/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/141211.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 Thursday, December 11, 2014, Vol. 15, No. 245 Headlines A N T I G U A & B A R B U D A ANTIGUA & BARBUDA: Promises to Pay HMB Holdings in 30 Days B A H A M A S COLUMBUS INT'L: C&W Shareholders Give Proposed Merger the Nod B E R M U D A CASTLEPOINT REINSURANCE: A.M. Best Upgrades FSR to 'B' B R A Z I L ARALCO S.A.: Fitch Withdraws 'D' Issuer Default Rating PETROLEO BRASILEIRO: Moody's Cut Baseline Credit Assessment to ba1 PETROLEO BRASILEIRO: Becomes Brazil's Albatross on Bribery Probe C A Y M A N I S L A N D S BRAZIL ETHANOL: Shareholders Receive Wind-Up Report ENSIGN CORPORATE: Shareholder to Hear Wind-Up Report on Dec. 29 FACEBOOK CAYMAN: Shareholder Receives Wind-Up Report FUNDS FOR THE FUTURE: Members Receive Wind-Up Report GLOBAL DIVERSIFIED: Shareholders Receive Wind-Up Report GLOBAL DIVERSIFIED FUND: Shareholders Receive Wind-Up Report JIAMEI MEDICAL: Shareholders Receive Wind-Up Report KGF IM: Shareholder to Hear Wind-Up Report on Dec. 29 LUSMAN FUND: Shareholder Receives Wind-Up Report PINNACLE FUND: Members to Hold Final Meeting on Dec. 18 PRIME ELITE: Commences Liquidation Proceedings RIPPLEWOOD INVESTORS: Members Receive Wind-Up Report SG I&A: Members to Hold Final Meeting on Dec. 18 UNICAPITAL INVESTMENT: Members Receive Wind-Up Report D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Fuel Prices Fall a 4th Straight Week DOMINICAN REPUBLIC: To Buy Back US$4BB Oil Debt With Bond J A M A I C A JAMAICA: Registers Marginal Decline in NIR M E X I C O MEXICO: Central Bank Warns of Heightened Inflation Risk P E R U PERU: Budget Deficit to Narrow in 2016, Finance Minister Says - - - - - =============================== A N T I G U A & B A R B U D A =============================== ANTIGUA & BARBUDA: Promises to Pay HMB Holdings in 30 Days ---------------------------------------------------------- The Daily Observer reports that Attorney General Steadroy Benjamin has told the High Court that, within 30 days, the minister of finance will issue a warrant for the payment of compensation due to the Half Moon Bay (HMB) Holdings Limited. HMB Holdings Limited wanted the courts, through an order of Mandamus, to compel Minister of Finance Gaston Browne to pay the company US$45 million owed, according to The Daily Observer. The legal ramifications of disobeying Mandamus, include imprisonment, the report notes. However, the AG's actions averted any such order by the Court, the report relates. The report discloses that Mr. Benjamin said within the 30-day period, he expects to put forward a "reasoned" installment plan that he hopes HMB Holdings Limited Managing Director Natalia Querard would find acceptable. Using strong, forceful language, Minister Browne, who is also the prime minister of Antigua & Barbuda, described Managing Director Querard as unreasonable. Minister Browne said Managing Director Querard did not accept a payment of EC$1 million the government was willing to make, in Court, as a goodwill gesture, the report relays. Minister Browne said Managing Director Querard also rejected a plan that would see HMB receiving US$20 million within the next six months, and instead wanted the full amount owed upfront. "What is happening, Managing Director Querard is being greedy," the report quoted Minister Browne as saying. "I don't want to get into a he said, she said, with them," Managing Director Querard said of the government, the report notes. "There is an obligation, it's a constitutional obligation, it's a statutory obligation, it's a matter of decency, ultimately, it's a matter of international law, it's a matter of all those things that people take for granted," the report quoted Managing Director Querard as saying. The prime minister said, however, that government hopes to sell the Half Moon Bay property and present Managing Director Querard with about half of the sum owed in short order, the report notes. "I believe that early in the New Year Half Moon Bay will get a cheque for EC$20 million," Minister Browne said, the report adds. * * * As reported in the Troubled Company Reporter-Latin America on September 23, 2014, The Daily Observer said that Antigua & Barbuda could soon find itself in the company of Japan, Zimbabwe, and Greece, the countries with the highest national debts. In the January 2014 budget presentation, the former administration indicated that the nation's debt was 87 per cent of GDP, according to The Daily