/raid1/www/Hosts/bankrupt/TCRLA_Public/150424.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
Friday, April 24, 2015, Vol. 16, No. 080
Headlines
A N T I G U A & B A R B U D A
ANTIGUA & BARBUDA: Prime Minister Defends New Banking Legislation
B R A Z I L
BIOSEV SA: Fitch Affirms 'BB-' IDR & Removes from Watch Negative
DIAGNOSTICOS DA AMERICA: S&P Affirms 'BB' CCR; Outlook Stable
JALLES MACHADO: Fitch Lowers IDR to 'B+' & Removes from Watch Neg.
SIFCO SA: Fitch Withdraws 'D' IDR Due to Bankruptcy Protection
C A Y M A N I S L A N D S
ANTHRACITE BALANCED: Shareholders' Final Meeting Set for May 6
APSLEY YACHTS: Shareholder to Hear Wind-Up Report on May 15
AREF ENERGY: Shareholders' Final Meeting Set for May 4
ATON INVESTMENT: Shareholder to Hear Wind-Up Report on May 22
BT GLOBAL A: Shareholders' Final Meeting Set for May 5
BT GLOBAL B: Shareholders' Final Meeting Set for May 5
G CAPITAL: Shareholder Receives Wind-Up Report
G CAPITAL MASTER: Shareholder Receives Wind-Up Report
G CAPITAL II: Shareholder Receives Wind-Up Report
LONGBOW FOCUS: Shareholders' Final Meeting Set for May 4
SENRIGAN PMV: Shareholders' Final Meeting Set for June 4
SENRIGAN SPV: Shareholders' Final Meeting Set for June 4
TANGENT WEALTH: Shareholder to Hear Wind-Up Report on May 5
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Peeved Labor Walks Out of Wage Hike Talks
DOMINICAN REPUBLIC: Construction Spurs 6.5% Economic Jump
M E X I C O
BANCA MIFEL: S&P Revises Outlook to Stable & Affirms BB- Rating
* MEXICO: To Probe Monopolistic Practices in Aviation Industry
P A N A M A
INVERSIONES CREDIQ: Fitch Affirms 'B' IDR; Outlook Stable
P U E R T O R I C O
PUERTO RICO ELECTRIC: AlixPartners Casts Doubt on Bondholder Fix
T R I N I D A D & T O B A G O
TRINIDAD CEMENT: Cemex Sab Not Bound to Take Over Firm
V E N E Z U E L A
VENEZUELA: Received US$5 Billion in Financing From China
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A N T I G U A & B A R B U D A
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ANTIGUA & BARBUDA: Prime Minister Defends New Banking Legislation
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Caribbean360.com reports that Antigua & Barbuda Prime Minister
Gaston Browne said he does not support the suggestion that the
proposed Banking Act will allow for the St. Kitts-Based Eastern
Caribbean Central Bank (ECCB) to usurp the authority of his
administration.
"I imagine it is a matter of interpretation. We do not see
provisions of the act usurping the authority of the government per
say. You would recognize that we have a Monetary Council and we
have representation on the Monetary Council and ultimately the
governor of the Central Bank and staff are accountable to the
Monetary Union," Prime Minister Brown told the Caribbean Media
Corporation (CMC), according to Caribbean360.com.
The report notes that government has deferred debate on the new
Banking Act, but the Antigua and Barbuda Workers Union (AB&WU)
said that it has received petition sheets signed by several bank
employees here urging amendments to the legislation.
Earlier this month, the Governor of the Eastern Caribbean Central
Bank (ECCB), Sir Dwight Venner warned Antigua and Barbuda that it
could find itself in "serious trouble" if it draws out passage of
the Banking Act, the report relates.
The report notes that the legislation has already been passed in
St. Lucia and St. Vincent and the Grenadines and allows for the
Central Bank to grant a banking license in one country of the
Eastern Caribbean Currency Union (ECCU) to be applied
automatically in other member states.
The new act, which would replace legislation from 2005, sets
revised capital requirements and other conditions for establishing
a bank, credit union or other financial institutions, the report
discloses.
The bill also looks to give the ECCB the authority to determine
whether a person is fit and proper to be a director, significant
shareholder, or officer of a licensed financial institution or
holding company, the report relays.
Prime Minister Brown said that the legislation will come up for
debate and it is unlikely there would be changes to the
legislation, notes the report.
"There are reasons why the act was actually drafted in that
particular way and the provisions, some of which evidently would
have caused some concerns they are there as safeguards to prevent
the type of meltdown that we saw in the case of ABIB and to
protect the integrity of the banking system," the report quoted
Prime Minister Brown as saying. "You have to understand the
banking system is integral to the economic growth and development
of our country and the region. In fact the banks their operations
are generally inter-related so that you also have the issue of
contagion as a potential risk and it means therefore is a need to
harmonize laws and regulations right across the region."
The report notes that Prime Minister Brown said there was also
need to strengthen weaknesses "to make sure the excesses that
occurred in the past where directors of certain banks would have
abused their. . . . . responsibilities that there is no repeat of
those situations.
"Ultimately it is tax payers who are called upon to absorb those
losses, it is the tax payer who will be responsible for literally
bailing out the failed banks in the region and it is only fair
that we ensure that the laws are strengthen in order to avert any
reoccurrence of those situations," Prime Minister Brown added.
The AB&WU said that workers fear that Section 153 of the proposed
law removes the rights of the employees as it relates to their
priority for severance payment under the Companies Act, the report
notes.
In addition, they are also complaining about Section 166 which
indicates that the Banking Act would supersede any other Act, once
a financial institution under the Central Bank goes into
liquidation or bankruptcy, the report relays.
"Currently, under the Companies Act, employees are treated as the
second in the priority of claims (after payment of government
taxes). Under this new Banking Act, the employees' severance is
not even considered," a senior AB&WU official CMC said, the report
adds.
* * *
As reported in the Troubled Company Reporter-Latin America on
September 23, 2014, The Daily Observer said that Antigua & Barbuda
could soon find itself in the company of Japan, Zimbabwe, and
Greece, the countries with the highest national debts.
