/raid1/www/Hosts/bankrupt/TCRLA_Public/150506.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, May 6, 2015, Vol. 16, No. 088
Headlines
A N T I G U A & B A R B U D A
ANTIGUA & BARBUDA: Union to Wreak Havoc on Employers Who Underpay
ANTIGUA & BARBUDA: PM Urges Workers to Pull Their Weight
A R G E N T I N A
TELECOM ARGENTINA: Discloses Dividends for the FY Ended Dec. 2014
B R A Z I L
BR PROPERTIES: Moody's Alters Ba2/Aa2.br CFR Outlook to Negative
BR PROPERTIES: Moody's Affirms Sr. Unsecured Rating at 'Ba3'
OAS SA: Fitch Affirms Then Withdraws 'D' FC Issuer Default Rating
C A Y M A N I S L A N D S
AZUREWAVE (CAYMAN): Shareholders' Final Meeting Set for May 26
BORAS HOLDINGS: Shareholders' Final Meeting Set for June 3
DGF CHARLIE: Shareholders' Final Meeting Set for May 20
FALUN HOLDINGS: Shareholders' Final Meeting Set for June 3
INVEST AD: Shareholder to Hear Wind-Up Report on May 19
LONGHILL HOLDING: Shareholders' Final Meeting Set for May 22
MINA HOLDINGS: Shareholder to Hear Wind-Up Report on May 19
MULTILAW SERVICES: Members' Final Meeting Set for May 25
NARES HOLDINGS: Shareholders' Final Meeting Set for June 3
OLGA HOLDINGS: Shareholders' Final Meeting Set for June 3
TAWREED TRADING: Shareholder to Hear Wind-Up Report on May 19
WHITETIP GLOBAL: Shareholder to Hear Wind-Up Report on May 29
C H I L E
CHILE: Banking Sector Ripe for M&A Activity, Fitch Says
J A M A I C A
JAMAICA: Less Money Than Planned Was Paid on Debt Last Year
JAMAICA: IMF Review Team Now in Country
P E R U
MAESTRO PERU: Moody's Reviews 'Ba3' CFR for Upgrade
T R I N I D A D & T O B A G O
PETROLEUM COMPANY: Moody's Cuts Sr. Unsecured Debt Ratings to Ba1
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
ANTIGUA & BARBUDA: Union to Wreak Havoc on Employers Who Underpay
-----------------------------------------------------------------
The Daily Observer reports that the Antigua Trades & Labor Union
has used the day set aside to celebrate the achievements of
workers to send a stern warning to employers who continue to flout
the law.
According to the report, during a Labor Day rally at the VC Bird
Bust, the union's President Senator Wigley George warned employers
that, "the AT&LU will be wreaking havoc on those of you who are
paying workers for less than what the law said.
"Those of you who are allowing workers to work 12 hours a day
without (paying them) overtime, stop that practice now, and pay
the workers every cent of overtime; and they must go and claim
it," the report quoted Mr. George as saying.
The union officer also informed workers of instances that they
ought to be paid for public holidays, the report notes.
"Those of you, who, like May 4 did not show up for work but worked
the day prior and will work on May 5, you are to be paid for the
(holiday)," Mr. George said, adding that there is no law in
Antigua & Barbuda which states that workers are not to be paid for
a public holiday, notes the report.
The AT&LU president called on workers not to allow their rights to
be trampled on in the workplace, the report relates.
"You, the workers, must stand up and not be afraid. This is a
labour government in power and a labor government means protection
for workers; it was built on the sweat and tears of our
forefathers. Do not settle for less; make sure you go out there
and produce," Mr. George said, says the Daily Observer.
Senator George was one of several officials who addressed the
hundreds of people, attired in symbolic red clothing, who gathered
at lower portion of the city in solidarity with the union and its
affiliate the Antigua & Barbuda Labor Party (ABLP) to mark the
annual Labor Day celebration, the report says.
Also addressing the gathering were Prime Minister Gaston Browne,
ABLP Chairman "Paul" Chet Greene and Evelyn Richards of the
Antigua and Barbuda Port Authority, 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.
ANTIGUA & BARBUDA: PM Urges Workers to Pull Their Weight
--------------------------------------------------------
The Daily Observer reports that Prime Minister Gaston Browne is
urging the country's workers to pull their weight so Antigua and
Barbuda can return to being an economic powerhouse in the
Caribbean.
"As much as we value support, there is no sense and no right of
entitlement when it comes to performance. So you must produce.
