/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/141215.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, December 15, 2014, Vol. 15, No. 247 Headlines A R G E N T I N A YPF SA: Signs Deal US$550 Million Accord to Drill Fields B O L I V I A BOLIVIA: To Get $185.5MM IDB Loan to Upgrade Primary Road Network B R A Z I L CABRAL RESOURCES: Administrators Seek Expression of Interests LUPATECH S.A.: S&P Raises CCR to 'CCC'; Outlook Stable C A Y M A N I S L A N D S ADDISON CDO: Shareholders Receive Wind-Up Report BLUEPENNANT LIMITED: Shareholders Receive Wind-Up Report CANBER CAYMAN: Shareholder Receives Wind-Up Report CRAFT 2010-2: Shareholders Receive Wind-Up Report CRAFT 2011-1: Shareholders Receive Wind-Up Report CRAFT CLO 2009-2: Shareholders Receive Wind-Up Report EARLS THREE: Shareholders Receive Wind-Up Report GSC PARTNERS: Shareholders Receive Wind-Up Report INNER HARBOR: Shareholders Receive Wind-Up Report LDK SOLAR: Schemes of Arrangement Declared Effective Dec. 10 LDK SOLAR: Chinese Unit Has New Module Sales Agreement LIG KYLE: Shareholders Receive Wind-Up Report MESTENIO LTD: S&P Assigns 'B+' Rating to $488.35MM Notes MSR CORE: Members Receive Wind-Up Report MSREF III INTERNATIONAL: Members Receive Wind-Up Report RIVERSTONE ACUCAR: Shareholders Receive Wind-Up Report RIVERSTONE BRAZIL: Shareholders Receive Wind-Up Report RIVERSTONE CANE: Shareholders Receive Wind-Up Report TOKYO REALTY: Shareholders Receive Wind-Up Report D O M I N I C A N R E P U B L I C BANCO DE RESERVAS: Fitch Ups Foreign, Local Currency IDRs to 'B+' DOMINICAN REPUBLIC: Power Firms Owed US$1BB, Will Get US$$400MM J A M A I C A JAMAICA: Oil Price Decline Expected to Last Into Mid-2015 M E X I C O MEXICO: Approves Offshore Bid Guidelines in Oil Opening P U E R T O R I C O PUERTO RICO ELECTRIC: Fitch Keeps CC Bond Rating on Neg. Watch PUERTO RICO: Lawmakers Pass US$2.9 Billion Bonding Measure T R I N I D A D & T O B A G O CFG HOLDINGS: S&P Affirms 'B+' Rating on $178MM 7-Yr. Sr. Notes X X X X X X X X X * BOND PRICING: For the Week From Dec. 8 to Dec. 12, 2014 - - - - - ================= A R G E N T I N A ================= YPF SA: Signs Deal US$550 Million Accord to Drill Fields -------------------------------------------------------- Pablo Gonzalez at Bloomberg News reports that YPF SA and Petroliam Nasional Bhd., Argentina and Malaysia's state-owned energy companies, respectively, signed a US$550 million accord to drill fields at the world's fourth-largest shale oil deposit in Patagonia's Vaca Muerta. With Brent crude falling to a five-year low, Miguel Galuccio and Shamsul Azhar Abbas, chief executive officers for YPF and Petronas, respectively, ratified on Dec. 11 in Kuala Lumpur a preliminary accord signed in August to develop a 187 square kilometer (72 square miles) area, the Buenos Aires-based producer said in an e-mailed statement, according to Bloomberg News. Oil has plunged 36 percent since the preliminary deal was signed. YPF SA, control of which was seized from Repsol SA in April 2012, is bringing in partners to finance development of a shale formation the size of Belgium that contains at least 23 billion barrels of oil, Bloomberg News discloses. Chevron Corp. (CVX), the second-largest U.S. energy producer, entered into a partnership with YPF in July 2013 that now produces 35,000 barrels a day, while Dow Chemical Corp. is developing gas in an area called El Orejano, Bloomberg News notes. "We are signing this deal amid a particular scenario in world energy," Bloomberg News quoted Mr. Galuccio as saying. "It shows there are companies willing to move forward, bet on the long-term and advance along with YPF," Mr. Galuccio said, Bloomberg News notes. La Amarga Chica Bloomberg News says that the binding deal comes after Argentina introduced a new regulatory framework for shale and reached an agreement with Neuquen province on the area to be drilled. The province will grant both companies a 35-year concession to develop the area as the accord will help Argentina become energy self sufficient, YPF said, Bloomberg News notes. The Petronas-YPF area is called La Amarga Chica and is located northwest of Loma Campana, the 290-square-kilometer venture with Chevron, Bloomberg News discloses. Under terms of the arrangement, Petronas will invest US$475 million in an initial phase of 35 wells to be operated by YPF, Bloomberg News relays. Spending will be shared equally if the venture moves beyond the pilot project, Bloomberg News discloses. YPF SA is an energy company, operating a fully integrated oil and gas chain with leading market positions across the domestic upstream and downstream segments. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 11, 2014, Fitch affirmed YPF S.A.'s Caa1 Global Local Currency Issuer Rating and Baa1.ar National Local Currency Issuer Rating. The outlook was changed to Negative from Stable. ============= B O L I V I A ============= BOLIVIA: To Get $185.5MM IDB Loan to Upgrade Primary Road Network ----------------------------------------------------------------- The Inter-American Development Bank (IDB) approved a US$185.5 million loan for Bolivia to improve its primary road network. The resources will help finance the pavement of 32.7 kilometers of roads and the rehabilitation of another 278 kilometers. Bolivia's road density is one of the lowest in Latin America, at 0.07 km/km2 compared to the average in the region of 0.18, and for the Andean countries, 0.12. Of its 81,000 km road network, only 7.34 percent of the road network is paved, well below the averages for the region (39 percent) and the Andean countries (27 percent). The new program's goals are to continue improving the quality, accessibility and safety conditions of the 15,987 km primary road network, providing rural population's and goods producers access to domestic and international markets. The financing consists of a US$148.4 million, 30-year loan from the IDB's Ordinary