/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/150112.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, January 12, 2015, Vol. 16, No. 007 Headlines A R G E N T I N A ARGENTINA: Closer to Repaying Debt Owed to Germany, Netherlands ARGENTINA: Daimler's Bid to Annul Pro-Argentina Ruling Rejected B R A Z I L AUTOMETAL S.A.: Fitch Affirms Then Withdraws 'BB' Currency IDRs BRAZIL: Inflation Rate Ends 2014 at 6.41% PETROLEO BRASILEIRO: Probes Pressure Banks' Quality, Fitch Says C A Y M A N I S L A N D S A&Q SELECT: Shareholders Receive Wind-Up Report ALTAIRIS OFFSHORE: Shareholders Receive Wind-Up Report CAPITAL FUND: Members Receive Wind-Up Report CAPITAL HEDGE: Members Receive Wind-Up Report FMCP EMERGING: Shareholders Receive Wind-Up Report FMCP EMERGING MASTER: Shareholders Receive Wind-Up Report FMIM DYNAMIC: Shareholders Receive Wind-Up Report FMIM DYNAMIC MASTER: Shareholders Receive Wind-Up Report ISLAND NOMINEES: Shareholders Receive Wind-Up Report LIONGATE PBA: Shareholders Receive Wind-Up Report MARATHON REAL: Shareholders Receive Wind-Up Report MORGAN STANLEY: Shareholders Receive Wind-Up Report PARMALAT CAPITAL: Creditors to Hold Meeting on Jan. 14 SHOAL BAY: Shareholder Receives Wind-Up Report SHOAL BAY VILLAS: Shareholder Receives Wind-Up Report TRITTON DEVELOPMENT: Shareholders Receive Wind-Up Report J A M A I C A JAMAICA: Minister Urges Moderation in Wage Negotiations T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Rampant Resignation of Pilots Noted V E N E Z U E L A CORPORACION ELECTRICA: Fitch Cuts Issuer Default Rating to 'CCC' X X X X X X X X X * BOND PRICING: For the Week From Dec. 29 to Jan. 2, 2015 - - - - - ================= A R G E N T I N A ================= ARGENTINA: Closer to Repaying Debt Owed to Germany, Netherlands --------------------------------------------------------------- EFE News reports that Argentina's government has approved templates for bilateral debt-refinancing contracts it plans to sign with Paris Club members Germany and the Netherlands. The model agreements were published Jan. 2 in the Official Gazette via presidential decree, according to EFE News. * * * The Troubled Company Reporter-Latin America, on Aug. 1, 2014, reported that Argentina defaulted on some of its debt late July 30 after expiration of a 30-day grace period on a US$539 million interest payment. Earlier that day, talks with a court- appointed mediator ended without resolving a standoff between the country and a group of hedge funds seeking full payment on bonds that the country had defaulted on in 2001. A U.S. judge had ruled that the interest payment couldn't be made unless the hedge funds led by Elliott Management Corp., got the US$1.5 billion they claimed. The country hasn't been able to access international credit markets since its US$95 billion default 13 years ago. As a result, reported the TCR-LA on Aug. 1, Standard & Poor's Ratings Services lowered its unsolicited long-and short-term foreign currency sovereign credit ratings on the Republic of Argentina to selective default ('SD') from 'CCC-/C'. The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings downgraded Argentina's Foreign Currency Issuer Default Rating (IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency Issuer Default Rating to 'RD' from 'C'. Meanwhile, Moody's Investors Service affirmed Argentina's Caa1 issuer rating, which also applies to domestic law bonds, confirmed the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca rating on the original defaulted bonds. The long-term issuer rating was placed on negative outlook, reported the TCR-LA on Aug. 5, 2014. On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America Agente de Calificacion de Riesgo affirmed the deposit, debt, issuer and corporate family ratings on Argentina's banks and financial institutions, both on the global and national scales. The outlook on these ratings has been changed to negative from stable. At the same time, the rating agency has affirmed the banks' Caa2 foreign-currency deposit ratings and Not- Prime short-term