You must make sure that Antigua and Barbuda becomes a country of
excellence. Those of you in the public sector must ensure that
you give eight hours work per day minimum! Every single person
must be able to justify his keep or her keep in this country, even
those who are incarcerated. I say to the prison officials, get
them out, let them work. Let them justify their keep," the report
quoted Minister Browne as saying.
The report notes that the PM was addressing hundreds of workers
attending the Antigua Trades and Labor Union Labor Day Rally by
the bust of one of the organization's founding members, V. C Bird.
Minister Browne is considered the father of the nation having been
the Premier and a former Prime Minister.
Minister Browne Browne also gave account of his government's
financial stewardship since coming to power last June, the report
relates.
"We have delivered. In ten months there are many things that we
have done. We met a country in freefall. All of our subscriptions
were in arrears up to eight years, ten years. Those loans, we have
brought them up to date. We care now current with the IMF, we are
now current with the Chinese! We are current with many regional
and extra regional organisations. We had to raise in the region
of 100 million dollars to bring many of the loans up to date and
to keep them up to date. And that is 100 million dollars that
could have gone towards employing more people, 100 million that
could have gone towards building 500 homes!" Minister Browne
added.
* * *
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.
=================
A R G E N T I N A
=================
TELECOM ARGENTINA: Discloses Dividends for the FY Ended Dec. 2014
-----------------------------------------------------------------
Telecom Argentina S.A. disclosed that the General Ordinary
Shareholders' Meeting approved a cash dividend distribution in the
amount of ARS804,402,472, the creation of a 'Reserve for Future
Cash Dividends' of ARS2,868,137,894; and the delegation of the
authority to the Board of Directors to determine, depending on the
performance of the business, the allocation in one or more
instances, of an amount up to ARS649,336,936 of the 'Reserve for
Future Cash Dividends' and its distribution to the shareholders as
cash dividends, during Fiscal Year 2015.
The dividend payment will be made starting on May 11, 2015. The
amount to be distributed is equivalent to ARS0.83 per outstanding
share in circulation or ARS4.15 per ADR, prior to deductions of
the Personal Asset Tax and Income Tax obligations. Dividends will
not be paid to nor reserved for Treasury shares.
For ADR holders, the Record Date is May 8, 2015 and the Payment
Date is May 18, 2015. The payment to these shareholders will be
made through the Depositary Bank, JP Morgan Chase Bank N.A.
For non-ADR holders, the Record Date is also May 8, 2015 and
payment will be available as from May 11, 2015. For these
shareholders, payment will be made through Caja de Valores S.A. in
Argentina.
The Company will deduct from the dividend payment the
proportionate value of any amount of Personal Asset Tax paid by
the Company (pursuant to the unnumbered section following section
25 of Law No. 23,966, as amended) for fiscal year 2014.
Deductions of Personal Asset Tax payments will not apply to
shareholders who did not own shares or ADRs on December 31, 2014
and to those who have reimbursed the Company the amount related to
such tax obligations.
As well and if applicable, from the dividend to be paid, Telecom
Argentina will deduct 10% of the amount distributed as Income Tax
as provided in the last paragraph of Article 90 of Law 20,628 and
amendments, incorporated by law 26,893.
Due to the time required to determine which non-ADR holders are
subject to the referred taxes, the effective date of the dividend
distribution through Caja de Valores S.A. will be made within 10
days of the payment date, in accordance with the time period
established in Article 90 of the Buenos Aires Stock Exchange
Listing Rules.
Telecom Argentina is the parent company of a leading
telecommunications group in Argentina, where it offers, either
itself or through its controlled subsidiaries local and long
distance fixed-line telephony, cellular, data transmission and
Internet services, among other services. Additionally, through a
controlled subsidiary, the Telecom Group offers cellular services
in Paraguay. The Company commenced operations on November 8,
1990, upon the Argentine government's transfer of the
telecommunications system in the northern region of Argentina.
Nortel Inversora S.A., which acquired the majority of the Company
from the Argentine government, holds 54.74% of Telecom Argentina's
issued common stock. Nortel is a holding company whose common
stock (approximately 78% of capital stock) is owned by Sofora
Telecomunicaciones S.A. Additionally, Nortel capital stock is
comprised of preferred shares that are held by minority
shareholders.
As of April 29, 2015, Telecom Argentina continued to have
984,380,978 shares issued and 969,159,605 shares outstanding.
Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides telephone-
related services, such as international long-distance service and
data transmission and Internet services, and through its
subsidiaries, wireless telecommunications services, international
wholesale services and telephone directory publishing.
