/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/150604.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 Thursday, June 4, 2015, Vol. 16, No. 109 Headlines A N T I G U A & B A R B U D A ANTIGUA & BARBUDA: PM Rejects IMF Advice to Cut Wage Bill STANFORD INT'L: Receiver, Plaintiffs Agree to Settle Claims A R G E N T I N A ICBC ARGENTINA: Moody's Rates Global Local Currency Debt at B1 LOMBARD PESOS: Moody's Assigns B-bf Global Scale Bond Fund Rating B R A Z I L BRAZIL: To Consider Stake Sale in $1.3 Billion Reinsurer IPO C A Y M A N I S L A N D S ECP VII LIMITED: Commences Liquidation Proceedings FALCON GROUP: Moody's Rates New $250MM Senior Loan at (P)Ba3 FIA LEVERAGED: Creditors to Hold Annual Meeting on June 17 GUGGENHEIM CONCINNITY: Creditors' Proofs of Debt Due June 15 MAKO SHARK: Creditors' Proofs of Debt Due June 15 MAKO SHARK MASTER: Creditors' Proofs of Debt Due June 15 MARINER ATLANTIC: Creditors' Proofs of Debt Due June 15 RG LEASING: Placed Under Voluntary Wind-Up SAAD INVESTMENTS: Chapter 15 Case Summary SIMSBURY CLO: Commences Liquidation Proceedings TALCOTT NOTCH: Commences Liquidation Proceedings TS I OFFSHORE: Creditors' Proofs of Debt Due June 15 D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Industrial Free Zone Exports Jump 6.2% in Q1 DOMINICAN REPUBLIC: Readies Bill to Create Stock Market J A M A I C A JAMAICA: Borrowing Down, Revenues Up P U E R T O R I C O ALONZO & CARUS: Stipulation on BPPR Adequate Protection Approved - - - - - =============================== A N T I G U A & B A R B U D A =============================== ANTIGUA & BARBUDA: PM Rejects IMF Advice to Cut Wage Bill --------------------------------------------------------- The Daily Observer reports that Antigua and Barbuda Prime Minister Gaston Browne, in interpreting the International Monetary Fund's (IMF's) call to reduce the wage bill as a code to lay off workers, has replied with a resounding the "no" to the body's suggestion to retrench workers in the public sector. "The major recommendation is to cut costs. My question is from where? Our debt payments are EC$450 million annually and salaries and wages $350 million; to be covered from EC$600 million in revenues. We cannot unilaterally refuse to pay debts and we will not retrench," the Daily Observer quoted Mr. Browne as saying. The IMF has warned that the Antigua Barbuda Labour Party (ABLP) administration's current policies do not appear sustainable. In its third post-program monitoring assessment, the IMF said urgent steps are needed, including immediate spending cuts, the Daily Observer relays. But Mr. Browne believes that the ABLP is on the right path and will fix the fiscal problems in time, notes the report. "Antigua and Barbuda's fiscal imbalance is structural and will take about a decade to resolve with prudent fiscal management. We have been containing expenditure and increasing revenue through the Citizenship by Investment Program (CIP). Our capital spending is very low with only EC$14 million allocated to Public Works for road works," said Mr. Browne, the report relays. The prime minister threw the ball back in the IMF's court and suggested that they point to specific areas for cuts and, perhaps, the tongue-in-cheek suggestion to wipe off the country's loan, something that Minister of State in the Ministry of Finance Lennox Weston suggested would never happen, the report discloses. "Perhaps the IMF should indicate from whence should these cuts come? I have a suggestion. Why don't they wipe off their loan and give us some breathing space?" posited Mr. Browne, the report relays. The IMF is encouraging the authorities to adopt a comprehensive medium-term fiscal consolidation program starting in June 2015, the report says. Its directors say the government should immediately start announcing new measures including steps to lower the wage bill, the report discloses. They further advise strengthening tax administration to improve collections, cutting spending on goods and services and giving less money to state owned enterprises or statutory corporations, the report relays. They also suggest improving expenditure and payment control, reducing public sector cross debts, and strengthening oversight of state-owned enterprises. But Mr. Browne said the only thing the IMF advises that the ABLP is not doing is cutting the wage bill and he maintains that his stance will not change, notes the report. "Retrenchment would plunge more of our people into a life of poverty which is extremely high. Despite all of the adjustments that were made by the IMF under the UPP regime, over 20 per cent of the population was unemployed and over 35 per cent lived in poverty. The hard cold recommendation of the IMF to retrench is contrary to my government's people empowerment philosophy," said Mr. Browne, the report relays. However, the IMF had a lot of positives to say about the ABLP administration, says the report. It recognized that funds from the CIP are helping the situation, but warned the extra money should not encourage