/raid1/www/Hosts/bankrupt/TCRLA_Public/150401.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
Wednesday, April 1, 2015, Vol. 16, No. 064
Headlines
A R G E N T I N A
ARGENTINA: Says Citibank Bond Accord With NML Violates Local Laws
ARGENTINA: Default No Longer Foreign Affair as Refuge Endangered
ARGENTINA: NML Capital Loses Bid for Space Contracts
B R A Z I L
OAS SA: Huxley Capital Sues Firm
C A Y M A N I S L A N D S
ATTALUS ACTIVE: Shareholders' Final Meeting Set for April 8
ATTALUS LONG-SHORT: Shareholders' Final Meeting Set for April 8
ATTALUS MULTI-STRATEGY: Shareholders' Meeting Set for April 8
ATTALUS MULTI-STRATEGY SPV: Shareholders' Meeting Set for April 8
CONOCOPHILLIPS EAST: Shareholders' Final Meeting Set for April 22
ESPIAL CAPITAL: Shareholder to Hear Wind-Up Report on March 31
GOLDFIELD CAYMAN: Shareholders' Final Meeting Set for April 7
MANTUANA LTD: Sole Member to Hear Wind-Up Report on April 28
NEWPOINT GENESIS: Shareholder to Hear Wind-Up Report on April 8
POLAR SCF GPA: Members' Final Meeting Set for April 10
POLAR SCF GPB: Members' Final Meeting Set for April 10
C O L O M B I A
AVIANCA HOLDINGS: Fitch Affirms 'BB-' LT Issuer Default Rating
J A M A I C A
JAMAICA: Cabinet Approves BPO Expansion Plan
M E X I C O
METROFINANCIERA S.A.P.I: Fitch Ups Issuer Default Ratings to 'CCC'
P U E R T O R I C O
PUERTO RICO ELECTRIC: Meets Creditors Over $9 Billion Debt Load
* PUERTO RICO: Chapter 9 a 'Wild West' Solution for Agencies
* PUERTO RICO: Battle Lines Drawn on Drastic Debt Option
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Says Citibank Bond Accord With NML Violates Local Laws
-----------------------------------------------------------------
Daniel Cancel and Charlie Devereux at Bloomberg News report that
Argentina's economy minister said Citigroup Inc.'s local unit is
violating the country's laws by signing a private accord with
hedge fund NML Capital and U.S. District Judge Thomas Griesa
without consulting the nation.
The agreement, announced by Citigroup, undermines the government
because it doesn't create a clear path for holders of the
country's bonds covered by local law to get paid, Economy Minister
Axel Kicillof said, notes the report. While it allows Citibank to
fulfill its obligations as custodian of the debt by passing along
payments to other financial institutions in March and June, that
money is unlikely to ever make it to bondholders, Mr. Kicillof
said, Bloomberg News relates.
"Citibank is trying to be friends with both God and the devil,"
Mr. Kicillof told reporters in Buenos Aires, Bloomberg News says.
"It needs to comply with local law or be susceptible to
sanctions," Mr. Kicillof added.
Citigroup was faced with either potentially being in contempt of
U.S. court if it made the bond payments in defiance of Judge
Griesa or losing its local license if it compiled with his ruling,
which prevents Argentina from paying interest on restructured debt
before holders of defaulted bonds including NML are paid in full,
notes Bloomberg News.
Under the agreement reached between Citigroup and NML, the bank's
Argentine unit will exit the custodian business after making the
June payment, Bloomberg News relates.
According to the report, Mr. Kicillof said he will send a letter
to the securities regulator, central bank and other entities so
they can investigate if the bank is violating local laws.
Citibank "has signed an agreement that's going to call into
question its activities in Argentina," Mr. Kicillof said,
Bloomberg News relates.
NML Lawsuit
Asked to elaborate on what he meant by Citibank's activities being
called into question, Mr. Kicillof said he couldn't say whether
that would mean it would have its license revoked since that
decision falls on regulators, Bloomberg News notes.
NML, a hedge fund run by billionaire Paul Singer, sued Argentina
to demand better terms for its defaulted notes from the economic
crisis, Bloomberg News recalls. After winning a 2012 decision
that said the nation must pay so-called holdout creditors in full
at the same time it serviced restructured debt, the ruling went
into effect last year, causing Argentina to default on July 30,
Bloomberg News notes.
The default on foreign-law notes may now spread to bonds issued
under local legislation, which have an interest payment due on
March 31, if financial intermediaries beyond Citibank comply with
Judge Griesa's ruling, Bloomberg News relays.
Bloomberg News notes that Mr. Kicillof said Citibank shouldn't
have agreed to drop an appeal of Griesa's decision to include
local law bonds in his injunction. The agreement is a "scam" that
hurts bondholders because while Citibank is making the payment,
the funds will still get blocked in the process, Mr. Kicillof
said, Bloomberg News relates.