In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer. However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report noted.
Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report related.
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B R A Z I L
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BIOSEV SA: Fitch Affirms 'BB-' IDR & Removes from Watch Negative
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Fitch Ratings has affirmed Biosev S.A.'s (Biosev) foreign and
local currency Issuer Default Rating (IDR) at 'BB-' and its
national scale rating at 'A+(bra)'. Fitch has removed the Rating
Watch Negative from Biosev's ratings and assigned a Negative
Rating Outlook.
KEY RATING DRIVERS
The assignment of the Negative Outlook to Biosev's ratings
incorporates the challenges the company still has over the new
crop year to achieve free cash flow (FCF) break even and improve
its credit profile amid a scenario of depressed sugar and ethanol
(S&E) prices. The company will continue to invest in planting and
crop care to improve agricultural yields and raise capacity
utilization that translates into higher operating cash flows.
Prices for S&E are expected to remain under pressure despite
improvements on the ethanol industry dynamics in 2015 compared to
2014. The generation of more robust operational cash flow in the
new season ending March 31, 2016 will also depend on the
maintenance of favorable weather conditions as seen in early 2015.
The removal of the Rating Watch Negative incorporates Fitch's
expectations that Biosev should continue to manage its liquidity
issues in the short term through the access to medium- and long-
term finances with financial institutions despite the increase in
systemic risk for the Brazilian S&E sector. This challenging
scenario has followed the default by Aralco S.A. Industria e
Comercio and Virgolino de Oliveira S.A. Acucar e Alcool's (GVO)
struggle to restructure its debt. Increased systemic risk has
made it increasingly difficult for S&E companies to obtain long-
term financing.
Biosev's ratings incorporates the company's persistent high
leverage and its large crushing capacity combined with a
differentiated business model built on clusters, which, together
with its affiliation with Louis Dreyfus Commodities Holdings Group
(LDCH Group) offers significant competitive advantages within the
sugar & ethanol industry in Brazil. Fitch considers this
affiliation as positive, as it brings operational and financial
benefits to the company on top of its capacity to take advantage
of LDCH Group's proven expertise in the global agricultural
commodities market.
Weak Liquidity to Improve
Fitch expects Biosev to rebuild its cash position and improve its
cash to short-term debt coverage ratio in fiscal 2015 as the
strategy of building up inventories in expectation of higher
ethanol prices during the offseason has paid off eventually due to
the higher ethanol prices seen in January and February 2015.
Fitch expects Biosev to report a cash position of around BRL2
billion in March 31, 2015 and some reduction of short-term debt
following the selling of inventories during the fourth quarter of
2015 (4Q'15), inter-harvest period for the Brazilian sugar cane
industry. As of Dec. 31, 2014, Biosev reported inventories of
over BRL1 billion comprising 367,000 tons of sugar and 473 million
liters of ethanol, up 47% and 39% from the same period of the
previous year.
Biosev has retained access to medium- and long-term finances with
financial institutions in 2015 despite the increase in systemic
risk for the Brazilian S&E sector. In January, the company closed
a three-year USD318 million (approximately BRL860 million)
syndicated export prepayment facility with eight financial
institutions. The loan matures in April 2018 and is secured by
pledge of Biosev's sugar cane fields and product inventories. The
company has also rolled over some other loans in 2015 with aims at
improving debt maturity profile and easing the short-term pressure
on its cash flows. As of Dec. 31, 2014, Biosev reported a cash
position of BRL190 million unfavorably comparing with short-term
debt of BRL1.9 billion to yield a 0.10x coverage. As of March 31,
2014, Biosev had reported a cash position of BRL1.8 billion and
short-term debt of BRL2.1 billion. Biosev's inventories position
doubled to BRL1 billion as of Dec. 31 2014 from BRL505 million as
of March 31, 2014.
FCF is Under Pressure
Fitch expects Biosev to report negative FCF over the next crop
years given the slow recovery of S&E prices and the maintenance of
large investments needed to improve productivity of its cane
fields and capacity utilization. In the latest 12 months (LTM)
ended Dec. 31, 2014, funds from operations (FFO) and cash flow
from operations (CFFO) amounted to BRL555 million and BRL528
million, respectively, which unfavorably compared to BRL725
million and BRL879 million reported for March 31, 2014. The
decline in CFFO largely reflected the company's strategy of
holding up S&E inventories in expectations of better prices
towards the end of the 2014/2015 season. In the LTM ended
Dec. 31, 2014, CFFO was not enough to cover the company's capex of
BRL1.1 billion, leading to a negative FCF of BRL602 million.
Large-Scale and Business Clusters
Biosev has the second largest crushing capacity of S&E global
industry (36.4 million tons spread over 11 mills) with prominent
storage capacity for both products. Its hefty storage capacity
allows the company to wait for more favorable moments to sell its
products. The organization of its industrial and agricultural
assets around clusters generates operating synergies as well as
secures an adequate supply of sugar cane to its mills, helping to
fend off potential competitors by imposing high entry barriers.
The mills and cane fields are located in regions with access to
good quality soil, being near Brazil's main consumer centers and
having efficient logistics access to port terminals. The company
produces a broad portfolio of products and some of its plants are
able to export ethanol to the United States.
Fitch expects no acquisitions from Biosev in the short and medium
term. After a series of acquisitions, the agency expects the new
management to improve profitability of the current assets before
moving to inorganic growth opportunities as it was in the past.
Fitch views the profitability strategy at the current moment as
positive and supportive to the current ratings.
Positive Affiliation with the LDCH Group
The affiliation with LDCH Group translates into positive synergies
and gives Biosev access to a broad range of data and information
on the current shape of the S&E global markets, inventory and
demand levels for both products, price trends, and the performance
of foreign currencies across the globe, among others. The LDCH
Group is one of the main clients for the sugar produced by Biosev.