As reported by the Troubled Company Reporter-Latin America on
May 16, 2014, Moody's Latin America Calificadora de Riesgo has
assigned a first time Corporate Family Rating of Caa1 on its
Global Scale and Ba1.ar on its Argentina National Scale to Telecom
Argentina S.A. (Telecom). The outlook is stable.
===========
B R A Z I L
===========
BR PROPERTIES: Moody's Alters Ba2/Aa2.br CFR Outlook to Negative
----------------------------------------------------------------
Moody's America Latina Ltda. affirmed BR Properties S.A.'s
corporate family ratings at Ba2 /Aa2.br and concurrently revised
the rating outlook to negative from stable. The rating action
reflects BR Properties' exposure to the continued sluggishness and
near-term weak growth prospects of the Brazilian economy, greater
risks and volatility related to its fixed charge coverage as well
as higher vacancies in the Sao Paolo and Rio de Janeiro office
sub-markets.
The following ratings were affirmed with a negative outlook:
BR Properties S.A. - Corporate family rating at Ba2 (global local
currency) /Aa2.br (national scale)
As of 4Q14, the portfolio comprised of 49 operating properties,
five land parcels and three greenfield development projects,
totaling approximately 1.18 million square meters (m2) of gross
leasable area (GLA). The balance sheet has moderate leverage as
result of the company reducing its total debt by R1.37 billion
throughout the year. BR Properties has ample liquidity, and a
manageable debt maturity schedule. The company has consistently
maintained high EBITDA margins and very low delinquency rates due
to the strong credit quality of its tenants. The rating is further
supported by the company's access to debt and equity capital
markets.
Offsetting these strengths are the higher risks associated with
the continued sluggishness and near-term weak growth prospects of
the Brazilian economy, weighed down by the increased economic
uncertainty, slowdown in consumption and persistent high
inflation. Because of increases in interest rates, BR Properties
has higher exposure from its floating rate debt, which places
downward pressure on the fixed charge coverage. This is partially
mitigated by the company's reduction of its interest expense
through debt amortization and loan renegotiations at lower capital
costs. Also, the company is challenged by its reliance upon
secured debt financing. The portfolio is mostly encumbered and is
geographically concentrated in Sao Paolo and Rio de Janeiro, which
have experienced an uptick in vacancies from new stock supply.
This is partially mitigated by fact that the portfolio is mostly
located in Brazil's strongest economic regions and that there has
been a trend of multinationals and large Brazilian companies
consolidating their operations and a "flight to quality" for new,
high end Class A office space, which has benefited the company.
The rating affirmation also reflects that BR Properties' effective
leverage remains modest at 35% of gross assets. Its liquidity
position is moderate with the company reporting R$595 million of
cash and cash equivalents at 4Q14. The debt maturity schedule is
manageable with R$166 million and R$ 564 million, respectively,
coming due in 2015 and 2016. Moody's expects BR Properties to
address these obligations well in advance of their maturity dates.
Moody's anticipates that the net debt to EBITDA and fixed charge
coverage ratios should improve from higher EBITDA from newly
signed leases, recent greenfield deliveries generating a full year
of income as well as lower interest expenses resulting from the
company's deleveraging of the balance sheet. In addition, several
properties in the development pipeline are going to be delivered
later this year, which will generate additional income for the
company and increase the portfolio's occupancy rate.
Lastly, in February 2015 BR Properties received a notice from a
group of investors led by BTG Pactual Group S.A ("BTG Pactual") of
its intent to carry out a voluntary takeover bid to acquire
control of the company. The transaction remains under review and
is subject to the bidder acquiring a minimum of 85% of the
company's outstanding ordinary shares. BTG Pactual has disclosed
its initial plans to reorganize the company through the spin-
off/sale of 21 assets, totaling 533,000 m2, and its proposal for
additional dividend distributions. Depending on the final
structure, a smaller and weaker quality real estate portfolio with
reduced income production capability would result in downward
pressure on BR Properties' ratings. Furthermore, any changes to
the capital structure that results in an increase in leverage from
new debt and/or a reduction in cash flow for the purpose of
financing additional dividends would also cause negative ratings
movement.
According to Moody's, a return to stable outlook would be
predicated upon BR Properties maintaining its sizeable portfolio;
increasing and maintaining its fixed charge coverage closer to
1.5x on a consistent basis; successfully leasing and delivering
its remaining development pipeline and maintaining its portfolio
occupancy rate at current levels.