* * *
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: Default No Longer Foreign Affair as Refuge Endangered
----------------------------------------------------------------
Charlie Devereux at Bloomberg News reports that Argentina's
default is starting to become an all-encompassing concern for
bondholders.
U.S. District Judge Thomas Griesa said that notes governed by
Argentine law and issued in restructurings should be considered
foreign debt, making them subject to a ban on overseas bond
payments until the country resolves a decade-long legal dispute
with its disgruntled creditors, according to Bloomberg News.
The decision is a blow to investors who had turned to the local
debt after the judge's prohibition first went into effect in June,
when the nation's failure to reach a settlement triggered its
second default in 13 years, notes the report. To Barclays Plc's
economist Sebastian Vargas, the risk now is that Judge Griesa may
seek to extend the ban to all local-law notes, including those
that weren't issued in debt swaps, Bloomberg News relates.
"Lots of people had expected to continue to be paid with a local
law bond but what we realized is that, no -- the judge can prevent
payment," Judge Griesa said by telephone from New York, Bloomberg
News relays. "For the moment, it's restricted to exchange bonds,
but this shows that potentially the judge could go nuclear."
Yields on dollar-denominated bonds due 2015 that Argentina issued
independently of its debt exchanges have jumped 0.6 percentage
point since March 12, according to data compiled by Bloomberg.
That's about six times the average increase in emerging markets.
Local-law bonds, known as Boden and Bonar, may slump further after
the ruling, Mr. Vargas said, Bloomberg News notes. Argentina has
$6.3 billion of Boden bonds maturing in October.
Citigroup Decision
Bloomberg News relates that Judge Griesa's decision came after
Citigroup Inc. asked the judge to allow its Argentine unit to
process a March 31 payment on local-law dollar bonds because the
securities are domestic debt and shouldn't be subject to the
ruling. Since June, Judge Griesa had approved Citibank's request
three times previously to make the payments. In those hearings,
the bank said blocking the payment would force it to violate
Argentine law and threaten its ability to do business in the
country, Bloomberg News notes.
Judge Griesa denied a Citibank request to delay the order while it
appealed. Citibank said it will exit the custody business in
Argentina, citing the two rulings as reasons for it decision,
Bloomberg News relates.
Judge Griesa is forcing Citibank to break Argentine law, the
Economy Ministry said in a statement March 13. Argentina will be
"inflexible" in ensuring its laws are obeyed, the government said,
Bloomberg News relates.
$95 Billion
The dispute stems from Argentina's $95 billion default in 2001,
which imposed losses of 70 percent on creditors who received new
bonds in 2005 and 2010 restructurings, Bloomberg News says.
Billionaire Paul Singer's hedge-fund firm Elliott Management
rejected the terms of the exchanges and instead sued in U.S.
court, Bloomberg News discloses.
In June, the U.S. Supreme Court left intact Judge Griesa's ruling
that the holdouts must be paid before Argentina can resume
payments on its restructured bonds, Bloomberg News recalls.
While the ruling last week only applies to 24 percent of
Argentina's local-law dollar debt, there's a risk that holdout
creditors may move to block the remaining bonds as well, Vladimir
Werning, an economist at JPMorgan Chase & Co., said in a March 13
report, Bloomberg News relays.
"The way the ruling is written leads to additional conclusions
that are adverse for the performing debt market more broadly," Mr.
Werning wrote, reports Bloomberg News. The ruling "clearly
reveals the judge's perspective and the degree to which
Argentina's refusal to comply with New York court rulings can
potentially outweigh technical arguments that aim to defend
payments on other bonds in future court confrontations with
holdouts," Mr. Werning added.
* * *
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: NML Capital Loses Bid for Space Contracts
----------------------------------------------------
Cara Salvatore at Law360.com reports that hedge fund NML Capital
Ltd. is barred from seizing Argentina's sovereign interest in two
intergovernmental satellite launches, a California federal judge
ruled, saying that making the launches fair game would require a
"lexicographical distension."
U.S. District Judge Stephen Wilson said that in order for the
property to be sizable as an attachment under a judgment in NML's
favor, it has to be in "use." But that's not the case, he said,
according to Law360.com.
"NML alleged that the launch service rights are or were used for
commercial activity because they were acquired in a commercial
transaction and SpaceX maintains an open launch slot as a result,"
Judge Wilson said, the report notes. "But acquisition and
maintenance are insufficient," Judge Wilson added.
An appeal is likely, according to a source with direct knowledge
of the matter, the report relates.
The report notes that the hedge fund launched the suit a year ago,
asking the court to seize two satellite launch contracts between
Argentina and contractor Space Exploration Technologies Corp. as
compensation for more than $1.5 billion in defaulted Argentine
bonds held by NML.