The adoption of efficient risk management practices has been
reflecting positively on the attractive level of hedged sugar
prices and has also helped to reduce the impact of the recently FX
volatility. Support from LDCH also comes in the form of advances
received from the Group for future delivery of very high
polarization (VHP) sugar. These proceeds are used in the
financing of Biosev's working capital needs. This debt has lower
refinancing risk when compared to regular bank debt due to its
inter-company nature. Typically, intra-group sales amount to a
range of 700,000 tons to 900,000 tons of VHP sugar per year.
High Leverage Expected to Fall
The ratings incorporate Fitch's expectation that Biosev will be
able to reduce net adjusted leverage ratios to 4.5x in the coming
seasons. In Fitch's view, the company's capacity to deleverage
will depend largely on its ability to improve agricultural and
industrial yields and reduce idle capacity of its mills in order
to dilute fixed costs and benefit operational cash flow
generation. More attractive S&E prices will also play an
important role on future credit metrics. Meanwhile, Biosev has
taken initiatives to increase EBITDAR margins, which included the
closing of one mill (Jardest) and reduction of costs with
personnel. In the LTM ended Dec. 31, 2014, net revenues amounted
to BRL3.9 billion and EBITDAR reached BRL1.3 billion to deliver an
EBITDAR margin to 34.7%, flat compared to fiscal year 2014 (FY14).
As of Dec. 31 2014, Biosev reported a total adjusted debt of BRL7
billion consisting of a revolving three-year export facility
(BRL1.7 billion); restructured debt in the context of previous
acquisitions (BRL1.6 billion); Notas de Credito a Exportacao
(BRL978 million); export prepayments (BRL754 million); land lease
agreements as per Fitch's internal calculations (BRL1.2 billion);
inter-company loans (BRL217 million); and others with the
remaining balance. As of Dec. 31, 2014, the company reported a
net adjusted debt to EBITDAR of 5.1x comparing unfavorably with
4.1x reported for March 31, 2014, which is high for the current
IDRs.
KEY ASSUMPTIONS
-- Crushed volumes increasing at an average of 5% over the next
seasons and with positive impact over utilization rates;
-- Increases in agricultural yields;
-- Product mix relatively unchanged compared to the 2014/2015
season;
-- Average sugar prices at USD14 cents/pound in 2015/2016,
USD16 cents/pound in 2016/2017 and flat at USD17 cents/pound
from 2017/2018 on;
-- Domestic ethanol prices keeping the historical correlation
with international sugar prices.
-- Biosev's continuing access to medium- and long-term
finances.
RATING SENSITIVITIES
Future developments that may, individually or collectively, lead
to a negative rating action include:
-- Adjusted leverage, measured by net adjusted debt to EBITDAR,
of 4.5x or above on a sustainable basis;
-- Cash plus CFFO over short-term debt below 1.0x.
Although unlikely in the near term, future developments that may,
individually or collectively, lead to a positive rating action
include:
-- Net adjusted leverage to levels of 3.0x or below,
sustainably;
-- More favorable business profile for the sugar and ethanol
sector.
DIAGNOSTICOS DA AMERICA: S&P Affirms 'BB' CCR; Outlook Stable
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Standard & Poor's Ratings Services affirmed its 'BB' global scale
corporate credit rating and 'brAA-' national scale corporate
credit and debt ratings on Diagnosticos da America S.A. (DASA).
The outlook on the corporate credit ratings remains stable.
The ratings affirmation reflects S&P's expectation that DASA will
maintain its leading position in the Brazilian medical diagnostics
sector, which results in solid bargaining power with suppliers and
insurers, but partly mitigated by its revenue concentration in
Brazil. S&P also expects DASA to maintain high single-digit
revenue growth, profitability in line with global peers, and post
slight improvements in leverage metrics which are already in line
with S&P's expectations for our financial risk profile assessment.
"We expect DASA to focus on internal expansion during the next few
years because the regulator would block large acquisitions, in our
view. We expect the company to continue leveraging its multi-
brand platform, reaching customers at different income levels, and
opening small units in the regions that it already has a strong
market position, such as Sao Paulo and Rio de Janeiro. We expect
Brazil's GDP to contract by 1% in 2015, inflation to remain high,
and unemployment rates to rise. Although the latter two might
pressure DASA, we believe the healthcare industry is to great
extent resilient thanks to an aging population and its rising
overall purchasing power and still low private health plans
penetration in Brazil. Therefore, we believe that these positive
industry trends will support DASA's market position and operating
performance over the few next years," S&P said.
JALLES MACHADO: Fitch Lowers IDR to 'B+' & Removes from Watch Neg.
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Fitch Ratings has downgraded Jalles Machado S.A.'s (Jalles
Machado) foreign and local currency Issuer Default Rating (IDR) to
'B+' from 'BB-' and its national scale rating to 'A-(bra) from
'A+(bra)'. Fitch has removed the ratings from Negative Watch.
The Rating Outlook for Jalles Machado's ratings is Negative.
KEY RATING DRIVERS
The downgrades incorporates Jalles Machado's weakening financial
profile in the volatile sugar and ethanol business, due to reduced
cash position combined with higher concentration of short-term
debt. Systemic risk remains high for the Brazilian sugar and
ethanol (S&E) sector following the default by Aralco S.A.
Industria e Comercio and Virgolino de Oliveira S.A. Acucar e
Alcool's (GVO) and its struggle to restructure its debt. This has
made it increasingly difficult for companies to obtain long-term
financing.
Fitch does not expect Jalles Machado to report a material
improvement on its cash to short-term debt coverage ratio in
fiscal-year 2015, despite of cash position is expected to have
increased as the strategy of building up inventories in
expectation of higher ethanol prices during the offseason has paid
off. Jalles Machado's short-term liquidity should benefit in
fiscal-year 2016 from the sale of 65% of Codora Energia Ltda
(Codora) to Albioma Participacoes do Brasil (Albioma).