Observer. However, Prime Minister Gaston Browne has disputed the figure, deeming it to be as high as 130 per cent, the report noted. Minister Browne said while his government's increased borrowing is pushing up the nation's debt-to-GDP ratio, it is necessary to solve the country's problems, the report related. ============= B A H A M A S ============= COLUMBUS INT'L: C&W Shareholders Give Proposed Merger the Nod ------------------------------------------------------------- The Daily Observer reports that shareholders of Cable & Wireless Communications voted overwhelmingly in favor of the merger with Columbus International, C&W representatives said. The announcement of the acquisition was made on November 6, 2014, but it was only on Nov. 7 that shareholders attended a General Meeting in London Dec. 6 to vote, according to The Daily Observer. The report notes that almost nine in 10 shareholders of the publicly traded company voted to approve the US$3 billion acquisition of Columbus International. However, the merger has been controversial. On Nov. 27, OECS ministers who met in St Lucia, agreed that the deal would lead to a monopoly in fixed network services, the report notes. The report discloses that C&W Chief Executive Officer Phil Bentley said the company knows it has to work closely with governments and regulators to ensure competition is not compromised and would be happy to do so. Meantime, Cable and Wireless continues to try and drum up public support for the deal, the report relays. Both companies announced plans to launch a series of special "Customer Panels" in 14 markets throughout the region, beginning Monday, December 8, the report notes. The report says that the panels are designed to spark discussion about the proposed merger and the two companies say they will use them to try and explain the impact of the merger on the Caribbean region. C&W and Columbus say customers will have a direct and organized platform to voice concerns, share opinions and express service expectations, the report notes. The panels will also provide the companies with first-hand feedback as they try to build a competitive strategy around their customers' appeals, the report adds. About Columbus International Columbus International Inc. is a privately held diversified telecommunications company based in Bahamas. The Company provides digital cable television, broadband Internet and digital landline telephony in Trinidad, Jamaica, Barbados, Grenada, St. Vincent & the Grenadines, St. Lucia and Curacao under the brand name Flow and in Antigua under the brand name Karib Cable. As reported in the Troubled Company Reporter-Latin America on Nov. 10, 2014, Standard & Poor's Ratings Services placed its 'B' corporate credit and issue-level ratings on Columbus International Inc. (Columbus) on CreditWatch with positive implications. ============= B E R M U D A ============= CASTLEPOINT REINSURANCE: A.M. Best Upgrades FSR to 'B' ------------------------------------------------------ A.M. Best Co. has removed from under review with negative implications and affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating (ICR) of "a-" of ACP Re Ltd (ACP Re) (Bermuda). Additionally, A.M. Best has removed from under review with positive implications and upgraded the FSRs to A- (Excellent) from B- (Fair) and the ICRs to "a-" from "bb-" of the reinsured members of ACP Re (the former members of the Tower US Pool). The outlook for all ratings is stable. In addition, A.M. Best has removed from under review with positive implications and upgraded the FSR to B (Fair) from B- (Fair) and the ICR to "bb" from "bb-"of CastlePoint Reinsurance Company Limited (CastlePoint) (Bermuda). Concurrently, A.M Best has withdrawn the ratings of CastlePoint due to management's request to no longer participate in A.M. Best's interactive rating process. The rating actions follow the close of ACP Re's acquisition of the Tower US Pool members, as well as A.M. Best's completion of the financial impact on ACP Re with regards to Tower's legacy loss reserve position. These reserves are currently held in CastlePoint, which assumed all loss reserves held by the former members of the Tower US Pool through a loss portfolio transfer. The ratings of ACP Re reflect its strong risk-adjusted capitalization and experienced management team, which should enable it to successfully handle the run-off of Tower's legacy reserves. These positive rating factors are partially offset by uncertainties surrounding the run-off of the