/raid1/www/Hosts/bankrupt/TCRLA_Public/150323.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, March 23, 2015, Vol. 16, No. 057
Headlines
A N T I G U A & B A R B U D A
LIAT: Antigua-Barbuda Still Resisting Shifting Airline to Barbados
A R G E N T I N A
EDENOR SA: To Convene Shareholders' Meeting on April 28
EDENOR SA: Reports ARS780 Million Net Loss for 2014
B R A Z I L
PETROLEO BRASILEIRO: Halts Operations at Offshore Platform
C A Y M A N I S L A N D S
ALPHAGEN EUROPEAN: Creditors' Proofs of Debt Due April 15
BO HAI: Creditors' Proofs of Debt Due April 7
CAYMAN AUGUST: Commences Liquidation Proceedings
CHINA LUMENA: Placed Under Provisional Liquidation
COLISEUM LIMITED: Creditors' Proofs of Debt Due April 16
DREAM PLACES: Creditors' Proofs of Debt Due March 25
HENDERSON ASIA: Creditors' Proofs of Debt Due April 15
HENDERSON ASIA MASTER: Creditors' Proofs of Debt Due April 15
HENDERSON EUROPEAN: Creditors' Proofs of Debt Due April 15
KILDARE INVESTMENTS: Creditors' Proofs of Debt Due April 20
LAPLACE GLOBAL: Creditors' Proofs of Debt Due April 16
LAPLACE GLOBAL MASTER: Creditors' Proofs of Debt Due April 16
LIGHTPOINT CLO III: Creditors' Proofs of Debt Due April 20
SBOB LTD: Creditors' Proofs of Debt Due April 20
SOJITZ INTERNATIONAL: Creditors' Proofs of Debt Due March 30
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Gas Price Stays Put Despite Oil Drop Worldwide
DOMINICAN REPUBLIC: Russia Wants Fruits on U.S. Ban
J A M A I C A
DIGICEL GROUP: Calls for Clear Decision From TATT
JAMAICA: Bank of Jamaica Says Credit Conditions Have Tightened
X X X X X X X X X
* BOND PRICING: For the Week From March 9 to March 13, 2015
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
LIAT: Antigua-Barbuda Still Resisting Shifting Airline to Barbados
------------------------------------------------------------------
RJR News reports that the Antigua & Barbuda Government said it
will resist efforts to shift the base of the financially-strapped
regional airline LIAT, operating as Leeward Islands Air Transport,
to Barbados.
Prime Minister Gaston Browne, said while he is aware his country
does not have the shareholder capacity to have the airline
maintain its base there, it wants to stall the move, according to
RJR News.
Last month, Mr. Browne also wrote to the other shareholder
governments, urging a temporary halt on plans for a voluntary
separation package that could result in more than 150 employees
being removed from the airline's payroll, the report recalls.
About LIAT
LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport
in Antigua. It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean. The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 2, 2014, Caribbean360.com said that chairman of the
shareholder governments of the financially troubled regional
airline, LIAT, operating as Leeward Islands Air Transport, Dr.
Ralph Gonsalves said while he is unaware of the details regarding
any possible retrenchment of employees, the airline needs to deal
with its high cost of operations.
The TCR-LA on March 10, 2014, citing Caribbean360.com, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.
On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation
of Chief Executive Officer Captain Ian Brunton, David Evans
replaced Mr. Brunton as chief executive officer.
=================
A R G E N T I N A
=================
EDENOR SA: To Convene Shareholders' Meeting on April 28
-------------------------------------------------------
Edenor S.A.'s Board of Directors resolved, at its meeting held
March 17, 2015, to convene a general ordinary and extraordinary
shareholders' meeting to be held on April 28, 2015, at 11:00 a.m.
on first call, and at 12:00 a.m. on second call for the Ordinary
Shareholders' Meeting, at the Company's corporate office at
Avenida del Libertador 6363, Ground Floor, City of Buenos Aires.
The Board also resolved to expressly include as issues on the
Agenda of that Meeting: (i) Consideration of mandatory capital
reduction pursuant to section 206, Argentine Companies' Law No.