The Negative Outlook reflects Fitch's concerns about the medium
term prospects for the Brazilian S&E sector. Prices for sugar and
ethanol are expected to remain under pressure despite improvements
on the ethanol industry dynamics in 2015 compared to 2014. The
sector is highly exposed to weather related risks and generation
of more robust operational cash flow in the new season ending
March 31, 2016 will depend largely on the maintenance of favorable
weather conditions as seen in fiscal-year 2015. While it is
expected to help Jalles Machado to improve its cash to short-term
debt position coverage, the sale of 65% into Codora somewhat
weakens the company's business profile over the longer run.
Jalles Machado's ratings continue to benefit from a strong
business model and robust operating margins. The company has a
premium portfolio of products that includes branded organic and
crystal sugar, as well as a remaining portion of its energy
production. Jalles Machado benefits from fiscal incentives on the
sale of sugar and ethanol and relatively low land lease costs.
The ratings incorporates the company's strong agricultural
performance due to its adequate investments in the cane fields,
the use of irrigation over a relevant portion of its harvest area
and self-sufficiency in sugar cane, which explain the lower
volatility of Jalles Machado's operating cash flow generation
compared to most of its peers.
Historically Weak Liquidity
Jalles Machado liquidity has been historically weak. As of
Dec. 31 2014, the decrease of cash position and higher
concentration of short-term debt was largely motivated by the
company's strategy of building up inventories in expectation of
higher ethanol prices during the offseason. The strategy paid off
as ethanol prices increased in January and February 2015. While
it expects Jalles Machado to have rebuilt its cash position as of
March 31 2015, the cash to short-term debt coverage is expected to
remain weak, keeping refinancing risks high. As of Dec. 31 2014,
Jalles Machado reported cash position of BRL92 million and short-
term debt of BRL324 million to yield a 0.28x coverage. This
compares unfavorably with its BRL132 million cash and BRL246
million short-term debt reported for March 31 2014. For March 31,
2015, Fitch expects Jalles Machado to report cash position of
around BRL170 million to yield a cash to short-term debt position
of less than 0.50x.
Liquidity is expected to improve in 2015 following the sale of 65%
of Codora to Albioma, which should represent a cash inflow of BRL
100 million plus BRL44 million of debt transferred to the new
sharehoder. Codora runs 48MW of cogeneration capacity in the
State of Goias and it will be handed over back to Jalles in 20
years for a symbolic amount following the closing of the deal.
Jalles Machado's main financial challenges is to keep pursuing a
healthier debt maturity profile and stronger liquidity with aims
at reducing refinancing risks as well the impact of the inherent
sugar and ethanol price volatilities on its operating cash flow
generation.
Moderate Leverage to Remain
Fitch expects that Jalles Machado will be able to keep leverage at
the currently moderate levels. As of Dec. 31, 2014, the company's
total adjusted debt-to-EBITDAR ratio was 3.4x, while net adjusted
debt-to-EBITDAR ratio was 3.1x, well below the average of the
sector. These ratios are in line with the levels reported for
March 31, 2014. Fitch expects total adjusted leverage to stand at
below 3.5x in fiscal 2015 and 2016. As of Dec. 31, 2014,
consolidated adjusted debt including obligations related to land
lease was BRL1.2 billion, of which USD-denominated debt accounted
for 35%. Principal and interest payments up to March 2016 are
protected through derivatives. Jalles Machado's debt consisted of
trade finance facilities (35%), working capital (32%); land lease
agreements according to Fitch's methodology (16%); financings from
the Brazilian Economic Social and Development Bank (BNDES, 11%);
and others (6%).
Divestment of Cogeneration Asset
The sale of one of Jalles Machado's cogeneration assets somewhat
weakens the company's business model. Codora runs 48MW of
cogeneration capacity in the State of Goias that is annexed to the
Usina Otavio Lage mill. In 2014/2015 season, Codora sold 97.4 GWh
of energy to the national grid. Jalles Machado will keep full
ownership of another cogeneration asset with capacity for 40MW and
annexed to the Jalles Machado mill. The company is expected to
generate 134 GWh in 2015/2016 including its remaining 35% stake
into Codora, down 28% from the 185GWh generated by these two
assets in the 2014/2015 season.
According to the terms and condition of the agreement signed with
Albioma, Jalles Machado will repurchase Codora in 20 years for a
symbolic amount. The agreement also includes Jalles Machado's
commitment to increase crushing capacity at Usina Otavio Lage to
2.2 million tons by 2018/2019 from the current 1.7 million tons.
The sale of energy from cogeneration has been contributing to
Jalles Machado's robust operating margins and helping the company
to reduce the impact of the inherent sugar and ethanol price
volatilities on the company's operating cash flow generation.
EBITDAR Margins Above Industry Peers
Jalles Machado offers a differentiated product portfolio that
contributes to EBITDAR margins within a range of 66% and 75%,
which compare favorably with the industry average. As of the LTM
ended December 31 2014, net revenues increased by 14% to BRL507
million and EBITDAR amounted to BRL353 million, at a 70% margin.
The company's premium portfolio of products includes the sale of
branded organic and crystal sugar, the latter holding relevant
market share in Brazil's Northern and Northeastern retail markets.
Prices for both products command large premiums compared to VHP
sugar. Product mix also includes sale of hydrous, anhydrous and
industrial ethanol. In fiscal year 2014, Jalles Machado's net
revenues were broken down as follows: hydrous ethanol (29%),
crystal sugar (24%), anhydrous ethanol (17%), organic sugar (15%),
energy (7%), raw sugar (6%) and others with the balance.
High operating margins also reflect the company's fiscal
incentives provided by the State of Goias on the sale of sugar and
ethanol. In the nine months through Dec. 31 2014, tax incentives
added BRL24 million to Jalles Machado's EBITDA. The company's low
land lease costs, well below the average of the State of Sao
Paulo, also play a role. The self-sufficiency in sugar cane has a
positive accounting impact on Jalles Machado's margins. As
spending on the cane fields is accounted for as capital
expenditure rather than cost, the higher the share of own cane in
the mix, the larger the capital expenditure and the lower the
impact on EBITDAR.