The hedge fund, run by billionaire Paul Singer, claims it is
entitled to two launch services contracts between Argentina and
Los Angeles-based SpaceX as part of its ongoing attempt to collect
on Argentina's 2001 debt default, the report relays.
NML said in its complaint that it has won judgments against
Argentina in California federal court of about $1.7 billion but
Argentina has refused payment, the report discloses. It sought
possession of the contracts between SpaceX and Argentina, which
involve launching satellites from Vandenberg Air Force Base in
California.
The litigation stems from 2001, when Argentina declared a
temporary moratorium on principal and interest payments on more
than $80 billion of public external debt, the report relays. The
ensuing lawsuits and appeals between brought by NML against the
country have appeared in multiple jurisdictions and venues,
including the U.S. Supreme Court, the report says.
NML is a unit of Singer's Elliott Management Corp.
NML Capital is represented by Harold Barza and Bruce E. Van Dalsem
of Quinn Emanuel Urquhart & Sullivan LLP and by Robert A. Cohen of
Dechert LLP.
Argentina is represented by Jonathan Blackman of Cleary Gottlieb
Steen and Hamilton LLP.
SpaceX is represented by William Donovan of Cooley LLP.
The case is NML Capital Ltd. v. Space Exploration Technologies
Corp. et al., case number 2:14-cv-02262, in the U.S. District
Court for the Central District of California.
* * *
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
===========
OAS SA: Huxley Capital Sues Firm
--------------------------------
Reuters reports that U.S. investment firm Huxley Capital Corp
filed a lawsuit in a New York court against Brazilian construction
group OAS SA, alleging the debt-ladden company is hiding assets
from creditors at two valuable subsidiaries.
The defendants in the lawsuit, filed in Manhattan federal court,
are OAS and subsidiaries Construtora OAS SA, OAS Investimentos SA,
OAS Infraestrutura SA and OAS Engenharia e Construcao SA, court
documents showed, according to Reuters.
The report notes Huxley Capital alleged that OAS transferred
assets from Construtora OAS and OAS Investimentos to protect them
from bondholders. Huxley Capital owns debt issued by two of the
subsidiaries, which he said might prove unable to make good on
their obligations because of the asset transfers, the report
relates.
The report discloses that the transfers occurred as OAS plunged
into "disarray" after the company was named in a corruption probe
in Brazil that subsequently cut access to financing, the lawsuit
said.
The New York lawsuit comes as OAS struggles with the impact of a
graft and money-laundering scandal afflicting key client Petrobas
(Petroleo Brasileiro SA), which has cut OAS's revenue flow and
access to financing, the report notes.
Some of Brazil's largest civil construction companies are facing
increased scrutiny and limited access to credit markets after
federal prosecutors found that executives at Petrobras negotiated
bribes in exchange for building, leasing and other contracts, the
report relays.
In January, a Brazilian judge in Sao Paulo ordered the seizure of
some the shares that OAS SA holds in infrastructure company
Investimentos e Participacos em Infraestrutura SA, or Invepar, the
report notes. The ruling came at the behest of holders of BRL160
million ($53 million) in local notes, the report relays.
Early this year, OAS failed to pay interest on $400 million of
global bonds and on BRL100 million of debt, and bankers are
speculating that a sale of the stake in Invepar could help OAS
raise cash to honor some obligations, the report discloses.
OAS controls a 25 percent stake in Invepar through unit OAS
Infraestrutura, the report adds.
About OAS S.A.
OAS S.A., together with its subsidiaries, provides civil
engineering and heavy construction services. It is engaged in the
management and execution of projects and works; purchase and sale
of properties and intermediation; investment in other entities,
consortiums, condominiums, real estate funds, public utilities,
and concessions. The company was formerly known as OAS Engenharia
e Participacoes S.A. OAS S.A. is headquartered in Sao Paulo,
Brazil.
* * *
As reported in the Troubled Company Reporter-Latin America on
Feb. 3, 2015, Reuters said that a court in Brazil's Sao Paulo
state seized on Jan. 30, 8.9 percent of the shares that
construction group OAS SA has in infrastructure company
Investimentos e Participacoes em Infraestrutura SA, alleging that
the debt-ridden group is in imminent risk of insolvency.
TCRLA reported on Jan. 9, 2015, that Fitch Ratings has downgraded
the Foreign Currency (FC) and Local Currency (LC) Issuer Default
Ratings (IDRs) for OAS S.A. and Construtora OAS S.A. to 'RD' from
C' and the Long-term National Scale ratings to 'RD(bra)' from
'C(bra)'. In conjunction with these rating actions, Fitch has
also downgraded the Long-Term IDR for OAS Investments GmbH to 'RD'
from C' and the National Scale rating for OAS Empreendimentos S.A.
to 'RD(bra)' from C(bra)'.