19.550, as the Company meets the requirements set forth therein as
of Financial Statements closing date on Dec. 31, 2014, by means of
a reduction in the face value of the Company's shares; and (ii)
Amendment to Section 5 of the By-laws, subject to the Approval by
Ente Nacional Regulador de la Electricidad.
About Edenor SA
Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos). Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.
As of Sept. 30, 2014, the Company had ARS7.99 billion in total
assets, ARS8.26 billion in total liabilities and a ARS267 billion
total deficit.
For the nine months ended Sept. 30, 2014, the Company reported a
net loss of ARS1.44 billion compared to net profit of ARS792.04
million for the same period the year before.
Edenor reported profit of ARS773 million on ARS3.44 billion of
revenue from sales for the year ended Dec. 31, 2013, as compared
with a loss of ARS1.01 billion on ARS2.97 billion of revenue from
sales in 2012. Edenor reported a net loss of ARS291 million in
2011.
EDENOR SA: Reports ARS780 Million Net Loss for 2014
---------------------------------------------------
Edenor S.A. reported a loss of ARS780 million on ARS3.59 billion
of revenue for the year ended Dec. 31, 2014, compared with profit
of ARS773 million on ARS3.44 billion of revenue in 2013. As of
Dec. 31, 2014, Edenor had ARS8.63 billion in total assets, ARS8.24
billion in total liabilities and ARS358 million in total equity.
A full-text copy of the Report is available for free at
http://is.gd/BlQhTv
At the Company Board of Directors meeting held on March 9, 2015,
the following documents were approved: Annual Report, Statement of
Financial Position, Statement of Comprehensive (Loss) Income,
Statement of Changes in Equity, Statement of Cash Flows, Notes to
the Financial Statements, Informative Summary and the information
required by section 68 of the aforementioned regulations, relating
to the year ended Dec. 31, 2014.
Shareholders Meeting on April 28
On March 16, 2015, after brief discussion, the Board unanimously
resolved to call a general ordinary and extraordinary
shareholders' Meeting to be held on April 28, 2015, at 11:00 am on
first call and at 12:00 am on second call, in the case of the
Ordinary Shareholders' Meeting in order to consider the following
Agenda:
1) Appointment of two shareholders to approve and sign the
minutes;
2) Consideration of accounting documents as provided for in
Section 234, Companies' Law 19.550 for the 23rd fiscal year
ended Dec. 31, 2014, consisting in: the Board of Directors'
Annual Report and its Schedule, Corporate Governance Report;
Company's Financial Statements including General Balance
Sheet, Statement of Income, Statement of Changes in
Shareholders' Equity, Statement of Cash Flows, and Notes to
the Financial Statements, Informative Report and Additional
Information as required by the Rules of the Argentine
Securities and Exchange Commission and under section 68 of
the Regulations of the Buenos Aires Stock Exchange, Reports
of the Certifying Accountant and the Supervisory Committee;
3) Allocation of profits for the fiscal year ended Dec. 31,
2014;
4) Consideration of the Board of Directors' performance during
the fiscal year ended Dec. 31, 2014;
5) Consideration of the Supervisory Committee's performance
during the fiscal year ended Dec. 31, 2014;
6) Consideration of compensation payable to members of the Board
of Directors (ARS2,622,452) for the fiscal year ended
Dec. 31, 2014, which recorded a loss accountable for under
the Rules of the Argentine Securities and Exchange
Commission;
7) Consideration of compensation payable to members of the
Supervisory Committee (ARS325,000) for the fiscal year ended
Dec. 31, 2014, which recorded a loss accountable for under
the Rules of the Argentine Securities and Exchange
Commission;
8) Appointment of 12 regular directors and 12 alternate
directors; seven regular directors and seven alternate
directors holding Class A shares, five regular directors and
five alternate directors holding Classes B and C shares,
jointly;
9) Appointment of three regular members and three alternate
members of the Supervisory Committee, two regular members and
two alternate members holding Class A shares and one regular
member and one alternate member holding Classes B and C
shares, jointly;
10) Decision regarding the Certifying Accountant's fees for the
fiscal year ended Dec. 31, 2014;
11) Appointment of a Certified National Accountant who shall
certify the Financial Statements of the fiscal year commenced
on Jan. 1, 2015;
12) Consideration of the budget of the Audit Committee for 2015
fiscal year;
13) Consideration of the budget of the Board of Directors'
Executive Board for 2015 fiscal year;
14) Consideration of the mandatory capital reduction under
section 206, Companies' Law 19.550;
15) Amendment to section 5 of the By-laws, subject to approval by
Ente Nacional Regulador de la Electricidad (ENRE) (this item
shall be considered and resolved by the Extraordinary
Shareholders' Meeting); and
16) Granting of authorizations to carry out any proceedings and
filings required to obtain relevant registrations.