Capital, with a 6-year grace period and a fixed interest rate, plus a US$37.1 million, 40-year loan from the IDB's Fund for Special Operations, with a 40-year grace period and an annual interest rate of 0.25 percent. =========== B R A Z I L =========== CABRAL RESOURCES: Administrators Seek Expression of Interests ------------------------------------------------------------- Cliff Sanderson at Dissolve.com.au reports that expressions of interest are sought by the administrators of Cabral Resources Limited and Cabral Brazil Pty Limited. The report relates that the expressions of interest are intended for either recapitalisation, equity participation or restructure proposals through a Deed of Company Arrangement or the acquisition of the companies' subsidiaries in Brazil. Based in Australia, Cabral Resources Limited -- http://cabralresources.com.au/-- formerly RIMCapital Limited, is engaged in the mineral exploration in Bahia State, Brazil predominately for iron ore but including other minerals, activities related to securing and advancing export infrastructure solutions on the FIOL rail line and proposed Porto Sul port development, activities related to additional ground consolidation in the Bahia State region and ongoing third party project assessment, due diligence and potential acquisition work and related activities. The Company's subsidiaries include Northern Yeelirrie Pty Limited and Cabral Brazil Pty Limited. Barry Frederic Kogan and Joseph David Hayes of McGrathNicol were appointed as administrators of Cabral Brazil Pty Limited and Cabral Resources Limited on Dec. 1, 2014. LUPATECH S.A.: S&P Raises CCR to 'CCC'; Outlook Stable ------------------------------------------------------ Standard & Poor's Ratings Services raised its global scale corporate credit rating on Lupatech S.A.to 'CCC' from 'CCC-' following the reassessment of company's credit quality after the completion of the restructuring program, asset sales, and negotiation with banks. S&P also raised the national scale corporate credit rating on the company to 'brCCC' from 'brCCC-'. In addition, S&P removed all ratings from CreditWatch positive where S&P placed them on Oct. 2, 2014. The outlook is stable. The upgrade reflects S&P's view that although the near-term risks for Lupatech dropped due to the assets sale that should increase the company's cash balance to about R$60 million for 2015, the company will struggle to improve its margins and cash flows. The higher cash balance should unblock some projects that required investments and guaranteed sources to finance the expected working capital. At the same time, Lupatech has concluded the negotiation with banks to equalize its short-term debt obligations maturities with the 2017 notes it issued when it converted its existing debt into equity. Even though the company has significantly reduced its debt after the restructuring and extended the maturity profile, S&P's ratings still reflect the uncertainties about the company's ability to improve its EBITDA. On Nov. 3, 2014, Lupatech S.A. completed the sale of most of its subsidiaries in Argentina for about $22 million to Sophia Capital, a private equity firm. ========================== C A Y M A N I S L A N D S ========================== ADDISON CDO: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Addison CDO, Limited received on Dec. 5, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands BLUEPENNANT LIMITED: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Bluepennant Limited received on Dec. 5, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands CANBER CAYMAN: Shareholder Receives Wind-Up Report -------------------------------------------------- The shareholder of Canber Cayman Ltd. received on Dec. 2, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Campbells Directors Limited Willow House, Floor 4 Cricket Square P.O. Box 268 Grand Cayman KY1-1104 Cayman Islands Telephone: +1 (345) 949-2648 Facsimile: +1 (345) 949-8613 CRAFT 2010-2: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Craft 2010-2, Ltd received on Dec. 5, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands CRAFT 2011-1: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Craft 2011-1, Ltd received on Dec. 5, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands CRAFT CLO 2009-2: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Craft CLO 2009-2, Ltd received on Dec. 5, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands EARLS THREE: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Earls Three Limited received on Dec. 5, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands GSC PARTNERS: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of GSC Partners CDO Fund, Limited received on Dec. 5, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands INNER HARBOR: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Inner Harbor CBO 1999-1 Ltd received on Dec. 5, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands LDK SOLAR: Schemes of Arrangement Declared Effective Dec. 10 ------------------------------------------------------------ LDK Solar Co., Ltd. in provisional liquidation and its Joint Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, said on Dec. 10 that the Cayman Islands schemes of arrangement in respect of LDK Solar and LDK Silicon & Chemical Technology Co., Ltd. ("LDK Silicon") and the Hong Kong schemes of arrangement in respect of LDK Solar, LDK Silicon and LDK Silicon Holding Co., Limited (the "Schemes") became effective as of that day. The Cayman Islands schemes of arrangement were previously sanctioned by the Grand Court of the Cayman Islands (the "Cayman Court"), and the Hong Kong schemes of arrangement were previously sanctioned by the High Court of Hong Kong. LDK Solar and the JPLs also confirm that pursuant to an order of the Cayman Court dated December 10, 2014, the powers of the JPLs were suspended (except for certain residual powers required to