==========================
C A Y M A N I S L A N D S
==========================
ATTALUS ACTIVE: Shareholders' Final Meeting Set for April 8
-----------------------------------------------------------
The shareholders of Attalus Active Benchmark Opportunities will
hold their final meeting on April 8, 2015, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Michael Saville
c/o Felicia Connor
10 Market Street
P.O. Box 765 Camana Bay
Grand Cayman KY1-9006
Cayman Islands
Telephone: +1 (345) 949 7100
Facsimile: +1 (345) 949 7120
ATTALUS LONG-SHORT: Shareholders' Final Meeting Set for April 8
---------------------------------------------------------------
The shareholders of Attalus Long-Short Equity Fund Ltd. will hold
their final meeting on April 8, 2015, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Michael Saville
c/o Felicia Connor
10 Market Street
P.O. Box 765 Camana Bay
Grand Cayman KY1-9006
Cayman Islands
Telephone: +1 (345) 949 7100
Facsimile: +1 (345) 949 7120
ATTALUS MULTI-STRATEGY: Shareholders' Meeting Set for April 8
-------------------------------------------------------------
The shareholders of Attalus Multi-Strategy Fund (Erisa), Ltd. will
hold their final meeting on April 8, 2015, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Michael Saville
c/o Felicia Connor
10 Market Street
P.O. Box 765 Camana Bay
Grand Cayman KY1-9006
Cayman Islands
Telephone: +1 (345) 949 7100
Facsimile: +1 (345) 949 7120
ATTALUS MULTI-STRATEGY SPV: Shareholders' Meeting Set for April 8
-----------------------------------------------------------------
The shareholders of Attalus Multi-Strategy SPV (Erisa), Ltd. will
hold their final meeting on April 8, 2015, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Michael Saville
c/o Felicia Connor
10 Market Street
P.O. Box 765 Camana Bay
Grand Cayman KY1-9006
Cayman Islands
Telephone: +1 (345) 949 7100
Facsimile: +1 (345) 949 7120
CONOCOPHILLIPS EAST: Shareholders' Final Meeting Set for April 22
-----------------------------------------------------------------
The shareholders of Conocophillips East Siberia Ltd. will hold
their final meeting on April 22, 2015, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Trident Liquidators (Cayman) Ltd.
c/o Lisa Thoppil
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
One Capital Place, 4th Floor
P.O. Box 847, George Town
Grand Cayman KY1-1103
Cayman Islands
ESPIAL CAPITAL: Shareholder to Hear Wind-Up Report on March 31
--------------------------------------------------------------
The shareholder of Espial Capital Partners Offshore, Ltd. will
hear on March 31, 2015, at 12:00 p.m., the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jonathan Turnham
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
GOLDFIELD CAYMAN: Shareholders' Final Meeting Set for April 7
-------------------------------------------------------------
The shareholders of Goldfield Cayman Attorneys-At-Law will hold
their final meeting on April 7, 2015, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Noel Webb
P.O. Box 2677 Grand Cayman KY1-1111
Cayman Islands
Telephone: (345) 936 5222
Facsimile: (345) 936-5222
MANTUANA LTD: Sole Member to Hear Wind-Up Report on April 28
------------------------------------------------------------
The sole member of Mantuana Ltd. will hear on April 28, 2015, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Lion International Management Limited
Craigmuir Chambers Road Town
Tortola VG1110
British Virgin Islands
NEWPOINT GENESIS: Shareholder to Hear Wind-Up Report on April 8
---------------------------------------------------------------
The shareholder of Newpoint Genesis Fund will hear on April 8,
2015, at 3:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidator is:
Hon Sze Chung
Somptueux Central, 9th Floor
52-54 Wellingtom Street
Central
Hong Kong
POLAR SCF GPA: Members' Final Meeting Set for April 10
------------------------------------------------------
The members of Polar SCF GPA (Cayman) Inc. will hold their final
meeting on April 10, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
c/o Jo-Anne Maher
Telephone: (345) 814 9255
Facsimile: (345) 949 4647
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
POLAR SCF GPB: Members' Final Meeting Set for April 10
------------------------------------------------------
The members of Polar SCF GPB (Cayman) Inc. will hold their final
meeting on April 10, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
c/o Jo-Anne Maher
Telephone: (345) 814 9255
Facsimile: (345) 949 4647
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
===============
C O L O M B I A
===============
AVIANCA HOLDINGS: Fitch Affirms 'BB-' LT Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Avianca Holdings S.A.
and its subsidiaries as follows:
Avianca Holdings S.A. (Avianca Holdings)
-- Long-term Issuer Default Rating (IDR) at 'BB-';
-- Long-term local currency IDR at 'BB-'.