About Edenor SA
Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos). Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.
===========
B R A Z I L
===========
PETROLEO BRASILEIRO: Halts Operations at Offshore Platform
----------------------------------------------------------
EFE News reports that Petroleo Brasileiro S.A. (Petrobras) said it
has suspended operations at a major offshore platform, citing
safety concerns.
The P-58 platform, which extracts 106,000 barrels per day, was
taken out of service for unscheduled maintenance and to improve
its operational efficiency, the company said in a statement,
according to EFE News.
The report notes that Petrobras did not specify the problems that
prompted the decision, but labor leaders said it came after
inspectors with the ANP oil regulator visited the rig to verify
worker-safety complaints.
The company said it is finalizing preparations for putting the
platform back into operation, but it did not provide an expected
re-start date, the report relates.
The P-58 is one of Petrobras' biggest-producing platforms in the
Campos basin, a region off the coast of the southeastern state of
Rio de Janeiro that accounts for the majority of the company's
production, the report discloses.
Since entering into operation on March 17 of last year, the P-58
has not suffered any accident leading to an operations halt nor
any incident causing an environmental impact, Petrobras said, the
report notes.
The shutdown comes less than a month and a half after a Feb. 11
explosion at another platform operating off the coast of the
southeastern state of Espirito Santo killed nine and injured 33
others, the report says. The cause of that blast has not yet been
determined.
About Petroleo Brasileiro
Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and it 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.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 6, 2015, the deepening investigation into an alleged
kickback scheme at Petroleo Brasileiro SA (Petrobras) has
triggered concerns for the Brazilian banks with exposures not only
to the state-controlled oil company, but also to its large base of
suppliers, as well as the broader oil and gas (O&G) and
construction industries, according to a new report from Moody's
Investors Service.
==========================
C A Y M A N I S L A N D S
==========================
ALPHAGEN EUROPEAN: Creditors' Proofs of Debt Due April 15
---------------------------------------------------------
The creditors of The Alphagen European Hybrid Fund Limited are
required to file their proofs of debt by April 15, 2015, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Feb. 17, 2015.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman, KY1-9005
Cayman Islands
c/o Kim Charaman
Telephone: (345) 943-3100
BO HAI: Creditors' Proofs of Debt Due April 7
---------------------------------------------
The creditors of Bo Hai Enterprises are required to file their
proofs of debt by April 7, 2015, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Feb. 13, 2015.
The company's liquidator is:
Donghao Yang
20 Huahai Road
Liwan District
Guangzhou 510370
China
e-mail: donghao_y@hotmail.com
Telephone: +86 1382 625 6657
Facsimile: +86 202 233 0111
CAYMAN AUGUST: Commences Liquidation Proceedings
------------------------------------------------
On Feb. 20, 2015, the shareholders of Cayman August Co resolved to
voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Joshua Hausman
712 Fifth Avenue
40th Floor, New York
NY 10019
USA
CHINA LUMENA: Placed Under Provisional Liquidation
--------------------------------------------------
On Feb. 25, 2015, the Grand Court of Cayman Islands entered an
order to provisionally liquidate the business of China Lumena New
Materials Corp.