ratings. The banks' standalone E financial strength ratings corresponding to caa1 baseline credit assessments (BCA) have also been affirmed. The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has downgraded Argentina's long-term foreign currency issuer rating from CC to Selective Default (SD). The short-term foreign currency rating has been downgraded to Default (D), from R-5. The long-term and short-term local currency issuer ratings have been confirmed at B (low) and R-5, respectively. The trend on the long-term local currency rating is Negative, and the trend on the short-term local currency rating is Stable. On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded Argentina's rating on Par Bonds issued under Foreign Law to 'D' from 'C' as Argentina has not been able to cure the missed coupon payments on its par bonds issued under foreign law after the expiration of the 30-day grace period on Oct. 30. According to Fitch's criteria, this constitutes an event of default and Fitch has downgraded the affected securities to 'D'. In addition, Fitch has affirmed: -- Foreign Currency Issuer Default Rating (IDR) at 'RD'; -- Local Currency IDR at 'CCC'; -- Short-term Foreign Currency IDR at 'RD'; -- Country Ceiling at 'CCC'. -- Performing Foreign Law Exchanged Securities (Global 17) at 'C'; -- Local Currency exchanged bonds under Argentine Law at 'CCC'; -- Foreign and Local Currency non-exchanged securities under Argentine Law at 'CCC'; -- Discount Bonds issued under Foreign Law at 'D'. ARGENTINA: Daimler's Bid to Annul Pro-Argentina Ruling Rejected --------------------------------------------------------------- EFE News reports that the World Bank's arbitration body has rejected a request by a unit of Germany's Daimler to annul a 2012 ruling in favor of Argentina, the South American nation's government said. Argentine Cabinet chief Jorge Capitanich said in a press conference that an International Centre for Settlement of Investment Disputes committee rejected an application filed by Daimler Financial Services seeking partial annulment of the tribunal's August 2012 decision, according to EFE News. * * * The Troubled Company Reporter-Latin America, on Aug. 1, 2014, reported that Argentina defaulted on some of its debt late July 30 after expiration of a 30-day grace period on a US$539 million interest payment. Earlier that day, talks with a court- appointed mediator ended without resolving a standoff between the country and a group of hedge funds seeking full payment on bonds that the country had defaulted on in 2001. A U.S. judge had ruled that the interest payment couldn't be made unless the hedge funds led by Elliott Management Corp., got the US$1.5 billion they claimed. The country hasn't been able to access international credit markets since its US$95 billion default 13 years ago. As a result, reported the TCR-LA on Aug. 1, Standard & Poor's Ratings Services lowered its unsolicited long-and short-term foreign currency sovereign credit ratings on the Republic of Argentina to selective default ('SD') from 'CCC-/C'. The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings downgraded Argentina's Foreign Currency Issuer Default Rating (IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency Issuer Default Rating to 'RD' from 'C'. Meanwhile, Moody's Investors Service affirmed Argentina's Caa1 issuer rating, which also applies to domestic law bonds, confirmed the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca rating on the original defaulted bonds. The long-term issuer rating was placed on negative outlook, reported the TCR-LA on Aug. 5, 2014. On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America Agente de Calificacion de Riesgo affirmed the deposit, debt, issuer and corporate family ratings on Argentina's banks and financial institutions, both on the global and national scales. The outlook on these ratings has been changed to negative from stable. At the same time, the rating agency has affirmed the banks' Caa2 foreign-currency deposit ratings and Not- Prime short-term ratings. The