acquired loss reserves from the old US Tower Pool, which had developed adversely under prior management. To mitigate this concern, ACP Re entered into a $250 million aggregate stop loss contract with a subsidiary of National General Holdings Corp. [NASDAQ: NGHC], National General Re Ltd. and a subsidiary of AmTrust Financial Services [NASDAQ: AFSI], AmTrust International Insurance Ltd. (AIIL). In addition, ACP Re maintains elevated common stock leverage concentrated in a single publicly traded issuer, which exposes the company's equity to the vagaries of the equity market or changes in fundamentals at its single largest holding. The rating actions on the reinsured members of ACP Re reflect the explicit support provided by ACP Re, in the form of an intercompany reinsurance agreement that was executed following regulatory approval. A.M. Best believes ACP Re is well-positioned at its current ratings. However, factors that could lead to negative rating actions include a material deviation from the company's submitted strategy and financial projections and a decline in their risk- adjusted capitalization. The FSRs have been upgraded to A- (Excellent) from B- (Fair) and the ICRs have been upgraded to "a-" from "bb-" and the under review with positive implications status has been removed for the following reinsured members of ACP Re: CastlePoint Insurance Company CastlePoint National Insurance Company CastlePoint Florida Insurance Company Tower Insurance Company of New York Tower National Insurance Company Preserver Insurance Company North East Insurance Company Hermitage Insurance Company York Insurance Company of Maine Massachusetts Homeland Insurance Company =========== B R A Z I L =========== ARALCO S.A.: Fitch Withdraws 'D' Issuer Default Rating ------------------------------------------------------ Fitch Ratings has withdrawn Aralco S.A. Industria e Comercio's (Aralco) 'D' foreign currency and local currency Issuer Default Ratings (IDR) and its 'D(bra)' National Long-term Rating. Fitch has also withdrawn the 'C/RR5' rating on the USD250 million unsecured senior notes due 2020 issued by Aralco Finance S.A., a fully-owned subsidiary of Aralco. Fitch withdrew the ratings for business reasons and also due to the lack of updated information following Aralco's filing for debt restructuring in March 2014. Accordingly, Fitch will no longer provide ratings or analytical coverage for Aralco. PETROLEO BRASILEIRO: Moody's Cut Baseline Credit Assessment to ba1 ------------------------------------------------------------------ Moody's Investors Service affirmed Petrobras S.A.'s global foreign currency and local currency debt ratings, both Baa2. Moody's also lowered Petrobras' Baseline Credit Assessment (BCA) to ba1 from baa3. The outlooks on all of the ratings remain negative for Petrobras, Brazil's national oil company. Outlook Actions: Issuer: Petrobras Global Finance B.V. - Outlook, Remains Negative Issuer: Petrobras International Finance Company - Outlook, Remains Negative Issuer: Petroleo Brasileiro S.A. - PETROBRAS - Outlook, Remains Negative Affirmations: Issuer: Petrobras Global Finance B.V. - Subordinate Shelf (Foreign Currency) Aug 28, 2015, Affirmed (P)Baa3 - Senior Unsecured Shelf (Foreign Currency) Aug 28, 2015, Affirmed (P)Baa2 - Senior Unsecured Regular Bond/Debenture (Foreign Currency), Affirmed Baa2 Issuer: Petrobras International Finance Company - Subordinate Shelf (Foreign Currency), Affirmed (P)Baa3 - Senior Unsecured Shelf (Foreign Currency), Affirmed (P)Baa2 - Senior Secured Shelf (Foreign Currency), Affirmed (P)Baa1 - Senior Unsecured Regular Bond/Debenture (Foreign Currency), Affirmed Baa2 Issuer: Petroleo Brasileiro S.A. - PETROBRAS - Issuer Rating (Local Currency), Affirmed Baa2 - Preferred Shelf (Foreign Currency), Affirmed (P)Ba1 - Preferred Shelf (Foreign Currency), Affirmed (P)Ba2 - Subordinate Seniority Shelf (Foreign Currency), Affirmed (P)Baa3 - Senior Secured Seniority Shelf (Foreign Currency), Affirmed (P)Baa2 - Senior Unsecured Seniority Shelf (Foreign Currency), Affirmed (P)Baa2 RATING RATIONALE Moody's decided to lower Petrobras' BCA based on its increased liquidity risk in the face of ongoing corruption investigations at Petrobras. BCAs represent a company's intrinsic credit risk, regardless of support from its parent entity -- in this case, the Brazilian government (Baa2 negative). Brazil's federal police have been investigating facts related to Petrobras since March 2014 for alleged bribery and money laundering. These events