The company's liquidator is:
David A.K. Walker
c/o Ryan Murray
Telephone: +1 (345) 914 8789
Facsimile: +1 (345) 945 4237
e-mail: ryan.murray@ky.pwc.com
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
COLISEUM LIMITED: Creditors' Proofs of Debt Due April 16
--------------------------------------------------------
The creditors of Coliseum Limited are required to file their
proofs of debt by April 16, 2015, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Feb. 24, 2015.
The company's liquidators are:
Magdalena Gruell
Helen Butterworth
Citron 2004 Limited
Telephone: + 44 1534 282276/ 01534 282345
Facsimile: + 44 1534 282400
23-25 Broad Street
St Helier, Jersey JE4 8ND
DREAM PLACES: Creditors' Proofs of Debt Due March 25
----------------------------------------------------
The creditors of Dream Places Ltd. are required to file their
proofs of debt by March 25, 2015, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Feb. 25, 2015.
The company's liquidator is:
Morval Bank & Trust Cayman Ltd.
Telephone: +1 (345) 949-9808
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
HENDERSON ASIA: Creditors' Proofs of Debt Due April 15
------------------------------------------------------
The creditors of Henderson Asia Pacific Absolute Return Fund I
Inc. are required to file their proofs of debt by April 15, 2015,
to be included in the company's dividend distribution.
The company commenced liquidation proceedings on Feb. 17, 2015.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman, KY1-9005
Cayman Islands
c/o Kim Charaman
Telephone: (345) 943-3100
HENDERSON ASIA MASTER: Creditors' Proofs of Debt Due April 15
-------------------------------------------------------------
The creditors of Henderson Asia Pacific Absolute Return Master
Fund Inc are required to file their proofs of debt by April 15,
2015, to be included in the company's dividend distribution.
The company commenced liquidation proceedings on Feb. 17, 2015.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman, KY1-9005
Cayman Islands
c/o Kim Charaman
Telephone: (345) 943-3100
HENDERSON EUROPEAN: Creditors' Proofs of Debt Due April 15
----------------------------------------------------------
The creditors of Henderson European ABS Opportunity Fund Limited
are required to file their proofs of debt by April 15, 2015, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Feb. 17, 2015.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman, KY1-9005
Cayman Islands
c/o Kim Charaman
Telephone: (345) 943-3100
KILDARE INVESTMENTS: Creditors' Proofs of Debt Due April 20
-----------------------------------------------------------
The creditors of Kildare Investments Limited are required to file
their proofs of debt by April 20, 2015, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Feb. 26, 2015.
The company's liquidator is:
Susan Lo Yee Har
Hopewell Centre, Level 54
183 Queen's Road East
Hong Kong
c/o Jennifer Chailler
Telephone: (345) 943 3100
LAPLACE GLOBAL: Creditors' Proofs of Debt Due April 16
------------------------------------------------------
The creditors of Laplace Global Macro Fund Limited are required to
file their proofs of debt by April 16, 2015, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Feb. 24, 2015.
The company's liquidator is:
Highwater Limited
c/o Nicole Gagliano
Telephone: (345) 943 2295
Facsimile: (345) 943 2294
Grand Pavilion Commercial Centre
1st Floor, 802 West Bay Road
P.O. Box 31855 Grand Cayman KY1-1207
Cayman Islands
LAPLACE GLOBAL MASTER: Creditors' Proofs of Debt Due April 16
-------------------------------------------------------------
The creditors of Laplace Global Macro Master Fund are required to
file their proofs of debt by April 16, 2015, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Feb. 24, 2015.