banks' standalone E financial strength ratings corresponding to caa1 baseline credit assessments (BCA) have also been affirmed. The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has downgraded Argentina's long-term foreign currency issuer rating from CC to Selective Default (SD). The short-term foreign currency rating has been downgraded to Default (D), from R-5. The long-term and short-term local currency issuer ratings have been confirmed at B (low) and R-5, respectively. The trend on the long-term local currency rating is Negative, and the trend on the short-term local currency rating is Stable. On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded Argentina's rating on Par Bonds issued under Foreign Law to 'D' from 'C' as Argentina has not been able to cure the missed coupon payments on its par bonds issued under foreign law after the expiration of the 30-day grace period on Oct. 30. According to Fitch's criteria, this constitutes an event of default and Fitch has downgraded the affected securities to 'D'. In addition, Fitch has affirmed: -- Foreign Currency Issuer Default Rating (IDR) at 'RD'; -- Local Currency IDR at 'CCC'; -- Short-term Foreign Currency IDR at 'RD'; -- Country Ceiling at 'CCC'. -- Performing Foreign Law Exchanged Securities (Global 17) at 'C'; -- Local Currency exchanged bonds under Argentine Law at 'CCC'; -- Foreign and Local Currency non-exchanged securities under Argentine Law at 'CCC'; -- Discount Bonds issued under Foreign Law at 'D'. =========== B R A Z I L =========== AUTOMETAL S.A.: Fitch Affirms Then Withdraws 'BB' Currency IDRs --------------------------------------------------------------- Fitch Ratings has affirmed and withdrawn Autometal S.A.'s (Autometal) 'BB' foreign currency and local currency Issuer Default Ratings (IDRs) and its 'AA-(bra)' National Long-term Rating. At the time of the withdrawal the Rating Outlook was Stable. Fitch has withdrawn the ratings for business reasons. Accordingly, Fitch will no longer provide ratings or analytical coverage for Autometal. BRAZIL: Inflation Rate Ends 2014 at 6.41% ----------------------------------------- EFE News reports that Brazil's inflation rate ended 2014 at 6.41 percent, up from 5.91 percent at the close of 2013, the IBGE statistics agency said. Inflation barely remained within the target range of between 2.5 percent and 6.5 percent, according to EFE News. The report notes that Brazil targets an inflation rate of 4.5 percent, but has a tolerance margin of two percentage points. PETROLEO BRASILEIRO: Probes Pressure Banks' Quality, Fitch Says --------------------------------------------------------------- Risk within oil and construction-related loan portfolios of many Brazilian banks has risen due to corruption scandals uncovered by investigations into illegal contracts between Petrobras and multiple companies across the civil construction and oil and gas chains, says Fitch Ratings. The scandals have elevated the challenges for the Brazilian bank sector and could result in higher past due loans, loan loss provisions and/or loan restructurings in 2015, especially for Brazil's large public banks. Fitch's downgrade of the civil construction company OAS S.A. (OAS) Issuer Default Rating (IDR) to 'RD' from 'C' on Jan. 7 is the most recent rating action related to the corruption scandal involving Petrobras. On Nov. 19, 2014, Fitch placed all rated Brazilian construction companies on Rating Watch Negative due to the agency's concerns about the financial and business impact of the allegations. Brazil is already contending with weak GDP growth (Fitch's expectation of 0.3% for 2014 and just 1.0% in 2015), high inflation rates (current domestic Selic at 11.75%/ year) and devaluation of the local currency (Brazilian real down 12.5% in 2014). These weak economic conditions for corporates are expected to continue in 2015. Roughly 35% of Brazilian bank loans are in the Brazilian corporate sector. Corruption scandals can result in reduced appetites for Brazilian risk in the international capital markets and reduce