have triggered auditors PricewaterhouseCoopers (PwC) to delay signing off on the company's third-quarter financial statements until Petrobras satisfies PwC's recommendations. That delay in turn restricts Petrobras' market access and may eventually cause a covenant breach, which would significantly increase the company's financing risk. Internal and external investigations, including one by the US Securities and Exchange Commission, may also bring penalties and weaken the company's operations, especially if Petrobras employees fear adverse consequences. Petrobras' Baa2 global scale rating (GSR) and negative outlook are based on the Brazilian government's Baa2 rating and negative outlook. The GSR reflects the federal government's likely willingness and ability to support Petrobras in case of need through state-owned banks -- particularly BNDES, which in the past has supported Petrobras and other government-controlled companies such as Eletrobras (Baa3 negative). Petrobras is Brazil's largest corporation, with more than 86,000 employees and annual net revenue of over USD140 billion for the 12 months through June 2014. Petrobras is also responsible for supplying almost all of Brazil's oil products, trading with some 20,000 mostly local suppliers, and for carrying out most of Brazil's aggressive oil production and supply growth program. The government owns nearly half of Petrobras' capital stock and more than half of its voting shares, while the rest trades publicly. Moody's estimates that a significant portion of Petrobras' large, mostly inflexible capital spending program depends on external funding. Petrobras is committed to spend close to BRL87 billion (USD37 billion) on capital investments in 2015. Petrobras had USD30 billion in cash and short-term investments as of 30 June 2014, and Moody's estimates the company will have about USD11.6 billion in maturing debt plus interest due in 2015. That estimate, however, does not include debt prepayments that Petrobras may need to make to avoid covenant breaches related to its delayed financial reporting obligations. Petrobras' ratings get some support from its continued large-scale reserve base and its dominance of Brazil's oil industry. The ratings also reflect the company's leading position in Brazil's best prospective offshore areas, including the sizeable pre-salt discoveries; its technological expertise; and its growing production. But the company also has high balance-sheet debt of USD170 billion (Moody's adjusted) through June 2014, a USD25 billion increase from December 2013. Petrobras' leverage has also increased steadily, reaching an adjusted total debt/EBITDA ratio of 5.3x in June 2014, up from 4.2x in December 2013. Petrobras' creation of the position of Executive Director of Governance, Risk and Compliance is credit positive, but the company may need additional measures and controls to improve its corporate governance policies substantially enough to improve its operating and financial positions beyond the near term. Moody's would lower Petrobras' GSR or BCA if its liquidity worsens or if the government's implicit support does not appear strong enough to protect bondholders completely. In addition, Moody's could downgrade Petrobras' ratings if it sustains a debt/EBITDA ratio above 5x, or if its production growth misses its targets. A downgrade of Brazil could also strain Petrobras' ratings. Because Petrobras' GSR is linked to Brazil's rating, Moody's does not see momentum for an upgrade of Petrobras' ratings in the near- to-medium term. In the longer term, Moody's could upgrade Petrobras' GSR as the company lowers debt leverage and delivers on rising and profitable production and reserves growth, or if Moody's upgrades Brazil's government debt rating. Moody's could raise Petrobras' BCA if the company shows that it is on a clear path to improving corporate governance practices and lowering financing risk sustainably. The principal methodology used in these ratings was Global Integrated Oil & Gas Industry published in April 2014. Other methodologies used include Government-Related Issuers published in October 2014. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies. Petrobras, based in Rio de Janeiro, is an integrated energy company, with total assets of USD363.4 billion as of 30 June 2014. Petrobras dominates Brazil's oil and natural gas production, as well as downstream refining and marketing. The company also holds a significant stake in petrochemicals and a burgeoning position in sugar-based ethanol production and distribution. The Brazilian government directly and indirectly owns about 46% of Petrobras' outstanding capital stock and 60.4% of its voting shares. PETROLEO BRASILEIRO: Becomes Brazil's Albatross on Bribery Probe ---------------------------------------------------------------- Julia Leite at Bloomberg News reports that in 2011, Moody's Investors Service rated Petroleo Brasileiro SA (PETR4) three levels above its owner, Brazil's government. On Dec. 8, the bond rater said the oil producer would merit a junk grade without state support and is proving a drag on the nation's own creditworthiness, Bloomberg News relates. Mauro Leos, Moody's lead analyst for Brazil, said Dec. 5 that a bribery probe into Petrobras is contributing to the negative outlook on Brazil's rating, two days after Moody's cut its so- called stand-alone rating for the oil producer to speculative grade, according to Bloomberg News. The comments came after the investigation took another turn when President Dilma Rousseff's ruling party was alleged to have received donations from companies in exchange for securing contracts with Petrobras, Bloomberg News says. Bloomberg News relates that while Brazil's deteriorating finances were the main reason behind Moody's decision to cut its outlook in September, the appointment of Joaquim Levy as finance minister eased some of those concerns and the woes at Petrobras are now becoming a bigger issue, Mr. Leos said. Petrobras's bonds have plunged in the past month as the probe in November led police to arrest officials at construction companies that allegedly formed a cartel to win contracts, including BRL59 billion (US$23 billion) from the oil producer, Bloomberg News discloses. "The Petrobras component has become an element of the negative outlook," Mr. Leos told Bloomberg News by telephone from New York. "We have all these negative developments. So that element, which was the most important one behind the negative outlook, is not as significant as it was before. It's sort of like one has replaced the other." Bond Losses On Dec. 3, Moody's lowered Petrobras's baseline credit assessment, which doesn't take into account government support, to Ba1, one step below investment grade, notes Bloomberg News. Nymia Cortes de Almeida, an analyst at the ratings company, said Petrobras's conventional credit grade was kept unchanged at Baa2, two levels above junk and in line with Brazil's, on the assumption the government will be willing and able to support the oil producer, Bloomberg News discloses. Petrobras's benchmark US$2.5 billion of bonds due 2024 extended losses last week, pushing declines to 4.3 percent in the past month, more than two times the average drop in emerging markets, data compiled by Bloomberg show. Brazil's government controls Petrobras with a majority of voting shares. Latest Allegation Augusto Mendonca, a shipbuilding executive at Sao Paulo-based Toyo Setal Empreendimentos Ltda., said he paid bribes of between BRL50 million and BRL60 million to win contracts from Petrobras, according to testimony released as part of the corruption investigation, Bloomberg News relates. Some of the alleged payments were in direct deposits to the party's accounts between 2008 and 2011, Bloomberg News discloses. Mr. Mendonca also said he paid cash that went to Petrobras executives and wired money to offshore accounts, says the report. The press office of the Workers' Party, or PT, said in a statement by e-mail that it receives all donations in accordance with existing legislation. "It will be a contributing factor to a negative ratings action" on the sovereign, Michael Roche, a strategist at Seaport Group LLC, told Bloomberg News by telephone from New York. "If the perception now is that this is the culture, this opacity, lack of control, it's going to result in higher borrowing costs for the sovereign." Budget Deficit Standard & Poor's downgraded Brazil in March to BBB-, one level above junk, also citing the nation's worsening finances. The government would have limited ability to provide support to Petrobras because of its weak fiscal situation, Moody's Mr. Leos said, Bloomberg News notes. Levy, a former Banco Bradesco SA executive and Treasury secretary, has vowed to narrow the widest budget deficit in more than a decade, Bloomberg News discloses. Petrobras, the world's most-indebted oil producer, has seen borrowing costs surge to the highest on record relative to the federal government and risks losing access to