The company's liquidator is:
Highwater Limited
c/o Nicole Gagliano
Telephone: (345) 943 2295
Facsimile: (345) 943 2294
Grand Pavilion Commercial Centre
1st Floor, 802 West Bay Road
P.O. Box 31855 Grand Cayman KY1-1207
Cayman Islands
LIGHTPOINT CLO III: Creditors' Proofs of Debt Due April 20
----------------------------------------------------------
The creditors of Lightpoint CLO III, Ltd. are required to file
their proofs of debt by April 20, 2015, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Feb. 24, 2015.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue
George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 943-3100
SBOB LTD: Creditors' Proofs of Debt Due April 20
------------------------------------------------
The creditors of SBOB, Ltd are required to file their proofs of
debt by April 20, 2015, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on Feb. 27, 2015.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman, KY1-9005
Cayman Islands
c/o Kim Charaman
Telephone: (345) 943-3100
SOJITZ INTERNATIONAL: Creditors' Proofs of Debt Due March 30
------------------------------------------------------------
The creditors of Sojitz International Finance Cayman Limited are
required to file their proofs of debt by March 30, 2015, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Feb. 11, 2015.
The company's liquidators are:
Stuart Sybersma
c/o Lillieth McLaughlin
Deloitte & Touche
Citrus Grove Building, 4th Floor
Goring Avenue, George Town KY1-1109
Cayman Islands
Telephone: +1 (345) 814 3320
Facsimile: +1 (345) 949 8258
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Gas Price Stays Put Despite Oil Drop Worldwide
------------------------------------------------------------------
Dominican Today reports that the Industry and Commerce Ministry
left the price of gasoline unchanged, despite continuing declines
in the cost of oil worldwide.
For the week from March 21 to 27 premium gasoline will still cost
RD$213.00 and regular RD$188.60 per gallon, according to Dominican
Today.
The report notes that premium diesel will sell for RD$165.40 and
regular RD$157.30, RD or RD$5.10 lower on both; optimum diesel
will cost RD$176.70, or RD$ 3.20 less per gallon.
Avtur will cost RD$110.90, or RD$4.70 less; kerosene will cost
RD$141.70, or RD$5.20 lower, while fuel oil will cost RD$92.78, or
RD$4.30 less per gallon, the report relates.
Propane gas will cost RD$87.20, or RD$2.50 less per gallon, while
natural gas stays unchanged at RD$31.44 per cubic meter, the repor
discloses.
The Central Bank's average posted exchange rate RD$44.79 per
dollar was used to calculate all fuel prices, the report adds.
DOMINICAN REPUBLIC: Russia Wants Fruits on U.S. Ban
---------------------------------------------------
Dominican Today reports that Russia wants to buy all kinds of
fruits and vegetables from Dominican Republic, as their quality
has spiraled global demand for those products and take advantage
of the cargo space available on planes which transport tourists.
Interviewed by newspaper Listin, Russia itinerant ambassador to
Venezuela and Dominican Republic Vladimir Zaemskiy was asked about
the announced ban of some fruits by the US on concern with the
Mediterranean fruit fly, according to Dominican Today.
The report notes that Mr. Zaemskiy said his country's direct
flights to Punta Cana only use a third of their potential load.
"Efforts to increase the volume of exports of Dominican fruits and
vegetables to Russia have been done for years."
The diplomat said during his five years as Moscow's envoy he's
come to know the quality of Dominican products quite well and has
worked on it after seeing the planes return to Russia empty, the
report relays.
Mr. Zaemskiy said he's been visiting Punta Cana to assess the
first exports of Dominican fruits and vegetables to Russia,
started the procedures 445 days ago, the report adds.
=============
J A M A I C A
=============
DIGICEL GROUP: Calls for Clear Decision From TATT
-------------------------------------------------
Trinidad Express reports that Digicel Group Limited has called
upon the Telecommunications Authority of Trinidad and Tobago
(TATT) to insist upon the production of an actual binding share
sale/purchase agreement showing the divestiture by Cable and
Wireless Communications (CWC) of its 49 per cent shareholding in
TSTT before any approval is granted for the proposed merger
between CWC and Columbus in Trinidad and Tobago.
In a statement, Digicel said in order for TATT's decision to have
any validity or actual impact in terms of preserving competition,
international best practice and plain common sense dictates that
what must occur prior to regulatory approval being provided in
Trinidad and Tobago is unequivocal proof of an actual binding
commitment to divest the shares to a named third party, the report
notes.