local available credit, affecting the companies' liquidity, and adding to the challenging macro environment. Brazil's public (i.e. state-owned) banks could be more prone to oil and construction-related asset quality deterioration in the near future due to their aggressive loan growth over the last four years. Public banks are also more susceptible to political interference, which can lead to larger loans (relative to private banks) to infrastructure sectors, which have been bottlenecks for the country's growth. The oil and gas, and civil construction industries fit in these categories, thus public banks are more exposed to these industries, and Fitch expects larger provision needs for public banks in 2015. The capitalization levels of Brazil's public banks (Fitch Core Capital, or FCC, of 9.1%, as of June 2014) and default ratios (90 days past due at 2.2% as of November 2014, up from 1.8% of year- end 2012) have already shown deterioration trends relative to private peers. The lower default ratios compared with private peers are mainly justified by stronger guarantees of both BNDES and Caixa's credit portfolio. Normally IDRs on public banks are derived from sovereign support, meaning that any deterioration on these bank's financial profiles would not have a direct impact on its IDRs. The largest Brazilian private banks have well-diversified credit portfolios and, in our view, less exposure to oil and construction sectors relative to the large public banks. Private banks in Brazil can be exposed to loan facilities and or guarantees made to large corporates. A possible reduction in Petrobras' investment plans and an environment of lower oil prices may put an additional burden on some construction companies, oil service-related companies and to individuals employed by those industries. Although a rapid deterioration of any of the major construction companies operating in the energy sectors could lead to additional provisioning needs, private Brazilian banks currently enjoy strong capitalization (FCC: 10.4% as of Jun. 2014) and declining rates of loan delinquencies (90 days past due at 4.0% in November 2014, down from 5.3% at year-end 2012). These banks' ability to actively reprice its credit portfolios and disciplined cost controls are also positive factors. Only a severe deterioration of these banks' asset quality, profitability and capitalization would justify a negative rating action. Small and midsize banks count on higher concentrations in their loan portfolios, including to smaller (middle market) companies that can be linked to the production chain of oil and gas and or civil construction industries. Companies that have been constituted solely for a particular project could be directly exposed to larger corporate entities involved in the scandals. If not properly formalized and adequately backed by collateral, a small or midsized bank's exposure to companies or projects in oil and construction industries could harm these banks' financial profiles. Foreign banks are normally smaller institutions operating in Brazil and have limits on lending their local balance sheets, either due to strict credit policies or due to the size of their local balance sheets. In addition, the ratings of these banks are mostly derived from institutional support, which means that any rating action on these Brazilian subsidiaries would typically be linked to the willingness and or ability of the parent to support its Brazilian subsidiary. ========================== C A Y M A N I S L A N D S ========================== A&Q SELECT: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of A&Q Select Funds - Euro Limited received on Dec. 29, 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 ALTAIRIS OFFSHORE: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Altairis Offshore received on Dec. 11, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Peter Goulden 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands CAPITAL FUND: Members Receive Wind-Up Report -------------------------------------------- The members of The