG LLC
JDHG, LLC owns hotel furniture and fixtures at Wind Chimes Inn
located in San Juan, Puerto Rico, and boat bar equipment valued at
$65,255 in total. The company has accounts receivable of $4.6
million.
JDHG sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. P.R. Case No. 18-02810) on May 21, 2018. In the
petition signed by John B. Dennis Brull, president, the Debtor
disclosed $4.67 million in assets and $19.24 million in
liabilities. Judge Mildred Caban Flores presides over the case.
WESTERN HOST: Taps Ismael Isern Suarez as Appraiser
---------------------------------------------------
Western Host Associates, Inc., seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire an
appraiser.
The Debtor proposes to employ Ismael Isern Suarez to conduct an
appraisal of its property known as Hotel Plaza de Armas located in
Old San Juan, Puerto Rico.
The proposed arrangement of compensation is $4,000, plus a 4%
state tax for a total of $4,160.
Mr. Suarez is a "disinterested person" as defined in section
101(14) of the Bankruptcy Code, according to court filings.
About Western Host Associates
Western Host Associates, Inc., owns a four-story commercial hotel
building located at 202 San Jose Street, Old San Juan, Puerto
Rico. The hotel is currently non-operational and is valued by the
company at $1.35 million.
The company previously sought bankruptcy protection on Nov. 14,
2012 (Bankr. D.P.R. Case No. 12-09093) and on May 19, 2011 (Bankr.
D.P.R. Case No. 11-04152).
Western Host Associates sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-02696) on May 15, 2018.
In the petition signed by Luis Alvarez, president, the Debtor
disclosed $1.36 million in assets and $4.82 million in
liabilities.
Judge Brian K. Tester presides over the case. The Debtor tapped
Gratacos Law Firm, PSC as its legal counsel.
***********
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 2018. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
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balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
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