finalize the provisional liquidation) and the powers of the directors of LDK Solar were restored. With effect from December 10, 2014, the directors may exercise all their powers as such, subject to the powers granted to the scheme supervisors in respect of the Schemes. Pursuant to the terms of the Schemes, the consummation of the restructuring transactions as contemplated in the Schemes will occur on December 17, 2014. About LDK Solar LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province, People's Republic of China, is a vertically integrated manufacturer of photovoltaic products, including high-quality and low-cost polysilicon, solar wafers, cells, modules, systems, power projects and solutions. LDK Solar was incorporated in the Cayman Islands on May 1, 2006, by LDK New Energy, a British Virgin Islands company wholly owned by Xiaofeng Peng, LDK's founder, chairman and chief executive officer, to acquire all of the equity interests in Jiangxi LDK Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin Industrial Limited. LDK Solar in February 2014 filed in the Cayman Islands for the appointment of provisional liquidators, four days before it was due to make a $197 million bond repayment. Its Joint Provisional Liquidators are Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, on Oct. 22. In September 2014, LDK SOalr, LDK Silicon and LDK Silicon Holding Co., Limited each applied to file an originating summons to commence their restructuring proceedings in the High Court of Hong Kong. On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc. filed voluntary petitions to reorganize under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The lead case is In re LDK Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384). On Oct. 21, 2014, LDK Solar filed a petition in the same U.S. Bankruptcy Court for recognition of the provisional liquidation proceeding in the Grand Court of the Cayman Islands. The Chapter 15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14- 12387). The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq., at Sidley Austin LLP, in Chicago, Illinois. The U.S. Debtors' Delaware counsel is Robert S. Brady, Esq., Maris J. Kandestin, Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt & Taylor, LLP, in Wilmington, Delaware. The U.S. Debtors' financial advisor is Jefferies LLC. The Debtors' voting and noticing agent is Epiq Bankruptcy Solutions, LLC. The U.S. Debtors commenced the Chapter 11 Cases in order to implement the prepackaged plan of reorganization, with respect to which the U.S. Debtors launched a solicitation of votes on September 17, 2014 from the holders of LDK Solar's 10% Senior Notes due 2014, as guarantors of the Senior Notes, and required such holders of the Senior Notes to return their ballots by October 15, 2014. Holders of the Senior Notes voted overwhelmingly in favor of accepting the Prepackaged Plan. LDK SOLAR: Chinese Unit Has New Module Sales Agreement ------------------------------------------------------ LDK Solar CO., Ltd. in provisional liquidation said its Chinese subsidiary, LDK Solar Hi-Tech (Nanchang) Co., Ltd., has signed a new module supply agreement with Ningxia Hui Autonomous Region Electric Power Design Institute, a leading EPC company in China and owned by Power Construction Corporation of China. Under terms of the agreement, LDK Solar Nanchang will provide modules totaling 30.6 megawatts for a solar project in Ningxia with shipments commencing immediately. "We are pleased to enter into this new agreement with Ningxia Hui Autonomous Region Electric Power Design Institute," stated Xingxue Tong, Interim Chairman, President and CEO of LDK Solar. "With this solar project in Ningxia, we reiterate our commitment to our customers in the China domestic market and in the international markets," concluded Mr. Tong. About LDK Solar LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province, People's Republic of China, is a vertically integrated manufacturer of photovoltaic products, including high-quality and low-cost polysilicon, solar wafers, cells, modules, systems, power projects and solutions. LDK Solar was incorporated in the Cayman Islands on May 1, 2006, by LDK New Energy, a British Virgin Islands company wholly owned by Xiaofeng Peng, LDK's founder, chairman and chief executive officer, to acquire all of the equity interests in Jiangxi LDK Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin Industrial Limited. LDK Solar in February 2014 filed in the Cayman Islands for the appointment of provisional liquidators, four days before it was due to make a $197 million bond repayment. Its Joint Provisional Liquidators are Tammy Fu and Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, on Oct. 22. In September 2014, LDK SOalr, LDK Silicon and LDK Silicon Holding Co., Limited each applied to file an originating summons to commence their restructuring proceedings in the High Court of Hong Kong. On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc. filed voluntary petitions to reorganize under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The lead case is In re LDK Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384). On Oct. 21, 2014, LDK Solar filed a petition in the same U.S. Bankruptcy Court for recognition of the provisional liquidation proceeding in the Grand Court of the Cayman Islands. The Chapter 15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14- 12387). The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq., at Sidley Austin LLP, in Chicago, Illinois. The U.S. Debtors' Delaware counsel is Robert S. Brady, Esq., Maris J. Kandestin, Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt & Taylor, LLP, in Wilmington, Delaware. The U.S. Debtors' financial advisor is Jefferies LLC. The Debtors' voting and noticing agent is Epiq Bankruptcy Solutions, LLC. The U.S. Debtors commenced the Chapter 11 Cases in order to implement the prepackaged plan of