Positive FCF Expected for Fiscal Year 2016
Jalles Marchado's cash flow from operations (CFFO) should continue
to reflect weak prices for sugar and ethanol in fiscal year 2016.
The full utilization of the company's mills and recent investments
in the expansion of its harvest area should help to reduce the
impact of this challenging scenario. The company is expected to
crush 4.4 million tons of sugar cane, favorably comparing to 4.2
million tons reported for fiscal 2015. It is also foreseen the
company's two units to operate near 100% of maximum capacity and
its cane fields to generate excess sugar cane production of over
200,000 tons in fiscal year 2016. The company has just come out
from an investment program that increased its harvest area to
47,782 hectares at the end of fiscal year 2015 from 29,000
hectares in fiscal year 2010.
Jalles Machado's FCF should turn positive in fiscal year 2016 and
remain in surplus in the years that follow. In the LTM ended
December 31 2014, Jalles Machado posted FCF at break-even compared
to negative amount of BRL37 million in fiscal 2014. In the latest
12 months (LTM) ended on December 31, 2014, Jalles Machado
reported robust CFFO of BRL206 million, flat compared to fiscal
2014.
KEY ASSUMPTIONS
-- Crushed volumes of 4.4 million tons in 2015/2016 and
capacity utilization around current levels for 2015/2016 and
next crop years.
-- Additional CAPEX needed to increase Usina Otavio Lage
crushed volumes to 2.2 million tons by 2018/2019 from the
current 1.7 million tons;
-- Product mix relatively unchanged compared to the 2014/15
season and maintenance of high premiums for organic sugar;
-- Average sugar prices at USD14 cents/pound in 2015/2016,
USD16 cents/pound in 2016/2017 and flat at USD17 cents/pound
from 2017/2018 on;
-- Domestic ethanol prices keeping the historical correlation
with international sugar prices.
RATING SENSITIVITIES
Future developments that may, individually or collectively, lead
to a negative rating action include:
-- Adjusted leverage, measured by net adjusted debt to EBITDAR,
of 4.0x or above on a sustainable basis;
-- Cash plus CFFO over short term debt below 1.0x.
Although unlikely in the near term, future developments that may,
individually or collectively, lead to a positive rating action
include:
-- Net adjusted leverage to levels of 3.0x or below,
sustainably;
-- Cash to short-term debt equal to or above 1.0x.
-- More favorable business profile for the sugar and ethanol
sector.
SIFCO SA: Fitch Withdraws 'D' IDR Due to Bankruptcy Protection
--------------------------------------------------------------
Fitch Ratings has withdrawn these ratings of Sifco S.A. (Sifco):
-- Foreign currency and local currency Issuer Default Ratings
(IDRs) 'D';
-- National Long-Term Rating 'D(bra)';
-- USD75 million senior unsecured notes due 2016 'C/RR4'.
Fitch is withdrawing the ratings as Sifco has entered bankruptcy
protection. Accordingly, Fitch will no longer provide ratings or
analytical coverage for Sifco. The agency is not receiving
sufficient information from Sifco for the analysis.
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C A Y M A N I S L A N D S
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ANTHRACITE BALANCED: Shareholders' Final Meeting Set for May 6
--------------------------------------------------------------
The shareholders of Anthracite Balanced Company (JR-47) Limited
will hold their final meeting on May 6, 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:
Simon Conway
c/o Andrew Nembhard
Telephone: (345) 914 8779
Facsimile: (345) 945 4237
P.O. Box 258 Grand Cayman KY1-1104
Cayman Islands
APSLEY YACHTS: Shareholder to Hear Wind-Up Report on May 15
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The shareholder of Apsley Yachts Limited will hear on May 15,
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:
Arcadia Group Ltd
Telephone: (345) 945 1830
Facsimile: (345) 945 1835
P.O. Box 10300 Grand Cayman KY1-1003
Cayman Islands
AREF ENERGY: Shareholders' Final Meeting Set for May 4
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The shareholders of AREF Energy Global, Ltd will hold their final
meeting on May 4, 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:
Mohammad A Algharaballi
Telephone: (345) 949 0488
Facsimile: (345) 949 0364
FirstCaribbean Building, 3rd Floor
P.O. Box 1990 Grand Cayman KY1-1104
Cayman Islands
ATON INVESTMENT: Shareholder to Hear Wind-Up Report on May 22
-------------------------------------------------------------
The shareholder of Aton Investment Management will hear on May 22,
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:
Soterakis Koupepides
5 Themistocles Dervis Street
Elenion Building, 2nd Floor
CY-1066 Nicosia
Cyprus
Telephone: 00357 22 555800
BT GLOBAL A: Shareholders' Final Meeting Set for May 5
------------------------------------------------------
The shareholders of BT Global Networking A Limited will hold their
final meeting on May 5, 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:
Russell Smith
c/o Antoine Powell
Telephone: (345) 815-4558
BDO CRI (Cayman) Ltd.
Floor 2 - Building 3, Governors Square
23 Lime Tree Bay Ave
P.O. Box 31229 Grand Cayman, KY1-1205
Cayman Islands
BT GLOBAL B: Shareholders' Final Meeting Set for May 5
------------------------------------------------------
The shareholders of BT Global Networking B Limited will hold their
final meeting on May 5, 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:
Russell Smith
c/o Antoine Powell
Telephone: (345) 815-4558
e-mail: apowell@bdo.ky
BDO CRI (Cayman) Ltd.