Capital Fund, Ltd received on Dec. 17, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jonathan Culshaw Telephone: (345) 949 8599 Facsimile: (345) 949 4451 Harbour Place, 4th Floor 103 South Church Street P.O. Box 10240 Grand Cayman KY1-1002 Cayman Islands CAPITAL HEDGE: Members Receive Wind-Up Report --------------------------------------------- The members of The Capital Hedge Fund, Ltd. received on Dec. 17, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jonathan Culshaw Telephone: (345) 949 8599 Facsimile: (345) 949 4451 Harbour Place, 4th Floor 103 South Church Street P.O. Box 10240 Grand Cayman KY1-1002 Cayman Islands FMCP EMERGING: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of FMCP Emerging Markets Hedged Fund Limited received on Dec. 10, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Krys Global VL Services Limited Governor's Square, Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 21237 Grand Cayman KY1-1205 Cayman Islands Telephone: +1 (345) 947 4700 Facsimile: +1 (345) 946 6728 FMCP EMERGING MASTER: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of FMCP Emerging Markets Hedged Master Fund Limited received on Dec. 10, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Krys Global VL Services Limited Governor's Square, Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 21237 Grand Cayman KY1-1205 Cayman Islands Telephone: +1 (345) 947 4700 Facsimile: +1 (345) 946 6728 FMIM DYNAMIC: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of FMIM Dynamic Macro Fund Limited received on Dec. 10, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Krys Global VL Services Limited Governor's Square, Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 21237 Grand Cayman KY1-1205 Cayman Islands Telephone: +1 (345) 947 4700 Facsimile: +1 (345) 946 6728 FMIM DYNAMIC MASTER: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of FMIM Dynamic Macro Master Fund Limited received on Dec. 10, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Krys Global VL Services Limited Governor's Square, Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 21237 Grand Cayman KY1-1205 Cayman Islands Telephone: +1 (345) 947 4700 Facsimile: +1 (345) 946 6728 ISLAND NOMINEES: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Island Nominees Ltd. received on Dec. 9, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Delta FS Limited c/o Andrew Edgington Telephone: (345) 743 6630 Harbour Place, 5th Floor 103 South Church Street P.O. Box 11820 Grand Cayman KY1-1009 Cayman Islands LIONGATE PBA: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Liongate PBA Limited received on Dec. 11, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Peter Goulden 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands MARATHON REAL: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Marathon Real Estate Hotel Fund, Ltd. received on Dec. 9, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Delta FS Limited c/o Andrew Edgington Telephone: (345) 743 6630 Harbour Place, 5th Floor 103 South Church Street P.O. Box 11820 Grand Cayman KY1-1009 Cayman Islands MORGAN STANLEY: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Morgan Stanley Global Emerging Markets Holdings (Cayman) Ltd. received on Dec. 10, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Gao Yu International Commerce Centre, 40th Floor 1 Austin Road West Kowloon Hong Kong PARMALAT CAPITAL: Creditors to Hold Meeting on Jan. 14 ------------------------------------------------------ The creditors of Parmalat Capital Finance Limited will hold a meeting on Jan. 14, 2015, at 9:00 a.m. Creditors who wish to attend can contact the company's liquidators at: Zolfo Cooper Suite 776, 38 Market Street Canella Court, 2nd Floor Camana Bay, Grand Cayman Cayman Islands KYI-9006 SHOAL BAY: Shareholder Receives Wind-Up Report ---------------------------------------------- The shareholder of Shoal Bay West Marina Development LLC received on Dec. 18, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Rebecca Eggleton Michael Eggleton Wilmington Trust (Cayman), Ltd. Attn.: Carl Gosselin, Agent P.O. Box 32322, Grand Cayman, KY1-1209 Cayman Islands Telephone: (345) 640-6712 SHOAL BAY VILLAS: Shareholder Receives Wind-Up Report ----------------------------------------------------- The shareholder of Shoal Bay West Villas LLC received on Dec. 18, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Rebecca Eggleton Michael Eggleton Wilmington Trust (Cayman), Ltd. Attn.: Carl Gosselin, Agent P.O. Box 32322, Grand Cayman, KY1-1209 Cayman Islands Telephone: (345) 640-6712 TRITTON DEVELOPMENT: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Tritton Development Fund Ltd. received on Dec. 11, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited Peter Goulden 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands ============= J A M A I C A ============= JAMAICA: Minister Urges Moderation in Wage Negotiations ------------------------------------------------------- RJR News reports that Jamaica Finance Minister Dr. Peter Phillips is again issuing a word of caution regarding expectations for upcoming public sector wage negotiations. Dr. Phillips stressed that while the Simpson Miller administration does not expect workers to forego a wage adjustment in the new contract period, consideration should be given to the country's limited financial resources, according to RJR News. "I have every hope and confidence that the same spirit that guided the earlier negotiations, when wage restraint was accepted, will be available to us . . . as we seek to make up some of the lost ground," the report quoted Dr. Phillips as saying. Dr. Phillips added that it was important to recognize that "it is not possible to do everything that probably would even be justified, and which may be expected." The Government, despite being still under the strictures of an IMF agreement, has conceded that, after five years of a public sector wage freeze, it has to resume granting incremental increases, the report notes. It wants the negotiations completed before the start of the next financial year, which commences in April, the report adds. 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. =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIRLINES: Rampant Resignation of Pilots Noted ------------------------------------------------------- RJR News reports that news reports have revealed that Caribbean Airlines Limited is facing a shortage of pilots in Trinidad and Jamaica. Trinidad's Newsday newspaper said this could have a negative impact on the airlines' services this year, according to RJR News. The newspaper said that the shortage is not the only issue affecting CAL as there are a number of industrial matters between the pilots and airline's management. It said wage negotiations for the period 2010 to 2013 remain incomplete and the issue of promised bonuses has not been settled, the report relates. The report notes that one of the main areas of concern for the pilot body is the way CAL is going about trying to solve the shortage. According to RJR News, a statement from the Trinidad and Tobago Airline Pilots Association disclosed that the airline was using a recruiting company offering six-month temporary contracts for B- 737 captains. The Association has voiced its disapproval of this action since it denies its members from moving up in the ranks, the report notes. In the meantime, Newsday is reporting that the pilot shortage is compounded by rampant resignations at CAL's Jamaican operations, the report discloses. It is understood that last year, at least a dozen pilots quit CAL for other jobs in the Middle East and Africa. The Newsday report said recruiters from Emirates and Qatar Air have been recruiting pilots, the report relays. It says there is a large number of pilots from the Caribbean working in the Middle East, Africa and India, the report adds. About Caribbean Airlines Caribbean Airlines Limited -- http://www.caribbean-airlines.com/ -- provides passenger airline services in the Caribbean, South America, and North America. The company also offers freighter services for perishables, fish