reorganization, with respect to which the U.S. Debtors launched a solicitation of votes on September 17, 2014 from the holders of LDK Solar's 10% Senior Notes due 2014, as guarantors of the Senior Notes, and required such holders of the Senior Notes to return their ballots by October 15, 2014. Holders of the Senior Notes voted overwhelmingly in favor of accepting the Prepackaged Plan. LIG KYLE: Shareholders Receive Wind-Up Report --------------------------------------------- The shareholders of Lig Kyle Holdings, Ltd received on Dec. 5, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands MESTENIO LTD: S&P Assigns 'B+' Rating to $488.35MM Notes -------------------------------------------------------- Standard & Poor's Rating Services assigned its 'B+' rating to Mestenio Ltd.'s $488.35 million pass-through notes series 1 due 2020. Mestenio Ltd.'s series 1 is a repackaged transaction backed by 10 promissory notes with a five-year maturity totaling $488.35 million issued by the Dominican Republic's Ministry of Finance. The promissory notes are direct, unconditional, unsubordinated, and unsecured obligations of the Dominican Republic, and are backed by the full faith and credit of the federal government. The transaction's structure is intended as a "pass through" of the credit risk of the promissory notes, in which investors will receive all principal and interest payments derived from the underlying securities on a monthly basis. Moreover, it includes a reserve account that covers six months of the 10% withholding tax that may be applied in connection with interest payments made by the Dominican Republic under the underlying securities. Based upon an expenses paying agency agreement between the issuer and Merrill Lynch International, the latter will cover all of the trust's expenses. In addition, the issuer has entered into a separate reserve account funding agreement with Merrill Lynch Pierce Fenner & Smith, which will cover any potential withholding tax on the underlying assets up to the 10% level. In view of this, S&P weak-linked the rating on the transaction to the lowest rated of the following entities: expenses paying agent (Merrill Lynch International), the reserve account funding counterparty (Merrill Lynch Pierce Fenner & Smith), and the obligor of the promissory notes (the Ministry of Finance acting on behalf of the Dominican Republic). As a result, S&P considers the key risk for the series 1 notes to be the Dominican Republic's sovereign credit risk and, based on S&P's global criteria for rating repackaged securities, it weak- linked its 'B+' rating on the notes to its 'B+' sovereign credit rating on the Dominican Republic. The issuer, Mestenio Ltd., is incorporated as a special-purpose multi-issue repackaging vehicle in the Cayman Islands under its limited recourse secured debt issuance program (up to $50 billion) and is governed by English law. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties, and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties, and enforcement mechanisms in issuances of similar securities. The Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at: http://standardandpoorsdisclosure-17g7.com/2898.pdf MSR CORE: Members Receive Wind-Up Report ---------------------------------------- The members of MSR Core Holdings Ltd. received on Nov. 25, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stephen Nelson Telephone: 949-4544 Facsimile: 949-7073 Charles Adams Ritchie & Duckworth Zephyr House, 2nd Floor, 122 Mary Street P.O. Box 709 Grand Cayman, KY1-1107 Cayman Islands MSREF III INTERNATIONAL: Members Receive Wind-Up Report ------------------------------------------------------- The members of MSREF III International Funding Limited received on Nov. 25, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stephen Nelson Telephone: 949-4544 Facsimile: 949-7073 Charles Adams Ritchie & Duckworth Zephyr House, 2nd Floor, 122 Mary Street P.O. Box 709 Grand Cayman, KY1-1107 Cayman Islands RIVERSTONE ACUCAR: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Riverstone Acucar Investments 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 RIVERSTONE BRAZIL: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Riverstone Brazil Investments 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 RIVERSTONE CANE: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Riverstone Cane Investments 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 TOKYO REALTY: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Tokyo Realty Investment Company VI received on Nov. 25, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stephen Nelson Telephone: 949-4544 Facsimile: 949-7073 Charles Adams Ritchie & Duckworth Zephyr House, 2nd Floor, 122 Mary Street P.O. Box 709 Grand Cayman, KY1-1107 Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== BANCO DE RESERVAS: Fitch Ups Foreign, Local Currency IDRs to 'B+' ----------------------------------------------------------------- Following the upgrade of the Dominican Republic's sovereign rating, Fitch has upgraded the Issuer Default Ratings (IDRs) for two of the country's largest banks: Banreservas and BHD Leon to 'B+' from 'B'. The Rating Outlook is Stable for both banks. Fitch has also affirmed the short-term foreign and local currency IDRs, Viability Ratings, and support ratings for both banks. A complete list of rating actions follows at the end of this press release. On Nov. 21, 2014, Fitch upgraded the Dominican Republic's Long- term foreign and local currency IDRs to 'B+' from 'B' with a Stable Outlook. The upgrade reflects the country's resilience through adverse domestic and external conditions, a diversified service-based economic structure and competitive business climate that support medium-term growth and investment prospects. The positive rating actions reflect Fitch's recent upgrade of Dominican Republic's IDRs, as the banks' IDRs were constrained by the sovereign's