Floor 2 - Building 3, Governors Square
23 Lime Tree Bay Ave
P.O. Box 31229 Grand Cayman, KY1-1205
Cayman Islands
G CAPITAL: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of G Capital Fund, Ltd. received on April 21,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
G Capital Management LLC
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
G CAPITAL MASTER: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of G Capital Master Fund, Ltd. received on
April 21, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
G Capital Management LLC
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
G CAPITAL II: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of G Capital Fund II, Ltd. received on April 21,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
G Capital Management LLC
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
LONGBOW FOCUS: Shareholders' Final Meeting Set for May 4
--------------------------------------------------------
The shareholders of Longbow Focus, Ltd. will hold their final
meeting on May 4, 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:
Longbow Advisors LLC
Thomas Fitzgerald, III
c/o 598 Madison Avenue
New York, NY 10022
USA
Telephone: 212 245 3700
SENRIGAN PMV: Shareholders' Final Meeting Set for June 4
--------------------------------------------------------
The shareholders of Senrigan PMV Limited will hold their final
meeting on June 4, 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:
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
SENRIGAN SPV: Shareholders' Final Meeting Set for June 4
--------------------------------------------------------
The shareholders of Senrigan SPV Feeder Fund Limited will hold
their final meeting on June 4, 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:
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
TANGENT WEALTH: Shareholder to Hear Wind-Up Report on May 5
-----------------------------------------------------------
The shareholder of Tangent Wealth Management Limited will hear on
May 5, 2015, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Appleby Trust (Cayman) Ltd.
c/o Richard Gordon
Telephone: +1 (345) 949 4900
75 Fort Street
P.O. Box 1350 Grand Cayman KY1-1108
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Peeved Labor Walks Out of Wage Hike Talks
-------------------------------------------------------------
Dominican Today reports that visibly annoyed union leaders on
April 22, walked out of the National Salaries Committee meeting,
when management representatives conditioned a wage increase on a
reclassification of large businesses and MSMEs.
In view of the aborted meeting which began at 10:30 a.m., the
business leaders only said their proposal includes a significant
percentage above inflation, according to Dominican Today.
"We will not accept anything less than a 30% in salary increase,"
warned union leader Rafael (Pepe) Abreu, the report notes.
The union leaders had proposed 30% increase on the minimum wage
going into the meeting but left the Labor Ministry shortly after
business representatives arrived, 90 minutes late, the report
adds.
DOMINICAN REPUBLIC: Construction Spurs 6.5% Economic Jump
---------------------------------------------------------
Dominican Today reports that Dominican Republic's economic
activity jumped 6.5% from January to February spurred by
construction, retail, transport and storage, education, local
manufacturing and tourism.
The data from research into Emerging Markets of Latin America,
published by JP Morgan analyst Franco A. Uccelli, is based on
official figures, according to Dominican Today.
The report notes that growth in the monthly economic activity
index (MEAI) in the January-February period was "somewhat below
7.2% the previous year, taking the final twelve-month average of
7.2% compared with 5.7% in the previous year," said Mr. Ucelli in
the analysis of that month.
Real gross domestic product (GDP) climbed 7.3%, a figure higher
than expected in 2014, exceeding the 4.8% obtained in 2013,
achieving Latin America's highest growth rate, the report says.
The report discloses that the research said mining, construction
and tourism sectors reinforced last year's success without any
major economic sector posting contraction.
Based on recent trends, it adds that "we now project that real GDP
will grow around 6.0% in 2015, up from 5.5% estimated and superior
to the Central Bank's latest forecasts of (+ 5.25%) and the IMF
(+5.1 %), bolstered by a growing tourism sector, a rise in mining
exports (gold), and increased remittances, made possible by the
accelerated economic growth in the United States as well as lower
oil prices," the report relays.
On April 21, Mr. Ucelli revised his projection to more than 7% per
annum of the Dominican GDP, the report adds.
===========
M E X I C O
===========
BANCA MIFEL: S&P Revises Outlook to Stable & Affirms BB- Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on Banca
Mifel to stable from negative and affirmed its 'BB-/B' global
scale and 'mxBBB+/mxA-2' national scale ratings on the bank. At
the same time, S&P affirmed its 'B-' issue-level rating on the
bank's fixed-rate cumulative subordinated preferred notes. The
stand-alone credit profile (SACP) remains at 'bb-'.
The outlook revision reflects the improvement in 2014 in Banca
Mifel's internal capital generation and growth in lower risk-
weighted assets, such as mortgage loans. This has eased pressures
on the RAC ratio, which S&P now forecasts to be about 6.2% in the
next two years. It also reflects S&P's expectation that the bank
will maintain an adequate financial performance, with net interest
margins (NIMs) around 4%, operational efficiencies and stable
asset quality metrics through 2016. These expectations support
S&P's forecasted RAC ratio.
S&P's ratings on Banca Mifel reflect S&P's assessment of its
"moderate" business position, due to its small market share in the
Mexican banking system and geographic and business concentrations,
"moderate" capital and earnings, considering our projected RAC
ratio of 6.2% for the next two years, "moderate" risk position,
supported by double-digit loan growth and client concentrations,
and a combination of "below average' funding, due to a less
diversified funding base compared with the system's, and
"adequate" liquidity.
* MEXICO: To Probe Monopolistic Practices in Aviation Industry
--------------------------------------------------------------
EFE News reports that the Federal Economic Competition Commission
said it will investigate possible monopolistic practices in
Mexico's passenger and cargo transport sector.
In the initial stage to last between 30 and 120 business days, it
will seek "elements that determine the existence, or lack thereof,
of anti-competitive practices," the government agency, known by
the Spanish initials Cofece, said, according to EFE News.
The report notes that the monopolistic practices include
"contracts, agreements, arrangements or tie-ups among competitive
economic agents aimed at manipulating prices, restricting supply
or demand, or segmenting markets," the Cofece said.
"Coordination of positions in bidding processes and the exchange
of information for carrying out any of the aforementioned conduct"
also would constitute monopolistic behavior, the report relays.
No concrete actions that may constitute a violation nor possible
perpetrators of an infraction have been identified, the Cofece
said, the report discloses.
On Feb. 16, the Cofece also said it would investigate possible
impediments to competition in the assigning of landing and takeoff
slots at the Mexico City International Airport, the report adds.
===========
P A N A M A
===========
INVERSIONES CREDIQ: Fitch Affirms 'B' IDR; Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Inversiones CrediQ Business, S.A.'s
(ICQB) Long-term Issuer Default Rating (IDR) at 'B', Short-term
IDR at 'B' and senior unsecured debt rating at 'B'. The Rating
Outlook on the IDR is Stable.