and seafood, live animals, human remains, and dangerous goods. In addition, it operates a duty free store in Trinidad. Caribbean Airlines Limited was founded in 2006 and is based in Piarco, Trinidad and Tobago. As reported in the Troubled Company Reporter-Latin America on July 11, 2014, Trinidad and Tobago Newsday said that Caribbean Airlines is facing another loss. However, Finance Minister Larry Howai is hopeful the loss could be narrowed down to less than TT$100 million, according to Trinidad and Tobago Newsday. Mr. Howai noted the airline industry is not the easiest and many airlines have gone bankrupt at some point. Citing Caribbean360.com, the TCRLA on May 20, 2013, said Minister Howai said Caribbean Airlines Limited recorded losses estimated at US$70 million in 2012. In 2011, CAL had recorded losses of US43.7 million. ================= V E N E Z U E L A ================= CORPORACION ELECTRICA: Fitch Cuts Issuer Default Rating to 'CCC' ---------------------------------------------------------------- Fitch Ratings has downgraded Corporacion Electrica Nacional S.A.'s (CORPOELEC) foreign and local currency Issuer Default Ratings (IDRs) to 'CCC' from 'B'. Fitch has also downgraded approximately USD650 million of senior unsecured debt outstanding to 'CCC/RR4' from 'B/RR4'. Concurrently, Fitch has downgraded CORPOELEC's national long-term rating to 'AA(ven)' from 'AAA(ven)' and has also affirmed its national short-term rating at 'F1+(ven)'. Prior to this downgrade, the Rating Outlook for CORPOELEC was Negative. Fitch has removed the Negative Outlook, as the agency does not assign Outlooks to ratings of 'CCC' or below. The rating downgrade follows Fitch's downgrade of the sovereign ratings of Venezuela to 'CCC' from 'B'. The downgrade of the sovereign ratings reflects the sharp decline of international oil prices, which increase balance of payments pressures in the context of reduced external financing flexibility and rising macroeconomic instability. KEY RATING DRIVERS CORPOELEC's ratings reflect the company's strong linkage to the government of Venezuela (rated 'CCC' by Fitch), given its tight integration into the public sector determined by its 100% public ownership and its dependence on public funding to carry on its day to day operations, honor its financial obligations and finance its capital expenditure needs. RATING SENSITIVITIES The key rating triggers that could lead to a negative rating action include: --A downgrade of the sovereign; --Lack of financial support coming from the central government and its agencies in order to allow CORPOELEC to service its financial obligations on a timely basis, particularly the EDC bonds maturing in October 2018 (USD 650 million). ================= X X X X X X X X X ================= * BOND PRICING: For the Week From Dec. 29 to Jan. 2, 2015 --------------------------------------------------------- Issuer Name Cpn Bid Price Maturity Date Country Curr ----------- --- --------- ------------- ------- ---- PDVSA 8.5 56.25 11/2/2017 VE USD PDVSA 12.75 53.5 2/17/2022 VE USD Kaisa Group Holdings Ltd 8.87 65.5 3/19/2018 CN USD Venezuela 12.75 52.5 8/23/2022 VE USD PDVSA 5.25 47.5 4/12/2017 VE USD PDVSA 5.37 34.65 4/12/2027 VE USD PDVSA 6 6.5 11/15/2026 VE USD Venezuela 5.75 61.5 2/26/2016 VE USD PDVSA 9.75 46 5/17/2035 VE USD Venezuela 11.95 49 8/5/2031 VE USD PDVSA 6 37.5 5/16/2024 VE USD Kaisa Group Holdings Ltd 9 82 6/6/2019 CN USD PDVSA 9 43.5 11/17/2021 VE USD PDVSA 5.5 36.9 4/12/2037 VE USD Venezuela 13.62 56 8/15/2018 VE USD Kaisa Group Holdings Ltd 10.25 69 1/8/2020 CN USD Kaisa Group Holdings Ltd 12.87 108 9/18/2017 CN USD Odebrecht Oil & Gas Finance Ltd 7 68 KY USD CSN Islands XII Corp 7 74.5 BR USD Venezuela 8.25 44 10/13/2024 VE USD Honghua Group Ltd 7.45 58.5 9/25/2019 CN USD PDVSA 5.12 53.48 10/28/2016 VE USD Venezuela 7.75 42.5 10/13/2019 VE USD Banco do Brasil SA/Cayman 6.25 75 KY USD Venezuela 7 44.5 12/1/2018 VE USD Venezuela 9 44.5 5/7/2023 VE USD Kaisa Group Holdings Ltd 6.87 74.423 4/22/2016 CN CNY Venezuela 9.37 44.5 1/13/2034 VE USD