IDRs. In addition Fitch expects the current improvement in the Dominican operating environment to benefit the financial profiles of the banks. Key Rating Drivers Banreservas - IDRs, VR, SUPPORT AND SUBORDINATED DEBT The upgrade of Banco de Reservas de la Republica Dominicana, Banco de Servicios Multiples' (Banreservas) IDRs and Support Floor is in line with a similar action that Fitch took on the Dominican Republic's sovereign ratings, as the government is its sole shareholder and with the upgrade of the sovereign, the bank's IDRs are now considered support driven by Fitch. Fitch believes the government's willingness to support Banreservas should it be required is substantial given its 100% stake in the bank, the bank's strategic importance, and the bank's role as the government's main paying agent. However, the Dominican Republic's speculative grade rating could result in a limited capacity to provide such support, which underpins Banreservas' support rating of '4' and support floor of 'B+'. Fitch affirmed Banreservas' Viability Rating (VR)at 'b' due to the bank's low tangible common equity / tangible assets ratio, which was 6.8% at end-September 2014. This ratio is weak relative to both domestic and similarly rated international peers (emerging market commercial banks with a VR of 'b-', 'b', or 'b+'). In addition to the bank's weak capital position, the past historical volatility of loan quality ratios for private sector loan exposures was considered, jointly with Banreservas' prospects for further improvements in efficiency. The rating on Banreservas' subordinated notes has been upgraded by one notch after the upgrade of its supported IDR. Those securities are one notch below the IDR for loss severity, but zero notches for incremental non-performance risk relative to the bank's IDR. In Fitch's view, given the gone concern characteristics of the security, the anchor rating is the IDR, even though there is no explicit government guarantee on the security. BHD Leon - IDRs, VR and SUPPORT The upgrade of Banco Multiple BHD Leon's (BHD Leon) IDRs is in line with a similar action that Fitch took on the Dominican Republic's sovereign ratings, as its ratings were constrained by the sovereign's IDRs. BHD Leon's Viability Rating (VR), or standalone creditworthiness, drives its Long-term IDR and national ratings. Despite the bank's systemic importance, the government's inconsistent history of banking sector support for private sector institutions and the sovereign's speculative grade rating result in a Support Floor of 'NF' and a Support Rating of '5'. The upgrade on the VR's captures the limitations previously imposed by the operating environment which limit the strength of the bank: a sound franchise, resilient profitability, adequate capitalization and improving funding base. However, the VR is still limited by the burden imposed by the operating environment. This includes a lack of long-term funding to match the increasing tenor of its loan portfolio and relatively low income diversification, compared to better rated banks in the region. Rating Sensitivities Banreservas Changes in the IDRs are contingent on sovereign rating actions. An unexpected deterioration in asset quality or profitability and sustained high disbursements of income to the government that pressures Banreservas' tangible common equity/tangible assets ratio below 5.5% could trigger a downgrade of its VR. Since the implementation of several new initiatives under a new management team, Banreservas has improved its private sector loan quality ratios, as well as increased income diversification and efficiency levels. In addition, a future capital injection could help to overcome its historically weak capital base. If preserved in the medium term these factors could lead to an upgrade of its VR. BHD Leon Future positive changes in BHD Leon's ratings will depend on additional sovereign actions, if the bank sustains its current strong financial performance and adequate capitalization. Deterioration in the bank's capital metrics - such as Fitch core capital to risk-weighted assets ratio below 8% - together with asset quality deterioration, could pressure creditworthiness. Fitch takes the following ratings actions: Banreservas: -- Foreign and local currency IDRs upgraded to 'B+' from 'B'; Outlook Stable; -- Short-term foreign and local currency IDRs affirmed at 'B'; -- Viability Rating affirmed at 'b'; -- Support Rating affirmed at '4'; -- Support Floor revised to 'B+' from 'B'; -- Long-term subordinated notes upgraded to 'B' from 'B-'. Banco Multiple BHD Leon -- Foreign and local currency long-term IDR upgraded to 'B+' from 'B', Outlook Stable; -- Foreign and local currency short term IDR affirmed at 'B'; -- Viability Rating upgraded to 'b+' from 'b'; -- Support Rating affirmed at '5'; -- Support Floor Rating affirmed at 'NF'. DOMINICAN REPUBLIC: Power Firms Owed US$1BB, Will Get US$$400MM --------------------------------------------------------------- Dominican Today reports that the Dominican Republic government said it will pay the power companies US$$400.0 million, of a total of US$1.01 billion owed for electricity supply. Dominican State-owned Electric Utility (CDEEE) Chief Executive Officer Ruben Jimenez Bichara provided the figure but didn't specify the payment date, according to Dominican Today. The report relates that the official, quoted by outlet eldia.com.do, said in recent years the Government has been paying part of the energy debt before the end of December, and makes a "re-hooking" with the remaining part. "We'll do the same this year," Mr. Jimenez said, the report notes. Payment is higher than the bill The report notes that if the government pays the debt, the CDEEE would be paying this year a figure higher than the amount billed thus far. The Dominican association of power companies (ADIE) said they've billed around US$1.5 billion to the distributors (Edes) for energy