Avianca Leasing LLC
-- $550 million unsecured notes due in 2020 at 'B+/RR5'.
Aerovias del Continente Americano S.A. (Avianca)
-- Long-term IDR 'BB-';
-- Long-term local currency IDR 'BB-'.
Grupo Taca Holdings Limited (Grupo Taca)
-- Long-term IDR 'BB-'.
The Rating Outlook for the corporate ratings has been revised to
Negative from Stable.
The Negative Outlook reflects the deterioration in the company's
gross adjusted leverage and low liquidity as well as the view that
it would be challenging to the company to improve its leverage and
liquidity metrics during the next quarters at levels previously
incorporated in the ratings. The company's gross adjusted
leverage, measured by total adjusted debt/EBITDAR ratio, was 6.7x
at December 2014, which is not consistent with the current rating
category. Expectations previously factored in the ratings
considered the company's adjusted gross leverage to remain in the
5x to 5.5x range during 2014 with additional business deleverage
taking place in the following years.
The company's inability to significant rebuild its liquidity
position -- through the monetization of assets sales - and improve
profitability during the next several quarters will result in a
rating downgrade.
Avianca Holdings' IDRs consider its important regional market
position as the leader carrier in Colombia and Central America,
geographic diversification, stable margins, high gross adjusted
leverage, and low liquidity. The ratings also consider the
vulnerability of the company's cash flow generation to fuel price
variations and the inherent risks of the airline industry,
balanced by the carrier's ability to maintain margins based on the
leader position in the markets where it operates.
The 'B+/RR5' rating of the company's unsecured notes incorporate
the subordination of the company's unsecured notes with respect to
significant levels of secured debt, and below the average recovery
prospects in the event of default. The unsecured notes are co-
issued by Avianca Holdings SA, Grupo TACA Ltd, and Avianca Leasing
LLC.
RATING DRIVERS:
High Adjusted Gross Leverage
The company's gross adjusted leverage, as measured by total
adjusted debt/EBITDAR was 6.7x at the end of December 2014. This
level represents deterioration over the 2013 adjusted gross
leverage metrics of 5x. Fitch expects the company's gross adjusted
leverage ratio will trend to levels around 6x by the end of 2015,
driven by better operational margins, although still weak for the
rating category. The company's cash generation, as measured by
EBITDAR was USD784 million during 2014 - USD828 million during the
2013 - with an EBITDAR margin of 16.7%. The company had
approximately USD5.2 billion in total adjusted debt at the end of
December 2014. This represents an increase from USD4.2 billion in
adjusted debt as of Dec. 31, 2013. The company's debt - as of Dec.
31, 2014 - consists primarily of USD3.2 billion of on-balance-
sheet debt, most of which is secured, and an estimated USD2.1
billion of off-balance-sheet debt associated with lease
obligations. The company's rentals payments during 2014 were
USD299 million.
Low Liquidity
The company's liquidity has weakened during 2014 period due to its
cash position related to Venezuelan operations and the negative
FCF trend resulting from business growth. Excluding its exposure
to Venezuela economy -- trapped cash in Venezuela as of Dec. 31,
2014 was USD280 million -- the company's ready available cash is
estimated at USD360 million, which represents 7.8% of its LTM
revenues by Dec. 31, 2014. Expectations previously incorporated in
the ratings were for Avianca Holdings to maintain liquidity levels
and cash targets - excluding exposure to Venezuela - above 10% of
its LTM revenues. In addition, the company faces debt payment of
USD459 million and USD300 million due during 2015 and 2016,
respectively, which adds pressure to the company's financial
flexibility. In 2014, the company's FCF generation was negative in
USD199 million, resulting in FCF margin (LTM FCF/ LTM Revenues)
of -4.2%. The 2014 FCF calculation considers USD137 million,
USD296 million, and USD39 million in cash flow from operations,
net capex, and paid dividends, respectively.
Improvement in EBIT Margin Key
The company's 2015 EBIT margin is expected to be around 9%. The
company ended 2014 with a total revenue level of USD4.7 billion,
an increase of 2% over 2013. During 2015, the company's revenue is
expected to remain flat due to the increase in number of passenger
being offset by lower yields. The company's passenger transported
increased by 6.5% and 6.6% during 2013 and 2014, respectively, and
it is expected to increase around 9% in 2015. The company's
capacity increase in 2015 is estimated around 8%, while load
factor should remain around 80%. The company is anticipated to
benefit during 2015 from lower fuel prices, but its hedge position
will partially limit the company's fuel cost reduction.