A downgrade would likely result from effective leverage greater
than 40%; failure to achieve a fixed charge coverage ratio closer
to 1.5x in the next 12 months on a consistent basis; a net
debt/EBITDA above 7.0x on a consistent basis; a deterioration in
operating metrics as measured by same store NOI (negative growth
for more than two quarters); portfolio's physical occupancy less
than 90% for more than two quarters and tenant delinquencies
greater than 5% for more than two quarters. Any missteps in BR
Properties restructuring and or refinancing its debt would further
add downward pressure to its ratings. Additionally, any
significant asset spin-offs/sales that results in BR Properties
having a smaller and weaker quality portfolio that generates less
revenue as well as any increases in leverage from new debt and/or
a reduction in operational cash flow to finance additional
dividend distributions would lead to negative ratings movement.
Moody's last rating action with respect to BR Properties S.A. was
on September 6, 2012 when Moody's affirmed the ratings Ba2 global
local currency corporate family rating and raised the national
scale corporate family rating to Aa2.br from A1.br.
BR Properties S.A. [BOVESPA: BRPR3], headquartered in Sao Paulo,
Brazil, is an owner, manager, and developer of office, industrial
and retail properties in the main economic regions of Brazil. As
of December 31, 2014, the company had 57 properties totaling 1.18
million m2 of GLA, of which five are land parcels and three are
development projects under various stages of completion.
The principal methodology used in these ratings was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.
Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".
BR PROPERTIES: Moody's Affirms Sr. Unsecured Rating at 'Ba3'
------------------------------------------------------------
Moody's Investors Service affirmed BR Properties S.A.'s ("BR
Properties") senior unsecured rating at Ba3 and concurrently
revised the rating outlook to negative from stable. The rating
action reflects BR Properties' exposure to the continued
sluggishness and near-term weak growth prospecst of the Brazilian
economy, greater risks and volatility related to its fixed charge
coverage as well as higher vacancies in the Sao Paolo and Rio de
Janeiro office sub-markets.
The following ratings were affirmed with a negative outlook:
BR Properties S.A. - Senior Unsecured Regular Bond/Debenture
(Foreign Currency), Affirmed Ba3
As of 4Q14, the portfolio comprised of 49 operating properties,
five land parcels and three greenfield development projects,
totaling approximately 1.18 million square meters (m2) of gross
leasable area (GLA). The balance sheet has moderate leverage as
result of the company's reducing its total debt by R1.37 billion
throughout the year. BR Properties has ample liquidity, and a
manageable debt maturity schedule. The company has consistently
maintained high EBITDA margins and very low delinquency rates due
to the strong credit quality of its tenants. The rating is further
supported by the company's access to debt and equity capital
markets.
Offsetting these strengths are the higher risks associated with
the continued sluggishness and near-term weak growth prospects of
the Brazilian economy, weighed down by the increased economic
uncertainty, slowdown in consumption and persistent high
inflation. Because of increases in interest rates, BR Properties
has higher exposure from its floating rate debt, which places
downward pressure on the fixed charge coverage. This is partially
mitigated by the company's reduction of its interest expense
through debt amortization and loan renegotiations at lower capital
costs. Also, the company is challenged by its reliance upon
secured debt financing. The portfolio is mostly encumbered and is
geographically concentrated in Sao Paolo and Rio de Janeiro, which
have experienced an uptick in vacancies from new stock supply.
This is partially mitigated by fact that the portfolio is mostly
located in Brazil's strongest economic regions and that there has
been a trend of multinationals and large Brazilian companies
consolidating their operations and a "flight to quality" for new,
high end Class A office space, which has benefited the company.
The rating affirmation also reflects that BR Properties' effective
leverage remains modest at 35% of gross assets. Its liquidity
position is moderate with the company reporting R$595 million of
cash and cash equivalents at 4Q14. The debt maturity schedule is
manageable with R$166 million and R$564 million, respectively,
coming due in 2015 and 2016. Moody's expects BR Properties to
address these obligations well in advance of their maturity dates.
Moody's anticipates that the net debt to EBITDA and fixed charge
coverage ratios should improve from higher EBITDA from newly
signed leases, recent greenfield deliveries generating a full year
of income as well as lower interest expenses resulting from the
company's deleveraging of the balance sheet. In addition, several
properties in the development pipeline are going to be delivered
later this year, which will generate additional income for the
company and increase the portfolio's occupancy rate.
Lastly, in February 2015 BR Properties received a notice from a
group of investors led by BTG Pactual Group S.A ("BTG Pactual") of
its intent to carry out a voluntary takeover bid to acquire
control of the company. The transaction remains under review and
is subject to the bidder acquiring a minimum of 85% of the
company's outstanding ordinary shares. BTG Pactual has disclosed
its initial plans to reorganize the company through the spin-
off/sale of 21 assets, totaling 533,000 m2, and its proposal for
additional dividend distributions. Depending on the final
structure, a smaller and weaker quality real estate portfolio with
reduced income production capability would result in downward
pressure on BR Properties' ratings. Furthermore, any changes to
the capital structure that results in an increase in leverage from
new debt and/or a reduction in cash flow for the purpose of
financing additional dividends would also cause negative ratings
movement.