the government to loosen plans to sort out its poor financial situation, the report adds. STANFORD INT'L: Receiver, Plaintiffs Agree to Settle Claims ----------------------------------------------------------- The receiver for Stanford International Bank Ltd. ("SIBL") and certain plaintiffs have reached an agreement to settle all claims asserted against BDO USA LLP ("BDO") and several BDO entities relating to or in any way concerning SIBL. As part of the BDO settlement, the receiver and plaintiffs have requested orders to permanently enjoin all interested parties, including Stanford Investors (i.e. customers of SIBL, who, as of Feb. 16, 2009, had funds on deposit at SIBL and were holding certificates of deposit issued by SIBL), from bringing any legal proceeding or cause of action arising from or relating to the Stanford Entities against the BDO released parties. Complete copies of the BDO settlement agreement, proposed bar orders, and other settlement documents are available at http://www.stanfordfinancialsreceivership.com/ Interested parties may file written objections on or before Aug. 7, 2015. About Stanford Group The Stanford Financial Group was a privately held international group of financial services companies controlled by Allen Stanford, until it was seized by United States (U.S.) authorities in early 2009. Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management served more than 70,000 clients in 140 countries. On Feb. 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The case in district court was Securities and Exchange Commission v. Securities Investor Protection Corp., 11-mc-00678, U.S. District Court, District of Columbia (Washington). The U.S. Securities and Exchange Commission, on Feb. 17, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi- billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was pursued against him in June before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money-laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. ================= A R G E N T I N A ================= ICBC ARGENTINA: Moody's Rates Global Local Currency Debt at B1 -------------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo assigned a B1 global local currency debt rating to Industrial and Commercial Bank of China (Argentina) S.A. (ICBC Argentina)'s expected issuance of up to ARS 500 million, which will be due in 18 months, under the bank's US $250 million medium-term note program. At the same time, Moody's Latin America assigned a Aaa.ar national scale local currency debt rating to the expected issuance. The outlook for all ratings is negative, given the deteriorating operating environment prompted by Argentina's default. Continued economic deceleration and high inflation will negatively affect ICBC Argentina's business prospects, asset quality and earnings generation. The following ratings were assigned to ICBC Argentina S.A.'s expected issuance under the debt program: Expected Issuance of up to ARS 500 million: -- B1 Global Local Currency Debt Rating, negative outlook -- Aaa.ar Argentina National Scale Local Currency Debt Rating, negative outlook ICBC Argentina's B1 global local currency debt and deposit ratings derive from the bank's caa1 baseline credit assessment and the assessment of a high probability of parental support to be provided by its shareholder, Industrial & Commercial Bank of China Ltd. (deposits A1 stable/BCA baa2). The standalone rating considers the challenging operating environment in Argentina and incorporates the risks related to increasing government intervention through mechanisms unfavorable to the earnings generation, funding dynamics and financial flexibility of financial institutions. These challenges and risks limit the support provided by ICBC Argentina's prudent risk management practices, adequate capitalization and its well-defined footprint in the corporate and retail banking segments. In addition, while reported profitability metrics are strong, they are considerably weaker when adjusted for the country's very high rate of inflation. ICBC Argentina is headquartered in Buenos Aires, with assets of ARS 42.14 billion and equity of ARS 4.71 billion as of March 2015. The principal methodology used in this rating was Banks published in March 2015. LOMBARD PESOS: Moody's Assigns B-bf Global Scale Bond Fund Rating ----------------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo assigned bond fund ratings to Lombard Pesos Plus (the Fund), a newly created short-term bond fund domiciled in Argentina. The Fund will be managed by Patagonia Inversora S.A.SGFCI (Patagonia). The ratings assigned are as follows: -- Global scale bond fund rating: B-bf -- National scale bond fund rating: Aa-bf.ar The Fund ratings are based on Moody's expectation that Lombard Pesos Plus, a pure time deposit fund, will invest only in time deposits and callable time deposits in local currency, with the balance held in a central bank account and sight deposits in relatively strong local financial entities. The average