In its decision on March 12, TATT stated the proposed merger would
likely be expected to ". . . result in adverse effects on
competition in the markets for fixed voice, broadband, pay TV and
related wholesale services in Trinidad and Tobago. . . " and that
it ". . . would likely lead to a significant impairment of
competition in the domestic communications market in Trinidad and
Tobago. . .," Chief executive officer of Digicel Trinidad and
Tobago, Sacha Thompson, said, the report notes.
"While we support broadly the position adopted by TATT, we would
strongly urge that the clear spirit of the decision, requiring as
it does a clear and unambiguous divestment by CWC of the 49 per
cent is actually delivered in an open and transparent manner
rather than loosely committed to by CWC in some nod and a wink
fashion to come down the road. The people of Trinidad and Tobago
must see that the divestment is actually going to occur before
this merger is allowed to happen. It is only with this required
proof of an actual divestment that the TATT decision can have any
actual substantive impact in terms of mitigating what are the
clearly understood anti-competitive effects of the proposed merger
in Trinidad and Tobago," Mr. Thompson added, says Trinidad
Express.
Headquartered in Jamaica, Digicel Group Limited provides mobile
telecommunications services in the Caribbean and the Central
American markets. The company's services include rollover
minutes, GPRS data services, prepaid roaming, SMS to e-mail, and
multimedia messaging, as well as broadband.
* * *
As reported in the Troubled Company Reporter-Latin America on Feb.
27, 2015, Moody's Investors Service assigned a B1 rating to
Digicel Limited's proposed offering of $925 million Senior
Unsecured Notes due 2023. The use of proceeds will be used to
redeem 100% of the existing Digicel Limited 8.25% Senior Unsecured
Notes due 2017, including redemption premiums, accrued interest
and fees, and the remaining net proceeds will be used to add cash
to the balance sheet to be used for general corporate purposes.
TCRLA reported on May 27, 2014, Fitch Ratings has affirmed the
ratings of Digicel Group Limited (DGL) and its subsidiaries
Digicel Limited (DL) and Digicel International Finance Limited
(DIFL), collectively referred as 'Digicel' as:
DGL
--Long-term Issuer Default Rating (IDR) at 'B' with a Stable
Outlook;
--USD 2 billion 8.25% senior subordinated notes due 2020 at 'B-
/RR5';
--USD 1 billion 7.125% senior unsecured notes due 2022 at 'B-
/RR5'.
DL
--Long-term IDR at 'B' with a Stable Outlook;
--USD 800 million 8.25% senior notes due 2017 at 'B/RR4';
--USD 250 million 7% senior notes due 2020 at 'B/RR4';
--USD 1.3 billion 6% senior notes due 2021 at 'B/RR4'.
DIFL
--Long-term IDR at 'B' with a Stable Outlook;
--Senior secured credit facility at 'B+/RR3'.
The Bank of Jamaica says credit conditions have tightened in
Jamaica.
The central bank released the results of survey for the December
2014 quarter and it showed the market for loans tightened as
lending entities applied more restrictive policies to both secured
and unsecured loans.
Those polices included hikes in interest rates and the
requirements that have to be met before loans are disbursed.
JAMAICA: Bank of Jamaica Says Credit Conditions Have Tightened
--------------------------------------------------------------
RJR News reports that Jamaica central bank released the results of
survey for the December 2014 quarter and it showed the market for
loans tightened as lending entities applied more restrictive
policies to both secured and unsecured loans.
Those polices included hikes in interest rates and the
requirements that have to be met before loans are disbursed,
according to RJR News.
* * *
As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2015, Fitch Ratings has affirmed Jamaica's long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'B-'.
The issue ratings on Jamaica's senior unsecured foreign and local
currency bonds are also affirmed at 'B-'. The Rating Outlooks on
the long-term IDRs are revised to Positive from Stable. The
Country Ceiling is affirmed at 'B' and the short-term foreign
currency IDR at 'B'.
=================
X X X X X X X X X
=================
* BOND PRICING: For the Week From March 9 to March 13, 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 * * *