According to Moody's, a return to a stable outlook would be
predicated upon BR Properties maintaining its sizeable portfolio;
increasing and maintaining its fixed charge coverage ratio closer
to 1.5x on a consistent basis; successfuly leasing and delivering
its remaining pipeline and maintaining its portfolio occupancy
rate at current levels.
A downgrade would likely result from effective leverage greater
than 40%; a failure to achive a fixed charge closer to 1.5x in the
next 12 months on a consistent basis; a net debt/EBITDA above 7.0x
on a consistent basis; a deterioration in operating metrics as
measured by same store NOI (negative growth for more than two
quarters); portfolio's physical occupancy less than 90% for more
than two quarters and tenant delinquencies greater than 5% for
more than two quarters. Any missteps in BR Properties
restructuring and or refinancing its debt would further add
downward pressure to its ratings. Additionally, any significant
asset spin-offs/sales that results in BR Properties having a
smaller and weaker quality portfolio that generates less revenue
as well as any increases in leverage from new debt and/or a
reduction in operational cash flow to finance additional dividend
distributions would lead to negative ratings movement.
Moody's last rating action with respect to BR Properties S.A. was
on September 6, 2012 when Moody's affirmed the ratings of Ba3 to
the US $285 million senior unsecured notes of BR Properties S.A.
("BR Properties").
BR Properties S.A. [BOVESPA: BRPR3], headquartered in Sao Paulo,
Brazil, is an owner, manager, and developer of office, industrial
and retail properties in the main economic regions of Brazil. As
of December 31, 2014, the company had 57 properties totaling 1.18
million m2 of GLA, of which five are land parcels and three are
development projects under various stages of completion.
The principal methodology used in these ratings was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.
OAS SA: Fitch Affirms Then Withdraws 'D' FC Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the ratings of the OAS
Group units, which includes OAS S.A., Construtora OAS S.A., OAS
Investments GmbH, OAS Finance Ltd., and OAS Empreendimentos S.A.
KEY RATING DRIVERS
Fitch is withdrawing the ratings as the OAS Group has chosen to
stop participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide analytical coverage for
the OAS Group.
Fitch has affirmed and withdrawn the following ratings:
OAS S.A.:
-- Foreign currency (FC) Issuer Default Rating (IDR) at 'D';
-- Local currency (LC) IDR at 'D';
-- National scale rating at 'D(bra)';
-- BRL300 million debentures 3rd issuance due 2016 at 'D(bra)';
-- BRL250 million debentures 4th issuance due 2027 at 'D(bra)';
-- BRL300 million debentures 5th issuance due 2015 at 'D(bra)'.
Construtora OAS S.A.:
-- FC IDR at 'D';
-- LC IDR at 'D';
-- National scale rating at 'D(bra)'.
OAS Investments GmbH:
-- USD850 million senior unsecured notes due 2019 at 'C/RR4'.
OAS Finance Ltd.
-- USD500 million perpetual bonds at 'C/RR4';
-- USD400 million senior unsecured notes due 2021 at 'C/RR4'.
OAS Empreendimentos S.A.:
-- National scale rating at 'D(bra)'.
==========================
C A Y M A N I S L A N D S
==========================
AZUREWAVE (CAYMAN): Shareholders' Final Meeting Set for May 26
--------------------------------------------------------------
The shareholders of Azurewave (Cayman) Holding Inc. will hold
their final meeting on May 26, 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:
Wu Hung-Yung
5th Floor-1, No.369
Sec. 2, Chenggong Rd.
Neihu Dist.
Taipei City 114
Taiwan (R.O.C.)