KEY RATING DRIVERS - IDRs AND SENIOR UNSECURED DEBT
The ratings of ICQB reflect the financial strength of its
subsidiary companies in the region. Those companies have a narrow
company profile characterized by moderate franchises in the auto
financing business in Costa Rica, El Salvador and Honduras. These
challenges are balanced by the group's experience in the segment
and the commercial synergies obtained from working together with
its main shareholder: Grupo Q Holdings Limited (not rated), one of
the most important auto dealers in the region. The challenges of
the company profile, together with the subsidiaries' significant
reliance on wholesale funding limit ICQB's ratings. Offsetting
the challenges are good asset quality metrics, healthy
profitability aligned with its risk profile, and sound
capitalization. The IDR also factors in ICQB's own improving
financial flexibility and low double leverage, defined as equity
investments in subsidiaries divided by equity. This ratio
reflects debt issued at the parent company level that has been
downstreamed as equity into subsidiaries.
ICQB relies primarily on wholesale funding, as it is only able to
collect deposits in Honduras. Fitch views market funding as
inherently less stable and more susceptible to sudden changes in
creditor sentiment; especially when there is significant lender
concentration, as is the case in all three subsidiaries of ICQB.
Although Fitch acknowledges that increased diversification of
funds providers, especially international multilateral lenders and
development banks, has allowed ICQB to extend maturities and
reduce refinancing risks, asset encumbrance and short-term funding
remain significant. Liquidity buffers at the holding company and
in some operating subsidiaries are tight, but the company seeks to
maintain sufficient liquid assets to cover maturing facilities
over the short term.
The company's debt coverage ratios remain weak, but have been
improving since 2012. Debt-to-EBITDA has declined from 18.3x at
end-2012 to 8.9x at end-2014. Fitch believes such debt levels
imply a material refinancing risks. Coverage of interest expense,
as measured by EBITDA/interest expenses, is also tight, but has
been improving due to ICQB's stable operating performance.
ICQB maintains good asset quality metrics, as the receivables
portfolio benefits from an effective collection model, based on
quick repossession and disposal of vehicles in case of insolvency.
But asset quality metrics are highly sensitive to changes in the
economic cycle due to business line concentration. An additional
source of credit risk in Costa Rica and Honduras is the high
proportion of US dollar lending, which may expose payment capacity
in the event of devaluation. The receivables portfolio is highly
diversified by obligor in all countries, although some modest
concentration by client exists in Honduras, mainly due to the
share of the portfolio allocated to fleet financing. Coverage of
impaired loans has increased significantly since 2013 as the
company established reserves to cover all loans overdue by 360
days. ICQB also supplements coverage with loan reserves booked
directly to equity.
Fitch believes ICQB will preserve capital ratios as the result of
sound and recurring profitability. With the exception of the
Honduran operation, subsidiaries do not have minimum regulatory
capital requirements; therefore, equity is largely fungible across
the group. All operations are able to generate capital
organically and, in Fitch's opinion, retain the capacity to
upstream dividends to the holding company, if required. However,
double leverage at the holding company is low and has declined
significantly in the last few years (2014: 80%, 2011-2013: 108%).
Wider loan spreads applied in the auto lending business underpin
ICQB's healthy profitability. The company has been able to
sustain high volume growth in combination with low provisioning
expenses and sound cost efficiency obtained from synergies with
GrupoQ's commercial subsidiaries. In 2014, an increased volume of
fees and commissions boosted pre-impairment profitability despite
an 84 basis point (bp) contraction in the net interest margin.
Fitch expects sound profitability prospects over the short term,
but these are sensitive to an increase in funding costs and/or
costs of risk.
RATINGS SENSITIVITIES - IDR AND SENIOR UNSECURED DEBT
Upside potential for ICQB's rating would be the result of material
advances in funding flexibility that reduced asset encumbrance and
short-term secured funding reliance, improved asset-liability
matching, reduction of its exposure to foreign exchange risks and
improved debt service ratios for both the operative companies and
the holding company. In contrast, a material deterioration in the
subsidiaries' asset quality, funding and liquidity levels, and
capitalization would lead to a negative rating action.
Fitch has affirmed ICBQ's ratings as:
-- Long-term IDR at 'B'; Outlook Stable;
-- Short-term IDR at 'B';
-- Senior unsecured debt rating at 'B'.
======================
P U E R T O R I C O
======================
PUERTO RICO ELECTRIC: AlixPartners Casts Doubt on Bondholder Fix
----------------------------------------------------------------
Law360 reported that the restructuring officer charged with
digging the Puerto Rico Electric Power Authority out of debt threw
cold water on April 13 on the chance that a $2 billion capital
investment proposal from forbearing creditors would prevent the
bond defaults expected by municipal watchers.
In testimony before a Puerto Rico Senate oversight panel,
AlixPartners LLP's Lisa Donahue took issue with "aggressive
assumptions" about future revenue generation contained in a
bondholder group's offer to finance PREPA's planned operational
reorganization, according to the report.
* * *
The Troubled Company Reporter on Feb. 4, 2015 reported that
Standard & Poor's Ratings Services said that it maintained its
'CCC' rating on the Puerto Rico Electric Power Authority's (PREPA)
power revenue bonds on CreditWatch with negative implications.
S&P originally placed the rating on CreditWatch on June 18, 2014.
On Dec. 15, 2014, TCRLA reported that Fitch is maintaining the
$8.6 billion of Puerto Rico Electric Power Authority (PREPA) power
revenue bonds on Negative Rating Watch. The bonds are currently
rated 'CC'.
As reported in the Troubled Company Reporter on Sept. 19, 2014,
Moody's Investors Service has downgraded the rating for Puerto
Rico Electric Power Authority's (PREPA) $8.8 billion of Power
Revenue Bonds to Caa3 from Caa2. This rating action concludes the
rating review that Moody's initiated on July 1, 2014. PREPA's
rating outlook is negative.