capital markets as the probe prevents it from releasing audited results, says the report. Providing financing to Petrobras, which Moody's estimates has $170 billion in debt, could put the country's rating "under fire," according to Vaquero Global Investment LP, Bloomberg News notes. "The only reason that credit can be investment grade is because there's an expectation the government would bail them out," Wilbur Matthews, chief executive officer of Vaquero, told Bloomberg News by telephone from San Antonio. "If Brazil steps in and backstops these things, it undoes a lot of the good that the country has done in the last decade. Petrobras is the worst thing that they could backstop," Mr. Matthews added. Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. -- Petrobras (Brazilian Petroleum Corporation) -- explores for oil and gas and produces, refines, purchases, and transports oil and gas products. The Company has proved reserves of about 14.1 billion barrels of oil equivalent and operates 16 refineries, an extensive pipeline network, and more than 8,000 gas stations. ========================== C A Y M A N I S L A N D S ========================== BRAZIL ETHANOL: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Brazil Ethanol Holdings, Ltd. received on Nov. 26, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Thomas Walker c/o Barnaby Gowrie Telephone: +1 (345) 914 6365 ENSIGN CORPORATE: Shareholder to Hear Wind-Up Report on Dec. 29 --------------------------------------------------------------- The shareholder of Ensign Corporate Services Ltd. will hear on Dec. 29, 2014, at 12:00 noon, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marla Gibbs c/o Arcadia Group Ltd. P.O. Box 10300 Grand Cayman KY1-1003 Cayman Islands Telephone: (345) 945 1830 FACEBOOK CAYMAN: Shareholder Receives Wind-Up Report ---------------------------------------------------- The shareholder of Facebook Cayman Holdings Unlimited I received on Nov. 24, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marla Gibbs c/o Arcadia Group Ltd. P.O. Box 10300 Grand Cayman KY1-1003 Cayman Islands Telephone: (345) 945 1830 FUNDS FOR THE FUTURE: Members Receive Wind-Up Report ---------------------------------------------------- The members of Funds For The Future Ltd received on Dec. 1, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands GLOBAL DIVERSIFIED: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Global Diversified Alternative Ltd. received on Dec. 1, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands GLOBAL DIVERSIFIED FUND: Shareholders Receive Wind-Up Report ------------------------------------------------------------ The shareholders of Global Diversified Alternative Fund Ltd. received on Dec. 1, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands JIAMEI MEDICAL: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Jiamei Medical Group Limited received on Dec. 2, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Me Liu Jia No.10 Xin Dong Road Yi Cheng House, Room 206, 2nd Floor, Block B Chaoyang District, Beijing 100027 P.R.C. Telephone: 86-10-64106037 (Ext 101) Facsimile: 86-10-64106040 KGF IM: Shareholder to Hear Wind-Up Report on Dec. 29 ----------------------------------------------------- The shareholder of KGF IM will hear on Dec. 29, 2014, at 12:00 noon, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marla Gibbs c/o Arcadia Group Ltd. P.O. Box 10300 Grand Cayman KY1-1003 Cayman Islands Telephone: (345) 945 1830 LUSMAN FUND: Shareholder Receives Wind-Up Report ------------------------------------------------ The shareholder of Lusman Fund, Ltd. received on Dec. 1, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Lusman Capital Management, LLC c/o Daniella Skotnicki Telephone: (345) 815 1861 Facsimile: (345) 949-9877 PINNACLE FUND: Members to Hold Final Meeting on Dec. 18 ------------------------------------------------------- The members of Pinnacle Fund Administration (Cayman) Ltd. will hold their final meeting on Dec. 18, 2014, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Nicola Cowan Telephone: (345) 946 7665 Facsimile: (345) 949 2877 dms House, 2nd Floor, P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands PRIME ELITE: Commences Liquidation Proceedings ---------------------------------------------- On Oct. 7, 2014, the sole member of Prime Elite Company Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 9, 2014, will be included in the company's dividend distribution. The company's liquidator is: Lion International