Regional Market Position Incorporated
Avianca Holdings' business model combines operations in Colombia,
Central America, and South America, which allows the company to
rotate capacity according to market conditions. Its geographic
diversification allows the company to maintain consistently solid
load factors of around 80% during the last three years, ended in
December 2014. The company's business diversification is viewed as
adequate with international passengers, domestic passengers, cargo
operations, and the loyalty program and other segments
representing approximately 59%, 23%, 12%, and 6% of the company's
total revenues. Avianca Holdings dominance in the Colombian market
is positively incorporated into the ratings.
Credit Linkages and Notes' Guarantees Structure Incorporated
The ratings also reflect Avianca Holdings' corporate structure and
the credit linkage with its subsidiaries, Avianca and Grupo Taca.
Combined, these two operating companies represent the main source
of cash flow generation for the holding company. The significant
legal and operational links between the two operating companies
are reflected in the existence of cross-guarantee and cross-
default clauses related to the financing of aircraft acquisitions
for both companies. Avianca Holdings, Grupo Taca, and Avianca
Leasing are jointly and severally liable under the USD550 million
unsecured notes as co-issuers. Avianca Leasing is a wholly owned
subsidiary incorporated under the laws of Delaware, United States.
Avianca Leasing's obligations as a co-issuer of the notes is
unconditionally guaranteed on an unsecured, senior basis by
Avianca up to 2/3 of the total issuance amount.
KEY ASSUMPTIONS:
Fitch's key assumptions within the rating case for the issuer
include:
-- 8% annual capacity increased in 2015
-- 2015 EBIT margin around 9%
-- Gross Leverage trending to levels around 6x by the end of
2015
--Neutral to slightly negative free cash flow (FCF) in 2015
RATING SENSITIVITIES:
Positive Rating Actions: The prospect of Avianca Holdings' Outlook
returning to Stable will require the company's material business
deleverage trending to level in the 4.5x to 5x range over a 12-24
month period; and liquidity levels, measured as total cash to LTM
revenues, trending to levels consistently above 10% by the end of
2015.
Negative Rating Actions: Conversely, a negative rating action
could be considered if the company's credit profile (FCF,
financial adjusted leverage or liquidity position) does not reach
a major improvement during the next quarters. Deterioration in the
company's credit metrics, resulting in gross adjusted leverage
consistently above 6x coupled with limited improvement in its
liquidity position during the next few quarters.
=============
J A M A I C A
=============
JAMAICA: Cabinet Approves BPO Expansion Plan
--------------------------------------------
RJR News reports that Jamaica Cabinet has approved a national
five-year strategy to facilitate an expansion of the Business
Process Outsourcing (BPO) sector.
That's the word from Industry Minister, Anthony Hylton, who says
the strategy outlines the government's plans to boost the
development of the sector, as well as diversify the types of
outsourcing services Jamaica attracts, according to RJR News.
The report notes that it is predicted that BPOs will grow at an
average 20% over the next four years.
According to Mr. Hylton, there are four priorities under this
initiative: policy and incentive framework, labor pool
enhancement, infrastructure development strategy, and market
penetration, the report notes.
Some aspects will be executed in tandem with the private sector,
the report relays.
There are currently 40 outsourcing companies in Jamaica which have
created 17,000 jobs, the report adds.
* * *
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'.
===========
M E X I C O
===========
METROFINANCIERA S.A.P.I: Fitch Ups Issuer Default Ratings to 'CCC'
------------------------------------------------------------------
Fitch Ratings has upgraded Metrofinanciera, S.A.P.I. de C.V. Sofom
E.R.'s (Metro) foreign and local currency Issuer Default Ratings
(IDRs) to 'CCC' from 'RD' (long-term) and to 'C' from 'RD' (short-
term). Fitch has also upgraded Metro's long-term and short-term
national scale ratings to 'CCC(mex)' and 'C(mex)', respectively,
from 'RD(mex)'.
KEY RATING DRIVERS
The upgrade of Metro's IDRs and National scale ratings is driven
by the effects of the debt restructuring that took place at the
end of 2014. The entity exchanged the Metrofi 12 debt certificates
and certain bank liabilities (granted by the government agencies
SHF and FOVI) for series A and B, Class II, equity shares,
respectively.
This improved materially Metro's capital adequacy and, more
importantly, fully eliminated the liquidity and refinancing risk
previously arising from the Metrofi 12 bonds. As of December 2014,
97.3% of Metrofinanciera's total debt (on-balance) came from
credit lines granted by SHF, now its main shareholder; only 2.5%
of it was classified as short term liability.
The upgrade also factors in Fitch's opinion that Metro remains
able to rebuild its competitive position and to gradually grow its
portfolio of commercial loans, although the company remains
heavily challenged to demonstrate its ability to become a
recurring profitable company.