so far this year, but have received only US$1.14 billion, the report notes. ============= J A M A I C A ============= JAMAICA: Oil Price Decline Expected to Last Into Mid-2015 --------------------------------------------------------- RJR News reports that Morgan Stanley, the American investment bank, has revised its forecast for oil prices next year, saying current low prices will remain at least until the middle of 2015. Morgan Stanley, in its revised forecasts, said Brent crude will average US$70 per barrel next year, according to RJR News. That is down by 28 dollars from its previous forecast, the report relates. The report discloses that the investment bank also said oil prices could fall as low as US$43 a barrel next year. OPEC RJR News notes that Morgan Stanley is cautioning, however, that markets risk becoming "unbalanced" unless OPEC (Organization of Petroleum Exporting Countries) decides to intervene. Just last month, Saudi Arabia, the cartel's biggest member, resisted calls to cut production, despite the slide in prices, which have fallen more than 40% since June, the report relays. The report says that an oversupply of oil on world markets has contributed to the decline in the price. The forecast pushed the price of U.S. crude, which normally trades at a discount to Brent crude, down by 4% to US$63.05 a barrel, the report discloses. Jamaica Benefiting Meanwhile, the report notes that Winston Watson, Group Managing Director of the Petroleum Corporation of Jamaica, has highlighted further positive benefits for Jamaica with the decline in oil prices, starting with the fact that consumers "will get a lower price, which they have been seeing for the last several weeks, in the price of fuel to the market," the report relays. Furthermore, Mr. Watson told RJR News, there was a drop in the outflow of foreign exchange from Jamaica to purchase oil, a benefit which directly assists Petrojam, the State run oil refinery. =========== M E X I C O =========== MEXICO: Approves Offshore Bid Guidelines in Oil Opening ------------------------------------------------------- Adam Williams and Andrea Navarro at Bloomberg News report that Mexico authorized preliminary bidding rules for new offshore blocks as the country prepares for an investment deluge in its recently opened oil industry. Oil regulator CNH approved rules for 14 shallow-water exploratory blocks that will be auctioned to private companies by the end of July, according to a live feed of the meeting, according to Bloomberg News. In a separate vote, the agency also approved production-sharing contracts for the winners, Bloomberg News relates. Bloomberg News says that setting the guidelines is the latest step in the country's move to allow foreign companies to produce oil, ending a 76-year-old state monopoly. The available blocks are expected to contain light crude and have low production costs that will not surpass $20 a barrel, said Juan Carlos Zepeda, head of CNH, Bloomberg News discloses. "They are very attractive areas," Bloomberg News quoted Mr. Zepeda as saying. "We're expecting these areas will bring oil and hydrocarbons to Mexico in the relatively short term," Mr. Zepeda said. Data rooms for the first blocks will be available by Jan. 15, according to CNH Commissioner Sergio Pimentel, Bloomberg News notes. Mexico will receive bids for the first blocks by June and award contracts by July, two months behind the original May deadline set by the CNH, Bloomberg News relates. Companies that win the blocks have up to five years to develop an exploration plan accompanied by a minimum investment, according to CNH Commissioner Guillermo Cruz, Bloomberg News discloses. Once a discovery is made, companies will have less than one year to determine if the find is commercially viable, Mr. Cruz said, Bloomberg News notes. Preliminary Bids Releasing preliminary bidding rules "allows for feedback to assure terms aren't unrealistic or could sabotage a potential bid," Tim Samples, a law professor and Mexican energy analyst at the University of Georgia in Athens, told Bloomberg News in a phone interview before the release. "Knowing the pre-qualification criteria allows companies to move their negotiations one step further and seek out partners," Ivan Cima, head of Latin America upstream oil and gas research at Wood Mackenzie, told Bloomberg News in a phone interview from Houston. "It all comes down to the returns that these companies can generate on their investment, and those will be very closely dictated by the fiscal terms offered," Bloomberg News quoted Mr. Mackenzie as saying. Mexico's oil monopoly, held by Petroleos Mexicanos since 1938, was brought to an end last year when President Enrique Pena Nieto signed legislation to allow foreign producers to drill, Bloomberg News notes. Mexico has forecast that private investment in the energy industry will bring in more than $50 billion by 2018, Bloomberg News relays. Bidding Terms Mexico expects to auction off 169 blocks by October, according to CNH. In the coming months, announcements will also be made on bidding terms for fields that have already been operating, Energy Minister Pedro Joaquin Coldwell said Dec. 4, Bloomberg News notes. The fall in oil prices, which have declined to five-year lows, may require a restructuring of oil bidding rounds in deep-water and unconventional fields, Mr. Coldwell said, Bloomberg News discloses. "The lower oil prices are not ideal to happen during this time for Mexico" and could result in less interest in some unconventional or deep-water fields, Mr. Cima said, Bloomberg News notes. "On the positive side, the size and limited exploration risk of some of these fields, still will garner industry attention," Bloomberg News quoted Mr. Cima as saying. ====================== P U E R T O R I C O ====================== PUERTO RICO ELECTRIC: Fitch Keeps CC Bond Rating on Neg. Watch -------------------------------------------------------------- In