Telephone: +886-2-5599-5846
Facsimile: +886-2-5591-5655
BORAS HOLDINGS: Shareholders' Final Meeting Set for June 3
----------------------------------------------------------
The shareholders of Boras Holdings Limited will hold their final
meeting on June 3, 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:
Matthew Wright
c/o Omar Grant
Telephone: (345) 949-7576
Facsimile: (345) 949-8295
P.O. Box 897 Windward 1
Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
DGF CHARLIE: Shareholders' Final Meeting Set for May 20
-------------------------------------------------------
The shareholders of DGF Charlie, Ltd. will hold their final
meeting on May 20, 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:
Christian Waltisperger
Telephone: +423 236 5342
Facsimile: +423 236 5513
Harneys Services (Cayman) Limited
Harbour Place, 4th Floor
103 South Church Street
P.O. Box 10240 Grand Cayman KY1-1002
Cayman Islands
FALUN HOLDINGS: Shareholders' Final Meeting Set for June 3
----------------------------------------------------------
The shareholders of Falun Holdings Limited will hold their final
meeting on June 3, 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:
Matthew Wright
c/o Omar Grant
Telephone: (345) 949-7576
Facsimile: (345) 949-8295
P.O. Box 897 Windward 1
Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
INVEST AD: Shareholder to Hear Wind-Up Report on May 19
-------------------------------------------------------
The shareholder of Invest AD Solutions Holdings I Ltd. will hear
on May 19, 2015, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Hazem Ahmed Ali Zaidan
Flat No. 1506
Al Siri Tower, 15th Floor
Hamdan Street
Abu Dhabi
United Arab Emirates
LONGHILL HOLDING: Shareholders' Final Meeting Set for May 22
------------------------------------------------------------
The shareholders of Longhill Holding Company Ltd. will hold their
final meeting on May 22, 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:
Cornelius James Sloan Jr.
Melissa Lim, Walkers
190 Elgin Avenue George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: +1 (345) 814 4512
MINA HOLDINGS: Shareholder to Hear Wind-Up Report on May 19
-----------------------------------------------------------
The shareholder of Mina Holdings Limited will hear on May 19,
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:
Hazem Ahmed Ali Zaidan
Flat No. 1506
Al Siri Tower, 15th Floor
Hamdan Street
Abu Dhabi
United Arab Emirates
MULTILAW SERVICES: Members' Final Meeting Set for May 25
--------------------------------------------------------
The members of Multilaw Services Limited will hold their final
meeting on May 25, 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:
Alistair J. Walters
Campbells Corporate Services Limited
Willow House, Floor 4, Cricket Square
P.O. Box 268 Grand Cayman KY1-1104
Cayman Islands
Telephone: +1 (345) 949 2648
Facsimile: +1 (345) 949 8613
NARES HOLDINGS: Shareholders' Final Meeting Set for June 3
----------------------------------------------------------
The shareholders of Nares Holdings Limited will hold their final
meeting on June 3, 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:
Matthew Wright
c/o Omar Grant
Telephone: (345) 949-7576
Facsimile: (345) 949-8295
P.O. Box 897 Windward 1
Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
OLGA HOLDINGS: Shareholders' Final Meeting Set for June 3
---------------------------------------------------------
The shareholders of Olga Holdings Limited will hold their final
meeting on June 3, 2015, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Matthew Wright
c/o Omar Grant
Telephone: (345) 949-7576
Facsimile: (345) 949-8295
P.O. Box 897 Windward 1
Regatta Office Park
Grand Cayman KY1-1103
Cayman Islands
TAWREED TRADING: Shareholder to Hear Wind-Up Report on May 19
-------------------------------------------------------------
The shareholder of Tawreed Trading will hear on May 19, 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:
Hazem Ahmed Ali Zaidan
Flat No. 1506
Al Siri Tower, 15th Floor
Hamdan Street
Abu Dhabi
United Arab Emirates
WHITETIP GLOBAL: Shareholder to Hear Wind-Up Report on May 29
-------------------------------------------------------------
The shareholder of Whitetip Global Fund will hear on May 29, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Fides Limited
c/o Dwight Dube
Telephone: (345) 949 7232
P.O. Box 10338 Grand Cayman KY1-1003
The Grand Pavilion, 2nd Floor
Commercial Centre
Cayman Islands
=========
C H I L E
=========
CHILE: Banking Sector Ripe for M&A Activity, Fitch Says
-------------------------------------------------------
Chile's banking sector has a rising likelihood for merger and
acquisition activity, which could consolidate some of the
country's middle-tier banks, says Fitch Ratings. The maturity and
quality of Chile's banking sector, the opportunity created by the
possible sale of smaller banks, and a shifting landscape in the
country's consumer financing market may bring more investment from
regional and international foreign banks, which Fitch believes
could be a positive for target banks.
The Chilean market is viewed as attractive due to its history of
stability and steady growth, as well as a solid regulatory
framework and strong supervision. Chile's middle tier banks face
some competitive disadvantages with larger peers given their
weaker funding and increasing competition from non-bank lenders
and large retailers that offer banking services. Chile has the
second-highest banking penetration in Latin America, behind
Panama; nonetheless, Fitch still sees solid long-term growth
prospects for the Chilean market.