RATING SENSITIVITIES
The ratings could be upgraded to the Single-B category over time,
as long as Metro demonstrates ability to continuously generate
positive cash flows, while also improving its profitability
metrics, its asset quality and reducing the exposure to further
non-recurring charges that materially affect earnings. Steady
rebuilding of its competitive and commercial positioning could
also be a positive rating factor.
In turn, Metro's IDRs and national scale ratings could be
downgraded if the company is unable to deliver results in line
with its financial plan. Continued material losses or negative
cash flows that jeopardize Metro's capital position and/or
liquidity position would likely result in negative ratings
actions.
Fitch has upgraded the following ratings:
Metrofinanciera, S.A.P.I. de C.V. Sofom, E.R.:
-- Long-term foreign and local currency IDRs to 'CCC' from
'RD';
-- Short-term foreign and local currency IDRs to 'C' from 'RD';
-- National scale long term rating to 'CCC(mex)' from
'RD(mex)';
-- National scale short term rating to 'C(mex)' from 'RD(mex)'
======================
P U E R T O R I C O
======================
PUERTO RICO ELECTRIC: Meets Creditors Over $9 Billion Debt Load
------------------------------------------------------
Reuters reports that Puerto Rico's indebted electric power
authority Puerto Rico Electric Power Authority (PREPA) will seek
to persuade creditors in a meeting to give it more time to
restructure its business, according to a government official in
Puerto Rico who was briefed on the matter.
At a meeting in New York, PREPA will argue that creditors, who
hold over $9 billion of its debt, should extend a forbearance
agreement that was to expire on March 31, the report notes. Once
the agreement expires creditors have the right to accelerate their
claims, potentially forcing the utility into insolvency, the
report relates.
The creditor group represents 60 percent of PREPA's bondholders
and includes large hedge funds such as Blue Mountain Capital and
Appaloosa Management, mutual funds Oppenheimer and Franklin
Templeton, bond insurers, as well as Citibank and Scotiabank, the
report says.
PREPA missed a deadline on March 2 when it was supposed to present
bondholders with a comprehensive restructuring plan, the report
discloses. Earlier, PREPA told creditors restructuring would
likely take 10 years instead of an expected five years, the report
notes. The creditors did not take action when that milestone was
missed.
Ratings agency Moody's has said it expects PREPA to default on or
before July 1, the date of its next scheduled debt service
payment. PREPA made a bond payment of about $214 million at the
start of the year and faces another $400 million payment in July,
according to Moody's, the report says.
* PUERTO RICO: Chapter 9 a 'Wild West' Solution for Agencies
------------------------------------------------------------
Reuters reports that a proposed bill to give Puerto Rico's ailing
public agencies a way to restructure debts under U.S. bankruptcy
law is a "Wild West" solution that would likely hurt bondholders,
an adviser for major investors argued in written testimony ahead
of a key congressional committee.
The bill to give Puerto Rico's agencies the ability to file under
Chapter 9 of the U.S. bankruptcy code -- used by cities such as
Detroit, Michigan, and Stockton, California -- was proposed by the
U.S. territory's representative to Congress, Democrat Pedro
Pierluisi, according to Reuters.
"Use of Chapter 9 by any of Puerto Rico's public corporations will
cause more harm than good, for both millions of Americans who
invested in Puerto Rico bonds and for the Commonwealth," according
to testimony from Thomas Mayer, a partner at Kramer Levin, the
report notes.
The report relates that Mr. Mayer represents funds managed by
Franklin Municipal Bond Group and OppenheimerFunds Inc. in respect
to their investment in $1.6 billion of bonds issued by Puerto
Rico's electric utility, Puerto Rico Electric Power Authority
(PREPA). PREPA is in dire shape, laden with about $9 billion in
debt and already deep in restructuring negotiations with
bondholders, the report notes.
Using Chapter 9 would force bondholders to shoulder the burden of
PREPA's operational failures and Puerto Rico's fiscal
irresponsibility, Mr. Mayer said, the report discloses.
"Chapter 9 is the Wild West," Mr. Mayer's testimony said, the
report relays. "The only certainty is that Chapter 9 takes a long
time -- at least 18 months to three years -- and is very
expensive."
The report discloses that Mr. Pierluisi has argued that the bill
empowers the Puerto Rico government to authorize its insolvent
public corporations to use a "tried-and-true legal procedure" and
would be in the best interests of all stakeholders, including
creditors.
Discussion about the bill was reignited when a federal court on
Feb. 6 struck down a local law enacted by the Caribbean island
granting agencies similar debt-restructuring authority, the report
relays.
Puerto Rico's Government Development Bank, which finances many of
the territory's official functions, said Chapter 9 would be a
"useful tool for Puerto Rico's long-term economic success, whether
or not it is actually invoked," according to testimony from GDB
President Melba Acosta, the report notes.