accordance with its practice of regularly reviewing ratings on Rating Watch, Fitch is maintaining the $8.6 billion of Puerto Rico Electric Power Authority (PREPA) power revenue bonds on Negative Rating Watch. The bonds are currently rated 'CC'. Security The power revenue bonds are secured by a senior lien on net revenues of the electric system. Key Rating Drivers Restructuring Or Default Remains Probable: Maintenance of the current Rating Watch reflects Fitch's view that a restructuring of PREPA's debt obligations remains probable despite existing forbearance agreements between PREPA and certain of its creditors (including bondholders). The agreements, signed on Aug. 14 2014, provide only temporary relief related to the maturity of PREPA's bank lines of credit, and minimal comfort that long-term financial compliance is sustainable. Terms Point To Restructuring: Although certain provisions of the forbearance agreements appear designed to enhance PREPA's ability to meet near-term operating expenses, other provisions including the required submission of a restructuring plan by March 2, 2015, retention of a chief restructuring officer, and the contemplated use of reserve funds for debt service payments support Fitch's view that a financial restructuring remains probable. Cash Flow Concerns Remain: The terms of the forbearance agreements allow for bondholders to be paid scheduled debt service, including payments due Jan. 1, 2015. However, Fitch remains concerned that PREPA's net cash receipts and existing funds on hand are insufficient to meet longer-term working capital, debt service and other funding requirements. Financial Performance Remains Weak: For the three months ended Sept. 30, 2014 PREPA reported unaudited earnings before interest and depreciation of $233 million and a net loss of $44 million. Poor performance for the period was characterized by declining energy sales (1.5%), declining customers (0.7%), high concentrations of accounts receivable (26% of revenue), high fuel costs (15 cents/kWh) and an unwillingness to increase base electric rates. The recent decline in fuel costs should provide some relief, but is unlikely to reverse the major trends underpinning PREPA's credit profile. Rating Sensitivities Financial Restructuring: Any restructuring that does not result in full and timely payment of the power revenue bonds according to the original terms promised would likely result in a further downgrade to 'C' upon agreement and 'D' upon execution. Request For Relief: Similarly, any request for relief through restructuring by PREPA, or the Government Development Bank upon the Governor's request, as contemplated in the Puerto Rico Public Corporation Debt Enforcement and Recovery Act (the Act) would result in a further downgrade. Negotiated Resolution To Challenges: Any negotiated resolution to the financial challenges and liquidity demands facing PREPA that does not impair bondholders would be evaluated for commercial reasonableness and long-term sustainability, and could lead to consideration of a Stable Outlook and/or higher rating. Credit Profile PREPA is one of the largest public power systems in the U.S., and the sole provider of power to the Commonwealth of Puerto Rico, an island of about 3.6 million people and about 1.49 million electric customers. Watch Resolution Tied To Restructuring Plan Fitch expects to resolve the current Negative Watch following review of PREPA's proposed restructuring plan. Fitch downgraded the rating on PREPA's net revenue bonds to 'CC' from 'BB' on June 26, 2014 to reflect its view of a probable restructuring following introduction of the Act. Pursuant to the terms of the forbearance agreements, PREPA is expected to submit to bondholders an updated business plan by Dec. 15, 2014, and a restructuring plan by March 2, 2015. Although the forbearance agreements extend through March 31, 2015, the terms allow for termination of the agreements after Jan. 15, 2015 at the option of the forbearing banks, or 25% of the forbearing bondholders. PUERTO RICO: Lawmakers Pass US$2.9 Billion Bonding Measure ---------------------------------------------------------- Michelle Kaske at Bloomberg News reports that Puerto Rico's legislature passed a US$2.9 billion borrowing measure that would repay money owed to the Government Development Bank and fund public transportation. The measure increases the junk-rated territory's petroleum tax to US$15.50 per barrel, from US$9.25, with the additional revenue going to back a bond sale of as much as US$2.9 billion, according to Bloomberg News. The report says that the island's debt is tax- exempt nationwide. The bill limits the average coupon on the new securities to 8.5 percent, with a price as low as 93 cents on the dollar, Assembly Representative Rafael "Tatito" Hernandez said in a phone interview with Bloomberg News. "That is technical, and we will change those in the next session," which begins Jan. 12, said Mr. Hernandez, who chairs the commonwealth's House Treasury Committee, Bloomberg News relays. That level of coupon and discount would generate a yield of about 9.19 percent for debt maturing in January 2045, according to data compiled by Bloomberg. GDB officials are discussing changes to the bill with lawmakers, Melba Acosta, the bank's president, and David Chafey, its chairman, said in a statement obtained by Bloomberg News. 