===============================
T R I N I D A D & T O B A G O
===============================
TRINIDAD CEMENT: Cemex Sab Not Bound to Take Over Firm
------------------------------------------------------
Verne Burnett at Trinidad and Tobago Newsday reports that CEMEX
S.A.B. de C.V. is not mandated to make a takeover bid for the
local and regional cement manufacturer, Trinidad Cement Limited
(TCL) even though it now owns more than 30 percent of the shares
of TCL following the conclusion of TCL's Rights Issue which was
made as part of the Trinidad-based cement company's debt
restructuring program.
Securities experts said that's because the shares acquired by
Cemex are a new tranche of TCL shares and this places them outside
the scope of the takeover code, according to Trinidad and Tobago
Newsday.
The report notes that minority shareholder activist, Peter
Permell, has been arguing Cemex Sab may have triggered the
Securities Industry Take-Over By-Laws 2005 when, through its
wholly-owned subsidiary Sierra Trading, it increased its
shareholding in TCL from 20 percent to 39.5 percent in the recent
TCL Rights Issue.
According to Mr. Permell, Cemex Sab is legally bound to make an
offer to buy out all the remaining minority shareholders, the
report notes. Mr. Permell said if Cemex Sab fails to make the
takeover bid, the minority shareholders may have to explore their
legal options to force the Mexican company to "do the right
thing."
Earlier this year at a specially called meeting, notes Trinidad
and Tobago Newsday, TCL shareholders approved a resolution to
raise capital by issuing 124,882,568 new shares at a price of
$2.90, which was 60 cents higher than the price at which the
shares were trading at the time.
The Cemex Sab subsidiary, Sierra Trading, was named as the
"backstop shareholder" in the Rights Issue, meaning that it would
take up any unsold shares, the report relays.
The Rights Issue closed on March 31, 2015, with shareholders
taking up 51,817,920 stock units. Sierra Trading bought up the
remaining 73,064,648 shares at a cost of US$44,852,400.98,
allowing TCL to declare the Rights Issue fully subscribed although
in a notice it said that 6,354 shareholders had not participated,
the report notes.
Mr. Permell argues that according to the Securities Industry Take-
Over By-Laws 2005, a take-over bid is required when a company has
acquired an aggregate of 30 per cent or more of the outstanding
securities in another company, according to the report.
Mr. Permell added that the offer to buy must be made to all
holders of securities which are subject to the bid, the report
relays.
Chairman of the Trinidad and Tobago Stock Exchange, Peter Clarke,
an attorney, agreed with the experts who maintain that Cemex does
not have any obligation to make a takeover bid for TCL because the
shares it bought in the Rights Issue were new shares, the report
notes. However, Mr. Clarke said whether a takeover bid was
required was an issue for the Trinidad and Tobago Securities and
Exchange Commission (SEC) and not the stock exchange to determine,
the report relays.
"We have an interest in it because it's a listed company and the
implications for trading and so on but really we have no role in
making that determination. It's purely a matter for the SEC to
make a determination," the report quoted Mr. Clarke as saying.
The report notes that one executive knowledgeable about such
matters said there had been some confusion "because we are using a
Canadian orientation as opposed to the typical mandatory buyout
laws."
But Mr. Permell challenged that view saying the situation was
comparable to the legendary story of the wooden horse which the
Greek warriors used to get inside the walls of Troy in the story
penned by the poet Homer, the report relays. Mr. Permell said
Cemex had managed to achieve its longstanding ambition of gaining
control of TCL without paying a price for doing so, the report
notes.
"Beware of Greeks bearing gifts," Mr. Permell said, adding, "We
are not fooled by this ploy to gain control through the back
door," the report relays.
* * *
As reported in the Troubled Company Reporter-Latin America on
Feb. 25, 2015, Leah Sorias at Trinidad Express said that Trinidad
Cement Limited (TCL) has recorded major losses for financial year
2014. TCL's profit before tax position fell by TT$136 million
compared with 2013, chief executive officer of the cash-strapped
company, Alejandro Ramirez, said at a press conference at the
Queen's Park Oval, Woodbrook. Mr. Ramirez noted that in 2013,
pre-tax profit stood at TT$39 million while in 2014, TCL recorded
a loss of TT$97 million.
Dr. Rollin Bertrand, Chief Executive Officer of Trinidad Cement
Limited, the parent company for Jamaica's Caribbean Cement
Limited, was sacked, the TCRLA, citing RJR News, reported on
Oct. 6, 2014.
The report noted that Dr. Bertrand, TCL Chairman Andy Bhajan, and
four other directors, tendered their resignations minutes before a
group of shareholders met to have them removed at an August 19
special meeting. Although he resigned as director at that
meeting, Dr. Bertrand retained his position as Chief Executive
Officer at that time.
On Oct. 8, 2014, the TCRLA said that Standard & Poor's Ratings
Services lowered its corporate credit rating on Trinidad Cement
Limited Group (TCL) to 'D' from 'B'. The downgrade reflects TCL's
missed debt service payments due Sept. 30, 2014.
On Oct. 9, 2014, the TCRLA reported that Fitch Ratings downgraded
Trinidad Cement Limited Group's (TCL) foreign and local Currency
Issuer Default Ratings (IDRs) to 'D' from 'B-'.
Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.
=================
V E N E Z U E L A
=================
VENEZUELA: Received US$5 Billion in Financing From China
--------------------------------------------------------
RJR News reports that Venezuela has received US$5 billion in
financing from China and Venezuela President Nicolas Maduro said
the money was for development, but gave no details.
The announcement comes three months after Mr. Maduro traveled to
China -- a major investor in the region, according to RJR News.
The report notes that Venezuela is facing an acute economic
crisis, as the price of its main export, oil, has almost halved
over a year.
The opposition has accused the government of mismanagement, the
report relays.
The report adds that Mr. Maduro visited Beijing in January and
said at the time that China would invest more than $20 billion in
Venezuela.
***********
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 * * *