portfolio duration will not exceed 30 days. "Based on a pro-forma portfolio, the Fund's credit quality profile is comparable to those of similarly rated peers", said Moody's lead analyst Carlos de Nevares. The Fund's objective is to serve as a cash alternative for institutional investors. The custodian entity will be Banco Patagonia. Patagonia Inversora S.A.SGFCI, is a mid-sized asset manager in the Argentinean mutual fund industry which has quickly grown its market share to 3.0%. As of April 2015, Patagonia Inversora had assets under management of approximately AR$5,069.4 billion. The principal methodology used in rating the funds was Moody's Bond Fund Rating Methodology published in May 2013. Other methodologies and factors that may have been considered in the process of rating this fund can also be found under Rating Methodologies on Moody's website. =========== B R A Z I L =========== BRAZIL: To Consider Stake Sale in $1.3 Billion Reinsurer IPO ------------------------------------------------------------ Cristiane Lucchesi at Bloomberg News reports that Brazil's government is considering the sale of some of its stake in IRB- Brasil Resseguros SA, the largest reinsurer in Latin America, in a BRL4 billion ($1.3 billion) initial public offering, two people with direct knowledge of the matter said. In addition to the government, which owns 27 percent of IRB, insurer BB Seguridade Participacoes SA and units of Itau Unibanco Holding SA might sell stakes in an IPO later this year, the people said, asking not to be identified because the discussions are private, according to Bloomberg News. BB Seguridade owns about 20 percent of IRB and Sao Paulo-based Itau holds 15 percent. A capital increase is also being considered, the people said, Bloomberg News relates. A deal might help Brazil boost its coffers as policy makers struggle to meet budget goals, Bloomberg News discloses. The government is also planning an IPO for Caixa Economica Federal's insurance unit, seeking to raise as much as BRL10 billion, people with knowledge of the matter said last month, Bloomberg News notes. BB Seguridade, owned by the government-controlled Banco do Brasil SA, raised BRL10.2 billion in 2013 with a share offering, the world's biggest IPO that year, Bloomberg News relates. Companies trying to go public in Brazil have faced a difficult market, with the first IPO in the past eight months set for June 2 for insurance seller Par Corretora de Seguros SA, Bloomberg News relates. Demand for stocks has slumped amid predictions the economy will post the worst recession since 1990 and benchmark interest rates will jump to a nine-year high, Bloomberg News discloses. The nation's benchmark Ibovespa stock index has dropped 7 percent from this year's peak on May 5. Golden Share Banco Bradesco SA owns about 20 percent of IRB and pension funds including Previ and Funcef have a combined 10 percent stake, Bloomberg News notes. The government also has a "golden share" that gives it veto rights in matters involving the company, Bloomberg News relates. Itau is selling insurance businesses it considers "non-core," Chief Executive Officer Roberto Setubal said in December, Bloomberg News discloses. Ace Ltd. agreed to buy Itau's high-risk insurance business for BRL1.52 billion in July to become the biggest property and casualty insurer in Brazil. Created in 1930 by the Brazilian government, IRB had a monopoly on the reinsurance business in Brazil until a process of privatization and liberalization started in the 1990s, Bloomberg News relates. The firm does business in more than 100 countries and has offices in Sao Paulo, Buenos Aires, London and New York, according to its website, Bloomberg News adds. ========================== C A Y M A N I S L A N D S ========================== ECP VII LIMITED: Commences Liquidation Proceedings -------------------------------------------------- On May 13, 2015, the shareholders of ECP VII Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Kenneth W. Moore c/o First Reserve Corporation One Lafayette Place, Third Floor Greenwich, Connecticut, 06830 USA FALCON GROUP: Moody's Rates New $250MM Senior Loan at (P)Ba3 ------------------------------------------------------------ Moody's Investors Service assigned a provisional (P)Ba3 to the proposed USD250 million Term Loan B, to be issued by Falcon Group Holdings (Cayman) Ltd (Falcon). Moody's also affirmed Falcon's Ba3 Corporate Family Rating (CFR). Following the assignment of the rating on the Term Loan B, Moody's has withdrawn Falcon's Ba3 Issuer Rating. The outlook on all ratings is stable. Moody's issues provisional ratings in advance of the final release of the Terms and Conditions of the deal and these ratings reflect Moody's preliminary credit opinion regarding the transaction only. Upon a conclusive review of the final versions of all the documents and legal opinions, Moody's will endeavour to assign definitive corporate family and senior secured ratings. A definitive rating may differ from a provisional rating. The definite