Latin America's weak macroeconomic conditions have helped hold
valuations to levels we believe improve the chances for bringing
in acquirers. Another catalyst for more M&A is Banco Penta, which
is exploring a wider range of sale options in the wake of the
scandal involving top management. Penta maintains about US$1.8
billion in assets and has roughly 0.9% market share in corporate
and commercial loans. Its troubles prompted initial attempts to
sell the bank in January in a package deal that would have
included the group's investment bank, stock brokerage and an
insurance company. The unsuccessful effort thus far to find a
buyer is helping to keep bank valuations in check, but
possibilities remain open for an acquiring bank with an adequate
balance sheet.
Historically, there has been a size premium on the valuations of
Chile's banks, with the largest firms attracting top valuations.
In the current environment, we believe that the large established
local banks are likely to remain on the sidelines given their
market shares and already highly diversified businesses. Smaller
and middle-tier firms would more likely be active and ultimately
the beneficiaries of any growth and scale that comes with M&A.
Regional banks in Latin America, notably Colombian and Peruvian
banks, are among the potential acquirers, in our view.
Furthermore, international banks seeking local banking licenses
may find the market attractive as banking licenses for new banking
operations may exceed one year.
Already, there has been a healthy M&A environment in the country.
Recent transactions include Itau Corpbanca, which soon will become
the fourth-largest bank in Chile, and Scotiabank's joint-venture
with Cencosud in its credit card business. Banco Paris, a small
niche bank related to Cencosud, was put on sale recently; while
Banco Ripley last year absorbed the credit card business of its
related retailer.
The landscape for Chile's banks includes 24 institutions, with the
largest six managing 78% of the system's assets. There already is
significant participation from foreign banks, which hold 50% of
the system's total assets. Foreign bank platforms in the country
include Banco Santander Chile (the largest bank), BBVA Chile, Itau
Chile and Scotiabank Chile. Other smaller foreign players include
JP Morgan Chase Bank, N.A., HSBC Bank (Chile), Tokyo Mitsubishi,
Deutsche Bank, and Rabobank. Meanwhile, Banco de Chile is still
minority owned by Citi.
A previous example of large-scale M&A in Chile was Brazilian
investment bank BTG Pactual, which acquired a large Chilean
brokerage house in 2011, later converting it into a bank with the
strategy to expand its footprint in the region.
=============
J A M A I C A
=============
JAMAICA: Less Money Than Planned Was Paid on Debt Last Year
-----------------------------------------------------------
RJR News reports that the Jamaican Government says it paid less
money on the national debt than it had intended during the
2014/2015 fiscal year.
Final data for the government's operations during the twelve
months show interest and amortization payments on the debt were
J$21.6 billion lower than projected, according to RJR News.
The report notes that at the start of the fiscal year the
government said that it would make debt payments of J$233 billion.
However, savings on interest payments and slower than planned
amortization accounted for debt payments falling below that
target, the report says.
* * *
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'.
JAMAICA: IMF Review Team Now in Country
---------------------------------------
RJR News reports that a team from the International Monetary Fund
(IMF) is in Jamaica to conduct the eighth assessment of the
country's performance under the Fund-supported economic reform
program.
The team is to assess the program against the background of the
country's economic recovery being slower than forecast, according
to the RJR News. That slowdown has affected revenues and the
monetary value of the primary surplus, the report relates.
The primary surplus was $4 billion lower than the target set, at
J$117 billion, but it was still 7.5 per cent of GDP, due to the
slowdown in economic activity, the report discloses.
* * *
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'.
=======
P E R U
=======
MAESTRO PERU: Moody's Reviews 'Ba3' CFR for Upgrade
---------------------------------------------------
Moody's Investors Service placed Maestro Peru S.A.'s Ba3 corporate
family rating and its US$200 million senior unsecured ratings
under review for upgrade.
Ratings under review are:
Issuer: Maestro S.A.
-- Corporate Family Rating: to Ba3 (Global Scale)
-- USD 200 million Senior Unsecured Notes due 2019: Ba3.
Maestro's Ba3 ratings were placed under review for upgrade as a
result of the evidences of strong integration with and financial
support from Grupo Falabella (unrated) moving forward. Maestro was
acquired by Sodimac Peru, a wholly-owned subsidiary of Grupo
Falabella, in September 2014. The sale gave the owner of 30 stores
throughout Peru the financial backing of a far larger entity, with
USD 12.5 billion in revenues as of December 2014 and 440
department, home improvement and grocery stores across South
America.