Management Limited Craig Chambers P.O. Box 71 Road Town Tortola VG 1110 British Virgin Islands c/o Mr. Phillip C Pedro HSBC International Trustee Limited Compass Point 9 Bermudiana Road Hamilton HM 11 Bermuda Telephone: (441) 299-6482 Facsimile: (441) 299-6526 RIPPLEWOOD INVESTORS: Members Receive Wind-Up Report ---------------------------------------------------- The members of Ripplewood Investors Limited received on Dec. 1, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Cititrust (Bahamas) Limited c/o Citigroup Fund Services (Cayman), Ltd. 27 Hospital Road, Fifth Floor Cayman Corporate Centre, George Town Grand Cayman KY1-1003 Cayman Islands SG I&A: Members to Hold Final Meeting on Dec. 18 ------------------------------------------------ The members of SG I&A Fund Ltd will hold their final meeting on Dec. 18, 2014, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd c/o Nicola Cowan Telephone: (345) 946 7665 Facsimile: (345) 949 2877 dms House, 2nd Floor, P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands UNICAPITAL INVESTMENT: Members Receive Wind-Up Report ----------------------------------------------------- The members of Unicapital Investment Fund (SPC) Limited received on Dec. 10, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Oct. 9, 2014. The company's liquidator is: Elian Fiduciary Services (Cayman) Ltd (Formerly called Ogier Fiduciary Services (Cayman) Ltd.) 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Fuel Prices Fall a 4th Straight Week -------------------------------------------------------- Dominican Today reports that the Dominican Republic Industry and Commerce Ministry posted lower fuel prices for the fourth straight week, for which from December 6 to 12 premium gasoline will cost RD$221.40, or RD$5.40 less and regular falls to RD$201.20, or RD$ 8.10 lower per gallon. Premium diesel will cost RD$185.10 and regular diesel will cost RD$177.90, both RD$3.00 lower; optimum diesel will cost RD$197.00, down RD$4.00; avtur will cost RD$129.80, or RD$3.00 less; kerosene will cost RD$164.80, or RD$4.00 less and fuel oil will cost RD$109.30, or RD$3.00 less per gallon, according to Dominican Today. The report relates that the propane gas will cost RD$97.30 per gallon, or RD$3.00 lower per gallon, while natural gas remains unchanged at RD$35.67 per cubic meter. The Central Bank's posted average exchange rate of RD$44.16 per dollar was used to calculate all fuel prices, the report notes. DOMINICAN REPUBLIC: To Buy Back US$4BB Oil Debt With Bond --------------------------------------------------------- Dominican Today discloses that major international financial media have reported that Dominican Republic might buy back with a bond its debt which Goldman Sachs negotiates with Venezuela at a 59% discount, or US$1.7 billion in cash. "Venezuelan officials have held talks with members (Petrocaribe) such as the Dominican Republic and its investment bank, Goldman Sachs Group, Inc. on an agreement that would give Venezuela cash in exchange for debt," The Wall Street Journal said, according to Dominican Today. The report notes that "WSJ as well as the Financial Times reveal that Goldman Sachs would be negotiated the purchase of US$4.0 billion owed to Venezuela, which Dominican Republic in turn would buy back with a bond." In April, Dominican Republic placed a 30-year bond for US$1.25 billion, with Goldman Sachs and JP Morgan as transaction leaders and the State-owned Banreservas bank as co-manager, according to a statement from the Presidency at that date, Dominican Today discloses. ============= J A M A I C A ============= JAMAICA: Registers Marginal Decline in NIR ------------------------------------------ RJR News reports that according to information from the Bank of Jamaica, there was a marginal decline in the country's Net International Reserves (NIR) in November. It fell by US$2.1 million, according to RJR News. Despite that decline, the NIR was still valued at just over US$2 billion, or close to 18 weeks of goods and services imports, the report says. As reported in the Troubled Company Reporter-Latin America on Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its 'B-' long-term foreign and local currency and 'B' short-term foreign and local currency sovereign credit ratings on Jamaica. At the same time, S&P revised the outlook on the long-term sovereign credit ratings to positive from stable. In addition, S&P affirmed its 'B' transfer and convertibility (T&C) assessment. =========== M E X I C O =========== MEXICO: Central Bank Warns of Heightened Inflation Risk ------------------------------------------------------- EFE News reports that the Bank of Mexico warned that the risk outlook for the economy has deteriorated due to various cyclical causes and that the Mexican peso's depreciation against the dollar has heightened inflation concerns. The deteriorated risk scenario is the result of reduced economic dynamism but also the crisis stemming from the late-September disappearance of 43 trainee teachers in southern Mexico, the central bank said, referring to a case that involved corrupt police linked to the Guerreros Unidos drug cartel and has sparked nationwide protests, according to EFE News. ======= P E R U ======= PERU: Budget Deficit to Narrow in 2016, Finance Minister Says ------------------------------------------------------------- Eric Martin and John Quigley at Bloomberg News report that Peru will post its biggest fiscal deficit in more than a decade next year to increase spending and boost growth before narrowing the gap in 2016, Finance Minister Alonso Segura said. The deficit will widen to 2 percent of gross domestic product in 2015 on higher public investment and tax cuts, Minister Segura told Bloomberg News in an interview. The government will then have three years to return to its deficit limit of 1 percent of GDP, Minister Segura added. Peru is increasing outlays as part of a US$3.9 billion economic stimulus as waning commodity demand damps exports for the world's third-largest copper producer, notes the report. The measures will help boost economic growth to above 5 percent next year and 6 percent in 2016, Minister Segura said, Bloomberg News relays. "The main objective here is to reengage growth toward potential, which in Peru is still more than 5 percent," Bloomberg News quoted Minister Segura as saying on the sidelines of the annual Ibero- American Summit between leaders of Latin America, Spain and Portugal. "We have no fiscal solvency issues whatsoever." Peru's net debt is equivalent to about 5 percent of GDP while gross debt is less than 20 percent of GDP, Minister Segura said, Bloomberg News relays. Minister Segura forecasts the economy will expand about 2.7 percent to 2.8 percent this year, the slowest pace since 2009, Bloomberg News discloses. The pace of annual growth will accelerate to above 5 percent in the second half of next year, Minister Segura said, Bloomberg News discloses. New copper mines entering into operation will spur growth in 2016, Minister Segura added. OECD Agreement Minister Segura was appointed Sept. 14 after his predecessor, Miguel Castilla, resigned amid criticism by opposition parties that the government failed to avert the economic slump, Bloomberg News notes. The report discloses that Minister Segura was Castilla's chief advisor for 18 months before being named minister. Minister Segura previously worked as an economist at the International Monetary Fund and as head of investment and research at Banco de Credito del Peru, the country's biggest lender, Bloomberg News relays. Peru signed a cooperation agreement with the Paris-based Organization for Economic Cooperation and Development, a step that will help the nation improve its institutions and create a better environment for businesses, Minister Segura said, Bloomberg News relays. The agreement furthers "our aspirational goal to at some point be full partners of the OECD," Bloomberg News quoted Minister Segura as saying. Chile and Mexico are the only current Latin American members of the OECD, a forum of 34 democratic nations with market economies that's devoted to promoting social well-being, Bloomberg News discloses. Infrastructure Investment The government hasn't decided if it will finance infrastructure investment using its fiscal stabilization fund, which has savings equivalent to almost 4.5 percent of GDP, Minister Segura said, Bloomberg News notes. The government has other savings it can use, and can also tap bond markets and multilateral credit lines, he added. "At this point we're not sure we'll need to access" the fund, Minister Segura said, Bloomberg News notes. "If the conditions are met we can access it. It depends on the cost of funding." *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. Submissions about insolvency-related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A. Chapman, Editors. Copyright 2014. 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 Nina Novak at 202-362-8552. * * * End of Transmission * * *