rating for the senior secured debt would be subject to the inclusion of certain commitments in the final documentation of the transaction. This rating is contingent upon Falcon's successful completion of the proposed USD250 million senior secured loan transaction and the inclusion in the final loan documentation of (1) a commitment to increase its issued share capital to at least US$150m by the end of 2015 as it reinvests the accumulated profits incurred subsequent to the drawdown date before any dividends payments are made, and (2) a commitment to limit the dividend pay-out ratio to a maximum of 50% subject to certain leverage conditions. Falcon operates as a global provider of trade finance to corporate clients. The company acts as a principal, funding clients directly, with the ability to refinance transactions. Falcon hedges the vast majority of the transactions it carries out and is exposed to limited balance sheet risk. Falcon however, plans to use the proceedings of the proposed transaction to increase its direct exposure to the banks issuing advance payment guarantees, stand-by letters or other trade financial instrument to back the loans of Falcon's customers for a period of typically 180 days. Although in Moody's view, the transactions will increase Falcon's risk profile, it will also reduce its reliance on a limited number of top-tier banks, which have traditionally acquired its hedged trade finance transactions. Moody's also believes that the proposed funding transaction would also allow Falcon to diversify its funding structure and gain flexibility on the use of its available funds. Falcon's ratings are supported by its solid profitability and a good underwriting track record, reflected in a very low level of impairments compared to the volume of transactions; however, Moody's also sees constraints to the rating as a result of the firm's monoline business model, relative concentration on counterparty financial institutions, and increased level of leverage along with a relatively highly encumbered balance sheet. Moody's notes positively that Falcon has been implementing an enhanced risk management and corporate governance framework over the recent months. The (P)Ba3 assigned to Falcon's senior secured loan, fully reflects its commitment to increase issued share capital to at least US$150m before any dividends are paid, and subsequently impose limitations on dividend distributions. The rating also incorporates, other financial covenants which in Moody's view provide protection to creditors such as a maximum of 3.0x debt to equity, and a minimum 2 to 1 interest coverage. All of Falcon's future funding transactions will be assigned on an individual basis according to their level of subordination or asset encumbrance compared to the Term Loan B. Moody's has withdrawn Falcon's issuer rating for its own business reasons. Rating could be upgraded if Falcon (1) maintains high asset quality metrics following the deployment of the raised funds; (2) improves liquidity to reflect the increased size of its balance sheet; (3) and consolidates its progress of improving its corporate governance and risk framework. The rating could come under downward pressure due to (1) the non- fulfillment of capital commitments in the final documentation; (2) increase in leverage beyond the expectations; (3) material deterioration in asset quality (4) or a considerable decline in profitability and cash flow from operations, stemming from higher than expected credit losses or decreasing margins. FIA LEVERAGED: Creditors to Hold Annual Meeting on June 17 ---------------------------------------------------------- The creditors of Fia Leveraged Fund will hold their annual meeting on June 17, 2015, at 11:00 a.m. Any person intending to participate in the meetings must send their written notice by June 12, 2015. The company's liquidator is: Roy Bailey c/o Tom Bussanich Ernst & Young Ltd 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1 -1106 Cayman Islands Telephone +1 (345) 814 8977 GUGGENHEIM CONCINNITY: Creditors' Proofs of Debt Due June 15 ------------------------------------------------------------ The creditors of Guggenheim Concinnity Master Strategy Fund SPC are required to file their proofs of debt by June 15, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 4, 2015. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited c/o Jo-Anne Maher 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 814-9255 Facsimile: (345) 949-4647 MAKO SHARK: Creditors' Proofs of Debt Due June 15 ------------------------------------------------- The creditors of Mako Shark Fund, Limited are required to file their proofs of debt by June 15, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 11, 2015. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands MAKO SHARK MASTER: Creditors' Proofs of Debt Due June 15 -------------------------------------------------------- The creditors of Mako Shark Master Fund, Limited are required to file their proofs of debt by June 15, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 11, 2015. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands MARINER ATLANTIC: Creditors' Proofs of Debt Due June 15 ------------------------------------------------------- The creditors of Mariner Atlantic Tips, Ltd. are required to file their proofs of debt by June 15, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 13, 2015. The company's liquidator is: Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands RG LEASING: Placed Under Voluntary Wind-Up ------------------------------------------ On May 13, 2015, the sole shareholder of RG Leasing Limited resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Avalon Ltd. Reference: GL Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Landmark Square, 1st Floor 64 Earth Close P.O. Box 715 Grand Cayman KY1-1107 Cayman Islands SAAD INVESTMENTS: Chapter 15 Case Summary ----------------------------------------- Chapter 15 Petitioners: Hugh Dickson of Grant Thornton Specialist Services (Cayman) Limited and Stephen Akers and Mark Byers of Grant Thornton U.K. L.L.P Chapter 15 Debtor: Saad Investments Company Limited Grant Thornton Special Services 10 Market Street, # 765 Canella Court, Camana Bay Grand Cayman, Cayman Islands Chapter 15 Case No.: 15-11440 Type of Business: SICL is the main holding company of a group of Saad entities. The Saad Group's Chairman and SICL's beneficial owner is Maan Al-Sanea of Saudi Arabia. According to Forbes magazine, Al- Sanea's net worth was once $7 billion, ranking him as the world's 62nd richest person. SICL's stated purpose was to hold and manage Al-Sanea's non-Saudi Arabian assets, including a portfolio consisting of equities, funds, interest bearing securities, and real estate. Chapter 15 Petition Date: May 29, 2015 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Judge: Hon. James L. Garrity Jr. Chapter 15 Petitioner's Counsel: Randall Adam Swick, Esq. William T. Reid, IV, Esq. REID COLLINS & TSAI LLP One Penn Plaza, 49th Floor New York, NY 10119 Tel: 212-344-5200 Fax: 212-344-5299 Email: aswick@rctlegal.com wreid@rctlegal.com - and - Joshua J. Bruckerhoff, Esq. Paul T. Harle, Esq. REID COLLINS & TSAI LLP 1301 S Capital of Texas Hwy Building C, Suite 300 Austin, Texas 78746 Tel: (512) 647-6100 Email: jbruckerhoff@rctlegal.com pharle@rctlegal.com Estimated Assets: US$9 billion Estimated Debts: US$4.5 billion SIMSBURY CLO: Commences Liquidation Proceedings ----------------------------------------------- At an extraordinary meeting held on May 12, 2015, the shareholders of Simsbury CLO Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands TALCOTT NOTCH: Commences Liquidation Proceedings ------------------------------------------------ At an extraordinary meeting held on May 14, 2015, the shareholders of Talcott Notch CBO I Ltd. resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands TS I OFFSHORE: Creditors' Proofs of Debt Due June 15 ---------------------------------------------------- The creditors of TS I Offshore Limited are required to file their proofs of debt by June 15, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 11, 2015. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Industrial Free Zone Exports Jump 6.2% in Q1 ---------------------------------------------------------------- Dominican Today reports that exports from the industrial free zone jumped 6.2% in the first quarter compared with the same period last year, topping US$1.25 billion, the figure highest posted in a 3-month span since 2011, the head of the National Free Zones Council disclosed. In a statement, Luisa Fernandez said the major sub-zones motorized the growth in exports, including textiles, garments, leather goods and footwear, which jumped 4.6%; chemicals (11.0%); medical and surgical equipment manufacturing (7.3%), and other industries (4.4%), according to Dominican Today. The official said the United States is the main market for products from export processing zones and posted first quarter growth, according to the US International Trade Commission (USITC), the report notes. DOMINICAN REPUBLIC: Readies Bill to Create Stock Market ------------------------------------------------------- Dominican Today reports that Dominican Republic Central Banker Hector Valdez Albizu and Securities superintendent Gabriel Castro on Monday met with representatives of the local financial market to discuss a new version of the bill to amend the Law on Securities Market and hear their comments and continue to strengthen the proposed legislation. The changes would readjust and expand the regulatory framework, to deal with the evolution of the securities market in recent years and the need to update regulation and supervision, based on the best international practices, according to Dominican Today. Mr. Albizu stressed the need for stakeholder agreement before submitting the bill to the National Securities Council and the Monetary Board, and to the Executive Branch and Congress, the report notes. The official stressed the bill's importance in contributing