During the review period, Moody's will assess in more detail the
forms of implicit and explicit support to be provided by
Falabella, as well as Maestro's role in the group's expansion
strategy into Peru. Moody's will also analyze Falabella's plans to
strengthening Maestro's credit and financial profile as well as
the financial profile of the rated entity after the acquisition.
Maestro's Ba3 ratings are now supported by Falabella's group
sponsorship, as well as its leading position in the Peruvian home
improvement retail industry. On a standalone basis, Maestro's
credit metrics have been weak for the rating category, with
leverage, as measured by Total Debt to EBITDA according to Moody's
methodology, at 12 times by the end of 2014.
The principal methodology used in these ratings was Global Retail
Industry published in June 2011.
Headquartered in the city of Lima, Peru, Maestro is one of the
major home improvement retailer in Peru, with 30 stores spread
across the country. For fiscal year ended December 30th, 2014
Maestro reported revenues of SOL 1.5 billion (approximately USD
500 M).
================================
T R I N I D A D & T O B A G O
================================
PETROLEUM COMPANY: Moody's Cuts Sr. Unsecured Debt Ratings to Ba1
-----------------------------------------------------------------
Moody's Investors Service downgraded all senior unsecured debt
ratings for Petroleum Company of Trinidad & Tobago ("Petrotrin"),
including the company's corporate family rating, to Ba1 from Baa3.
Its b1 baseline credit assessment remained unchanged. The outlook
on the ratings was changed to negative from stable. The rating
action follow Moody's downgrade on April 30, 2015 of the Trinidad
and Tobago's government ratings to Baa2 from Baa1, and outlook
change to negative from stable.
Issuer: Petroleum Co.of Trinidad & Tobago (Petrotrin)
-- Corporate Family Rating, Downgraded to Ba1 from Baa3
-- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1
from Baa3
-- Backed Senior Unsecured Regular Bond/Debenture, Downgraded
to Ba1 from Baa3
Outlook Actions:
Issuer: Petroleum Co.of Trinidad & Tobago (Petrotrin)
-- Outlook, Changed To Negative From Stable
The sovereign rating action reflects persistent fiscal deficits
and challenging prospects for fiscal reforms; decline in oil
prices and limited economic diversification to weigh negatively on
economic growth prospects; weak macroeconomic policy framework
given lack of a medium-term fiscal strategy; and inadequate
provision of vital macroeconomic data. At Baa2, the Trinidad and
Tobago's government investment grade rating is supported by a
strong government balance sheet, underpinned by the country's
Heritage and Stabilization Fund (HSF); it also benefits from a
moderate and affordable debt burden and a strong external
position.
The downgrade of Petrotrin's ratings were based on the high
dependence of the company on Trinidad and Tobago's government, its
sole shareholder, and the fact that the sovereign's ratings were
recently downgraded, reflecting its lower credit profile. Moody's
estimates that over 40% of the country's GDP depends on the oil
and gas industry, which has suffered from and will continue to be
sensitive to lower international prices as well as the country's
limited reserves.
Petrotrin's Ba1 ratings and b1 baseline credit assessment (BCA)
consider, among other factors, the company's weak operating and
credit metrics, which are somewhat offset by its key function in
Trinidad & Tobago, having the sole refinery in the country and
being a significant employer.
The negative outlook on Petrotrin's ratings reflects Moody's
negative outlook for Trinidad and Tobago's government ratings and
Moody's view that the creditworthiness of the company is highly
dependent on the credit quality of the Trinidad and Tobago's
government.
The successful increase in refinery utilization rates and growth
in its oil production, in tandem with materially reduced financial
leverage (debt/capitalization sustained at less than 40%) could be
positive for Petrotrin's Ba1 ratings and b1 BCA. However, if
Petrotrin experiences protracted refinery downtime or weak
liquidity, its ratings could come under pressure. In addition, the
Ba1 ratings could be downgraded as a result of a decreased
likelihood that the Trinidad and Tobago's government would provide
extraordinary support to Petrotrin, or as a result of a downgrade
of the government's Baa2 rating.
The principal methodology used in these ratings was Global
Refining and Marketing Rating Methodology, published in December
2009. Other methodologies used include the Government-Related
Issuers methodology, published in October 2014.
Petrotrin is an integrated petroleum company which has an
effective monopoly position in refining and wholesale marketing
operations and some exploration and production operations.
Petrotrin owns the country's sole refinery. During 2014, its total
crude oil production reached 45,627 bpd. While Petrotrin's
refinery supplies the local retail marketing sector, it is mainly
an exporter of petroleum products: roughly 80% of production is
sold in the Caribbean region and internationally.
***********
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 * * *