Venezuela 6 39 12/9/2020 VE USD Venezuela 7 40.5 3/31/2038 VE USD CA La Electricidad de Caracas 8.5 40 4/10/2018 VE USD Venezuela 9.25 44.5 5/7/2028 VE USD Offshore Group Investment Ltd 7.5 74.87 11/1/2019 KY USD Venezuela 7.65 35.5 4/21/2025 VE USD Automotores Gildemeister SA 8.25 45.87 5/24/2021 CL USD Kaisa Group Holdings Ltd 8 70 12/20/2015 CN CNY Venezuela 13.625 48 8/15/2018 VE USD Agile Property Holdings Ltd 8.25 75.05 CN USD McDermott International Inc 8 70.5 5/1/2021 US USD USJ Acucar e Alcool SA 9.875 73 11/9/2019 BR USD Tonon Bioenergia SA 9.25 62.3 1/24/2020 BR USD Offshore Group Investment Ltd 7.125 68.06 4/1/2023 KY USD Automotores Gildemeister SA 6.75 44.75 1/15/2023 CL USD SMU SA 7.75 76.5 2/8/2020 CL USD Mongolian Mining Corp 8.87 66.5 3/29/2017 MN USD Polarcus Ltd 8 40.08 6/7/2018 AE USD PSOS Finance Ltd 11.75 75 4/23/2018 KY USD PDVSA 8.5 57.45 11/2/2017 VE USD Herbalife Ltd 2 73.7 8/15/2019 US USD Cia Energetica de Sao Paulo 9.75 72.87 1/15/2015 BR BRL BA-CA Finance Cayman Ltd 1.21 63.249 KY EUR Hidili Industry International Development Ltd 8.625 76 11/4/2015 CN USD China Precious Metal Resources Holdings Co Ltd 7.25 52.067 2/4/2018 HK HKD Inversora de Electrica de Buenos Aires SA 6.5 28.5 9/26/2017 AR USD NQ Mobile Inc 4 70.448 10/15/2018 CN USD Glorious Property Holdings Ltd 13.25 71.971 3/4/2018 HK USD Kaisa Group Holdings Ltd 8.875 93.5 3/19/2018 CN USD PDVSA 6 37.63 11/15/2026 VE USD PDVSA 12.75 51.83 2/17/2022 VE USD Polarcus Ltd 8.9 39.854 7/8/2019 AE NOK Polarcus Ltd 2.87 68.7 4/27/2016 AE USD Empresa Distribuidora Y Comercializadora Norte 9.75 72.42 10/25/2022 AR USD PDVSA 6 39.65 5/16/2024 VE USD Argentina Bond 1.18 8.12 12/31/2038 AR ARS Venezuela Bond 13.625 50.941 8/15/2018 VE USD McDermott International Inc 8 84.5 5/1/2021 US USD Tonon Bioenergia SA 9.25 71 1/24/2020 BR USD Argentina Bonar Bonds 23.00 5.5 9/10/2015 AR ARS BCP Finance Co 2.15 61.25 KY EUR Newland International Properties Corp 9.5 32 7/3/2017 PA USD BA-CA Finance Cayman 2 Ltd 2.03 62.31 KY EUR Odebrecht Oil & Gas Finance Ltd 7 69 KY USD PDVSA 9 44 11/17/2021 VE USD Honghua Group Ltd 7.45 58.5 9/25/2019 CN USD Argentine Bonad Bonds 2.4 68 3/18/2018 AR USD Automotores Gildemeister SA 8.25 60 5/24/2021 CL USD PDVSA 9.75 43 5/17/2035 VE USD Automotores Gildemeister SA 6.75 59.5 1/15/2023 CL USD ESFG International Ltd 5.753 0.68 KY EUR Greenfields Petroleum Corp 9 20 5/31/2017 US CAD USJ Acucar e Alcool SA 9.87 73 11/9/2019 BR USD CSN Islands XII Corp 7 73.99 BR USD SMU SA 7.75 75.25 2/8/2020 CL USD Mongolian Mining Corp 8.875 66.5 3/29/2017 MN USD Banco do Brasil SA/Cayman 6.25 74 KY USD Argentina Bocon 2 42.288 1/3/2016 AR ARS Venezuela TICC Bond 6.25 73.195 4/6/2017 VE USD Hidili Industry International Development Ltd 8.625 75 11/4/2015 CN USD Cia Energetica de Sao Paulo 9.75 72.87 1/15/2015 BR BRL Venezuela TICC Bond 5.25 52.627 3/21/2019 VE USD Newland International Properties Corp 9.5 47 7/3/2017 PA USD Empresa Distribuidora Y Comercializadora Norte 9.75 72 10/25/2022 AR USD Banif Finance Ltd 1.449 KY EUR BPI Capital Finance Ltd 2.63 39.5 KY EUR Cia Cervecerias Unidas SA 4 51.90 12/1/2024 CL CLP Banco BPI SA/Cayman Islands 4.15 71.37 11/14/2035 KY EUR Argentina Bond 5.83 14 12/31/2033 AR ARS Cia Sud Americana de Vapores SA 6.4 58.45 10/1/2022 CL CLP Venezuela TICC Bond 9.12 74.29 9/15/2017 VE USD Venezuela Bond 9.25 48 9/15/2027 VE USD Ruta del Bosque Sociedad Concesionaria SA 6.3 69.2 3/15/2021 CL CLP Talca Chillan Sociedad Concesionaria SA 2.75 47.78 12/15/2019 CL CLP Venezuela Bond 11.75 50.5 10/21/2026 VE USD Provincia de Rio Negro 1.6716 72 5/4/2024 AR ARS Provincia Corrientes 0.0204 8 1/1/2016 AR ARS Provincia del Chaco 4 61.25 12/4/2026 AR USD Decimo Primer Fideicomiso de Bonos de Prestamos Hipotecar 4.54 59 10/25/2041 PA USD Decimo Primer Fideicomiso de Bonos de Prestamos Hipotecar 6 70.8 10/25/2041 PA USD Empresa de los Ferrocarriles del Estado 6.5 69.91 1/1/2026 CL CLP *********** 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 2015. 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 * * *