to transparency and market depth, by promoting savings via new investment alternatives and generating additional financing sources, the report relates. For Mr. Castro, the bill bolsters the country's stance to form part of the Multilateral Memorandum of Understanding (MMoU) of the International Organization of Securities Commissions (IOSCO), whose cooperation will allow the Securities Superintendence to receive tools to strengthen and have access to the exchange of information between regulators, the report discloses. Mr. Albizu said the piece would also improve the country's position in the World Bank Group's flagship publication 'Doing Business' which provides objective regulatory measures over business activity and quantitative indicators for 189 economies, the report notes. Mr. Castro noted that various international organizations provided technical assistance to prepare the draft, specially the World Bank, the Andean Development Corporation (CAF) and the International Monetary Fund (IMF), through it regional Technical Assistance Center for Central America, Panama and Dominican Republic (CAPTAC-DR), which provided several specialized consultants in the area, the report relays. ============= J A M A I C A ============= JAMAICA: Borrowing Down, Revenues Up ------------------------------------ RJR News reports that the government of Jamaica has borrowed less money than it had planned, so far. The projection was that J$11.6 billion would have been borrowed in April, according to RJR News. However less than J$2 billion was actually borrowed, the report notes. Tax Collection The report says Government also reported positive results in the area of tax collection, bringing in more than projected. Tax collected in April was J$337 million dollars higher than the targeted amount, the report relays. The higher than expected revenue intake came mainly from collections at the ports, says the report. As reported in the Troubled Company Reporter-Latin America on June 2, 2015, Moody's Investors Service upgrades Jamaica's government bond rating and government-related entities to Caa2 from Caa3, changes the country ceilings, and maintains a positive outlook. Moody's decision to upgrade Jamaica's rating was driven by the following factors: 1. Fiscal consolidation and strong commitment to structural reforms 2. Improving balance of payments position and reduced external Vulnerabilities The positive outlook reflects Moody's expectation that Jamaica will sustain the reform momentum under the IMF-supported program, solidify fiscal adjustment to put government debt metrics firmly on a downward trajectory. ====================== P U E R T O R I C O ====================== ALONZO & CARUS: Stipulation on BPPR Adequate Protection Approved ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico approved an urgent joint stipulation between debtor Alonso & Carus Iron Works, Inc., and secured creditor Banco Popular De Puerto Rico. Prior to the Petition Date, the Debtor had entered into various loan agreements with BPPR (then Westernbank), pursuant to which BPPR provided certain credit facilities to Debtor. BPPR has not consented to Debtor's use of the cash collateral, and the Court has not authorized any use thereof. The parties engaged in discussions to explore whether a consensual use of cash collateral, its extent and adequate protection can be agreed to by them. To allow these discussions to conclude, the parties have agreed to provide to BPPR a replacement lien. Pursuant to section 361 of the Bankruptcy Code, as adequate protection for BPPR, Debtor grants to BPPR a replacement lien and a postpetition security interest on all of the cash collateral acquired by the Debtor on and after the Petition Date and to which BPPR may be entitled. The replacement liens will remain in the same priority and will encumber to the same extent as BPPR's prepetition cash collateral, and shall be deemed effective and perfected as of the Petition Date without the need of the execution or filing by Debtor or BPPR of any additional security agreements, pledge agreements, financing statements or other agreements. A copy of the stipulation is available for free at: http://bankrupt.com/misc/Alonso_carus_stipulation.pdf * * * The Debtor has filed a motion seeking to amend its summary of schedules and schedule B of its schedules of assets and liabilities and to update its statement of financial affairs. About Alonso & Carus Alonso & Carus Iron Works, Inc., sought Chapter 11 protection (Bankr. D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on March 27, 2015. The case is assigned to Judge Enrique S. Lamoutte Inclan. The Catano, Puerto Rico-based debtor has filed schedules of assets and liabilities, disclosing $23,028,113 in total assets and $14,919,146 in total debts. The Debtor on the Petition Date filed applications to employ Charles A Curpill, PSC Law office, as counsel; and CPA Luis R. Carrasquillo & Co, PSC as financial consultant. *********** 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 * * *