Mr. Acosta said Chapter 9 provides a legal regime already
understood by the markets, creditors, prospective lenders and
suppliers, the report adds.
* PUERTO RICO: Battle Lines Drawn on Drastic Debt Option
--------------------------------------------------------
Andrew Scurria at Law360.com reports that Puerto Rico's lender of
last resort came out against a populist push to allow for a
central government debt default that has further shaken investor
confidence in the commonwealth's willingness to help restructure
its bloated public service corporations.
Lawmakers in the Puerto Rican Senate drew a forceful response from
the Government Development Bank for Puerto Rico by floating a
proposal for a constitutional amendment authorizing the
commonwealth to default on its general obligation debt, according
to Law360.com. Existing law gives bondholders certain repayment
rights in a default scenario, but the amendment would let Puerto
Rico officials elevate maintaining public services over bond
creditor claims, the report notes.
"GDB strongly opposes any constitutional amendment to undermine
long-standing constitutional protections provided to holders of
the commonwealth's debt," GDB President Melba Acosta Febo said in
a statement obtained by the news agency. "GDB's near-term
priorities are to strengthen central government finances and GDB's
liquidity."
The report notes that opposition from the GDB and the
administration of Gov. Alejandro Garcia Padilla comes as welcome
news to Puerto Rico's onshore investors, who have grown
increasingly worried that lawmakers will stop servicing a $73
billion debt load after a prolonged economic downturn.
Struggling with high unemployment, massive debt costs and junk
bond ratings, Puerto Rico is torn between propping up its debt-
laden public corporations and honoring commitments to general
obligation bondholders, which can look to the commonwealth's tax
revenues for recoveries, the report relates.
So far, lawmakers have tried to "ring-fence" the public
corporations to keep their financial troubles from impacting the
central government's ledger, the report says. The constitutional
amendment floated by three Popular Democratic Party lawmakers
would further isolate public entities like the Puerto Rico
Electric Power Authority, which has been racing to find a solution
to crushing debt costs, the report discloses.
Investors have been speculating that the central government would
offset creditor losses following a public corporation default,
according to Timothy Nixon of Godfrey & Kahn SC, who said that
lawmakers appear increasingly unlikely to dip into general funds
in a restructuring scenario, the report relays.
"This is a clear message from the central government: Don't look
at us," the report quoted Mr. Nixon as saying. "What this is about
is the relative bargaining position of the revenue bondholders and
the quasi-public entities versus the general obligation part of
the economy," Mr. Nixon added.
Investors and lawmakers had bet that a quasi-bankruptcy debt
restructuring law would keep the central government protected from
troubled public corporations, but a federal judge struck down the
local regime last month on constitutional grounds, the report
notes. Known as the Recovery Act, the law was designed to let
PREPA and other public entities right-size their balance sheets in
commonwealth court without many of the U.S. Bankruptcy Code's
creditor protections, the report relays.
Unlike most municipalities, public entities in Puerto Rico cannot
invoke Chapter 9, which cities like Detroit and Stockton,
California, have used to pare down their debts, the report
discloses. Puerto Rico's nonvoting congressional delegate wants
to end the disparity, but a subcommittee hearing last month
revealed significant concerns from Republican lawmakers who
questioned if bondholder rights could be retroactively impaired,
the report notes. So far, the bill has failed to garner a co-
sponsor.
With the 2016 general election approaching, populist appeals to
weaken the commonwealth's bond obligations could gain traction and
force investors to shoulder the pain of its fiscal emergency,
according to a report by Moody's Investors Service Inc., the
report relays.
With lawmakers showing less willingness to pay central government
and public corporation debt, yields on Puerto Rico's general
obligation bonds have ticked up to nearly 10 percent from 8.5 a
year ago, the report notes. Yields rise as prices fall.
"The credit-negative discussions, regardless of whether they
culminate in enacted legislation, signal the rising likelihood of
a consolidated debt restructuring that affects not only public
corporations, but also the central government's general obligation
and other tax-backed securities," Moody's said, the report
relates.
Central government bonds that have traded at distressed values
dropped further last month when the apparent failure of the
Recovery Act left PREPA and other public entities without a legal
framework under which to restructure, the report discloses.
Unable to service $7 billion in debt, PREPA has been negotiating a
restructuring plan behind closed doors under forbearance
agreements with bondholders and bank lenders, the report notes.
Scant details have trickled out about the talks, but PREPA's chief
restructuring officer has asked creditors to extend the deadline
for coming up with a workout agreement until June 30.
Failure to reach consensus could prompt creditors to seek the
appointment of a receiver, although experts have questioned if an
outside fiduciary has viable options for boosting revenues or
collecting unpaid bills, the report adds.
***********
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 * * *