'Certain Shortcomings' The measure "has certain shortcomings, which have been discussed with the Senate and House leadership," Acosta and Chafey said in the statement obtained by Bloomberg News. Even with the cap, the debt may attract enough buyers, said David Tawil, co-founder of hedge fund Maglan Capital LP, Bloomberg News relates. Distressed-debt investors like the higher relative yields on the US$73 billion of commonwealth and agency debt, Bloomberg News notes. "It's a place that they can put a lot of capital to work because of the amount of debt that is outstanding," said Mr. Tawil, who manages a $75 million fund in New York, Bloomberg News notes. "And the return profile, you could argue, is attractive," Mr. Tawil added. Bloomberg News discloses that the borrowing has the additional security of Puerto Rico's general-obligation pledge, Mr. Hernandez said. It would repay $2.2 billion the Highways & Transportation Authority owes to the GDB, which handles Puerto Rico's debt sales. The bank also provides loans to the commonwealth, its municipalities and agencies. The GDB's liquidity will shrink if the highway agency fails to repay the money, which accounts for 21 percent of the bank's loans, Bloomberg News relates. The GDB had about US$1.7 billion of net liquidity as of Oct. 31, Bloomberg News notes. =============================== T R I N I D A D & T O B A G O =============================== CFG HOLDINGS: S&P Affirms 'B+' Rating on $178MM 7-Yr. Sr. Notes --------------------------------------------------------------- As previously announced on Dec. 10, 2014, Standard & Poor's Ratings Services affirmed its 'B' issuer credit rating on CFG Holdings, Ltd. (CFGLTD). At the same time, S&P affirmed its 'B+' debt rating on the $178 million seven-year senior secured notes co-issued by CFGLTD and its Delaware-based subsidiary CFG Finance LLC (not rated). The outlook on the issuer credit rating remains stable. S&P's ratings on CFGLTD reflect its "moderate" business position, "very strong" capital and earnings, "moderate" risk position, and "moderate" funding and liquidity. The 'B+' rating on the $178 million senior secured notes is based on an unconditional and irrevocable guarantee by Caribbean Financial Group Holdings L.P. (CFGLTD's parent), Caribbean Financial Group Inc. (an affiliate of CFGLTD), and CFGLTD's existing and future subsidiaries, subject to certain exceptions. The rating on the notes reflects the creditworthiness of the consolidated operating subsidiaries, while the rating on CFGLTD reflects its status as a non-operating holding company. "We initially set the anchor for finance companies three notches below the anchor for banks in the same country to reflect the typical lack of central bank access, lower regulatory oversight, and higher competitive risk for finance companies relative to banks. We may modify that standard three-notch adjustment for finance companies in countries or in sectors where these differences do not exist or are less pronounced (i.e. the finance company can access funding from the central bank, are regulated to some degree, or have unique competitive positions, such as monopolistic or oligopolistic businesses). For the analysis of CFGLTD, we use an anchor of 'bb-', reflecting the company's blended economic risk stemming from its operations in Panama and various Caribbean countries. The anchor is also three notches below the weighted average of the bank anchor of the countries where the company has its largest loan portfolio exposures-- Panama, Trinidad & Tobago, Aruba, and other economies in the Caribbean," S&P said. ================= X X X X X X X X X ================= * BOND PRICING: For the Week From Dec. 8 to Dec. 12, 2014 --------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- BES Finance Ltd 2.9 EUR 211913000 PDVSA 6 11/15/2026 USD 4500000000 ESFG International Ltd 5.8 EUR 52950000 PDVSA 6 5/16/2024 USD 5000000000 PDVSA 5.4 4/12/2027 USD 3000000000 Mongolian Mining Corp 8.9 3/29/2017 USD 600000000 PDVSA 5.5 4/12/2037 USD 1500000000 Hindili Industry 8.6 11/4/2015 USD 380000000 BES Finance Ltd 4.5 EUR 95767000 Automotores Gildemeister SA 8.3 5/24/2021 USD 400000000 SMU SA 7.8 2/8/2020 USD 300000000 NQ Mobile Inc 4 10/15/2018 USD 172500000 Inversiones Alsacia SA 8 8/18/2018 USD 347300000 Venezuela Governement 7.7 4/21/2025 USD 1599817000 Glorious Property Holdings Ltd 13 3/4/2018 USD 400000000 Renhe Commercial 13 3/10/2016 USD 600000000 Bank Austria 1.9 EUR 97608000 China Precisoin 7.3 2/4/2018 HKD 1028000000 BCP Finance Co 2.4 EUR 99063406.25 Automotores Gildemeister SA 6.8 1/15/2023 USD 300000000 BA-CA Finance Cayman 2 Ltd 2 EUR 51481000 Argentina Bonar Bonds 26 9/10/2015 ARS 5424358000 Inversora de Electrica 6.5 9/26/2017 USD 130263886 BCP Finance Co 4.2 EUR 72112000 Mongolian Mining Corp 8.9 3/29/2017 USD 600000000 Argentina Government 4.3 12/31/2033 JPY 5840497000 PDVSA 6 5/16/2024 USD 5000000000 Argentina Boden Bonds 2 9/30/2014 ARS 930445250 PDVSA 6 11/15/2026 USD 4500000000 Greenfields Petroleum Corp 9 5/31/2017 CAD 23750000 Hindili Industry 8.6 11/4/2015 USD 380000000 Argentina Government 4.3 12/31/2033 JPY 2553017000 Argentina Bocon 2 1/3/2016 ARS 1608749924 Argentina Government 0.5 12/31/2038 JPY 21037843000 Automotores Gildemeister SA 8.3 5/24/2021 USD 400000000 Caixa Geral De Depositos Finance 1 EUR 44885000 SMU SA 7.8 USD 300000000 Renhe Commercial 13 3/10/2016 USD 600000000 Caixa Geral De Depositos Finance 2 EUR 65843000 Inversiones Alsacia SA 8 8/18/2018 USD 347300000 Automotores Gildemeister SA 6.8 1/15/2023 USD 300000000 BPI Capital Finance Ltd 2.9 EUR 15290000 Banif Finance Ltd 1.6 EUR 42234000 Banco BPI SA/Cayman Islands 4.2 11/14/2035 EUR 20000000 Empresas La Polar SA 3.8 10/10/2017 CLP 5000000 City of Buenos Aires Argentina 2 1/28/2020 USD 146771000 Aguas Andinas SA 4.2 12/1/2026 CLP 3289471.68 City of Buenos Aires Argentina 2 12/20/2019 USD 113229000 Venezuela Governement 7 3/31/2038 USD 1250003000 Empresa de Transporte 5.5 7/15/2027 CLP 3732799.8 Cia Cervecerias Unidas SA 4 12/1/2024 CLP 1050000 Almendral Telecomunicaciones SA 3.5 12/15/2014 CLP 644441.04 Cia Sud Americana de Vapores SA 6.4 10/1/2022 CLP 607142.76 Decimo Primer 4.5 10/25/2041 USD 37800000 Provincia del Chaco 4 12/4/2026 USD 10111047.85 Ruta de Bosque 6.3 3/15/2021 CLP 5062781.25 Talcan Chillan 2.8 12/15/2019 CLP 2978764.16 EMP Ferrocarriles Estado 6.5 1/1/2026 CLP 788572.14 *********** 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 * * *